Investment Portfolioas of July 31, 2022 (Unaudited)
DWS Global Income Builder Fund
Shares | Value ($) | ||
Common Stocks 60.3% | |||
Communication Services 4.7% | |||
Diversified Telecommunication Services 1.5% | |||
AT&T, Inc. | 69,000 | 1,295,820 | |
BCE, Inc. | 24,947 | 1,260,451 | |
Deutsche Telekom AG (Registered) | 40,838 | 776,912 | |
Telefonica Brasil SA (ADR) | 54,700 | 474,796 | |
Telefonica Deutschland Holding AG | 518,215 | 1,378,421 | |
Telenor ASA | 62,569 | 758,420 | |
Telstra Corp., Ltd. | 354,907 | 967,271 | |
TELUS Corp. | 44,152 | 1,016,439 | |
Verizon Communications, Inc. | 39,058 | 1,804,089 | |
9,732,619 | |||
Entertainment 0.3% | |||
Embracer Group AB* | 26,524 | 202,772 | |
iQIYI, Inc. (ADR)* | 48,700 | 186,034 | |
Netflix, Inc.* | 1,784 | 401,221 | |
Nintendo Co., Ltd. | 600 | 269,925 | |
Sea Ltd. (ADR)* | 15,000 | 1,144,800 | |
2,204,752 | |||
Interactive Media & Services 1.9% | |||
Alphabet, Inc. "A"* | 33,800 | 3,931,616 | |
Alphabet, Inc. "C"* | 32,620 | 3,804,797 | |
JOYY, Inc. (ADR) | 29,300 | 758,577 | |
Kakaku.com, Inc. | 11,100 | 216,701 | |
Kanzhun Ltd. (ADR)* | 21,100 | 496,061 | |
Meta Platforms, Inc. "A"* | 11,804 | 1,878,016 | |
Twitter, Inc.* | 19,100 | 794,751 | |
11,880,519 | |||
Media 0.4% | |||
Comcast Corp. "A" | 43,037 | 1,614,748 | |
Interpublic Group of Companies, Inc. | 22,743 | 679,334 | |
2,294,082 | |||
Wireless Telecommunication Services 0.6% | |||
SoftBank Corp. | 116,000 | 1,340,852 | |
Vodafone Group PLC | 1,508,637 | 2,223,408 | |
3,564,260 | |||
Consumer Discretionary 4.5% | |||
Auto Components 0.1% | |||
Denso Corp. | 17,100 | 933,941 | |
Automobiles 1.2% | |||
Tesla, Inc.* | 5,737 | 5,114,249 | |
Volkswagen AG | 15,254 | 2,333,359 | |
7,447,608 |
Hotels, Restaurants & Leisure 0.4% | |||
Airbnb, Inc. "A"* | 5,500 | 610,390 | |
Evolution AB 144A | 2,324 | 225,615 | |
McDonald's Corp. | 3,955 | 1,041,629 | |
Restaurant Brands International, Inc. | 10,030 | 537,706 | |
Starbucks Corp. | 4,809 | 407,707 | |
2,823,047 | |||
Household Durables 0.1% | |||
Garmin Ltd. | 5,167 | 504,402 | |
Internet & Direct Marketing Retail 1.3% | |||
Amazon.com, Inc.* | 43,780 | 5,908,111 | |
DoorDash, Inc. "A"* | 4,100 | 285,975 | |
Meituan (ADR)* | 16,600 | 743,016 | |
Pinduoduo, Inc. (ADR)* | 25,000 | 1,225,250 | |
8,162,352 | |||
Multiline Retail 0.1% | |||
Target Corp. | 1,267 | 207,002 | |
Wesfarmers Ltd. | 21,326 | 697,814 | |
904,816 | |||
Specialty Retail 1.0% | |||
Chow Tai Fook Jewellery Group Ltd. | 434,800 | 857,513 | |
Home Depot, Inc. | 8,907 | 2,680,473 | |
Lowe's Companies, Inc. | 6,256 | 1,198,212 | |
TJX Companies, Inc. | 21,152 | 1,293,656 | |
6,029,854 | |||
Textiles, Apparel & Luxury Goods 0.3% | |||
Kering SA | 1,000 | 574,681 | |
NIKE, Inc. "B" | 2,846 | 327,062 | |
VF Corp. | 18,000 | 804,240 | |
1,705,983 | |||
Consumer Staples 5.2% | |||
Beverages 0.4% | |||
Coca-Cola Co. | 30,415 | 1,951,731 | |
PepsiCo, Inc. | 4,520 | 790,819 | |
2,742,550 | |||
Food & Staples Retailing 0.8% | |||
Aeon Co., Ltd. | 13,900 | 280,343 | |
Jeronimo Martins SGPS SA | 69,084 | 1,601,388 | |
Kesko Oyj "B" | 26,322 | 650,995 | |
Walgreens Boots Alliance, Inc. | 21,944 | 869,421 | |
Walmart, Inc. | 9,037 | 1,193,336 | |
Woolworths Group Ltd. | 8,802 | 231,272 | |
4,826,755 | |||
Food Products 0.3% | |||
Kraft Heinz Co. | 6,700 | 246,761 | |
Nestle SA (Registered) | 6,874 | 841,353 | |
Wilmar International Ltd. | 259,600 | 757,794 | |
1,845,908 | |||
Household Products 0.4% | |||
Kimberly-Clark Corp. | 4,878 | 642,871 | |
Procter & Gamble Co. | 12,889 | 1,790,411 | |
2,433,282 |
Personal Products 0.3% | |||
Haleon PLC* | 96,590 | 343,237 | |
Unilever PLC | 30,701 | 1,495,416 | |
1,838,653 | |||
Tobacco 3.0% | |||
Altria Group, Inc. | 164,900 | 7,232,514 | |
British American Tobacco PLC | 97,370 | 3,820,756 | |
Japan Tobacco, Inc. | 297,400 | 5,337,086 | |
Philip Morris International, Inc. | 28,007 | 2,720,880 | |
19,111,236 | |||
Energy 4.7% | |||
Oil, Gas & Consumable Fuels | |||
Chevron Corp. | 17,576 | 2,878,597 | |
Enbridge, Inc. | 188,530 | 8,466,956 | |
Eni SpA | 315,755 | 3,793,437 | |
Exxon Mobil Corp. | 44,030 | 4,267,828 | |
ONEOK, Inc. | 19,374 | 1,157,403 | |
Phillips 66 | 11,300 | 1,005,700 | |
Suncor Energy, Inc. | 19,800 | 671,983 | |
TC Energy Corp. | 26,811 | 1,429,376 | |
TotalEnergies SE | 64,052 | 3,270,323 | |
Valero Energy Corp. | 9,303 | 1,030,493 | |
Williams Companies, Inc. | 50,773 | 1,730,852 | |
Woodside Energy Group Ltd. | 9,703 | 218,559 | |
29,921,507 | |||
Financials 9.2% | |||
Banks 4.4% | |||
Australia & New Zealand Banking Group Ltd. | 30,840 | 495,582 | |
Bank Leumi Le-Israel BM | 357,937 | 3,420,206 | |
Bank of Montreal | 8,213 | 818,767 | |
Bank of Nova Scotia | 19,897 | 1,212,108 | |
BOC Hong Kong Holdings Ltd. | 49,500 | 178,817 | |
Canadian Imperial Bank of Commerce | 18,944 | 958,332 | |
China Construction Bank Corp. | 19,100 | 243,716 | |
Citizens Financial Group, Inc. | 6,100 | 231,617 | |
Commonwealth Bank of Australia | 14,505 | 1,024,665 | |
Fifth Third Bancorp. | 28,200 | 962,184 | |
HSBC Holdings PLC | 345,136 | 2,163,441 | |
Huntington Bancshares, Inc. | 371,273 | 4,934,218 | |
JPMorgan Chase & Co. | 23,469 | 2,707,384 | |
KBC Group NV | 10,005 | 524,399 | |
M&T Bank Corp. | 1,200 | 212,940 | |
Mizrahi Tefahot Bank Ltd. | 40,684 | 1,485,337 | |
PNC Financial Services Group, Inc. | 4,767 | 791,036 | |
Shinhan Financial Group Co., Ltd. (ADR) | 14,300 | 393,393 | |
Signature Bank | 1,200 | 222,684 | |
Toronto-Dominion Bank | 36,199 | 2,351,359 | |
Truist Financial Corp. | 16,867 | 851,278 | |
U.S. Bancorp. | 9,037 | 426,546 | |
Westpac Banking Corp. | 55,572 | 837,580 | |
27,447,589 | |||
Capital Markets 1.6% | |||
BlackRock, Inc. | 1,390 | 930,160 | |
Blackstone, Inc. | 48,843 | 4,985,405 |
Charles Schwab Corp. | 8,386 | 579,054 | |
CME Group, Inc. | 10,454 | 2,085,364 | |
Daiwa Securities Group, Inc. | 197,900 | 912,805 | |
Morgan Stanley | 6,800 | 573,240 | |
10,066,028 | |||
Diversified Financial Services 1.3% | |||
Apollo Global Management, Inc. | 34,188 | 1,952,135 | |
Investor AB "B" | 324,235 | 6,058,150 | |
Mitsubishi HC Capital, Inc. | 81,700 | 395,875 | |
8,406,160 | |||
Insurance 1.9% | |||
Ageas SV | 32,380 | 1,414,313 | |
Assicurazioni Generali SpA | 22,800 | 340,670 | |
AXA SA | 49,076 | 1,130,108 | |
Hannover Rueck SE | 15,916 | 2,258,213 | |
Ping An Insurance Group Co. of China Ltd. (ADR) | 26,700 | 313,992 | |
Poste Italiane SpA 144A | 174,382 | 1,461,519 | |
Swiss Re AG | 28,928 | 2,172,028 | |
T&D Holdings, Inc. | 43,300 | 487,622 | |
Zurich Insurance Group AG | 6,141 | 2,683,603 | |
12,262,068 | |||
Health Care 6.5% | |||
Biotechnology 0.8% | |||
AbbVie, Inc. | 20,458 | 2,935,928 | |
Amgen, Inc. | 7,568 | 1,872,853 | |
Zai Lab Ltd. (ADR)* | 11,000 | 445,830 | |
5,254,611 | |||
Health Care Equipment & Supplies 0.6% | |||
Abbott Laboratories | 11,507 | 1,252,422 | |
Coloplast AS "B" | 1,754 | 205,188 | |
Intuitive Surgical, Inc.* | 995 | 229,019 | |
Masimo Corp.* | 7,600 | 1,098,808 | |
Medtronic PLC | 8,628 | 798,262 | |
3,583,699 | |||
Health Care Providers & Services 0.8% | |||
Cigna Corp. | 4,200 | 1,156,512 | |
CVS Health Corp. | 12,314 | 1,178,203 | |
Elevance Health, Inc. | 498 | 237,596 | |
UnitedHealth Group, Inc. | 4,847 | 2,628,722 | |
5,201,033 | |||
Life Sciences Tools & Services 0.0% | |||
Danaher Corp. | 876 | 255,328 | |
Pharmaceuticals 4.3% | |||
AstraZeneca PLC | 20,867 | 2,750,263 | |
Bristol-Myers Squibb Co. | 27,752 | 2,047,543 | |
Chugai Pharmaceutical Co., Ltd. | 28,800 | 809,220 | |
Eli Lilly & Co. | 3,055 | 1,007,203 | |
GSK PLC | 77,272 | 1,625,310 | |
Hikma Pharmaceuticals PLC | 23,709 | 498,968 | |
Johnson & Johnson | 11,992 | 2,092,844 | |
Merck & Co., Inc. | 48,060 | 4,293,680 | |
Novartis AG (Registered) | 15,223 | 1,307,154 | |
Novo Nordisk AS "B" | 16,912 | 1,983,514 | |
Pfizer, Inc. | 67,916 | 3,430,437 |
Roche Holding AG (Genusschein) | 3,967 | 1,316,138 | |
Sanofi | 14,253 | 1,415,348 | |
Takeda Pharmaceutical Co., Ltd. | 76,200 | 2,242,759 | |
26,820,381 | |||
Industrials 4.6% | |||
Aerospace & Defense 0.3% | |||
Lockheed Martin Corp. | 1,344 | 556,161 | |
Raytheon Technologies Corp. | 11,801 | 1,099,971 | |
1,656,132 | |||
Air Freight & Logistics 0.5% | |||
Deutsche Post AG (Registered) | 21,297 | 853,812 | |
FedEx Corp. | 2,100 | 489,489 | |
United Parcel Service, Inc. "B" | 9,225 | 1,797,860 | |
3,141,161 | |||
Commercial Services & Supplies 0.0% | |||
Quad Graphics, Inc.* | 10 | 32 | |
Electrical Equipment 0.2% | |||
Eaton Corp. PLC | 5,580 | 828,016 | |
Emerson Electric Co. | 8,918 | 803,244 | |
1,631,260 | |||
Industrial Conglomerates 0.6% | |||
3M Co. | 17,364 | 2,487,219 | |
Honeywell International, Inc. | 4,172 | 802,943 | |
Siemens AG (Registered) | 4,707 | 524,602 | |
3,814,764 | |||
Machinery 1.2% | |||
Caterpillar, Inc. | 7,448 | 1,476,566 | |
Cummins, Inc. | 10,690 | 2,365,804 | |
Deere & Co. | 698 | 239,539 | |
PACCAR, Inc. | 31,600 | 2,892,032 | |
Techtronic Industries Co., Ltd. | 40,500 | 450,766 | |
7,424,707 | |||
Marine 0.2% | |||
Kuehne + Nagel International AG (Registered) | 4,387 | 1,181,099 | |
Professional Services 0.6% | |||
Adecco Group AG (Registered) | 61,377 | 2,166,724 | |
CoStar Group, Inc.* | 15,100 | 1,096,109 | |
Nihon M&A Center Holdings, Inc. | 25,700 | 343,724 | |
Thomson Reuters Corp. | 2,643 | 296,776 | |
3,903,333 | |||
Road & Rail 0.7% | |||
Canadian National Railway Co. | 5,600 | 709,451 | |
East Japan Railway Co. | 3,800 | 198,906 | |
MTR Corp. Ltd. | 191,500 | 1,013,572 | |
Nippon Express Holdings, Inc. | 17,900 | 1,065,141 | |
Union Pacific Corp. | 5,509 | 1,252,196 | |
4,239,266 | |||
Trading Companies & Distributors 0.3% | |||
Fastenal Co. | 25,819 | 1,326,064 | |
Mitsubishi Corp. | 31,500 | 922,815 | |
2,248,879 |
Information Technology 13.4% | |||
Communications Equipment 0.3% | |||
Cisco Systems, Inc. | 43,675 | 1,981,535 | |
Electronic Equipment, Instruments & Components 0.4% | |||
CDW Corp. | 13,000 | 2,359,890 | |
Corning, Inc. | 11,542 | 424,284 | |
2,784,174 | |||
IT Services 2.2% | |||
Adyen NV 144A* | 316 | 570,673 | |
Automatic Data Processing, Inc. | 4,597 | 1,108,429 | |
Block, Inc.* | 7,793 | 592,736 | |
Cloudflare, Inc. "A"* | 10,052 | 505,817 | |
Fidelity National Information Services, Inc. | 2,500 | 255,400 | |
Fujitsu Ltd. | 2,600 | 363,930 | |
International Business Machines Corp. | 14,972 | 1,958,188 | |
Mastercard, Inc. "A" | 3,971 | 1,404,900 | |
MongoDB, Inc.* | 2,781 | 868,979 | |
Paychex, Inc. | 20,561 | 2,637,565 | |
PayPal Holdings, Inc.* | 5,510 | 476,780 | |
Shopify, Inc. "A"* | 18,900 | 658,412 | |
Snowflake, Inc. "A"* | 1,598 | 239,556 | |
Twilio, Inc. "A"* | 6,578 | 557,814 | |
Visa, Inc. "A" | 7,646 | 1,621,793 | |
13,820,972 | |||
Semiconductors & Semiconductor Equipment 4.0% | |||
Advanced Micro Devices, Inc.* | 24,176 | 2,283,907 | |
Analog Devices, Inc. | 6,701 | 1,152,304 | |
ASML Holding NV | 969 | 556,284 | |
Broadcom, Inc. | 5,441 | 2,913,547 | |
Enphase Energy, Inc.* | 3,466 | 984,968 | |
Intel Corp. | 10,423 | 378,459 | |
KLA Corp. | 2,764 | 1,060,104 | |
Lam Research Corp. | 1,578 | 789,805 | |
Marvell Technology, Inc. | 18,967 | 1,056,082 | |
Monolithic Power Systems, Inc. | 4,072 | 1,892,340 | |
NVIDIA Corp. | 14,201 | 2,579,328 | |
QUALCOMM, Inc. | 30,750 | 4,460,595 | |
STMicroelectronics NV | 15,277 | 578,924 | |
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 8,300 | 734,384 | |
Texas Instruments, Inc. | 12,448 | 2,226,823 | |
Tokyo Electron Ltd. | 3,700 | 1,289,675 | |
United Microelectronics Corp. (ADR) | 31,100 | 212,102 | |
25,149,631 | |||
Software 3.8% | |||
Adobe, Inc.* | 2,880 | 1,181,146 | |
Autodesk, Inc.* | 1,270 | 274,726 | |
Bill.com Holdings, Inc.* | 3,100 | 418,748 | |
Crowdstrike Holdings, Inc. "A"* | 5,363 | 984,647 | |
Datadog, Inc. "A"* | 2,200 | 224,422 | |
DocuSign, Inc.* | 3,000 | 191,940 | |
HubSpot, Inc.* | 1,100 | 338,800 | |
Intuit, Inc. | 2,709 | 1,235,764 | |
Microsoft Corp. | 44,062 | 12,369,966 | |
Oracle Corp. | 34,733 | 2,406,625 | |
Palantir Technologies, Inc. "A"* | 18,000 | 186,300 |
RingCentral, Inc. "A"* | 12,800 | 633,472 | |
Salesforce, Inc.* | 4,370 | 804,167 | |
ServiceNow, Inc.* | 2,868 | 1,281,021 | |
Trade Desk, Inc. "A"* | 16,683 | 750,735 | |
Unity Software, Inc.* | 4,800 | 179,472 | |
Zscaler, Inc.* | 1,600 | 248,096 | |
23,710,047 | |||
Technology Hardware, Storage & Peripherals 2.7% | |||
Apple, Inc. | 99,413 | 16,155,607 | |
Canon, Inc. | 9,500 | 225,012 | |
HP, Inc. | 25,559 | 853,415 | |
17,234,034 | |||
Materials 2.9% | |||
Chemicals 1.4% | |||
Air Products & Chemicals, Inc. | 2,857 | 709,193 | |
BASF SE | 18,219 | 811,211 | |
Dow, Inc. | 48,602 | 2,586,112 | |
Linde PLC | 2,380 | 718,760 | |
Nutrien Ltd. | 10,872 | 930,685 | |
Yara International ASA | 66,552 | 2,844,862 | |
8,600,823 | |||
Construction Materials 0.2% | |||
Holcim AG | 21,650 | 1,015,969 | |
Containers & Packaging 0.3% | |||
Amcor PLC | 87,225 | 1,129,564 | |
International Paper Co. | 6,601 | 282,325 | |
Packaging Corp. of America | 3,300 | 464,013 | |
1,875,902 | |||
Metals & Mining 0.9% | |||
Anglo American PLC | 54,369 | 1,952,211 | |
Boliden AB | 49,777 | 1,657,442 | |
Mineral Resources Ltd. | 24,999 | 948,815 | |
Newmont Corp. | 16,088 | 728,465 | |
Nucor Corp. | 3,200 | 434,560 | |
Steel Dynamics, Inc. | 3,000 | 233,640 | |
5,955,133 | |||
Paper & Forest Products 0.1% | |||
Mondi PLC | 26,497 | 503,117 | |
Real Estate 2.6% | |||
Equity Real Estate Investment Trusts (REITs) 2.2% | |||
Ascendas Real Estate Investment Trust | 224,676 | 483,713 | |
Crown Castle International Corp. | 5,111 | 923,353 | |
Iron Mountain, Inc. | 33,530 | 1,625,870 | |
Mapletree Commercial Trust | 971,700 | 1,340,056 | |
Medical Properties Trust, Inc. | 250,383 | 4,316,603 | |
Realty Income Corp. | 14,945 | 1,105,781 | |
VICI Properties, Inc. | 48,058 | 1,643,103 | |
Vornado Realty Trust | 82,400 | 2,504,136 | |
13,942,615 | |||
Real Estate Management & Development 0.4% | |||
Henderson Land Development Co., Ltd. | 244,000 | 848,533 |
Sino Land Co., Ltd. | 582,000 | 866,775 | |
Swire Pacific Ltd. "A" | 121,500 | 690,956 | |
2,406,264 | |||
Utilities 2.0% | |||
Electric Utilities 1.4% | |||
American Electric Power Co., Inc. | 4,078 | 401,928 | |
Chubu Electric Power Co., Inc. | 161,200 | 1,717,075 | |
Enel SpA | 209,048 | 1,051,997 | |
HK Electric Investments & HK Electric Investments Ltd. | 389,500 | 352,340 | |
Iberdrola SA | 61,553 | 657,413 | |
Power Assets Holdings Ltd. | 300,000 | 1,964,459 | |
Southern Co. | 20,321 | 1,562,482 | |
SSE PLC | 42,485 | 916,689 | |
Verbund AG | 2,590 | 285,539 | |
8,909,922 | |||
Multi-Utilities 0.6% | |||
Dominion Energy, Inc. | 11,951 | 979,743 | |
Engie SA | 213,826 | 2,644,265 | |
Sempra Energy | 1,315 | 218,027 | |
3,842,035 | |||
Total Common Stocks (Cost $340,360,906) | 381,177,829 | ||
Preferred Stocks 3.6% | |||
Communication Services 0.4% | |||
AT&T, Inc., 5.35% | 100,000 | 2,495,000 | |
Financials 2.7% | |||
AGNC Investment Corp., Series C, 7.0% | 64,439 | 1,560,068 | |
Charles Schwab Corp., Series D, 5.95% | 75,000 | 1,929,000 | |
Fifth Third Bancorp., Series I, 6.625% | 75,000 | 1,981,500 | |
Goldman Sachs Group, Inc., Series J, 5.5% | 73,000 | 1,830,840 | |
KeyCorp., Series E, 6.125% | 75,000 | 1,999,500 | |
Morgan Stanley, Series K, 5.85% | 75,000 | 1,926,000 | |
PNC Financial Services Group, Inc., Series P, 6.855% | 75,000 | 1,895,250 | |
Regions Financial Corp., Series B, 6.375% | 80,000 | 2,129,600 | |
Wells Fargo & Co., Series Y, 5.625% | 75,000 | 1,873,500 | |
17,125,258 | |||
Real Estate 0.5% | |||
Kimco Realty Corp., Series L, 5.125% | 75,000 | 1,852,500 | |
Prologis, Inc., Series Q, 8.54% | 236 | 14,833 | |
Simon Property Group, Inc., Series J, 8.375% | 17,000 | 1,097,860 | |
2,965,193 | |||
Total Preferred Stocks (Cost $24,213,173) | 22,585,451 | ||
Rights 0.0% | |||
Financials | |||
Australia & New Zealand Banking Group Ltd., Expiration Date 8/15/2022* (Cost $0) | 2,056 | 5,717 | |
Warrants 0.0% | |||
Materials | |||
Hercules Trust II, Expiration Date 3/31/2029* (a) (Cost $90,209) | 506 | 46,906 |
Principal Amount ($) (b) | Value ($) | ||
Corporate Bonds 18.7% | |||
Communication Services 1.8% | |||
America Movil SAB de CV, 4.375%, 4/22/2049 | 1,700,000 | 1,630,207 | |
AT&T, Inc.: | |||
2.25%, 2/1/2032 | 368,000 | 312,977 | |
3.65%, 6/1/2051 | 560,000 | 456,226 | |
Charter Communications Operating LLC: | |||
3.5%, 3/1/2042 | 279,000 | 203,369 | |
3.7%, 4/1/2051 | 235,000 | 165,191 | |
Discovery Communications LLC, 4.0%, 9/15/2055 | 200,000 | 145,235 | |
Grupo Televisa SAB, 5.25%, 5/24/2049 | 1,700,000 | 1,673,123 | |
Meituan, 144A, 2.125%, 10/28/2025 | 505,000 | 445,300 | |
Netflix, Inc.: | |||
4.375%, 11/15/2026 | 1,000,000 | 999,960 | |
5.875%, 11/15/2028 | 812,000 | 842,369 | |
Rogers Communications, Inc., 144A, 3.8%, 3/15/2032 | 854,000 | 826,747 | |
Tencent Holdings Ltd., REG S, 2.39%, 6/3/2030 | 1,700,000 | 1,443,119 | |
T-Mobile U.S.A., Inc.: | |||
3.3%, 2/15/2051 | 700,000 | 535,364 | |
3.375%, 4/15/2029 | 635,000 | 592,830 | |
3.6%, 11/15/2060 | 145,000 | 110,852 | |
4.375%, 4/15/2040 | 335,000 | 311,740 | |
Verizon Communications, Inc.: | |||
2.65%, 11/20/2040 | 225,000 | 173,787 | |
3.7%, 3/22/2061 | 300,000 | 245,905 | |
11,114,301 | |||
Consumer Discretionary 1.4% | |||
Dollar General Corp., 4.125%, 4/3/2050 | 110,000 | 97,007 | |
Ford Motor Co., 3.25%, 2/12/2032 | 1,220,000 | 1,018,700 | |
Ford Motor Credit Co. LLC: | |||
2.7%, 8/10/2026 | 600,000 | 545,250 | |
2.9%, 2/16/2028 | 686,000 | 595,118 | |
3.375%, 11/13/2025 | 750,000 | 715,657 | |
3.625%, 6/17/2031 | 410,000 | 347,746 | |
General Motors Co.: | |||
5.4%, 4/1/2048 | 350,000 | 314,537 | |
5.6%, 10/15/2032 | 1,500,000 | 1,497,759 | |
General Motors Financial Co., Inc.: | |||
2.35%, 1/8/2031 | 500,000 | 402,645 | |
3.1%, 1/12/2032 | 510,000 | 426,961 | |
Hilton Domestic Operating Co., Inc.: | |||
144A, 3.625%, 2/15/2032 | 1,075,000 | 927,187 | |
144A, 4.0%, 5/1/2031 | 720,000 | 646,301 | |
Magallanes, Inc.: | |||
144A, 5.05%, 3/15/2042 | 320,000 | 284,151 | |
144A, 5.141%, 3/15/2052 | 350,000 | 308,147 | |
Nissan Motor Co., Ltd., 144A, 4.345%, 9/17/2027 | 760,000 | 713,435 | |
8,840,601 | |||
Consumer Staples 0.6% | |||
Anheuser-Busch Companies LLC, 4.9%, 2/1/2046 | 163,000 | 164,158 |
Anheuser-Busch InBev Worldwide, Inc.: | |||
4.35%, 6/1/2040 | 270,000 | 257,791 | |
5.55%, 1/23/2049 | 699,000 | 768,077 | |
JBS Finance Luxembourg Sarl: | |||
144A, 2.5%, 1/15/2027 | 1,470,000 | 1,306,632 | |
144A, 3.625%, 1/15/2032 | 470,000 | 391,552 | |
JBS USA LUX SA, 144A, 5.75%, 4/1/2033 | 1,090,000 | 1,078,359 | |
3,966,569 | |||
Energy 2.2% | |||
Cenovus Energy, Inc., 2.65%, 1/15/2032 | 367,000 | 315,589 | |
Cheniere Corpus Christi Holdings LLC, 5.875%, 3/31/2025 | 1,000,000 | 1,029,170 | |
Cheniere Energy Partners LP, 4.5%, 10/1/2029 | 1,100,000 | 1,065,719 | |
Ecopetrol SA, 6.875%, 4/29/2030 | 1,700,000 | 1,621,001 | |
Enterprise Products Operating LLC: | |||
3.3%, 2/15/2053 | 510,000 | 397,502 | |
4.2%, 1/31/2050 | 741,000 | 653,590 | |
Hess Corp., 5.8%, 4/1/2047 | 400,000 | 410,823 | |
Petroleos Mexicanos, 6.7%, 2/16/2032 | 3,686,000 | 2,952,486 | |
Plains All American Pipeline LP, 3.8%, 9/15/2030 | 300,000 | 272,200 | |
SA Global Sukuk Ltd., 144A, 2.694%, 6/17/2031 | 340,000 | 309,869 | |
Saudi Arabian Oil Co.: | |||
144A, 2.25%, 11/24/2030 | 3,900,000 | 3,446,781 | |
REG S, 3.5%, 4/16/2029 | 1,700,000 | 1,662,943 | |
14,137,673 | |||
Financials 5.2% | |||
AerCap Ireland Capital DAC, 1.75%, 1/30/2026 | 388,000 | 344,756 | |
Air Lease Corp., 4.125%, Perpetual (c) | 1,450,000 | 1,080,481 | |
Aircastle Ltd., 144A, 5.25%, Perpetual (c) | 690,000 | 550,093 | |
Ally Financial, Inc., 4.7%, Perpetual (c) | 3,000,000 | 2,528,100 | |
Ares Capital Corp., 2.875%, 6/15/2027 | 930,000 | 802,821 | |
Avolon Holdings Funding Ltd.: | |||
144A, 2.528%, 11/18/2027 | 50,000 | 41,428 | |
144A, 4.25%, 4/15/2026 | 240,000 | 223,508 | |
Banco Nacional de Panama, 144A, 2.5%, 8/11/2030 | 600,000 | 480,549 | |
Bank of America Corp.: | |||
2.676%, 6/19/2041 | 330,000 | 249,430 | |
2.972%, 2/4/2033 | 1,260,000 | 1,116,198 | |
4.375%, Perpetual (c) | 4,000,000 | 3,630,000 | |
Bank of New York Mellon Corp.: | |||
3.7%, Perpetual (c) | 1,069,000 | 983,495 | |
3.75%, Perpetual (c) | 2,051,000 | 1,786,831 | |
Barclays PLC, 2.645%, 6/24/2031 | 600,000 | 496,269 | |
Blackstone Secured Lending Fund: | |||
2.85%, 9/30/2028 | 610,000 | 488,971 | |
3.625%, 1/15/2026 | 925,000 | 873,798 | |
Capital One Financial Corp., 3.95%, Perpetual (c) | 1,520,000 | 1,322,379 | |
Citigroup, Inc., 4.91%, 5/24/2033 | 400,000 | 412,106 | |
Corebridge Financial, Inc., 144A, 4.35%, 4/5/2042 | 370,000 | 323,729 | |
Enstar Finance LLC, 5.5%, 1/15/2042 | 1,100,000 | 943,766 | |
JPMorgan Chase & Co., 3.328%, 4/22/2052 | 151,000 | 120,549 | |
KKR Group Finance Co., XII LLC, 144A, 4.85%, 5/17/2032 | 760,000 | 771,781 | |
Liberty Mutual Group, Inc., 144A, 5.5%, 6/15/2052 | 290,000 | 289,252 | |
MDGH GMTN RSC Ltd., REG S, 3.7%, 11/7/2049 | 245,000 | 215,632 | |
Morgan Stanley, 2.484%, 9/16/2036 | 789,000 | 638,337 | |
Nippon Life Insurance Co., 144A, 2.75%, 1/21/2051 | 700,000 | 577,617 | |
PNC Financial Services Group, Inc., 3.4%, Perpetual (c) | 1,740,000 | 1,426,800 |
REC Ltd.: | |||
144A, 4.75%, 5/19/2023 | 426,000 | 427,662 | |
144A, 5.25%, 11/13/2023 | 570,000 | 576,794 | |
Societe Generale SA: | |||
144A, 5.375%, Perpetual (c) | 1,650,000 | 1,384,538 | |
144A, 6.221%, 6/15/2033 | 1,275,000 | 1,251,401 | |
The Charles Schwab Corp., Series I, 4.0%, Perpetual (c) | 1,555,000 | 1,414,070 | |
The Goldman Sachs Group, Inc., 3.8%, Perpetual (c) | 1,050,000 | 906,026 | |
Truist Financial Corp., 4.8%, Perpetual (c) | 2,000,000 | 1,897,096 | |
U.S. Bancorp., 4.967%, 7/22/2033 | 730,000 | 757,553 | |
UBS Group AG, 144A, 4.375%, Perpetual (c) | 743,000 | 597,186 | |
Wells Fargo & Co., 4.897%, 7/25/2033 | 700,000 | 725,615 | |
32,656,617 | |||
Health Care 1.8% | |||
Bausch Health Companies, Inc., 144A, 4.875%, 6/1/2028 | 520,000 | 414,050 | |
Centene Corp.: | |||
2.45%, 7/15/2028 | 360,000 | 322,200 | |
2.625%, 8/1/2031 | 790,000 | 673,664 | |
Charles River Laboratories International, Inc., 144A, 3.75%, 3/15/2029 | 1,750,000 | 1,614,871 | |
CVS Health Corp.: | |||
2.7%, 8/21/2040 | 160,000 | 121,758 | |
4.25%, 4/1/2050 | 120,000 | 109,224 | |
5.05%, 3/25/2048 | 1,000,000 | 1,015,740 | |
DaVita, Inc., 144A, 4.625%, 6/1/2030 | 750,000 | 615,000 | |
HCA, Inc.: | |||
4.125%, 6/15/2029 | 600,000 | 577,418 | |
5.25%, 6/15/2026 | 1,000,000 | 1,014,689 | |
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/1/2026 | 5,400,000 | 4,874,850 | |
11,353,464 | |||
Industrials 1.1% | |||
Adani Ports & Special Economic Zone Ltd., 144A, 4.2%, 8/4/2027 | 865,000 | 798,568 | |
American Airlines, Inc., 144A, 5.5%, 4/20/2026 | 620,000 | 609,764 | |
Block, Inc., 2.75%, 6/1/2026 | 200,000 | 186,499 | |
Boeing Co.: | |||
2.196%, 2/4/2026 | 1,696,000 | 1,579,230 | |
5.04%, 5/1/2027 | 350,000 | 356,922 | |
Delta Air Lines, Inc.: | |||
3.75%, 10/28/2029 | 865,000 | 751,709 | |
144A, 4.5%, 10/20/2025 | 190,000 | 187,625 | |
Empresa de los Ferrocarriles del Estado, 144A, 3.068%, 8/18/2050 | 239,000 | 147,182 | |
Mileage Plus Holdings LLC, 144A, 6.5%, 6/20/2027 | 1,100,000 | 1,110,989 | |
Prime Security Services Borrower LLC, 144A, 5.25%, 4/15/2024 | 1,400,000 | 1,398,250 | |
7,126,738 | |||
Information Technology 1.0% | |||
Broadcom, Inc., 144A, 2.6%, 2/15/2033 | 350,000 | 282,927 | |
Dell International LLC: | |||
144A, 3.45%, 12/15/2051 | 289,000 | 204,151 | |
5.3%, 10/1/2029 | 485,000 | 491,880 | |
HP, Inc.: | |||
4.2%, 4/15/2032 | 680,000 | 626,471 | |
5.5%, 1/15/2033 | 1,200,000 | 1,206,924 | |
MSCI, Inc.: | |||
144A, 3.25%, 8/15/2033 | 240,000 | 207,919 | |
144A, 3.625%, 9/1/2030 | 435,000 | 397,155 |
NXP BV: | |||
2.65%, 2/15/2032 | 338,000 | 283,643 | |
3.125%, 2/15/2042 | 310,000 | 233,056 | |
Open Text Corp., 144A, 3.875%, 2/15/2028 | 1,150,000 | 1,057,955 | |
Oracle Corp.: | |||
3.6%, 4/1/2050 | 45,000 | 32,798 | |
3.65%, 3/25/2041 | 675,000 | 524,069 | |
SK Hynix, Inc., 144A, 1.5%, 1/19/2026 | 947,000 | 852,720 | |
6,401,668 | |||
Materials 1.2% | |||
AngloGold Ashanti Holdings PLC, 3.75%, 10/1/2030 | 800,000 | 685,484 | |
Berry Global, Inc., 1.65%, 1/15/2027 | 1,750,000 | 1,551,373 | |
Celanese U.S. Holdings LLC: | |||
4.777%, 7/19/2026 | EUR | 900,000 | 939,092 |
6.165%, 7/15/2027 | 1,700,000 | 1,726,604 | |
6.33%, 7/15/2029 | 350,000 | 360,262 | |
6.379%, 7/15/2032 | 320,000 | 328,665 | |
Corp. Nacional del Cobre de Chile, 144A, 3.15%, 1/15/2051 | 200,000 | 145,302 | |
MEGlobal Canada ULC, 144A, 5.0%, 5/18/2025 | 1,511,000 | 1,530,540 | |
Suzano Austria GmbH, 2.5%, 9/15/2028 | 460,000 | 389,372 | |
7,656,694 | |||
Real Estate 0.1% | |||
Boston Properties LP, (REIT), 2.55%, 4/1/2032 | 535,000 | 442,464 | |
MPT Operating Partnership LP, (REIT), 3.5%, 3/15/2031 | 450,000 | 387,425 | |
829,889 | |||
Utilities 2.3% | |||
AES Panama Generation Holdings SRL, 144A, 4.375%, 5/31/2030 | 622,000 | 510,040 | |
CMS Energy Corp., 3.75%, 12/1/2050 | 2,600,000 | 2,076,906 | |
Duke Energy Corp., 3.25%, 1/15/2082 | 1,350,000 | 1,071,299 | |
Enel Finance International NV, 144A, 5.0%, 6/15/2032 | 1,190,000 | 1,164,947 | |
Eskom Holdings SOC Ltd., REG S, 6.35%, 8/10/2028 | 1,425,000 | 1,354,035 | |
NextEra Energy Operating Partners LP: | |||
144A, 3.875%, 10/15/2026 | 1,035,000 | 1,022,368 | |
144A, 4.25%, 7/15/2024 | 1,570,000 | 1,555,509 | |
Pacific Gas and Electric Co.: | |||
2.5%, 2/1/2031 | 130,000 | 103,831 | |
3.25%, 6/1/2031 | 490,000 | 410,113 | |
3.3%, 8/1/2040 | 370,000 | 270,036 | |
5.45%, 6/15/2027 | 550,000 | 545,821 | |
Perusahaan Listrik Negara PT, 144A, 2.875%, 10/25/2025 | EUR | 1,505,000 | 1,515,641 |
Sempra Energy, 4.125%, 4/1/2052 | 1,880,000 | 1,587,043 | |
Southern Co., 3.75%, 9/15/2051 | 1,241,000 | 1,093,805 | |
14,281,394 | |||
Total Corporate Bonds (Cost $133,205,614) | 118,365,608 | ||
Asset-Backed 4.2% | |||
Automobile Receivables 0.2% | |||
JPMorgan Chase Bank NA, “E”, Series 2021-1, 144A, 2.365%, 9/25/2028 | 1,139,990 | 1,106,840 | |
Miscellaneous 4.0% | |||
CF Hippolyta Issuer LLC, “B1”, Series 2021-1A, 144A, 1.98%, 3/15/2061 | 3,018,902 | 2,635,247 | |
DB Master Finance LLC, “A23”, Series 2021-1A, 144A, 2.791%, 11/20/2051 | 6,343,125 | 5,347,914 |
Madison Park Funding XXVI Ltd., “AR”, Series 2007-4A, 144A, 3-month USD-LIBOR + 1.2%, 4.006% (d), 7/29/2030 | 6,400,000 | 6,338,054 | |
Octagon Investment Partners, Ltd., “A1R”, Series 2019-4A, 144A, 3-month USD- LIBOR + 1.15%, 2.55% (d), 5/12/2031 | 4,500,000 | 4,405,491 | |
Venture 37 CLO Ltd., “A1R”, Series 2019-37A, 144A, 3-month USD-LIBOR + 1.15%, 3.662% (d), 7/15/2032 | 4,690,000 | 4,549,755 | |
Wendy's Funding LLC, “A2II”, Series 2021-1A, 144A, 2.775%, 6/15/2051 | 2,540,340 | 2,158,316 | |
25,434,777 | |||
Total Asset-Backed (Cost $28,609,810) | 26,541,617 | ||
Mortgage-Backed Securities Pass-Throughs 0.0% | |||
Government National Mortgage Association, 6.5%, 8/20/2034 (Cost $20,095) | 19,099 | 21,290 | |
Commercial Mortgage-Backed Securities 2.5% | |||
Citigroup Commercial Mortgage Trust: | |||
“C”, Series 2019-PRM, 144A, 3.896%, 5/10/2036 | 2,516,145 | 2,497,953 | |
“D”, Series 2019-PRM, 144A, 4.35%, 5/10/2036 | 2,625,000 | 2,616,371 | |
Credit Suisse Commercial Mortgage Trust: | |||
“A”, Series 2020-TMIC, 144A, 1-month USD-LIBOR + 3.0%, 4.999% (d), 12/15/2035 | 4,300,000 | 4,251,705 | |
“B”, Series 2020-TMIC, 144A, 1-month USD-LIBOR + 5.0%, 6.999% (d), 12/15/2035 | 4,300,000 | 4,249,640 | |
Freddie Mac Multifamily Structured Credit Risk, “M2”, Series 2021-MN1, 144A, 30- day average SOFR + 3.75%, 5.264% (d), 1/25/2051 | 1,098,000 | 959,382 | |
GMAC Commercial Mortgage Securities, Inc., “G”, Series 2004-C1, 144A, 5.455%, 3/10/2038 | 1,962,211 | 1,177,327 | |
Total Commercial Mortgage-Backed Securities (Cost $16,979,896) | 15,752,378 | ||
Collateralized Mortgage Obligations 1.2% | |||
Connecticut Avenue Securities Trust: | |||
“1M2”, Series 2020-R01, 144A, 1-month USD-LIBOR + 2.05%, 4.309% (d), 1/25/2040 | 505,724 | 505,679 | |
“1M2”, Series 2019-R03, 144A, 1-month USD-LIBOR + 2.15%, 4.409% (d), 9/25/2031 | 72,499 | 72,455 | |
“1M2”, Series 2019-R02, 144A, 1-month USD-LIBOR + 2.3%, 4.559% (d), 8/25/2031 | 103,406 | 103,282 | |
Fannie Mae Connecticut Avenue Securities, “1M2”, Series 2018-C06, 1-month USD- LIBOR + 2.0%, 4.259% (d), 3/25/2031 | 486,602 | 486,076 | |
Federal National Mortgage Association, “I”, Series 2003-84, Interest Only, 6.0%, 9/25/2033 | 166,010 | 31,261 | |
Freddie Mac Structured Agency Credit Risk Debt Notes: | |||
“M2”, Series 2020-DNA2, 144A, 1-month USD-LIBOR + 1.85%, 4.109% (d), 2/25/2050 | 2,640,045 | 2,623,677 | |
“M2”, Series 2019-DNA3, 144A, 1-month USD-LIBOR + 2.05%, 4.309% (d), 7/25/2049 | 936,416 | 939,245 | |
“M2”, Series 2019-DNA2, 144A, 1-month USD-LIBOR + 2.45%, 4.709% (d), 3/25/2049 | 1,702,196 | 1,696,897 | |
JPMorgan Mortgage Trust, “AM”, Series 2016-3, 144A, 3.237% (d), 10/25/2046 | 984,234 | 921,344 | |
Total Collateralized Mortgage Obligations (Cost $7,448,756) | 7,379,916 | ||
Government & Agency Obligations 4.3% | |||
Sovereign Bonds 1.1% | |||
Brazilian Government International Bond, 3.875%, 6/12/2030 | 947,000 | 851,333 | |
Indonesia Government International Bond: | |||
2.85%, 2/14/2030 | 3,700,000 | 3,405,594 | |
3.85%, 10/15/2030 | 1,700,000 | 1,653,350 |
Perusahaan Penerbit SBSN Indonesia III, 144A, 2.8%, 6/23/2030 | 883,000 | 800,439 | |
United Mexican States, 3.5%, 2/12/2034 | 260,000 | 225,661 | |
6,936,377 | |||
U.S. Treasury Obligations 3.2% | |||
U.S. Treasury Bonds, 1.875%, 11/15/2051 | 111,700 | 85,957 | |
U.S. Treasury Notes: | |||
2.625%, 5/31/2027 | 6,170,900 | 6,150,652 | |
2.75%, 5/31/2029 | 4,428,500 | 4,436,803 | |
2.875%, 5/15/2032 | 9,174,100 | 9,338,947 | |
20,012,359 | |||
Total Government & Agency Obligations (Cost $27,384,478) | 26,948,736 | ||
Loan Participations and Assignments 0.4% | |||
Senior Loans (d) | |||
Hilton Worldwide Finance LLC, Term Loan B2, 1-month-USD LIBOR + 1.75%, 3.964%, 6/22/2026 | 1,389,236 | 1,370,307 | |
TransDigm, Inc., Term Loan F, 1-month USD-LIBOR + 2.25%, 4.622%, 12/9/2025 | 1,233,241 | 1,200,098 | |
Total Loan Participations and Assignments (Cost $2,623,874) | 2,570,405 | ||
Short-Term U.S. Treasury Obligations 1.2% | |||
U.S. Treasury Bills: | |||
1.936% (e), 4/20/2023 | 500,000 | 489,811 | |
1.998% (e), 4/20/2023 (f) (g) | 7,200,000 | 7,053,280 | |
Total Short-Term U.S. Treasury Obligations (Cost $7,588,262) | 7,543,091 |
Shares | Value ($) | ||
Exchange-Traded Funds 2.8% | |||
SPDR Bloomberg Convertible Securities ETF (Cost $13,817,168) | 259,040 | 17,606,949 | |
Cash Equivalents 0.4% | |||
DWS Central Cash Management Government Fund, 1.62% (h) (Cost $2,792,785) | 2,792,785 | 2,792,785 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $605,135,026) | 99.6 | 629,338,678 | |
Other Assets and Liabilities, Net | 0.4 | 2,447,629 | |
Net Assets | 100.0 | 631,786,307 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended July 31, 2022 are as follows:
Value ($) 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 7/31/2022 | Value ($) at 7/31/2022 |
Securities Lending Collateral 0.0% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 1.55% (h) (i) | ||||||||
9,967,487 | — | 9,967,487 (j) | — | — | 867 | — | — | — |
Cash Equivalents 0.4% | ||||||||
DWS Central Cash Management Government Fund, 1.62% (h) | ||||||||
5,852,846 | 186,987,919 | 190,047,980 | — | — | 36,893 | — | 2,792,785 | 2,792,785 |
15,820,333 | 186,987,919 | 200,015,467 | — | — | 37,760 | — | 2,792,785 | 2,792,785 |
* | 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 July 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 July 31, 2022, this security has been pledged, in whole or in part, to cover initial margin requirements for open centrally cleared swap contracts. |
(g) | At July 31, 2022, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(h) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(i) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(j) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended July 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 |
CLO: Collateralized Loan Obligation |
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 |
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 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. Although the transition process away from LIBOR has become increasingly well defined, 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 July 31, 2022, open futures contracts purchased were as follows:
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
10 Year U.S. Treasury Note | USD | 9/21/2022 | 127 | 14,971,659 | 15,384,859 | 413,200 |
MSCI E-Mini Emerging Market Index | USD | 9/16/2022 | 451 | 22,629,737 | 22,516,175 | (113,562) |
Ultra 10 Year U.S. Treasury Note | USD | 9/21/2022 | 46 | 5,909,681 | 6,037,500 | 127,819 |
Ultra Long U.S. Treasury Bond | USD | 9/21/2022 | 198 | 31,402,881 | 31,345,875 | (57,006) |
Total net unrealized appreciation | 370,451 |
At July 31, 2022, open futures contracts sold were as follows:
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
5 Year U.S. Treasury Note | USD | 9/30/2022 | 111 | 12,573,077 | 12,623,648 | (50,571) |
Euro Stoxx 50 Index | EUR | 9/16/2022 | 371 | 13,098,155 | 14,037,260 | (939,105) |
Euro-Schatz | EUR | 9/8/2022 | 200 | 22,323,876 | 22,512,689 | (188,813) |
S&P 500 E-Mini Index | USD | 9/16/2022 | 237 | 44,735,017 | 48,981,975 | (4,246,958) |
TOPIX Index | JPY | 9/8/2022 | 5 | 727,406 | 726,472 | 934 |
Total net unrealized depreciation | (5,424,513) |
At July 31, 2022, open interest rate swap contracts were as follows:
Centrally Cleared Swaps | |||||||
Cash Flows Paid by the Fund/ Frequency | Cash Flows Received by the Fund/ Frequency | Effective/ Expiration Date | Notional Amount ($) | Currency | Value ($) | Upfront Payments Paid/ (Received) ($) | Unrealized Appreciation ($) |
Fixed — 0.25% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/ 3/16/2023 | 12,400,000 | USD | 245,775 | 368 | 245,407 |
Fixed — 0.45% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/ 3/16/2024 | 7,200,000 | USD | 321,607 | (93) | 321,700 |
Fixed — 1.3% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/ 3/16/2028 | 2,200,000 | USD | 154,904 | 419 | 154,485 |
Fixed — 1.63% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/ 3/16/2031 | 1,900,000 | USD | 147,895 | 1,950 | 145,945 |
Total unrealized appreciation | 867,537 |
β | 3-month LIBOR rate as of July 31, 2022 is 2.788%. |
At July 31, 2022, the Fund had the following open forward foreign currency contracts:
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Appreciation ($) | Counterparty | ||
EUR | 1,590,000 | USD | 1,681,503 | 8/4/2022 | 56,223 | State Street Bank and Trust |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Depreciation ($) | Counterparty | ||
EUR | 900,000 | USD | 907,023 | 8/4/2022 | (12,947) | Goldman Sachs & Co. |
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, 2022 in valuing the Fund’s investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Communication Services | $21,541,550 | $8,134,682 | $— | $29,676,232 |
Consumer Discretionary | 22,889,080 | 5,622,923 | — | 28,512,003 |
Consumer Staples | 17,438,744 | 15,359,640 | — | 32,798,384 |
Energy | 22,639,188 | 7,282,319 | — | 29,921,507 |
Financials | 28,736,912 | 29,444,933 | — | 58,181,845 |
Health Care | 26,961,190 | 14,153,862 | — | 41,115,052 |
Industrials | 20,519,472 | 8,721,161 | — | 29,240,633 |
Information Technology | 79,898,359 | 4,782,034 | — | 84,680,393 |
Materials | 8,217,317 | 9,733,627 | — | 17,950,944 |
Real Estate | 12,118,846 | 4,230,033 | — | 16,348,879 |
Utilities | 4,078,869 | 8,673,088 | — | 12,751,957 |
Preferred Stocks (a) | 22,585,451 | — | — | 22,585,451 |
Rights | — | 5,717 | — | 5,717 |
Warrants | — | — | 46,906 | 46,906 |
Corporate Bonds (a) | — | 118,365,608 | — | 118,365,608 |
Asset-Backed (a) | — | 26,541,617 | — | 26,541,617 |
Mortgage-Backed Securities Pass-Throughs | — | 21,290 | — | 21,290 |
Commercial Mortgage-Backed Securities | — | 15,752,378 | — | 15,752,378 |
Collateralized Mortgage Obligations | — | 7,379,916 | — | 7,379,916 |
Government & Agency Obligations (a) | — | 26,948,736 | — | 26,948,736 |
Loan Participations and Assignments | — | 2,570,405 | — | 2,570,405 |
Short-Term U.S. Treasury Obligations | — | 7,543,091 | — | 7,543,091 |
Exchange-Traded Funds | 17,606,949 | — | — | 17,606,949 |
Short-Term Investments | 2,792,785 | — | — | 2,792,785 |
Derivatives (b) | ||||
Futures Contracts | 541,953 | — | — | 541,953 |
Interest Rate Swap Contracts | — | 867,537 | — | 867,537 |
Forward Foreign Currency Contracts | — | 56,223 | — | 56,223 |
Total | $308,566,665 | $322,190,820 | $46,906 | $630,804,391 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | ||||
Futures Contracts | $(5,596,015) | $— | $— | $(5,596,015) |
Forward Foreign Currency Contracts | — | (12,947) | — | (12,947) |
Total | $(5,596,015) | $(12,947) | $— | $(5,608,962) |
(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, 2022 categorized by the primary underlying risk exposure.
Primary Underlying Risk Disclosure | Forward Contracts | Swap Contracts | Futures Contracts |
Equity Contracts | $ — | $ — | $ (5,298,691) |
Interest Rate Contracts | $ — | $ 867,537 | $ 244,629 |
Foreign Exchange Contracts | $ 43,276 | $ — | $ — |
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)