Deutsche DWS Portfolio Trust NPORT-P DWS Total Return Bond Fund (Apr 2020 report)

Investment Portfolio as of April 30, 2020 (Unaudited)

DWS Total Return Bond Fund

				Principal Amount ($) (a)				Value ($)
Corporate Bonds 45.0%
Communication Services 5.8%
Amazon.com, Inc., 4.25%, 8/22/2057					500,000			684,198
AT&T, Inc., 3-month USD-LIBOR + 1.180%, 1.964% **, 6/12/2024					2,256,000			2,211,164
CCO Holdings LLC:
	144A, 4.5%, 8/15/2030				2,150,000			2,177,520
	144A, 4.75%, 3/1/2030				970,000			986,684
	144A, 5.875%, 5/1/2027				890,000			926,879
Charter Communications Operating LLC:
	3.7%, 4/1/2051				285,000			280,765
	3.75%, 2/15/2028				560,000			598,241
	5.05%, 3/30/2029				600,000			704,687
Discovery Communications LLC, 5.3%, 5/15/2049					250,000			289,837
Empresa Nacional de Telecomunicaciones SA, REG S, 4.75%, 8/1/2026 (b)					750,000			768,656
Expedia Group, Inc., 144A, 6.25%, 5/1/2025 (c)					790,000			805,643
Lamar Media Corp., 144A, 3.75%, 2/15/2028					1,015,000			934,434
Match Group, Inc., 144A, 4.125%, 8/1/2030					1,360,000			1,319,200
Netflix, Inc.:
	144A, 3.625%, 6/15/2025				435,000			440,438
	5.5%, 2/15/2022				1,370,000			1,424,800
	5.875%, 11/15/2028				1,350,000			1,526,648
NortonLifeLock, Inc., 3.95%, 6/15/2022					2,500,000			2,547,750
T-Mobile U.S.A., Inc.:
	144A, 3.875%, 4/15/2030				700,000			768,201
	144A, 4.375%, 4/15/2040				725,000			822,962
	144A, 4.5%, 4/15/2050				1,000,000			1,170,400
VeriSign, Inc.:
	4.625%, 5/1/2023				2,750,000			2,767,875
	5.25%, 4/1/2025				2,750,000			3,015,650
Verizon Communications, Inc., 4.329%, 9/21/2028					500,000			591,471
Vodafone Group PLC, 4.25%, 9/17/2050 (b)					500,000			543,932
Walt Disney Co., 4.7%, 3/23/2050 (b)					170,000			227,441
								28,535,476
Consumer Discretionary 5.1%
1011778 B.C. Unlimited Liability Co., 144A, 4.375%, 1/15/2028					2,200,000			2,127,290
Dollar General Corp.:
	3.5%, 4/3/2030				245,000			269,053
	4.125%, 4/3/2050				175,000			204,760
Ford Motor Co.:
	8.5%, 4/21/2023				570,000			562,163
	9.0%, 4/22/2025				980,000			954,275
Ford Motor Credit Co. LLC:
	4.271%, 1/9/2027				1,020,000			867,000
	5.584%, 3/18/2024				2,189,000			2,057,660
General Motors Financial Co., Inc.:
	3.95%, 4/13/2024				1,195,000			1,135,633
	4.35%, 4/9/2025				2,145,000			2,031,773
Hasbro, Inc., 3.55%, 11/19/2026					741,000			725,357
Hilton Domestic Operating Co., Inc., 4.25%, 9/1/2024					900,000			873,000
Home Depot, Inc.:
	3.125%, 12/15/2049				800,000			846,504
	3.35%, 4/15/2050				420,000			465,129
Hyundai Capital America, 144A, 3.5%, 11/2/2026					1,700,000			1,608,097
Lowe's Companies, Inc.:
	4.05%, 5/3/2047				300,000			337,074
	5.0%, 4/15/2040				305,000			377,757
	5.125%, 4/15/2050				205,000			267,583
Marriott International, Inc., 5.75%, 5/1/2025					860,000			898,756
McDonald's Corp.:
	2.125%, 3/1/2030				355,000			354,033
	4.2%, 4/1/2050				420,000			500,208
NIKE, Inc., 3.375%, 3/27/2050					252,000			282,540
O'Reilly Automotive, Inc., 4.2%, 4/1/2030					330,000			359,174
Prime Security Services Borrower LLC:
	144A, 5.25%, 4/15/2024				2,380,000			2,331,662
	144A, 6.25%, 1/15/2028				680,000			603,364
QVC, Inc., 4.75%, 2/15/2027					1,750,000			1,574,825
Sabre GLBL, Inc., 144A, 5.375%, 4/15/2023					900,000			837,000
Sands China Ltd., 4.6%, 8/8/2023					1,200,000			1,233,180
Target Corp., 2.65%, 9/15/2030					285,000			305,910
VF Corp., 2.8%, 4/23/2027					410,000			420,349
								25,411,109
Consumer Staples 2.2%
Albertsons Companies, Inc.:
	144A, 3.5%, 2/15/2023				340,000			333,200
	144A, 4.625%, 1/15/2027				940,000			949,400
Altria Group, Inc., 4.8%, 2/14/2029					220,000			246,245
Anheuser-Busch InBev Worldwide, Inc.:
	4.35%, 6/1/2040				420,000			459,552
	5.55%, 1/23/2049				581,000			726,404
Aramark Services, Inc., 144A, 6.375%, 5/1/2025					343,000			356,720
Archer-Daniels-Midland Co., 2.75%, 3/27/2025					300,000			319,355
BAT Capital Corp., 4.906%, 4/2/2030					600,000			675,429
Cargill, Inc., 144A, 1.375%, 7/23/2023					1,000,000			1,005,088
Constellation Brands, Inc., 2.875%, 5/1/2030					400,000			406,620
Diageo Capital PLC, 2.125%, 4/29/2032					200,000			200,434
Estee Lauder Companies, Inc.:
	2.375%, 12/1/2029				265,000			271,175
	2.6%, 4/15/2030				170,000			177,205
General Mills, Inc., 2.875%, 4/15/2030					655,000			700,736
Keurig Dr Pepper, Inc.:
	3.2%, 5/1/2030				235,000			250,357
	3.8%, 5/1/2050				285,000			303,616
	4.057%, 5/25/2023				580,000			621,771
	4.597%, 5/25/2028				790,000			908,672
Nestle Holdings, Inc., 144A, 4.0%, 9/24/2048					575,000			730,861
PepsiCo, Inc.:
	3.375%, 7/29/2049 (b)				275,000			313,742
	3.5%, 3/19/2040				245,000			287,256
Philip Morris International, Inc., 2.1%, 5/1/2030 (c)					590,000			585,110
								10,828,948
Energy 2.8%
Apache Corp.:
	4.375%, 10/15/2028 (b)				485,000			386,002
	4.75%, 4/15/2043				320,000			219,079
BP Capital Markets America, Inc., 3.543%, 4/6/2027					700,000			737,876
Cheniere Corpus Christi Holdings LLC, 7.0%, 6/30/2024					600,000			642,341
Cheniere Energy Partners LP, 5.625%, 10/1/2026					1,800,000			1,720,080
Devon Energy Corp., 5.0%, 6/15/2045					1,020,000			833,358
Energy Transfer Operating LP:
	4.05%, 3/15/2025				1,500,000			1,472,597
	4.25%, 3/15/2023				2,150,000			2,130,811
	5.0%, 5/15/2050				186,000			163,652
Exxon Mobil Corp.:
	2.44%, 8/16/2029				871,000			898,237
	3.482%, 3/19/2030				940,000			1,047,825
Hess Corp., 5.8%, 4/1/2047					945,000			819,611
Marathon Petroleum Corp.:
	4.5%, 5/1/2023				1,125,000			1,126,981
	4.7%, 5/1/2025				990,000			996,772
Sinopec Group Overseas Development Ltd., REG S, 3.68%, 8/8/2049					400,000			433,785
								13,629,007
Financials 9.5%
Air Lease Corp., 3.0%, 2/1/2030					1,075,000			857,708
Aircastle Ltd., 4.4%, 9/25/2023					1,214,000			1,065,743
Avolon Holdings Funding Ltd.:
	144A, 3.25%, 2/15/2027				590,000			456,615
	144A, 5.125%, 10/1/2023				1,172,000			1,048,607
Banco del Estado de Chile, 144A, 2.704%, 1/9/2025					960,000			955,200
Banco Santander SA, 2.706%, 6/27/2024					3,000,000			3,081,112
Bank of America Corp.:
	2.592%, 4/29/2031				1,585,000			1,626,462
	4.3%, Perpetual (d)				2,042,000			1,835,247
Barclays PLC, 2.852%, 5/7/2026 (c)					1,505,000			1,505,000
BPCE SA, 144A, 4.625%, 9/12/2028					760,000			860,039
Citigroup, Inc.:
	3.2%, 10/21/2026				1,000,000			1,053,395
	4.412%, 3/31/2031				720,000			828,903
	5.5%, 9/13/2025				1,500,000			1,719,116
Credit Suisse Group AG, 144A, 2.593%, 9/11/2025					450,000			449,084
Credit Suisse Group Funding Guernsey Ltd., 4.55%, 4/17/2026					850,000			942,572
Discover Bank, 2.45%, 9/12/2024					770,000			754,695
Fairfax Financial Holdings Ltd., 4.85%, 4/17/2028					656,000			666,127
Global Payments, Inc., 3.2%, 8/15/2029					1,200,000			1,235,351
Hartford Financial Services Group, Inc., 2.8%, 8/19/2029					430,000			442,012
HSBC Holdings PLC:
	2.633%, 11/7/2025				1,400,000			1,427,502
	4.95%, 3/31/2030 (b)				260,000			307,447
JPMorgan Chase & Co.:
	2.522%, 4/22/2031				1,525,000			1,559,221
	2.739%, 10/15/2030				1,000,000			1,035,830
Kookmin Bank, 144A, 1.75%, 5/4/2025 (c)					1,195,000			1,188,248
MDGH - GMTN BV, REG S, 3.7%, 11/7/2049					400,000			385,137
Metropolitan Life Global Funding I, 144A, 2.95%, 4/9/2030					312,000			336,261
Morgan Stanley:
	2.188%, 4/28/2026				1,045,000			1,057,776
	3.622%, 4/1/2031				1,470,000			1,613,213
New York Life Insurance Co., 144A, 3.75%, 5/15/2050					115,000			130,464
Park Aerospace Holdings Ltd., 144A, 5.25%, 8/15/2022					800,000			737,600
PayPal Holdings, Inc.:
	2.65%, 10/1/2026				843,000			884,294
	2.85%, 10/1/2029				230,000			244,255
Progressive Corp., 3.2%, 3/26/2030					125,000			139,626
Prudential Financial, Inc., 4.35%, 2/25/2050					295,000			337,500
REC Ltd., 144A, 5.25%, 11/13/2023					1,345,000			1,347,818
Santander Holdings U.S.A., Inc., 3.244%, 10/5/2026					1,000,000			966,033
Societe Generale SA, 144A, 2.625%, 1/22/2025					680,000			679,045
State Street Corp., 2.4%, 1/24/2030					1,015,000			1,053,039
Swiss Re Treasury U.S. Corp., 144A, 4.25%, 12/6/2042					750,000			920,175
Synchrony Financial, 4.375%, 3/19/2024					630,000			619,004
The Allstate Corp., 3.85%, 8/10/2049					330,000			384,915
The Goldman Sachs Group, Inc.:
	3.5%, 4/1/2025				1,002,000			1,066,195
	3.75%, 2/25/2026				1,255,000			1,352,318
	4.4%, Perpetual (d)				629,000			558,193
Visa, Inc., 2.05%, 4/15/2030					910,000			937,592
Wells Fargo & Co.:
	2.188%, 4/30/2026				2,945,000			2,963,990
	3.196%, 6/17/2027				970,000			1,025,631
								46,641,310
Health Care 4.8%
AbbVie, Inc.:
	144A, 3.2%, 11/21/2029				560,000			594,976
	144A, 4.25%, 11/21/2049				360,000			415,064
	4.45%, 5/14/2046				240,000			279,687
Alcon Finance Corp., 144A, 2.75%, 9/23/2026					300,000			313,089
Allergan Funding SCS, 4.75%, 3/15/2045					300,000			348,161
Amgen, Inc.:
	3.375%, 2/21/2050				400,000			429,079
	4.563%, 6/15/2048				300,000			381,920
Anthem, Inc.:
	2.25%, 5/15/2030 (c)				810,000			806,963
	2.875%, 9/15/2029				380,000			395,344
Biogen, Inc., 3.15%, 5/1/2050					410,000			402,019
Boston Scientific Corp., 4.0%, 3/1/2029					632,000			709,427
Bristol-Myers Squibb Co., 144A, 4.25%, 10/26/2049					880,000			1,149,643
Centene Corp.:
	144A, 3.375%, 2/15/2030				582,000			586,365
	144A, 4.25%, 12/15/2027				890,000			931,163
	144A, 4.625%, 12/15/2029				510,000			558,450
Cigna Corp.:
	2.4%, 3/15/2030				275,000			277,958
	3.2%, 3/15/2040				145,000			147,231
CVS Health Corp.:
	4.25%, 4/1/2050				180,000			210,751
	5.05%, 3/25/2048				500,000			633,610
DH Europe Finance II Sarl, 0.75%, 9/18/2031		EUR			2,010,000			2,145,241
Eli Lilly & Co., 4.15%, 3/15/2059					140,000			191,457
HCA, Inc.:
	3.5%, 9/1/2030				3,620,000			3,460,189
	5.25%, 6/15/2026				1,900,000			2,118,430
	5.375%, 9/1/2026 (b)				750,000			811,875
Merck & Co., Inc., 4.0%, 3/7/2049					789,000			1,041,300
Pfizer, Inc., 4.2%, 9/15/2048					615,000			816,802
Select Medical Corp., 144A, 6.25%, 8/15/2026					1,610,000			1,550,591
Thermo Fisher Scientific, Inc., 2.6%, 10/1/2029					1,090,000			1,150,639
UnitedHealth Group, Inc.:
	2.875%, 8/15/2029				327,000			354,447
	4.45%, 12/15/2048				244,000			313,949
								23,525,820
Industrials 3.4%
3M Co., 3.7%, 4/15/2050					232,000			277,025
Boeing Co.:
	2.3%, 8/1/2021 (b)				1,500,000			1,474,598
	2.7%, 5/1/2022				1,235,000			1,197,903
	4.508%, 5/1/2023 (c)				1,325,000			1,325,000
	4.875%, 5/1/2025 (c)				873,000			873,000
	5.04%, 5/1/2027 (c)				1,200,000			1,200,000
	5.805%, 5/1/2050 (c)				850,000			850,000
Carrier Global Corp., 144A, 2.722%, 2/15/2030					715,000			675,809
Delta Air Lines, Inc., 4.375%, 4/19/2028 (b)					850,000			628,406
FedEx Corp.:
	3.8%, 5/15/2025				2,405,000			2,576,068
	4.05%, 2/15/2048				1,049,000			1,034,019
General Dynamics Corp.:
	4.25%, 4/1/2040				375,000			461,348
	4.25%, 4/1/2050				150,000			193,810
General Electric Co.:
	3.45%, 5/1/2027				415,000			422,425
	3.625%, 5/1/2030				310,000			311,149
GFL Environmental, Inc., 144A, 4.25%, 6/1/2025					290,000			291,450
Northrop Grumman Corp., 5.25%, 5/1/2050					260,000			369,010
Otis Worldwide Corp., 144A, 2.565%, 2/15/2030					530,000			534,106
Signature Aviation U.S. Holdings, Inc., 144A, 4.0%, 3/1/2028					1,905,000			1,619,250
XPO Logistics, Inc., 144A, 6.25%, 5/1/2025					515,000			521,438
								16,835,814
Information Technology 3.7%
Apple, Inc.:
	2.05%, 9/11/2026				1,005,000			1,059,639
	3.75%, 9/12/2047				950,000			1,148,327
Broadcom, Inc.:
	144A, 3.625%, 10/15/2024				1,200,000			1,264,698
	144A, 4.75%, 4/15/2029				275,000			302,271
	144A, 5.0%, 4/15/2030				630,000			708,615
Dell International LLC:
	144A, 4.9%, 10/1/2026				2,208,000			2,282,805
	144A, 5.875%, 6/15/2021				1,095,000			1,095,000
Hewlett Packard Enterprise Co., 4.45%, 10/2/2023					915,000			963,442
Intel Corp., 3.25%, 11/15/2049					580,000			645,044
International Business Machines Corp., 3.5%, 5/15/2029					1,175,000			1,326,770
KLA Corp., 3.3%, 3/1/2050					282,000			275,827
Lam Research Corp., 2.875%, 6/15/2050 (c)					213,000			212,440
Micron Technology, Inc., 2.497%, 4/24/2023					700,000			712,568
Microsoft Corp., 3.7%, 8/8/2046					775,000			953,064
MSCI, Inc., 144A, 4.0%, 11/15/2029					720,000			752,825
NVIDIA Corp.:
	3.5%, 4/1/2040				121,000			136,004
	3.5%, 4/1/2050				182,000			208,842
NXP BV:
	144A, 2.7%, 5/1/2025 (c)				125,000			126,387
	144A, 3.875%, 9/1/2022				1,845,000			1,911,645
Open Text Corp., 144A, 3.875%, 2/15/2028					1,800,000			1,764,000
Oracle Corp.:
	3.6%, 4/1/2050				235,000			266,943
	4.0%, 11/15/2047				350,000			417,333
								18,534,489
Materials 0.6%
Air Products and Chemicals, Inc., 2.05%, 5/15/2030					275,000			279,621
AngloGold Ashanti Holdings PLC, 5.125%, 8/1/2022					750,000			776,250
DuPont de Nemours, Inc., 2.169%, 5/1/2023 (c)					1,395,000			1,404,307
Newmont Corp., 2.25%, 10/1/2030 (b)					365,000			361,419
								2,821,597
Real Estate 1.8%
American Tower Corp., (REIT), 3.8%, 8/15/2029					515,000			575,694
Crown Castle International Corp., (REIT), 3.8%, 2/15/2028					820,000			904,223
Equinix, Inc.:
	(REIT), 2.625%, 11/18/2024				826,000			849,087
	(REIT), 3.2%, 11/18/2029				490,000			511,820
Host Hotels & Resorts LP, (REIT), 3.875%, 4/1/2024					680,000			665,686
Office Properties Income Trust, (REIT), 4.15%, 2/1/2022					395,000			390,293
Omega Healthcare Investors, Inc.:
	(REIT), 4.5%, 4/1/2027				235,000			225,898
	(REIT), 4.75%, 1/15/2028				265,000			259,901
	(REIT), 5.25%, 1/15/2026				700,000			688,183
SBA Communications Corp.:
	144A (REIT), 3.875%, 2/15/2027 (b)				800,000			817,000
	(REIT), 4.0%, 10/1/2022				1,350,000			1,357,155
	(REIT), 4.875%, 9/1/2024				875,000			900,812
Welltower, Inc., (REIT), 3.1%, 1/15/2030					820,000			775,681
								8,921,433
Utilities 5.3%
Abu Dhabi National Energy Co. PJSC, 144A, 4.375%, 4/23/2025					1,226,000			1,302,085
American Electric Power Co., Inc.:
	3.2%, 11/13/2027				430,000			457,671
	4.3%, 12/1/2028				155,000			176,917
Calpine Corp.:
	144A, 4.5%, 2/15/2028				2,100,000			2,036,160
	144A, 5.125%, 3/15/2028				950,000			926,250
Consolidated Edison Co., 3.95%, 4/1/2050					40,000			47,806
Dominion Energy, Inc., 3.375%, 4/1/2030					1,060,000			1,152,515
Duke Energy Corp.:
	3.4%, 6/15/2029				270,000			295,866
	4.2%, 6/15/2049				270,000			327,728
Duke Energy Indiana LLC, 2.75%, 4/1/2050					480,000			489,307
Edison International, 5.75%, 6/15/2027 (b)					3,950,000			4,488,171
EDP Finance BV, 144A, 3.625%, 7/15/2024					1,555,000			1,635,037
Enel Finance International NV, 144A, 4.25%, 9/14/2023					1,400,000			1,483,923
Korea East-West Power Co., Ltd., 144A, 1.75%, 5/6/2025 (c)					700,000			698,573
NextEra Energy Capital Holdings, Inc.:
	3.25%, 4/1/2026				218,000			235,901
	3.5%, 4/1/2029				740,000			825,950
NextEra Energy Operating Partners LP:
	144A, 3.875%, 10/15/2026				1,750,000			1,729,700
	144A, 4.25%, 7/15/2024				2,700,000			2,748,060
Oncor Electric Delivery Co. LLC, 144A, 2.75%, 5/15/2030					240,000			263,259
Perusahaan Listrik Negara PT, 144A, 2.875%, 10/25/2025		EUR			2,526,000			2,710,484
Sempra Energy, 4.0%, 2/1/2048					680,000			769,238
Southern California Edison Co., 4.875%, 3/1/2049					420,000			528,297
Southern Power Co., Series F, 4.95%, 12/15/2046					745,000			800,691
								26,129,589
Total Corporate Bonds (Cost $217,413,156)						221,814,592
Mortgage-Backed Securities Pass-Throughs 7.7%
Federal Home Loan Mortgage Corp.:
	3.5%, with various maturities from 6/1/2028 until 7/1/2045				5,318,151			5,814,933
	4.5%,  12/1/2040				706,754			786,843
	5.5%, with various maturities from 6/1/2039 until 5/1/2041				1,085,159			1,241,289
	6.0%, 11/1/2038				266,286			307,585
	7.5%, 2/1/2035				137,736			161,229
Federal National Mortgage Association:
	3.0%, 12/1/2042				680,292			727,020
	3.5%, with various maturities from 11/1/2042 until 10/1/2048				14,621,184			15,829,312
	4.0%, with various maturities from 9/1/2040 until 10/1/2046				7,083,762			7,695,806
	4.5%, with various maturities from 9/1/2039 until 11/1/2043				1,779,046			1,980,623
	5.5%, with various maturities from 2/1/2031 until 2/1/2042				1,681,701			1,935,997
	6.5%, with various maturities from 5/1/2023 until 4/1/2037				53,950			58,581
Government National Mortgage Association:
	3.0%, with various maturities from 7/15/2042 until 8/15/2042				780,507			838,566
	4.5%, 7/15/2040				78,236			87,467
	6.5%, with various maturities from 12/15/2023 until 7/15/2039				390,557			444,315
	5.5%, 6/15/2042				116,511			138,213
Total Mortgage-Backed Securities Pass-Throughs (Cost $36,346,587)						38,047,779
Asset-Backed 8.6%
Automobile Receivables 2.4%
AmeriCredit Automobile Receivables Trust, "C", Series 2019-2, 2.74%, 4/18/2025					6,850,000			6,758,939
Avis Budget Rental Car Funding AESOP LLC:
	"C", Series 2015-1A, 144A, 3.96%, 7/20/2021				1,100,000			1,039,451
	"C", Series 2019-1A, 144A, 4.53%, 3/20/2023				500,000			428,457
CPS Auto Receivables Trust, "E", Series 2015-C, 144A, 6.54%, 8/16/2021					1,000,000			1,009,611
GMF Floorplan Owner Revolving Trust, "C", Series 2019-1, 144A, 3.06%, 4/15/2024					2,510,000			2,448,322
								11,684,780
Credit Card Receivables 4.2%
Chase Issuance Trust, "A1", Series 2018-A1, 1-month USD-LIBOR + 0.200%,  1.014% **, 4/17/2023					6,900,000			6,880,098
Citibank Credit Card Issuance Trust, "A7", Series 2017-A7, 1-month USD-LIBOR + 0.370%, 1.291% **, 8/8/2024					4,300,000			4,281,579
Fair Square Issuance Trust, "A", Series 2020-AA, 144A, 2.9%, 9/20/2024					2,690,000			2,539,192
Master Credit Card Trust II, "A", Series 2020-1A, 144A, 1.99%, 9/21/2024					3,150,000			3,206,806
World Financial Network Credit Card Master Trust, "M", Series 2016-A, 2.33%, 4/15/2025					4,000,000			3,939,435
								20,847,110
Home Equity Loans 0.0%
CIT Home Equity Loan Trust, "AF6", Series 2002-1, 6.2%, 2/25/2030					39,370			39,435
Miscellaneous 2.0%
Babson CLO Ltd., "A2R", Series 2016-1A, 144A, 3-month USD-LIBOR + 1.450%, 2.493% **, 7/23/2030					3,300,000			3,162,582
Dell Equipment Finance Trust, "C", Series 2017-2, 144A, 2.73%, 10/24/2022					750,000			750,765
Hilton Grand Vacations Trust, "B", Series 2014-AA, 144A, 2.07%, 11/25/2026					357,872			353,433
JPMorgan Mortgage Acquisition Trust, "AF4", Series 2007-CH1, 4.876%, 11/25/2036					1,016,514			1,026,008
MVW Owner Trust, "A", Series 2019-1A, 144A, 2.89%, 11/20/2036					4,256,029			4,035,835
NRZ Excess Spread-Collateralized Notes, "D", Series 2018-PLS1, 144A, 4.374%, 1/25/2023					811,138			783,520
								10,112,143
Total Asset-Backed (Cost $43,559,011)						42,683,468
Commercial Mortgage-Backed Securities 7.3%
20 Times Square Trust, "C", Series 2018-20TS, 144A, 3.203% **, 5/15/2035					1,500,000			1,373,721
BAMLL Commercial Mortgage Securities Trust, "C", Series 2018-DSNY, 144A, 1-month USD-LIBOR + 1.350%, 2.164% **, 9/15/2034					667,000			545,559
Braemar Hotels & Resorts Trust Prime, "C", Series 2018-PRME, 144A, 1-month USD-LIBOR + 1.250%, 2.064% **, 6/15/2035					935,000			793,445
BX Commercial Mortgage Trust, "D", Series 2018-IND, 144A, 1-month USD-LIBOR + 1.300%, 2.114% **, 11/15/2035					525,000			500,581
BXP Trust, "B", Series 2017-CQHP, 144A, 1-month USD-LIBOR + 1.100%,    1.914% **, 11/15/2034					1,980,000			1,664,479
CFK Trust, "A", Series 2020-MF2, 144A, 2.387%, 3/15/2039					4,550,000			4,390,785
Citigroup Commercial Mortgage Trust:
	"D", Series 2019-PRM, 144A, 4.35%, 5/10/2036				1,275,000			1,208,187
	"A", Series 2020-555, 144A, 2.647%, 12/10/2041				5,000,000			4,931,130
CSAIL Commercial Mortgage Trust:
	"B", Series 2019-C15, 4.476%, 3/15/2052				2,000,000			1,940,313
	"A4", Series 2015-C4, 3.808%, 11/15/2048				1,000,000			1,053,567
DBWF Mortgage Trust, "C", Series 2018-GLKS, 144A, 1-month USD-LIBOR + 1.750%, 2.468% **, 12/19/2030					2,250,000			1,883,398
FHLMC Multifamily Structured Pass-Through Certificates:
	"X1", Series K043, Interest Only, 0.662% **, 12/25/2024				15,030,238			323,141
	"X1P", Series KL05, Interest Only, 1.024% **, 6/25/2029				22,500,000			1,528,126
	"X1", Series K054, Interest Only, 1.311% **, 1/25/2026				5,400,063			300,909
GMAC Commercial Mortgage Securities, Inc., "G", Series 2004-C1, 144A, 5.455%, 3/10/2038					2,674,892			2,501,726
GS Mortgage Securities Trust, "AAB", Series 2014-GC18, 3.648%, 1/10/2047					128,475			132,221
MTRO Commercial Mortgage Trust, "C", Series 2019-TECH, 144A, 1-month USD-LIBOR + 1.300%, 2.114% **, 12/15/2033					500,000			464,981
Natixis Commercial Mortgage Securities Trust, "A", Series 2018-OSS, 144A, 4.177%, 12/15/2037					750,000			764,100
NYT Mortgage Trust, "B", Series 2019-NYT, 144A, 1-month USD-LIBOR + 1.400%, 2.214% **, 12/15/2035					1,400,000			1,319,551
UBS Commercial Mortgage Trust:
	"XA", Series 2017-C7, Interest Only, 1.206% **, 12/15/2050				6,167,815			348,477
	"AS", Series 2017-C7, 4.061%, 12/15/2050				2,000,000			2,090,331
	"B", Series 2018-C13, 4.786%, 10/15/2051				2,000,000			2,003,383
US 2018-USDC, "C", Series 2018-USDC, 144A, 4.428%, 5/13/2038					890,000			806,854
Wells Fargo Commercial Mortgage Trust:
	"A5", Series 2015-LC20, 3.184%, 4/15/2050				1,000,000			1,028,680
	"A4", Series 2015-SG1, 3.789%, 9/15/2048				1,500,000			1,586,701
	"B", Series 2016-C33, 4.506%, 3/15/2059				500,000			492,947
Total Commercial Mortgage-Backed Securities (Cost $38,254,550)						35,977,293
Collateralized Mortgage Obligations 13.0%
Alternative Loan Trust, "1A4", Series 2006-43CB, 6.0%, 2/25/2037					144,097			107,484
Banc of America Mortgage Trust, "2A2", Series 2004-A, 3.875% **, 2/25/2034					85,934			80,527
Bear Stearns Adjustable Rate Mortgage Trust, "2A1", Series 2005-11, 4.799% **, 12/25/2035					207,452			198,175
CHL Mortgage Pass Through Trust, "2A5", Series 2004-13, 5.75%, 8/25/2034					188,082			182,243
COLT Funding LLC, "A1", Series 2019-1, 144A, 3.705%, 3/25/2049					746,609			749,557
Connecticut Avenue Securities Trust:
	"1M2", Series 2019-R05, 144A, 1-month USD-LIBOR + 2.000%, 2.487% **, 7/25/2039				4,571,755			4,164,747
	"1M2", Series 2019-R03, 144A, 1-month USD-LIBOR + 2.150%, 2.637% **, 9/25/2031				578,575			525,791
	"1M2", Series 2019-R02, 144A, 1-month USD-LIBOR + 2.300%, 2.787% **, 8/25/2031				942,910			860,050
CSFB Mortgage-Backed Pass-Through Certificates, "10A3", Series 2005-10, 6.0%, 11/25/2035					207,847			91,193
Fannie Mae Connecticut Avenue Securities:
	"1M2", Series 2018-C06, 1-month USD-LIBOR + 2.000%, 2.487% **, 3/25/2031				673,928			606,423
	"1M2", Series 2018-C03, 1-month USD-LIBOR + 2.150%, 2.637% **, 10/25/2030				1,000,000			897,114
	"1M2", Series 2018-C01, 1-month USD-LIBOR + 2.250%, 2.737% **, 7/25/2030				1,000,000			872,066
	"1M2", Series 2018-C05, 1-month USD-LIBOR + 2.350%, 2.837% **, 1/25/2031				2,000,000			1,785,293
Federal Home Loan Mortgage Corp.:
	"PI", Series 3940, Interest Only, 4.0%, 2/15/2041				1,328,788			100,352
	"UA", Series 4298, 4.0%, 2/15/2054				126,775			126,887
	"6", Series 233, Interest Only, 4.5%, 8/15/2035				174,559			24,355
	"PI", Series 3843, Interest Only, 4.5%, 5/15/2038				393,737			4,056
	"C31", Series 303, Interest Only, 4.5%, 12/15/2042				10,177,408			1,513,926
	"C32", Series 303, Interest Only, 4.5%, 12/15/2042				1,684,338			240,762
	"A", Series 172, Interest Only, 6.5%, 1/1/2024				100,901			8,466
Federal National Mortgage Association:
	"AL", Series 2014-11, 2.5%, 11/25/2042				2,000,000			2,079,200
	"KM", Series 2012-146, 3.0%, 1/25/2043				1,775,000			1,945,836
	"ZL", Series 2017-55, 3.0%, 10/25/2046				3,501,595			3,505,260
	"PZ", Series 2016-9, 3.5%, 3/25/2046				6,528,402			7,280,350
	"CE", Series 2015-60, 3.75%, 8/25/2045				2,082,000			2,493,516
	"4", Series 406, Interest Only, 4.0%, 9/25/2040				2,096,178			212,169
Freddie Mac Structured Agency Credit Risk Debt Notes:
	"M2", Series 2019-DNA4, 144A, 1-month USD-LIBOR + 1.950%, 2.897% **, 10/25/2049				1,800,000			1,528,910
	"M2", Series 2017-DNA3, 1-month USD-LIBOR + 2.500%, 2.987% **, 3/25/2030				1,000,000			940,378
	"M2", Series 2019-DNA1, 144A, 1-month USD-LIBOR + 2.650%, 3.137% **, 1/25/2049				225,000			199,671
	"M2", Series 2019-DNA2, 144A, 1-month USD-LIBOR + 2.450%, 3.397% **, 3/25/2049				1,954,675			1,694,091
Government National Mortgage Association:
	"BL", Series 2013-19, 2.5%, 2/20/2043				1,120,820			1,185,294
	"LM", Series 2015-65, 3.0%, 5/20/2045				2,204,000			2,567,944
	"DI", Series 2014-102, Interest Only, 3.5%, 7/16/2029				5,195,729			304,967
	"GI", Series 2014-146, Interest Only, 3.5%, 9/20/2029				4,460,994			328,706
	"HZ", Series 2012-56, 3.5%, 6/20/2040				1,146,356			1,302,444
	"MZ", Series 2014-27, 3.5%, 12/20/2043				3,272,612			3,777,435
	"PI", Series 2015-40, Interest Only, 4.0%, 4/20/2044				1,213,329			62,072
	"HI", Series 2015-77, Interest Only, 4.0%, 5/20/2045				2,058,798			237,256
	"IV", Series 2009-69, Interest Only, 5.5%, 8/20/2039				955,251			151,146
	"IN", Series 2009-69, Interest Only, 5.5%, 8/20/2039				584,098			92,331
	"PI", Series 2009-76, Interest Only, 6.0%, 3/16/2039				138,245			2,603
	"IJ", Series 2009-75, Interest Only, 6.0%, 8/16/2039				436,264			72,660
	"SB", Series 2014-81, 16.400% minus 4 x 1-month USD-LIBOR, 12.462% **, 6/20/2044				636,116			811,938
JPMorgan Mortgage Trust:
	"A11", Series 2019-9, 144A, 1-month USD-LIBOR + 0.900%, 1.847% **, 5/25/2050				2,737,762			2,657,269
	"A3", Series 2019-INV3, 144A, 3.5%, 5/25/2050				4,155,337			4,254,817
	"A3", Series 2020-INV1, 144A, 3.5%, 8/25/2050				1,215,511			1,233,889
	“2A1”, Series 2006-A2, 3.653% **, 4/25/2036				489,619			434,539
Merrill Lynch Mortgage Investors Trust, "2A", Series 2003-A6, 4.16% **, 10/25/2033					188,491			175,679
New Residential Mortgage Loan:
	"A1", Series 2019-NQM3, 144A, 2.802%, 7/25/2049				1,184,281			1,181,778
	"A1", Series 2019-NQM2, 144A, 3.6%, 4/25/2049				1,459,449			1,495,386
OBX Trust, "1A8", Series 2020-EXP1, 144A, 3.5%, 2/25/2060					2,334,172			2,351,833
STACR Trust:
	"M2", Series 2018-DNA3, 144A, 1-month USD-LIBOR + 2.100%, 2.587% **, 9/25/2048				1,081,081			925,143
	"M2", Series 2018-DNA2, 144A, 1-month USD-LIBOR + 2.150%, 3.097% **, 12/25/2030				1,400,000			1,210,859
Verus Securitization Trust, "A1", Series 2019-INV1, 144A, 3.402%, 12/25/2059					2,201,454			2,187,063
Total Collateralized Mortgage Obligations (Cost $61,363,278)						64,023,899
Government & Agency Obligations 14.7%
Other Government Related (e) 0.2%
Novatek OAO, 144A, 6.604%, 2/3/2021					900,000			927,162
Sovereign Bonds 1.0%
Perusahaan Penerbit SBSN Indonesia III, 144A, 4.45%, 2/20/2029					750,000			802,380
Republic of Kazakhstan, 144A, 1.55%, 11/9/2023		EUR			2,585,000			2,774,700
Republic of Philippines, 2.457%, 5/5/2030 (c)					1,248,000			1,272,649
								4,849,729
U.S. Government Sponsored Agency 0.5%
Federal Home Loan Mortgage Corp., 6.75%, 3/15/2031					1,500,000			2,356,116
U.S. Treasury Obligations 13.0%
U.S. Treasury Bonds:
	Zero Coupon, 8/15/2042				1,325,000			995,132
	2.375%, 11/15/2049				20,262,000			25,741,446
U.S. Treasury Note, 1.5%, 2/15/2030 (b)					34,718,400			37,601,655
								64,338,233
Total Government & Agency Obligations (Cost $70,477,162)						72,471,240
Short-Term U.S. Treasury Obligations 2.1%
U.S. Treasury Bills:
	(0.021%) ***, 9/10/2020				2,000,000			1,999,212
	1.131% ***, 9/10/2020				4,000,000			3,998,423
	1.564% ***, 9/10/2020				1,000,000			999,606
	1.595% ***, 9/10/2020				875,000			874,655
	1.763% ***, 7/16/2020 (f)				2,330,000			2,329,527
Total Short-Term U.S. Treasury Obligations (Cost $10,169,095)						10,201,423
Commercial Paper 1.0%
Utilities
Consolidated Edison Co., 4.382% ***, 5/6/2020 (Cost $4,997,014)					5,000,000			4,999,533
				Shares				Value ($)
Warrants 0.0%
Materials
Hercules Trust II, Expiration Date 3/31/2029* (g) (Cost $70,220)			315					11,398
Securities Lending Collateral 8.9%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.15% (h) (i) (Cost $43,749,101)			43,749,101					43,749,101
Cash Equivalents 2.4%
DWS Central Cash Management Government Fund, 0.16% (h)			11,632,307					11,632,307
DWS ESG Liquidity Fund "Capital Shares", 0.68% (h)			3,397					3,397
Total Cash Equivalents (Cost $11,635,704)						11,635,704
				% of Net Assets				Value ($)
Total Investment Portfolio (Cost $538,034,878)			110.7				545,615,430
Other Assets and Liabilities, Net			(10.7)				(52,593,792)
Net Assets			100.0				493,021,638

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 April 30, 2020 are as follows:

Value ($) at           01/31/2020	Purchases Cost ($)	Sales Proceeds ($)	Net Realized Gain/ (Loss) ($)	Net Change in Unrealized Appreci- ation (Deprecia- tion) ($)	Income ($)	Capital Gain Distribu- tions ($)	Number of Shares at 4/30/2020	Value ($) at 4/30/2020
Securities Lending Collateral 8.9%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.15% (h) (i)
1,051,405	42,697,696 (j)	—	—	—	36,247	—	43,749,101	43,749,101
Cash Equivalents 2.4%
DWS Central Cash Management Government Fund, 0.16% (h)
11,576,054	114,094,690	114,038,437	—	—	23,101	—	11,632,307	11,632,307
DWS ESG Liquidity Fund "Capital Shares", 0.68% (h)
3,384	13	—	—	—	11	—	3,397	3,397
12,630,843	156,792,399	114,038,437	—	—	59,359	—	55,384,805	55,384,805

*	Non-income producing security.
**	Variable or floating rate security. These securities are shown at their current rate as of April 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables.
***	Annualized yield at time of purchase; not a coupon rate.
(a)	Principal amount stated in U.S. dollars unless otherwise noted.
(b)	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 April 30, 2020 amounted to $42,833,299, which is 8.7% of net assets.
(c)	When-issued security.
(d)	Perpetual, callable security with no stated maturity date.
(e)	Government-backed debt issued by financial companies or government sponsored enterprises.
(f)	At April 30, 2020, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.
(g)	Investment was valued using significant unobservable inputs.
(h)	Affiliated fund managed by DWS Investment Management Americas, Inc.  The rate shown is the annualized seven-day yield at period end.
(i)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(j)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended April 30, 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.
CLO: Collateralized Loan Obligation
Interest Only: Interest Only (IO) bonds represent the "interest only" portion of payments on a pool of underlying mortgages or mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages.
LIBOR: London Interbank Offered Rate
OAO: Otkrytoe Aktsionernoe Obschestvo (Russian: Open Joint Stock Corporation)
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.
REIT: Real Estate Investment Trust
SBSN: Surat Berharga Syariah Negara (Islamic Based Government Securities)
Included in the portfolio are investments in mortgage or asset-backed securities which are interests in separate pools of mortgages or assets. Effective maturities of these investments may be shorter than stated maturities due to prepayments. Some separate investments in the Federal Home Loan Mortgage Corp., Federal National Mortgage Association and Government National Mortgage Association issues which have similar coupon rates have been aggregated for presentation purposes in this investment portfolio.
At April 30, 2020, open future contract sold were as follows:

Futures	Currency		Expiration Date	Contracts		Notional Amount ($)		Notional Value ($)		Unrealized (Depreciation) ($)
Ultra 10 Year U.S. Treasury Note		USD	6/19/2020		102		15,143,769		16,017,187	(873,418)
Ultra Long U.S. Treasury Bond		USD	6/19/2020		55		11,704,853		12,362,969	(658,116)
Total unrealized depreciation										(1,531,534)

At April 30, 2020, the Fund had the following open forward foreign currency contracts:

Contracts to Deliver		In Exchange For		Settlement Date	Unrealized Appreciation ($)		Counterparty
AUD	7,600,000	USD	5,033,085	5/4/2020		80,501	Toronto-Dominion Bank
Contracts to Deliver		In Exchange For		Settlement Date		Unrealized Depreciation ($)	Counterparty
USD	5,131,216	AUD	7,600,000	5/4/2020		(178,632)	Toronto-Dominion Bank
EUR	7,568,000	USD	8,257,729	5/18/2020		(38,526)	Citigroup, Inc.
Total net unrealized depreciation						(217,158)

Currency Abbreviations
AUD	Australian Dollar
EUR	Euro
USD	United States Dollar

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 April 30, 2020 in valuing the Fund's investments.

Assets			Level 1		Level 2		Level 3		Total
Fixed Income Investments(k)
	Corporate Bonds	$	—	$	221,814,592	$	—	$	221,814,592
	Mortgage-Backed Securities Pass-Throughs		—		38,047,779		—		38,047,779
	Asset-Backed		—		42,683,468		—		42,683,468
	Commercial Mortgage-Backed Securities		—		35,977,293		—		35,977,293
	Collateralized Mortgage Obligations		—		64,023,899		—		64,023,899
	Government & Agency Obligations		—		72,471,240		—		72,471,240
	Short-Term U.S. Treasury Obligations		—		10,201,423		—		10,201,423
	Commercial Paper		—		4,999,533		—		4,999,533
Warrants			—		—		11,398		11,398
Short-Term Investments(k)			55,384,805		—		—		55,384,805
Derivatives(l)
Forward Foreign Currency Contracts			—		80,501		—		80,501
Total		$	55,384,805	$	490,299,728	$	11,398	$	545,695,931
Liabilities			Level 1		Level 2		Level 3		Total
Derivatives(l)
	Futures Contracts	$	(1,531,534)	$	—	$	—	$	(1,531,534)
	Forward Foreign Currency Contracts		—		(217,158)		—		(217,158)
Total		$	(1,531,534)	$	(217,158)	$	—	$	(1,748,692)

(k)	See Investment Portfolio for additional detailed categorizations.
(l)	Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

Derivatives

The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of April 30, 2020 categorized by the primary underlying risk exposure. 

Primary Underlying Risk Disclosure	Futures	Forward Currency Contracts
Interest Rate Contracts	$  (1,531,534)	$        —
Foreign Exchange Contracts	$      —	$   (136,657)