Investment Portfolio | as of January 31, 2020 (Unaudited) |
DWS Global Income Builder Fund
Shares | Value ($) | |||||||||||
Common Stocks 55.4% | ||||||||||||
Communication Services 5.9% | ||||||||||||
Diversified Telecommunication Services 2.4% | ||||||||||||
AT&T, Inc. | 106,123 | 3,992,347 | ||||||||||
BCE, Inc. | 18,123 | 853,975 | ||||||||||
Deutsche Telekom AG (Registered) | 49,858 | 807,366 | ||||||||||
Koninklijke KPN NV | 299,720 | 840,076 | ||||||||||
Nippon Telegraph & Telephone Corp. | 37,800 | 962,933 | ||||||||||
Orange SA | 59,031 | 836,240 | ||||||||||
Proximus SA | 28,956 | 822,991 | ||||||||||
Singapore Telecommunications Ltd. | 341,200 | 822,570 | ||||||||||
Swisscom AG (Registered) | 1,689 | 926,224 | ||||||||||
Telefonica SA | 119,071 | 803,584 | ||||||||||
Telenor ASA | 45,397 | 821,002 | ||||||||||
Telia Co. AB | 224,106 | 958,947 | ||||||||||
TELUS Corp. | 32,381 | 1,298,029 | ||||||||||
Verizon Communications, Inc. | 49,933 | 2,968,018 | ||||||||||
17,714,302 | ||||||||||||
Entertainment 0.2% | ||||||||||||
NetEase, Inc. (ADR) | 5,089 | 1,632,348 | ||||||||||
Interactive Media & Services 0.8% | ||||||||||||
Alphabet, Inc. "C"* | 860 | 1,233,438 | ||||||||||
Facebook, Inc. "A"* | 14,602 | 2,948,290 | ||||||||||
Tencent Holdings Ltd. (ADR) | 27,735 | 1,328,784 | ||||||||||
5,510,512 | ||||||||||||
Media 2.0% | ||||||||||||
Charter Communications, Inc. "A"* | 17,197 | 8,898,760 | ||||||||||
Comcast Corp. "A" | 36,486 | 1,575,830 | ||||||||||
Interpublic Group of Companies, Inc. | 37,702 | 855,835 | ||||||||||
ITV PLC | 515,911 | 920,531 | ||||||||||
Omnicom Group, Inc. | 10,556 | 794,972 | ||||||||||
Shaw Communications, Inc. "B" | 41,674 | 814,334 | ||||||||||
Singapore Press Holdings Ltd. | 270,700 | 398,017 | ||||||||||
WPP PLC | 67,759 | 841,832 | ||||||||||
15,100,111 | ||||||||||||
Wireless Telecommunication Services 0.5% | ||||||||||||
China Mobile Ltd. (ADR) | 17,103 | 701,907 | ||||||||||
KDDI Corp. | 37,400 | 1,120,974 | ||||||||||
NTT DoCoMo, Inc. | 41,200 | 1,171,112 | ||||||||||
Vodafone Group PLC | 407,375 | 800,631 | ||||||||||
3,794,624 | ||||||||||||
Consumer Discretionary 5.9% | ||||||||||||
Auto Components 0.2% | ||||||||||||
Bridgestone Corp. | 19,600 | 694,123 | ||||||||||
Nokian Renkaat Oyj | 27,098 | 728,575 | ||||||||||
1,422,698 | ||||||||||||
Automobiles 1.8% | ||||||||||||
Bayerische Motoren Werke AG | 11,895 | 846,655 | ||||||||||
Daimler AG (Registered) | 136,772 | 6,313,446 | ||||||||||
Fiat Chrysler Automobiles NV | 31,063 | 404,218 | ||||||||||
Ford Motor Co. | 250,438 | 2,208,863 | ||||||||||
General Motors Co. | 24,585 | 820,893 | ||||||||||
Honda Motor Co., Ltd. | 27,700 | 708,251 | ||||||||||
Subaru Corp. | 39,300 | 982,757 | ||||||||||
Toyota Motor Corp. | 19,100 | 1,329,964 | ||||||||||
13,615,047 | ||||||||||||
Diversified Consumer Services 0.3% | ||||||||||||
New Oriental Education & Technology Group, Inc. (ADR)* | 9,936 | 1,207,721 | ||||||||||
Tal Education Group (ADR)* | 23,349 | 1,165,115 | ||||||||||
2,372,836 | ||||||||||||
Hotels, Restaurants & Leisure 1.0% | ||||||||||||
Carnival Corp. | 19,075 | 830,335 | ||||||||||
Darden Restaurants, Inc. | 7,446 | 866,938 | ||||||||||
Las Vegas Sands Corp. | 20,980 | 1,370,204 | ||||||||||
McDonald's Corp. | 7,679 | 1,643,075 | ||||||||||
Sands China Ltd. | 252,400 | 1,208,645 | ||||||||||
Starbucks Corp. | 10,713 | 908,784 | ||||||||||
Wynn Macau Ltd. | 385,200 | 799,464 | ||||||||||
7,627,445 | ||||||||||||
Household Durables 0.3% | ||||||||||||
Garmin Ltd. | 8,507 | 824,754 | ||||||||||
Leggett & Platt, Inc. | 15,070 | 717,181 | ||||||||||
Sekisui House Ltd. | 37,900 | 815,628 | ||||||||||
2,357,563 | ||||||||||||
Internet & Direct Marketing Retail 0.9% | ||||||||||||
Alibaba Group Holding Ltd. (ADR)* | 4,393 | 907,550 | ||||||||||
Amazon.com, Inc.* | 2,417 | 4,855,076 | ||||||||||
JD.com, Inc. (ADR)* | 24,300 | 915,867 | ||||||||||
6,678,493 | ||||||||||||
Multiline Retail 0.4% | ||||||||||||
Kohl's Corp. | 21,984 | 939,816 | ||||||||||
Target Corp. | 7,907 | 875,621 | ||||||||||
Wesfarmers Ltd. | 32,041 | 960,324 | ||||||||||
2,775,761 | ||||||||||||
Specialty Retail 0.9% | ||||||||||||
Dufry AG (Registered)* | 4,585 | 396,878 | ||||||||||
Hennes & Mauritz AB "B" | 46,231 | 1,013,583 | ||||||||||
Home Depot, Inc. | 11,050 | 2,520,505 | ||||||||||
Lowe's Companies, Inc. | 7,215 | 838,672 | ||||||||||
The Gap, Inc. | 57,432 | 999,891 | ||||||||||
TJX Companies, Inc. | 14,611 | 862,633 | ||||||||||
6,632,162 | ||||||||||||
Textiles, Apparel & Luxury Goods 0.1% | ||||||||||||
Tapestry, Inc. | 34,527 | 889,761 | ||||||||||
Consumer Staples 3.1% | ||||||||||||
Beverages 0.7% | ||||||||||||
Ambev SA (ADR) * | 226,213 | 941,046 | ||||||||||
Coca-Cola Co. | 42,329 | 2,472,014 | ||||||||||
PepsiCo, Inc. | 13,598 | 1,931,188 | ||||||||||
5,344,248 | ||||||||||||
Food & Staples Retailing 0.2% | ||||||||||||
Casino Guichard Perrachon SA (a) | 19,361 | 785,103 | ||||||||||
Walgreens Boots Alliance, Inc. | 12,998 | 660,948 | ||||||||||
1,446,051 | ||||||||||||
Food Products 1.0% | ||||||||||||
General Mills, Inc. | 15,703 | 820,010 | ||||||||||
Kellogg Co. | 12,799 | 873,020 | ||||||||||
Kraft Heinz Co. | 28,880 | 843,296 | ||||||||||
Mowi ASA | 34,763 | 831,261 | ||||||||||
Nestle SA (Registered) | 28,032 | 3,088,905 | ||||||||||
The JM Smucker Co. | 7,763 | 804,324 | ||||||||||
7,260,816 | ||||||||||||
Household Products 0.5% | ||||||||||||
Kimberly-Clark Corp. | 6,222 | 891,239 | ||||||||||
Procter & Gamble Co. | 23,479 | 2,925,953 | ||||||||||
3,817,192 | ||||||||||||
Personal Products 0.2% | ||||||||||||
Coty, Inc. "A" | 55,982 | 574,376 | ||||||||||
Pola Orbis Holdings, Inc. | 40,200 | 872,692 | ||||||||||
1,447,068 | ||||||||||||
Tobacco 0.5% | ||||||||||||
Japan Tobacco, Inc. | 75,700 | 1,601,970 | ||||||||||
Philip Morris International, Inc. | 30,865 | 2,552,536 | ||||||||||
4,154,506 | ||||||||||||
Energy 2.8% | ||||||||||||
Energy Equipment & Services 0.2% | ||||||||||||
Schlumberger Ltd. | 37,385 | 1,252,771 | ||||||||||
Oil, Gas & Consumable Fuels 2.6% | ||||||||||||
BP PLC | 258,678 | 1,560,914 | ||||||||||
Chevron Corp. | 14,344 | 1,536,816 | ||||||||||
CNOOC Ltd. (ADR) | 3,271 | 493,921 | ||||||||||
Enbridge, Inc. | 32,306 | 1,313,576 | ||||||||||
Eni SpA | 68,634 | 964,425 | ||||||||||
Equinor ASA | 45,876 | 830,318 | ||||||||||
Exxon Mobil Corp. | 39,457 | 2,451,069 | ||||||||||
Keyera Corp. (a) | 21,683 | 565,750 | ||||||||||
Kinder Morgan, Inc. | 40,724 | 849,910 | ||||||||||
Lundin Petroleum AB | 32,448 | 987,003 | ||||||||||
ONEOK, Inc. | 11,660 | 872,984 | ||||||||||
Petroleo Brasileiro SA (ADR) | 52,192 | 736,429 | ||||||||||
Repsol SA | 54,986 | 758,638 | ||||||||||
Royal Dutch Shell PLC "A" | 59,867 | 1,574,956 | ||||||||||
Royal Dutch Shell PLC "B" | 47,769 | 1,258,979 | ||||||||||
Suncor Energy, Inc. | 15,608 | 477,062 | ||||||||||
TOTAL SA | 16,852 | 823,682 | ||||||||||
Williams Companies, Inc. | 57,026 | 1,179,868 | ||||||||||
Woodside Petroleum Ltd. | 28,668 | 656,821 | ||||||||||
19,893,121 | ||||||||||||
Financials 8.8% | ||||||||||||
Banks 4.4% | ||||||||||||
Australia & New Zealand Banking Group Ltd. | 47,105 | 801,577 | ||||||||||
Banco Bradesco SA (ADR) | 158,909 | 1,212,476 | ||||||||||
Banco Santander SA | 220,630 | 865,488 | ||||||||||
Bank of America Corp. | 51,344 | 1,685,623 | ||||||||||
Bank of Nova Scotia | 17,191 | 938,919 | ||||||||||
Bankia SA | 237,572 | 430,473 | ||||||||||
Bendigo & Adelaide Bank Ltd. | 67,302 | 464,781 | ||||||||||
BNP Paribas SA | 26,587 | 1,409,147 | ||||||||||
CaixaBank SA | 209,668 | 610,825 | ||||||||||
Canadian Imperial Bank of Commerce | 10,143 | 827,137 | ||||||||||
Citigroup, Inc. | 11,924 | 887,265 | ||||||||||
Commonwealth Bank of Australia | 21,448 | 1,209,734 | ||||||||||
Credit Agricole SA | 75,784 | 1,024,028 | ||||||||||
DBS Group Holdings Ltd. | 37,400 | 688,997 | ||||||||||
DNB ASA | 24,135 | 423,548 | ||||||||||
Hang Seng Bank Ltd. | 22,300 | 448,708 | ||||||||||
HSBC Holdings PLC | 403,041 | 2,933,866 | ||||||||||
ICICI Bank Ltd. (ADR) | 60,001 | 874,815 | ||||||||||
ING Groep NV | 125,825 | 1,364,820 | ||||||||||
JPMorgan Chase & Co. | 24,170 | 3,199,141 | ||||||||||
Mitsubishi UFJ Financial Group, Inc. | 162,000 | 832,720 | ||||||||||
Mizuho Financial Group, Inc. | 537,800 | 794,891 | ||||||||||
National Australia Bank Ltd. | 69,703 | 1,192,236 | ||||||||||
Oversea-Chinese Banking Corp., Ltd. | 54,900 | 431,756 | ||||||||||
People's United Financial, Inc. | 53,104 | 818,864 | ||||||||||
Royal Bank of Canada | 16,557 | 1,308,396 | ||||||||||
Sumitomo Mitsui Financial Group, Inc. | 24,000 | 844,373 | ||||||||||
Svenska Handelsbanken AB "A" | 44,888 | 441,122 | ||||||||||
Toronto-Dominion Bank | 20,680 | 1,142,916 | ||||||||||
Truist Financial Corp. | 16,086 | 829,555 | ||||||||||
Wells Fargo & Co. | 37,768 | 1,772,830 | ||||||||||
32,711,027 | ||||||||||||
Capital Markets 0.4% | ||||||||||||
Amundi SA 144A | 5,901 | 477,362 | ||||||||||
CME Group, Inc. | 4,022 | 873,217 | ||||||||||
UBS Group AG (Registered)* | 117,364 | 1,455,048 | ||||||||||
2,805,627 | ||||||||||||
Insurance 4.0% | ||||||||||||
Ageas | 15,159 | 834,981 | ||||||||||
Allianz SE (Registered) | 4,547 | 1,087,077 | ||||||||||
American Financial Group, Inc. | 5,924 | 644,472 | ||||||||||
American International Group, Inc. | 46,730 | 2,348,650 | ||||||||||
Assicurazioni Generali SpA | 56,749 | 1,105,024 | ||||||||||
AXA SA | 52,894 | 1,406,788 | ||||||||||
Baloise Holding AG (Registered) | 4,366 | 788,104 | ||||||||||
Chubb Ltd. | 5,407 | 821,810 | ||||||||||
Everest Re Group Ltd. | 4,393 | 1,214,972 | ||||||||||
Fidelity National Financial, Inc. | 17,515 | 853,856 | ||||||||||
Great-West Lifeco, Inc. | 28,592 | 740,834 | ||||||||||
Legal & General Group PLC | 409,176 | 1,647,702 | ||||||||||
Mapfre SA | 158,263 | 403,897 | ||||||||||
MetLife, Inc. | 17,674 | 878,575 | ||||||||||
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | 2,911 | 859,261 | ||||||||||
NN Group NV | 24,049 | 835,120 | ||||||||||
Poste Italiane SpA 144A | 75,767 | 868,877 | ||||||||||
Power Corp. of Canada (a) | 45,154 | 1,126,632 | ||||||||||
Power Financial Corp. | 33,078 | 858,568 | ||||||||||
Prudential Financial, Inc. | 8,785 | 799,962 | ||||||||||
SCOR SE | 17,285 | 734,498 | ||||||||||
Swiss Life Holding AG (Registered) | 1,680 | 844,475 | ||||||||||
Swiss Re AG | 58,120 | 6,567,311 | ||||||||||
Zurich Insurance Group AG | 4,799 | 1,988,867 | ||||||||||
30,260,313 | ||||||||||||
Health Care 5.2% | ||||||||||||
Biotechnology 0.8% | ||||||||||||
AbbVie, Inc. | 36,101 | 2,924,903 | ||||||||||
Amgen, Inc. | 8,321 | 1,797,752 | ||||||||||
Gilead Sciences, Inc. | 22,385 | 1,414,732 | ||||||||||
6,137,387 | ||||||||||||
Health Care Equipment & Supplies 0.4% | ||||||||||||
Abbott Laboratories | 15,488 | 1,349,624 | ||||||||||
Medtronic PLC | 14,089 | 1,626,434 | ||||||||||
2,976,058 | ||||||||||||
Health Care Providers & Services 0.4% | ||||||||||||
Cardinal Health, Inc. | 17,241 | 882,912 | ||||||||||
UnitedHealth Group, Inc. | 7,181 | 1,956,463 | ||||||||||
2,839,375 | ||||||||||||
Pharmaceuticals 3.6% | ||||||||||||
Astellas Pharma, Inc. | 49,600 | 879,753 | ||||||||||
AstraZeneca PLC | 13,598 | 1,329,079 | ||||||||||
Bayer AG (Registered) | 12,714 | 1,026,439 | ||||||||||
Bristol-Myers Squibb Co. | 27,948 | 1,759,327 | ||||||||||
Eli Lilly & Co. | 9,904 | 1,382,995 | ||||||||||
GlaxoSmithKline PLC | 78,774 | 1,848,591 | ||||||||||
H. Lundbeck AS | 14,462 | 615,039 | ||||||||||
Johnson & Johnson | 29,376 | 4,373,205 | ||||||||||
Merck & Co., Inc. | 30,449 | 2,601,563 | ||||||||||
Novartis AG (Registered) | 24,515 | 2,311,688 | ||||||||||
Novo Nordisk AS ''B" | 17,031 | 1,041,932 | ||||||||||
Pfizer, Inc. | 64,681 | 2,408,720 | ||||||||||
Roche Holding AG (Genusschein) | 8,288 | 2,781,668 | ||||||||||
Sanofi | 14,353 | 1,379,005 | ||||||||||
Takeda Pharmaceutical Co., Ltd. | 31,100 | 1,190,862 | ||||||||||
26,929,866 | ||||||||||||
Industrials 5.2% | ||||||||||||
Aerospace & Defense 1.0% | ||||||||||||
BAE Systems PLC | 116,667 | 970,605 | ||||||||||
Boeing Co. | 4,061 | 1,292,494 | ||||||||||
General Dynamics Corp. | 4,667 | 818,779 | ||||||||||
Lockheed Martin Corp. | 2,360 | 1,010,363 | ||||||||||
Raytheon Co. | 4,240 | 936,786 | ||||||||||
Rolls-Royce Holdings PLC* | 138,047 | 1,214,677 | ||||||||||
United Technologies Corp. | 6,085 | 913,967 | ||||||||||
7,157,671 | ||||||||||||
Air Freight & Logistics 0.1% | ||||||||||||
United Parcel Service, Inc. "B" | 7,790 | 806,421 | ||||||||||
Airlines 0.3% | ||||||||||||
Deutsche Lufthansa AG (Registered) | 50,037 | 765,399 | ||||||||||
easyJet PLC | 64,641 | 1,184,408 | ||||||||||
1,949,807 | ||||||||||||
Building Products 0.1% | ||||||||||||
Johnson Controls International PLC | 19,864 | 783,635 | ||||||||||
Commercial Services & Supplies 0.1% | ||||||||||||
Quad Graphics, Inc. | 10 | 43 | ||||||||||
Waste Management, Inc. | 7,486 | 911,046 | ||||||||||
911,089 | ||||||||||||
Construction & Engineering 0.3% | ||||||||||||
ACS Actividades de Construccion y Servicios SA | 20,935 | 694,992 | ||||||||||
Bouygues SA | 19,046 | 752,444 | ||||||||||
Kajima Corp. | 65,700 | 833,251 | ||||||||||
2,280,687 | ||||||||||||
Electrical Equipment 0.6% | ||||||||||||
ABB Ltd. (Registered) | 37,400 | 871,267 | ||||||||||
Eaton Corp. PLC | 10,120 | 956,037 | ||||||||||
Emerson Electric Co. | 11,081 | 793,732 | ||||||||||
Prysmian SpA | 73,632 | 1,632,906 | ||||||||||
4,253,942 | ||||||||||||
Industrial Conglomerates 0.4% | ||||||||||||
3M Co. | 5,110 | 810,753 | ||||||||||
Honeywell International, Inc. | 5,901 | 1,022,171 | ||||||||||
Siemens AG (Registered) | 7,905 | 975,989 | ||||||||||
2,808,913 | ||||||||||||
Machinery 0.3% | ||||||||||||
Cummins, Inc. | 4,413 | 705,948 | ||||||||||
Komatsu Ltd. | 20,700 | 458,983 | ||||||||||
PACCAR, Inc. | 17,879 | 1,326,800 | ||||||||||
2,491,731 | ||||||||||||
Marine 0.1% | ||||||||||||
Kuehne & Nagel International AG (Registered) | 5,546 | 895,648 | ||||||||||
Professional Services 0.1% | ||||||||||||
Adecco Group AG (Registered) | 14,649 | 857,324 | ||||||||||
Road & Rail 0.2% | ||||||||||||
Aurizon Holdings Ltd. | 214,101 | 768,530 | ||||||||||
Union Pacific Corp. | 5,547 | 995,243 | ||||||||||
1,763,773 | ||||||||||||
Trading Companies & Distributors 1.2% | ||||||||||||
ITOCHU Corp. | 47,600 | 1,113,421 | ||||||||||
Marubeni Corp. | 109,300 | 784,292 | ||||||||||
Mitsubishi Corp. | 222,300 | 5,692,844 | ||||||||||
Mitsui & Co., Ltd. | 49,300 | 877,814 | ||||||||||
Sumitomo Corp. | 53,600 | 795,081 | ||||||||||
9,263,452 | ||||||||||||
Transportation Infrastructure 0.4% | ||||||||||||
Transurban Group (Units) | 249,511 | 2,610,348 | ||||||||||
Information Technology 10.2% | ||||||||||||
Communications Equipment 0.7% | ||||||||||||
Cisco Systems, Inc. | 50,883 | 2,339,091 | ||||||||||
Juniper Networks, Inc. | 34,156 | 783,539 | ||||||||||
Motorola Solutions, Inc. | 5,099 | 902,523 | ||||||||||
Nokia Oyj | 231,437 | 901,939 | ||||||||||
Telefonaktiebolaget LM Ericsson "B" | 48,083 | 377,990 | ||||||||||
5,305,082 | ||||||||||||
Electronic Equipment, Instruments & Components 0.4% | ||||||||||||
Corning, Inc. | 28,341 | 756,421 | ||||||||||
Murata Manufacturing Co., Ltd. | 8,600 | 490,483 | ||||||||||
TE Connectivity Ltd. | 8,838 | 814,687 | ||||||||||
Venture Corp., Ltd. | 51,200 | 604,591 | ||||||||||
2,666,182 | ||||||||||||
IT Services 3.2% | ||||||||||||
Accenture PLC "A" | 7,139 | 1,464,994 | ||||||||||
Automatic Data Processing, Inc. | 6,729 | 1,153,283 | ||||||||||
Broadridge Financial Solutions, Inc. | 7,014 | 835,718 | ||||||||||
DXC Technology Co. | 17,758 | 566,125 | ||||||||||
Fujitsu Ltd. | 9,500 | 1,010,245 | ||||||||||
International Business Machines Corp. | 19,073 | 2,741,362 | ||||||||||
Leidos Holdings, Inc. | 9,175 | 921,812 | ||||||||||
MasterCard, Inc. "A" | 8,098 | 2,558,482 | ||||||||||
Paychex, Inc. | 15,307 | 1,312,881 | ||||||||||
PayPal Holdings, Inc.* | 8,048 | 916,587 | ||||||||||
Sabre Corp. | 25,146 | 541,645 | ||||||||||
Shopify, Inc. "A"* | 1,776 | 827,114 | ||||||||||
Square, Inc. "A"* | 60,749 | 4,537,343 | ||||||||||
Visa, Inc. "A" | 15,742 | 3,132,186 | ||||||||||
Western Union Co. | 63,182 | 1,699,596 | ||||||||||
24,219,373 | ||||||||||||
Semiconductors & Semiconductor Equipment 1.7% | ||||||||||||
Analog Devices, Inc. | 7,548 | 828,393 | ||||||||||
Broadcom, Inc. | 5,979 | 1,824,551 | ||||||||||
Intel Corp. | 41,370 | 2,644,784 | ||||||||||
KLA Corp. | 5,183 | 859,030 | ||||||||||
Lam Research Corp. | 1,589 | 473,856 | ||||||||||
Maxim Integrated Products, Inc. | 17,081 | 1,026,910 | ||||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 70,615 | 3,808,973 | ||||||||||
Texas Instruments, Inc. | 13,135 | 1,584,738 | ||||||||||
13,051,235 | ||||||||||||
Software 2.0% | ||||||||||||
Adobe, Inc.* | 4,047 | 1,421,064 | ||||||||||
Intuit, Inc. | 3,128 | 877,029 | ||||||||||
Microsoft Corp. | 40,173 | 6,838,650 | ||||||||||
Oracle Corp. | 26,734 | 1,402,198 | ||||||||||
salesforce.com, Inc.* | 5,473 | 997,783 | ||||||||||
SAP SE | 6,013 | 782,407 | ||||||||||
ServiceNow, Inc.* | 3,288 | 1,112,100 | ||||||||||
Trend Micro, Inc. | 15,600 | 816,798 | ||||||||||
WiseTech Global Ltd. | 25,634 | 418,022 | ||||||||||
14,666,051 | ||||||||||||
Technology Hardware, Storage & Peripherals 2.2% | ||||||||||||
Apple, Inc. | 23,343 | 7,224,892 | ||||||||||
Brother Industries Ltd. | 21,900 | 423,247 | ||||||||||
Canon, Inc. | 56,000 | 1,467,900 | ||||||||||
Hewlett Packard Enterprise Co. | 39,160 | 545,499 | ||||||||||
HP, Inc. | 45,043 | 960,317 | ||||||||||
NetApp, Inc. | 16,823 | 898,348 | ||||||||||
Samsung Electronics Co., Ltd. (GDR)(Registered) | 648 | 759,456 | ||||||||||
Seagate Technology PLC | 28,557 | 1,627,464 | ||||||||||
Seiko Epson Corp. | 56,300 | 825,112 | ||||||||||
Western Digital Corp. | 21,374 | 1,399,997 | ||||||||||
Xerox Holding Corp.* | 14,206 | 505,307 | ||||||||||
16,637,539 | ||||||||||||
Materials 1.7% | ||||||||||||
Chemicals 0.6% | ||||||||||||
Air Products & Chemicals, Inc. | 3,477 | 829,995 | ||||||||||
Dow, Inc.* | 29,576 | 1,362,566 | ||||||||||
Linde PLC | 4,196 | 852,333 | ||||||||||
LyondellBasell Industries NV "A" | 10,036 | 781,403 | ||||||||||
Mitsubishi Chemical Holdings Corp. | 113,100 | 819,593 | ||||||||||
4,645,890 | ||||||||||||
Construction Materials 0.2% | ||||||||||||
Boral Ltd. | 144,574 | 475,825 | ||||||||||
LafargeHolcim Ltd. (Registered)* | 17,149 | 869,290 | ||||||||||
1,345,115 | ||||||||||||
Containers & Packaging 0.4% | ||||||||||||
Amcor PLC* | 87,841 | 930,236 | ||||||||||
International Paper Co. | 20,823 | 847,913 | ||||||||||
Westrock Co. | 23,379 | 911,781 | ||||||||||
2,689,930 | ||||||||||||
Metals & Mining 0.5% | ||||||||||||
BHP Group Ltd. | 37,953 | 980,841 | ||||||||||
Glencore PLC* | 270,556 | 790,083 | ||||||||||
Mitsubishi Materials Corp. | 25,600 | 644,670 | ||||||||||
Rio Tinto Ltd. | 9,306 | 601,911 | ||||||||||
Rio Tinto PLC | 15,346 | 822,551 | ||||||||||
3,840,056 | ||||||||||||
Real Estate 2.7% | ||||||||||||
Equity Real Estate Investment Trusts (REITs) | ||||||||||||
Ascendas Real Estate Investment Trust | 494,476 | 1,138,819 | ||||||||||
British Land Co. PLC | 122,447 | 896,078 | ||||||||||
Crown Castle International Corp. | 6,446 | 965,869 | ||||||||||
Host Hotels & Resorts, Inc. | 49,316 | 805,823 | ||||||||||
Kimco Realty Corp. | 45,939 | 875,138 | ||||||||||
Klepierre SA | 26,996 | 917,543 | ||||||||||
Mid-America Apartment Communities, Inc. | 6,311 | 865,932 | ||||||||||
National Retail Properties, Inc. | 14,263 | 798,728 | ||||||||||
Omega Healthcare Investors, Inc. | 10,468 | 439,133 | ||||||||||
Prologis, Inc. | 9,712 | 902,050 | ||||||||||
Public Storage | 3,884 | 869,084 | ||||||||||
Realty Income Corp. | 11,564 | 906,733 | ||||||||||
RioCan Real Estate Investment Trust | 28,689 | 588,781 | ||||||||||
Scentre Group | 311,438 | 797,295 | ||||||||||
Simon Property Group, Inc. | 6,752 | 899,029 | ||||||||||
Stockland | 327,546 | 1,070,555 | ||||||||||
Ventas, Inc. | 13,960 | 807,726 | ||||||||||
VEREIT, Inc. | 149,413 | 1,458,271 | ||||||||||
VICI Properties, Inc. | 56,917 | 1,525,376 | ||||||||||
Vicinity Centres | 393,265 | 660,416 | ||||||||||
Welltower, Inc. | 10,580 | 898,348 | ||||||||||
WP Carey, Inc. | 10,597 | 891,420 | ||||||||||
19,978,147 | ||||||||||||
Utilities 3.9% | ||||||||||||
Electric Utilities 2.2% | ||||||||||||
American Electric Power Co., Inc. | 9,242 | 963,201 | ||||||||||
Duke Energy Corp. | 12,277 | 1,198,603 | ||||||||||
EDP - Energias de Portugal SA | 207,460 | 1,041,418 | ||||||||||
Endesa SA | 44,233 | 1,213,413 | ||||||||||
Enel SpA | 121,171 | 1,054,869 | ||||||||||
Entergy Corp. | 7,578 | 996,659 | ||||||||||
Evergy, Inc. | 12,972 | 936,060 | ||||||||||
Exelon Corp. | 18,489 | 879,892 | ||||||||||
Fortum Oyj | 60,088 | 1,454,196 | ||||||||||
NextEra Energy, Inc. | 4,372 | 1,172,570 | ||||||||||
OGE Energy Corp. | 17,857 | 818,743 | ||||||||||
Power Assets Holdings Ltd. | 114,500 | 824,778 | ||||||||||
PPL Corp. | 42,675 | 1,544,408 | ||||||||||
Red Electrica Corp. SA | 49,703 | 993,504 | ||||||||||
Southern Co. | 20,463 | 1,440,595 | ||||||||||
16,532,909 | ||||||||||||
Gas Utilities 0.4% | ||||||||||||
Enagas SA | 36,859 | 993,168 | ||||||||||
Naturgy Energy Group SA | 38,035 | 1,000,769 | ||||||||||
Snam SpA | 163,284 | 874,969 | ||||||||||
2,868,906 | ||||||||||||
Multi-Utilities 1.3% | ||||||||||||
AGL Energy Ltd. | 63,314 | 839,998 | ||||||||||
CenterPoint Energy, Inc. | 30,261 | 801,311 | ||||||||||
Consolidated Edison, Inc. | 9,512 | 894,128 | ||||||||||
Dominion Energy, Inc | 16,535 | 1,417,876 | ||||||||||
DTE Energy Co. | 6,766 | 897,239 | ||||||||||
Engie SA | 52,652 | 905,504 | ||||||||||
National Grid PLC | 78,361 | 1,039,828 | ||||||||||
Public Service Enterprise Group, Inc. | 13,972 | 827,143 | ||||||||||
Sempra Energy | 5,655 | 908,419 | ||||||||||
WEC Energy Group, Inc. | 9,347 | 933,672 | ||||||||||
9,465,118 | ||||||||||||
Total Common Stocks (Cost $355,361,855) | 414,145,063 | |||||||||||
Preferred Stocks 4.8% | ||||||||||||
Communication Services 0.4% | ||||||||||||
AT&T, Inc. 5.35% | 100,000 | 2,646,000 | ||||||||||
Financials 4.2% | ||||||||||||
AGNC Investment Corp. Series C, 7.0% | 64,439 | 1,692,813 | ||||||||||
Capital One Financial Corp. Series G, 5.2% | 100,000 | 2,589,000 | ||||||||||
Charles Schwab Corp. Series D, 5.95% | 75,000 | 2,007,000 | ||||||||||
Citigroup, Inc. Series S, 6.3% | 75,000 | 1,950,750 | ||||||||||
Fifth Third Bancorp. Series I, 6.625% | 75,000 | 2,193,000 | ||||||||||
JPMorgan Chase & Co. Series AA, 6.1% | 75,000 | 1,914,750 | ||||||||||
KeyCorp Series E, 6.125% | 75,000 | 2,258,250 | ||||||||||
Kimco Realty Corp. Series L, 5.125% | 75,000 | 2,002,500 | ||||||||||
Morgan Stanley Series K, 5.85% | 75,000 | 2,157,000 | ||||||||||
PNC Financial Services Group, Inc. Series P, 6.125% | 75,000 | 2,061,000 | ||||||||||
Prologis, Inc. Series Q, 8.54% | 236 | 17,228 | ||||||||||
Regions Financial Corp. Series B, 6.375% | 80,000 | 2,290,400 | ||||||||||
Simon Property Group, Inc. Series J, 8.375% | 17,000 | 1,275,000 | ||||||||||
The Goldman Sachs Group, Inc. Series J, 5.5% | 73,000 | 1,965,890 | ||||||||||
Truist Financial Corp., 5.625% | 75,000 | 2,026,500 | ||||||||||
VEREIT, Inc. Series F, 6.7% | 54,007 | 1,377,178 | ||||||||||
Wells Fargo & Co. Series Y, 5.625% | 75,000 | 1,987,500 | ||||||||||
31,765,759 | ||||||||||||
Utilities 0.2% | ||||||||||||
Dominion Energy, Inc. Series A, 5.25% | 60,000 | 1,569,600 | ||||||||||
Total Preferred Stocks (Cost $35,745,681) | 35,981,359 | |||||||||||
Warrants 0.0% | ||||||||||||
Materials | ||||||||||||
Hercules Trust II, Expiration Date 3/31/2029* (b) (Cost $90,209) | 506 | 13,475 | ||||||||||
Principal Amount ($) (c) | Value ($) | |||||||||||
Corporate Bonds 11.2% | ||||||||||||
Communication Services 1.8% | ||||||||||||
America Movil SAB de CV, 4.375%, 7/16/2042 | 270,000 | 320,069 | ||||||||||
CCO Holdings LLC: | ||||||||||||
144A, 4.75%, 3/1/2030 | 590,000 | 606,594 | ||||||||||
144A, 5.875%, 5/1/2027 | 1,535,000 | 1,617,214 | ||||||||||
CenturyLink, Inc., 144A, 4.0%, 2/15/2027 | 175,000 | 176,435 | ||||||||||
JD.com, Inc., 3.375%, 1/14/2030 | 730,000 | 746,334 | ||||||||||
Lamar Media Corp., 144A, 3.75%, 2/15/2028 (d) | 600,000 | 604,008 | ||||||||||
Netflix, Inc | ||||||||||||
4.375%, 11/15/2026 | 1,000,000 | 1,051,000 | ||||||||||
5.5%, 2/15/2022 | 1,100,000 | 1,161,985 | ||||||||||
5.875%, 11/15/2028 | 812,000 | 914,434 | ||||||||||
NortonLifeLock, Inc., 3.95%, 6/15/2022 | 1,475,000 | 1,515,532 | ||||||||||
Tencent Holdings Ltd., REG S, 3.595%, 1/19/2028 | 780,000 | 831,748 | ||||||||||
VeriSign, Inc.: | ||||||||||||
4.625%, 5/1/2023 | 1,650,000 | 1,667,622 | ||||||||||
5.25%, 4/1/2025 | 1,650,000 | 1,816,650 | ||||||||||
13,029,625 | ||||||||||||
Consumer Discretionary 0.6% | ||||||||||||
1011778 BC Unlimited Liability Co., 144A, 4.375%, 1/15/2028 | 1,300,000 | 1,303,120 | ||||||||||
Boyd Gaming Corp., 144A, 4.75%, 12/1/2027 | 330,000 | 337,425 | ||||||||||
Ford Motor Credit Co. LLC: | ||||||||||||
4.271%, 1/9/2027 | 590,000 | 598,075 | ||||||||||
4.542%, 8/1/2026 | 489,000 | 508,865 | ||||||||||
Home Depot, Inc., 3.125%, 12/15/2049 | 500,000 | 515,104 | ||||||||||
Las Vegas Sands Corp., 3.9%, 8/8/2029 | 270,000 | 283,690 | ||||||||||
NCL Corp., Ltd., 144A, 3.625%, 12/15/2024 | 1,090,000 | 1,081,825 | ||||||||||
QVC, Inc., 4.75%, 2/15/2027 (d) | 83,000 | 83,766 | ||||||||||
4,711,870 | ||||||||||||
Consumer Staples 0.3% | ||||||||||||
Albertsons Companies, Inc.: | ||||||||||||
144A, 3.5%, 2/15/2023 (d) | 200,000 | 203,536 | ||||||||||
144A, 4.625%, 1/15/2027 | 580,000 | 588,050 | ||||||||||
Altria Group, Inc., 5.95%, 2/14/2049 | 380,000 | 477,183 | ||||||||||
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/2049 | 699,000 | 953,684 | ||||||||||
PepsiCo, Inc., 3.375%, 7/29/2049 | 275,000 | 300,313 | ||||||||||
2,522,766 | ||||||||||||
Energy 2.2% | ||||||||||||
Apache Corp.: | ||||||||||||
4.25%, 1/15/2030 (a) | 746,000 | 784,657 | ||||||||||
4.375%, 10/15/2028 (a) | 465,000 | 492,907 | ||||||||||
Cheniere Corpus Christi Holdings LLC, 5.875%, 3/31/2025 | 1,000,000 | 1,133,700 | ||||||||||
Cheniere Energy Partners LP, 5.625%, 10/1/2026 | 1,700,000 | 1,780,754 | ||||||||||
CNOOC Finance Ltd., 2.875%, 9/30/2029 | 530,000 | 541,533 | ||||||||||
Devon Energy Corp., 5.0%, 6/15/2045 | 610,000 | 700,239 | ||||||||||
Ecopetrol SA, 5.875%, 5/28/2045 | 270,000 | 324,540 | ||||||||||
Empresa Nacional del Petroleo, 144A, 5.25%, 11/6/2029 | 940,000 | 1,067,904 | ||||||||||
Energy Transfer Operating LP, 5.5%, 6/1/2027 | 1,000,000 | 1,148,396 | ||||||||||
Enterprise Products Operating LLC, 4.2%, 1/31/2050 | 1,845,000 | 1,987,090 | ||||||||||
Hess Corp., 5.8%, 4/1/2047 | 400,000 | 474,625 | ||||||||||
Kinder Morgan, Inc., 5.2%, 3/1/2048 | 370,000 | 431,940 | ||||||||||
MPLX LP, 5.5%, 2/15/2049 | 390,000 | 446,051 | ||||||||||
Occidental Petroleum Corp., 3.5%, 8/15/2029 | 506,000 | 522,013 | ||||||||||
Petrobras Global Finance BV, 6.875%, 1/20/2040 | 325,000 | 401,541 | ||||||||||
Petroleos Mexicanos, 144A, 5.95%, 1/28/2031 | 667,000 | 676,838 | ||||||||||
Range Resources Corp.: | ||||||||||||
5.0%, 8/15/2022 (a) | 2,000,000 | 1,890,400 | ||||||||||
5.875%, 7/1/2022 | 66,000 | 62,700 | ||||||||||
Saudi Arabian Oil Co., REG S, 4.25%, 4/16/2039 | 320,000 | 353,980 | ||||||||||
Sinopec Group Overseas Development Ltd., REG S, 3.68%, 8/8/2049 | 240,000 | 259,794 | ||||||||||
Western Midstream Operating LP, 4.05%, 2/1/2030 | 761,000 | 758,547 | ||||||||||
16,240,149 | ||||||||||||
Financials 2.5% | ||||||||||||
Air Lease Corp., 3.0%, 2/1/2030 | 750,000 | 747,674 | ||||||||||
Avolon Holdings Funding Ltd., 144A, 3.25%, 2/15/2027 | 363,000 | 367,414 | ||||||||||
Banco Santander SA, 2.706%, 6/27/2024 | 1,800,000 | 1,849,909 | ||||||||||
Bancolombia SA, 3.0%, 1/29/2025 | 1,206,000 | 1,213,248 | ||||||||||
Bank of America Corp., 4.3%, Perpetual (e) | 612,000 | 612,000 | ||||||||||
BNP Paribas SA, 144A, 3.052%, 1/13/2031 | 600,000 | 616,606 | ||||||||||
BPCE SA, 144A, 4.875%, 4/1/2026 | 1,300,000 | 1,463,689 | ||||||||||
Citigroup, Inc., 3.98%, 3/20/2030 | 690,000 | 771,188 | ||||||||||
GE Capital International Funding Co., Unlimited Co., 4.418%, 11/15/2035 | 550,000 | 619,493 | ||||||||||
Global Bank Corp., REG S, 5.25%, 4/16/2029 | 575,000 | 628,561 | ||||||||||
Goldman Sachs Group, Inc., 4.4%, Perpetual (e) | 186,000 | 186,233 | ||||||||||
Grupo Aval Ltd., 144A, 4.375%, 2/4/2030 (d) | 1,250,000 | 1,264,687 | ||||||||||
Hartford Financial Services Group, Inc., 2.8%, 8/19/2029 | 240,000 | 248,196 | ||||||||||
MDGH - GMTN BV, REG S, 3.7%, 11/7/2049 | 245,000 | 255,907 | ||||||||||
Park Aerospace Holdings Ltd., 144A, 5.25%, 8/15/2022 | 850,000 | 909,262 | ||||||||||
PayPal Holdings, Inc.: | ||||||||||||
2.65%, 10/1/2026 | 506,000 | 520,814 | ||||||||||
2.85%, 10/1/2029 | 1,200,000 | 1,233,902 | ||||||||||
Power Finance Corp., Ltd., 144A, 3.95%, 4/23/2030 | 887,000 | 888,247 | ||||||||||
REC Ltd., 144A, 5.25%, 11/13/2023 | 805,000 | 863,926 | ||||||||||
Synchrony Financial, 4.375%, 3/19/2024 | 540,000 | 580,094 | ||||||||||
The Allstate Corp., 3.85%, 8/10/2049 | 190,000 | 222,680 | ||||||||||
Truist Financial Corp., 4.8%, Perpetual (e) | 2,000,000 | 2,062,340 | ||||||||||
Wells Fargo & Co., 3.196%, 6/17/2027 | 580,000 | 610,372 | ||||||||||
18,736,442 | ||||||||||||
Health Care 1.1% | ||||||||||||
AbbVie, Inc., 4.875%, 11/14/2048 | 450,000 | 536,761 | ||||||||||
Bausch Health Companies, Inc., 144A, 5.25%, 1/30/2030 | 220,000 | 224,125 | ||||||||||
Bristol-Myers Squibb Co., 144A, 4.25%, 10/26/2049 | 550,000 | 677,162 | ||||||||||
Centene Corp.: | ||||||||||||
144A, 4.25%, 12/15/2027 | 535,000 | 557,738 | ||||||||||
144A, 4.625%, 12/15/2029 | 330,000 | 354,717 | ||||||||||
CVS Health Corp., 5.05%, 3/25/2048 | 1,595,000 | 1,933,367 | ||||||||||
HCA, Inc.: | ||||||||||||
4.125%, 6/15/2029 | 600,000 | 649,317 | ||||||||||
5.25%, 6/15/2026 | 1,000,000 | 1,142,765 | ||||||||||
7.5%, 2/15/2022 | 900,000 | 987,921 | ||||||||||
Select Medical Corp., 144A, 6.25%, 8/15/2026 | 970,000 | 1,046,465 | ||||||||||
UnitedHealth Group, Inc., 2.875%, 8/15/2029 | 327,000 | 340,054 | ||||||||||
8,450,392 | ||||||||||||
Industrials 0.5% | ||||||||||||
DP World Crescent Ltd., REG S, 3.75%, 1/30/2030 | 530,000 | 543,955 | ||||||||||
Prime Security Services Borrower LLC: | ||||||||||||
144A, 5.25%, 4/15/2024 | 1,550,000 | 1,615,875 | ||||||||||
144A, 6.25%, 1/15/2028 | 405,000 | 400,039 | ||||||||||
Signature Aviation U.S. Holdings, Inc., 144A, 4.0%, 3/1/2028 | 1,165,000 | 1,152,263 | ||||||||||
3,712,132 | ||||||||||||
Information Technology 0.2% | ||||||||||||
Fiserv, Inc., 3.5%, 7/1/2029 | 820,000 | 883,607 | ||||||||||
MSCI, Inc., 144A, 4.0%, 11/15/2029 | 425,000 | 434,031 | ||||||||||
1,317,638 | ||||||||||||
Materials 0.3% | ||||||||||||
Corp. Nacional del Cobre de Chile, REG S, 3.625%, 8/1/2027 | 660,000 | 700,544 | ||||||||||
GUSAP III LP, REG S, 4.25%, 1/21/2030 | 540,000 | 566,730 | ||||||||||
Vale Overseas Ltd., 6.25%, 8/10/2026 | 700,000 | 826,350 | ||||||||||
2,093,624 | ||||||||||||
Real Estate 0.4% | ||||||||||||
American Tower Corp., (REIT), 3.8%, 8/15/2029 | 900,000 | 979,413 | ||||||||||
Office Properties Income Trust: | ||||||||||||
(REIT), 4.0%, 7/15/2022 | 555,000 | 570,189 | ||||||||||
(REIT), 4.15%, 2/1/2022 | 260,000 | 267,633 | ||||||||||
Omega Healthcare Investors, Inc.: | ||||||||||||
(REIT), 4.5%, 4/1/2027 | 230,000 | 252,953 | ||||||||||
(REIT), 4.75%, 1/15/2028 | 260,000 | 290,501 | ||||||||||
SBA Communications Corp., 144A (REIT), 3.875%, 2/15/2027 (d) | 475,000 | 481,531 | ||||||||||
VICI Properties LP, 144A (REIT), 4.25%, 12/1/2026 | 334,000 | 342,794 | ||||||||||
3,185,014 | ||||||||||||
Utilities 1.3% | ||||||||||||
Calpine Corp.: | ||||||||||||
144A, 4.5%, 2/15/2028 | 1,250,000 | 1,243,750 | ||||||||||
144A, 5.125%, 3/15/2028 | 580,000 | 576,013 | ||||||||||
Edison International, 5.75%, 6/15/2027 | 1,650,000 | 1,905,973 | ||||||||||
Eskom Holdings SOC Ltd., REG S, 6.35%, 8/10/2028 | 625,000 | 670,735 | ||||||||||
NextEra Energy Operating Partners LP: | ||||||||||||
144A, 3.875%, 10/15/2026 | 1,035,000 | 1,045,350 | ||||||||||
144A, 4.25%, 7/15/2024 | 1,570,000 | 1,637,070 | ||||||||||
Perusahaan Listrik: | ||||||||||||
144A, 2.875%, 10/25/2025 | EUR | 1,505,000 | 1,839,670 | |||||||||
REG S, 4.125%, 5/15/2027 | 670,000 | 712,712 | ||||||||||
9,631,273 | ||||||||||||
Total Corporate Bonds (Cost $80,784,360) | 83,630,925 | |||||||||||
Asset-Backed 4.1% | ||||||||||||
Automobile Receivables 3.6% | ||||||||||||
AmeriCredit Automobile Receivables Trust, "C", Series 2019-2, 2.74%, 4/18/2025 | 4,080,000 | 4,171,980 | ||||||||||
Avis Budget Rental Car Funding AESOP LLC, "C", Series 2019-1A, 144A, 4.53%, 3/20/2023 | 700,000 | 724,837 | ||||||||||
CPS Auto Receivables Trust, "E", Series 2015-C, 144A, 6.54%, 8/16/2021 | 1,500,000 | 1,538,263 | ||||||||||
Flagship Credit Auto Trust, "C", Series 2019-4, 144A, 2.77%, 12/15/2025 | 6,230,000 | 6,344,948 | ||||||||||
Ford Credit Floorplan Master Owner Trust A, "A", Series 2019-4, 2.44%, 9/15/2026 | 4,080,000 | 4,197,652 | ||||||||||
GMF Floorplan Owner Revolving Trust, "C", Series 2019-1, 144A, 3.06%, 4/15/2024 | 1,540,000 | 1,581,570 | ||||||||||
Hertz Vehicle Financing II LP, "A", Series 2018-1A, 144A, 3.29%, 2/25/2024 | 3,200,000 | 3,235,159 | ||||||||||
Hyundai Auto Receivables Trust, "C", Series 2019-B, 2.4%, 6/15/2026 | 3,500,000 | 3,558,817 | ||||||||||
Santander Drive Auto Receivables Trust, "C", Series 2019-1, 3.42%, 4/15/2025 | 1,500,000 | 1,530,349 | ||||||||||
26,883,575 | ||||||||||||
Miscellaneous 0.5% | ||||||||||||
Dell Equipment Finance Trust, "D", Series 2017-1, 144A, 3.44%, 4/24/2023 | 980,000 | 980,573 | ||||||||||
Hilton Grand Vacations Trust, "B", Series 2014-AA, 144A, 2.07%, 11/25/2026 | 249,734 | 248,932 | ||||||||||
MVW Owner Trust, "A", Series 2019-1A, 144A, 2.89%, 11/20/2036 | 2,735,709 | 2,808,212 | ||||||||||
4,037,717 | ||||||||||||
Total Asset-Backed (Cost $30,352,926) | 30,921,292 | |||||||||||
Mortgage-Backed Securities Pass-Throughs 0.3% | ||||||||||||
Federal Home Loan Mortgage Corp., 6.0%, 11/1/2021 | 7,451 | 7,552 | ||||||||||
Federal National Mortgage Association, 4.0%, 12/1/2042 | 1,765,573 | 1,902,729 | ||||||||||
Government National Mortgage Association, 6.5%, 8/20/2034 | 34,989 | 42,403 | ||||||||||
Total Mortgage-Backed Securities Pass-Throughs (Cost $1,913,021) | 1,952,684 | |||||||||||
Commercial Mortgage-Backed Securities 5.0% | ||||||||||||
Barclays Commercial Mortgage Trust, "A4", Series 2019-C5, 3.063%, 11/15/2052 | 4,700,000 | 5,027,887 | ||||||||||
Benchmark Mortgage Trust, "A4" Series 2019-B13, 2.952%, 8/15/2057 | 7,600,000 | 8,062,487 | ||||||||||
BX Commercial Mortgage Trust, "D", Series 2018-IND, 144A, 1-month USD-LIBOR + 1.300%, 2.976% **, 11/15/2035 | 700,000 | 701,335 | ||||||||||
Citigroup Commercial Mortgage Trust: | ||||||||||||
"C", Series 2019-PRM, 144A, 3.896%, 5/10/2036 | 2,516,145 | 2,637,304 | ||||||||||
"D", Series 2019-PRM, 144A, 4.35%, 5/10/2036 | 2,625,000 | 2,766,843 | ||||||||||
DBWF Mortgage Trust, "C", Series 2018-GLKS, 144A, 1-month USD-LIBOR + 1.750%, 3.408% **, 11/19/2035 | 1,250,000 | 1,251,551 | ||||||||||
FHLMC Multifamily Structured Pass-Through Certificates: | ||||||||||||
"X1", Series K043, Interest Only, 0.664%, 12/25/2024 | 7,300,912 | 169,924 | ||||||||||
"X1P", Series KL05, Interest Only, 1.024%, 6/25/2029 | 28,700,000 | 2,105,946 | ||||||||||
GMAC Commercial Mortgage Securities, Inc., "G", Series 2004-C1, 144A, 5.455%, 3/10/2038 | 1,962,211 | 1,816,348 | ||||||||||
Morgan Stanley Capital I Trust, "A4" Series 2019-L3, 3.127%, 11/15/2052 | 6,900,000 | 7,403,463 | ||||||||||
MTRO Commercial Mortgage Trust, "C", Series 2019-TECH, 144A, 1-month USD-LIBOR + 1.300%, 2.976% **, 12/15/2033 | 1,255,000 | 1,254,213 | ||||||||||
Multifamily Connecticut Avenue Securities Trust, "M7", Series 2019-01, 144A, 1-month USD-LIBOR + 1.700%, 3.361% **, 10/15/2049 | 2,095,004 | 2,105,500 | ||||||||||
NYT Mortgage Trust, "B", Series 2019-NYT, 144A, 1-month USD-LIBOR + 1.400%, 3.076% **, 11/15/2035 | 2,000,000 | 2,006,250 | ||||||||||
Total Commercial Mortgage-Backed Securities (Cost $36,577,675) | 37,309,051 | |||||||||||
Collateralized Mortgage Obligations 9.5% | ||||||||||||
Connecticut Avenue Securities Trust: | ||||||||||||
"1M2", Series 2020-R01, 144A, 1-month USD-LIBOR + 2.050%, 3.742% ** , 1/25/2040 | 1,500,000 | 1,516,080 | ||||||||||
"1M2", Series 2019-R03, 144A, 1-month USD-LIBOR + 2.150%, 3.811% ** , 9/25/2031 | 980,000 | 989,563 | ||||||||||
"1M2", Series 2019-R02, 144A, 1-month USD-LIBOR + 2.300%, 3.961% ** , 8/25/2031 | 1,512,515 | 1,528,678 | ||||||||||
Fannie Mae Connecticut Avenue Securities: | ||||||||||||
"1M2", Series 2018-C06, 1-month USD-LIBOR + 2.000%, 3.661% ** , 3/25/2031 | 948,011 | 955,510 | ||||||||||
"1M2", Series 2018-C03, 1-month USD-LIBOR + 2.150%, 3.811% ** , 10/25/2030 | 1,000,000 | 1,018,265 | ||||||||||
"1M2", Series 2018-C01, 1-month USD-LIBOR + 2.250%, 3.911% ** , 7/25/2030 | 1,600,000 | 1,630,547 | ||||||||||
"1M2", Series 2018-C05, 1-month USD-LIBOR + 2.350%, 4.011% ** , 1/25/2031 | 2,400,000 | 2,445,569 | ||||||||||
Federal Home Loan Mortgage Corp.: | ||||||||||||
"GV", Series 4827, 4.0%, 7/15/2031 | 3,654,045 | 3,866,987 | ||||||||||
"PI", Series 3940, Interest Only, 4.0%, 2/15/2041 | 201,731 | 22,641 | ||||||||||
"AS", Series 4885, Interest Only, 6.050% minus 1-month USD-LIBOR, 4.374% ** , 6/15/2049 | 7,702,004 | 1,722,551 | ||||||||||
"C31", Series 303, Interest Only, 4.5%, 12/15/2042 | 3,680,030 | 739,604 | ||||||||||
"PI", Series 3843, Interest Only, 4.5%, 5/15/2038 | 572,255 | 15,862 | ||||||||||
Federal National Mortgage Association: | ||||||||||||
"WO", Series 2013-27, Principal Only, Zero Coupon, 12/25/2042 | 1,200,000 | 832,993 | ||||||||||
"ZL", Series 2017-55, 3.0%, 10/25/2046 | 1,620,717 | 1,603,839 | ||||||||||
"4", Series 406, Interest Only, 4.0%, 9/25/2040 | 2,974,778 | 477,338 | ||||||||||
"I", Series 2003-84, Interest Only, 6.0%, 9/25/2033 | 264,728 | 49,944 | ||||||||||
Freddie Mac Structured Agency Credit Risk Debt: | ||||||||||||
"M2", Series 2019-DNA3, 144A, 1-month USD-LIBOR + 2.050%, 3.711% ** , 7/25/2049 | 2,100,000 | 2,117,831 | ||||||||||
"M2", Series 2019-DNA2, 144A, 1-month USD-LIBOR + 2.450%, 4.111% ** , 3/25/2049 | 3,523,955 | 3,575,568 | ||||||||||
"M2", Series 2017-DNA3, 1-month USD-LIBOR + 2.500%, 4.161% ** , 3/25/2030 | 1,000,000 | 1,035,952 | ||||||||||
"M2", Series 2019-DNA1, 144A, 1-month USD-LIBOR + 2.650%, 4.442% ** , 1/25/2049 | 360,000 | 368,282 | ||||||||||
Government National Mortgage Association: | ||||||||||||
"PI", Series 2015-40, Interest Only, 4.0%, 4/20/2044 | 715,620 | 58,610 | ||||||||||
"IN", Series 2009-69, Interest Only, 5.5%, 8/20/2039 | 568,152 | 101,355 | ||||||||||
"IV", Series 2009-69, Interest Only, 5.5%, 8/20/2039 | 546,028 | 97,355 | ||||||||||
"IJ", Series 2009-75, Interest Only, 6.0%, 8/16/2039 | 380,495 | 69,315 | ||||||||||
JP Morgan Mortgage Trust: | ||||||||||||
"A11", Series 2019-9, 144A, 1-month USD-LIBOR + 0.900%, 2.692% ** , 5/25/2050 | 1,754,470 | 1,754,291 | ||||||||||
"AM", Series 2016-3, 144A, 3.377% **, 10/25/2046 | 4,334,705 | 4,427,376 | ||||||||||
"A3", Series 2019-INV3, 144A, 3.5%, 5/25/2050 | 6,900,527 | 7,058,636 | ||||||||||
"A4", Series 2019-2, 144A, 4.0%, 8/25/2049 | 4,196,997 | 4,229,952 | ||||||||||
New Residential Mortgage Loan, | ||||||||||||
"A1", Series 2019-NQM3, 144A, 2.802%, 7/25/2049 | 2,621,776 | 2,645,224 | ||||||||||
"A1", Series 2019-NQM2, 144A, 3.6%, 4/25/2049 | 781,985 | 792,529 | ||||||||||
Onslow Bay Financial LLC: | ||||||||||||
"A5", Series 2020-INV1, 144A, 3.5%, 5/25/2049 | 6,500,000 | 6,661,485 | ||||||||||
"A10", Series 2019-INV1, 144A, 4.0%, 11/25/2048 | 6,418,000 | 6,629,802 | ||||||||||
Sequoia Mortgage Trust: | ||||||||||||
"A4", Series 2018-7, 144A, 4.0%, 9/25/2048 | 3,746,354 | 3,777,176 | ||||||||||
"A4", Series 2018-8, 144A, 4.0%, 11/25/2048 | 1,281,421 | 1,293,885 | ||||||||||
STACR Trust, "M2", Series 2018-DNA3, 144A, 1-month USD-LIBOR + 2.100%, 3.761% **, 9/25/2048 | 1,945,946 | 1,970,174 | ||||||||||
Verus Securitization Trust, "A1", Series 2019-INV1, 144A, 3.402%, 12/25/2059 | 2,604,768 | 2,628,591 | ||||||||||
Total Collateralized Mortgage Obligations (Cost $68,742,702) | 70,709,360 | |||||||||||
Government & Agency Obligations 0.8% | ||||||||||||
Sovereign Bonds | ||||||||||||
Federative Republic of Brazil, 4.5%, 5/30/2029 | 550,000 | 597,305 | ||||||||||
Perusahaan Penerbit SBSN Indonesia III, 144A, 4.45%, 2/20/2029 | 450,000 | 502,884 | ||||||||||
Republic of Colombia, 5.0%, 6/15/2045 | 250,000 | 303,750 | ||||||||||
Republic of Indonesia, 2.85%, 2/14/2030 | 500,000 | 506,175 | ||||||||||
Republic of Kazakhstan, 144A, 1.55%, 11/9/2023 | EUR | 1,555,000 | 1,804,299 | |||||||||
Republic of Philippines, 3.75%, 1/14/2029 | 530,000 | 599,734 | ||||||||||
Republic of South Africa, 4.875%, 4/14/2026 | 1,025,000 | 1,074,040 | ||||||||||
Saudi Government International Bond, REG S, 2.0%, 7/9/2039 | EUR | 240,000 | 280,146 | |||||||||
Total Government & Agency Obligations (Cost $5,593,586) | 5,668,333 | |||||||||||
Loan Participations and Assignments 0.3% | ||||||||||||
Senior Loans ** | ||||||||||||
Hilton Worldwide Finance LLC, Term Loan B2, 1-month USD LIBOR + 1.750%, 3.411%, 6/22/2026 | 1,389,235 | 1,397,918 | ||||||||||
TransDigm, Inc., Term Loan F, 1-month USD LIBOR + 2.500%, 4.145%, 6/9/2023 | 1,264,863 | 1,265,654 | ||||||||||
Total Loan Participations and Assignments (Cost $2,656,294) | 2,663,572 | |||||||||||
Shares | Value ($) | |||||||||||
Exchange-Traded Funds 2.9% | ||||||||||||
SPDR Bloomberg Barclays Convertible Securities ETF (Cost $20,377,975) | 382,040 | 21,867,970 | ||||||||||
Principal Amount ($) | Value ($) | |||||||||||
Short-Term U.S. Treasury Obligations 1.5% | ||||||||||||
U.S. Treasury Bills: | ||||||||||||
1.484% ***, 9/10/2020 (f) | 600,000 | 594,555 | ||||||||||
1.598% ***, 9/10/2020 (f) | 2,300,000 | 2,279,127 | ||||||||||
1.806% ***, 7/16/2020 (g) | 8,295,000 | 8,238,554 | ||||||||||
Total Short-Term U.S. Treasury Obligations (Cost $11,097,775) | 11,112,236 | |||||||||||
Shares | Value ($) | |||||||||||
Securities Lending Collateral 0.8% | ||||||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 1.49% (h) (i) (Cost $5,815,518) | 5,815,518 | 5,815,518 | ||||||||||
Cash Equivalents 4.1% | ||||||||||||
DWS Central Cash Management Government Fund, 1.59% (h) (Cost $31,012,918) | 31,012,918 | 31,012,918 | ||||||||||
% of Net Assets | Value ($) | |||||||||||
Total Investment Portfolio (Cost $686,122,495) | 100.7 | 752,803,756 | ||||||||||
Other Assets and Liabilities, Net | (0.7) | (5,152,853) | ||||||||||
Net Assets | 100.0 | 747,650,903 | ||||||||||
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. | |
A summary of the Fund's transactions with affiliated investments during the period ended January 31, 2020 are as follows: |
Value ($) 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 0.8% | ||||||||||||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 1.49% (h) (i) | ||||||||||||||||||
250,800 | 5,564,718 (j) | — | — | — | 25,579 | — | 5,815,518 | 5,815,518 | ||||||||||
Cash Equivalents 4.1% | ||||||||||||||||||
DWS Central Cash Management Government Fund, 1.59% (h) | ||||||||||||||||||
6,452,810 | 162,609,770 | 138,049,662 | — | — | 111,049 | — | 31,012,918 | 31,012,918 | ||||||||||
6,703,610 | 168,174,488 | 138,049,662 | — | — | 136,628 | — | 36,828,436 | 36,828,436 | ||||||||||
* | 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. |
*** | Annualized yield at time of purchase; not a coupon rate. |
(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 January 31, 2020 amounted to $5,510,129, which is 0.7% of net assets. |
(b) | Investment was valued using significant unobservable inputs. |
(c) | Principal amount stated in U.S. dollars unless otherwise noted. |
(d) | When-issued, delayed delivery or forward commitment securities included. |
(e) | Perpetual, callable security with no stated maturity date. |
(f) | At January 31, 2020, this security has been pledged, in whole or in part, to cover initial margin requirements for open centrally cleared swap contracts. |
(g) | At January 31, 2020, 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 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 | |
ASX: Australian Securities Exchange | |
EURIBOR: Euro Interbank Offered Rate | |
GDR: Global Depositary Receipt | |
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 | |
MSCI: Morgan Stanley Capital International | |
Principal Only: Principal Only (PO) bonds represent the “principal only” portion of payments on a pool of underlying mortgages or mortgage-backed securities. | |
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) | |
SOC: Stated Owned Company | |
S&P: Standard & Poor's | |
SPDR: Standard & Poor's Depositary Receipt | |
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 January 31, 2020, open futures contracts purchased were as follows: |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation (Depreciation) ($) | |||||||||||||||
10 Year U.S. Treasury Note | USD | 3/20/2020 | 243 | 31,529,875 | 31,992,468 | 462,593 | |||||||||||||||
2 Year U.S. Treasury Note | USD | 3/31/2020 | 668 | 144,049,553 | 144,528,063 | 478,510 | |||||||||||||||
3 Month Euro Euribor Interest Rate | EUR | 12/14/2020 | 12 | 3,340,936 | 3,342,288 | 1,352 | |||||||||||||||
3 Month Euro Swiss Franc (Euroswiss) Interest Rate | CHF | 12/14/2020 | 13 | 3,400,333 | 3,400,825 | 492 | |||||||||||||||
3 Month Euroyen Futures | JPY | 12/14/2020 | 14 | 3,229,689 | 3,230,446 | 757 | |||||||||||||||
3 Month Sterling (Short Sterling) Interest Rate | GBP | 12/16/2020 | 20 | 3,276,896 | 3,282,598 | 5,702 | |||||||||||||||
5 Year U.S. Treasury Note | USD | 3/31/2020 | 120 | 14,299,984 | 14,438,438 | 138,454 | |||||||||||||||
90 Day Eurodollar Time Deposit | USD | 12/14/2020 | 13 | 3,203,077 | 3,206,450 | 3,373 | |||||||||||||||
ASX 90 Day Bank Accepted Bills | AUD | 12/10/2020 | 19 | 12,697,615 | 12,699,500 | 1,885 | |||||||||||||||
MSCI Mini Emerging Market Index | USD | 3/20/2020 | 501 | 27,877,843 | 26,305,005 | (1,572,838) | |||||||||||||||
S&P 500 E-Mini Index | USD | 3/20/2020 | 24 | 3,993,371 | 3,868,800 | (124,571) | |||||||||||||||
Ultra Long U.S. Treasury Bond | USD | 3/20/2020 | 146 | 27,589,476 | 28,278,375 | 688,899 | |||||||||||||||
Total net unrealized appreciation | 84,608 | ||||||||||||||||||||
At January 31, 2020, open futures contracts sold were as follows: |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation (Depreciation) ($) | ||||||||||||||
Euro Stoxx 50 Index | EUR | 3/20/2020 | 556 | 23,165,817 | 22,439,222 | 726,595 | ||||||||||||||
TOPIX Index | JPY | 3/12/2020 | 31 | 4,905,945 | 4,803,562 | 102,383 | ||||||||||||||
Ultra 10 Year U.S. Treasury Note | USD | 3/20/2020 | 223 | 31,700,460 | 32,481,344 | (780,884) | ||||||||||||||
Total net unrealized appreciation | 48,094 |
At January 31, 2020, open credit default swap contracts sold were as follows: |
Centrally Cleared Swaps | ||||||||||||
Underlying Reference Obligation | Fixed Cash Flows Paid/ Frequency | Expiration Date | Notional Amount (k) | Currency | Value ($) | Upfront Payments Paid ($) | Unrealized Appreciation ($) | |||||
Markit CDX North America High Yield Index | 5.0%/ | 12/20/2024 | 18,300,000 | USD |
| (1,516,383) |
| (1,577,414) | 61,031 | |||
(k) | The maximum potential amount of future undiscounted payments that the Fund could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of buy protection credit default swap contracts entered into by the Fund for the same referenced debt obligation, if any. |
At January 31, 2020, open interest rate swap contracts were as follows: |
Centrally Cleared Swaps | |||||||||||||||
Cash Flows Paid by the Fund/ Frequency | Cash Flows Received by the Fund/ Frequency | Effective/ Expiration Date | Notional Amount ($) | Currency | Value ($) | Upfront Payments Paid/ (Received) ($) | Unrealized Depreciation ($) | ||||||||
Fixed - 1.741% | Floating — 3-Month LIBOR | 1/23/2020 | 19,300,000 | USD | (503,603) | — | (503,603) | ||||||||
Fixed - 2% | Floating — 3-Month LIBOR | 1/21/2020 | 15,000,000 | USD | (756,952) | (371,080) | (385,872) | ||||||||
Fixed - 2.729% | Floating — 3-Month LIBOR | 3/4/2019 | 2,200,000 | USD | (253,449) | — | (253,449) | ||||||||
Fixed - 1.961% | Floating — 3-Month LIBOR | 6/28/2019 | 2,200,000 | USD | (100,543) | — | (100,543) | ||||||||
Total unrealized depreciation | (1,243,467) | ||||||||||||||
LIBOR: London Interbank Offered Rate; 3-month LIBOR rate as of January 31, 2020 is 1.569%. |
At January 31, 2020, the Fund had the following open forward foreign currency contracts: |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Depreciation ($) | Counterparty | ||||||||||||||||
EUR | 3,284,000 | USD | 3,660,954 | 2/19/2020 | 15,502 | Bank of America | ||||||||||||||
Currency Abbreviations | |||
AUD | Australian Dollar | ||
CHF | Swiss Franc | ||
EUR | Euro | ||
GBP | British Pound | ||
JPY | Japanese Yen | ||
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 January 31, 2020 in valuing the Fund's investments |
Assets | Level 1 | Level 2 | Level 3 | Total | |||||
Common Stocks | |||||||||
Communication Services | $ | 29,896,867 | $ | 13,855,030 | $ | — | $ | 43,751,897 | |
Consumer Discretionary | 27,169,255 | 17,202,511 | — | 44,371,766 | |||||
Consumer Staples | 16,289,950 | 7,179,931 | — | 23,469,881 | |||||
Energy | 11,730,156 | 9,415,736 | — | 21,145,892 | |||||
Financials | 26,659,485 | 39,117,482 | — | 65,776,967 | |||||
Health Care | 24,478,630 | 14,404,056 | — | 38,882,686 | |||||
Industrials | 14,084,218 | 24,750,223 | — | 38,834,441 | |||||
Information Technology | 68,426,728 | 8,118,734 | — | 76,545,462 | |||||
Materials | 6,516,227 | 6,004,764 | — | 12,520,991 | |||||
Real Estate | 14,497,441 | 5,480,706 | — | 19,978,147 | |||||
Utilities | 16,630,519 | 12,236,414 | — | 28,866,933 | |||||
Preferred Stocks(l) | 35,981,359 | — | — | 35,981,359 | |||||
Warrants | — | — | 13,475 | 13,475 | |||||
Fixed Income Investments(l) | |||||||||
Corporate Bonds | — | 83,630,925 | — | 83,630,925 | |||||
Asset-Backed | — | 30,921,292 | — | 30,921,292 | |||||
Mortgage-Backed Securities Pass-Throughs | — | 1,952,684 | — | 1,952,684 | |||||
Commercial Mortgage-Backed Securities | — | 37,309,051 | — | 37,309,051 | |||||
Collateralized Mortgage Obligations | — | 70,709,360 | — | 70,709,360 | |||||
Government & Agency Obligations | — | 5,668,333 | — | 5,668,333 | |||||
Loan Participations and Assignments | — | 2,663,572 | — | 2,663,572 | |||||
Short-Term U.S. Treasury Obligations | — | 11,112,236 | — | 11,112,236 | |||||
Exchange-Traded Funds | 21,867,970 | — | — | 21,867,970 | |||||
Short-Term Investments(l) | 36,828,436 | — | — | 36,828,436 | |||||
Derivatives(m) | |||||||||
Futures Contracts | 2,610,995 | — | — | 2,610,995 | |||||
Credit Default Swap Contracts | — | 61,031 | — | 61,031 | |||||
Forward Foreign Currency Contracts | — | 15,502 | — | 15,502 | |||||
Total | $ | 353,668,236 | $ | 401,809,573 | $ | 13,475 | $ | 755,491,284 | |
Liabilities | Level 1 | Level 2 | Level 3 | Total | |||||
Derivatives(m) | |||||||||
Futures Contracts | $ | (2,478,293) | $ | — | $ | — | $ | (2,478,293) | |
Interest Rate Swap Contracts | — | (1,243,467) | — | (1,243,467) | |||||
Total | $ | (2,478,293) | $ | (1,243,467) | $ | — | $ | (3,721,760) |
(l) | See Investment Portfolio for additional detailed categorizations. |
(m) | Derivatives include unrealized appreciation (depreciation) on open futures contracts, credit default swap contracts, interest rate swap 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 | Swaps | Forward Currency Contracts |
Credit Contracts | $ — | $ 61,031 | $ — |
Equity Contracts | $ (868,431) | $ — | $ — |
Foreign Exchange Contracts | $ — | $ — | $ 15,502 |
Interest Rate Contracts | $ 1,001,133 | $ (1,243,467) | $ — |