Investment Portfolio | as of July 31, 2021 (Unaudited) |
DWS Global Income Builder
Fund
Shares | Value ($) | ||
Common Stocks 58.4% | |||
Communication Services 6.1% | |||
Diversified Telecommunication Services 2.6% | |||
AT&T, Inc. | 100,700 | 2,824,635 | |
BCE, Inc. | 45,122 | 2,252,122 | |
Deutsche Telekom AG (Registered) | 67,236 | 1,397,563 | |
Elisa Oyj | 16,967 | 1,091,208 | |
Koninklijke KPN NV | 299,720 | 984,209 | |
Lumen Technologies, Inc. | 105,300 | 1,313,091 | |
Nippon Telegraph & Telephone Corp. | 56,300 | 1,438,777 | |
Orange SA | 75,332 | 838,293 | |
Swisscom AG (Registered) | 1,689 | 1,017,003 | |
Telenor ASA | 59,747 | 1,038,031 | |
Telia Co. AB | 338,554 | 1,486,118 | |
Telstra Corp., Ltd. | 401,332 | 1,117,693 | |
TELUS Corp. | 44,463 | 987,552 | |
Verizon Communications, Inc. | 36,533 | 2,037,811 | |
19,824,106 | |||
Entertainment 0.6% | |||
Activision Blizzard, Inc. | 6,700 | 560,254 | |
Netflix, Inc.* | 2,400 | 1,242,168 | |
Nintendo Co., Ltd. | 3,000 | 1,544,229 | |
Sea Ltd. (ADR)* | 5,200 | 1,436,032 | |
4,782,683 | |||
Interactive Media & Services 1.8% | |||
Alphabet, Inc. "A"* | 700 | 1,886,171 | |
Alphabet, Inc. "C"* | 600 | 1,622,652 | |
Facebook, Inc. "A"* | 7,400 | 2,636,620 | |
Match Group, Inc.* | 8,700 | 1,385,649 | |
Pinterest, Inc. "A"* | 12,700 | 748,030 | |
Snap, Inc. "A"* | 18,100 | 1,347,002 | |
Tencent Holdings Ltd. (ADR) (a) | 22,000 | 1,346,400 | |
Twitter, Inc.* | 20,800 | 1,450,800 | |
Zillow Group, Inc. "A"* | 5,000 | 535,650 | |
Zillow Group, Inc. "C"* | 5,700 | 605,682 | |
13,564,656 | |||
Media 0.4% | |||
Comcast Corp. "A" | 30,686 | 1,805,257 | |
Interpublic Group of Companies, Inc. | 31,802 | 1,124,519 | |
2,929,776 | |||
Wireless Telecommunication Services 0.7% | |||
KDDI Corp. | 37,400 | 1,138,184 | |
SoftBank Corp. | 148,000 | 1,931,396 | |
Tele2 AB "B" | 64,451 | 946,679 | |
Vodafone Group PLC | 1,109,837 | 1,785,104 | |
5,801,363 |
Consumer Discretionary 4.3% | |||
Auto Components 0.2% | |||
Denso Corp. | 19,200 | 1,317,073 | |
Automobiles 0.7% | |||
Bayerische Motoren Werke AG | 9,775 | 972,787 | |
Tesla, Inc.* | 4,600 | 3,161,120 | |
Toyota Motor Corp. | 16,300 | 1,461,123 | |
5,595,030 | |||
Hotels, Restaurants & Leisure 0.7% | |||
Evolution AB 144A | 7,487 | 1,307,821 | |
McDonald's Corp. | 3,600 | 873,756 | |
Restaurant Brands International, Inc. | 10,100 | 689,093 | |
Starbucks Corp. | 13,100 | 1,590,733 | |
Yum! Brands, Inc. | 6,200 | 814,618 | |
5,276,021 | |||
Household Durables 0.4% | |||
Garmin Ltd. | 6,307 | 991,460 | |
Persimmon PLC | 29,433 | 1,189,455 | |
Sekisui House Ltd. | 37,900 | 748,937 | |
2,929,852 | |||
Internet & Direct Marketing Retail 1.2% | |||
Amazon.com, Inc.* | 2,817 | 9,373,821 | |
Multiline Retail 0.4% | |||
Target Corp. | 7,007 | 1,829,177 | |
Wesfarmers Ltd. | 29,057 | 1,309,136 | |
3,138,313 | |||
Specialty Retail 0.7% | |||
Best Buy Co., Inc. | 8,300 | 932,505 | |
Chow Tai Fook Jewellery Group, Ltd. | 548,600 | 1,153,467 | |
Home Depot, Inc. | 6,450 | 2,116,826 | |
Lowe's Companies, Inc. | 6,300 | 1,213,947 | |
5,416,745 | |||
Consumer Staples 3.8% | |||
Beverages 0.6% | |||
Coca-Cola Co. | 36,429 | 2,077,546 | |
PepsiCo, Inc. | 12,998 | 2,040,036 | |
4,117,582 | |||
Food & Staples Retailing 0.8% | |||
Koninklijke Ahold Delhaize NV | 33,921 | 1,053,888 | |
Tesco PLC | 316,374 | 1,022,914 | |
Walgreens Boots Alliance, Inc. | 24,298 | 1,145,651 | |
Walmart, Inc. | 9,100 | 1,297,205 | |
Wm Morrison Supermarkets PLC | 287,155 | 1,068,108 | |
Woolworths Group Ltd. | 29,394 | 840,422 | |
6,428,188 | |||
Food Products 0.7% | |||
General Mills, Inc. | 15,703 | 924,278 | |
Kellogg Co. | 12,799 | 810,945 | |
Kraft Heinz Co. | 29,979 | 1,153,292 |
Nestle SA (Registered) | 14,508 | 1,838,704 | |
Wilmar International Ltd. | 261,400 | 839,652 | |
5,566,871 | |||
Household Products 0.6% | |||
Colgate-Palmolive Co. | 7,400 | 588,300 | |
Kimberly-Clark Corp. | 6,222 | 844,450 | |
Procter & Gamble Co. | 14,679 | 2,087,794 | |
Reckitt Benckiser Group PLC | 11,322 | 868,830 | |
4,389,374 | |||
Personal Products 0.2% | |||
Unilever PLC | 30,915 | 1,780,236 | |
Tobacco 0.9% | |||
Altria Group, Inc. | 52,600 | 2,526,904 | |
Japan Tobacco, Inc. | 91,300 | 1,785,835 | |
Philip Morris International, Inc. | 26,465 | 2,648,882 | |
6,961,621 | |||
Energy 1.9% | |||
Oil, Gas & Consumable Fuels | |||
Canadian Natural Resources Ltd. | 36,600 | 1,207,776 | |
Chevron Corp. | 11,700 | 1,191,177 | |
Enbridge, Inc. | 47,800 | 1,884,261 | |
ENEOS Holdings, Inc. | 213,100 | 892,461 | |
Eni SpA | 74,115 | 881,808 | |
Exxon Mobil Corp. | 29,100 | 1,675,287 | |
Kinder Morgan, Inc. | 88,600 | 1,539,868 | |
ONEOK, Inc. | 20,200 | 1,049,794 | |
Repsol SA | 85,453 | 934,777 | |
TC Energy Corp. | 32,999 | 1,608,688 | |
TotalEnergies SE | 49,577 | 2,157,131 | |
15,023,028 | |||
Financials 9.2% | |||
Banks 4.1% | |||
Bank of Montreal | 12,500 | 1,237,676 | |
Bank of Nova Scotia | 21,891 | 1,366,345 | |
BOC Hong Kong Holdings Ltd. | 415,500 | 1,338,354 | |
Canadian Imperial Bank of Commerce | 10,143 | 1,179,421 | |
Citigroup, Inc. | 22,400 | 1,514,688 | |
Citizens Financial Group, Inc. | 17,999 | 758,838 | |
Commonwealth Bank of Australia | 14,109 | 1,033,773 | |
Credit Agricole SA | 126,568 | 1,763,671 | |
DBS Group Holdings Ltd. | 47,000 | 1,054,165 | |
Fifth Third Bancorp. | 23,200 | 841,928 | |
Hang Seng Bank Ltd. | 61,800 | 1,183,836 | |
HSBC Holdings PLC | 172,018 | 945,786 | |
Huntington Bancshares, Inc. | 61,200 | 861,696 | |
JPMorgan Chase & Co. | 6,270 | 951,661 | |
KeyCorp. | 62,599 | 1,230,696 | |
Mitsubishi UFJ Financial Group, Inc. | 199,200 | 1,052,337 | |
Mizuho Financial Group, Inc. | 83,360 | 1,192,139 | |
Oversea-Chinese Banking Corp., Ltd. | 102,100 | 924,919 | |
PNC Financial Services Group, Inc. | 5,300 | 966,773 | |
Regions Financial Corp. | 60,100 | 1,156,925 | |
Royal Bank of Canada | 21,057 | 2,129,667 |
Sumitomo Mitsui Financial Group, Inc. | 39,400 | 1,329,486 | |
Toronto-Dominion Bank | 30,480 | 2,026,544 | |
Truist Financial Corp. | 16,986 | 924,548 | |
U.S. Bancorp. | 24,300 | 1,349,622 | |
United Overseas Bank Ltd. | 56,100 | 1,087,407 | |
31,402,901 | |||
Capital Markets 1.8% | |||
3i Group PLC | 47,729 | 846,356 | |
Apollo Global Management, Inc. (a) | 18,100 | 1,065,366 | |
BlackRock, Inc. | 1,400 | 1,214,038 | |
Blackstone Group, Inc. | 21,700 | 2,501,359 | |
Daiwa Securities Group, Inc. | 169,200 | 887,114 | |
Franklin Resources., Inc. | 28,500 | 842,175 | |
Hong Kong Exchanges & Clearing Ltd. | 11,800 | 755,964 | |
Magellan Financial Group Ltd. | 23,012 | 828,661 | |
Nomura Holdings, Inc. | 180,700 | 903,181 | |
Partners Group Holding AG | 903 | 1,544,878 | |
T. Rowe Price Group, Inc. | 7,400 | 1,510,784 | |
UBS Group AG (Registered) | 59,474 | 978,779 | |
13,878,655 | |||
Diversified Financial Services 0.1% | |||
ORIX Corp. | 52,400 | 916,977 | |
Insurance 3.2% | |||
Allianz SE (Registered) | 7,140 | 1,777,862 | |
Assicurazioni Generali SpA | 77,248 | 1,543,751 | |
AXA SA | 66,678 | 1,727,958 | |
Dai-ichi Life Holdings, Inc. | 48,000 | 883,437 | |
Fidelity National Financial, Inc. | 17,515 | 781,344 | |
Hannover Rueck SE | 5,720 | 963,657 | |
Japan Post Holdings Co., Ltd. | 119,000 | 1,010,045 | |
Legal & General Group PLC | 352,086 | 1,274,482 | |
Manulife Financial Corp. | 57,100 | 1,103,921 | |
MS&AD Insurance Group Holdings, Inc. | 22,400 | 690,159 | |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | 2,911 | 785,644 | |
NN Group NV | 23,406 | 1,163,751 | |
Phoenix Group Holdings PLC | 96,873 | 914,586 | |
Poste Italiane SpA 144A | 89,908 | 1,191,344 | |
Progressive Corp. | 15,400 | 1,465,464 | |
Prudential Financial, Inc. | 13,700 | 1,373,836 | |
Sampo Oyj "A" | 28,298 | 1,363,395 | |
Sompo Holdings, Inc. | 17,000 | 703,451 | |
Swiss Re AG | 22,893 | 2,076,558 | |
Zurich Insurance Group AG | 4,799 | 1,938,136 | |
24,732,781 | |||
Health Care 6.1% | |||
Biotechnology 1.2% | |||
AbbVie, Inc. | 23,401 | 2,721,536 | |
Amgen, Inc. | 7,621 | 1,840,776 | |
Gilead Sciences, Inc. | 27,285 | 1,863,293 | |
Moderna, Inc.* (a) | 5,200 | 1,838,720 | |
Seagen, Inc.* | 7,700 | 1,181,103 | |
9,445,428 | |||
Health Care Equipment & Supplies 0.5% | |||
Abbott Laboratories | 14,688 | 1,776,954 |
Coloplast AS "B" | 3,518 | 644,972 | |
Medtronic PLC | 13,289 | 1,744,979 | |
4,166,905 | |||
Health Care Providers & Services 0.6% | |||
Cardinal Health, Inc. | 17,241 | 1,023,770 | |
CVS Health Corp. | 18,100 | 1,490,716 | |
UnitedHealth Group, Inc. | 4,581 | 1,888,380 | |
4,402,866 | |||
Health Care Technology 0.1% | |||
M3, Inc. | 10,700 | 697,029 | |
Pharmaceuticals 3.7% | |||
Astellas Pharma, Inc. | 49,600 | 789,460 | |
AstraZeneca PLC | 13,598 | 1,559,777 | |
Bayer AG (Registered) | 25,487 | 1,519,542 | |
Bristol-Myers Squibb Co. | 27,948 | 1,896,831 | |
Chugai Pharmaceutical Co., Ltd. | 29,000 | 1,067,217 | |
Eli Lilly & Co. | 9,204 | 2,241,174 | |
GlaxoSmithKline PLC | 78,774 | 1,552,407 | |
Johnson & Johnson | 13,176 | 2,268,907 | |
Merck & Co., Inc. | 27,049 | 2,079,257 | |
Novartis AG (Registered) | 24,515 | 2,268,106 | |
Novo Nordisk AS "B" | 17,031 | 1,573,691 | |
Pfizer, Inc. | 64,681 | 2,768,993 | |
Roche Holding AG | 2,621 | 1,125,265 | |
Roche Holding AG (Genusschein) | 5,994 | 2,316,663 | |
Sanofi | 14,353 | 1,479,183 | |
Takeda Pharmaceutical Co., Ltd. | 51,200 | 1,714,967 | |
28,221,440 | |||
Industrials 4.1% | |||
Aerospace & Defense 0.4% | |||
BAE Systems PLC | 141,747 | 1,133,385 | |
Lockheed Martin Corp. | 2,360 | 877,141 | |
Raytheon Technologies Corp. | 11,884 | 1,033,314 | |
3,043,840 | |||
Air Freight & Logistics 0.6% | |||
Deutsche Post AG (Registered) | 23,034 | 1,562,318 | |
FedEx Corp. | 4,100 | 1,147,795 | |
United Parcel Service, Inc. "B" | 9,490 | 1,816,006 | |
4,526,119 | |||
Building Products 0.2% | |||
Xinyi Glass Holdings Ltd. | 298,000 | 1,116,033 | |
Commercial Services & Supplies 0.0% | |||
Quad Graphics, Inc.* | 10 | 35 | |
Construction & Engineering 0.1% | |||
Bouygues SA | 22,423 | 864,693 | |
Electrical Equipment 0.5% | |||
ABB Ltd. (Registered) | 37,400 | 1,368,910 | |
Eaton Corp. PLC | 9,820 | 1,552,051 | |
Emerson Electric Co. | 10,181 | 1,027,161 | |
3,948,122 |
Industrial Conglomerates 0.7% | |||
3M Co. | 6,510 | 1,288,589 | |
CK Hutchison Holdings Ltd. | 140,000 | 1,023,949 | |
Honeywell International, Inc. | 5,001 | 1,169,184 | |
Jardine Matheson Holdings Ltd. | 14,000 | 831,028 | |
Siemens AG (Registered) | 7,905 | 1,235,233 | |
5,547,983 | |||
Machinery 0.5% | |||
Caterpillar, Inc. | 7,700 | 1,591,975 | |
Cummins, Inc. | 3,413 | 792,157 | |
Kone Oyj "B" | 7,333 | 607,226 | |
Techtronic Industries Co., Ltd. | 65,000 | 1,165,283 | |
4,156,641 | |||
Professional Services 0.2% | |||
Adecco Group AG (Registered) | 14,649 | 876,357 | |
Thomson Reuters Corp. | 8,100 | 858,304 | |
1,734,661 | |||
Road & Rail 0.2% | |||
Union Pacific Corp. | 5,547 | 1,213,462 | |
Trading Companies & Distributors 0.7% | |||
Fastenal Co. | 11,900 | 651,763 | |
ITOCHU Corp. | 33,000 | 975,148 | |
Mitsubishi Corp. | 53,600 | 1,501,497 | |
Mitsui & Co., Ltd. | 55,300 | 1,266,894 | |
Sumitomo Corp. | 86,500 | 1,175,442 | |
5,570,744 | |||
Information Technology 15.0% | |||
Communications Equipment 0.4% | |||
Cisco Systems, Inc. | 42,183 | 2,335,673 | |
Telefonaktiebolaget LM Ericsson "B" | 68,781 | 790,268 | |
3,125,941 | |||
Electronic Equipment, Instruments & Components 0.5% | |||
Corning, Inc. | 28,341 | 1,186,354 | |
Murata Manufacturing Co., Ltd. | 16,800 | 1,391,261 | |
TE Connectivity Ltd. | 8,538 | 1,259,099 | |
3,836,714 | |||
IT Services 3.0% | |||
Accenture PLC "A" | 5,239 | 1,664,326 | |
Adyen NV 144A* | 368 | 1,001,296 | |
Afterpay Ltd.* | 11,094 | 794,093 | |
Automatic Data Processing, Inc. | 6,529 | 1,368,674 | |
Broadridge Financial Solutions, Inc. | 4,114 | 713,738 | |
Fujitsu Ltd. | 6,000 | 1,018,991 | |
Infosys Ltd. (ADR) | 66,400 | 1,468,768 | |
International Business Machines Corp. | 18,173 | 2,561,666 | |
MasterCard, Inc. "A" | 3,398 | 1,311,424 | |
MongoDB, Inc.* | 4,200 | 1,507,464 | |
Paychex, Inc. | 14,807 | 1,685,333 | |
PayPal Holdings, Inc.* | 5,748 | 1,583,746 | |
Shopify, Inc. "A"* | 1,600 | 2,402,052 | |
Square, Inc. "A"* | 9,449 | 2,336,360 |
Twilio, Inc. "A"* | 3,200 | 1,195,488 | |
Western Union Co. | 23,382 | 542,696 | |
23,156,115 | |||
Semiconductors & Semiconductor Equipment 4.0% | |||
Advanced Micro Devices, Inc.* | 19,300 | 2,049,467 | |
Analog Devices, Inc. | 6,748 | 1,129,750 | |
Applied Materials, Inc. | 8,900 | 1,245,377 | |
Broadcom, Inc. | 5,579 | 2,708,047 | |
Enphase Energy, Inc.* | 5,200 | 985,920 | |
Intel Corp. | 26,370 | 1,416,596 | |
KLA Corp. | 4,883 | 1,700,065 | |
Lam Research Corp. | 2,589 | 1,650,254 | |
Lasertec Corp. | 4,900 | 925,963 | |
Marvell Technology, Inc. | 29,800 | 1,803,198 | |
Micron Technology, Inc.* | 18,500 | 1,435,230 | |
Monolithic Power Systems, Inc. | 6,100 | 2,740,486 | |
NVIDIA Corp. | 10,800 | 2,105,892 | |
QUALCOMM, Inc. | 17,600 | 2,636,480 | |
Skyworks Solutions, Inc. | 4,200 | 774,942 | |
Texas Instruments, Inc. | 14,435 | 2,751,600 | |
Tokyo Electron Ltd. | 3,100 | 1,283,604 | |
United Microelectronics Corp. (ADR) (a) | 152,700 | 1,607,931 | |
30,950,802 | |||
Software 3.8% | |||
Adobe, Inc.* | 3,200 | 1,989,216 | |
Crowdstrike Holdings, Inc. "A"* | 3,900 | 989,079 | |
DocuSign, Inc.* | 3,600 | 1,072,944 | |
Intuit, Inc. | 3,128 | 1,657,746 | |
Microsoft Corp. | 48,273 | 13,753,461 | |
Oracle Corp. | 22,234 | 1,937,471 | |
salesforce.com, Inc.* | 6,200 | 1,499,966 | |
SAP SE | 6,013 | 862,014 | |
ServiceNow, Inc.* | 1,688 | 992,358 | |
Trade Desk, Inc. "A"* | 17,400 | 1,425,234 | |
Zoom Video Communications, Inc. "A"* | 4,500 | 1,701,450 | |
Zscaler, Inc.* | 6,200 | 1,462,642 | |
29,343,581 | |||
Technology Hardware, Storage & Peripherals 3.3% | |||
Apple, Inc. | 113,173 | 16,507,414 | |
Hewlett Packard Enterprise Co. | 66,960 | 970,920 | |
HP, Inc. | 48,743 | 1,407,210 | |
Logitech International SA (Registered) | 11,450 | 1,251,977 | |
NetApp, Inc. | 18,223 | 1,450,369 | |
Samsung Electronics Co., Ltd. (GDR) REG S | 780 | 1,338,870 | |
Seagate Technology Holdings PLC | 18,457 | 1,622,370 | |
Seiko Epson Corp. | 51,400 | 882,796 | |
25,431,926 | |||
Materials 3.2% | |||
Chemicals 1.0% | |||
Air Products & Chemicals, Inc. | 2,877 | 837,293 | |
BASF SE | 23,773 | 1,871,057 | |
Dow, Inc. | 28,900 | 1,796,424 | |
Linde PLC | 2,396 | 736,507 |
LyondellBasell Industries NV "A" | 12,500 | 1,241,625 | |
Nutrien Ltd. | 20,500 | 1,218,892 | |
7,701,798 | |||
Construction Materials 0.2% | |||
Holcim Ltd. | 22,665 | 1,329,655 | |
Containers & Packaging 0.2% | |||
Amcor PLC | 87,841 | 1,015,442 | |
International Paper Co. | 18,323 | 1,058,337 | |
2,073,779 | |||
Metals & Mining 1.7% | |||
Anglo American PLC | 20,282 | 900,392 | |
B2Gold Corp. | 145,500 | 609,943 | |
BHP Group Ltd. | 54,453 | 2,130,609 | |
BHP Group PLC | 56,718 | 1,832,840 | |
Rio Tinto Ltd. | 20,874 | 2,049,109 | |
Rio Tinto PLC | 28,001 | 2,376,341 | |
Sibanye Stillwater Ltd. (ADR) (a) | 55,400 | 961,744 | |
Vale SA (ADR) | 105,500 | 2,217,610 | |
13,078,588 | |||
Paper & Forest Products 0.1% | |||
UPM-Kymmene Oyj | 22,239 | 908,649 | |
Real Estate 2.2% | |||
Equity Real Estate Investment Trusts (REITs) 1.8% | |||
Ascendas Real Estate Investment Trust | 226,276 | 521,097 | |
CapitaLand Integrated Commercial Trust | 556,368 | 883,155 | |
Crown Castle International Corp. | 5,146 | 993,641 | |
Iron Mountain, Inc. (a) | 31,200 | 1,365,312 | |
Link REIT | 100,500 | 961,609 | |
Medical Properties Trust, Inc. | 72,500 | 1,524,675 | |
Omega Healthcare Investors, Inc. | 54,400 | 1,973,632 | |
Prologis, Inc. | 5,412 | 692,952 | |
Public Storage | 2,884 | 901,192 | |
Realty Income Corp. | 9,564 | 672,254 | |
VEREIT Inc. | 20,500 | 1,003,885 | |
VICI Properties, Inc. | 37,117 | 1,157,679 | |
WP Carey, Inc. | 10,597 | 855,072 | |
13,506,155 | |||
Real Estate Management & Development 0.4% | |||
Henderson Land Development Co., Ltd. | 296,000 | 1,324,097 | |
New World Development Co., Ltd. | 182,000 | 864,112 | |
Sun Hung Kai Properties Ltd. | 66,000 | 946,239 | |
3,134,448 | |||
Utilities 2.5% | |||
Electric Utilities 1.7% | |||
American Electric Power Co., Inc. | 9,242 | 814,405 | |
CLP Holdings Ltd. | 120,500 | 1,244,260 | |
Duke Energy Corp. | 12,277 | 1,290,435 | |
EDP - Energias de Portugal SA | 207,460 | 1,078,678 | |
Enel SpA | 161,893 | 1,493,428 | |
Fortum Oyj | 50,604 | 1,395,726 | |
Iberdrola SA | 61,987 | 746,104 | |
NextEra Energy, Inc. | 11,388 | 887,125 | |
PPL Corp. | 42,675 | 1,210,690 |
Red Electrica Corp. SA | 44,206 | 876,235 | |
Southern Co. | 20,463 | 1,306,972 | |
SSE PLC | 42,785 | 859,073 | |
13,203,131 | |||
Gas Utilities 0.3% | |||
Naturgy Energy Group SA | 36,269 | 936,523 | |
Snam SpA | 201,150 | 1,218,448 | |
2,154,971 | |||
Multi-Utilities 0.5% | |||
Consolidated Edison, Inc. | 9,512 | 701,700 | |
Dominion Energy, Inc. | 12,035 | 901,060 | |
National Grid PLC | 78,361 | 1,004,066 | |
Public Service Enterprise Group, Inc. | 13,972 | 869,478 | |
Sempra Energy | 5,655 | 738,826 | |
4,215,130 | |||
Total Common Stocks (Cost $342,334,840) | 450,955,037 | ||
Preferred Stocks 3.9% | |||
Communication Services 0.3% | |||
AT&T, Inc., 5.35% | 100,000 | 2,650,000 | |
Consumer Discretionary 0.2% | |||
Porsche Automobil Holding SE Preference | 10,614 | 1,149,495 | |
Financials 2.7% | |||
AGNC Investment Corp., Series C, 7.0% | 64,439 | 1,692,168 | |
Capital One Financial Corp., Series G, 5.2% | 100,000 | 2,552,000 | |
Charles Schwab Corp., Series D, 5.95% | 75,000 | 1,917,000 | |
Fifth Third Bancorp., Series I, 6.625% | 75,000 | 2,153,250 | |
KeyCorp., Series E, 6.125% | 75,000 | 2,238,000 | |
Morgan Stanley, Series K, 5.85% | 75,000 | 2,231,250 | |
PNC Financial Services Group, Inc., Series P, 6.125% | 75,000 | 1,961,250 | |
Regions Financial Corp., Series B, 6.375% | 80,000 | 2,320,000 | |
The Goldman Sachs Group, Inc., Series J, 5.5% | 73,000 | 1,974,650 | |
Wells Fargo & Co., Series Y, 5.625% | 75,000 | 1,971,000 | |
21,010,568 | |||
Real Estate 0.5% | |||
Kimco Realty Corp., Series L, 5.125% | 75,000 | 1,971,750 | |
Prologis, Inc., Series Q, 8.54% | 236 | 16,839 | |
Simon Property Group, Inc., Series J, 8.375% | 17,000 | 1,228,393 | |
VEREIT, Inc., Series F, 6.7% | 26,016 | 650,400 | |
3,867,382 | |||
Utilities 0.2% | |||
Dominion Energy, Inc., Series A, 5.25% | 60,000 | 1,516,800 | |
Total Preferred Stocks (Cost $29,573,514) | 30,194,245 | ||
Warrants 0.0% | |||
Materials | |||
Hercules Trust II, Expiration Date 3/31/2029* (b) (Cost $90,209) | 506 | 32,444 |
Principal Amount ($) (c) | Value ($) | ||
Corporate Bonds 23.5% | |||
Communication Services 3.3% | |||
Alibaba Group Holding Ltd., 3.4%, 12/6/2027 | 1,700,000 | 1,859,172 | |
America Movil SAB de CV, 4.375%, 4/22/2049 | 1,700,000 | 2,131,018 | |
AT&T, Inc.: | |||
1.65%, 2/1/2028 | 290,000 | 290,282 | |
2.25%, 2/1/2032 | 510,000 | 508,472 | |
2.75%, 6/1/2031 (a) | 300,000 | 315,771 | |
3.65%, 6/1/2051 | 560,000 | 593,499 | |
CCO Holdings LLC, 144A, 4.75%, 3/1/2030 | 590,000 | 625,372 | |
Charter Communications Operating LLC: | |||
3.5%, 6/1/2041 | 590,000 | 602,305 | |
3.7%, 4/1/2051 | 750,000 | 758,525 | |
4.4%, 12/1/2061 | 400,000 | 439,402 | |
5.05%, 3/30/2029 | 450,000 | 537,042 | |
CSC Holdings LLC: | |||
144A, 3.375%, 2/15/2031 | 890,000 | 845,500 | |
144A, 4.125%, 12/1/2030 | 783,000 | 784,958 | |
144A, 4.5%, 11/15/2031 | 810,000 | 816,075 | |
DIRECTV Holdings LLC, 144A, 5.875%, 8/15/2027 (d) | 140,000 | 144,746 | |
Discovery Communications LLC, 4.0%, 9/15/2055 | 200,000 | 214,812 | |
Grupo Televisa SAB, 5.25%, 5/24/2049 (a) | 1,700,000 | 2,218,323 | |
Match Group Holdings II LLC, 144A, 4.125%, 8/1/2030 | 1,125,000 | 1,177,031 | |
Meituan, 144A, 2.125%, 10/28/2025 | 505,000 | 490,483 | |
Netflix, Inc.: | |||
4.375%, 11/15/2026 (a) | 1,000,000 | 1,134,440 | |
5.875%, 11/15/2028 | 812,000 | 1,008,910 | |
Tencent Holdings Ltd.: | |||
REG S, 2.39%, 6/3/2030 | 1,700,000 | 1,709,790 | |
144A, 2.88%, 4/22/2031 (a) | 200,000 | 209,981 | |
144A, 3.84%, 4/22/2051 | 300,000 | 323,993 | |
Tencent Music Entertainment Group, 2.0%, 9/3/2030 | 602,000 | 578,837 | |
T-Mobile U.S.A., Inc.: | |||
2.05%, 2/15/2028 | 160,000 | 163,595 | |
2.25%, 11/15/2031 | 655,000 | 656,520 | |
2.625%, 4/15/2026 | 560,000 | 573,300 | |
3.3%, 2/15/2051 | 700,000 | 713,699 | |
3.375%, 4/15/2029 | 635,000 | 661,156 | |
3.6%, 11/15/2060 | 145,000 | 153,504 | |
4.375%, 4/15/2040 | 335,000 | 396,831 | |
Verizon Communications, Inc.: | |||
2.1%, 3/22/2028 | 275,000 | 282,741 | |
2.55%, 3/21/2031 | 390,000 | 405,486 | |
2.65%, 11/20/2040 | 225,000 | 220,282 | |
3.7%, 3/22/2061 | 300,000 | 331,403 | |
ViacomCBS, Inc., 4.2%, 5/19/2032 (a) | 310,000 | 362,676 | |
Vodafone Group PLC, 5.125%, 6/4/2081 | 460,000 | 472,213 | |
25,712,145 | |||
Consumer Discretionary 1.9% | |||
1011778 BC Unlimited Liability Co., 144A, 4.375%, 1/15/2028 | 1,300,000 | 1,317,940 | |
Carnival Corp.: | |||
144A, 5.75%, 3/1/2027 | 475,000 | 482,719 | |
144A, 7.625%, 3/1/2026 | 539,000 | 569,319 |
Dollar General Corp., 4.125%, 4/3/2050 | 110,000 | 132,411 | |
Ford Motor Credit Co. LLC: | |||
2.9%, 2/16/2028 | 1,082,000 | 1,083,298 | |
3.37%, 11/17/2023 | 2,200,000 | 2,279,750 | |
3.375%, 11/13/2025 | 750,000 | 782,995 | |
3.625%, 6/17/2031 | 1,440,000 | 1,492,200 | |
General Motors Co., 5.4%, 4/1/2048 | 350,000 | 445,503 | |
General Motors Financial Co., Inc.: | |||
2.35%, 1/8/2031 | 500,000 | 500,330 | |
2.7%, 6/10/2031 | 540,000 | 552,984 | |
Hilton Domestic Operating Co., Inc.: | |||
144A, 3.625%, 2/15/2032 | 1,350,000 | 1,346,625 | |
144A, 4.0%, 5/1/2031 | 720,000 | 736,938 | |
Hilton Grand Vacations Borrower Escrow LLC, 144A, 4.875%, 7/1/2031 | 240,000 | 235,412 | |
Nissan Motor Co., Ltd., 144A, 4.345%, 9/17/2027 | 760,000 | 844,146 | |
QVC, Inc., 4.75%, 2/15/2027 | 1,140,000 | 1,222,080 | |
Royal Caribbean Cruises Ltd.: | |||
144A, 4.25%, 7/1/2026 | 210,000 | 204,981 | |
144A, 5.5%, 4/1/2028 | 295,000 | 300,812 | |
14,530,443 | |||
Consumer Staples 0.4% | |||
Altria Group, Inc.: | |||
3.7%, 2/4/2051 | 235,000 | 229,521 | |
3.875%, 9/16/2046 | 90,000 | 91,149 | |
Anheuser-Busch InBev Worldwide, Inc.: | |||
4.35%, 6/1/2040 | 270,000 | 327,004 | |
4.439%, 10/6/2048 | 290,000 | 353,379 | |
5.55%, 1/23/2049 | 699,000 | 981,838 | |
BAT Capital Corp., 2.726%, 3/25/2031 | 335,000 | 337,467 | |
JBS Finance Luxembourg Sarl, 144A, 3.625%, 1/15/2032 | 470,000 | 473,201 | |
Keurig Dr Pepper, Inc., 3.8%, 5/1/2050 | 185,000 | 211,449 | |
Smithfield Foods, Inc., 144A, 3.0%, 10/15/2030 | 250,000 | 255,571 | |
3,260,579 | |||
Energy 2.6% | |||
BP Capital Markets America, Inc., 3.06%, 6/17/2041 | 500,000 | 515,512 | |
Cheniere Corpus Christi Holdings LLC, 5.875%, 3/31/2025 | 1,000,000 | 1,142,771 | |
Cheniere Energy Partners LP, 4.5%, 10/1/2029 | 1,100,000 | 1,186,625 | |
Ecopetrol SA, 6.875%, 4/29/2030 | 1,700,000 | 2,052,580 | |
Energy Transfer, L.P., 5.5%, 6/1/2027 | 1,000,000 | 1,187,201 | |
Enterprise Products Operating LLC, 4.2%, 1/31/2050 | 905,000 | 1,064,885 | |
Hess Corp., 5.8%, 4/1/2047 | 400,000 | 520,922 | |
MPLX LP, 2.65%, 8/15/2030 | 210,000 | 215,592 | |
Petroleos Mexicanos, 6.84%, 1/23/2030 | 3,700,000 | 3,859,840 | |
Plains All American Pipeline LP, 3.8%, 9/15/2030 | 300,000 | 325,418 | |
SA Global Sukuk Ltd., 144A, 2.694%, 6/17/2031 | 340,000 | 348,500 | |
Saudi Arabian Oil Co.: | |||
144A, 2.25%, 11/24/2030 | 3,900,000 | 3,861,000 | |
REG S, 3.5%, 4/16/2029 | 1,700,000 | 1,857,502 | |
Sinopec Group Overseas Development Ltd., REG S, 2.7%, 5/13/2030 | 1,700,000 | 1,766,631 | |
Suncor Energy, Inc., 3.75%, 3/4/2051 | 385,000 | 426,534 | |
20,331,513 |
Financials 7.5% | |||
AerCap Ireland Capital DAC: | |||
3.15%, 2/15/2024 | 750,000 | 787,308 | |
4.625%, 10/15/2027 | 750,000 | 842,286 | |
Air Lease Corp.: | |||
3.0%, 2/1/2030 | 750,000 | 775,100 | |
4.65%, Perpetual (e) | 900,000 | 940,500 | |
Aircastle Ltd., 144A, 5.25%, Perpetual (e) | 690,000 | 696,900 | |
Ally Financial, Inc., 4.7%, Perpetual (e) | 3,250,000 | 3,399,500 | |
American Express Co., 3.55%, Perpetual (d) (e) | 2,750,000 | 2,763,750 | |
Avolon Holdings Funding Ltd.: | |||
144A, 2.75%, 2/21/2028 | 540,000 | 544,919 | |
144A, 4.25%, 4/15/2026 | 240,000 | 262,372 | |
Banco Nacional de Panama, 144A, 2.5%, 8/11/2030 | 600,000 | 580,500 | |
Bank of America Corp.: | |||
2.676%, 6/19/2041 | 330,000 | 325,719 | |
4.3%, Perpetual (e) | 612,000 | 631,094 | |
Barclays PLC, 2.645%, 6/24/2031 | 600,000 | 612,823 | |
BBVA Bancomer SA, 144A, 1.875%, 9/18/2025 | 2,236,000 | 2,255,006 | |
Blackstone Holdings Finance Co. LLC, 144A, 2.0%, 1/30/2032 (d) | 530,000 | 527,229 | |
Blackstone Secured Lending Fund, 3.625%, 1/15/2026 | 925,000 | 985,902 | |
BNP Paribas SA, 144A, 4.625%, Perpetual (e) | 1,040,000 | 1,081,392 | |
BPCE SA, 144A, 4.875%, 4/1/2026 | 1,300,000 | 1,481,807 | |
Capital One Financial Corp.: | |||
2.359%, 7/29/2032 | 1,200,000 | 1,211,038 | |
3.95%, Perpetual (e) | 1,520,000 | 1,565,600 | |
Citigroup, Inc.: | |||
2.561%, 5/1/2032 | 310,000 | 320,582 | |
2.572%, 6/3/2031 | 770,000 | 797,404 | |
4.0%, Perpetual (e) | 4,250,000 | 4,391,525 | |
GE Capital Funding LLC, 4.4%, 5/15/2030 | 260,000 | 305,883 | |
GE Capital International Funding Co., Unlimited Co.,, 4.418%, 11/15/2035 | 1,000,000 | 1,226,972 | |
HSBC Holdings PLC: | |||
2.804%, 5/24/2032 | 370,000 | 383,766 | |
4.0%, Perpetual (e) | 1,545,000 | 1,558,519 | |
4.6%, Perpetual (e) | 1,750,000 | 1,797,250 | |
Intesa Sanpaolo SpA: | |||
144A, 4.198%, 6/1/2032 | 1,825,000 | 1,878,078 | |
144A, 4.95%, 6/1/2042 | 1,350,000 | 1,403,770 | |
JPMorgan Chase & Co.: | |||
2.956%, 5/13/2031 | 305,000 | 324,823 | |
3.65%, Perpetual (e) | 1,830,000 | 1,847,156 | |
MDGH - GMTN BV, REG S, 3.7%, 11/7/2049 | 245,000 | 269,484 | |
Morgan Stanley, 3.217%, 4/22/2042 | 100,000 | 107,543 | |
Natwest Group PLC, 4.6%, Perpetual (e) | 1,380,000 | 1,412,775 | |
Nippon Life Insurance Co., 144A, 2.75%, 1/21/2051 | 200,000 | 198,000 | |
Nomura Holdings, Inc., 2.608%, 7/14/2031 | 520,000 | 527,994 | |
OneMain Finance Corp., 3.5%, 1/15/2027 | 1,500,000 | 1,526,250 | |
Park Aerospace Holdings Ltd., 144A, 5.25%, 8/15/2022 | 58,000 | 60,508 | |
REC Ltd.: | |||
144A, 4.75%, 5/19/2023 | 426,000 | 448,268 | |
144A, 5.25%, 11/13/2023 | 570,000 | 614,625 | |
Societe Generale SA: | |||
144A, 4.75%, Perpetual (e) | 735,000 | 758,887 | |
144A, 5.375%, Perpetual (a) (e) | 1,650,000 | 1,782,000 |
Square, Inc.: | |||
144A, 2.75%, 6/1/2026 | 200,000 | 204,500 | |
144A, 3.5%, 6/1/2031 | 380,000 | 394,854 | |
Standard Chartered PLC, 144A, 4.75%, Perpetual (e) | 1,040,000 | 1,066,000 | |
The Charles Schwab Corp.: | |||
Series H, 4.0%, Perpetual (e) | 890,000 | 926,668 | |
Series I, 4.0%, Perpetual (e) | 1,555,000 | 1,623,031 | |
The Goldman Sachs Group, Inc.: | |||
2.383%, 7/21/2032 | 700,000 | 712,208 | |
3.8%, Perpetual (e) | 1,935,000 | 1,973,700 | |
Truist Financial Corp., 4.8%, Perpetual (e) | 2,000,000 | 2,127,380 | |
UBS Group AG, 144A, 4.375%, Perpetual (e) | 743,000 | 765,290 | |
Wells Fargo & Co., 3.9%, Perpetual (e) | 1,545,000 | 1,603,926 | |
57,610,364 | |||
Health Care 2.1% | |||
AbbVie, Inc., 4.875%, 11/14/2048 | 450,000 | 595,234 | |
Bausch Health Companies, Inc., 144A, 4.875%, 6/1/2028 | 520,000 | 536,557 | |
Biogen, Inc., 3.15%, 5/1/2050 | 250,000 | 249,248 | |
Centene Corp.: | |||
2.45%, 7/15/2028 | 360,000 | 364,950 | |
2.625%, 8/1/2031 (d) | 790,000 | 795,925 | |
Charles River Laboratories International, Inc., 144A, 3.75%, 3/15/2029 | 1,750,000 | 1,795,937 | |
Cigna Corp.: | |||
2.375%, 3/15/2031 | 340,000 | 351,676 | |
3.4%, 3/15/2051 | 400,000 | 431,477 | |
CVS Health Corp.: | |||
2.7%, 8/21/2040 | 160,000 | 159,421 | |
4.25%, 4/1/2050 | 120,000 | 147,198 | |
5.05%, 3/25/2048 | 1,000,000 | 1,332,339 | |
DaVita, Inc., 144A, 4.625%, 6/1/2030 | 750,000 | 775,312 | |
Fresenius Medical Care U.S. Finance III, Inc., 144A, 2.375%, 2/16/2031 | 345,000 | 342,955 | |
HCA, Inc.: | |||
4.125%, 6/15/2029 | 600,000 | 684,827 | |
5.25%, 6/15/2026 | 1,000,000 | 1,165,044 | |
Humana, Inc., 2.15%, 2/3/2032 (d) | 350,000 | 351,536 | |
Takeda Pharmaceutical Co., Ltd., 3.175%, 7/9/2050 | 380,000 | 395,798 | |
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/1/2026 | 5,400,000 | 5,181,840 | |
UnitedHealth Group, Inc., 3.25%, 5/15/2051 | 400,000 | 441,284 | |
16,098,558 | |||
Industrials 1.6% | |||
Adani Ports & Special Economic Zone Ltd., 144A, 4.2%, 8/4/2027 | 865,000 | 907,829 | |
American Airlines, Inc., 144A, 5.5%, 4/20/2026 | 620,000 | 648,675 | |
Boeing Co.: | |||
2.196%, 2/4/2026 | 1,696,000 | 1,711,372 | |
2.75%, 2/1/2026 | 820,000 | 857,541 | |
4.875%, 5/1/2025 | 546,000 | 612,265 | |
5.04%, 5/1/2027 | 350,000 | 404,564 | |
Delta Air Lines, Inc.: | |||
3.75%, 10/28/2029 | 865,000 | 857,923 | |
144A, 4.5%, 10/20/2025 | 190,000 | 204,250 | |
Empresa de los Ferrocarriles del Estado, 144A, 3.068%, 8/18/2050 | 239,000 | 209,959 | |
FedEx Corp., 2.4%, 5/15/2031 | 490,000 | 507,171 | |
General Electric Co., 3.625%, 5/1/2030 | 195,000 | 220,292 | |
GFL Environmental, Inc., 144A, 4.0%, 8/1/2028 | 900,000 | 889,412 | |
Mileage Plus Holdings LLC, 144A, 6.5%, 6/20/2027 | 1,100,000 | 1,197,625 |
Nielsen Finance LLC, 144A, 4.5%, 7/15/2029 | 360,000 | 362,698 | |
Prime Security Services Borrower LLC, 144A, 5.25%, 4/15/2024 | 2,400,000 | 2,565,000 | |
12,156,576 | |||
Information Technology 1.1% | |||
Broadcom, Inc.: | |||
144A, 2.6%, 2/15/2033 | 350,000 | 348,369 | |
5.0%, 4/15/2030 | 410,000 | 489,482 | |
Dell International LLC, 8.35%, 7/15/2046 | 350,000 | 572,932 | |
MSCI, Inc., 144A, 3.625%, 9/1/2030 | 540,000 | 567,675 | |
NXP BV, 144A, 2.5%, 5/11/2031 | 800,000 | 829,379 | |
Open Text Corp., 144A, 3.875%, 2/15/2028 | 1,525,000 | 1,574,563 | |
Oracle Corp.: | |||
2.875%, 3/25/2031 | 320,000 | 338,581 | |
3.6%, 4/1/2050 | 150,000 | 156,637 | |
3.65%, 3/25/2041 | 360,000 | 390,564 | |
Salesforce.com, Inc., 2.9%, 7/15/2051 | 800,000 | 820,479 | |
SK Hynix, Inc., 144A, 1.5%, 1/19/2026 | 947,000 | 940,515 | |
Twilio, Inc., 3.625%, 3/15/2029 | 950,000 | 972,591 | |
VMware, Inc., 1.4%, 8/15/2026 (d) | 540,000 | 541,850 | |
8,543,617 | |||
Materials 1.0% | |||
AngloGold Ashanti Holdings PLC, 3.75%, 10/1/2030 (a) | 800,000 | 832,400 | |
Berry Global, Inc., 144A, 1.65%, 1/15/2027 | 1,750,000 | 1,751,785 | |
Corp. Nacional del Cobre de Chile, 144A, 3.15%, 1/15/2051 | 200,000 | 191,912 | |
Glencore Funding LLC, 144A, 3.875%, 4/27/2051 | 400,000 | 434,631 | |
LYB International Finance III LLC, 3.625%, 4/1/2051 (a) | 160,000 | 176,940 | |
MEGlobal Canada ULC, 144A, 5.0%, 5/18/2025 | 1,511,000 | 1,688,845 | |
Novelis Corp., 144A, 4.75%, 1/30/2030 | 1,450,000 | 1,543,974 | |
Tronox, Inc., 144A, 4.625%, 3/15/2029 | 1,110,000 | 1,128,037 | |
7,748,524 | |||
Real Estate 0.7% | |||
American Tower Corp.: | |||
(REIT), 2.1%, 6/15/2030 | 310,000 | 310,195 | |
(REIT), 2.95%, 1/15/2051 | 180,000 | 177,112 | |
Boston Properties LP, (REIT), 2.55%, 4/1/2032 | 535,000 | 550,858 | |
Crown Castle International Corp., (REIT), 2.9%, 4/1/2041 | 660,000 | 651,463 | |
Equinix, Inc., (REIT), 2.15%, 7/15/2030 | 193,000 | 194,149 | |
MPT Operating Partnership LP, (REIT), 3.5%, 3/15/2031 | 1,170,000 | 1,200,397 | |
SBA Communications Corp., 144A, (REIT), 3.125%, 2/1/2029 | 2,500,000 | 2,455,244 | |
Welltower, Inc., (REIT), 2.75%, 1/15/2031 | 210,000 | 220,761 | |
5,760,179 | |||
Utilities 1.3% | |||
AES Panama Generation Holdings SRL, 144A, 4.375%, 5/31/2030 | 622,000 | 643,590 | |
CenterPoint Energy, Inc., 2.65%, 6/1/2031 | 240,000 | 249,800 | |
ENN Energy Holdings, Ltd., 144A, 2.625%, 9/17/2030 | 854,000 | 860,776 | |
Eskom Holdings SOC Ltd., REG S, 6.35%, 8/10/2028 | 1,425,000 | 1,579,327 | |
NextEra Energy Operating Partners LP: | |||
144A, 3.875%, 10/15/2026 | 1,035,000 | 1,089,338 | |
144A, 4.25%, 7/15/2024 | 1,570,000 | 1,650,776 | |
Pacific Gas and Electric Co.: | |||
2.5%, 2/1/2031 | 130,000 | 122,557 | |
3.3%, 8/1/2040 | 370,000 | 335,729 | |
3.5%, 8/1/2050 | 150,000 | 134,098 |
Perusahaan Listrik Negara PT, 144A, 2.875%, 10/25/2025 | EUR | 1,505,000 | 1,908,302 |
Southern California Edison Co., 2.95%, 2/1/2051 | 320,000 | 298,077 | |
Southern Co., 3.75%, 9/15/2051 | 575,000 | 585,925 | |
Vistra Operations Co. LLC, 144A, 4.375%, 5/1/2029 | 385,000 | 394,625 | |
9,852,920 | |||
Total Corporate Bonds (Cost $175,343,261) | 181,605,418 | ||
Asset-Backed 1.7% | |||
Automobile Receivables 0.4% | |||
Avis Budget Rental Car Funding AESOP LLC, “C”, Series 2019-1A, 144A, 4.53%, 3/20/2023 | 700,000 | 709,578 | |
JPMorgan Chase Bank NA, “E”, Series 2021-1, 144A, 2.365%, 9/25/2028 | 2,184,361 | 2,185,921 | |
2,895,499 | |||
Credit Card Receivables 0.6% | |||
Fair Square Issuance Trust, “A”, Series 2020-AA, 144A, 2.9%, 9/20/2024 | 4,670,000 | 4,715,047 | |
Miscellaneous 0.7% | |||
CF Hippolyta LLC, “B1”, Series 2021-1A, 144A, 1.98%, 3/15/2061 | 3,120,541 | 3,169,241 | |
Wendy's Funding LLC, “A2II”, Series 2021-1A, 144A, 2.775%, 6/15/2051 | 2,566,000 | 2,633,589 | |
5,802,830 | |||
Total Asset-Backed (Cost $13,240,616) | 13,413,376 | ||
Mortgage-Backed Securities Pass-Throughs 0.0% | |||
Federal Home Loan Mortgage Corp., 6.0%, 11/1/2021 | 785 | 786 | |
Government National Mortgage Association, 6.5%, 8/20/2034 | 26,660 | 32,325 | |
Total Mortgage-Backed Securities Pass-Throughs (Cost $28,866) | 33,111 | ||
Commercial Mortgage-Backed Securities 2.0% | |||
Citigroup Commercial Mortgage Trust: | |||
“C”, Series 2019-PRM, 144A, 3.896%, 5/10/2036 | 2,516,145 | 2,666,013 | |
“D”, Series 2019-PRM, 144A, 4.35%, 5/10/2036 | 2,625,000 | 2,728,369 | |
Credit Suisse Commercial Mortgage Trust, “B”, Series 2020-TMIC, 144A, 1-month USD-LIBOR + 5.0%, 5.25% (f), 12/15/2035 | 4,300,000 | 4,369,829 | |
Freddie Mac Multifamily Structured Credit Risk, “M2”, Series 2021-MN1, 144A, 30-day average SOFR + 3.75%, 3.8% (f), 1/25/2051 | 1,098,000 | 1,158,760 | |
GMAC Commercial Mortgage Securities, Inc., “G”, Series 2004-C1, 144A, 5.455%, 3/10/2038 | 1,962,212 | 1,195,008 | |
MTRO Commercial Mortgage Trust, “C”, Series 2019-TECH, 144A, 1-month USD-LIBOR + 1.3%, 1.393% (f), 12/15/2033 | 1,255,000 | 1,247,505 | |
Multifamily Connecticut Avenue Securities Trust, “M7”, Series 2019-01, 144A, 1-month USD-LIBOR + 1.7%, 1.789% (f), 10/15/2049 | 1,660,049 | 1,660,049 | |
Total Commercial Mortgage-Backed Securities (Cost $15,582,851) | 15,025,533 | ||
Collateralized Mortgage Obligations 2.6% | |||
Connecticut Avenue Securities Trust: | |||
“1M2”, Series 2020-R01, 144A, 1-month USD-LIBOR + 2.05%, 2.139% (f), 1/25/2040 | 1,096,154 | 1,101,539 | |
“1M2”, Series 2019-R03, 144A, 1-month USD-LIBOR + 2.15%, 2.239% (f), 9/25/2031 | 286,116 | 287,662 | |
“1M2”, Series 2019-R02, 144A, 1-month USD-LIBOR + 2.3%, 2.389% (f), 8/25/2031 | 442,864 | 446,137 |
Fannie Mae Connecticut Avenue Securities: | |||
“1M2”, Series 2018-C06, 1-month USD-LIBOR + 2.0%, 2.089% (f), 3/25/2031 | 576,411 | 581,115 | |
“1M2”, Series 2018-C03, 1-month USD-LIBOR + 2.15%, 2.239% (f), 10/25/2030 | 724,873 | 735,629 | |
“1M2”, Series 2018-C01, 1-month USD-LIBOR + 2.25%, 2.339% (f), 7/25/2030 | 1,142,947 | 1,155,769 | |
“1M2”, Series 2018-C05, 1-month USD-LIBOR + 2.35%, 2.439% (f), 1/25/2031 | 1,855,620 | 1,877,440 | |
Federal National Mortgage Association, “I”, Series 2003-84, Interest Only, 6.0%, 9/25/2033 | 208,285 | 40,468 | |
Freddie Mac Structured Agency Credit Risk Debt Notes: | |||
“M2”, Series 2020-DNA2, 144A, 1-month USD-LIBOR + 1.85%, 1.939% (f), 2/25/2050 | 5,400,000 | 5,437,124 | |
“M2”, Series 2019-DNA3, 144A, 1-month USD-LIBOR + 2.05%, 2.139% (f), 7/25/2049 | 1,366,332 | 1,380,320 | |
“M2”, Series 2019-DNA2, 144A, 1-month USD-LIBOR + 2.45%, 2.539% (f), 3/25/2049 | 2,145,822 | 2,175,535 | |
“M2”, Series 2017-DNA3, 1-month USD-LIBOR + 2.5%, 2.589% (f), 3/25/2030 | 1,000,000 | 1,021,485 | |
“M2”, Series 2019-DNA1, 144A, 1-month USD-LIBOR + 2.65%, 2.739% (f), 1/25/2049 | 319,210 | 323,510 | |
Government National Mortgage Association: | |||
“PI”, Series 2015-40, Interest Only, 4.0%, 4/20/2044 | 312,825 | 11,915 | |
“IN”, Series 2009-69, Interest Only, 5.5%, 8/20/2039 | 354,187 | 77,755 | |
“IJ”, Series 2009-75, Interest Only, 6.0%, 8/16/2039 | 229,922 | 31,762 | |
JPMorgan Mortgage Trust, “AM”, Series 2016-3, 144A, 3.282% (f), 10/25/2046 | 1,623,649 | 1,635,836 | |
STACR Trust, “M2”, Series 2018-DNA3, 144A, 1-month USD-LIBOR + 2.1%, 2.189% (f), 9/25/2048 | 1,945,946 | 1,975,054 | |
Total Collateralized Mortgage Obligations (Cost $19,985,033) | 20,296,055 | ||
Government & Agency Obligations 1.6% | |||
Sovereign Bonds | |||
Bermuda Government International Bond, 144A, 2.375%, 8/20/2030 | 471,000 | 472,177 | |
Brazilian Government International Bond, 3.875%, 6/12/2030 | 947,000 | 956,205 | |
Indonesia Government International Bond: | |||
2.85%, 2/14/2030 | 3,700,000 | 3,860,564 | |
3.85%, 10/15/2030 (a) | 1,700,000 | 1,905,207 | |
Mexico Government International Bond, 3.75%, 4/19/2071 | 312,000 | 287,742 | |
Perusahaan Penerbit SBSN Indonesia III, 144A, 2.8%, 6/23/2030 | 883,000 | 908,342 | |
Philippine Government International Bond, 2.457%, 5/5/2030 | 3,700,000 | 3,842,865 | |
Total Government & Agency Obligations (Cost $12,601,365) | 12,233,102 | ||
Loan Participations and Assignments 0.3% | |||
Senior Loans (f) | |||
Hilton Worldwide Finance LLC, Term Loan B2, 1-month-USD LIBOR + 1.75%, 1.839%, 6/22/2026 | 1,389,236 | 1,373,676 | |
TransDigm, Inc., Term Loan F, 1-month USD-LIBOR + 2.25%, 2.342%, 12/9/2025 | 1,245,890 | 1,225,532 | |
Total Loan Participations and Assignments (Cost $2,636,846) | 2,599,208 | ||
Short-Term U.S. Treasury Obligations 0.8% | |||
U.S. Treasury Bills: | |||
0.053% (g), 5/19/2022 (h) | 4,500,000 | 4,497,735 | |
0.101% (g), 8/12/2021 | 1,100,000 | 1,099,989 | |
0.125% (g), 8/12/2021 (i) | 600,000 | 599,994 | |
Total Short-Term U.S. Treasury Obligations (Cost $6,198,034) | 6,197,718 |
Shares | Value ($) | ||
Exchange-Traded Funds 2.9% | |||
SPDR Bloomberg Barclays Convertible Securities ETF (a) (Cost $13,817,168) | 259,040 | 22,202,318 | |
Securities Lending Collateral 2.3% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (j) (k) (Cost $17,421,344) | 17,421,344 | 17,421,344 | |
Cash Equivalents 2.7% | |||
DWS Central Cash Management Government Fund, 0.03% (j) (Cost $20,802,308) | 20,802,308 | 20,802,308 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $669,656,255) | 102.7 | 793,011,217 | |
Other Assets and Liabilities, Net | (2.7) | (20,580,364) | |
Net Assets | 100.0 | 772,430,853 |
For information on the
Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the
Fund’s transactions with affiliated investments during the period ended July 31, 2021 are as follows:
Value ($) at 10/31/2020 | 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 7/31/2021 | Value ($) at 7/31/2021 |
Securities Lending Collateral 2.3% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (j) (k) | ||||||||
30,951,654 | — | 13,530,310 (l) | — | — | 40,154 | — | 17,421,344 | 17,421,344 |
Cash Equivalents 2.7% | ||||||||
DWS Central Cash Management Government Fund, 0.03% (j) | ||||||||
14,672,645 | 220,864,246 | 214,734,583 | — | — | 4,986 | — | 20,802,308 | 20,802,308 |
45,624,299 | 220,864,246 | 228,264,893 | — | — | 45,140 | — | 38,223,652 | 38,223,652 |
* | Non-income producing security. |
(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 July 31, 2021 amounted to $17,023,597, which is 2.2% 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 security. |
(e) | Perpetual, callable security with no stated maturity date. |
(f) | Variable or floating rate security. These securities are shown at their current rate as of July 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. |
(g) | Annualized yield at time of purchase; not a coupon rate. |
(h) | At July 31, 2021, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(i) | At July 31, 2021, this security has been pledged, in whole or in part, to cover initial margin requirements for open centrally cleared swap contracts. |
(j) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(k) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(l) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended July 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. |
ADR: American Depositary Receipt |
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 |
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 |
S&P: Standard & Poor's |
SBSN: Surat Berharga Syariah Negara (Islamic Based Government Securities) |
SOC: State Owned Company |
SOFR: Secured Overnight Financing Rate |
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.
At July 31, 2021, open
futures contracts purchased were as follows:
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
Euro Stoxx 50 Index | EUR | 9/17/2021 | 67 | 3,287,770 | 3,249,090 | (38,680) |
MSCI Emerging Markets Index | USD | 9/17/2021 | 519 | 35,565,775 | 33,156,315 | (2,409,460) |
Ultra Long U.S. Treasury Bond | USD | 9/21/2021 | 153 | 28,733,176 | 30,528,281 | 1,795,105 |
Total net unrealized depreciation | (653,035) |
At July 31, 2021, open
futures contracts sold were as follows:
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
S&P 500 E-Mini Index | USD | 9/17/2021 | 16 | 3,396,433 | 3,511,600 | (115,167) |
TOPIX Index | JPY | 9/9/2021 | 43 | 7,676,629 | 7,466,843 | 209,786 |
Ultra 10 Year U.S. Treasury Note | USD | 9/21/2021 | 120 | 17,425,288 | 18,030,000 | (604,712) |
Total net unrealized depreciation | (510,093) |
At July 31, 2021, open
interest rate swap contracts were as follows:
Centrally Cleared Swaps | |||||||
Cash Flows Paid by the Fund/ Frequency | Cash Flows Received by the Fund/ Frequency | Effective/ Expiration Date | Notional Amount ($) | Currency | Value ($) | Upfront Payments Paid/ (Received) ($) | Unrealized Depreciation ($) |
Fixed — 0.25% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/3/16/2023 | 12,400,000 | USD | (17,719) | 958 | (18,677) |
Fixed — 0.45% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/3/16/2024 | 7,200,000 | USD | (21,961) | (150) | (21,811) |
Fixed — 1.30% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/3/16/2028 | 2,200,000 | USD | (55,306) | 493 | (55,799) |
Fixed — 1.63% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/3/16/2031 | 1,900,000 | USD | (80,791) | 2,176 | (82,967) |
Total unrealized depreciation | (179,254) |
β | 3-month LIBOR rate as of July 31, 2021 is 0.118%. |
At July 31, 2021, the Fund
had the following open forward foreign currency contracts:
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Appreciation ($) | Counterparty | ||
EUR | 2,500,000 | USD | 3,018,049 | 8/5/2021 | 52,311 | Citigroup, Inc. |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Depreciation ($) | Counterparty | ||
USD | 1,966,893 | EUR | 1,620,000 | 8/5/2021 | (45,095) | Toronto-Dominion Bank |
Currency Abbreviation(s)
EUR | Euro |
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 July 31, 2021 in valuing the Fund’s investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Communication Services | $29,148,097 | $17,754,487 | $— | $46,902,584 |
Consumer Discretionary | 23,587,056 | 9,459,799 | — | 33,046,855 |
Consumer Staples | 18,145,283 | 11,098,589 | — | 29,243,872 |
Energy | 10,156,851 | 4,866,177 | — | 15,023,028 |
Financials | 30,355,315 | 40,575,999 | — | 70,931,314 |
Health Care | 28,625,389 | 18,308,279 | — | 46,933,668 |
Industrials | 15,018,937 | 16,703,396 | — | 31,722,333 |
Information Technology | 105,642,816 | 10,202,263 | — | 115,845,079 |
Materials | 11,693,817 | 13,398,652 | — | 25,092,469 |
Real Estate | 11,140,294 | 5,500,309 | — | 16,640,603 |
Utilities | 8,720,691 | 10,852,541 | — | 19,573,232 |
Preferred Stocks (a) | 29,044,750 | 1,149,495 | — | 30,194,245 |
Warrants | — | — | 32,444 | 32,444 |
Corporate Bonds (a) | — | 181,605,418 | — | 181,605,418 |
Asset-Backed (a) | — | 13,413,376 | — | 13,413,376 |
Mortgage-Backed Securities Pass-Throughs | — | 33,111 | — | 33,111 |
Commercial Mortgage-Backed Securities | — | 15,025,533 | — | 15,025,533 |
Collateralized Mortgage Obligations | — | 20,296,055 | — | 20,296,055 |
Government & Agency Obligations | — | 12,233,102 | — | 12,233,102 |
Loan Participations and Assignments | — | 2,599,208 | — | 2,599,208 |
Short-Term U.S. Treasury Obligations | — | 6,197,718 | — | 6,197,718 |
Exchange-Traded Funds | 22,202,318 | — | — | 22,202,318 |
Short-Term Investments (a) | 38,223,652 | — | — | 38,223,652 |
Derivatives (b) | ||||
Futures Contracts | 2,004,891 | — | — | 2,004,891 |
Forward Foreign Currency Contracts | — | 52,311 | — | 52,311 |
Total | $383,710,157 | $411,325,818 | $32,444 | $795,068,419 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | ||||
Futures Contracts | $(3,168,019) | $— | $— | $(3,168,019) |
Interest Rate Swap Contracts | — | (179,254) | — | (179,254) |
Forward Foreign Currency Contracts | — | (45,095) | — | (45,095) |
Total | $(3,168,019) | $(224,349) | $— | $(3,392,368) |
(a) | See Investment Portfolio for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures 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 July 31, 2021 categorized by the primary underlying risk exposure.
Primary Underlying Risk Disclosure | Forward Contracts | Swap Contracts | Futures Contracts |
Equity Contracts | $ — | $ — | $ (2,353,521) |
Interest Rate Contracts | $ — | $ (179,254) | $ 1,190,393 |
Foreign Exchange Contracts | $ 7,216 | $ — | $ — |
OBTAIN AN OPEN-END FUND
PROSPECTUS
To obtain a summary prospectus, if
available, or prospectus, download one from fundsus.dws.com, talk to your financial representative or call (800) 728-3337. We advise you to carefully consider the product's objectives, risks, charges and expenses
before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest.
CLOSED-END FUNDS
Closed-end funds, unlike open-end funds,
are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a
discount to net asset value. The price of the fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will
trade at, below or above net asset value.
The brand DWS represents
DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory
services.
NO BANK GUARANTEE | NOT
FDIC INSURED | MAY LOSE VALUE
DGIBF-PH3
R-080548-1 (1/23)