Investment Portfolio | as of January 31, 2022 (Unaudited) |
DWS Global Income Builder
Fund
Shares | Value ($) | ||
Common Stocks 60.4% | |||
Communication Services 5.4% | |||
Diversified Telecommunication Services 1.8% | |||
BCE, Inc. | 24,947 | 1,303,136 | |
Deutsche Telekom AG (Registered) | 40,838 | 769,200 | |
Koninklijke KPN NV | 297,617 | 979,151 | |
Nippon Telegraph & Telephone Corp. | 30,000 | 856,800 | |
Orange SA | 100,403 | 1,180,886 | |
Swisscom AG (Registered) | 2,402 | 1,372,392 | |
Telenor ASA | 62,569 | 1,034,137 | |
Telia Co. AB | 315,251 | 1,240,654 | |
Telkom Indonesia Persero Tbk PT (ADR) | 8,200 | 243,786 | |
Telstra Corp., Ltd. | 354,907 | 987,567 | |
TELUS Corp. | 44,152 | 1,038,891 | |
Verizon Communications, Inc. | 39,058 | 2,079,057 | |
13,085,657 | |||
Entertainment 0.5% | |||
Activision Blizzard, Inc. | 353 | 27,891 | |
AMC Entertainment Holdings, Inc. "A"* | 2,781 | 44,663 | |
Netflix, Inc.* | 2,384 | 1,018,302 | |
Nintendo Co., Ltd. | 3,000 | 1,471,172 | |
Sea Ltd. (ADR)* | 1,866 | 280,478 | |
Walt Disney Co.* | 8,441 | 1,206,810 | |
4,049,316 | |||
Interactive Media & Services 2.0% | |||
Alphabet, Inc. "A"* | 1,690 | 4,573,258 | |
Alphabet, Inc. "C"* | 1,631 | 4,426,485 | |
Match Group, Inc.* | 6,845 | 771,432 | |
Meta Platforms, Inc. "A"* | 13,704 | 4,292,915 | |
Pinterest, Inc. "A"* | 5,900 | 174,404 | |
14,238,494 | |||
Media 0.3% | |||
Comcast Corp. "A" | 21,237 | 1,061,638 | |
Dentsu Group, Inc. | 2,400 | 80,650 | |
Interpublic Group of Companies, Inc. | 22,743 | 808,286 | |
1,950,574 | |||
Wireless Telecommunication Services 0.8% | |||
KDDI Corp. | 14,100 | 450,893 | |
SoftBank Corp. | 85,200 | 1,066,338 | |
Tele2 AB "B" | 88,686 | 1,287,093 | |
Vodafone Group PLC | 1,623,074 | 2,840,998 | |
5,645,322 |
Consumer Discretionary 5.0% | |||
Auto Components 0.3% | |||
Bridgestone Corp. | 19,900 | 876,900 | |
Denso Corp. | 16,000 | 1,197,905 | |
2,074,805 | |||
Automobiles 0.9% | |||
Ford Motor Co. | 14,800 | 300,440 | |
Honda Motor Co., Ltd. | 10,000 | 294,730 | |
Isuzu Motors Ltd. | 18,600 | 230,292 | |
Tesla, Inc.* | 5,137 | 4,811,931 | |
Toyota Motor Corp. | 41,000 | 807,319 | |
Yamaha Motor Co., Ltd. | 11,800 | 282,777 | |
6,727,489 | |||
Hotels, Restaurants & Leisure 0.8% | |||
Booking Holdings, Inc.* | 17 | 41,754 | |
Evolution AB 144A | 5,925 | 730,702 | |
McDonald's Corp. | 6,355 | 1,648,805 | |
Restaurant Brands International, Inc. | 10,030 | 561,014 | |
Starbucks Corp. | 13,009 | 1,279,045 | |
Yum! Brands, Inc. | 11,917 | 1,491,651 | |
5,752,971 | |||
Household Durables 0.2% | |||
Garmin Ltd. | 5,167 | 642,878 | |
Sekisui House Ltd. | 37,600 | 764,443 | |
1,407,321 | |||
Internet & Direct Marketing Retail 1.1% | |||
Amazon.com, Inc.* | 2,730 | 8,166,713 | |
Multiline Retail 0.4% | |||
Target Corp. | 5,667 | 1,249,177 | |
Wesfarmers Ltd. | 34,420 | 1,287,179 | |
2,536,356 | |||
Specialty Retail 1.0% | |||
Best Buy Co., Inc. | 8,242 | 818,266 | |
Home Depot, Inc. | 6,207 | 2,277,845 | |
Industria de Diseno Textil SA | 48,278 | 1,459,568 | |
Lowe's Companies, Inc. | 6,256 | 1,484,862 | |
TJX Companies, Inc. | 21,152 | 1,522,309 | |
7,562,850 | |||
Textiles, Apparel & Luxury Goods 0.3% | |||
Cie Financiere Richemont SA (Registered) | 44 | 6,384 | |
LVMH Moet Hennessy Louis Vuitton SE | 1,180 | 968,934 | |
NIKE, Inc. "B" | 5,746 | 850,810 | |
1,826,128 | |||
Consumer Staples 3.7% | |||
Beverages 0.5% | |||
Coca-Cola Co. | 30,415 | 1,855,619 | |
Diageo PLC | 651 | 32,761 | |
PepsiCo, Inc. | 11,120 | 1,929,542 | |
3,817,922 | |||
Food & Staples Retailing 1.1% | |||
Costco Wholesale Corp. | 2,086 | 1,053,701 | |
J Sainsbury PLC | 214,566 | 842,276 |
Koninklijke Ahold Delhaize NV | 29,033 | 939,369 | |
Sysco Corp. | 13,506 | 1,055,494 | |
Tesco PLC | 319,123 | 1,280,187 | |
Walgreens Boots Alliance, Inc. | 21,944 | 1,091,933 | |
Walmart, Inc. | 9,037 | 1,263,463 | |
Woolworths Group Ltd. | 8,802 | 214,929 | |
7,741,352 | |||
Food Products 0.7% | |||
General Mills, Inc. | 15,594 | 1,070,996 | |
Kellogg Co. | 12,710 | 800,730 | |
Kraft Heinz Co. | 29,769 | 1,065,730 | |
Nestle SA (Registered) | 12,885 | 1,662,929 | |
Wilmar International Ltd. | 259,600 | 826,067 | |
5,426,452 | |||
Household Products 0.5% | |||
Colgate-Palmolive Co. | 7,348 | 605,842 | |
Kimberly-Clark Corp. | 4,878 | 671,457 | |
Procter & Gamble Co. | 12,889 | 2,068,040 | |
3,345,339 | |||
Personal Products 0.2% | |||
L'Oreal SA | 218 | 92,796 | |
Unilever PLC | 30,701 | 1,567,907 | |
1,660,703 | |||
Tobacco 0.7% | |||
Japan Tobacco, Inc. | 120,200 | 2,406,868 | |
Philip Morris International, Inc. | 22,607 | 2,325,130 | |
4,731,998 | |||
Energy 3.8% | |||
Oil, Gas & Consumable Fuels | |||
Aker BP ASA | 9,042 | 314,396 | |
BP PLC | 67,397 | 348,586 | |
Chevron Corp. | 17,576 | 2,308,256 | |
Enbridge, Inc. | 38,430 | 1,624,693 | |
Eni SpA | 88,312 | 1,329,100 | |
Exxon Mobil Corp. | 44,030 | 3,344,519 | |
Gazprom PJSC (ADR) | 13,900 | 120,235 | |
Kinder Morgan, Inc. | 90,544 | 1,571,844 | |
LUKOIL PJSC (ADR) | 5,400 | 479,898 | |
Lundin Energy AB | 21,543 | 871,054 | |
Marathon Petroleum Corp. | 2,000 | 143,500 | |
ONEOK, Inc. | 19,374 | 1,175,614 | |
Parkland Corp. | 100 | 2,659 | |
Pembina Pipeline Corp. | 34,855 | 1,106,673 | |
Phillips 66 | 15,500 | 1,314,245 | |
Reliance Industries Ltd. 144A (GDR) | 5,186 | 330,607 | |
Repsol SA | 116,097 | 1,474,521 | |
Shell PLC | 20,457 | 519,053 | |
Suncor Energy, Inc. | 24,100 | 688,599 | |
TC Energy Corp. | 26,811 | 1,384,474 | |
TotalEnergies SE | 67,816 | 3,852,771 | |
Valero Energy Corp. | 17,903 | 1,485,412 | |
Williams Companies, Inc. | 50,773 | 1,520,144 | |
27,310,853 |
Financials 10.2% | |||
Banks 5.3% | |||
Australia & New Zealand Banking Group Ltd. | 59,150 | 1,118,642 | |
Bank Leumi Le-Israel BM | 64,645 | 689,255 | |
Bank of America Corp. | 33,266 | 1,534,893 | |
Bank of Montreal | 12,413 | 1,405,013 | |
Bank of Nova Scotia | 13,497 | 972,179 | |
BNP Paribas SA | 7,662 | 548,405 | |
BOC Hong Kong Holdings Ltd. | 346,000 | 1,335,100 | |
Canadian Imperial Bank of Commerce | 9,472 | 1,189,412 | |
Citigroup, Inc. | 20,755 | 1,351,566 | |
Citizens Financial Group, Inc. | 11,073 | 569,927 | |
Commonwealth Bank of Australia | 14,505 | 968,268 | |
Credit Agricole SA | 78,261 | 1,176,786 | |
DNB Bank ASA | 1 | 24 | |
Erste Group Bank AG | 13,966 | 649,007 | |
Fifth Third Bancorp. | 23,039 | 1,028,231 | |
Hang Seng Bank Ltd. | 50,300 | 994,696 | |
HSBC Holdings PLC | 345,136 | 2,456,214 | |
Huntington Bancshares, Inc. | 39,773 | 598,981 | |
ICICI Bank Ltd. (ADR) | 5,264 | 114,387 | |
Intesa Sanpaolo SpA | 2 | 6 | |
Itau Unibanco Holding SA (ADR) (Preferred) | 171,000 | 807,120 | |
Japan Post Bank Co., Ltd. | 98,000 | 965,340 | |
JPMorgan Chase & Co. | 14,469 | 2,150,093 | |
KeyCorp. | 52,231 | 1,308,909 | |
Mediobanca Banca di Credito Finanziario SpA | 102,115 | 1,167,191 | |
Mitsubishi UFJ Financial Group, Inc. | 112,400 | 678,225 | |
Mizrahi Tefahot Bank Ltd. | 12,147 | 467,015 | |
Mizuho Financial Group, Inc. | 66,760 | 907,089 | |
Oversea-Chinese Banking Corp., Ltd. | 101,400 | 942,271 | |
PNC Financial Services Group, Inc. | 4,767 | 981,954 | |
Regions Financial Corp. | 66,608 | 1,527,987 | |
Sumitomo Mitsui Financial Group, Inc. | 30,400 | 1,092,390 | |
Toronto-Dominion Bank | 25,799 | 2,066,315 | |
Truist Financial Corp. | 16,867 | 1,059,585 | |
U.S. Bancorp. | 23,337 | 1,357,980 | |
United Overseas Bank Ltd. | 55,700 | 1,244,792 | |
Wells Fargo & Co. | 11,420 | 614,396 | |
Westpac Banking Corp. | 55,572 | 802,468 | |
38,842,112 | |||
Capital Markets 1.7% | |||
BlackRock, Inc. | 1,390 | 1,143,887 | |
Blackstone, Inc. | 29,843 | 3,938,381 | |
Charles Schwab Corp. | 2,086 | 182,942 | |
CME Group, Inc. | 6,554 | 1,504,143 | |
Daiwa Securities Group, Inc. | 154,800 | 935,351 | |
Franklin Resources, Inc. | 28,300 | 904,751 | |
IGM Financial, Inc. | 400 | 14,053 | |
Macquarie Group Ltd. | 1,431 | 187,362 | |
Morgan Stanley | 6,800 | 697,272 | |
Nomura Holdings, Inc. | 62,100 | 274,519 | |
Partners Group Holding AG | 738 | 1,025,957 | |
SBI Holdings Inc/japan | 38,300 | 997,017 | |
The Goldman Sachs Group, Inc. | 1,000 | 354,680 | |
12,160,315 |
Consumer Finance 0.0% | |||
American Express Co. | 397 | 71,388 | |
Upstart Holdings, Inc.* | 800 | 87,208 | |
158,596 | |||
Diversified Financial Services 0.3% | |||
Apollo Global Management, Inc. | 16,088 | 1,126,160 | |
ORIX Corp. | 47,600 | 986,891 | |
2,113,051 | |||
Insurance 2.9% | |||
Allianz SE (Registered) | 7,090 | 1,823,065 | |
Assicurazioni Generali SpA | 58,590 | 1,232,241 | |
AXA SA | 49,076 | 1,550,357 | |
Japan Post Holdings Co., Ltd. | 123,100 | 1,052,716 | |
Legal & General Group PLC | 342,524 | 1,338,280 | |
Manulife Financial Corp. | 56,701 | 1,180,723 | |
MS&AD Insurance Group Holdings, Inc. | 23,300 | 800,983 | |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | 4,540 | 1,434,876 | |
NN Group NV | 16,080 | 899,053 | |
Power Corp. of Canada | 2,000 | 64,288 | |
Progressive Corp. | 15,691 | 1,704,984 | |
Prudential Financial, Inc. | 9,013 | 1,005,580 | |
Sampo Oyj "A" | 30,254 | 1,497,238 | |
Sompo Holdings, Inc. | 16,900 | 791,685 | |
Swiss Re AG | 15,801 | 1,719,214 | |
Tokio Marine Holdings, Inc. | 17,900 | 1,073,798 | |
Zurich Insurance Group AG | 3,813 | 1,822,629 | |
20,991,710 | |||
Health Care 5.8% | |||
Biotechnology 0.9% | |||
AbbVie, Inc. | 20,458 | 2,800,496 | |
Amgen, Inc. | 7,568 | 1,718,995 | |
CSL Ltd. | 365 | 67,814 | |
Gilead Sciences, Inc. | 23,222 | 1,594,887 | |
6,182,192 | |||
Health Care Equipment & Supplies 0.5% | |||
Abbott Laboratories | 11,507 | 1,466,682 | |
Coloplast AS "B" | 6,311 | 915,705 | |
Intuitive Surgical, Inc.* | 795 | 225,923 | |
Medtronic PLC | 8,628 | 892,912 | |
3,501,222 | |||
Health Care Providers & Services 0.5% | |||
Anthem, Inc. | 298 | 131,415 | |
CVS Health Corp. | 12,314 | 1,311,564 | |
Sonic Healthcare Ltd. | 1 | 27 | |
UnitedHealth Group, Inc. | 4,847 | 2,290,547 | |
3,733,553 | |||
Health Care Technology 0.0% | |||
M3, Inc. | 3,200 | 122,957 | |
Life Sciences Tools & Services 0.3% | |||
Danaher Corp. | 3,476 | 993,406 | |
Thermo Fisher Scientific, Inc. | 1,887 | 1,096,913 | |
2,090,319 |
Pharmaceuticals 3.6% | |||
Astellas Pharma, Inc. | 18,500 | 299,281 | |
AstraZeneca PLC | 13,504 | 1,569,346 | |
Bayer AG (Registered) | 25,309 | 1,541,829 | |
Bristol-Myers Squibb Co. | 27,752 | 1,800,827 | |
Chugai Pharmaceutical Co., Ltd. | 28,800 | 936,342 | |
Eisai Co., Ltd. | 5,900 | 296,468 | |
Eli Lilly & Co. | 6,955 | 1,706,688 | |
GlaxoSmithKline PLC | 96,590 | 2,134,531 | |
Johnson & Johnson | 11,992 | 2,066,102 | |
Merck & Co., Inc. | 29,560 | 2,408,549 | |
Novartis AG (Registered) | 24,344 | 2,111,678 | |
Novo Nordisk AS "B" | 16,912 | 1,684,145 | |
Pfizer, Inc. | 51,716 | 2,724,916 | |
Roche Holding AG (Genusschein) | 5,347 | 2,072,157 | |
Sanofi | 14,253 | 1,490,587 | |
Takeda Pharmaceutical Co., Ltd. | 44,500 | 1,293,479 | |
Viatris, Inc. | 19,000 | 284,430 | |
Zoetis, Inc. | 99 | 19,779 | |
26,441,134 | |||
Industrials 3.7% | |||
Aerospace & Defense 0.4% | |||
BAE Systems PLC | 72,899 | 567,713 | |
Lockheed Martin Corp. | 2,344 | 912,121 | |
Raytheon Technologies Corp. | 11,801 | 1,064,332 | |
2,544,166 | |||
Air Freight & Logistics 0.4% | |||
C.H. Robinson Worldwide, Inc. | 1,100 | 115,115 | |
Deutsche Post AG (Registered) | 21,297 | 1,279,568 | |
United Parcel Service, Inc. "B" | 9,225 | 1,865,387 | |
3,260,070 | |||
Building Products 0.1% | |||
Xinyi Glass Holdings Ltd. | 296,000 | 796,831 | |
Commercial Services & Supplies 0.0% | |||
Quad Graphics, Inc.* | 10 | 44 | |
Construction & Engineering 0.1% | |||
Bouygues SA | 22,267 | 786,420 | |
Electrical Equipment 0.3% | |||
ABB Ltd. (Registered) | 16,580 | 573,535 | |
Eaton Corp. PLC | 5,580 | 884,039 | |
Emerson Electric Co. | 8,918 | 820,010 | |
2,277,584 | |||
Industrial Conglomerates 0.4% | |||
3M Co. | 6,464 | 1,073,153 | |
Honeywell International, Inc. | 4,172 | 853,091 | |
Siemens AG (Registered) | 7,850 | 1,245,060 | |
3,171,304 | |||
Machinery 0.5% | |||
Caterpillar, Inc. | 7,448 | 1,501,219 | |
Cummins, Inc. | 2,890 | 638,343 | |
Deere & Co. | 298 | 112,167 | |
Komatsu Ltd. | 4,100 | 101,779 |
Kone Oyj "B" | 12,588 | 813,049 | |
Sandvik AB | 7,072 | 185,158 | |
3,351,715 | |||
Marine 0.2% | |||
Kuehne + Nagel International AG (Registered) | 1,017 | 287,726 | |
SITC International Holdings Co., Ltd. | 248,000 | 950,280 | |
1,238,006 | |||
Professional Services 0.2% | |||
Adecco Group AG (Registered) | 14,547 | 693,063 | |
Thomson Reuters Corp. | 8,043 | 863,429 | |
1,556,492 | |||
Road & Rail 0.2% | |||
Union Pacific Corp. | 5,509 | 1,347,226 | |
Trading Companies & Distributors 0.9% | |||
Fastenal Co. | 25,819 | 1,463,421 | |
ITOCHU Corp. | 32,800 | 1,055,068 | |
Marubeni Corp. | 78,300 | 814,773 | |
Mitsubishi Corp. | 39,400 | 1,339,730 | |
Mitsui & Co., Ltd. | 27,400 | 688,251 | |
Sumitomo Corp. | 70,000 | 1,088,862 | |
6,450,105 | |||
Information Technology 15.1% | |||
Communications Equipment 0.3% | |||
Cisco Systems, Inc. | 43,675 | 2,431,387 | |
Electronic Equipment, Instruments & Components 0.3% | |||
Corning, Inc. | 11,542 | 485,225 | |
Hon Hai Precision Industry Co., Ltd. (GDR) REG S | 4,989 | 35,821 | |
Keyence Corp. | 1,400 | 720,010 | |
TE Connectivity Ltd. | 6,194 | 885,804 | |
2,126,860 | |||
IT Services 2.6% | |||
Accenture PLC "A" | 2,720 | 961,738 | |
Adyen NV 144A* | 365 | 740,812 | |
Automatic Data Processing, Inc. | 4,597 | 947,764 | |
Block, Inc.* | 7,793 | 953,006 | |
Cloudflare, Inc. "A"* | 6,852 | 660,533 | |
Cognizant Technology Solutions Corp. "A" | 99 | 8,457 | |
Fujitsu Ltd. | 4,700 | 622,393 | |
Infosys Ltd. (ADR) | 65,935 | 1,554,088 | |
International Business Machines Corp. | 14,472 | 1,933,025 | |
Mastercard, Inc. "A" | 3,971 | 1,534,315 | |
MongoDB, Inc.* | 2,781 | 1,126,611 | |
Paychex, Inc. | 20,561 | 2,421,263 | |
PayPal Holdings, Inc.* | 5,510 | 947,389 | |
Shopify, Inc. "A"* | 1,390 | 1,341,667 | |
Snowflake, Inc. "A"* | 298 | 82,218 | |
Twilio, Inc. "A"* | 3,178 | 655,049 | |
Visa, Inc. "A" | 7,646 | 1,729,296 | |
Western Union Co. | 23,219 | 439,071 | |
18,658,695 | |||
Semiconductors & Semiconductor Equipment 5.1% | |||
Advanced Micro Devices, Inc.* | 17,576 | 2,008,058 | |
Analog Devices, Inc. | 6,701 | 1,098,763 |
Applied Materials, Inc. | 8,838 | 1,221,235 | |
ASE Technology Holding Co., Ltd. (ADR) | 174,367 | 1,234,518 | |
ASML Holding NV | 1,550 | 1,048,945 | |
Broadcom, Inc. | 5,441 | 3,187,773 | |
Enphase Energy, Inc.* | 4,866 | 683,527 | |
Intel Corp. | 28,723 | 1,402,257 | |
KLA Corp. | 2,764 | 1,075,942 | |
Lam Research Corp. | 1,578 | 930,894 | |
Lasertec Corp. | 3,600 | 812,571 | |
Marvell Technology, Inc. | 18,967 | 1,354,244 | |
Micron Technology, Inc. | 17,179 | 1,413,316 | |
Monolithic Power Systems, Inc. | 4,072 | 1,640,731 | |
NVIDIA Corp. | 14,201 | 3,477,257 | |
QUALCOMM, Inc. | 21,450 | 3,770,052 | |
Skyworks Solutions, Inc. | 4,171 | 611,135 | |
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 26,613 | 3,263,552 | |
Texas Instruments, Inc. | 12,448 | 2,234,292 | |
Tokyo Electron Ltd. | 3,700 | 1,812,623 | |
United Microelectronics Corp. (ADR) | 269,588 | 2,650,050 | |
36,931,735 | |||
Software 3.5% | |||
Adobe, Inc.* | 2,880 | 1,538,784 | |
Autodesk, Inc.* | 4,070 | 1,016,645 | |
Crowdstrike Holdings, Inc. "A"* | 5,363 | 968,772 | |
Intuit, Inc. | 2,709 | 1,504,118 | |
Microsoft Corp. | 44,062 | 13,702,401 | |
Oracle Corp. | 14,533 | 1,179,498 | |
Palantir Technologies, Inc. "A"* | 2,582 | 35,399 | |
salesforce.com, Inc.* | 4,370 | 1,016,593 | |
SAP SE | 5,971 | 746,707 | |
ServiceNow, Inc.* | 2,868 | 1,680,017 | |
Sinch AB 144A* | 13,249 | 135,281 | |
Trade Desk, Inc. "A"* | 16,683 | 1,160,136 | |
Zoom Video Communications, Inc. "A"* | 4,270 | 658,776 | |
25,343,127 | |||
Technology Hardware, Storage & Peripherals 3.3% | |||
Apple, Inc. | 99,413 | 17,375,404 | |
Canon, Inc. | 41,000 | 974,482 | |
Hewlett Packard Enterprise Co. | 60,435 | 986,904 | |
HP, Inc. | 40,359 | 1,482,386 | |
NetApp, Inc. | 12,933 | 1,118,834 | |
Samsung Electronics Co., Ltd. (GDR) REG S | 755 | 1,165,720 | |
Seagate Technology Holdings PLC | 12,370 | 1,325,445 | |
24,429,175 | |||
Materials 2.9% | |||
Chemicals 1.4% | |||
Air Products & Chemicals, Inc. | 2,857 | 806,017 | |
BASF SE | 26,184 | 2,001,278 | |
Covestro AG 144A | 3,359 | 201,882 | |
Dow, Inc. | 40,002 | 2,389,319 | |
Linde PLC | 2,380 | 758,458 | |
LyondellBasell Industries NV "A" | 12,113 | 1,171,691 | |
Mitsubishi Chemical Holdings Corp. | 23,000 | 181,695 | |
Nitto Denko Corp. | 3,200 | 250,614 |
Nutrien Ltd. | 18,172 | 1,269,174 | |
Sumitomo Chemical Co., Ltd. | 199,900 | 1,015,112 | |
10,045,240 | |||
Construction Materials 0.2% | |||
Holcim Ltd.* | 22,507 | 1,217,400 | |
Containers & Packaging 0.2% | |||
Amcor PLC | 87,225 | 1,047,572 | |
International Paper Co. | 6,601 | 318,498 | |
1,366,070 | |||
Metals & Mining 0.9% | |||
Anglo American PLC | 54,369 | 2,373,506 | |
Antofagasta PLC | 40,395 | 728,707 | |
Freeport-McMoRan, Inc. | 1,887 | 70,234 | |
Glencore PLC | 115,027 | 598,768 | |
Kirkland Lake Gold Ltd. | 11,200 | 421,867 | |
Newmont Corp. | 16,088 | 984,103 | |
Norsk Hydro ASA | 16,676 | 128,721 | |
POSCO (ADR) | 16,700 | 944,218 | |
South32 Ltd. | 173,110 | 478,976 | |
6,729,100 | |||
Paper & Forest Products 0.2% | |||
UPM-Kymmene Oyj | 47,234 | 1,718,755 | |
Real Estate 2.3% | |||
Equity Real Estate Investment Trusts (REITs) 2.0% | |||
American Tower Corp. | 298 | 74,947 | |
Ascendas Real Estate Investment Trust | 224,676 | 460,838 | |
CapitaLand Integrated Commercial Trust | 552,568 | 797,050 | |
Crown Castle International Corp. | 5,111 | 932,809 | |
Digital Realty Trust, Inc. | 6,951 | 1,037,298 | |
Iron Mountain, Inc. | 24,130 | 1,108,050 | |
Klepierre SA | 39,376 | 1,045,976 | |
Mapletree Logistics Trust | 96,700 | 121,515 | |
Medical Properties Trust, Inc. | 59,283 | 1,349,281 | |
Orix JREIT, Inc. | 210 | 301,450 | |
Prologis, Inc. | 5,375 | 842,908 | |
Public Storage | 2,864 | 1,026,830 | |
Realty Income Corp. | 20,345 | 1,412,146 | |
Simon Property Group, Inc. | 4,000 | 588,800 | |
Stockland | 149,613 | 431,948 | |
VICI Properties, Inc. | 36,858 | 1,054,876 | |
Vicinity Centres | 36,243 | 42,133 | |
Vornado Realty Trust | 22,900 | 939,129 | |
WP Carey, Inc. | 10,523 | 816,585 | |
14,384,569 | |||
Real Estate Management & Development 0.3% | |||
Aroundtown SA | 167,788 | 1,035,600 | |
Capitaland Investment Ltd.* | 238,300 | 613,388 | |
Sun Hung Kai Properties Ltd. | 69,000 | 843,704 | |
Zillow Group, Inc. "C"* | 360 | 18,173 | |
2,510,865 | |||
Utilities 2.5% | |||
Electric Utilities 1.4% | |||
American Electric Power Co., Inc. | 9,178 | 829,691 |
EDP - Energias de Portugal SA | 202,094 | 1,037,599 | |
Enel SpA | 160,756 | 1,231,292 | |
Fortum Oyj | 40,722 | 1,105,528 | |
Iberdrola SA | 61,553 | 706,083 | |
NextEra Energy, Inc. | 11,309 | 883,459 | |
Origin Energy Ltd. | 66,118 | 264,250 | |
PPL Corp. | 41,583 | 1,234,184 | |
Red Electrica Corp. SA | 47,825 | 964,008 | |
Southern Co. | 20,321 | 1,412,106 | |
SSE PLC | 42,485 | 908,019 | |
10,576,219 | |||
Gas Utilities 0.3% | |||
APA Group (Units) | 138,195 | 939,992 | |
GAIL India Ltd. (GDR) REG S | 375 | 4,350 | |
Snam SpA | 178,517 | 999,858 | |
1,944,200 | |||
Multi-Utilities 0.8% | |||
Consolidated Edison, Inc. | 9,446 | 816,607 | |
Dominion Energy, Inc. | 11,951 | 963,968 | |
E.ON SE | 65,549 | 903,143 | |
Engie SA | 17,124 | 262,094 | |
National Grid PLC | 77,812 | 1,131,013 | |
Public Service Enterprise Group, Inc. | 13,875 | 923,104 | |
Sempra Energy | 5,615 | 775,768 | |
5,775,697 | |||
Total Common Stocks (Cost $345,635,937) | 438,364,833 | ||
Preferred Stocks 3.2% | |||
Communication Services 0.4% | |||
AT&T, Inc., 5.35% | 100,000 | 2,545,000 | |
Consumer Discretionary 0.0% | |||
Porsche Automobil Holding SE | 646 | 60,465 | |
Financials 2.4% | |||
AGNC Investment Corp., Series C, 7.0% | 64,439 | 1,618,708 | |
Charles Schwab Corp., Series D, 5.95% | 75,000 | 1,929,000 | |
Fifth Third Bancorp., Series I, 6.625% | 75,000 | 2,055,750 | |
KeyCorp., Series E, 6.125% | 75,000 | 2,156,250 | |
Morgan Stanley, Series K, 5.85% | 75,000 | 2,070,000 | |
PNC Financial Services Group, Inc., Series P, 6.125% | 75,000 | 1,899,000 | |
Regions Financial Corp., Series B, 6.375% | 80,000 | 2,243,200 | |
The Goldman Sachs Group, Inc., Series J, 5.5% | 73,000 | 1,910,410 | |
Wells Fargo & Co., Series Y, 5.625% | 75,000 | 1,908,000 | |
17,790,318 | |||
Real Estate 0.4% | |||
Kimco Realty Corp., Series L, 5.125% | 75,000 | 1,912,500 | |
Prologis, Inc., Series Q, 8.54% | 236 | 15,118 | |
Simon Property Group, Inc., Series J, 8.375% | 17,000 | 1,172,973 | |
3,100,591 | |||
Total Preferred Stocks (Cost $24,251,426) | 23,496,374 | ||
Warrants 0.0% | |||
Materials | |||
Hercules Trust II, Expiration Date 3/31/2029* (a) (Cost $90,209) | 506 | 32,884 |
Principal Amount ($) (b) | Value ($) | ||
Corporate Bonds 21.6% | |||
Communication Services 2.2% | |||
America Movil SAB de CV, 4.375%, 4/22/2049 | 1,700,000 | 1,957,720 | |
AT&T, Inc.: | |||
2.25%, 2/1/2032 | 510,000 | 476,759 | |
2.75%, 6/1/2031 | 300,000 | 295,945 | |
3.65%, 6/1/2051 | 560,000 | 547,422 | |
CCO Holdings LLC, 144A, 4.75%, 3/1/2030 | 590,000 | 585,454 | |
Charter Communications Operating LLC: | |||
3.5%, 3/1/2042 | 650,000 | 582,794 | |
3.7%, 4/1/2051 | 558,000 | 493,613 | |
4.4%, 12/1/2061 | 233,000 | 220,370 | |
Discovery Communications LLC, 4.0%, 9/15/2055 | 200,000 | 194,279 | |
Grupo Televisa SAB, 5.25%, 5/24/2049 | 1,700,000 | 2,031,301 | |
Meituan, 144A, 2.125%, 10/28/2025 | 505,000 | 476,498 | |
Netflix, Inc.: | |||
4.375%, 11/15/2026 | 1,000,000 | 1,073,125 | |
5.875%, 11/15/2028 | 812,000 | 940,905 | |
Sirius XM Radio, Inc., 144A, 3.125%, 9/1/2026 | 590,000 | 565,692 | |
Tencent Holdings Ltd.: | |||
REG S, 2.39%, 6/3/2030 | 1,700,000 | 1,621,535 | |
144A, 3.84%, 4/22/2051 | 300,000 | 298,060 | |
T-Mobile U.S.A., Inc.: | |||
3.3%, 2/15/2051 | 700,000 | 631,595 | |
3.375%, 4/15/2029 | 635,000 | 623,951 | |
3.6%, 11/15/2060 | 145,000 | 132,071 | |
4.375%, 4/15/2040 | 335,000 | 359,430 | |
Verizon Communications, Inc.: | |||
2.55%, 3/21/2031 | 390,000 | 380,832 | |
2.65%, 11/20/2040 | 225,000 | 200,727 | |
3.7%, 3/22/2061 | 300,000 | 300,722 | |
ViacomCBS, Inc., 4.2%, 5/19/2032 | 932,000 | 1,011,303 | |
16,002,103 | |||
Consumer Discretionary 1.7% | |||
Carnival Corp.: | |||
144A, 5.75%, 3/1/2027 | 475,000 | 455,620 | |
144A, 7.625%, 3/1/2026 | 539,000 | 549,780 | |
Dollar General Corp., 4.125%, 4/3/2050 | 110,000 | 119,209 | |
Ford Motor Co., 3.25%, 2/12/2032 | 1,220,000 | 1,160,635 | |
Ford Motor Credit Co. LLC: | |||
2.7%, 8/10/2026 | 1,340,000 | 1,298,125 | |
2.9%, 2/16/2028 | 1,082,000 | 1,029,631 | |
3.375%, 11/13/2025 | 750,000 | 750,840 | |
3.625%, 6/17/2031 | 1,440,000 | 1,418,400 | |
General Motors Co., 5.4%, 4/1/2048 | 350,000 | 415,123 |
General Motors Financial Co., Inc.: | |||
2.35%, 1/8/2031 | 500,000 | 467,657 | |
2.7%, 6/10/2031 | 540,000 | 514,254 | |
3.1%, 1/12/2032 | 510,000 | 499,320 | |
Hilton Domestic Operating Co., Inc.: | |||
144A, 3.625%, 2/15/2032 | 1,350,000 | 1,281,055 | |
144A, 4.0%, 5/1/2031 | 720,000 | 707,587 | |
Nissan Motor Co., Ltd., 144A, 4.345%, 9/17/2027 | 760,000 | 803,407 | |
Royal Caribbean Cruises Ltd.: | |||
144A, 4.25%, 7/1/2026 | 210,000 | 196,094 | |
144A, 5.5%, 4/1/2028 | 295,000 | 286,236 | |
11,952,973 | |||
Consumer Staples 0.6% | |||
Altria Group, Inc.: | |||
3.7%, 2/4/2051 | 235,000 | 202,954 | |
3.875%, 9/16/2046 | 90,000 | 80,487 | |
Anheuser-Busch Companies LLC, 4.9%, 2/1/2046 | 163,000 | 192,845 | |
Anheuser-Busch InBev Worldwide, Inc.: | |||
4.35%, 6/1/2040 | 270,000 | 298,309 | |
5.55%, 1/23/2049 | 699,000 | 901,253 | |
BAT Capital Corp.: | |||
2.726%, 3/25/2031 | 335,000 | 313,892 | |
3.734%, 9/25/2040 | 349,000 | 314,064 | |
JBS Finance Luxembourg Sarl: | |||
144A, 2.5%, 1/15/2027 | 1,470,000 | 1,425,915 | |
144A, 3.625%, 1/15/2032 | 470,000 | 445,913 | |
Keurig Dr Pepper, Inc., 3.8%, 5/1/2050 | 185,000 | 190,950 | |
4,366,582 | |||
Energy 2.2% | |||
Cenovus Energy, Inc., 3.75%, 2/15/2052 | 120,000 | 115,040 | |
Cheniere Corpus Christi Holdings LLC, 5.875%, 3/31/2025 | 1,000,000 | 1,091,670 | |
Cheniere Energy Partners LP: | |||
144A, 3.25%, 1/31/2032 | 240,000 | 225,739 | |
4.5%, 10/1/2029 | 1,100,000 | 1,124,442 | |
DCP Midstream Operating LP, 3.25%, 2/15/2032 | 400,000 | 378,000 | |
Ecopetrol SA, 6.875%, 4/29/2030 | 1,700,000 | 1,822,332 | |
Enterprise Products Operating LLC: | |||
3.3%, 2/15/2053 | 510,000 | 470,997 | |
4.2%, 1/31/2050 | 741,000 | 783,793 | |
Hess Corp., 5.8%, 4/1/2047 | 400,000 | 503,919 | |
Petroleos Mexicanos, 144A, 6.7%, 2/16/2032 | 3,686,000 | 3,648,771 | |
Plains All American Pipeline LP, 3.8%, 9/15/2030 | 300,000 | 306,119 | |
SA Global Sukuk Ltd., 144A, 2.694%, 6/17/2031 | 340,000 | 336,056 | |
Saudi Arabian Oil Co.: | |||
144A, 2.25%, 11/24/2030 | 3,900,000 | 3,700,281 | |
REG S, 3.5%, 4/16/2029 | 1,700,000 | 1,778,625 | |
16,285,784 | |||
Financials 7.9% | |||
AerCap Ireland Capital DAC: | |||
1.75%, 1/30/2026 | 388,000 | 372,893 | |
3.0%, 10/29/2028 | 1,286,000 | 1,259,840 | |
3.4%, 10/29/2033 | 340,000 | 329,915 | |
3.85%, 10/29/2041 | 250,000 | 244,340 |
Air Lease Corp.: | |||
3.0%, 2/1/2030 | 836,000 | 810,076 | |
4.125%, Perpetual (c) | 2,000,000 | 1,947,500 | |
Aircastle Ltd., 144A, 5.25%, Perpetual (c) | 690,000 | 686,550 | |
Ally Financial, Inc., 4.7%, Perpetual (c) | 3,000,000 | 2,965,950 | |
American Express Co., 3.55%, Perpetual (c) | 2,750,000 | 2,633,125 | |
Ares Capital Corp., 2.875%, 6/15/2027 | 930,000 | 913,399 | |
Avolon Holdings Funding Ltd.: | |||
144A, 2.528%, 11/18/2027 | 50,000 | 47,415 | |
144A, 4.25%, 4/15/2026 | 240,000 | 249,056 | |
Banco Nacional de Panama, 144A, 2.5%, 8/11/2030 | 600,000 | 538,878 | |
Bank of America Corp.: | |||
2.676%, 6/19/2041 | 330,000 | 300,929 | |
4.375%, Perpetual (c) | 4,000,000 | 3,950,400 | |
Bank of New York Mellon Corp., 3.75%, Perpetual (c) | 3,120,000 | 3,026,400 | |
Bank of Nova Scotia, 3.625%, 10/27/2081 | 2,750,000 | 2,534,588 | |
Barclays PLC, 2.645%, 6/24/2031 | 600,000 | 579,274 | |
Blackstone Secured Lending Fund: | |||
144A, 2.85%, 9/30/2028 | 610,000 | 573,422 | |
3.625%, 1/15/2026 | 925,000 | 948,061 | |
BNP Paribas SA, 144A, 4.625%, Perpetual (c) | 1,040,000 | 998,379 | |
Capital One Financial Corp., 3.95%, Perpetual (c) | 1,520,000 | 1,485,800 | |
Citigroup, Inc., 4.0%, Perpetual (c) | 4,250,000 | 4,196,875 | |
Enstar Finance LLC, 5.5%, 1/15/2042 | 1,750,000 | 1,725,711 | |
GE Capital International Funding Co., Unlimited Co., 4.418%, 11/15/2035 | 541,000 | 617,032 | |
HSBC Holdings PLC, 4.6%, Perpetual (c) | 1,750,000 | 1,685,477 | |
Jefferies Group LLC, 2.625%, 10/15/2031 | 260,000 | 247,899 | |
JPMorgan Chase & Co.: | |||
3.328%, 4/22/2052 | 151,000 | 151,944 | |
3.65%, Perpetual (c) | 1,830,000 | 1,759,307 | |
M&T Bank Corp., 3.5%, Perpetual (c) | 980,000 | 921,308 | |
MDGH GMTN RSC Ltd., REG S, 3.7%, 11/7/2049 | 245,000 | 255,412 | |
Morgan Stanley: | |||
2.484%, 9/16/2036 | 789,000 | 733,004 | |
3.217%, 4/22/2042 | 100,000 | 99,188 | |
National Australia Bank , 144A, 3.347%, 1/12/2037 | 640,000 | 622,752 | |
Natwest Group PLC, 4.6%, Perpetual (c) | 1,380,000 | 1,297,200 | |
Nippon Life Insurance Co., 144A, 2.75%, 1/21/2051 | 700,000 | 666,225 | |
PNC Financial Services Group, Inc., 3.4%, Perpetual (c) | 1,740,000 | 1,639,933 | |
REC Ltd.: | |||
144A, 4.75%, 5/19/2023 | 426,000 | 438,183 | |
144A, 5.25%, 11/13/2023 | 570,000 | 597,193 | |
Societe Generale SA: | |||
144A, 4.75%, Perpetual (c) | 735,000 | 726,114 | |
144A, 5.375%, Perpetual (c) | 1,650,000 | 1,660,725 | |
The Charles Schwab Corp., Series I, 4.0%, Perpetual (c) | 1,555,000 | 1,536,231 | |
The Goldman Sachs Group, Inc., 3.8%, Perpetual (c) | 1,935,000 | 1,861,064 | |
Truist Financial Corp., 4.8%, Perpetual (c) | 2,000,000 | 2,040,000 | |
U.S. Bancorp., 3.7%, Perpetual (c) | 2,344,000 | 2,252,584 | |
UBS Group AG, 144A, 4.375%, Perpetual (c) | 743,000 | 699,312 | |
Wells Fargo & Co., 3.9%, Perpetual (c) | 1,545,000 | 1,530,245 | |
57,357,108 | |||
Health Care 1.7% | |||
Bausch Health Companies, Inc., 144A, 4.875%, 6/1/2028 | 520,000 | 492,877 | |
Centene Corp.: | |||
2.45%, 7/15/2028 | 360,000 | 342,400 | |
2.625%, 8/1/2031 | 790,000 | 739,266 |
Charles River Laboratories International, Inc., 144A, 3.75%, 3/15/2029 | 1,750,000 | 1,688,225 | |
CVS Health Corp.: | |||
2.7%, 8/21/2040 | 160,000 | 142,923 | |
4.25%, 4/1/2050 | 120,000 | 133,810 | |
5.05%, 3/25/2048 | 1,000,000 | 1,224,653 | |
DaVita, Inc., 144A, 4.625%, 6/1/2030 | 750,000 | 729,667 | |
HCA, Inc.: | |||
4.125%, 6/15/2029 | 600,000 | 639,145 | |
5.25%, 6/15/2026 | 1,000,000 | 1,094,045 | |
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/1/2026 | 5,400,000 | 4,956,444 | |
12,183,455 | |||
Industrials 1.2% | |||
Adani Ports & Special Economic Zone Ltd., 144A, 4.2%, 8/4/2027 | 865,000 | 885,178 | |
American Airlines, Inc., 144A, 5.5%, 4/20/2026 | 620,000 | 634,725 | |
Block, Inc.: | |||
144A, 2.75%, 6/1/2026 | 200,000 | 193,874 | |
144A, 3.5%, 6/1/2031 | 380,000 | 361,950 | |
Boeing Co.: | |||
2.196%, 2/4/2026 | 1,696,000 | 1,667,056 | |
5.04%, 5/1/2027 | 350,000 | 386,296 | |
Delta Air Lines, Inc.: | |||
3.75%, 10/28/2029 | 865,000 | 839,681 | |
144A, 4.5%, 10/20/2025 | 190,000 | 197,121 | |
Empresa de los Ferrocarriles del Estado, 144A, 3.068%, 8/18/2050 | 239,000 | 190,005 | |
Mileage Plus Holdings LLC, 144A, 6.5%, 6/20/2027 | 1,100,000 | 1,168,750 | |
Prime Security Services Borrower LLC, 144A, 5.25%, 4/15/2024 | 2,400,000 | 2,474,400 | |
8,999,036 | |||
Information Technology 0.8% | |||
Broadcom, Inc., 144A, 2.6%, 2/15/2033 | 350,000 | 323,089 | |
Dell International LLC: | |||
144A, 3.45%, 12/15/2051 | 686,000 | 603,031 | |
8.35%, 7/15/2046 | 87,000 | 137,276 | |
Micron Technology, Inc., 3.477%, 11/1/2051 | 230,000 | 216,734 | |
MSCI, Inc.: | |||
144A, 3.25%, 8/15/2033 | 240,000 | 225,079 | |
144A, 3.625%, 9/1/2030 | 540,000 | 529,659 | |
NXP BV: | |||
144A, 3.125%, 2/15/2042 | 310,000 | 292,343 | |
144A, 3.25%, 11/30/2051 | 160,000 | 148,090 | |
Open Text Corp., 144A, 3.875%, 2/15/2028 | 1,525,000 | 1,494,469 | |
Oracle Corp.: | |||
3.6%, 4/1/2050 | 150,000 | 132,883 | |
3.65%, 3/25/2041 | 861,000 | 800,795 | |
SK Hynix, Inc., 144A, 1.5%, 1/19/2026 | 947,000 | 912,889 | |
5,816,337 | |||
Materials 0.6% | |||
AngloGold Ashanti Holdings PLC, 3.75%, 10/1/2030 | 800,000 | 785,040 | |
Berry Global, Inc., 1.65%, 1/15/2027 | 1,750,000 | 1,657,635 | |
Corp. Nacional del Cobre de Chile, 144A, 3.15%, 1/15/2051 | 200,000 | 172,023 | |
MEGlobal Canada ULC, 144A, 5.0%, 5/18/2025 | 1,511,000 | 1,620,548 | |
Suzano Austria GmbH, 2.5%, 9/15/2028 | 460,000 | 435,620 | |
4,670,866 |
Real Estate 0.4% | |||
American Tower Corp.: | |||
(REIT), 2.1%, 6/15/2030 | 310,000 | 288,788 | |
(REIT), 2.95%, 1/15/2051 | 180,000 | 156,515 | |
Boston Properties LP, (REIT), 2.55%, 4/1/2032 | 535,000 | 514,851 | |
Crown Castle International Corp., (REIT), 2.9%, 4/1/2041 | 660,000 | 599,014 | |
MPT Operating Partnership LP, (REIT), 3.5%, 3/15/2031 | 1,170,000 | 1,129,050 | |
2,688,218 | |||
Utilities 2.3% | |||
AES Panama Generation Holdings SRL, 144A, 4.375%, 5/31/2030 | 622,000 | 618,896 | |
CMS Energy Corp., 3.75%, 12/1/2050 | 2,600,000 | 2,482,642 | |
Duke Energy Corp., 3.25%, 1/15/2082 | 1,350,000 | 1,262,517 | |
Edison International, 5.0%, Perpetual (c) | 2,010,000 | 2,002,322 | |
Eskom Holdings SOC Ltd., REG S, 6.35%, 8/10/2028 | 1,425,000 | 1,489,125 | |
NextEra Energy Operating Partners LP: | |||
144A, 3.875%, 10/15/2026 | 1,035,000 | 1,042,762 | |
144A, 4.25%, 7/15/2024 | 1,570,000 | 1,616,119 | |
Pacific Gas and Electric Co.: | |||
2.5%, 2/1/2031 | 130,000 | 118,841 | |
3.25%, 6/1/2031 | 490,000 | 470,435 | |
3.3%, 8/1/2040 | 370,000 | 321,073 | |
3.5%, 8/1/2050 | 150,000 | 127,773 | |
Perusahaan Listrik Negara PT, 144A, 2.875%, 10/25/2025 | EUR | 1,505,000 | 1,770,598 |
Sempra Energy, 4.125%, 4/1/2052 | 1,880,000 | 1,830,375 | |
Southern Co., 3.75%, 9/15/2051 | 1,241,000 | 1,211,055 | |
16,364,533 | |||
Total Corporate Bonds (Cost $160,989,698) | 156,686,995 | ||
Asset-Backed 2.5% | |||
Automobile Receivables 0.3% | |||
Avis Budget Rental Car Funding AESOP LLC, “C”, Series 2019-1A, 144A, 4.53%, 3/20/2023 | 233,333 | 233,992 | |
JPMorgan Chase Bank NA, “E”, Series 2021-1, 144A, 2.365%, 9/25/2028 | 1,602,667 | 1,592,074 | |
1,826,066 | |||
Credit Card Receivables 0.6% | |||
Fair Square Issuance Trust, “A”, Series 2020-AA, 144A, 2.9%, 9/20/2024 | 4,670,000 | 4,673,223 | |
Miscellaneous 1.6% | |||
CF Hippolyta LLC, “B1”, Series 2021-1A, 144A, 1.98%, 3/15/2061 | 3,018,902 | 2,914,839 | |
DB Master Finance LLC, “A23”, Series 2021-1A, 144A, 2.791%, 11/20/2051 | 6,375,000 | 6,251,982 | |
Wendy's Funding LLC, “A2II”, Series 2021-1A, 144A, 2.775%, 6/15/2051 | 2,553,170 | 2,488,447 | |
11,655,268 | |||
Total Asset-Backed (Cost $18,452,877) | 18,154,557 | ||
Mortgage-Backed Securities Pass-Throughs 0.0% | |||
Government National Mortgage Association, 6.5%, 8/20/2034 (Cost $23,503) | 22,337 | 26,064 | |
Commercial Mortgage-Backed Securities 1.9% | |||
Citigroup Commercial Mortgage Trust: | |||
“C”, Series 2019-PRM, 144A, 3.896%, 5/10/2036 | 2,516,145 | 2,573,298 | |
“D”, Series 2019-PRM, 144A, 4.35%, 5/10/2036 | 2,625,000 | 2,681,655 | |
Credit Suisse Commercial Mortgage Trust, “B”, Series 2020-TMIC, 144A, 1-month USD-LIBOR + 5.0%, 5.25% (d), 12/15/2035 | 4,300,000 | 4,377,828 |
Freddie Mac Multifamily Structured Credit Risk, “M2”, Series 2021-MN1, 144A, 30-day average SOFR + 3.75%, 3.8% (d), 1/25/2051 | 1,098,000 | 1,093,889 | |
GMAC Commercial Mortgage Securities, Inc., “G”, Series 2004-C1, 144A, 5.455%, 3/10/2038 | 1,962,211 | 1,203,996 | |
MTRO Commercial Mortgage Trust, “C”, Series 2019-TECH, 144A, 1-month USD-LIBOR + 1.3%, 1.406% (d), 12/15/2033 | 1,255,000 | 1,228,251 | |
Multifamily Connecticut Avenue Securities Trust, “M7”, Series 2019-01, 144A, 1-month USD-LIBOR + 1.7%, 1.808% (d), 10/15/2049 | 739,418 | 730,454 | |
Total Commercial Mortgage-Backed Securities (Cost $14,662,220) | 13,889,371 | ||
Collateralized Mortgage Obligations 2.1% | |||
Connecticut Avenue Securities Trust: | |||
“1M2”, Series 2020-R01, 144A, 1-month USD-LIBOR + 2.05%, 2.158% (d), 1/25/2040 | 684,655 | 687,469 | |
“1M2”, Series 2019-R03, 144A, 1-month USD-LIBOR + 2.15%, 2.258% (d), 9/25/2031 | 145,880 | 146,437 | |
“1M2”, Series 2019-R02, 144A, 1-month USD-LIBOR + 2.3%, 2.408% (d), 8/25/2031 | 220,244 | 221,152 | |
Fannie Mae Connecticut Avenue Securities: | |||
“1M2”, Series 2018-C06, 1-month USD-LIBOR + 2.0%, 2.108% (d), 3/25/2031 | 567,597 | 573,580 | |
“1M2”, Series 2018-C03, 1-month USD-LIBOR + 2.15%, 2.258% (d), 10/25/2030 | 712,854 | 721,455 | |
“1M2”, Series 2018-C01, 1-month USD-LIBOR + 2.25%, 2.358% (d), 7/25/2030 | 1,123,443 | 1,137,529 | |
Federal National Mortgage Association, “I”, Series 2003-84, Interest Only, 6.0%, 9/25/2033 | 183,466 | 35,476 | |
Freddie Mac Structured Agency Credit Risk Debt Notes: | |||
“M2”, Series 2020-DNA2, 144A, 1-month USD-LIBOR + 1.85%, 1.958% (d), 2/25/2050 | 3,521,379 | 3,541,265 | |
“M2”, Series 2019-DNA3, 144A, 1-month USD-LIBOR + 2.05%, 2.158% (d), 7/25/2049 | 1,274,112 | 1,284,730 | |
“M2”, Series 2019-DNA2, 144A, 1-month USD-LIBOR + 2.45%, 2.558% (d), 3/25/2049 | 2,145,822 | 2,169,059 | |
“M2”, Series 2017-DNA3, 1-month USD-LIBOR + 2.5%, 2.608% (d), 3/25/2030 | 947,970 | 962,216 | |
“M2”, Series 2019-DNA1, 144A, 1-month USD-LIBOR + 2.65%, 2.758% (d), 1/25/2049 | 319,210 | 323,207 | |
JPMorgan Mortgage Trust, “AM”, Series 2016-3, 144A, 3.251% (d), 10/25/2046 | 1,277,507 | 1,260,996 | |
STACR Trust, “M2”, Series 2018-DNA3, 144A, 1-month USD-LIBOR + 2.1%, 2.208% (d), 9/25/2048 | 1,945,946 | 1,969,124 | |
Total Collateralized Mortgage Obligations (Cost $14,917,874) | 15,033,695 | ||
Government & Agency Obligations 1.1% | |||
Sovereign Bonds | |||
Bermuda Government International Bond, 144A, 2.375%, 8/20/2030 | 471,000 | 459,814 | |
Brazilian Government International Bond, 3.875%, 6/12/2030 | 947,000 | 891,638 | |
Indonesia Government International Bond: | |||
2.85%, 2/14/2030 | 3,700,000 | 3,717,945 | |
3.85%, 10/15/2030 | 1,700,000 | 1,843,702 | |
Perusahaan Penerbit SBSN Indonesia III, 144A, 2.8%, 6/23/2030 | 883,000 | 888,898 | |
United Mexican States, 3.5%, 2/12/2034 | 260,000 | 250,773 | |
Total Government & Agency Obligations (Cost $8,580,071) | 8,052,770 | ||
Loan Participations and Assignments 0.4% | |||
Senior Loans (d) | |||
Hilton Worldwide Finance LLC, Term Loan B2, 1-month-USD LIBOR + 1.75%, 1.858%, 6/22/2026 | 1,389,235 | 1,379,108 | |
TransDigm, Inc., Term Loan F, 1-month USD-LIBOR + 2.25%, 2.355%, 12/9/2025 | 1,239,566 | 1,228,478 | |
Total Loan Participations and Assignments (Cost $2,630,359) | 2,607,586 | ||
Short-Term U.S. Treasury Obligations 1.0% | |||
U.S. Treasury Bills: | |||
0.053% (e), 5/19/2022 (f) | 4,500,000 | 4,496,419 | |
0.054% (e), 5/19/2022 | 300,000 | 299,761 | |
0.222% (e), 5/19/2022 | 200,200 | 200,041 | |
0.223% (e), 5/19/2022 (g) | 1,971,400 | 1,969,831 | |
0.237% (e), 5/19/2022 | 600,000 | 599,522 | |
Total Short-Term U.S. Treasury Obligations (Cost $7,568,991) | 7,565,574 |
Shares | Value ($) | ||
Exchange-Traded Funds 2.7% | |||
SPDR Bloomberg Convertible Securities ETF (Cost $13,817,168) | 259,040 | 19,899,453 | |
Cash Equivalents 2.7% | |||
DWS Central Cash Management Government Fund, 0.05% (h) (Cost $19,744,034) | 19,744,034 | 19,744,034 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $631,364,367) | 99.6 | 723,554,190 | |
Other Assets and Liabilities, Net | 0.4 | 2,850,428 | |
Net Assets | 100.0 | 726,404,618 |
For information on the
Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the
Fund’s transactions with affiliated investments during the period ended January 31, 2022 are as follows:
Value ($) at 10/31/2021 | 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 1/31/2022 | Value ($) at 1/31/2022 |
Securities Lending Collateral 0.0% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (h) (i) | ||||||||
9,967,487 | — | 9,967,487 (j) | — | — | 867 | — | — | — |
Cash Equivalents 2.7% | ||||||||
DWS Central Cash Management Government Fund, 0.05% (h) | ||||||||
5,852,846 | 75,979,385 | 62,088,197 | — | — | 880 | — | 19,744,034 | 19,744,034 |
15,820,333 | 75,979,385 | 72,055,684 | — | — | 1,747 | — | 19,744,034 | 19,744,034 |
* | Non-income producing security. |
(a) | Investment was valued using significant unobservable inputs. |
(b) | Principal amount stated in U.S. dollars unless otherwise noted. |
(c) | Perpetual, callable security with no stated maturity date. |
(d) | Variable or floating rate security. These securities are shown at their current rate as of January 31, 2022. 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. |
(e) | Annualized yield at time of purchase; not a coupon rate. |
(f) | At January 31, 2022, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(g) | At January 31, 2022, this security has been pledged, in whole or in part, to cover initial margin requirements for open centrally cleared swap 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, 2022. |
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. |
MSCI: Morgan Stanley Capital International |
PJSC: Public Joint Stock Company |
REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
REIT: Real Estate Investment Trust |
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 |
LIBOR: London Interbank
Offered Rate, the benchmark rate for certain floating rate securities, has been phased out as of the end of 2021 for most maturities and currencies, although certain widely used US Dollar LIBOR rates are expected to
continue to be published through June of 2023 to assist with the transition. The Fund or the instruments in which the Fund invests may be adversely affected by the phase out by, among other things, increased
volatility or illiquidity. There remains uncertainty regarding the future use of LIBOR and the nature of any replacement reference rate and, accordingly, it is difficult to predict the impact to the Fund of the
transition away from LIBOR.
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 January 31, 2022, open
futures contracts purchased were as follows:
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
MSCI Emerging Markets Index | USD | 3/18/2022 | 434 | 26,371,151 | 26,578,160 | 207,009 |
Ultra Long U.S. Treasury Bond | USD | 3/22/2022 | 163 | 31,496,856 | 30,796,813 | (700,043) |
Total net unrealized depreciation | (493,034) |
At January 31, 2022, open
futures contracts sold were as follows:
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation ($) |
5 Year U.S. Treasury Note | USD | 3/31/2022 | 168 | 20,387,687 | 20,026,125 | 361,562 |
Euro Stoxx 50 Index | EUR | 3/18/2022 | 187 | 8,835,214 | 8,703,830 | 131,384 |
Euro-Schatz | EUR | 3/8/2022 | 259 | 32,643,914 | 32,552,676 | 91,238 |
S&P 500 E-Mini Index | USD | 3/18/2022 | 150 | 34,690,591 | 33,781,875 | 908,716 |
TOPIX Index | JPY | 3/10/2022 | 23 | 3,908,362 | 3,794,360 | 114,002 |
Ultra 10 Year U.S. Treasury Note | USD | 3/22/2022 | 83 | 12,211,737 | 11,854,734 | 357,003 |
Total unrealized appreciation | 1,963,905 |
At January 31, 2022, open
credit default swap contracts purchased were as follows:
Centrally Cleared Swaps | |||||||
Underlying Reference Obligation | Fixed Cash Flows Paid Frequency | Expiration Date | Notional Amount ($) | Currency | Value ($) | Upfront Payments Paid ($) | Unrealized Depreciation ($) |
Markit CDX® North American High Yield Index | 5.00%/ Quarterly | 12/20/2026 | 28,550,000 | USD | (2,094,777) | (1,962,246) | (132,531) |
At January 31, 2022, open
interest rate swap contracts were as follows:
Centrally Cleared Swaps | |||||||
Cash Flows Paid by the Fund/ Frequency | Cash Flows Received by the Fund/ Frequency | Effective/ Expiration Date | Notional Amount ($) | Currency | Value ($) | Upfront Payments Paid/ (Received) ($) | Unrealized Appreciation ($) |
Fixed — 0.25% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/3/16/2023 | 12,400,000 | USD | 90,599 | 661 | 89,938 |
Fixed — 0.45% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/3/16/2024 | 7,200,000 | USD | 130,211 | (121) | 130,332 |
Fixed — 1.3% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/3/16/2028 | 2,200,000 | USD | 50,181 | 456 | 49,725 |
Fixed — 1.63% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/3/16/2031 | 1,900,000 | USD | 24,905 | 2,062 | 22,843 |
Total unrealized appreciation | 292,838 |
β | 3-month LIBOR rate as of January 31, 2022 is 0.309%. |
At January 31, 2022, the
Fund had the following open forward foreign currency contracts:
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Appreciation ($) | Counterparty | ||
EUR | 880,000 | USD | 1,018,765 | 2/4/2022 | 30,090 | State Street Bank and Trust |
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 January 31, 2022 in valuing the Fund’s investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Communication Services | $23,351,432 | $15,617,931 | $— | $38,969,363 |
Consumer Discretionary | 27,147,500 | 8,907,133 | — | 36,054,633 |
Consumer Staples | 16,857,677 | 9,866,089 | — | 26,723,766 |
Energy | 19,120,425 | 8,190,428 | — | 27,310,853 |
Financials | 34,619,368 | 39,646,416 | — | 74,265,784 |
Health Care | 25,535,031 | 16,536,346 | — | 42,071,377 |
Industrials | 13,513,097 | 13,266,866 | — | 26,779,963 |
Information Technology | 102,307,155 | 7,613,824 | — | 109,920,979 |
Materials | 10,181,151 | 10,895,414 | — | 21,076,565 |
Real Estate | 11,201,832 | 5,693,602 | — | 16,895,434 |
Utilities | 7,843,237 | 10,452,879 | — | 18,296,116 |
Preferred Stocks (a) | 23,435,909 | 60,465 | — | 23,496,374 |
Warrants | — | — | 32,884 | 32,884 |
Corporate Bonds (a) | — | 156,686,995 | — | 156,686,995 |
Asset-Backed (a) | — | 18,154,557 | — | 18,154,557 |
Mortgage-Backed Securities Pass-Throughs | — | 26,064 | — | 26,064 |
Commercial Mortgage-Backed Securities | — | 13,889,371 | — | 13,889,371 |
Collateralized Mortgage Obligations | — | 15,033,695 | — | 15,033,695 |
Government & Agency Obligations | — | 8,052,770 | — | 8,052,770 |
Loan Participations and Assignments | — | 2,607,586 | — | 2,607,586 |
Short-Term U.S. Treasury Obligations | — | 7,565,574 | — | 7,565,574 |
Exchange-Traded Funds | 19,899,453 | — | — | 19,899,453 |
Short-Term Investments | 19,744,034 | — | — | 19,744,034 |
Derivatives (b) | ||||
Futures Contracts | 2,170,914 | — | — | 2,170,914 |
Interest Rate Swap Contracts | — | 292,838 | — | 292,838 |
Forward Foreign Currency Contracts | — | 30,090 | — | 30,090 |
Total | $356,928,215 | $369,086,933 | $32,884 | $726,048,032 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | ||||
Futures Contracts | $(700,043) | $— | $— | $(700,043) |
Credit Default Swap Contracts | — | (132,531) | — | (132,531) |
Total | $(700,043) | $(132,531) | $— | $(832,574) |
(a) | See Investment Portfolio for additional detailed categorizations. |
(b) | 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, 2022 categorized by the primary underlying risk exposure.
Primary Underlying Risk Disclosure | Forward Contracts | Swap Contracts | Futures Contracts |
Equity Contracts | $ — | $ — | $ 1,361,111 |
Interest Rate Contracts | $ — | $ 292,838 | $ 109,760 |
Credit Contracts | $ — | $ (132,531) | $ — |
Foreign Exchange Contracts | $ 30,090 | $ — | $ — |
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-PH1
R-080548-1 (1/23)