| Investment Portfolio | as of March 31, 2021 (Unaudited) |
DWS Bond VIP
| Principal Amount ($)(a) | Value ($) | ||
| Corporate Bonds 67.3% | |||
| Communication Services 8.7% | |||
| Amazon.com, Inc.: | |||
| 2.5%, 6/3/2050 | 20,000 | 17,889 | |
| 4.25%, 8/22/2057 | 45,000 | 53,837 | |
| AT&T, Inc.: | |||
| 3-month USD-LIBOR + 1.18%, 1.364% (b), 6/12/2024 | 207,000 | 211,349 | |
| 1.65%, 2/1/2028 | 50,000 | 48,439 | |
| 1.7%, 3/25/2026 | 70,000 | 69,975 | |
| 2.25%, 2/1/2032 | 85,000 | 80,847 | |
| 2.75%, 6/1/2031 | 50,000 | 49,799 | |
| 3.65%, 6/1/2051 | 100,000 | 96,719 | |
| CCO Holdings LLC, 144A, 4.75%, 3/1/2030 | 100,000 | 103,625 | |
| Charter Communications Operating LLC: | |||
| 3.5%, 6/1/2041 | 100,000 | 94,838 | |
| 3.7%, 4/1/2051 | 140,000 | 130,943 | |
| 3.75%, 2/15/2028 | 75,000 | 81,216 | |
| 5.05%, 3/30/2029 | 60,000 | 68,965 | |
| Comcast Corp., 1.95%, 1/15/2031 | 45,000 | 43,340 | |
| Cox Communications, Inc., 144A, 2.95%, 10/1/2050 | 40,000 | 35,400 | |
| CSC Holdings LLC: | |||
| 144A, 3.375%, 2/15/2031 | 200,000 | 188,500 | |
| 144A, 4.125%, 12/1/2030 | 200,000 | 198,656 | |
| Discovery Communications LLC, 144A, 4.0%, 9/15/2055 | 35,000 | 34,451 | |
| Empresa Nacional de Telecomunicaciones SA, REG S, 4.75%, 8/1/2026 | 250,000 | 277,149 | |
| Match Group Holdings II LLC, 144A, 4.125%, 8/1/2030 | 135,000 | 135,379 | |
| Netflix, Inc.: | |||
| 144A, 3.625%, 6/15/2025 | 45,000 | 47,962 | |
| 5.5%, 2/15/2022 | 125,000 | 130,000 | |
| 5.875%, 11/15/2028 | 125,000 | 151,196 | |
| NortonLifeLock, Inc., 3.95%, 6/15/2022 | 225,000 | 229,500 | |
| Tencent Music Entertainment Group, 2.0%, 9/3/2030 | 211,000 | 196,498 | |
| T-Mobile U.S.A., Inc.: | |||
| 144A, 2.05%, 2/15/2028 | 30,000 | 29,416 | |
| 144A, 2.25%, 11/15/2031 | 110,000 | 104,437 | |
| 2.625%, 4/15/2026 | 135,000 | 137,538 | |
| 144A, 3.3%, 2/15/2051 | 70,000 | 65,420 | |
| 3.375%, 4/15/2029 | 125,000 | 125,938 | |
| 144A, 3.6%, 11/15/2060 | 30,000 | 28,811 | |
| 144A, 4.375%, 4/15/2040 | 50,000 | 55,553 | |
| VeriSign, Inc.: | |||
| 4.625%, 5/1/2023 | 250,000 | 251,250 | |
| 5.25%, 4/1/2025 | 250,000 | 282,200 | |
| Verizon Communications, Inc.: | |||
| 2.1%, 3/22/2028 | 55,000 | 55,230 | |
| 2.55%, 3/21/2031 | 70,000 | 69,936 | |
| 2.65%, 11/20/2040 | 55,000 | 50,262 | |
| 3.0%, 11/20/2060 | 50,000 | 43,409 | |
| 3.7%, 3/22/2061 | 100,000 | 98,812 | |
| ViacomCBS, Inc., 4.2%, 5/19/2032 | 50,000 | 55,890 | |
| Vodafone Group PLC, 4.25%, 9/17/2050 | 55,000 | 60,592 | |
| Walt Disney Co., 2.65%, 1/13/2031 | 45,000 | 45,933 | |
| 4,337,099 | |||
| Consumer Discretionary 6.9% | |||
| 1011778 BC Unlimited Liability Co., 144A, 4.375%, 1/15/2028 | 210,000 | 210,991 | |
| 7-Eleven Inc: | |||
| 144A, 0.95%, 2/10/2026 | 26,000 | 25,327 | |
| 144A, 1.3%, 2/10/2028 | 34,000 | 32,574 | |
| 144A, 1.8%, 2/10/2031 | 137,000 | 127,939 | |
| Carnival Corp.: | |||
| 144A, 5.75%, 3/1/2027 | 95,000 | 97,494 | |
| 144A, 7.625%, 3/1/2026 | 97,000 | 104,207 | |
| Dollar General Corp., 4.125%, 4/3/2050 | 20,000 | 22,154 | |
| Ford Motor Credit Co. LLC: | |||
| 2.9%, 2/16/2028 | 204,000 | 195,993 | |
| 3.37%, 11/17/2023 | 350,000 | 358,750 | |
| 5.584%, 3/18/2024 | 206,000 | 222,334 | |
| General Motors Financial Co., Inc.: | |||
| 2.35%, 1/8/2031 | 120,000 | 114,596 | |
| 3.95%, 4/13/2024 | 120,000 | 129,149 | |
| 4.35%, 4/9/2025 | 84,000 | 92,133 | |
| Hilton Domestic Operating Co., Inc.: | |||
| 144A, 3.625%, 2/15/2032 | 250,000 | 242,650 | |
| 144A, 4.0%, 5/1/2031 | 125,000 | 125,000 | |
| Home Depot, Inc., 3.35%, 4/15/2050 | 50,000 | 51,856 | |
| Hyundai Capital America, 144A, 1.25%, 9/18/2023 | 145,000 | 146,049 | |
| International Game Technology PLC, 144A, 4.125%, 4/15/2026 | 215,000 | 220,930 | |
| Lowe's Companies, Inc.: | |||
| 3.0%, 10/15/2050 | 45,000 | 41,972 | |
| 4.05%, 5/3/2047 | 40,000 | 43,859 | |
| Mattel, Inc., 144A, 3.375%, 4/1/2026 | 90,000 | 92,919 | |
| McDonald's Corp.: | |||
| 2.125%, 3/1/2030 | 35,000 | 34,173 | |
| 4.2%, 4/1/2050 | 50,000 | 56,787 | |
| QVC, Inc., 4.75%, 2/15/2027 | 172,000 | 178,020 | |
| Royal Caribbean Cruises Ltd., 144A, 5.5%, 4/1/2028 | 60,000 | 60,300 | |
| Sands China Ltd., 4.6%, 8/8/2023 | 200,000 | 213,878 | |
| Walmart, Inc., 3.4%, 6/26/2023 | 175,000 | 186,658 | |
| 3,428,692 | |||
| Consumer Staples 1.4% | |||
| Albertsons Companies, Inc.: | |||
| 144A, 3.25%, 3/15/2026 | 90,000 | 89,655 | |
| 144A, 3.5%, 3/15/2029 | 50,000 | 47,582 | |
| Altria Group, Inc.: | |||
| 2.45%, 2/4/2032 | 42,000 | 40,126 | |
| 3.7%, 2/4/2051 | 50,000 | 45,553 | |
| 3.875%, 9/16/2046 | 20,000 | 19,405 | |
| 4.8%, 2/14/2029 | 5,000 | 5,745 | |
| Anheuser-Busch InBev Worldwide, Inc.: | |||
| 4.35%, 6/1/2040 | 50,000 | 56,530 | |
| 4.439%, 10/6/2048 | 50,000 | 56,158 | |
| 5.55%, 1/23/2049 | 55,000 | 70,972 | |
| BAT Capital Corp., 2.726%, 3/25/2031 | 60,000 | 58,028 | |
| Conagra Brands, Inc., 1.375%, 11/1/2027 | 30,000 | 28,899 | |
| Keurig Dr Pepper, Inc.: | |||
| 3.2%, 5/1/2030 | 25,000 | 26,453 | |
| 3.8%, 5/1/2050 | 30,000 | 31,886 | |
| PepsiCo, Inc., 3.5%, 3/19/2040 | 25,000 | 26,896 | |
| Philip Morris International, Inc., 2.1%, 5/1/2030 | 60,000 | 57,885 | |
| Smithfield Foods, Inc., 144A, 3.0%, 10/15/2030 | 40,000 | 39,780 | |
| 701,553 | |||
| Energy 3.6% | |||
| BP Capital Markets America, Inc.: | |||
| 1.749%, 8/10/2030 | 40,000 | 37,783 | |
| 2.939%, 6/4/2051 | 100,000 | 89,188 | |
| Cheniere Energy Partners LP, 4.5%, 10/1/2029 | 225,000 | 233,330 | |
| Continental Resources, Inc., 4.375%, 1/15/2028 (c) | 250,000 | 262,875 | |
| Energy Transfer Operating LP: | |||
| 4.25%, 3/15/2023 | 350,000 | 369,374 | |
| 5.0%, 5/15/2050 | 20,000 | 20,685 | |
| EQM Midstream Partners LP, 144A, 4.5%, 1/15/2029 | 75,000 | 73,085 | |
| Exxon Mobil Corp.: | |||
| 2.44%, 8/16/2029 | 87,000 | 88,271 | |
| 3.482%, 3/19/2030 | 100,000 | 108,577 | |
| Hess Corp., 5.8%, 4/1/2047 | 100,000 | 119,243 | |
| Marathon Petroleum Corp., 4.7%, 5/1/2025 | 100,000 | 112,391 | |
| MPLX LP, 2.65%, 8/15/2030 | 35,000 | 34,298 | |
| Phillips 66, 1.3%, 2/15/2026 | 40,000 | 39,553 | |
| Plains All American Pipeline LP, 3.8%, 9/15/2030 | 50,000 | 50,921 | |
| Suncor Energy, Inc., 3.75%, 3/4/2051 | 100,000 | 97,306 | |
| Total Capital International SA, 3.127%, 5/29/2050 | 60,000 | 56,485 | |
| 1,793,365 | |||
| Financials 20.5% | |||
| AerCap Ireland Capital DAC: | |||
| 3.15%, 2/15/2024 | 300,000 | 312,583 | |
| 4.625%, 10/15/2027 (c) | 300,000 | 329,086 | |
| Air Lease Corp.: | |||
| 3.0%, 2/1/2030 | 125,000 | 122,338 | |
| 4.65%, Perpetual (d) | 490,000 | 483,875 | |
| Aircastle Ltd., 4.4%, 9/25/2023 | 109,000 | 116,087 | |
| Avolon Holdings Funding Ltd.: | |||
| 144A, 2.75%, 2/21/2028 | 120,000 | 112,770 | |
| 144A, 4.25%, 4/15/2026 | 40,000 | 41,897 | |
| 144A, 5.125%, 10/1/2023 | 167,000 | 178,026 | |
| Banco del Estado de Chile, 144A, 2.704%, 1/9/2025 | 200,000 | 208,478 | |
| Bank of America Corp.: | |||
| 1.922%, 10/24/2031 | 260,000 | 244,677 | |
| 2.676%, 6/19/2041 | 60,000 | 56,171 | |
| 4.3%, Perpetual (d) | 204,000 | 204,765 | |
| Barclays PLC, 2.852%, 5/7/2026 | 200,000 | 209,368 | |
| BBVA Bancomer SA, 144A, 1.875%, 9/18/2025 | 201,000 | 201,251 | |
| Blackstone Secured Lending Fund, 144A, 3.625%, 1/15/2026 | 155,000 | 160,290 | |
| BNP Paribas SA, 144A, 4.625%, Perpetual (c) (d) | 200,000 | 198,750 | |
| Charles Schwab Corp.: | |||
| Series H, 4.0%, Perpetual (d) | 125,000 | 122,875 | |
| Series I, 4.0%, Perpetual (d) | 250,000 | 253,700 | |
| Citigroup, Inc.: | |||
| 3.2%, 10/21/2026 | 170,000 | 182,678 | |
| 4.0%, Perpetual (d) | 650,000 | 656,338 | |
| 4.412%, 3/31/2031 | 80,000 | 91,297 | |
| Commonwealth Bank of Australia, 144A, 2.688%, 3/11/2031 | 200,000 | 194,202 | |
| Global Payments, Inc.: | |||
| 1.2%, 3/1/2026 | 120,000 | 118,131 | |
| 3.2%, 8/15/2029 | 120,000 | 126,385 | |
| HSBC Holdings PLC: | |||
| 4.0%, Perpetual (d) | 200,000 | 199,000 | |
| 4.6%, Perpetual (d) | 250,000 | 247,188 | |
| Intercontinental Exchange, Inc.: | |||
| 2.1%, 6/15/2030 | 52,000 | 49,939 | |
| 3.0%, 6/15/2050 | 33,000 | 30,751 | |
| JPMorgan Chase & Co.: | |||
| 1.953%, 2/4/2032 | 138,000 | 130,791 | |
| 2.522%, 4/22/2031 | 150,000 | 149,684 | |
| 2.739%, 10/15/2030 | 100,000 | 101,632 | |
| 2.956%, 5/13/2031 | 50,000 | 50,925 | |
| Kookmin Bank, 144A, 1.75%, 5/4/2025 | 200,000 | 202,811 | |
| LSEGA Financing PLC, 144A, 2.5%, 4/6/2031 (e) | 200,000 | 197,406 | |
| Macquarie Bank Ltd., 144A, 3.052%, 3/3/2036 | 300,000 | 287,276 | |
| Mizuho Financial Group, Inc., 1.234%, 5/22/2027 | 215,000 | 209,301 | |
| Morgan Stanley: | |||
| 1.794%, 2/13/2032 | 45,000 | 42,001 | |
| 1.928%, 4/28/2032 | 70,000 | 66,129 | |
| 2.188%, 4/28/2026 | 105,000 | 108,489 | |
| 3.622%, 4/1/2031 | 80,000 | 86,860 | |
| Oversea-Chinese Banking Corp., Ltd., 144A, 1.832%, 9/10/2030 | 395,000 | 391,390 | |
| PayPal Holdings, Inc.: | |||
| 2.65%, 10/1/2026 | 84,000 | 88,883 | |
| 2.85%, 10/1/2029 | 25,000 | 26,046 | |
| REC Ltd., 144A, 4.75%, 5/19/2023 | 200,000 | 212,058 | |
| Santander Holdings U.S.A., Inc., 3.244%, 10/5/2026 | 270,000 | 285,467 | |
| Societe Generale SA, 144A, 5.375%, Perpetual (d) | 250,000 | 257,188 | |
| Swiss Re Treasury U.S. Corp., 144A, 4.25%, 12/6/2042 | 70,000 | 80,254 | |
| Synchrony Financial, 4.375%, 3/19/2024 | 40,000 | 43,608 | |
| The Goldman Sachs Group, Inc.: | |||
| 0.855%, 2/12/2026 | 20,000 | 19,658 | |
| 1.431%, 3/9/2027 | 95,000 | 94,149 | |
| 1.992%, 1/27/2032 | 135,000 | 128,121 | |
| 3.5%, 4/1/2025 | 31,000 | 33,586 | |
| 4.4%, Perpetual (c) (d) | 63,000 | 64,890 | |
| UBS Group AG: | |||
| 144A, 2.095%, 2/11/2032 | 200,000 | 189,183 | |
| 144A, 4.375%, Perpetual (d) | 200,000 | 197,300 | |
| Wells Fargo & Co.: | |||
| 2.188%, 4/30/2026 | 295,000 | 304,464 | |
| 2.393%, 6/2/2028 | 168,000 | 172,182 | |
| 2.572%, 2/11/2031 | 125,000 | 125,677 | |
| 3.196%, 6/17/2027 | 90,000 | 96,464 | |
| 3.9%, Perpetual (d) | 245,000 | 247,426 | |
| 10,144,195 | |||
| Health Care 4.4% | |||
| AbbVie, Inc.: | |||
| 3.2%, 11/21/2029 | 50,000 | 53,189 | |
| 4.25%, 11/21/2049 | 30,000 | 33,946 | |
| 4.75%, 3/15/2045 | 25,000 | 29,831 | |
| Amgen, Inc.: | |||
| 3.375%, 2/21/2050 | 50,000 | 49,979 | |
| 4.563%, 6/15/2048 | 40,000 | 47,645 | |
| Anthem, Inc.: | |||
| 2.25%, 5/15/2030 | 80,000 | 78,733 | |
| 2.875%, 9/15/2029 | 40,000 | 41,583 | |
| AstraZeneca PLC, 1.375%, 8/6/2030 | 50,000 | 45,861 | |
| Biogen, Inc., 3.15%, 5/1/2050 | 50,000 | 45,918 | |
| Boston Scientific Corp., 4.0%, 3/1/2029 | 75,000 | 83,426 | |
| Bristol-Myers Squibb Co., 4.25%, 10/26/2049 | 85,000 | 100,119 | |
| Charles River Laboratories International, Inc., 144A, 3.75%, 3/15/2029 | 145,000 | 145,229 | |
| Cigna Corp.: | |||
| 2.375%, 3/15/2031 | 50,000 | 49,179 | |
| 2.4%, 3/15/2030 | 30,000 | 29,746 | |
| 3.2%, 3/15/2040 | 15,000 | 15,000 | |
| 3.4%, 3/15/2051 | 100,000 | 98,318 | |
| CVS Health Corp.: | |||
| 1.75%, 8/21/2030 | 130,000 | 121,342 | |
| 2.7%, 8/21/2040 | 30,000 | 27,628 | |
| 4.25%, 4/1/2050 | 20,000 | 22,450 | |
| 5.05%, 3/25/2048 | 45,000 | 55,244 | |
| DaVita, Inc., 144A, 4.625%, 6/1/2030 | 150,000 | 152,829 | |
| DH Europe Finance II Sarl, 0.75%, 9/18/2031 | EUR | 200,000 | 235,140 |
| Fresenius Medical Care U.S. Finance III, Inc., 144A, 2.375%, 2/16/2031 | 150,000 | 143,096 | |
| Gilead Sciences, Inc.: | |||
| 1.65%, 10/1/2030 | 40,000 | 37,541 | |
| 2.8%, 10/1/2050 | 50,000 | 44,439 | |
| HCA, Inc., 5.25%, 6/15/2026 | 130,000 | 149,417 | |
| Thermo Fisher Scientific, Inc., 2.6%, 10/1/2029 | 110,000 | 112,770 | |
| UnitedHealth Group, Inc.: | |||
| 2.875%, 8/15/2029 | 54,000 | 57,146 | |
| 2.9%, 5/15/2050 | 50,000 | 47,881 | |
| 2,154,625 | |||
| Industrials 6.5% | |||
| Aadvantage Loyalty IP Ltd., 144A, 5.5%, 4/20/2026 | 125,000 | 130,086 | |
| Adani Ports & Special Economic Zone Ltd., 144A, 4.2%, 8/4/2027 | 200,000 | 212,098 | |
| Agilent Technologies, Inc., 2.1%, 6/4/2030 | 45,000 | 44,022 | |
| Boeing Co.: | |||
| 1.95%, 2/1/2024 | 265,000 | 271,514 | |
| 2.196%, 2/4/2026 | 237,000 | 236,265 | |
| 2.75%, 2/1/2026 | 375,000 | 386,013 | |
| 4.508%, 5/1/2023 | 140,000 | 149,854 | |
| 4.875%, 5/1/2025 | 93,000 | 103,551 | |
| 5.04%, 5/1/2027 | 60,000 | 68,404 | |
| Delta Air Lines, Inc.: | |||
| 4.375%, 4/19/2028 | 94,000 | 97,042 | |
| 144A, 4.5%, 10/20/2025 | 30,000 | 32,022 | |
| FedEx Corp.: | |||
| 3.8%, 5/15/2025 | 245,000 | 269,282 | |
| 4.05%, 2/15/2048 | 114,000 | 124,237 | |
| Gartner, Inc., 144A, 3.75%, 10/1/2030 | 60,000 | 59,504 | |
| General Electric Co.: | |||
| 3.45%, 5/1/2027 | 50,000 | 54,298 | |
| 3.625%, 5/1/2030 | 35,000 | 37,683 | |
| GFL Environmental, Inc.: | |||
| 144A, 3.75%, 8/1/2025 | 100,000 | 101,500 | |
| 144A, 4.0%, 8/1/2028 | 150,000 | 145,125 | |
| Otis Worldwide Corp., 2.565%, 2/15/2030 | 60,000 | 60,432 | |
| Penske Truck Leasing Co. LP, 144A, 1.2%, 11/15/2025 | 80,000 | 78,582 | |
| Prime Security Services Borrower LLC: | |||
| 144A, 5.25%, 4/15/2024 | 195,000 | 207,997 | |
| 144A, 6.25%, 1/15/2028 | 70,000 | 72,869 | |
| XPO Logistics, Inc., 144A, 6.25%, 5/1/2025 | 260,000 | 279,783 | |
| 3,222,163 | |||
| Information Technology 4.3% | |||
| Apple, Inc., 2.375%, 2/8/2041 | 75,000 | 69,679 | |
| Broadcom, Inc.: | |||
| 144A, 2.6%, 2/15/2033 | 150,000 | 139,730 | |
| 4.11%, 9/15/2028 | 212,000 | 231,769 | |
| 5.0%, 4/15/2030 | 70,000 | 79,780 | |
| Crowdstrike Holdings, Inc., 3.0%, 2/15/2029 | 60,000 | 58,662 | |
| Dell International LLC: | |||
| 144A, 4.9%, 10/1/2026 | 198,000 | 224,630 | |
| 144A, 5.875%, 6/15/2021 | 70,000 | 70,088 | |
| 144A, 8.35%, 7/15/2046 | 60,000 | 91,284 | |
| Fidelity National Information Services, Inc., 2.25%, 3/1/2031 | 125,000 | 122,814 | |
| Fortinet, Inc., 2.2%, 3/15/2031 | 25,000 | 24,198 | |
| KLA Corp., 3.3%, 3/1/2050 | 31,000 | 29,775 | |
| Microsoft Corp., 2.921%, 3/17/2052 | 86,000 | 84,715 | |
| MSCI Inc., 144A, 3.625%, 9/1/2030 | 125,000 | 127,106 | |
| NVIDIA Corp.: | |||
| 3.5%, 4/1/2040 | 14,000 | 15,059 | |
| 3.5%, 4/1/2050 | 22,000 | 23,237 | |
| NXP BV, 144A, 2.7%, 5/1/2025 | 15,000 | 15,731 | |
| Open Text Corp., 144A, 3.875%, 2/15/2028 | 175,000 | 176,169 | |
| Oracle Corp.: | |||
| 2.875%, 3/25/2031 | 45,000 | 45,807 | |
| 3.6%, 4/1/2050 | 25,000 | 24,215 | |
| 3.65%, 3/25/2041 | 70,000 | 70,835 | |
| 4.0%, 11/15/2047 | 35,000 | 36,145 | |
| SK Hynix, Inc., 144A, 1.5%, 1/19/2026 | 201,000 | 197,800 | |
| Twilio, Inc., 3.625%, 3/15/2029 | 170,000 | 172,096 | |
| 2,131,324 | |||
| Materials 1.8% | |||
| AngloGold Ashanti Holdings PLC, 5.125%, 8/1/2022 | 110,000 | 114,859 | |
| Glencore Funding LLC, 144A, 1.625%, 9/1/2025 | 275,000 | 274,904 | |
| LYB International Finance III LLC, 3.625%, 4/1/2051 | 30,000 | 29,553 | |
| MEGlobal Canada ULC, 144A, 5.0%, 5/18/2025 | 237,000 | 263,366 | |
| Reynolds Group Issuer, Inc, 144A, 4.0%, 10/15/2027 | 40,000 | 39,200 | |
| Tronox, Inc., 144A, 4.625%, 3/15/2029 | 185,000 | 185,231 | |
| 907,113 | |||
| Real Estate 3.5% | |||
| American Tower Corp.: | |||
| (REIT), 2.1%, 6/15/2030 | 55,000 | 52,338 | |
| (REIT), 2.95%, 1/15/2051 | 35,000 | 30,942 | |
| Boston Properties LP, 2.55%, 4/1/2032 | 75,000 | 71,901 | |
| Crown Castle International Corp.: | |||
| (REIT), 2.9%, 4/1/2041 | 110,000 | 101,200 | |
| (REIT), 3.8%, 2/15/2028 | 50,000 | 54,469 | |
| Equinix, Inc.: | |||
| (REIT), 2.15%, 7/15/2030 | 34,000 | 32,325 | |
| (REIT), 3.2%, 11/18/2029 | 81,000 | 84,211 | |
| Iron Mountain, Inc.: | |||
| 144A, (REIT), 5.0%, 7/15/2028 | 55,000 | 56,238 | |
| 144A, (REIT), 5.25%, 7/15/2030 | 105,000 | 108,339 | |
| MPT Operating Partnership LP, (REIT), 3.5%, 3/15/2031 | 195,000 | 191,357 | |
| Office Properties Income Trust, (REIT), 4.15%, 2/1/2022 | 80,000 | 81,773 | |
| SBA Communications Corp.: | |||
| 144A, 3.125%, 2/1/2029 | 350,000 | 336,402 | |
| (REIT), 3.875%, 2/15/2027 | 155,000 | 158,441 | |
| (REIT), 4.875%, 9/1/2024 | 125,000 | 128,359 | |
| Welltower, Inc.: | |||
| (REIT), 2.75%, 1/15/2031 | 40,000 | 39,784 | |
| (REIT), 2.8%, 6/1/2031 | 125,000 | 124,241 | |
| (REIT), 3.1%, 1/15/2030 | 80,000 | 82,224 | |
| 1,734,544 | |||
| Utilities 5.7% | |||
| Abu Dhabi National Energy Co. PJSC, 144A, 4.375%, 4/23/2025 | 210,000 | 233,913 | |
| Ameren Corp., 1.75%, 3/15/2028 | 60,000 | 57,995 | |
| American Electric Power Co., Inc.: | |||
| 3.2%, 11/13/2027 | 50,000 | 53,910 | |
| 4.3%, 12/1/2028 | 20,000 | 22,490 | |
| Dominion Energy, Inc., 3.375%, 4/1/2030 | 110,000 | 117,119 | |
| Duke Energy Corp.: | |||
| 3.4%, 6/15/2029 | 30,000 | 32,074 | |
| 4.2%, 6/15/2049 | 30,000 | 31,801 | |
| Duke Energy Indiana LLC, 2.75%, 4/1/2050 | 50,000 | 44,839 | |
| Edison International: | |||
| 5.375%, Perpetual (d) | 375,000 | 380,175 | |
| 5.75%, 6/15/2027 | 200,000 | 233,310 | |
| EDP Finance BV, 144A, 3.625%, 7/15/2024 | 200,000 | 215,941 | |
| ENN Energy Holdings, Ltd., 144A, 2.625%, 9/17/2030 | 200,000 | 192,111 | |
| NextEra Energy Capital Holdings, Inc.: | |||
| 3.25%, 4/1/2026 | 36,000 | 38,917 | |
| 3.5%, 4/1/2029 | 58,000 | 62,269 | |
| NextEra Energy Operating Partners LP: | |||
| 144A, 3.875%, 10/15/2026 | 175,000 | 183,531 | |
| 144A, 4.25%, 7/15/2024 | 250,000 | 263,125 | |
| Oncor Electric Delivery Co. LLC, 2.75%, 5/15/2030 | 25,000 | 26,058 | |
| Pacific Gas and Electric Co.: | |||
| 2.5%, 2/1/2031 | 20,000 | 18,870 | |
| 3.3%, 8/1/2040 | 60,000 | 54,307 | |
| 3.5%, 8/1/2050 | 25,000 | 21,694 | |
| Perusahaan Listrik Negara PT, 144A, 2.875%, 10/25/2025 | EUR | 222,000 | 279,214 |
| Sempra Energy, 4.0%, 2/1/2048 | 55,000 | 57,928 | |
| Southern California Edison Co.: | |||
| 2.95%, 2/1/2051 | 60,000 | 52,675 | |
| 4.875%, 3/1/2049 | 50,000 | 58,041 | |
| Southern Power Co., Series F, 4.95%, 12/15/2046 | 87,000 | 96,210 | |
| 2,828,517 | |||
| Total Corporate Bonds (Cost $32,748,437) | 33,383,190 | ||
| Mortgage-Backed Securities Pass-Throughs 11.9% | |||
| Federal Home Loan Mortgage Corp.: | |||
| 4.0%, 8/1/2039 | 183,300 | 202,125 | |
| 5.5%, 10/1/2023 | 4,217 | 4,367 | |
| Federal National Mortgage Association: | |||
| 12-month USD-LIBOR + 1.75%, 2.5% (b), 9/1/2038 | 24,837 | 25,674 | |
| 2.5%, with various maturities from 3/1/2050 until 4/1/2051 (e) | 1,209,309 | 1,242,637 | |
| 3.5%, with various maturities from 12/1/2045 until 10/1/2048 | 1,744,920 | 1,877,861 | |
| 4.0%, 4/1/2047 | 1,172,044 | 1,287,553 | |
| Government National Mortgage Association, 2.5%, 4/1/2051 (e) | 1,200,000 | 1,238,016 | |
| Total Mortgage-Backed Securities Pass-Throughs (Cost $5,708,871) | 5,878,233 | ||
| Asset-Backed 6.8% | |||
| Automobile Receivables 2.6% | |||
| AmeriCredit Automobile Receivables Trust, “C”, Series 2019-2, 2.74%, 4/18/2025 | 660,000 | 685,381 | |
| GMF Floorplan Owner Revolving Trust, “C”, Series 2019-1, 144A, 3.06%, 4/15/2024 | 230,000 | 235,047 | |
| Hertz Vehicle Financing II LP: | |||
| “A”, Series 2017-1A, 144A, 2.96%, 10/25/2021 | 118,248 | 118,760 | |
| “B”, Series 2019-3A, 144A, 3.03%, 12/26/2025 | 250,000 | 250,047 | |
| 1,289,235 | |||
| Credit Card Receivables 3.3% | |||
| Fair Square Issuance Trust, “A”, Series 2020-AA, 144A, 2.9%, 9/20/2024 | 300,000 | 303,367 | |
| Master Credit Card Trust II, “A”, Series 2020-1A, 144A, 1.99%, 9/21/2024 | 350,000 | 360,837 | |
| World Financial Network Credit Card Master Trust, “M”, Series 2016-A, 2.33%, 4/15/2025 | 1,000,000 | 1,003,505 | |
| 1,667,709 | |||
| Miscellaneous 0.9% | |||
| CF Hippolyta LLC, “B1”, Series 2020-1, 144A, 2.28%, 7/15/2060 | 185,573 | 188,671 | |
| MVW Owner Trust, “A”, Series 2019-1A, 144A, 2.89%, 11/20/2036 | 237,587 | 243,678 | |
| 432,349 | |||
| Total Asset-Backed (Cost $3,330,868) | 3,389,293 | ||
| Commercial Mortgage-Backed Securities 3.4% | |||
| Citigroup Commercial Mortgage Trust, “D”, Series 2019-PRM, 144A, 4.35%, 5/10/2036 | 600,000 | 623,263 | |
| GS Mortgage Securities Corp. II, “B”, Series 2018-GS10, 4.371% (b), 7/10/2051 | 500,000 | 564,002 | |
| Morgan Stanley Capital Barclays Bank Trust, “C”, Series 2016-MART, 144A, 2.817%, 9/13/2031 | 500,000 | 496,918 | |
| Total Commercial Mortgage-Backed Securities (Cost $1,619,600) | 1,684,183 | ||
| Collateralized Mortgage Obligations 5.2% | |||
| Connecticut Avenue Securities Trust, “1M2”, Series 2019-R05, 144A, 1-month USD-LIBOR + 2.0%, 2.109% (b), 7/25/2039 | 170,459 | 170,459 | |
| Fannie Mae Connecticut Avenue Securities, “1M2”, Series 2018-C03, 1-month USD-LIBOR + 2.15%, 2.259% (b), 10/25/2030 | 366,565 | 365,015 | |
| Federal Home Loan Mortgage Corp., “PS”, Series 4922, Interest Only, 6.05% minus 1-month USD-LIBOR , 5.941% (b), 8/25/2049 | 754,809 | 117,758 | |
| Freddie Mac Structured Agency Credit Risk Debt Notes: | |||
| “M2”, Series 2020-DNA2, 144A, 1-month USD-LIBOR + 1.85%, 1.959% (b), 2/25/2050 | 600,000 | 597,675 | |
| “M2”, Series 2019-DNA4, 144A, 1-month USD-LIBOR + 1.95%, 2.059% (b), 10/25/2049 | 139,415 | 139,285 | |
| Government National Mortgage Association: | |||
| “PI”, Series 2015-40, Interest Only, 4.0%, 4/20/2044 | 104,003 | 7,206 | |
| “IN”, Series 2009-69, Interest Only, 5.5%, 8/20/2039 | 33,696 | 7,384 | |
| “IV”, Series 2009-69, Interest Only, 5.5%, 8/20/2039 | 63,576 | 13,861 | |
| “IJ”, Series 2009-75, Interest Only, 6.0%, 8/16/2039 | 25,099 | 4,312 | |
| JPMorgan Mortgage Trust: | |||
| “A11”, Series 2020-2, 144A, 1-month USD-LIBOR + 0.8%, 0.918% (b), 7/25/2050 | 472,136 | 475,316 | |
| “A11”, Series 2019-9, 144A, 1-month USD-LIBOR + 0.9%, 1.018% (b), 5/25/2050 | 147,587 | 148,868 | |
| “A3”, Series 2019-INV3, 144A, 3.5%, 5/25/2050 | 253,932 | 261,215 | |
| “A3”, Series 2020-INV1, 144A, 3.5%, 8/25/2050 | 150,549 | 154,949 | |
| STACR Trust, “M2”, Series 2018-DNA3, 144A, 1-month USD-LIBOR + 2.1%, 2.209% (b), 9/25/2048 | 108,108 | 107,703 | |
| Total Collateralized Mortgage Obligations (Cost $2,605,618) | 2,571,006 | ||
| Government & Agency Obligations 4.7% | |||
| Sovereign Bonds 1.9% | |||
| Abu Dhabi Government International Bond, 144A, 3.125%, 4/16/2030 | 200,000 | 214,315 | |
| Federative Republic of Brazil, 3.875%, 6/12/2030 | 200,000 | 194,022 | |
| Perusahaan Penerbit SBSN Indonesia III, 144A, 2.8%, 6/23/2030 | 200,000 | 200,430 | |
| Republic of Kazakhstan, 144A, 1.55%, 11/9/2023 | EUR | 290,000 | 350,414 |
| 959,181 | |||
| U.S. Treasury Obligations 2.8% | |||
| U.S. Treasury Bond: | |||
| 1.25%, 5/15/2050 | 675,000 | 509,388 | |
| 1.875%, 2/15/2041 | 950,000 | 884,539 | |
| 1,393,927 | |||
| Total Government & Agency Obligations (Cost $2,500,365) | 2,353,108 | ||
| Short-Term U.S. Treasury Obligations 2.1% | |||
| U.S. Treasury Bills: | |||
| 0.101% (f), 8/12/2021 (g) | 200,000 | 199,987 | |
| 0.125% (f), 8/12/2021 (g) | 850,000 | 849,946 | |
| Total Short-Term U.S. Treasury Obligations (Cost $1,049,535) | 1,049,933 | ||
| Shares | Value ($) | ||
| Securities Lending Collateral 1.4% | |||
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (h) (i) (Cost $704,170) | 704,170 | 704,170 | |
| Cash Equivalents 3.1% | |||
| DWS Central Cash Management Government Fund, 0.04% (h) (Cost $1,511,235) | 1,511,235 | 1,511,235 | |
| % of Net Assets | Value ($) | ||
| Total Investment Portfolio (Cost $51,778,699) | 105.9 | 52,524,351 | |
| Other Assets and Liabilities, Net | (5.9) | (2,917,892) | |
| Net Assets | 100.0 | 49,606,459 | |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended March 31, 2021 are as follows:
| Value ($) at 12/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 3/31/2021 | Value ($) at 3/31/2021 |
| Securities Lending Collateral 1.4% | ||||||||
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (h) (i) | ||||||||
| 64,200 | 639,970 (j) | — | — | — | 308 | — | 704,170 | 704,170 |
| Value ($) at 12/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 3/31/2021 | Value ($) at 3/31/2021 |
| Cash Equivalents 3.1% | ||||||||
| DWS Central Cash Management Government Fund, 0.04% (h) | ||||||||
| 1,591,076 | 5,891,268 | 5,971,109 | — | — | 172 | — | 1,511,235 | 1,511,235 |
| 1,655,276 | 6,531,238 | 5,971,109 | — | — | 480 | — | 2,215,405 | 2,215,405 |
| (a) | Principal amount stated in U.S. dollars unless otherwise noted. |
| (b) | Variable or floating rate security. These securities are shown at their current rate as of March 31, 2021. 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. Securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. |
| (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 March 31, 2021 amounted to $682,730, which is 1.4% of net assets. |
| (d) | Perpetual, callable security with no stated maturity date. |
| (e) | When-issued, delayed delivery or forward commitment securities included. |
| (f) | Annualized yield at time of purchase; not a coupon rate. |
| (g) | At March 31, 2021, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
| (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 March 31, 2021. |
| 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. |
| 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 |
| 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 National Mortgage Association issues which have similar coupon rates have been aggregated for presentation purposes in this investment portfolio.
At March 31, 2021, open futures contracts purchased were as follows:
| Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Depreciation ($) |
| 2-Year U.S. Treasury Note | USD | 6/30/2021 | 7 | 1,546,634 | 1,545,086 | (1,548) |
| Ultra 10 Year U.S. Treasury Note | USD | 6/21/2021 | 22 | 3,193,050 | 3,161,125 | (31,925) |
| Total unrealized depreciation | (33,473) | |||||
At March 31, 2021, open futures contracts sold were as follows:
| Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation ($) |
| U.S. Treasury Long Bond | USD | 6/21/2021 | 1 | 160,818 | 154,594 | 6,224 |
| Ultra 10 Year U.S. Treasury Note | USD | 6/21/2021 | 7 | 1,041,232 | 1,005,813 | 35,419 |
| Total unrealized appreciation | 41,643 | |||||
At March 31, 2021, the Fund had the following open forward foreign currency contracts:
| Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Appreciation ($) | Counterparty | ||
| EUR | 750,000 | USD | 903,727 | 5/05/2021 | 23,556 | Bank of America |
Currency Abbreviation(s)
| 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 March 31, 2021 in valuing the Fund's investments.
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Corporate Bonds (a) | $— | $33,383,190 | $— | $33,383,190 |
| Mortgage-Backed Securities Pass-Throughs | — | 5,878,233 | — | 5,878,233 |
| Asset-Backed | — | 3,389,293 | — | 3,389,293 |
| Commercial Mortgage-Backed Securities | — | 1,684,183 | — | 1,684,183 |
| Collateralized Mortgage Obligations | — | 2,571,006 | — | 2,571,006 |
| Government & Agency Obligations (a) | — | 2,353,108 | — | 2,353,108 |
| Short-Term U.S. Treasury Obligations | — | 1,049,933 | — | 1,049,933 |
| Short-Term Investments (a) | 2,215,405 | — | — | 2,215,405 |
| Derivatives (b) | ||||
| Futures Contracts | 41,643 | — | — | 41,643 |
| Forward Foreign Currency Contracts | — | 23,556 | — | 23,556 |
| Total | $2,257,048 | $50,332,502 | $— | $52,589,550 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
| Derivatives (b) | ||||
| Futures Contracts | $(33,473) | $— | $— | $(33,473) |
| Total | $(33,473) | $— | $— | $(33,473) |
| (a) | See Investment Portfolio for additional detailed categorizations. |
| (b) | Derivatives include unrealized appreciation (depreciation) on open future 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 March 31, 2021 categorized by the primary underlying risk exposure.
| Primary Underlying Risk Disclosure | Forward Contracts | Futures Contracts |
| Interest Rate Contracts | $ — | $ 8,170 |
| Foreign Exchange Contracts | $ 23,556 | $ — |
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.
DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148
NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE
VS1bond-PH1
R-080548-1 (1/23)