Investment Portfolio | as of September 30, 2021 (Unaudited) |
DWS Bond VIP
Principal Amount ($)(a) | Value ($) | ||
Corporate Bonds 68.1% | |||
Communication Services 7.8% | |||
Amazon.com, Inc.: | |||
2.5%, 6/3/2050 | 20,000 | 18,731 | |
4.25%, 8/22/2057 | 45,000 | 57,169 | |
AT&T, Inc.: | |||
1.65%, 2/1/2028 | 50,000 | 49,600 | |
1.7%, 3/25/2026 | 70,000 | 70,867 | |
2.25%, 2/1/2032 | 85,000 | 82,761 | |
2.75%, 6/1/2031 | 50,000 | 51,340 | |
3.65%, 6/1/2051 | 100,000 | 101,899 | |
Bell Telephone Co. of Canada, 2.15%, 2/15/2032 | 110,000 | 107,659 | |
CCO Holdings LLC, 144A, 4.75%, 3/1/2030 | 100,000 | 104,548 | |
Charter Communications Operating LLC: | |||
2.25%, 1/15/2029 (b) | 70,000 | 69,945 | |
3.5%, 3/1/2042 (b) | 110,000 | 107,626 | |
3.7%, 4/1/2051 | 140,000 | 136,307 | |
4.4%, 12/1/2061 | 100,000 | 103,996 | |
Cox Communications, Inc., 144A, 2.95%, 10/1/2050 | 40,000 | 37,611 | |
CSC Holdings LLC: | |||
144A, 3.375%, 2/15/2031 | 200,000 | 186,000 | |
144A, 4.125%, 12/1/2030 | 200,000 | 196,250 | |
DIRECTV Holdings LLC, 144A, 5.875%, 8/15/2027 | 30,000 | 31,313 | |
Discovery Communications LLC, 4.0%, 9/15/2055 | 35,000 | 36,599 | |
Match Group Holdings II LLC: | |||
144A, 3.625%, 10/1/2031 (b) | 50,000 | 49,407 | |
144A, 4.125%, 8/1/2030 | 135,000 | 140,569 | |
Netflix, Inc.: | |||
144A, 3.625%, 6/15/2025 | 45,000 | 47,813 | |
5.875%, 11/15/2028 | 125,000 | 153,175 | |
NortonLifeLock, Inc., 3.95%, 6/15/2022 | 225,000 | 227,632 | |
Tencent Music Entertainment Group, 2.0%, 9/3/2030 | 211,000 | 198,680 | |
T-Mobile U.S.A., Inc.: | |||
2.05%, 2/15/2028 | 30,000 | 30,240 | |
2.25%, 11/15/2031 | 110,000 | 107,866 | |
2.625%, 4/15/2026 | 135,000 | 138,037 | |
3.3%, 2/15/2051 | 43,000 | 41,575 | |
3.375%, 4/15/2029 | 125,000 | 130,406 | |
Verizon Communications, Inc.: | |||
2.1%, 3/22/2028 | 55,000 | 55,830 | |
2.55%, 3/21/2031 | 70,000 | 70,860 | |
2.65%, 11/20/2040 | 55,000 | 51,676 | |
2.85%, 9/3/2041 | 70,000 | 68,318 | |
3.0%, 11/20/2060 | 50,000 | 46,188 | |
3.7%, 3/22/2061 | 100,000 | 105,593 | |
ViacomCBS, Inc., 4.2%, 5/19/2032 | 144,000 | 164,718 |
Vodafone Group PLC: | |||
4.25%, 9/17/2050 | 55,000 | 63,382 | |
5.125%, 6/4/2081 | 80,000 | 82,411 | |
Walt Disney Co., 2.65%, 1/13/2031 | 45,000 | 46,973 | |
3,571,570 | |||
Consumer Discretionary 6.2% | |||
1011778 BC Unlimited Liability Co., 144A, 4.375%, 1/15/2028 | 110,000 | 111,673 | |
7-Eleven, Inc.: | |||
144A, 0.95%, 2/10/2026 | 26,000 | 25,535 | |
144A, 1.3%, 2/10/2028 | 34,000 | 32,685 | |
144A, 1.8%, 2/10/2031 | 137,000 | 130,445 | |
American Honda Finance Corp., 1.3%, 9/9/2026 | 180,000 | 179,765 | |
Carnival Corp.: | |||
144A, 5.75%, 3/1/2027 | 95,000 | 98,206 | |
144A, 7.625%, 3/1/2026 | 50,000 | 53,375 | |
Dollar General Corp., 4.125%, 4/3/2050 | 20,000 | 23,403 | |
Ford Motor Credit Co. LLC: | |||
2.7%, 8/10/2026 | 250,000 | 250,500 | |
2.9%, 2/16/2028 | 204,000 | 203,745 | |
3.37%, 11/17/2023 | 350,000 | 358,715 | |
3.625%, 6/17/2031 | 260,000 | 261,625 | |
General Motors Co., 5.4%, 4/1/2048 | 70,000 | 86,797 | |
General Motors Financial Co., Inc.: | |||
2.35%, 1/8/2031 | 90,000 | 88,151 | |
2.7%, 6/10/2031 | 90,000 | 89,724 | |
3.95%, 4/13/2024 | 120,000 | 128,249 | |
4.35%, 4/9/2025 | 84,000 | 92,234 | |
Hilton Domestic Operating Co., Inc., 144A, 3.625%, 2/15/2032 | 150,000 | 147,750 | |
Home Depot, Inc., 3.35%, 4/15/2050 | 50,000 | 54,094 | |
Lowe's Companies, Inc.: | |||
2.8%, 9/15/2041 | 80,000 | 77,821 | |
3.0%, 10/15/2050 | 45,000 | 43,881 | |
4.05%, 5/3/2047 | 40,000 | 45,923 | |
McDonald's Corp., 4.2%, 4/1/2050 | 50,000 | 59,607 | |
Royal Caribbean Cruises Ltd.: | |||
144A, 4.25%, 7/1/2026 | 40,000 | 39,182 | |
144A, 5.5%, 4/1/2028 | 60,000 | 61,368 | |
Walmart, Inc., 1.8%, 9/22/2031 | 90,000 | 89,227 | |
2,833,680 | |||
Consumer Staples 1.3% | |||
Altria Group, Inc.: | |||
2.45%, 2/4/2032 | 42,000 | 40,246 | |
3.7%, 2/4/2051 | 50,000 | 47,077 | |
3.875%, 9/16/2046 | 20,000 | 19,479 | |
Anheuser-Busch InBev Worldwide, Inc.: | |||
4.35%, 6/1/2040 | 50,000 | 58,102 | |
4.439%, 10/6/2048 | 50,000 | 58,495 | |
5.55%, 1/23/2049 | 55,000 | 74,489 | |
BAT Capital Corp.: | |||
2.726%, 3/25/2031 | 60,000 | 59,086 | |
3.734%, 9/25/2040 | 53,000 | 51,133 | |
Campbell Soup Co.: | |||
2.375%, 4/24/2030 | 30,000 | 30,200 | |
4.15%, 3/15/2028 | 37,000 | 41,674 | |
Keurig Dr Pepper, Inc., 3.8%, 5/1/2050 | 30,000 | 33,615 |
PepsiCo, Inc., 3.5%, 3/19/2040 | 25,000 | 27,861 | |
Philip Morris International, Inc., 2.1%, 5/1/2030 | 60,000 | 59,620 | |
601,077 | |||
Energy 2.2% | |||
BP Capital Markets America, Inc.: | |||
2.939%, 6/4/2051 | 100,000 | 94,550 | |
3.06%, 6/17/2041 | 100,000 | 100,969 | |
Cenovus Energy, Inc., 3.75%, 2/15/2052 | 50,000 | 48,587 | |
Cheniere Energy Partners LP: | |||
144A, 3.25%, 1/31/2032 | 50,000 | 50,165 | |
4.5%, 10/1/2029 | 225,000 | 239,131 | |
Energy Transfer LP, 5.0%, 5/15/2050 | 20,000 | 23,075 | |
Enterprise Products Operating LLC, 3.3%, 2/15/2053 | 80,000 | 78,019 | |
Exxon Mobil Corp., 2.44%, 8/16/2029 | 87,000 | 90,735 | |
Hess Corp., 5.8%, 4/1/2047 | 100,000 | 130,231 | |
MPLX LP, 2.65%, 8/15/2030 | 35,000 | 35,120 | |
Suncor Energy, Inc., 3.75%, 3/4/2051 | 60,000 | 64,295 | |
TotalEnergies Capital International SA, 3.127%, 5/29/2050 | 60,000 | 60,329 | |
1,015,206 | |||
Financials 25.0% | |||
AerCap Ireland Capital DAC: | |||
3.15%, 2/15/2024 | 150,000 | 156,413 | |
4.625%, 10/15/2027 | 150,000 | 167,249 | |
Air Lease Corp., 3.0%, 2/1/2030 | 139,000 | 141,044 | |
Aircastle Ltd., 4.4%, 9/25/2023 | 109,000 | 116,071 | |
Ally Financial, Inc., 4.7%, Perpetual (c) | 250,000 | 260,212 | |
American Express Co., 3.55%, Perpetual (c) | 475,000 | 483,954 | |
Avolon Holdings Funding Ltd.: | |||
144A, 2.528%, 11/18/2027 | 181,000 | 178,014 | |
144A, 2.75%, 2/21/2028 | 120,000 | 119,692 | |
144A, 4.25%, 4/15/2026 | 40,000 | 43,023 | |
Banco del Estado de Chile, 144A, 2.704%, 1/9/2025 | 200,000 | 207,000 | |
Banco Santander SA, 1.722%, 9/14/2027 | 200,000 | 199,071 | |
Bank of America Corp.: | |||
1.922%, 10/24/2031 | 260,000 | 250,112 | |
2.676%, 6/19/2041 | 60,000 | 57,925 | |
2.972%, 7/21/2052 | 50,000 | 48,947 | |
4.3%, Perpetual (c) | 204,000 | 207,570 | |
Barclays PLC, 2.852%, 5/7/2026 | 200,000 | 210,069 | |
BBVA Bancomer SA, 144A, 1.875%, 9/18/2025 | 201,000 | 202,095 | |
Blackstone Secured Lending Fund: | |||
144A, 2.85%, 9/30/2028 | 90,000 | 89,391 | |
3.625%, 1/15/2026 | 155,000 | 163,719 | |
BNP Paribas SA: | |||
144A, 2.159%, 9/15/2029 | 200,000 | 198,107 | |
144A, 4.625%, Perpetual (c) | 200,000 | 204,250 | |
Capital One Financial Corp.: | |||
2.359%, 7/29/2032 | 200,000 | 195,806 | |
3.95%, Perpetual (c) | 270,000 | 278,100 | |
Citigroup, Inc.: | |||
2.561%, 5/1/2032 | 40,000 | 40,393 | |
3.2%, 10/21/2026 | 170,000 | 183,290 | |
4.0%, Perpetual (c) | 650,000 | 673,530 | |
Global Payments, Inc.: | |||
1.2%, 3/1/2026 | 120,000 | 118,784 | |
3.2%, 8/15/2029 | 120,000 | 126,852 |
HSBC Holdings PLC: | |||
2.206%, 8/17/2029 | 200,000 | 198,372 | |
4.0%, Perpetual (c) | 200,000 | 200,500 | |
4.6%, Perpetual (c) | 250,000 | 249,925 | |
Intercontinental Exchange, Inc.: | |||
2.1%, 6/15/2030 | 52,000 | 51,427 | |
3.0%, 6/15/2050 | 33,000 | 32,562 | |
Intesa Sanpaolo SpA, 144A, 4.95%, 6/1/2042 | 275,000 | 284,996 | |
JPMorgan Chase & Co.: | |||
2.522%, 4/22/2031 | 150,000 | 153,030 | |
2.739%, 10/15/2030 | 100,000 | 103,562 | |
2.956%, 5/13/2031 | 50,000 | 52,018 | |
3.328%, 4/22/2052 | 60,000 | 62,853 | |
3.65%, Perpetual (c) | 200,000 | 201,000 | |
M&T Bank Corp, 3.5%, Perpetual (c) | 150,000 | 148,875 | |
Mizuho Financial Group, Inc., 1.234%, 5/22/2027 | 215,000 | 211,614 | |
Morgan Stanley: | |||
1.794%, 2/13/2032 | 45,000 | 42,858 | |
2.484%, 9/16/2036 | 144,000 | 140,937 | |
3.217%, 4/22/2042 | 30,000 | 31,384 | |
Natwest Group PLC, 4.6%, Perpetual (c) | 240,000 | 241,152 | |
OneMain Finance Corp., 3.5%, 1/15/2027 | 125,000 | 125,056 | |
Oversea-Chinese Banking Corp., Ltd., 144A, 1.832%, 9/10/2030 | 395,000 | 393,649 | |
PNC Financial Services Group, Inc., 3.4%, Perpetual (c) | 330,000 | 329,175 | |
REC Ltd., 144A, 4.75%, 5/19/2023 | 200,000 | 209,998 | |
Santander Holdings U.S.A., Inc., 3.244%, 10/5/2026 | 270,000 | 288,420 | |
Standard Chartered PLC, 144A, 4.75%, Perpetual (c) | 200,000 | 201,750 | |
Swiss Re Treasury U.S. Corp., 144A, 4.25%, 12/6/2042 | 70,000 | 85,258 | |
Synchrony Financial, 4.375%, 3/19/2024 | 40,000 | 43,166 | |
The Charles Schwab Corp.: | |||
Series H, 4.0%, Perpetual (c) | 125,000 | 128,937 | |
Series I, 4.0%, Perpetual (c) | 250,000 | 260,625 | |
The Goldman Sachs Group, Inc.: | |||
1.431%, 3/9/2027 | 95,000 | 94,739 | |
1.992%, 1/27/2032 | 135,000 | 130,185 | |
2.908%, 7/21/2042 | 86,000 | 84,792 | |
3.8%, Perpetual (c) | 390,000 | 399,262 | |
UBS Group AG: | |||
144A, 2.095%, 2/11/2032 | 200,000 | 194,590 | |
144A, 4.375%, Perpetual (c) | 200,000 | 202,040 | |
Wells Fargo & Co.: | |||
2.393%, 6/2/2028 | 168,000 | 173,282 | |
2.572%, 2/11/2031 | 125,000 | 127,723 | |
3.068%, 4/30/2041 | 60,000 | 61,656 | |
3.9%, Perpetual (c) | 245,000 | 252,656 | |
11,514,707 | |||
Health Care 4.3% | |||
AbbVie, Inc.: | |||
3.2%, 11/21/2029 | 50,000 | 53,876 | |
4.25%, 11/21/2049 | 30,000 | 35,534 | |
4.75%, 3/15/2045 | 25,000 | 31,219 | |
Amgen, Inc.: | |||
2.8%, 8/15/2041 | 31,000 | 29,954 | |
3.0%, 1/15/2052 | 100,000 | 95,932 | |
Anthem, Inc.: | |||
2.25%, 5/15/2030 | 80,000 | 80,277 | |
2.875%, 9/15/2029 | 40,000 | 42,107 |
Astrazeneca Finance LLC: | |||
1.75%, 5/28/2028 | 80,000 | 80,465 | |
2.25%, 5/28/2031 | 10,000 | 10,157 | |
Biogen, Inc., 3.15%, 5/1/2050 | 50,000 | 47,657 | |
Boston Scientific Corp., 4.0%, 3/1/2029 | 75,000 | 84,985 | |
Bristol-Myers Squibb Co., 4.25%, 10/26/2049 | 85,000 | 105,432 | |
Centene Corp.: | |||
2.45%, 7/15/2028 | 60,000 | 60,300 | |
2.625%, 8/1/2031 | 130,000 | 129,121 | |
Charles River Laboratories International, Inc., 144A, 3.75%, 3/15/2029 | 145,000 | 148,081 | |
Cigna Corp.: | |||
2.375%, 3/15/2031 | 50,000 | 50,454 | |
2.4%, 3/15/2030 | 30,000 | 30,498 | |
3.2%, 3/15/2040 | 15,000 | 15,447 | |
3.4%, 3/15/2051 | 100,000 | 102,793 | |
CVS Health Corp.: | |||
1.75%, 8/21/2030 | 130,000 | 124,607 | |
2.7%, 8/21/2040 | 30,000 | 28,627 | |
4.25%, 4/1/2050 | 20,000 | 23,551 | |
5.05%, 3/25/2048 | 45,000 | 57,924 | |
Gilead Sciences, Inc.: | |||
1.65%, 10/1/2030 | 40,000 | 38,407 | |
2.8%, 10/1/2050 | 50,000 | 47,135 | |
HCA, Inc., 5.25%, 6/15/2026 | 130,000 | 149,178 | |
Humana, Inc., 2.15%, 2/3/2032 | 50,000 | 48,844 | |
Thermo Fisher Scientific, Inc.: | |||
2.0%, 10/15/2031 | 40,000 | 39,134 | |
2.8%, 10/15/2041 | 40,000 | 39,898 | |
UnitedHealth Group, Inc.: | |||
2.9%, 5/15/2050 | 50,000 | 50,135 | |
3.25%, 5/15/2051 | 100,000 | 105,745 | |
1,987,474 | |||
Industrials 5.6% | |||
Aadvantage Loyalty IP Ltd., 144A, 5.5%, 4/20/2026 | 125,000 | 131,406 | |
Adani Ports & Special Economic Zone Ltd., 144A, 4.2%, 8/4/2027 | 200,000 | 209,786 | |
Boeing Co.: | |||
1.95%, 2/1/2024 | 265,000 | 271,203 | |
2.196%, 2/4/2026 | 237,000 | 238,747 | |
2.75%, 2/1/2026 | 375,000 | 390,614 | |
4.875%, 5/1/2025 | 93,000 | 103,501 | |
5.04%, 5/1/2027 | 60,000 | 69,020 | |
Delta Air Lines, Inc.: | |||
4.375%, 4/19/2028 | 94,000 | 100,829 | |
144A, 4.5%, 10/20/2025 | 30,000 | 32,100 | |
FedEx Corp.: | |||
2.4%, 5/15/2031 | 60,000 | 60,519 | |
4.05%, 2/15/2048 | 114,000 | 127,531 | |
General Electric Co.: | |||
3.45%, 5/1/2027 | 50,000 | 54,838 | |
3.625%, 5/1/2030 | 35,000 | 38,892 | |
GFL Environmental, Inc., 144A, 4.0%, 8/1/2028 | 150,000 | 148,875 | |
Mileage Plus Holdings LLC, 144A, 6.5%, 6/20/2027 | 200,000 | 217,484 | |
Otis Worldwide Corp., 2.565%, 2/15/2030 | 60,000 | 61,597 | |
Penske Truck Leasing Co. LP, 144A, 1.2%, 11/15/2025 | 80,000 | 79,072 | |
Prime Security Services Borrower LLC, 144A, 5.25%, 4/15/2024 | 195,000 | 207,977 | |
Union Pacific Corp., 2.95%, 3/10/2052 | 50,000 | 49,705 | |
2,593,696 |
Information Technology 5.3% | |||
Apple, Inc., 2.375%, 2/8/2041 | 75,000 | 72,036 | |
Broadcom, Inc.: | |||
144A, 2.6%, 2/15/2033 | 150,000 | 144,088 | |
144A, 3.137%, 11/15/2035 | 47,000 | 46,852 | |
144A, 3.187%, 11/15/2036 | 70,000 | 69,797 | |
4.11%, 9/15/2028 | 165,000 | 183,584 | |
Dell International LLC: | |||
4.9%, 10/1/2026 | 198,000 | 228,088 | |
8.35%, 7/15/2046 | 60,000 | 97,312 | |
Fidelity National Information Services, Inc., 2.25%, 3/1/2031 | 125,000 | 124,074 | |
Intel Corp.: | |||
3.05%, 8/12/2051 | 30,000 | 29,802 | |
3.2%, 8/12/2061 | 30,000 | 30,160 | |
KLA Corp., 3.3%, 3/1/2050 | 31,000 | 32,616 | |
Microsoft Corp., 2.921%, 3/17/2052 | 86,000 | 88,907 | |
MSCI, Inc.: | |||
144A, 3.25%, 8/15/2033 | 50,000 | 50,573 | |
144A, 3.625%, 9/1/2030 | 125,000 | 129,219 | |
NVIDIA Corp., 3.5%, 4/1/2050 | 22,000 | 24,650 | |
Open Text Corp., 144A, 3.875%, 2/15/2028 | 175,000 | 178,500 | |
Oracle Corp.: | |||
3.6%, 4/1/2050 | 25,000 | 25,030 | |
3.65%, 3/25/2041 | 142,000 | 146,862 | |
4.0%, 11/15/2047 | 35,000 | 37,376 | |
salesforce.com, Inc., 2.9%, 7/15/2051 | 100,000 | 99,749 | |
SK Hynix, Inc., 144A, 1.5%, 1/19/2026 | 201,000 | 198,403 | |
Square, Inc., 144A, 3.5%, 6/1/2031 | 70,000 | 71,801 | |
Texas Instruments, Inc., 1.125%, 9/15/2026 | 30,000 | 29,974 | |
Twilio, Inc., 3.625%, 3/15/2029 | 170,000 | 173,910 | |
VMware, Inc., 1.4%, 8/15/2026 | 100,000 | 99,550 | |
2,412,913 | |||
Materials 2.9% | |||
AngloGold Ashanti Holdings PLC, 5.125%, 8/1/2022 | 110,000 | 112,888 | |
Berry Global, Inc., 144A, 1.65%, 1/15/2027 | 270,000 | 266,601 | |
Glencore Funding LLC: | |||
144A, 1.625%, 9/1/2025 | 275,000 | 275,905 | |
144A, 3.875%, 4/27/2051 | 90,000 | 94,101 | |
LYB International Finance III LLC, 3.625%, 4/1/2051 | 30,000 | 31,537 | |
MEGlobal Canada ULC, 144A, 5.0%, 5/18/2025 | 237,000 | 261,695 | |
Novelis Corp., 144A, 4.75%, 1/30/2030 | 200,000 | 210,540 | |
Suzano Austria GmbH, 2.5%, 9/15/2028 | 90,000 | 87,525 | |
1,340,792 | |||
Real Estate 2.4% | |||
American Tower Corp.: | |||
(REIT), 2.1%, 6/15/2030 | 55,000 | 53,822 | |
(REIT), 2.95%, 1/15/2051 | 35,000 | 33,009 | |
Boston Properties LP, (REIT), 2.55%, 4/1/2032 | 75,000 | 74,893 | |
Crown Castle International Corp.: | |||
(REIT), 2.9%, 4/1/2041 | 110,000 | 106,031 | |
(REIT), 3.8%, 2/15/2028 | 50,000 | 54,984 | |
Equinix, Inc., (REIT), 2.15%, 7/15/2030 | 34,000 | 33,343 | |
MPT Operating Partnership LP, (REIT), 3.5%, 3/15/2031 | 195,000 | 198,900 | |
SBA Communications Corp., 144A, (REIT), 3.125%, 2/1/2029 | 350,000 | 338,187 |
Welltower, Inc.: | |||
(REIT), 2.75%, 1/15/2031 | 40,000 | 41,221 | |
(REIT), 2.8%, 6/1/2031 | 90,000 | 92,711 | |
(REIT), 3.1%, 1/15/2030 | 80,000 | 84,588 | |
1,111,689 | |||
Utilities 5.1% | |||
Ameren Corp., 1.75%, 3/15/2028 | 60,000 | 58,802 | |
American Electric Power Co., Inc., 3.2%, 11/13/2027 | 50,000 | 53,749 | |
CenterPoint Energy, Inc., 2.65%, 6/1/2031 | 30,000 | 30,634 | |
Dominion Energy, Inc., 3.375%, 4/1/2030 | 110,000 | 119,156 | |
Duke Energy Corp.: | |||
3.25%, 1/15/2082 | 250,000 | 248,844 | |
4.2%, 6/15/2049 | 30,000 | 34,152 | |
Duke Energy Indiana LLC, 2.75%, 4/1/2050 | 50,000 | 47,822 | |
EDP Finance BV, 144A, 3.625%, 7/15/2024 | 200,000 | 213,729 | |
ENN Energy Holdings, Ltd., 144A, 2.625%, 9/17/2030 | 200,000 | 198,387 | |
NextEra Energy Capital Holdings, Inc.: | |||
3.25%, 4/1/2026 | 36,000 | 38,701 | |
3.5%, 4/1/2029 | 58,000 | 63,367 | |
NextEra Energy Operating Partners LP: | |||
144A, 3.875%, 10/15/2026 | 175,000 | 186,069 | |
144A, 4.25%, 7/15/2024 | 250,000 | 264,687 | |
Pacific Gas and Electric Co.: | |||
2.5%, 2/1/2031 | 20,000 | 19,036 | |
3.3%, 8/1/2040 | 60,000 | 55,363 | |
3.5%, 8/1/2050 | 25,000 | 22,736 | |
Perusahaan Listrik Negara PT, 144A, 2.875%, 10/25/2025 | EUR | 222,000 | 274,346 |
Sempra Energy, 4.0%, 2/1/2048 | 55,000 | 61,463 | |
Southern California Edison Co., 2.95%, 2/1/2051 | 60,000 | 54,788 | |
Southern Co., 3.75%, 9/15/2051 | 193,000 | 196,628 | |
Southern Power Co., 4.95%, 12/15/2046 | 87,000 | 105,777 | |
2,348,236 | |||
Total Corporate Bonds (Cost $30,622,334) | 31,331,040 | ||
Mortgage-Backed Securities Pass-Throughs 17.0% | |||
Federal National Mortgage Association: | |||
2.0%, 10/1/2051 (b) | 1,900,000 | 1,904,579 | |
2.5%, 10/1/2051 (b) | 3,800,000 | 3,917,268 | |
3.0%, 10/1/2051 (b) | 1,900,000 | 1,987,894 | |
Total Mortgage-Backed Securities Pass-Throughs (Cost $7,810,633) | 7,809,741 | ||
Government & Agency Obligations 10.7% | |||
Sovereign Bonds 0.9% | |||
Abu Dhabi Government International Bond, 144A, 3.125%, 4/16/2030 | 200,000 | 217,060 | |
Perusahaan Penerbit SBSN Indonesia III, 144A, 2.8%, 6/23/2030 | 200,000 | 206,300 | |
423,360 | |||
U.S. Treasury Obligations 9.8% | |||
U.S. Treasury Bonds: | |||
1.75%, 8/15/2041 | 73,900 | 70,644 | |
1.875%, 2/15/2041 | 340,000 | 332,563 | |
1.875%, 2/15/2051 | 260,600 | 248,507 |
U.S. Treasury Notes: | |||
0.125%, 7/31/2022 | 1,000,000 | 1,000,234 | |
0.25%, 6/15/2024 | 1,400,000 | 1,392,234 | |
1.25%, 8/15/2031 | 1,519,800 | 1,482,992 | |
4,527,174 | |||
Total Government & Agency Obligations (Cost $4,955,470) | 4,950,534 | ||
Short-Term U.S. Treasury Obligation 0.9% | |||
U.S. Treasury Bills, 0.06% (d), 5/19/2022 (e) (Cost $399,848) | 400,000 | 399,866 |
Shares | Value ($) | ||
Cash Equivalents 17.9% | |||
DWS Central Cash Management Government Fund, 0.03% (f) (Cost $8,235,220) | 8,235,220 | 8,235,220 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $52,023,505) | 114.6 | 52,726,401 | |
Other Assets and Liabilities, Net | (14.6) | (6,728,142) | |
Net Assets | 100.0 | 45,998,259 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended September 30, 2021 are as follows:
Value ($) 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 9/30/2021 | Value ($) at 9/30/2021 |
Securities Lending Collateral 0.0% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (f) (g) | ||||||||
64,200 | — | 64,200 (h) | — | — | 625 | — | — | — |
Cash Equivalents 17.9% | ||||||||
DWS Central Cash Management Government Fund, 0.03% (f) | ||||||||
1,591,076 | 35,977,506 | 29,333,362 | — | — | 407 | — | 8,235,220 | 8,235,220 |
1,655,276 | 35,977,506 | 29,397,562 | — | — | 1,032 | — | 8,235,220 | 8,235,220 |
(a) | Principal amount stated in U.S. dollars unless otherwise noted. |
(b) | When-issued, delayed delivery or forward commitment securities included. |
(c) | Perpetual, callable security with no stated maturity date. |
(d) | Annualized yield at time of purchase; not a coupon rate. |
(e) | At September 30, 2021, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(f) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(g) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(h) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended September 30, 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. |
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.
At September 30, 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 | 12/31/2021 | 5 | 1,100,910 | 1,100,273 | (637) |
Ultra Long U.S. Treasury Bond | USD | 12/21/2021 | 8 | 1,569,545 | 1,528,500 | (41,045) |
Total unrealized depreciation | (41,682) |
At September 30, 2021, open futures contracts sold were as follows:
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation ($) |
3 Year U.S. Treasury Note | USD | 12/31/2021 | 4 | 924,125 | 923,125 | 1,000 |
5 Year U.S. Treasury Note | USD | 12/31/2021 | 22 | 2,714,797 | 2,700,328 | 14,469 |
U.S. Treasury Long Bond | USD | 12/21/2021 | 1 | 162,388 | 159,219 | 3,169 |
Ultra 10 Year U.S. Treasury Note | USD | 12/21/2021 | 10 | 1,473,385 | 1,452,500 | 20,885 |
Total unrealized appreciation | 39,523 |
At September 30, 2021, the Fund had the following open forward foreign currency contracts:
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Appreciation ($) | Counterparty | ||
EUR | 450,000 | USD | 534,813 | 11/5/2021 | 13,200 | State Street Bank and Trust |
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 September 30, 2021 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds (a) | $— | $31,331,040 | $— | $31,331,040 |
Mortgage-Backed Securities Pass-Throughs | — | 7,809,741 | — | 7,809,741 |
Government & Agency Obligations (a) | — | 4,950,534 | — | 4,950,534 |
Short-Term U.S. Treasury Obligation | — | 399,866 | — | 399,866 |
Short-Term Investments | 8,235,220 | — | — | 8,235,220 |
Derivatives (b) | ||||
Futures Contracts | 39,523 | — | — | 39,523 |
Forward Foreign Currency Contracts | — | 13,200 | — | 13,200 |
Total | $8,274,743 | $44,504,381 | $— | $52,779,124 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | ||||
Futures Contracts | $(41,682) | $— | $— | $(41,682) |
Total | $(41,682) | $— | $— | $(41,682) |
(a) | See Investment Portfolio for additional detailed categorizations. |
(b) | 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 September 30, 2021 categorized by the primary underlying risk exposure.
Primary Underlying Risk Disclosure | Forward Contracts | Futures Contracts |
Interest Rate Contracts | $ — | $ (2,159) |
Foreign Exchange Contracts | $ 13,200 | $ — |
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-PH3
R-080548-1 (1/23)