Investment Portfolioas of January 31, 2024 (Unaudited)
DWS Emerging Markets Fixed Income Fund
Principal Amount ($) | Value ($) | ||
Bonds 97.5% | |||
Angola 3.6% | |||
Republic of Angola: | |||
REG S, 8.0%, 11/26/2029 | 1,000,000 | 868,444 | |
REG S, 8.25%, 5/9/2028 | 1,000,000 | 902,300 | |
(Cost $1,521,217) | 1,770,744 | ||
Argentina 1.7% | |||
Republic of Argentina: | |||
1.0%, 7/9/2029 | 25,677 | 10,407 | |
3.625%–5.0%, 7/9/2046 (a) | 2,390,000 | 812,617 | |
(Cost $1,178,519) | 823,024 | ||
Azerbaijan 0.3% | |||
Republic of Azerbaijan International Bond, REG S, 3.5%, 9/1/2032 (Cost $171,038) | 200,000 | 171,220 | |
Bahrain 1.1% | |||
Bapco Energies BSCC, 144A, 7.5%, 10/25/2027 (Cost $479,979) | 500,000 | 521,911 | |
Belarus 0.8% | |||
Republic of Belarus, 144A, 5.875%, 2/24/2026* (Cost $990,687) | 1,000,000 | 395,060 | |
Brazil 1.0% | |||
Brazilian Government International Bond, 6.0%, 10/20/2033 (Cost $490,750) | 500,000 | 493,457 | |
Burundi 1.0% | |||
The Eastern & Southern African Trade & Development Bank, REG S, 4.125%, 6/30/2028 (Cost $509,732) | 600,000 | 520,200 | |
China 0.5% | |||
Country Garden Holdings Co., Ltd.: | |||
REG S, 5.125%, 1/14/2027* (b) | 500,000 | 39,485 | |
REG S, 7.25%, 4/8/2026* (b) | 1,000,000 | 77,500 | |
Kaisa Group Holdings Ltd., REG S, 11.95%, 11/12/2023* (b) | 800,000 | 24,000 | |
Shimao Group Holdings Ltd.: | |||
REG S, 4.75%, 7/3/2022* (b) | 900,000 | 30,375 | |
REG S, 5.6%, 7/15/2026* (b) | 500,000 | 22,825 | |
REG S, 6.125%, 2/21/2024* (b) | 700,000 | 32,200 | |
(Cost $4,375,710) | 226,385 | ||
Colombia 5.0% | |||
Colombia Government International Bond, 7.5%, 2/2/2034 | 1,000,000 | 1,022,239 | |
Ecopetrol SA, 6.875%, 4/29/2030 | 1,500,000 | 1,466,193 | |
(Cost $2,508,689) | 2,488,432 | ||
Costa Rica 0.8% | |||
Costa Rica Government International Bond, REG S, 6.125%, 2/19/2031 (Cost $397,200) | 400,000 | 404,856 |
Dominican Republic 4.2% | |||
Dominican Republic International Bond: | |||
REG S, 4.5%, 1/30/2030 | 500,000 | 454,814 | |
REG S, 4.875%, 9/23/2032 | 1,000,000 | 891,321 | |
REG S, 5.3%, 1/21/2041 | 900,000 | 756,000 | |
(Cost $1,912,224) | 2,102,135 | ||
Ecuador 1.1% | |||
Ecuador Government International Bond: | |||
144A, Zero Coupon, 7/31/2030 | 79,448 | 26,618 | |
2.5%–6.9%, 7/31/2040 (a) | 700,000 | 258,125 | |
3.5%–6.9%, 7/31/2035 (a) | 700,000 | 286,749 | |
(Cost $613,016) | 571,492 | ||
Egypt 4.3% | |||
African Export-Import Bank, REG S, 3.798%, 5/17/2031 | 700,000 | 591,276 | |
Egypt Government International Bond: | |||
REG S, 5.875%, 2/16/2031 | 700,000 | 455,588 | |
REG S, 7.6%, 3/1/2029 | 1,000,000 | 736,144 | |
REG S, 7.625%, 5/29/2032 | 500,000 | 338,628 | |
(Cost $2,352,628) | 2,121,636 | ||
Ethiopia 0.3% | |||
Federal Republic of Ethiopia, REG S, 6.625%, 12/11/2024* (Cost $198,847) | 200,000 | 136,136 | |
Georgia 0.4% | |||
Georgia Government International Bond, REG S, 2.75%, 4/22/2026 (Cost $183,094) | 200,000 | 186,349 | |
Ghana 3.2% | |||
Republic of Ghana: | |||
144A, 8.125%, 1/18/2026* | 1,800,000 | 853,020 | |
REG S, 8.625%, 4/7/2034* | 900,000 | 397,125 | |
REG S, 8.75%, 3/11/2061* | 800,000 | 349,899 | |
(Cost $2,469,575) | 1,600,044 | ||
Guatemala 1.0% | |||
Guatemala Government Bond, REG S, 5.375%, 4/24/2032 (Cost $466,933) | 500,000 | 478,015 | |
Hungary 3.4% | |||
Hungary Government International Bond, REG S, 3.125%, 9/21/2051 | 1,000,000 | 635,000 | |
MVM Energetika Zrt, REG S, 7.5%, 6/9/2028 | 1,000,000 | 1,037,720 | |
(Cost $1,672,475) | 1,672,720 | ||
Ivory Coast 4.5% | |||
Ivory Coast Government International Bond, 144A, 6.375%, 3/3/2028 (Cost $2,278,741) | 2,300,000 | 2,247,100 | |
Jordan 1.4% | |||
Jordan Government International Bond, REG S, 5.85%, 7/7/2030 (Cost $729,194) | 800,000 | 716,000 | |
Kazakhstan 1.7% | |||
Development Bank of Kazakhstan JSC, REG S, 2.95%, 5/6/2031 (Cost $999,450) | 1,000,000 | 830,400 |
Kenya 3.6% | |||
Republic of Kenya: | |||
144A, 7.25%, 2/28/2028 | 1,000,000 | 895,000 | |
REG S, 8.0%, 5/22/2032 | 1,000,000 | 879,656 | |
(Cost $1,767,089) | 1,774,656 | ||
Mexico 6.7% | |||
Comision Federal de Electricidad, REG S, 3.875%, 7/26/2033 | 1,300,000 | 1,053,285 | |
Petroleos Mexicanos: | |||
5.35%, 2/12/2028 | 1,000,000 | 876,927 | |
5.95%, 1/28/2031 | 1,800,000 | 1,420,335 | |
(Cost $3,249,303) | 3,350,547 | ||
Morocco 1.0% | |||
Morocco Government International Bond, REG S, 3.0%, 12/15/2032 (Cost $482,615) | 600,000 | 481,500 | |
Namibia 0.4% | |||
Republic of Namibia, 144A, 5.25%, 10/29/2025 (Cost $195,713) | 200,000 | 196,944 | |
Nigeria 6.2% | |||
Africa Finance Corp., REG S, 3.75%, 10/30/2029 | 1,000,000 | 872,020 | |
Republic of Nigeria: | |||
144A, 6.5%, 11/28/2027 | 1,060,000 | 959,035 | |
144A, 7.143%, 2/23/2030 | 570,000 | 495,210 | |
REG S, 7.375%, 9/28/2033 | 900,000 | 739,350 | |
(Cost $3,116,654) | 3,065,615 | ||
Oman 1.0% | |||
Oman Government International Bond, REG S, 6.25%, 1/25/2031 (Cost $518,902) | 500,000 | 517,090 | |
Pakistan 1.2% | |||
Islamic Republic of Pakistan, 144A, 6.875%, 12/5/2027 (Cost $800,000) | 800,000 | 581,120 | |
Panama 2.8% | |||
Panama Government International Bond, 6.875%, 1/31/2036 (Cost $1,400,338) | 1,450,000 | 1,399,301 | |
Romania 1.7% | |||
Romanian Government International Bond, REG S, 3.0%, 2/14/2031 (Cost $773,701) | 1,000,000 | 849,380 | |
Russia 0.0% | |||
Vnesheconombank, 144A, 6.8%, 11/22/2025* (c) (Cost $1,426,819) | 1,400,000 | 0 | |
Rwanda 0.6% | |||
Rwanda International Government Bond, REG S, 5.5%, 8/9/2031 (Cost $314,851) | 400,000 | 319,808 | |
Senegal 2.6% | |||
Republic of Senegal, REG S, 6.25%, 5/23/2033 (Cost $1,534,660) | 1,500,000 | 1,298,985 | |
Serbia 1.3% | |||
Republic of Serbia: | |||
REG S, 2.125%, 12/1/2030 | 300,000 | 238,838 | |
REG S, 6.5%, 9/26/2033 | 400,000 | 407,736 | |
(Cost $626,838) | 646,574 |
South Africa 6.3% | |||
Eskom Holdings SOC Ltd., REG S, 6.35%, 8/10/2028 | 2,300,000 | 2,228,079 | |
Transnet SOC Ltd., REG S, 8.25%, 2/6/2028 | 900,000 | 904,500 | |
(Cost $3,320,288) | 3,132,579 | ||
Sri Lanka 0.9% | |||
Republic of Sri Lanka, 144A, 6.2%, 5/11/2027* (b) (Cost $878,719) | 900,000 | 457,748 | |
Tajikistan 2.8% | |||
Republic of Tajikistan, 144A, 7.125%, 9/14/2027 (Cost $1,575,000) | 1,575,000 | 1,401,750 | |
Togo 4.8% | |||
Banque Ouest Africaine de Developpement: | |||
REG S, 4.7%, 10/22/2031 | 1,400,000 | 1,186,052 | |
144A, 5.0%, 7/27/2027 | 1,300,000 | 1,216,725 | |
(Cost $2,769,879) | 2,402,777 | ||
Tunisia 0.7% | |||
Banque Centrale de Tunisie International Bond, 144A, 5.75%, 1/30/2025 (Cost $394,506) | 400,000 | 339,987 | |
Turkey 7.0% | |||
Republic of Turkey: | |||
5.25%, 3/13/2030 | 1,000,000 | 885,000 | |
9.125%, 7/13/2030 | 1,900,000 | 2,023,500 | |
TC Ziraat Bankasi AS, REG S, 5.375%, 3/2/2026 | 600,000 | 579,912 | |
(Cost $3,323,402) | 3,488,412 | ||
Ukraine 1.2% | |||
NAK Naftogaz Ukraine via Kondor Finance PLC, REG S, 7.625%, 11/8/2028* | 300,000 | 154,217 | |
State Agency of Roads of Ukraine, REG S, 6.25%, 6/24/2030* | 1,000,000 | 251,196 | |
Ukraine Railways Via Rail Capital Markets PLC, REG S, 8.25%, 7/9/2026* | 300,000 | 169,500 | |
(Cost $1,564,398) | 574,913 | ||
Uzbekistan 2.1% | |||
Republic of Uzbekistan International Bond: | |||
REG S, 3.7%, 11/25/2030 | 1,000,000 | 817,500 | |
REG S, 3.9%, 10/19/2031 | 300,000 | 243,132 | |
(Cost $1,145,366) | 1,060,632 | ||
Venezuela 0.7% | |||
Petroleos de Venezuela SA: | |||
144A, 6.0%, 5/16/2024* (b) | 1,750,000 | 186,262 | |
144A, 9.0%, 11/17/2021* (b) | 1,480,000 | 163,876 | |
(Cost $1,222,980) | 350,138 | ||
Zambia 0.6% | |||
Republic of Zambia, 144A, 8.5%, 4/14/2024* (b) (Cost $500,995) | 500,000 | 316,024 | |
Total Bonds (Cost $59,402,714) | 48,483,796 |
Shares | Value ($) | ||
Cash Equivalents 0.5% | |||
DWS Central Cash Management Government Fund, 5.36% (d) (Cost $244,001) | 244,001 | 244,001 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $59,646,715) | 98.0 | 48,727,797 | |
Other Assets and Liabilities, Net | 2.0 | 969,145 | |
Net Assets | 100.0 | 49,696,942 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended January 31, 2024 are as follows:
Value ($) at 10/31/2023 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 1/31/2024 | Value ($) at 1/31/2024 |
Cash Equivalents 0.5% | ||||||||
DWS Central Cash Management Government Fund, 5.36% (d) | ||||||||
177,832 | 7,365,239 | 7,299,070 | — | — | 7,371 | — | 244,001 | 244,001 |
* | Non-income producing security. |
(a) | 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. |
(b) | Defaulted security or security for which income has been deemed uncollectible. |
(c) | Investment was valued using significant unobservable inputs. |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
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. |
BSCC: Bahrain Shareholding Company, a Closed Shareholding Company, commonly known as a Closed Joint Stock Company. |
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 January 31, 2024 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Bonds (a) | $— | $48,483,796 | $0 | $48,483,796 |
Short-Term Investments | 244,001 | — | — | 244,001 |
Total | $244,001 | $48,483,796 | $0 | $48,727,797 |
(a) | See Investment Portfolio for additional detailed categorizations. |
OBTAIN AN OPEN-END FUND PROSPECTUS
To obtain a summary prospectus, if available, or prospectus, download one from fundsus.dws.com, talk to your financial representative or call (800) 728-3337. We advise you to carefully consider the product's objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest.
CLOSED-END FUNDS
Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value.
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.
NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE
DEMFIF-PH1
R-080548-2 (1/25)