Investment Portfolio as of January 31, 2020 (Unaudited)

DWS Global Macro Fund

					Shares				Value ($)
Common Stocks 49.1%
Austria 0.1%
Lenzing AG				3,053					242,484
Verbund AG				945					49,898
(Cost $341,311)									292,382
Belgium 0.0%
bpost SA (Cost $133,105)				8,908					88,563
China 1.5%
Alibaba Group Holding Ltd. (ADR)*				7,803					1,612,022
Tencent Holdings Ltd.				25,100					1,191,330
(Cost $2,699,946)									2,803,352
France 6.2%
Airbus SE				6,407					943,384
AXA SA				99,970					2,658,838
Bureau Veritas SA				12,950					356,314
Capgemini SE				4,047					502,116
Cie de Saint-Gobain				25,739					972,776
EssilorLuxottica SA				3,238					480,174
LVMH Moet Hennessy Louis Vuitton SE				3,876					1,690,867
Sanofi				15,702					1,508,614
TOTAL SA				36,152					1,767,015
Veolia Environnement SA				32,293					952,916
(Cost $11,918,926)									11,833,014
Germany 11.1%
Allianz SE (Registered)				4,055					969,452
BASF SE				15,539					1,048,610
Bayer AG (Registered)				26,707					2,156,136
Deutsche Post AG (Registered)				8,000					279,294
Deutsche Telekom AG (Registered)				93,742					1,517,992
E.ON SE				239,925					2,718,334
Evonik Industries AG				58,252					1,593,305
Fresenius SE & Co. KGaA				25,091					1,281,704
Infineon Technologies AG				120,000					2,585,381
Merck KGaA				3,189					408,189
SAP SE				6,976					907,712
Vonovia SE				100,483					5,737,567
(Cost $20,811,965)									21,203,676
Japan 1.1%
Panasonic Corp.				161,800					1,612,187
Secom Co., Ltd.				5,000					443,151
(Cost $2,005,089)									2,055,338
Korea 0.2%
Samsung Electronics Co., Ltd. (Cost $351,103)				8,000					373,973
Netherlands 2.4%
ING Groep NV				129,503					1,404,715
Koninklijke Ahold Delhaize NV				38,562					946,224
Royal Dutch Shell PLC "A"				85,279					2,237,307
(Cost $5,011,104)									4,588,246
Russia 0.6%
Sberbank of Russia PJSC (ADR) (Cost $984,741)				67,484					1,075,830
Singapore 0.1%
Singapore Exchange Ltd. (Cost $126,948)				20,000					126,668
Spain 0.3%
Banco Santander SA (Cost $719,961)				164,615					645,752
Switzerland 2.7%
Nestle SA (Registered)				13,000					1,432,497
Novartis AG (Registered)				6,108					575,965
Roche Holding AG (Genusschein)				6,888					2,311,792
TE Connectivity Ltd.(a)				9,750					898,755
(Cost $3,845,156)									5,219,009
Taiwan 1.4%
Taiwan Semiconductor Manufacturing Co., Ltd. (Cost $2,719,650)				264,000					2,727,357
United Kingdom 3.7%
Compass Group PLC				40,470					999,930
Reckitt Benckiser Group PLC				19,115					1,583,218
Smith & Nephew PLC				40,651					974,633
Vodafone Group PLC				1,759,985					3,458,970
(Cost $6,874,964)									7,016,751
United States 17.7%
AbbVie, Inc.				33,847					2,742,284
Allergan PLC				5,676					1,059,369
Alphabet, Inc. "A"*				3,881					5,560,619
American Express Co.				15,583					2,023,764
Amgen, Inc.				735					158,797
AT&T, Inc.				81,608					3,070,093
Booking Holdings, Inc.*				724					1,325,318
Cisco Systems, Inc.				33,421					1,536,363
CVS Health Corp.				22,654					1,536,394
Johnson & Johnson				37,627					5,601,531
MasterCard, Inc. "A"				3,335					1,053,660
Microsoft Corp.				22,808					3,882,606
Pfizer, Inc.				42,648					1,588,212
Walt Disney Co.				19,234					2,660,255
(Cost $32,367,304)									33,799,265
Total Common Stocks (Cost $90,911,273)							93,849,176
Preferred Stocks 1.2%
Germany
Volkswagen AG (Cost $2,673,349)				13,000					2,329,862
					Principal Amount ($) (b)				Value ($)
Bonds 36.6%
France 1.4%
BNP Paribas SA, REG S, 3-month EURIBOR + 0.850%, 0.452% **, 9/22/2022			EUR			357,000			401,287
CMA CGM SA:
	REG S, 5.25%, 1/15/2025					1,200,000			1,041,398
	REG S, 6.5%, 7/15/2022					1,000,000			981,331
	REG S, 7.75%, 1/15/2021					250,000			262,931
(Cost $2,784,102)									2,686,947
Germany 1.6%
Hapag-Lloyd AG, REG S, 5.125%, 7/15/2024			EUR			500,000			579,099
Kreditanstalt fuer Wiederaufbau, 1.0%, 10/12/2021			NOK			23,400,000			2,521,301
(Cost $3,178,422)									3,100,400
Ireland 0.4%
GE Capital International Funding Co. Unlimited Co., 2.342%, 11/15/2020 (Cost $808,744)						810,000			812,735
Netherlands 0.9%
Petrobras Global Finance BV:
	5.375%, 1/27/2021					823,000			846,875
	8.375%, 5/23/2021 (c)					812,000			875,823
(Cost $1,707,022)									1,722,698
Norway 2.3%
Norway Government Bond:
	REG S, 3.75%, 5/25/2021					23,000,000			2,579,345
	Series 475, 2.0%, 5/24/2023					16,800,000			1,869,749
(Cost $4,552,730)									4,449,094
Oman 0.4%
Oman Government International Bond, REG S, 5.625%, 1/17/2028 (Cost $705,403)						700,000			724,147
Russia 1.7%
Russian Federal Bond - OFZ:
	7.0%, 8/16/2023	RUB				100,000,000			1,631,343
	7.6%, 4/14/2021	RUB				100,000,000			1,605,005
(Cost $3,260,162)									3,236,348
Turkey 1.9%
Republic of Turkey:
	3.25%, 6/14/2025					200,000			228,043
	4.35%, 11/12/2021					1,000,000			1,174,483
	5.125%, 5/18/2020					208,000			233,280
	5.125%, 3/25/2022					200,000			207,500
	5.625%, 3/30/2021					208,000			214,240
	6.25%, 9/26/2022					200,000			213,500
	7.0%, 6/5/2020					1,300,000			1,317,875
	7.375%, 2/5/2025					80,000			90,394
(Cost $3,581,781)									3,679,315
United States 26.0%
AbbVie, Inc.:
	144A, 2.95%, 11/21/2026					3,000,000			3,098,606
	144A, 3.2%, 11/21/2029					1,000,000			1,038,485
Anheuser-Busch InBev Worldwide, Inc., 4.0%, 4/13/2028						170,000			190,482
Arconic, Inc., 5.125%, 10/1/2024						1,500,000			1,619,655
Coty, Inc.:
	144A, 6.5%, 4/15/2026 (c)					900,000			938,250
	REG S, 4.0%, 4/15/2023					1,000,000			1,131,264
DISH DBS Corp., 7.75%, 7/1/2026						40,000			42,000
Netflix, Inc.:
	4.625%, 5/15/2029					185,000			228,580
	6.375%, 5/15/2029					100,000			116,750
Sprint Communications, Inc., 7.0%, 8/15/2020						800,000			814,160
Sprint Corp., 7.25%, 9/15/2021						800,000			839,000
T-Mobile U.S.A., Inc.:
	6.0%, 3/1/2023					1,000,000			1,018,280
	6.375%, 3/1/2025					800,000			825,752
The Goldman Sachs Group, Inc., REG S, 3-month EURIBOR + 1.000%, 0.614% **, 7/27/2021			EUR			352,000			394,914
Transocean, Inc., 6.5%, 11/15/2020						79,000			80,185
U.S. Treasury Floating Rate Notes:
	3-month U.S. Treasury Bill Money Market Yield plus 0.033%, 1.569% **, 4/30/2020					8,000,000			8,000,319
	3-month U.S. Treasury Bill Money Market Yield plus 0.043%, 1.579% **, 7/31/2020					4,000,000			3,999,465
U.S. Treasury Notes:
	1.375%, 9/30/2020					1,000,000			998,711
	1.5%, 9/30/2021					4,000,000			4,007,344
	1.625%, 12/31/2021					4,000,000			4,020,937
	1.75%, 10/31/2020					1,000,000			1,001,289
	2.375%, 5/15/2029					12,000,000			12,898,594
	2.75%, 4/30/2023					650,000			679,605
	2.875%, 10/31/2020					466,000			470,423
VeriSign, Inc., 5.25%, 4/1/2025						300,000			330,300
Verizon Communications, Inc., 2.625%, 8/15/2026						800,000			828,791
(Cost $49,057,768)									49,612,141
Total Bonds (Cost $69,636,134)							70,023,825
Convertible Bonds 0.9%
Mexico 0.5%
America Movil SAB de CV, REG S, 0.00%, 5/28/2020* (Cost $889,141)			EUR			800,000			885,359
United States 0.4%
Twitter, Inc., 1.0%, 9/15/2021 (Cost $862,828)						883,000			862,404
Total Convertible Bonds (Cost $1,751,969)							1,747,763
					Shares				Value ($)
Exchange-Traded Funds 1.9%
iShares Floating Rate Bond ETF				60,000					3,064,200
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF				5,423					496,421
Total Exchange-Traded Funds (Cost $3,550,452)							3,560,621
Securities Lending Collateral 0.2%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 1.49% (d) (e) (Cost $417,365)				417,365					417,365
Cash Equivalents 7.2%
DWS Central Cash Management Government Fund, 1.59% (d) (Cost $13,688,854)				13,688,854					13,688,854
					% of Net Assets				Value ($)
Total Investment Portfolio (Cost $182,629,396)				97.1				185,617,466
Other Assets and Liabilities, Net				2.9				5,563,472
Net Assets				100.0				191,180,938

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, 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 ($)	Number of Shares at 1/31/2020	Value ($) at 1/31/2020
Securities Lending Collateral 0.2%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 1.49% (d) (e)
125,775	291,590 (f)	—	—	—	368	—	417,365	417,365
Cash Equivalents 7.2%
DWS Central Cash Management Government Fund, 1.59% (d)
3,541,267	67,926,500	57,778,913	—	—	82,261	—	13,688,854	13,688,854
3,667,042	68,218,090	57,778,913	—	—	82,629	—	14,106,219	14,106,219

*	Non-income producing security.
**	Variable or floating rate security. These securities are shown at their current rate as of January 31, 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.
(a)	Listed on the New York Stock Exchange.
(b)	Principal amount stated in U.S. dollars unless otherwise noted.
(c)	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 January 31, 2020 amounted to $400,189, which is 0.2% of net assets.
(d)	Affiliated fund managed by DWS Investment Management Americas, Inc.  The rate shown is the annualized seven-day yield at period end.
(e)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(f)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended January 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.
ADR: American Depositary Receipt
EURIBOR: Euro Interbank Offered Rate
OFZ: Obigatyi Federal novo Zaima (Federal Loan Obligations)
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.
S&P: Standard & Poor's
SPDR: Standard & Poor's Depositary Receipt
At January 31, 2020, open futures contracts sold were as follows:

Futures	Currency		Expiration Date	Contracts		Notional Amount ($)		Notional Value ($)		Unrealized Appreciation (Depreciation) ($)
Mini-DAX Index		EUR	3/20/2020		17		6,292,036		6,124,670	167,366
NASDAQ 100 E-Mini Index		USD	3/20/2020		27		4,732,398		4,858,785	(126,387)
S&P 500 E-Mini Index		USD	3/20/2020		82		13,141,900		13,218,400	(76,500)
Total net unrealized depreciation										(35,521)

As of January 31, 2020, the Fund had the following open forward foreign currency contracts:

Contracts to Deliver		In Exchange For		Settlement Date	Unrealized Depreciation ($)		Counterparty
USD	978,307	KRW	1,152,748,938	2/28/2020		(10,661)	Citigroup, Inc.
EUR	41,775,142	USD	46,055,507	2/28/2020		(352,036)	Royal Bank of Canada
GBP	13,268,570	USD	17,286,667	2/28/2020		(247,111)	Royal Bank of Canada
Total unrealized depreciation						(609,808)

Currency Abbreviations
EUR	Euro
GBP	British Pound
KRW	South Korean Won
NOK	Norwegian Krone
RUB	Russian Ruble
USD	United States Dollar

At January 31, 2020 the DWS Global Macro Fund had the following sector diversification:

Sector Diversification	Market Value ($)	As a % of Common Stocks, Preferred Stocks, Corporate Bonds and Convertible Bonds
Health Care	27,652,149		23	%
Communication Services	24,133,885		20	%
Information Technology	14,584,673		12	%
Financials	13,035,256		11	%
Consumer Discretionary	9,570,186		8	%
Industrials	7,567,896		7	%
Energy	5,807,205		5	%
Real Estate	5,737,567		5	%
Consumer Staples	5,090,671		4	%
Utilities	3,721,148		3	%
Materials	2,884,399		2	%
Total	119,785,035		100	%

Sector diversification is subject to change.

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, 2020 in valuing the Fund's investments.

Assets			Level 1		Level 2		Level 3		Total
Common Stocks
	Austria	$	—	$	292,382	$	—	$	292,382
	Belgium		—		88,563		—		88,563
	China		1,612,022		1,191,330		—		2,803,352
	France		—		11,833,014		—		11,833,014
	Germany		—		21,203,676		—		21,203,676
	Japan		—		2,055,338		—		2,055,338
	Korea		—		373,973		—		373,973
	Netherlands		—		4,588,246		—		4,588,246
	Russia		1,075,830		—		—		1,075,830
	Singapore		—		126,668		—		126,668
	Spain		—		645,752		—		645,752
	Switzerland		898,755		4,320,254		—		5,219,009
	Taiwan		—		2,727,357		—		2,727,357
	United Kingdom		—		7,016,751		—		7,016,751
	United States		33,799,265		—		—		33,799,265
Preferred Stocks			—		2,329,862		—		2,329,862
Corporate Bonds			—		70,023,825		—		70,023,825
Convertible Bonds			—		1,747,763		—		1,747,763
Exchange-Traded Funds			3,560,621		—		—		3,560,621
Short-Term Investments (g)			14,106,219		—		—		14,106,219
Derivatives (h)
	Futures Contracts	$	167,366	$	—	$	—	$	167,366
Total		$	55,220,078	$	130,564,754	$	—	$	185,784,832
Liabilities			Level 1		Level 2		Level 3		Total
Derivatives (h)
	Futures Contracts	$	(202,887)	$	—	$	—	$	(202,887)
	Forward Foreign Currency Contracts		—		(609,808)		—		(609,808)
Total		$	(202,887)	$	(609,808)	$	—	$	(812,695)

(g)	See Investment Portfolio for additional detailed categorizations.
(h)	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 January 31, 2020 categorized by the primary underlying risk exposure. 

Primary Underlying Risk Disclosure	Futures	Forward Currency Contracts
Foreign Exchange Contracts	$       —	$ (609,808)
Interest Rate Contracts	$ (35,521)