Investment Portfolioas of July 31, 2025 (Unaudited)
DWS Emerging Markets Fixed Income Fund  
 
 
Principal
Amount ($)
Value ($)
 
Bonds 98.3%
Angola 3.2%
Republic of Angola:
REG S, 8.0%, 11/26/2029
600,000
559,324
REG S, 8.25%, 5/9/2028
1,000,000
968,806
(Cost $1,237,323)
1,528,130
Argentina 1.3%
Republic of Argentina:
1.0%, 7/9/2029 (a)
20,542
16,680
4.125%–5.0%, 7/9/2046 (b)
954,545
611,147
(Cost $406,451)
627,827
Azerbaijan 0.4%
Republic of Azerbaijan International Bond, REG S, 3.5%, 9/1/2032 (Cost $175,147)
200,000
181,956
Benin 2.7%
Benin Government International Bond:
144A, 7.96%, 2/13/2038
500,000
484,205
REG S, 7.96%, 2/13/2038
850,000
823,148
(Cost $1,301,340)
1,307,353
Brazil 2.6%
Brazilian Government International Bond:
5.625%, 1/7/2041
200,000
177,330
6.0%, 10/20/2033
700,000
691,276
6.125%, 3/15/2034
400,000
395,540
(Cost $1,273,170)
1,264,146
Burundi 1.1%
The Eastern & Southern African Trade & Development Bank, REG S, 4.125%,
6/30/2028 (Cost $536,872)
600,000
544,119
Chile 3.6%
Chile Government International Bond, 3.5%, 1/25/2050
500,000
351,450
Corp. Nacional del Cobre de Chile:
REG S, 3.15%, 1/14/2030
600,000
558,497
REG S, 5.95%, 1/8/2034
800,000
817,384
(Cost $1,692,255)
1,727,331
China 0.6%
Country Garden Holdings Co., Ltd.:
REG S, 5.125%, 1/14/2027* (c)
500,000
41,770
REG S, 7.25%, 4/8/2026* (c)
1,000,000
82,230
Kaisa Group Holdings Ltd., REG S, 11.95%, 11/12/2023* (c)
800,000
34,000
Shimao Group Holdings Ltd.:
REG S, 4.75%, 7/3/2022* (c)
900,000
43,920
REG S, 5.6%, 7/15/2026* (c)
500,000
27,500
REG S, 6.125%, 2/21/2024* (c)
700,000
38,500
(Cost $4,388,749)
267,920
Colombia 4.0%
Colombia Government International Bond:
5.2%, 5/15/2049
200,000
138,154
7.5%, 2/2/2034
1,000,000
1,014,000
Ecopetrol SA, 4.625%, 11/2/2031
900,000
777,044
(Cost $1,858,688)
1,929,198
Costa Rica 0.9%
Costa Rica Government International Bond, REG S, 6.125%, 2/19/2031 (Cost $397,200)
400,000
410,000
Dominican Republic 3.1%
Dominican Republic International Bond:
REG S, 4.5%, 1/30/2030
800,000
762,320
REG S, 4.875%, 9/23/2032
800,000
739,440
(Cost $1,404,108)
1,501,760
Ecuador 1.3%
Ecuador Government International Bond:
144A, Zero Coupon, 7/31/2030
79,448
56,885
5.0%–6.9%, 7/31/2040 (b)
400,000
250,200
REG S, 6.9%, 7/31/2035
400,000
298,600
(Cost $414,199)
605,685
Egypt 4.3%
African Export-Import Bank, REG S, 3.798%, 5/17/2031
700,000
608,657
Egypt Government International Bond:
REG S, 5.875%, 2/16/2031
1,100,000
971,438
REG S, 7.625%, 5/29/2032
500,000
469,735
(Cost $1,710,418)
2,049,830
Ghana 2.6%
Ghana Government International Bond:
144A, Zero Coupon, 1/3/2030
155,365
129,398
5.0%–6.0%, 7/3/2029 (b)
301,800
286,803
5.0%–6.0%, 7/3/2035 (b)
1,009,200
810,290
(Cost $1,134,767)
1,226,491
Guatemala 1.0%
Guatemala Government Bond, REG S, 5.375%, 4/24/2032 (Cost $471,752)
500,000
490,775
Hungary 5.4%
Hungary Government International Bond:
REG S, 2.125%, 9/22/2031
300,000
251,230
REG S, 5.5%, 3/26/2036
1,300,000
1,257,652
MVM Energetika Zrt, REG S, 7.5%, 6/9/2028
1,000,000
1,052,826
(Cost $2,493,488)
2,561,708
Israel 1.3%
Israel Government International Bond, 5.5%, 3/12/2034 (Cost $580,660)
600,000
605,419
Ivory Coast 3.6%
Ivory Coast Government International Bond, REG S, 7.625%, 1/30/2033
(Cost $1,713,658)
1,700,000
1,698,993
Jordan 1.2%
Jordan Government International Bond, REG S, 5.85%, 7/7/2030 (Cost $554,510)
600,000
582,070
Kazakhstan 1.5%
Development Bank of Kazakhstan JSC, REG S, 2.95%, 5/6/2031 (Cost $799,560)
800,000
700,365
Kenya 1.0%
Republic of Kenya, REG S, 8.0%, 5/22/2032 (Cost $375,535)
500,000
475,878
Mexico 5.9%
Comision Federal de Electricidad, REG S, 3.875%, 7/26/2033 (a)
1,300,000
1,101,071
Mexico Government International Bond, 2.659%, 5/24/2031
300,000
258,396
Petroleos Mexicanos:
5.95%, 1/28/2031
1,200,000
1,113,836
6.5%, 6/2/2041
200,000
158,421
6.625%, 6/15/2035
200,000
178,277
(Cost $2,483,054)
2,810,001
Montenegro 0.4%
Montenegro Government International Bond, REG S, 7.25%, 3/12/2031 (Cost $206,410)
200,000
207,708
Morocco 0.7%
Morocco Government International Bond, REG S, 3.0%, 12/15/2032 (Cost $332,311)
400,000
340,337
Nigeria 5.3%
Africa Finance Corp., REG S, 3.75%, 10/30/2029
1,000,000
943,200
Republic of Nigeria:
REG S, 7.143%, 2/23/2030
200,000
194,821
144A, 7.143%, 2/23/2030
570,000
555,240
REG S, 7.375%, 9/28/2033
900,000
828,805
(Cost $2,305,768)
2,522,066
Oman 1.6%
Oman Government International Bond:
REG S, 6.25%, 1/25/2031
500,000
536,518
REG S, 6.5%, 3/8/2047
200,000
210,005
(Cost $726,751)
746,523
Pakistan 0.6%
Islamic Republic of Pakistan, 144A, 6.875%, 12/5/2027 (a) (Cost $300,000)
300,000
294,150
Panama 4.9%
Panama Government International Bond, 3.16%, 1/23/2030
1,500,000
1,350,975
Panama Government International Bonds, 7.5%, 3/1/2031
900,000
963,990
(Cost $2,264,723)
2,314,965
Peru 2.7%
Peruvian Government International Bond:
2.783%, 1/23/2031
1,000,000
899,180
3.3%, 3/11/2041
500,000
372,970
(Cost $1,257,110)
1,272,150
Poland 1.7%
Bank Gospodarstwa Krajowego, REG S, 5.375%, 5/22/2033 (Cost $820,520)
800,000
809,221
Romania 3.4%
Romanian Government International Bond:
REG S, 3.0%, 2/14/2031
800,000
700,198
REG S, 5.125%, 6/15/2048
500,000
393,564
REG S, 5.875%, 1/30/2029
500,000
507,716
(Cost $1,516,737)
1,601,478
Russia 0.0%
Vnesheconombank, 144A, 6.8%, 11/22/2025* (d) (Cost $1,404,734)
1,400,000
0
Rwanda 0.4%
Rwanda International Government Bond, REG S, 5.5%, 8/9/2031 (Cost $170,517)
200,000
174,005
Saudi Arabia 0.9%
Saudi Government International Bond, REG S, 4.5%, 10/26/2046 (Cost $416,670)
500,000
415,338
Senegal 0.3%
Republic of Senegal, REG S, 6.25%, 5/23/2033 (Cost $189,665)
200,000
147,936
South Africa 4.8%
Eskom Holdings SOC Ltd., REG S, 6.35%, 8/10/2028
900,000
914,618
Republic of South Africa Government International Bond, 6.25%, 3/8/2041
500,000
434,743
Transnet SOC Ltd., REG S, 8.25%, 2/6/2028
900,000
937,953
(Cost $2,249,886)
2,287,314
Sri Lanka 0.4%
Sri Lanka Government International Bond, REG S, 3.6%–9.25%, 6/15/2035 (b)
(Cost $212,409)
300,000
212,722
Tajikistan 1.3%
Republic of Tajikistan, 144A, 7.125%, 9/14/2027 (Cost $645,833)
645,833
637,011
Togo 4.9%
Banque Ouest Africaine de Developpement:
REG S, 4.7%, 10/22/2031
1,400,000
1,274,811
144A, 5.0%, 7/27/2027 (a)
1,100,000
1,083,372
(Cost $2,567,895)
2,358,183
Turkey 4.8%
Republic of Turkey:
5.25%, 3/13/2030
300,000
286,646
9.125%, 7/13/2030
900,000
1,001,133
TC Ziraat Bankasi AS, REG S, 7.25%, 2/4/2030
500,000
501,549
Turkiye Government International Bond, 7.125%, 7/17/2032
500,000
504,696
(Cost $2,143,595)
2,294,024
Ukraine 1.0%
NAK Naftogaz Ukraine via Kondor Finance PLC, REG S, 7.625%, 11/8/2028
350,268
273,752
Ukraine Government International Bond, REG S, 1.75%–7.75%, 2/1/2034 (b)
400,000
202,127
(Cost $599,206)
475,879
Uruguay 0.9%
Uruguay Government International Bond, 4.125%, 11/20/2045 (Cost $425,395)
500,000
423,665
Uzbekistan 3.4%
Republic of Uzbekistan International Bond:
REG S, 3.7%, 11/25/2030
800,000
717,667
REG S, 3.9%, 10/19/2031
1,000,000
886,589
(Cost $1,565,651)
1,604,256
Venezuela 0.9%
Petroleos de Venezuela SA:
144A, 6.0%, 5/16/2024* (c)
1,750,000
241,500
144A, 9.0%, 11/17/2021* (c)
1,480,000
210,160
(Cost $1,222,980)
451,660
Zambia 0.4%
Republic of Zambia, 144A, 0.5%, 12/31/2053 (Cost $173,248)
231,963
169,468
Total Bonds (Cost $51,120,918)
46,857,014
 
 
 
Shares
Value ($)
 
Securities Lending Collateral 0.7%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional
Shares", 4.25% (e) (f) (Cost $335,851)
335,851
335,851
 
Cash Equivalents 2.5%
DWS Central Cash Management Government Fund, 4.37% (e) (Cost $1,202,544)
1,202,544
1,202,544
 
 
 
 
% of
Net Assets
Value ($)
Total Investment Portfolio (Cost $52,659,313)
101.5
48,395,409
Other Assets and Liabilities, Net
(1.5
)
(703,950
)
Net Assets
100.0
47,691,459
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended July 31, 2025 are as follows: 
Value ($) at
10/31/2024
Purchases
Cost ($)
Sales
Proceeds ($)
Net Realized
Gain/
(Loss) ($)
Net Change in
Unrealized
Appreciation
(Depreciation) ($)
Income ($)
Capital Gain
Distributions ($)
Number
of Shares
at
7/31/2025
Value ($) at
7/31/2025
Securities Lending Collateral 0.7%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares",
4.25% (e) (f)
301,200
34,651 (g)
—
—
—
1,186
—
335,851
335,851
Cash Equivalents 2.5%
DWS Central Cash Management Government Fund, 4.37% (e)
1,959,505
22,584,863
23,341,824
—
—
44,330
—
1,202,544
1,202,544
2,260,705
22,619,514
23,341,824
—
—
45,516
—
1,538,395
1,538,395
 
*
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, 2025 amounted to $326,587, which is 0.7% of net assets.
(b)
Security is a “step-up” bond where the coupon increases or steps-up at a predetermined date. The range of rates shown is the
current coupon rate through the final coupon rate, date shown is the final maturity date.
(c)
Defaulted security or security for which income has been deemed uncollectible.
(d)
Investment was valued using significant unobservable inputs.
(e)
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at
period end.
(f)
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(g)
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period
ended July 31, 2025.
 
144A: Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in
transactions exempt from registration, normally to qualified institutional buyers.
JSC: 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, 2025 in valuing the Fund's investments.  
Assets
Level 1
Level 2
Level 3
Total
Bonds (a)
$—
$46,857,014
$0
$46,857,014
Short-Term Investments (a)
1,538,395
—
—
1,538,395
Total
$1,538,395
$46,857,014
$0
$48,395,409
 
(a)
See Investment Portfolio for additional detailed categorizations.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.
DEMFIF-PH3