Investment Portfolioas of January 31, 2023 (Unaudited)
DWS Global Income Builder Fund
Shares | Value ($) | ||
Common Stocks 59.8% | |||
Communication Services 5.4% | |||
Diversified Telecommunication Services 1.5% | |||
AT&T, Inc. | 78,000 | 1,588,860 | |
BCE, Inc. | 31,847 | 1,505,525 | |
Spark New Zealand Ltd. | 335,653 | 1,132,350 | |
Swisscom AG (Registered) | 398 | 235,152 | |
Telstra Corp., Ltd. | 354,907 | 1,025,901 | |
TELUS Corp. | 44,152 | 951,364 | |
Verizon Communications, Inc. | 63,058 | 2,621,321 | |
9,060,473 | |||
Entertainment 0.4% | |||
Capcom Co., Ltd. | 6,000 | 194,434 | |
Netflix, Inc.* | 2,384 | 843,602 | |
Nintendo Co., Ltd. | 19,900 | 862,402 | |
Sea Ltd. (ADR)* | 6,600 | 425,370 | |
Tencent Music Entertainment Group (ADR)* | 25,300 | 212,267 | |
2,538,075 | |||
Interactive Media & Services 1.7% | |||
Alphabet, Inc. "A"* | 32,900 | 3,251,836 | |
Alphabet, Inc. "C"* | 30,720 | 3,068,006 | |
Autohome, Inc. (ADR) | 7,400 | 257,964 | |
Baidu, Inc. (ADR)* | 1,700 | 228,956 | |
JOYY, Inc. (ADR) | 15,600 | 556,608 | |
Kakaku.com, Inc. | 11,100 | 184,611 | |
Kanzhun Ltd. (ADR)* | 21,100 | 512,519 | |
Meta Platforms, Inc. "A"* | 11,804 | 1,758,442 | |
ZoomInfo Technologies, Inc.* | 6,700 | 189,141 | |
10,008,083 | |||
Media 0.6% | |||
Comcast Corp. "A" | 27,637 | 1,087,516 | |
Interpublic Group of Companies, Inc. | 24,043 | 876,607 | |
Omnicom Group, Inc. | 9,700 | 834,103 | |
Publicis Groupe SA | 3,235 | 228,383 | |
Trade Desk, Inc. "A"* | 10,883 | 551,768 | |
3,578,377 | |||
Wireless Telecommunication Services 1.2% | |||
America Movil SAB de CV "L" (ADR) | 35,900 | 751,387 | |
SoftBank Corp. | 532,400 | 6,090,032 | |
Tele2 AB "B" | 21,648 | 187,118 | |
7,028,537 | |||
Consumer Discretionary 4.5% | |||
Automobiles 1.0% | |||
Bayerische Motoren Werke AG | 14,469 | 1,473,720 | |
Ford Motor Co. | 27,100 | 366,121 | |
Rivian Automotive, Inc. "A"* | 9,800 | 190,120 | |
Stellantis NV | 78,401 | 1,234,825 |
Tesla, Inc.* | 14,611 | 2,530,918 | |
Yamaha Motor Co., Ltd. | 11,300 | 278,349 | |
6,074,053 | |||
Hotels, Restaurants & Leisure 0.6% | |||
Darden Restaurants, Inc. | 13,100 | 1,938,407 | |
Restaurant Brands International, Inc. | 10,030 | 671,129 | |
Starbucks Corp. | 5,309 | 579,424 | |
Vail Resorts, Inc. | 1,300 | 341,042 | |
3,530,002 | |||
Household Durables 0.1% | |||
Garmin Ltd. | 5,167 | 510,913 | |
Internet & Direct Marketing Retail 1.3% | |||
Amazon.com, Inc.* | 51,880 | 5,350,385 | |
JD.com, Inc. (ADR) | 16,500 | 982,245 | |
Meituan (ADR)* | 9,300 | 415,803 | |
Pinduoduo, Inc. (ADR)* | 8,200 | 803,436 | |
ZOZO, Inc. | 8,400 | 218,329 | |
7,770,198 | |||
Multiline Retail 0.4% | |||
Next PLC | 6,401 | 523,133 | |
Target Corp. | 2,367 | 407,455 | |
Wesfarmers Ltd. | 32,433 | 1,143,628 | |
2,074,216 | |||
Specialty Retail 1.0% | |||
Best Buy Co., Inc. | 17,200 | 1,525,984 | |
Home Depot, Inc. | 8,907 | 2,887,382 | |
Industria de Diseno Textil SA | 7,609 | 237,725 | |
Lowe's Companies, Inc. | 2,756 | 573,937 | |
TJX Companies, Inc. | 11,152 | 912,903 | |
6,137,931 | |||
Textiles, Apparel & Luxury Goods 0.1% | |||
NIKE, Inc. "B" | 1,646 | 209,585 | |
VF Corp. | 18,000 | 556,920 | |
766,505 | |||
Consumer Staples 5.4% | |||
Beverages 1.2% | |||
Ambev SA (ADR) | 554,900 | 1,476,034 | |
Cia Cervecerias Unidas SA (ADR) | 23,500 | 366,835 | |
Coca-Cola Co. | 30,415 | 1,865,048 | |
Coca-Cola Europacific Partners PLC | 26,200 | 1,472,964 | |
Coca-Cola Femsa SAB de CV (ADR) | 9,000 | 685,620 | |
PepsiCo, Inc. | 6,720 | 1,149,254 | |
7,015,755 | |||
Food & Staples Retailing 1.1% | |||
Costco Wholesale Corp. | 2,000 | 1,022,280 | |
Jeronimo Martins SGPS SA | 51,758 | 1,124,261 | |
Kesko Oyj "B" | 36,158 | 842,817 | |
Koninklijke Ahold Delhaize NV | 34,528 | 1,029,456 | |
Kroger Co. | 4,200 | 187,446 | |
Sysco Corp. | 2,600 | 201,396 | |
Walgreens Boots Alliance, Inc. | 21,944 | 808,856 | |
Walmart, Inc. | 9,037 | 1,300,153 | |
6,516,665 |
Food Products 0.3% | |||
Nestle SA (Registered) | 13,927 | 1,696,561 | |
Household Products 0.7% | |||
Clorox Co. | 4,100 | 593,229 | |
Haier Smart Home Co., Ltd. | 17,100 | 251,857 | |
Kimberly-Clark Corp. | 4,878 | 634,189 | |
Procter & Gamble Co. | 18,689 | 2,660,940 | |
4,140,215 | |||
Personal Products 0.1% | |||
Unilever PLC | 19,876 | 1,012,164 | |
Tobacco 2.0% | |||
British American Tobacco PLC | 50,002 | 1,911,799 | |
Imperial Brands PLC | 32,847 | 823,267 | |
Japan Tobacco, Inc. | 302,700 | 6,189,442 | |
Philip Morris International, Inc. | 28,007 | 2,919,450 | |
11,843,958 | |||
Energy 3.7% | |||
Oil, Gas & Consumable Fuels | |||
Aker BP ASA | 33,227 | 1,008,227 | |
Canadian Natural Resources Ltd. | 5,100 | 313,041 | |
Chevron Corp. | 17,576 | 3,058,576 | |
ConocoPhillips | 5,200 | 633,724 | |
Enbridge, Inc. | 79,630 | 3,260,488 | |
EOG Resources, Inc. | 1,900 | 251,275 | |
Exxon Mobil Corp. | 44,030 | 5,107,920 | |
Kinder Morgan, Inc. | 37,200 | 680,760 | |
ONEOK, Inc. | 66,674 | 4,565,835 | |
Phillips 66 | 1,700 | 170,459 | |
TC Energy Corp. | 17,511 | 754,504 | |
TotalEnergies SE | 13,824 | 855,264 | |
Williams Companies, Inc. | 42,173 | 1,359,658 | |
22,019,731 | |||
Financials 9.9% | |||
Banks 4.9% | |||
ANZ Group Holdings Ltd. | 48,663 | 866,607 | |
Banco Bilbao Vizcaya Argentaria SA | 193,942 | 1,367,425 | |
Banco de Chile (ADR) | 16,500 | 362,505 | |
Banco Santander Chile (ADR) | 32,900 | 556,339 | |
Bank Leumi Le-Israel BM | 214,320 | 1,883,252 | |
Bank of America Corp. | 6,000 | 212,880 | |
Bank of Nova Scotia | 30,997 | 1,678,038 | |
BNP Paribas SA | 6,098 | 417,990 | |
BOC Hong Kong Holdings Ltd. | 60,500 | 211,469 | |
Canadian Imperial Bank of Commerce | 4,244 | 193,740 | |
Citizens Financial Group, Inc. | 9,500 | 411,540 | |
Commonwealth Bank of Australia | 4,587 | 358,354 | |
DBS Group Holdings Ltd. | 10,200 | 279,007 | |
Huntington Bancshares, Inc. | 131,973 | 2,002,030 | |
ING Groep NV | 134,565 | 1,946,850 | |
Intesa Sanpaolo SpA | 386,359 | 1,014,401 | |
JPMorgan Chase & Co. | 23,469 | 3,284,721 | |
Nordea Bank Abp | 197,031 | 2,302,870 |
Oversea-Chinese Banking Corp., Ltd. | 45,700 | 451,747 | |
PNC Financial Services Group, Inc. | 4,767 | 788,605 | |
Regions Financial Corp. | 47,100 | 1,108,734 | |
Royal Bank of Canada | 19,100 | 1,954,572 | |
Shinhan Financial Group Co., Ltd. (ADR) | 15,400 | 523,908 | |
Skandinaviska Enskilda Banken AB "A" | 22,849 | 277,009 | |
Societe Generale SA | 19,635 | 583,088 | |
Toronto-Dominion Bank | 35,699 | 2,469,994 | |
Truist Financial Corp. | 16,867 | 833,061 | |
U.S. Bancorp. | 11,737 | 584,503 | |
Westpac Banking Corp. | 20,211 | 340,102 | |
29,265,341 | |||
Capital Markets 2.7% | |||
Ares Management Corp. "A" | 9,300 | 771,807 | |
BlackRock, Inc. | 2,090 | 1,586,749 | |
Blackstone, Inc. | 26,643 | 2,556,662 | |
Charles Schwab Corp. | 5,486 | 424,726 | |
CME Group, Inc. | 8,154 | 1,440,485 | |
Franklin Resources, Inc. | 9,600 | 299,520 | |
Hargreaves Lansdown PLC | 87,495 | 962,779 | |
Hong Kong Exchanges & Clearing Ltd. | 16,800 | 758,487 | |
Julius Baer Group Ltd. | 32,380 | 2,074,591 | |
Morgan Stanley | 8,200 | 798,106 | |
Partners Group Holding AG | 1,885 | 1,767,416 | |
T. Rowe Price Group, Inc. | 23,300 | 2,713,751 | |
16,155,079 | |||
Diversified Financial Services 0.2% | |||
Apollo Global Management, Inc. | 17,188 | 1,216,567 | |
Insurance 2.1% | |||
Allianz SE (Registered) | 3,746 | 895,585 | |
Assicurazioni Generali SpA | 31,474 | 614,107 | |
AXA SA | 49,076 | 1,530,989 | |
Hannover Rueck SE | 9,505 | 1,928,103 | |
Legal & General Group PLC | 595,102 | 1,873,133 | |
Medibank Pvt Ltd. | 139,505 | 290,779 | |
Ping An Insurance Group Co. of China Ltd. (ADR) | 60,700 | 946,920 | |
Poste Italiane SpA 144A | 257,669 | 2,750,617 | |
Swiss Re AG | 1,930 | 201,959 | |
Zurich Insurance Group AG | 3,893 | 1,926,386 | |
12,958,578 | |||
Health Care 6.7% | |||
Biotechnology 1.4% | |||
AbbVie, Inc. | 19,558 | 2,889,695 | |
Amgen, Inc. | 6,868 | 1,733,483 | |
BeiGene Ltd. (ADR)* | 1,900 | 486,400 | |
Gilead Sciences, Inc. | 32,400 | 2,719,656 | |
Moderna, Inc.* | 1,800 | 316,908 | |
Zai Lab Ltd. (ADR)* | 10,100 | 425,614 | |
8,571,756 | |||
Health Care Equipment & Supplies 0.7% | |||
Abbott Laboratories | 11,507 | 1,272,099 | |
Coloplast AS "B" | 4,641 | 559,481 | |
DexCom, Inc.* | 4,700 | 503,323 | |
Fisher & Paykel Healthcare Corp. Ltd. | 16,084 | 262,688 |
Intuitive Surgical, Inc.* | 3,695 | 907,824 | |
Masimo Corp.* | 1,600 | 272,128 | |
Medtronic PLC | 2,900 | 242,701 | |
4,020,244 | |||
Health Care Providers & Services 0.9% | |||
Cigna Corp. | 2,900 | 918,343 | |
CVS Health Corp. | 11,914 | 1,051,053 | |
Elevance Health, Inc. | 698 | 348,993 | |
UnitedHealth Group, Inc. | 5,847 | 2,918,764 | |
5,237,153 | |||
Health Care Technology 0.0% | |||
M3, Inc. | 12,800 | 348,798 | |
Life Sciences Tools & Services 0.1% | |||
Danaher Corp. | 1,776 | 469,539 | |
Pharmaceuticals 3.6% | |||
Chugai Pharmaceutical Co., Ltd. | 11,400 | 296,331 | |
Eisai Co., Ltd. | 2,600 | 161,029 | |
Eli Lilly & Co. | 3,655 | 1,257,868 | |
GSK PLC | 144,452 | 2,531,180 | |
Hikma Pharmaceuticals PLC | 23,709 | 499,218 | |
Johnson & Johnson | 21,992 | 3,593,933 | |
Merck & Co., Inc. | 29,360 | 3,153,558 | |
Novartis AG (Registered) | 27,648 | 2,495,139 | |
Novo Nordisk AS "B" | 11,923 | 1,648,322 | |
Pfizer, Inc. | 55,416 | 2,447,170 | |
Recordati Industria Chimica e Farmaceutica SpA | 11,005 | 480,735 | |
Roche Holding AG (Genusschein) | 3,967 | 1,236,908 | |
Sanofi | 6,985 | 681,742 | |
Takeda Pharmaceutical Co., Ltd. | 38,900 | 1,226,584 | |
21,709,717 | |||
Industrials 4.9% | |||
Aerospace & Defense 0.2% | |||
Lockheed Martin Corp. | 2,144 | 993,229 | |
Air Freight & Logistics 0.7% | |||
Deutsche Post AG (Registered) | 35,613 | 1,531,399 | |
United Parcel Service, Inc. "B" | 13,625 | 2,523,759 | |
4,055,158 | |||
Building Products 0.0% | |||
Johnson Controls International PLC | 3,200 | 222,624 | |
Commercial Services & Supplies 0.0% | |||
Quad Graphics, Inc.* | 10 | 44 | |
Construction & Engineering 0.0% | |||
ACS Actividades de Construccion y Servicios SA | 9,002 | 266,304 | |
Electrical Equipment 0.4% | |||
Eaton Corp. PLC | 5,580 | 905,132 | |
Emerson Electric Co. | 9,418 | 849,692 | |
Rockwell Automation, Inc. | 1,700 | 479,451 | |
2,234,275 |
Industrial Conglomerates 0.8% | |||
3M Co. | 23,164 | 2,665,713 | |
CK Hutchison Holdings Ltd. | 40,500 | 257,592 | |
Honeywell International, Inc. | 4,172 | 869,778 | |
Siemens AG (Registered) | 4,707 | 734,524 | |
4,527,607 | |||
Machinery 1.4% | |||
Atlas Copco AB "A" | 173,159 | 2,051,523 | |
Atlas Copco AB "B" | 102,715 | 1,082,977 | |
Caterpillar, Inc. | 5,848 | 1,475,392 | |
Cummins, Inc. | 5,390 | 1,345,021 | |
Deere & Co. | 698 | 295,142 | |
Illinois Tool Works, Inc. | 1,400 | 330,456 | |
PACCAR, Inc. | 14,400 | 1,574,064 | |
Techtronic Industries Co., Ltd. | 40,500 | 523,136 | |
8,677,711 | |||
Marine 0.1% | |||
Kuehne + Nagel International AG (Registered) | 3,217 | 767,023 | |
Professional Services 0.2% | |||
Nihon M&A Center Holdings, Inc. | 25,700 | 262,025 | |
SGS SA (Registered) | 160 | 389,593 | |
Thomson Reuters Corp. | 2,643 | 314,407 | |
966,025 | |||
Road & Rail 0.4% | |||
Aurizon Holdings Ltd. | 76,947 | 201,511 | |
Canadian National Railway Co. | 5,600 | 666,588 | |
Grab Holdings Ltd. "A"* | 48,900 | 185,331 | |
MTR Corp. Ltd. | 32,000 | 171,241 | |
Old Dominion Freight Line, Inc. | 1,100 | 366,564 | |
Union Pacific Corp. | 5,509 | 1,124,883 | |
2,716,118 | |||
Trading Companies & Distributors 0.7% | |||
Fastenal Co. | 30,919 | 1,562,955 | |
ITOCHU Corp. | 11,900 | 384,846 | |
Marubeni Corp. | 70,300 | 861,202 | |
Mitsui & Co., Ltd. | 6,200 | 182,738 | |
Sumitomo Corp. | 46,500 | 833,541 | |
Toyota Tsusho Corp. | 5,300 | 223,998 | |
4,049,280 | |||
Information Technology 13.5% | |||
Communications Equipment 0.7% | |||
Cisco Systems, Inc. | 86,875 | 4,228,206 | |
Electronic Equipment, Instruments & Components 0.2% | |||
Venture Corp., Ltd. | 90,900 | 1,282,792 | |
IT Services 3.2% | |||
Accenture PLC "A" | 2,800 | 781,340 | |
Adyen NV 144A* | 148 | 222,112 | |
Automatic Data Processing, Inc. | 4,597 | 1,038,049 | |
Block, Inc.* | 7,793 | 636,844 | |
Cloudflare, Inc. "A"* | 7,652 | 404,867 | |
EPAM Systems, Inc.* | 1,300 | 432,445 | |
Infosys Ltd. (ADR) | 92,200 | 1,733,360 |
International Business Machines Corp. | 20,472 | 2,758,193 | |
Mastercard, Inc. "A" | 3,971 | 1,471,653 | |
MongoDB, Inc.* | 2,581 | 552,876 | |
Obic Co., Ltd. | 1,400 | 224,721 | |
Otsuka Corp. | 16,000 | 525,990 | |
Paychex, Inc. | 20,561 | 2,382,197 | |
PayPal Holdings, Inc.* | 7,810 | 636,437 | |
Shopify, Inc. "A"* | 22,600 | 1,113,736 | |
Snowflake, Inc. "A"* | 4,098 | 641,091 | |
Toast, Inc. "A"* | 16,700 | 372,577 | |
Twilio, Inc. "A"* | 6,578 | 393,627 | |
Visa, Inc. "A" | 7,946 | 1,829,249 | |
Western Union Co. | 84,700 | 1,200,199 | |
19,351,563 | |||
Semiconductors & Semiconductor Equipment 3.9% | |||
Advanced Micro Devices, Inc.* | 3,676 | 276,251 | |
Analog Devices, Inc. | 4,301 | 737,493 | |
ASE Technology Holding Co., Ltd. (ADR) | 320,000 | 2,304,000 | |
ASML Holding NV | 969 | 636,365 | |
Broadcom, Inc. | 4,241 | 2,481,027 | |
Enphase Energy, Inc.* | 1,566 | 346,681 | |
Intel Corp. | 23,123 | 653,456 | |
KLA Corp. | 2,164 | 849,327 | |
Lam Research Corp. | 678 | 339,068 | |
Lasertec Corp. | 1,200 | 237,853 | |
Microchip Technology, Inc. | 2,700 | 209,574 | |
Monolithic Power Systems, Inc. | 1,272 | 542,584 | |
NVIDIA Corp. | 12,501 | 2,442,320 | |
QUALCOMM, Inc. | 11,950 | 1,591,860 | |
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 39,500 | 3,662,835 | |
Texas Instruments, Inc. | 16,848 | 2,985,634 | |
Tokyo Electron Ltd. | 3,300 | 1,157,837 | |
United Microelectronics Corp. (ADR)* | 235,700 | 1,916,241 | |
23,370,406 | |||
Software 3.2% | |||
Adobe, Inc.* | 3,080 | 1,140,647 | |
Bill.com Holdings, Inc.* | 2,800 | 323,736 | |
Cadence Design Systems, Inc.* | 1,600 | 292,528 | |
Crowdstrike Holdings, Inc. "A"* | 1,963 | 207,882 | |
Fortinet, Inc.* | 6,700 | 350,678 | |
Intuit, Inc. | 5,909 | 2,497,557 | |
Microsoft Corp. | 44,462 | 11,018,128 | |
Oracle Corp. | 2,133 | 188,685 | |
Paycom Software, Inc.* | 1,300 | 421,122 | |
Paylocity Holding Corp.* | 900 | 187,461 | |
Salesforce, Inc.* | 1,570 | 263,713 | |
ServiceNow, Inc.* | 2,868 | 1,305,313 | |
Trend Micro, Inc. | 7,400 | 365,452 | |
Zscaler, Inc.* | 1,900 | 235,904 | |
18,798,806 | |||
Technology Hardware, Storage & Peripherals 2.3% | |||
Apple, Inc. | 95,013 | 13,709,426 | |
NetApp, Inc. | 3,100 | 205,313 | |
13,914,739 |
Materials 2.5% | |||
Chemicals 0.9% | |||
Air Products & Chemicals, Inc. | 2,857 | 915,697 | |
Albemarle Corp. | 900 | 253,305 | |
BASF SE | 10,925 | 625,241 | |
Dow, Inc. | 31,302 | 1,857,774 | |
Shin-Etsu Chemical Co., Ltd. | 3,900 | 575,973 | |
Sociedad Quimica y Minera de Chile SA (ADR) | 9,600 | 936,384 | |
5,164,374 | |||
Containers & Packaging 0.6% | |||
Amcor PLC | 262,525 | 3,166,051 | |
International Paper Co. | 4,901 | 204,960 | |
3,371,011 | |||
Metals & Mining 1.0% | |||
Boliden AB | 58,985 | 2,645,557 | |
Newmont Corp. | 6,788 | 359,289 | |
Norsk Hydro ASA | 92,303 | 746,260 | |
Nucor Corp. | 3,100 | 523,962 | |
POSCO Holdings, Inc. (ADR) | 15,100 | 934,841 | |
Sibanye Stillwater Ltd. (ADR) | 76,200 | 819,912 | |
Steel Dynamics, Inc. | 2,300 | 277,472 | |
6,307,293 | |||
Real Estate 2.0% | |||
Equity Real Estate Investment Trusts (REITs) 1.7% | |||
Ascendas Real Estate Investment Trust | 224,676 | 494,635 | |
Crown Castle, Inc. | 1,311 | 194,172 | |
Gaming and Leisure Properties, Inc. | 46,500 | 2,490,540 | |
Iron Mountain, Inc. | 22,230 | 1,213,313 | |
Link REIT | 58,800 | 471,152 | |
Simon Property Group, Inc. | 31,900 | 4,097,874 | |
VICI Properties, Inc. | 48,058 | 1,642,623 | |
10,604,309 | |||
Real Estate Management & Development 0.3% | |||
Sino Land Co., Ltd. | 144,000 | 187,289 | |
Sun Hung Kai Properties Ltd. | 44,500 | 631,821 | |
Swire Properties Ltd. | 298,600 | 839,562 | |
1,658,672 | |||
Utilities 1.3% | |||
Electric Utilities 0.9% | |||
American Electric Power Co., Inc. | 1,878 | 176,457 | |
Enel SpA | 206,924 | 1,216,258 | |
Fortum Oyj | 64,654 | 973,711 | |
Red Electrica Corp. SA | 41,339 | 730,199 | |
Southern Co. | 20,321 | 1,375,325 | |
SSE PLC | 51,138 | 1,089,142 | |
5,561,092 | |||
Gas Utilities 0.1% | |||
Snam SpA | 146,658 | 746,400 |
Multi-Utilities 0.3% | |||
E.ON SE | 113,177 | 1,234,653 | |
Engie SA | 30,360 | 430,888 | |
1,665,541 | |||
Total Common Stocks (Cost $306,596,889) | 358,775,786 | ||
Preferred Stocks 3.5% | |||
Communication Services 0.4% | |||
AT&T, Inc., 5.35% | 100,000 | 2,401,000 | |
Consumer Discretionary 0.1% | |||
Bayerische Motoren Werke AG, 6.736% | 7,511 | 710,840 | |
Financials 2.5% | |||
AGNC Investment Corp., Series C, 7.0% | 64,439 | 1,626,440 | |
Charles Schwab Corp., Series D, 5.95% | 75,000 | 1,886,250 | |
Fifth Third Bancorp., Series I, 6.625% | 75,000 | 1,872,750 | |
Goldman Sachs Group, Inc., Series J, 5.5% | 73,000 | 1,821,350 | |
KeyCorp., Series E, 6.125% | 75,000 | 1,952,250 | |
Morgan Stanley, Series K, 5.85% | 75,000 | 1,886,250 | |
Regions Financial Corp., Series B, 6.375% | 80,000 | 2,085,600 | |
Wells Fargo & Co., Series Y, 5.625% | 75,000 | 1,852,500 | |
14,983,390 | |||
Real Estate 0.5% | |||
Kimco Realty Corp., Series L, 5.125% | 75,000 | 1,755,750 | |
Prologis, Inc., Series Q, 8.54% | 236 | 13,568 | |
Simon Property Group, Inc., Series J, 8.375% | 17,000 | 1,041,165 | |
2,810,483 | |||
Total Preferred Stocks (Cost $22,739,837) | 20,905,713 | ||
Rights 0.0% | |||
Health Care | |||
Contra Abiomed, Inc.* (a) (Cost $1,122) | 1,100 | 1,122 | |
Warrants 0.0% | |||
Materials | |||
Hercules Trust II, Expiration Date 3/31/2029* (a) (Cost $90,209) | 506 | 40,221 |
Principal Amount ($) (b) | Value ($) | ||
Corporate Bonds 20.7% | |||
Communication Services 1.9% | |||
America Movil SAB de CV, 4.375%, 4/22/2049 | 700,000 | 632,898 | |
AT&T, Inc.: | |||
2.25%, 2/1/2032 | 368,000 | 300,491 | |
3.65%, 6/1/2051 | 560,000 | 430,826 | |
CCO Holdings LLC, 144A, 5.125%, 5/1/2027 | 1,725,000 | 1,644,011 | |
Charter Communications Operating LLC: | |||
3.5%, 3/1/2042 | 279,000 | 194,055 | |
3.7%, 4/1/2051 | 235,000 | 156,124 | |
Discovery Communications LLC, 4.0%, 9/15/2055 | 200,000 | 137,562 | |
Grupo Televisa SAB, 5.25%, 5/24/2049 | 1,700,000 | 1,595,012 |
Meituan, 144A, 2.125%, 10/28/2025 | 505,000 | 459,024 | |
Netflix, Inc., 5.875%, 11/15/2028 | 812,000 | 842,392 | |
Rogers Communications, Inc., 144A, 3.8%, 3/15/2032 | 854,000 | 768,707 | |
Tencent Holdings Ltd., REG S, 2.39%, 6/3/2030 | 1,700,000 | 1,431,035 | |
T-Mobile U.S.A., Inc.: | |||
3.3%, 2/15/2051 | 700,000 | 503,972 | |
3.375%, 4/15/2029 | 635,000 | 578,759 | |
3.6%, 11/15/2060 | 145,000 | 104,351 | |
4.375%, 4/15/2040 | 335,000 | 303,119 | |
5.65%, 1/15/2053 | 650,000 | 678,092 | |
Verizon Communications, Inc.: | |||
2.65%, 11/20/2040 | 225,000 | 162,512 | |
3.7%, 3/22/2061 | 300,000 | 227,889 | |
11,150,831 | |||
Consumer Discretionary 1.3% | |||
Ford Motor Co., 3.25%, 2/12/2032 | 1,220,000 | 968,274 | |
Ford Motor Credit Co. LLC: | |||
2.7%, 8/10/2026 | 600,000 | 535,500 | |
2.9%, 2/16/2028 | 686,000 | 590,026 | |
3.375%, 11/13/2025 | 750,000 | 698,437 | |
3.625%, 6/17/2031 | 410,000 | 341,022 | |
General Motors Co., 5.6%, 10/15/2032 | 1,500,000 | 1,481,858 | |
General Motors Financial Co., Inc.: | |||
2.35%, 1/8/2031 | 500,000 | 399,451 | |
3.1%, 1/12/2032 | 510,000 | 422,710 | |
Lowe's Companies, Inc., 5.625%, 4/15/2053 | 400,000 | 412,827 | |
Newell Brands, Inc., 6.375%, 9/15/2027 | 370,000 | 371,920 | |
Nissan Motor Co., Ltd., 144A, 4.345%, 9/17/2027 | 760,000 | 715,487 | |
Warnermedia Holdings, Inc.: | |||
144A, 5.05%, 3/15/2042 | 320,000 | 273,227 | |
144A, 5.141%, 3/15/2052 | 575,000 | 477,572 | |
7,688,311 | |||
Consumer Staples 0.9% | |||
Anheuser-Busch Companies LLC, 4.9%, 2/1/2046 | 965,000 | 941,919 | |
Anheuser-Busch InBev Worldwide, Inc., 4.35%, 6/1/2040 | 270,000 | 250,025 | |
JBS USA LUX SA: | |||
144A, 2.5%, 1/15/2027 | 1,470,000 | 1,309,594 | |
144A, 3.625%, 1/15/2032 | 470,000 | 392,638 | |
144A, 5.75%, 4/1/2033 | 1,090,000 | 1,068,810 | |
Kraft Heinz Foods Co., 4.375%, 6/1/2046 | 1,180,000 | 1,030,370 | |
Philip Morris International, Inc.: | |||
5.625%, 11/17/2029 | 340,000 | 355,101 | |
5.75%, 11/17/2032 | 260,000 | 273,401 | |
5,621,858 | |||
Energy 1.7% | |||
Cheniere Corpus Christi Holdings LLC, 5.875%, 3/31/2025 | 1,000,000 | 1,009,637 | |
Cheniere Energy Partners LP: | |||
4.0%, 3/1/2031 | 1,250,000 | 1,121,450 | |
4.5%, 10/1/2029 | 1,100,000 | 1,031,932 | |
Ecopetrol SA, 6.875%, 4/29/2030 | 1,700,000 | 1,593,291 | |
Energy Transfer LP: | |||
5.0%, 5/15/2050 | 1,159,000 | 1,011,443 | |
5.75%, 2/15/2033 | 440,000 | 452,188 |
Enterprise Products Operating LLC: | |||
3.3%, 2/15/2053 | 510,000 | 369,741 | |
4.2%, 1/31/2050 | 741,000 | 632,114 | |
Occidental Petroleum Corp., 8.875%, 7/15/2030 | 1,700,000 | 2,001,750 | |
ONEOK, Inc., 6.1%, 11/15/2032 | 240,000 | 252,367 | |
Williams Companies, Inc., 4.65%, 8/15/2032 | 670,000 | 653,655 | |
10,129,568 | |||
Financials 6.5% | |||
AerCap Ireland Capital DAC, 1.75%, 1/30/2026 | 388,000 | 348,753 | |
Air Lease Corp., 4.125%, Perpetual (c) | 1,450,000 | 1,132,450 | |
Aircastle Ltd., Series A, 144A, 5.25%, Perpetual (c) | 690,000 | 565,800 | |
Ally Financial, Inc., Series B, 4.7%, Perpetual (c) | 3,000,000 | 2,467,500 | |
Ares Capital Corp., 2.875%, 6/15/2027 | 930,000 | 824,972 | |
Banco Nacional de Panama, 144A, 2.5%, 8/11/2030 | 600,000 | 492,000 | |
Banco Santander SA, 5.294%, 8/18/2027 | 2,200,000 | 2,208,803 | |
Bank of America Corp.: | |||
2.972%, 2/4/2033 | 1,260,000 | 1,074,500 | |
Series RR, 4.375%, Perpetual (c) | 4,000,000 | 3,630,400 | |
Bank of New York Mellon Corp.: | |||
3.7%, Perpetual (c) | 1,069,000 | 988,121 | |
3.75%, Perpetual (c) | 2,051,000 | 1,781,909 | |
Blackstone Secured Lending Fund: | |||
2.85%, 9/30/2028 | 610,000 | 495,817 | |
3.625%, 1/15/2026 | 925,000 | 862,552 | |
Capital One Financial Corp.: | |||
Series M, 3.95%, Perpetual (c) | 1,520,000 | 1,319,267 | |
5.817%, 2/1/2034 (d) | 450,000 | 453,485 | |
Charles Schwab Corp., Series I, 4.0%, Perpetual (c) | 1,555,000 | 1,432,777 | |
Citigroup, Inc., 3.057%, 1/25/2033 | 400,000 | 342,653 | |
Credit Suisse Group AG, 144A, 9.016%, 11/15/2033 | 630,000 | 707,598 | |
Enstar Finance LLC, 5.5%, 1/15/2042 | 1,100,000 | 907,280 | |
HSBC Holdings PLC, 7.39%, 11/3/2028 | 566,000 | 617,003 | |
JPMorgan Chase & Co., 3.328%, 4/22/2052 | 151,000 | 114,564 | |
KKR Group Finance Co., XII LLC, 144A, 4.85%, 5/17/2032 | 760,000 | 738,823 | |
Liberty Mutual Group, Inc., 144A, 5.5%, 6/15/2052 | 290,000 | 288,129 | |
Lloyds Banking Group PLC, 4.716%, 8/11/2026 | 340,000 | 335,226 | |
M&T Bank Corp., 5.053%, 1/27/2034 | 400,000 | 398,979 | |
MDGH GMTN RSC Ltd., REG S, 3.7%, 11/7/2049 | 245,000 | 201,970 | |
Morgan Stanley: | |||
2.484%, 9/16/2036 | 789,000 | 611,605 | |
5.948%, 1/19/2038 | 670,000 | 684,689 | |
Nippon Life Insurance Co., 144A, 2.75%, 1/21/2051 | 700,000 | 592,631 | |
PNC Financial Services Group, Inc.: | |||
3.4%, Perpetual (c) | 1,740,000 | 1,483,350 | |
5.068%, 1/24/2034 | 400,000 | 403,479 | |
REC Ltd.: | |||
144A, 4.75%, 5/19/2023 | 426,000 | 424,965 | |
144A, 5.25%, 11/13/2023 | 570,000 | 568,113 | |
Societe Generale SA: | |||
144A, 5.375%, Perpetual (c) | 1,650,000 | 1,418,884 | |
144A, 6.221%, 6/15/2033 | 1,275,000 | 1,265,957 | |
144A, 9.375%, Perpetual (c) | 660,000 | 708,675 | |
State Street Corp., 4.164%, 8/4/2033 | 730,000 | 695,847 | |
Synchrony Bank: | |||
5.4%, 8/22/2025 | 420,000 | 418,311 | |
5.625%, 8/23/2027 | 250,000 | 248,961 | |
The Goldman Sachs Group, Inc., 3.8%, Perpetual (c) | 1,050,000 | 919,249 |
Truist Financial Corp.: | |||
Series N, 4.8%, Perpetual (c) | 2,000,000 | 1,916,430 | |
5.122%, 1/26/2034 | 460,000 | 466,164 | |
U.S. Bancorp: | |||
4.839%, 2/1/2034 (d) | 680,000 | 675,973 | |
5.85%, 10/21/2033 | 330,000 | 354,354 | |
UBS Group AG, 144A, 4.375%, Perpetual (c) | 743,000 | 609,186 | |
39,198,154 | |||
Health Care 1.8% | |||
Centene Corp.: | |||
2.45%, 7/15/2028 | 360,000 | 311,849 | |
2.625%, 8/1/2031 | 790,000 | 646,976 | |
Charles River Laboratories International, Inc., 144A, 3.75%, 3/15/2029 | 1,750,000 | 1,558,698 | |
CVS Health Corp., 5.05%, 3/25/2048 | 1,000,000 | 950,717 | |
Elevance Health, Inc.: | |||
5.125%, 2/15/2053 (d) | 170,000 | 170,691 | |
6.1%, 10/15/2052 | 150,000 | 170,732 | |
HCA, Inc.: | |||
4.125%, 6/15/2029 | 600,000 | 570,314 | |
5.25%, 6/15/2026 | 1,000,000 | 1,001,171 | |
Humana, Inc., 5.875%, 3/1/2033 | 200,000 | 214,036 | |
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/1/2026 | 5,400,000 | 4,844,772 | |
Thermo Fisher Scientific, Inc., 4.95%, 11/21/2032 | 350,000 | 367,181 | |
10,807,137 | |||
Industrials 1.0% | |||
American Airlines, Inc., 144A, 5.5%, 4/20/2026 | 620,000 | 607,801 | |
Block, Inc., 2.75%, 6/1/2026 | 200,000 | 181,768 | |
Boeing Co., 5.805%, 5/1/2050 | 635,000 | 648,271 | |
Clean Harbors, Inc., 144A, 6.375%, 2/1/2031 | 570,000 | 580,659 | |
Delta Air Lines, Inc., 3.75%, 10/28/2029 | 865,000 | 765,439 | |
Empresa de los Ferrocarriles del Estado, 144A, 3.068%, 8/18/2050 | 239,000 | 151,613 | |
Mileage Plus Holdings LLC, 144A, 6.5%, 6/20/2027 | 990,000 | 1,000,207 | |
Prime Security Services Borrower LLC, 144A, 5.25%, 4/15/2024 | 1,400,000 | 1,385,563 | |
United Rentals North America, Inc., 144A, 6.0%, 12/15/2029 | 620,000 | 629,300 | |
5,950,621 | |||
Information Technology 1.3% | |||
Broadcom, Inc., 144A, 2.6%, 2/15/2033 | 350,000 | 274,952 | |
Dell International LLC, 5.3%, 10/1/2029 | 485,000 | 489,607 | |
HP, Inc., 5.5%, 1/15/2033 | 1,200,000 | 1,178,305 | |
Micron Technology, Inc., 6.75%, 11/1/2029 | 1,200,000 | 1,279,916 | |
MSCI, Inc.: | |||
144A, 3.25%, 8/15/2033 | 240,000 | 196,800 | |
144A, 3.625%, 9/1/2030 | 435,000 | 378,631 | |
NXP BV: | |||
2.65%, 2/15/2032 | 338,000 | 277,070 | |
3.125%, 2/15/2042 | 310,000 | 222,852 | |
Open Text Corp.: | |||
144A, 3.875%, 2/15/2028 | 1,150,000 | 999,304 | |
144A, 6.9%, 12/1/2027 | 290,000 | 296,888 |
Oracle Corp.: | |||
3.6%, 4/1/2050 | 45,000 | 33,069 | |
3.65%, 3/25/2041 | 675,000 | 534,241 | |
6.9%, 11/9/2052 | 605,000 | 699,829 | |
SK Hynix, Inc., 144A, 1.5%, 1/19/2026 | 947,000 | 834,708 | |
7,696,172 | |||
Materials 1.3% | |||
AngloGold Ashanti Holdings PLC, 3.75%, 10/1/2030 | 800,000 | 709,736 | |
Berry Global, Inc., 1.65%, 1/15/2027 | 1,750,000 | 1,530,918 | |
Celanese U.S. Holdings LLC: | |||
5.9%, 7/5/2024 | 1,250,000 | 1,257,179 | |
6.165%, 7/15/2027 | 1,700,000 | 1,721,948 | |
Corp. Nacional del Cobre de Chile: | |||
144A, 3.15%, 1/15/2051 | 200,000 | 146,228 | |
144A, 5.125%, 2/2/2033 (d) | 420,000 | 420,835 | |
Dow Chemical Co., 6.9%, 5/15/2053 | 310,000 | 367,442 | |
MEGlobal Canada ULC, 144A, 5.0%, 5/18/2025 | 1,511,000 | 1,497,280 | |
Sealed Air Corp., 144A, 6.125%, 2/1/2028 | 110,000 | 110,979 | |
7,762,545 | |||
Real Estate 0.2% | |||
Boston Properties LP: | |||
(REIT), 2.55%, 4/1/2032 | 535,000 | 422,296 | |
(REIT), 6.75%, 12/1/2027 | 490,000 | 518,804 | |
MPT Operating Partnership LP, (REIT), 3.5%, 3/15/2031 | 450,000 | 315,004 | |
1,256,104 | |||
Utilities 2.8% | |||
AES Panama Generation Holdings SRL, 144A, 4.375%, 5/31/2030 | 622,000 | 551,745 | |
CMS Energy Corp., 3.75%, 12/1/2050 | 2,600,000 | 2,121,938 | |
Duke Energy Corp., 3.25%, 1/15/2082 | 1,350,000 | 1,103,029 | |
Duke Energy Florida LLC, 5.95%, 11/15/2052 | 270,000 | 305,908 | |
Enel Finance International NV, 144A, 5.0%, 6/15/2032 | 1,190,000 | 1,133,906 | |
Eskom Holdings SOC Ltd., REG S, 6.35%, 8/10/2028 | 1,425,000 | 1,360,504 | |
New England Power Co., 144A, 5.936%, 11/25/2052 | 240,000 | 263,409 | |
NextEra Energy Operating Partners LP: | |||
144A, 3.875%, 10/15/2026 | 1,035,000 | 959,970 | |
144A, 4.25%, 7/15/2024 | 1,570,000 | 1,533,361 | |
NRG Energy, Inc., 144A, 2.45%, 12/2/2027 | 1,370,000 | 1,176,179 | |
Pacific Gas and Electric Co.: | |||
2.5%, 2/1/2031 | 130,000 | 104,890 | |
3.25%, 6/1/2031 | 490,000 | 415,924 | |
3.3%, 8/1/2040 | 370,000 | 265,547 | |
5.45%, 6/15/2027 | 550,000 | 552,207 | |
Pacificorp., 5.35%, 12/1/2053 | 655,000 | 699,532 | |
Perusahaan Listrik Negara PT, 144A, 2.875%, 10/25/2025 | EUR | 1,505,000 | 1,584,727 |
Sempra Energy, 4.125%, 4/1/2052 | 1,880,000 | 1,645,643 | |
Southern Co., 3.75%, 9/15/2051 | 1,241,000 | 1,080,099 | |
16,858,518 | |||
Total Corporate Bonds (Cost $135,879,463) | 124,119,819 | ||
Asset-Backed 4.3% | |||
Automobile Receivables 0.1% | |||
JPMorgan Chase Bank NA, “E”, Series 2021-1, 144A, 2.365%, 9/25/2028 | 778,570 | 751,602 |
Miscellaneous 4.2% | |||
CF Hippolyta Issuer LLC, “B1”, Series 2021-1A, 144A, 1.98%, 3/15/2061 | 2,959,878 | 2,543,225 | |
DB Master Finance LLC, “A23”, Series 2021-1A, 144A, 2.791%, 11/20/2051 | 6,311,250 | 5,228,322 | |
Madison Park Funding XXVI Ltd., “AR”, Series 2007-4A, 144A, 3-month USD-LIBOR + 1.2%, 6.002% (e), 7/29/2030 | 6,374,971 | 6,343,166 | |
Octagon Investment Partners Ltd., “A1R”, Series 2019-4A, 144A, 3-month USD-LIBOR + 1.15%, 5.8% (e), 5/12/2031 | 4,500,000 | 4,465,332 | |
Venture 37 CLO Ltd., “A1R”, Series 2019-37A, 144A, 3-month USD-LIBOR + 1.15%, 5.942% (e), 7/15/2032 | 4,690,000 | 4,597,035 | |
Wendy's Funding LLC, “A2II”, Series 2021-1A, 144A, 2.775%, 6/15/2051 | 2,527,510 | 2,062,458 | |
25,239,538 | |||
Total Asset-Backed (Cost $28,119,660) | 25,991,140 | ||
Mortgage-Backed Securities Pass-Throughs 0.0% | |||
Government National Mortgage Association, 6.5%, 8/20/2034 (Cost $17,855) | 16,969 | 18,362 | |
Commercial Mortgage-Backed Securities 2.4% | |||
Citigroup Commercial Mortgage Trust: | |||
“C”, Series 2019-PRM, 144A, 3.896%, 5/10/2036 | 2,516,145 | 2,488,037 | |
“D”, Series 2019-PRM, 144A, 4.35%, 5/10/2036 | 2,625,000 | 2,603,642 | |
Credit Suisse Commercial Mortgage Trust: | |||
“A”, Series 2020-TMIC, 144A, 1-month USD-LIBOR + 3.0%, 7.959% (e), 12/15/2035 | 4,300,000 | 4,288,795 | |
“B”, Series 2020-TMIC, 144A, 1-month USD-LIBOR + 5.0%, 9.959% (e), 12/15/2035 | 4,300,000 | 4,261,606 | |
Freddie Mac Multifamily Structured Credit Risk, “M2”, Series 2021-MN1, 144A, 30- day average SOFR + 3.75%, 8.06% (e), 1/25/2051 | 1,098,000 | 977,920 | |
Total Commercial Mortgage-Backed Securities (Cost $15,005,420) | 14,620,000 | ||
Collateralized Mortgage Obligations 0.9% | |||
Connecticut Avenue Securities Trust: | |||
“1M2”, Series 2020-R01, 144A, 1-month USD-LIBOR + 2.05%, 6.556% (e), 1/25/2040 | 427,557 | 427,557 | |
“1M2”, Series 2019-R03, 144A, 1-month USD-LIBOR + 2.15%, 6.656% (e), 9/25/2031 | 35,779 | 35,778 | |
“1M2”, Series 2019-R02, 144A, 1-month USD-LIBOR + 2.3%, 6.806% (e), 8/25/2031 | 45,289 | 45,289 | |
Federal National Mortgage Association, “I”, Series 2003-84, Interest Only, 6.0%, 9/25/2033 | 132,173 | 24,272 | |
Freddie Mac Structured Agency Credit Risk Debt Notes: | |||
“M2”, Series 2020-DNA2, 144A, 1-month USD-LIBOR + 1.85%, 6.356% (e), 2/25/2050 | 2,272,238 | 2,267,382 | |
“M2”, Series 2019-DNA2, 144A, 1-month USD-LIBOR + 2.45%, 6.956% (e), 3/25/2049 | 1,466,529 | 1,473,851 | |
JPMorgan Mortgage Trust, “AM”, Series 2016-3, 144A, 3.244% (e), 10/25/2046 | 906,918 | 829,249 | |
Total Collateralized Mortgage Obligations (Cost $5,170,435) | 5,103,378 | ||
Government & Agency Obligations 2.2% | |||
Sovereign Bonds 0.6% | |||
Brazilian Government International Bond, 3.875%, 6/12/2030 | 947,000 | 837,632 | |
Indonesia Government International Bond, 3.85%, 10/15/2030 | 1,700,000 | 1,622,650 | |
Perusahaan Penerbit SBSN Indonesia III, 144A, 2.8%, 6/23/2030 | 883,000 | 787,353 | |
United Mexican States, 3.5%, 2/12/2034 | 260,000 | 218,494 | |
3,466,129 |
U.S. Treasury Obligations 1.6% | |||
U.S. Treasury Bonds: | |||
1.875%, 11/15/2051 | 1,788,300 | 1,227,500 | |
2.0%, 11/15/2041 | 260,700 | 198,112 | |
U.S. Treasury Notes, 4.125%, 11/15/2032 | 8,142,800 | 8,566,480 | |
9,992,092 | |||
Total Government & Agency Obligations (Cost $14,088,748) | 13,458,221 | ||
Loan Participations and Assignments 0.4% | |||
Senior Loans (e) | |||
Hilton Domestic Operating Co., Inc., Term Loan B2, 30-day average SOFR + 1.75%, 6.38%, 6/22/2026 | 1,389,235 | 1,389,166 | |
TransDigm, Inc., Term Loan F, 90-day average SOFR + 2.25%, 6.98%, 12/9/2025 | 1,226,917 | 1,226,083 | |
2,615,249 | |||
Total Loan Participations and Assignments (Cost $2,617,385) | 2,615,249 | ||
Short-Term U.S. Treasury Obligation 1.2% | |||
U.S. Treasury Bills, 1.998% (f), 4/20/2023 (g) (h) (Cost $7,168,831) | 7,200,000 | 7,129,244 |
Shares | Value ($) | ||
Exchange-Traded Funds 3.0% | |||
SPDR Bloomberg Convertible Securities ETF (Cost $13,817,168) | 259,040 | 17,669,118 | |
Cash Equivalents 1.5% | |||
DWS Central Cash Management Government Fund, 4.26% (i) (Cost $9,099,882) | 9,099,882 | 9,099,882 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $560,412,904) | 99.9 | 599,547,255 | |
Other Assets and Liabilities, Net | 0.1 | 667,549 | |
Net Assets | 100.0 | 600,214,804 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended January 31, 2023 are as follows:
Value ($) at 10/31/2022 | 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 1/31/2023 | Value ($) at 1/31/2023 |
Cash Equivalents 1.5% | ||||||||
DWS Central Cash Management Government Fund, 4.26% (i) | ||||||||
847,361 | 37,696,764 | 29,444,243 | — | — | 56,474 | — | 9,099,882 | 9,099,882 |
* | 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) | When-issued security. |
(e) | Variable or floating rate security. These securities are shown at their current rate as of January 31, 2023. 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. |
(f) | Annualized yield at time of purchase; not a coupon rate. |
(g) | At January 31, 2023, this security has been pledged, in whole or in part, to cover initial margin requirements for open centrally cleared swap contracts. |
(h) | At January 31, 2023, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(i) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
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 transition process from LIBOR towards its expected replacement reference rate with the Secured Overnight Financing Rate (SOFR) for US Dollar LIBOR rates has become increasingly well defined, especially following the signing of the federal Adjustable Interest Rate (LIBOR) Act in March 2022 , and the adoption of implementing regulations in December 2022, which will replace LIBOR-based benchmark rates in instruments with no, or insufficient, alternative rate-setting provisions with a SOFR-based rate following the cessation of LIBOR. However, 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.
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, 2023, open futures contracts purchased were as follows:
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation ($) |
10 Year U.S. Treasury Note | USD | 3/22/2023 | 116 | 13,142,732 | 13,283,813 | 141,081 |
MSCI Emerging Market Index | USD | 3/17/2023 | 293 | 14,259,652 | 15,303,390 | 1,043,738 |
Ultra 10 Year U.S. Treasury Note | USD | 3/22/2023 | 70 | 8,374,289 | 8,484,219 | 109,930 |
Ultra Long U.S. Treasury Bond | USD | 3/22/2023 | 180 | 24,508,093 | 25,515,000 | 1,006,907 |
Total unrealized appreciation | 2,301,656 |
At January 31, 2023, open futures contracts sold were as follows:
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
5 Year U.S. Treasury Note | USD | 3/31/2023 | 103 | 11,108,895 | 11,251,945 | (143,050) |
Euro Stoxx 50 Index | EUR | 3/17/2023 | 84 | 3,622,960 | 3,808,983 | (186,023) |
Euro-Schatz | EUR | 3/8/2023 | 156 | 18,070,999 | 17,933,871 | 137,128 |
S&P 500 E-Mini Index | USD | 3/17/2023 | 200 | 40,252,182 | 40,900,000 | (647,818) |
TOPIX Index | JPY | 3/9/2023 | 3 | 448,317 | 455,307 | (6,990) |
Total net unrealized depreciation | (846,753) |
At January 31, 2023, open interest rate swap contracts were as follows:
Centrally Cleared Swaps | |||||||
Cash Flows Paid by the Fund/ Frequency | Cash Flows Received by the Fund/ Frequency | Effective/ Expiration Date | Notional Amount ($) | Currency | Value ($) | Upfront Payments Paid/ (Received) ($) | Unrealized Appreciation ($) |
Fixed — 0.25% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/ 3/16/2023 | 12,400,000 | USD | 136,102 | 70 | 136,032 |
Fixed — 0.45% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/ 3/16/2024 | 7,200,000 | USD | 393,594 | (64) | 393,658 |
Fixed — 1.3% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/ 3/16/2028 | 2,200,000 | USD | 248,887 | 381 | 248,506 |
Fixed — 1.63% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/ 3/16/2031 | 1,900,000 | USD | 257,198 | 1,836 | 255,362 |
Total unrealized appreciation | 1,033,558 |
β | 3-month LIBOR rate as of January 31, 2023 is 4.814%. |
At January 31, 2023, the Fund had the following open forward foreign currency contracts:
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Appreciation ($) | Counterparty | ||
USD | 21,613,919 | EUR | 20,408,896 | 3/8/2023 | 622,233 | Bank of America |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Depreciation ($) | Counterparty | ||
EUR | 1,800,000 | USD | 1,954,942 | 3/8/2023 | (6,216) | Australia and New Zealand Banking Group Ltd. |
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, 2023 in valuing the Fund’s investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Communication Services | $22,073,162 | $10,140,383 | $— | $32,213,545 |
Consumer Discretionary | 21,754,109 | 5,109,709 | — | 26,863,818 |
Consumer Staples | 17,595,551 | 14,629,767 | — | 32,225,318 |
Energy | 20,156,240 | 1,863,491 | — | 22,019,731 |
Financials | 29,720,463 | 29,875,102 | — | 59,595,565 |
Health Care | 27,929,052 | 12,428,155 | — | 40,357,207 |
Industrials | 18,750,225 | 10,725,173 | — | 29,475,398 |
Information Technology | 76,293,390 | 4,653,122 | — | 80,946,512 |
Materials | 10,249,647 | 4,593,031 | — | 14,842,678 |
Real Estate | 9,638,522 | 2,624,459 | — | 12,262,981 |
Utilities | 1,551,782 | 6,421,251 | — | 7,973,033 |
Preferred Stocks (a) | 20,194,873 | 710,840 | — | 20,905,713 |
Rights | — | — | 1,122 | 1,122 |
Warrants | — | — | 40,221 | 40,221 |
Corporate Bonds (a) | — | 124,119,819 | — | 124,119,819 |
Asset-Backed (a) | — | 25,991,140 | — | 25,991,140 |
Mortgage-Backed Securities Pass-Throughs | — | 18,362 | — | 18,362 |
Commercial Mortgage-Backed Securities | — | 14,620,000 | — | 14,620,000 |
Collateralized Mortgage Obligations | — | 5,103,378 | — | 5,103,378 |
Government & Agency Obligations (a) | — | 13,458,221 | — | 13,458,221 |
Loan Participations and Assignments | — | 2,615,249 | — | 2,615,249 |
Short-Term U.S. Treasury Obligation | — | 7,129,244 | — | 7,129,244 |
Exchange-Traded Funds | 17,669,118 | — | — | 17,669,118 |
Short-Term Investments | 9,099,882 | — | — | 9,099,882 |
Derivatives (b) | ||||
Futures Contracts | 2,438,784 | — | — | 2,438,784 |
Interest Rate Swap Contracts | — | 1,033,558 | — | 1,033,558 |
Forward Foreign Currency Contracts | — | 622,233 | — | 622,233 |
Total | $305,114,800 | $298,485,687 | $41,343 | $603,641,830 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | ||||
Futures Contracts | $(983,881) | $— | $— | $(983,881) |
Forward Foreign Currency Contracts | — | (6,216) | — | (6,216) |
Total | $(983,881) | $(6,216) | $— | $(990,097) |
(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 January 31, 2023 categorized by the primary underlying risk exposure.
Primary Underlying Risk Disclosure | Forward Contracts | Swap Contracts | Futures Contracts |
Equity Contracts | $ — | $ — | $ 202,907 |
Interest Rate Contracts | $ — | $ 1,033,558 | $ 1,251,996 |
Foreign Exchange Contracts | $ 616,017 | $ — | $ — |
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-080548-2 (1/25)