DWS Global/international Fund NPORT-P DWS Emerging Markets Fixed Income Fund (Jul 2020 report)

Investment Portfolio as of July 31, 2020 (Unaudited)

DWS Emerging Markets Fixed Income Fund

			Principal Amount ($)				Value ($)
Bonds 92.4%
Angola 3.6%
Republic of Angola:
	REG S, 8.0%, 11/26/2029			500,000			416,250
	REG S, 8.25%, 5/9/2028			500,000			422,500
	144A, 9.5%, 11/12/2025			2,200,000			2,001,802
(Cost $2,799,446)							2,840,552
Argentina 1.7%
Agua y Saneamientos Argentinos SA, REG S, 6.625%, 2/1/2023				1,000,000			440,000
Republic of Argentina, 4.625%, 1/11/2023				2,000,000			883,020
(Cost $2,787,397)							1,323,020
Azerbaijan 3.4%
Southern Gas Corridor CJSC, 144A, 6.875%, 3/24/2026				1,030,000			1,211,898
State Oil Co. of the Azerbaijan Republic, REG S, 6.95%, 3/18/2030				1,200,000			1,440,576
(Cost $2,375,164)							2,652,474
Bahrain 1.5%
Kingdom of Bahrain, 144A, 6.75%, 9/20/2029				600,000			663,264
The Oil & Gas Holding Co. B.S.C., 144A, 7.5%, 10/25/2027				500,000			543,193
(Cost $1,032,325)							1,206,457
British Virgin Islands 0.7%
Gerdau Trade, Inc., REG S, 4.875%, 10/24/2027 (a) (Cost $527,292)				500,000			531,250
China 1.4%
Country Garden Holdings Co., Ltd., REG S, 7.25%, 4/8/2026 (Cost $1,053,333)				1,000,000			1,101,287
Dominican Republic 3.3%
Dominican Republic International Bond, REG S, 5.5%, 1/27/2025 (Cost $2,466,985)				2,500,000			2,596,250
Ecuador 0.9%
Republic of Ecuador:
	144A, 8.875%, 10/23/2027			400,000			203,000
	REG S, 10.75%, 1/31/2029			1,000,000			513,750
(Cost $895,275)							716,750
Egypt 2.9%
Arab Republic of Egypt:
	REG S, 5.577%, 2/21/2023			1,000,000			1,027,620
	144A, 6.125%, 1/31/2022			500,000			513,020
Egypt Government International Bond, REG S, 7.5%, 1/31/2027				700,000			731,391
(Cost $2,238,396)							2,272,031
Ethiopia 1.0%
Federal Republic of Ethiopia, REG S, 6.625%, 12/11/2024 (Cost $784,044)				800,000			792,336
Ghana 3.0%
Republic of Ghana, 144A, 8.125%, 1/18/2026 (Cost $2,344,437)				2,300,000			2,311,040
Ivory Coast 3.0%
Ivory Coast Government International Bond, 144A, 6.375%, 3/3/2028 (Cost $2,277,457)				2,300,000			2,343,010
Kazakhstan 1.4%
Tengizchevroil Finance Co. International Ltd., 144A, 4.0%, 8/15/2026 (Cost $962,188)				1,000,000			1,068,650
Kenya 1.3%
Republic of Kenya:
	144A, 6.875%, 6/24/2024			790,000			801,471
	144A, 7.25%, 2/28/2028			200,000			197,604
(Cost $1,012,996)							999,075
Malaysia 1.3%
1MDB Global Investments Ltd., REG S, 4.4%, 3/9/2023 (Cost $944,547)				1,000,000			981,718
Mexico 5.2%
Comision Federal de Electricidad, 144A, 4.875%, 1/15/2024				1,600,000			1,696,016
Petroleos Mexicanos:
	5.35%, 2/12/2028			1,000,000			877,500
	6.5%, 3/13/2027			1,530,000			1,457,325
(Cost $4,141,916)							4,030,841
Mongolia 0.6%
Mongolia Government International Bond, REG S, 8.75%, 3/9/2024 (Cost $448,529)				400,000			439,616
Namibia 3.2%
Republic of Namibia:
	144A, 5.25%, 10/29/2025 (a)			1,200,000			1,203,000
	144A, 5.5%, 11/3/2021			1,300,000			1,299,259
(Cost $2,509,565)							2,502,259
Netherlands 3.0%
Braskem Netherlands Finance BV, 144A, 4.5%, 1/10/2028				400,000			377,500
Teva Pharmaceutical Finance Netherlands III BV, 2.8%, 7/21/2023				2,000,000			1,939,600
(Cost $2,210,349)							2,317,100
Nigeria 3.0%
Republic of Nigeria:
	144A, 6.5%, 11/28/2027			1,860,000			1,768,971
	144A, 7.143%, 2/23/2030			570,000			546,562
(Cost $2,405,303)							2,315,533
Oman 4.2%
Oman Government International Bond:
	144A, 5.375%, 3/8/2027			2,500,000			2,364,575
	144A, 5.625%, 1/17/2028			1,000,000			946,508
(Cost $3,531,800)							3,311,083
Pakistan 1.2%
Islamic Republic of Pakistan, 144A, 6.875%, 12/5/2027 (Cost $1,000,000)				1,000,000			981,600
Russia 7.1%
Gazprom PJSC:
	144A, 5.15%, 2/11/2026			500,000			556,269
	144A, 6.51%, 3/7/2022			1,000,000			1,071,822
Russian Federation, 144A, 4.25%, 6/23/2027				400,000			450,792
Vnesheconombank:
	REG S, 5.942%, 11/21/2023			500,000			556,256
	144A, 6.025%, 7/5/2022			1,200,000			1,283,328
	144A, 6.8%, 11/22/2025			1,400,000			1,669,724
(Cost $5,109,632)							5,588,191
Rwanda 0.5%
Republic of Rwanda, 144A, 6.625%, 5/2/2023 (Cost $404,743)				400,000			404,080
Senegal 3.1%
Republic of Senegal, 144A, 6.25%, 7/30/2024 (Cost $2,301,888)				2,300,000			2,402,304
South Africa 3.4%
Eskom Holdings SOC Ltd.:
	REG S, 6.35%, 8/10/2028			500,000			503,250
	144A, 7.125%, 2/11/2025			1,450,000			1,381,705
Transnet SOC Ltd., 144A, 4.0%, 7/26/2022				800,000			792,432
(Cost $2,824,486)							2,677,387
Sri Lanka 2.2%
Republic of Sri Lanka:
	144A, 5.875%, 7/25/2022			1,300,000			1,098,537
	144A, 6.2%, 5/11/2027			900,000			657,003
(Cost $2,160,617)							1,755,540
Supranational 4.7%
Banque Ouest Africaine de Developpement:
	144A, 5.0%, 7/27/2027			1,500,000			1,573,185
	144A, 5.5%, 5/6/2021			1,000,000			1,023,100
Eurasian Development Bank, 144A, 4.767%, 9/20/2022				1,000,000			1,047,500
(Cost $3,463,878)							3,643,785
Tajikistan 1.7%
Republic of Tajikistan, 144A, 7.125%, 9/14/2027 (Cost $1,575,000)				1,575,000			1,346,026
Tunisia 2.9%
Banque Centrale de Tunisie International Bond, 144A, 5.75%, 1/30/2025 (Cost $2,408,231)				2,500,000			2,293,724
Turkey 11.6%
Export Credit Bank of Turkey:
	144A, 5.375%, 10/24/2023			1,000,000			944,900
	144A, 6.125%, 5/3/2024			1,000,000			951,240
Republic of Turkey:
	4.25%, 4/14/2026			3,150,000			2,747,745
	6.0%, 3/25/2027			550,000			516,725
TC Ziraat Bankasi AS, 144A, 5.125%, 9/29/2023				1,700,000			1,597,490
Turkiye Garanti Bankasi AS, REG S, 5.875%, 3/16/2023				500,000			492,500
Turkiye Vakiflar Bankasi TAO, 144A, 5.75%, 1/30/2023				1,900,000			1,829,457
(Cost $9,410,003)							9,080,057
Ukraine 2.9%
Government of Ukraine, 144A, 7.75%, 9/1/2022 (Cost $2,237,964)				2,200,000			2,286,689
Venezuela 0.1%
Petroleos de Venezuela SA:
	144A, 6.0%, 5/16/2024 * (b)			1,750,000			43,750
	144A, 9.0%, 11/17/2021 * (b)			1,480,000			37,000
(Cost $1,222,980)							80,750
Zambia 1.4%
Republic of Zambia, 144A, 8.5%, 4/14/2024 (Cost $1,994,774)				1,900,000			1,063,240
Total Bonds (Cost $75,862,940)					72,255,705
			Shares				Value ($)
Securities Lending Collateral 1.5%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.04% (c) (d) (Cost $1,159,800)		1,159,800					1,159,800
Cash Equivalents 6.0%
DWS Central Cash Management Government Fund, 0.11% (c) (Cost $4,706,642)		4,706,642					4,706,642
			% of Net Assets				Value ($)
Total Investment Portfolio (Cost $81,729,382)		99.9				78,122,147
Other Assets and Liabilities, Net		0.1				48,146
Net Assets		100.0				78,170,293

For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

A summary of the Fund's transactions with affiliated investments during the period ended July 31, 2020 are as follows:

Value ($) at          10/31/2019	Purchases Cost ($)	Sales Proceeds ($)	Net Realized Gain/ (Loss) ($)	Net Change in Unrealized Appreci- ation (Deprecia- tion) ($)	Income ($)	Capital Gain Distribu- tions ($)	Number of Shares at 7/31/2020	Value ($) at 7/31/2020
Securities Lending Collateral 1.5%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.04% (c) (d)
1,384,363	—	224,563 (e)	—	—	5,997	—	1,159,800	1,159,800
Cash Equivalents 6.0%
DWS Central Cash Management Government Fund, 0.11% (c)
1,485,755	16,581,007	13,360,120	—	—	20,003	—	4,706,642	4,706,642
2,870,118	16,581,007	13,584,683	—	—	26,000	—	5,866,442	5,866,442

The following table represents bonds that are in default:

Security	Coupon		Maturity Date		Principal Amount ($)		Cost ($)		Value ($)
Petroleos de Venezuela SA* (b)		6.00%		5/16/2024		1,750,000		770,230		43,750
Petroleos de Venezuela SA* (b)		9.00%		11/17/2021		1,480,000		452,750		37,000
								1,222,980		80,750

*	Non-income producing security.
(a)	All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at July 31, 2020 amounted to $1,118,625, which is 1.4% of net assets.

(b) Restricted security.

Schedule of Restricted Securities	Acquisition Date	Cost ($)		Value ($)		Value as % of Net Assets
Petroleos de Venezuela SA	February 2017		770,230		43,750		0.06
Petroleos de Venezuela SA	February 2017		452,750		37,000		0.05
Total Restricted Securities			1,222,980		80,750		0.11

(c)	Affiliated fund managed by DWS Investment Management Americas, Inc.  The rate shown is the annualized seven-day yield at period end.
(d)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(e)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended July 31, 2020.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

B.S.C.: Bahrain Shareholding Company

CJSC: Closed Joint Stock Company

PJSC: Public Joint Stock Company

REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

SOC: State Owned Company

Fair Value Measurements

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of July 31, 2020 in valuing the Fund's investments.

Assets		Level 1		Level 2		Level 3		Total
Fixed Income Investments Bonds (f)	$	—	$	72,255,705	$	—	$	72,255,705
Short-Term Investments (f)		5,866,442		—		—		5,866,442
Total	$	5,866,442	$	72,255,705	$	—	$	78,122,147

(f) See Investment Portfolio for additional detailed categorizations.