Investment Portfolioas of September 30, 2023 (Unaudited)
DWS Global Income Builder VIP
Shares | Value ($) | ||
Common Stocks 40.4% | |||
Communication Services 3.4% | |||
Diversified Telecommunication Services 0.1% | |||
Spark New Zealand Ltd. | 20,506 | 59,084 | |
Telefonica Deutschland Holding AG | 23,671 | 42,354 | |
101,438 | |||
Entertainment 0.5% | |||
NetEase, Inc. (ADR) | 1,823 | 182,592 | |
Netflix, Inc.* | 346 | 130,649 | |
Nintendo Co., Ltd. | 3,960 | 164,915 | |
Tencent Music Entertainment Group (ADR)* | 3,152 | 20,110 | |
498,266 | |||
Interactive Media & Services 2.0% | |||
Alphabet, Inc. "A"* | 5,117 | 669,611 | |
Alphabet, Inc. "C"* | 4,758 | 627,342 | |
Meta Platforms, Inc. "A"* | 1,835 | 550,886 | |
Tencent Holdings Ltd. (ADR) | 4,884 | 188,864 | |
2,036,703 | |||
Media 0.3% | |||
Fox Corp. "A" | 860 | 26,832 | |
Fox Corp. "B" | 1,648 | 47,594 | |
Interpublic Group of Companies, Inc. | 3,445 | 98,734 | |
Omnicom Group, Inc. | 880 | 65,542 | |
Trade Desk, Inc. "A"* | 499 | 38,997 | |
277,699 | |||
Wireless Telecommunication Services 0.5% | |||
KDDI Corp. | 5,400 | 165,201 | |
SoftBank Corp. | 20,301 | 229,711 | |
TIM SA (ADR) (a) | 4,000 | 59,600 | |
T-Mobile U.S., Inc.* | 800 | 112,040 | |
566,552 | |||
Consumer Discretionary 3.7% | |||
Automobile Components 0.3% | |||
Aisin Corp. | 1,200 | 45,254 | |
Denso Corp. | 2,400 | 38,499 | |
Lear Corp. | 788 | 105,750 | |
Magna International, Inc. (a) | 1,504 | 80,601 | |
270,104 | |||
Automobiles 0.9% | |||
Honda Motor Co., Ltd. | 2,700 | 30,341 | |
Isuzu Motors Ltd. | 1,700 | 21,357 | |
Mercedes-Benz Group AG | 2,294 | 159,533 | |
Stellantis NV | 3,025 | 57,960 | |
Tesla, Inc.* | 1,997 | 499,689 | |
Toyota Motor Corp. | 11,400 | 204,155 | |
973,035 |
Broadline Retail 1.1% | |||
Alibaba Group Holding Ltd. (ADR)* | 1,524 | 132,192 | |
Amazon.com, Inc.* | 5,890 | 748,737 | |
JD.com, Inc. (ADR) | 1,708 | 49,754 | |
PDD Holdings, Inc. (ADR)* | 300 | 29,421 | |
Prosus NV* | 1,580 | 46,556 | |
Wesfarmers Ltd. | 3,602 | 122,164 | |
1,128,824 | |||
Distributors 0.0% | |||
LKQ Corp. | 860 | 42,579 | |
Hotels, Restaurants & Leisure 0.5% | |||
Aristocrat Leisure Ltd. | 831 | 21,784 | |
Booking Holdings, Inc.* | 23 | 70,931 | |
Chipotle Mexican Grill, Inc.* | 28 | 51,291 | |
Darden Restaurants, Inc. | 1,076 | 154,105 | |
Evolution AB 144A | 397 | 40,010 | |
La Francaise des Jeux SAEM 144A | 1,838 | 59,578 | |
Marriott International, Inc. "A" | 143 | 28,108 | |
Restaurant Brands International, Inc. | 343 | 22,841 | |
Starbucks Corp. | 300 | 27,381 | |
476,029 | |||
Household Durables 0.2% | |||
Garmin Ltd. | 1,362 | 143,282 | |
Panasonic Holdings Corp. | 2,200 | 24,721 | |
168,003 | |||
Specialty Retail 0.5% | |||
Best Buy Co., Inc. | 2,577 | 179,024 | |
Dick's Sporting Goods, Inc. | 301 | 32,683 | |
Home Depot, Inc. | 536 | 161,958 | |
Industria de Diseno Textil SA | 1,462 | 54,404 | |
TJX Companies, Inc. | 1,372 | 121,943 | |
USS Co., Ltd. | 1,400 | 23,146 | |
573,158 | |||
Textiles, Apparel & Luxury Goods 0.2% | |||
Deckers Outdoor Corp.* | 72 | 37,014 | |
Hermes International SCA | 11 | 20,019 | |
NIKE, Inc. "B" | 1,198 | 114,553 | |
171,586 | |||
Consumer Staples 3.5% | |||
Beverages 0.9% | |||
Ambev SA (ADR) | 76,862 | 198,304 | |
Coca-Cola Co. | 7,269 | 406,919 | |
Coca-Cola Femsa SAB de CV (ADR) | 403 | 31,611 | |
Monster Beverage Corp.* | 2,292 | 121,361 | |
PepsiCo, Inc. | 684 | 115,897 | |
874,092 | |||
Consumer Staples Distribution & Retail 0.7% | |||
Costco Wholesale Corp. | 243 | 137,285 | |
Jeronimo Martins SGPS SA | 1,018 | 22,857 | |
Kesko Oyj "B" | 6,939 | 124,325 | |
Sysco Corp. | 3,435 | 226,882 | |
Target Corp. | 1,305 | 144,294 | |
655,643 |
Food Products 0.2% | |||
Darling Ingredients, Inc.* | 358 | 18,688 | |
Nestle SA (Registered) | 669 | 75,669 | |
Salmar ASA | 1,880 | 95,418 | |
WH Group Ltd. 144A | 100,500 | 52,573 | |
242,348 | |||
Household Products 0.5% | |||
Clorox Co. | 337 | 44,167 | |
Procter & Gamble Co. | 3,331 | 485,860 | |
530,027 | |||
Personal Care Products 0.0% | |||
Unilever PLC | 677 | 33,484 | |
Tobacco 1.2% | |||
Japan Tobacco, Inc. | 40,000 | 921,549 | |
Philip Morris International, Inc. | 3,577 | 331,158 | |
1,252,707 | |||
Energy 2.0% | |||
Energy Equipment & Services 0.0% | |||
Tenaris SA | 1,586 | 25,160 | |
Oil, Gas & Consumable Fuels 2.0% | |||
Canadian Natural Resources Ltd. | 4,677 | 302,468 | |
Chevron Corp. | 3,007 | 507,040 | |
ConocoPhillips | 287 | 34,383 | |
Coterra Energy, Inc. | 1,003 | 27,131 | |
Enbridge, Inc. | 6,582 | 218,310 | |
EOG Resources, Inc. | 788 | 99,887 | |
Exxon Mobil Corp. | 905 | 106,410 | |
Imperial Oil Ltd. | 2,292 | 141,173 | |
ONEOK, Inc. | 5,997 | 380,390 | |
Phillips 66 | 615 | 73,892 | |
Pioneer Natural Resources Co. | 573 | 131,532 | |
2,022,616 | |||
Financials 7.2% | |||
Banks 2.5% | |||
Banco Bradesco SA (ADR) | 22,779 | 64,920 | |
Bank Hapoalim BM | 21,340 | 190,559 | |
Bank Leumi Le-Israel BM | 4,912 | 40,582 | |
Bank of Nova Scotia | 1,991 | 89,241 | |
BNP Paribas SA | 1,883 | 119,738 | |
CaixaBank SA | 50,786 | 202,877 | |
Erste Group Bank AG | 681 | 23,562 | |
Fifth Third Bancorp. | 7,523 | 190,558 | |
First Citizens BancShares, Inc. "A" | 22 | 30,362 | |
HSBC Holdings PLC | 25,109 | 196,704 | |
ING Groep NV | 1,539 | 20,388 | |
Intesa Sanpaolo SpA | 126,136 | 323,710 | |
KB Financial Group, Inc. (ADR) | 1,074 | 44,152 | |
M&T Bank Corp. | 430 | 54,374 | |
Mediobanca Banca di Credito Finanziario SpA | 18,730 | 246,971 | |
Mizrahi Tefahot Bank Ltd. | 1,363 | 49,550 | |
NatWest Group PLC | 33,142 | 94,877 | |
PNC Financial Services Group, Inc. | 573 | 70,347 |
Regions Financial Corp. | 4,614 | 79,361 | |
Societe Generale SA | 5,355 | 129,713 | |
Toronto-Dominion Bank | 2,305 | 138,869 | |
U.S. Bancorp. | 666 | 22,018 | |
UniCredit SpA | 918 | 21,987 | |
Wells Fargo & Co. | 2,900 | 118,494 | |
2,563,914 | |||
Capital Markets 1.7% | |||
3i Group PLC | 1,379 | 34,746 | |
abrdn PLC | 17,195 | 32,488 | |
Ares Management Corp. "A" | 1,166 | 119,946 | |
BlackRock, Inc. | 231 | 149,339 | |
Blackstone, Inc. | 1,756 | 188,138 | |
CME Group, Inc. | 143 | 28,632 | |
Hargreaves Lansdown PLC | 6,394 | 60,104 | |
Hong Kong Exchanges & Clearing Ltd. | 700 | 25,983 | |
Partners Group Holding AG | 164 | 184,325 | |
S&P Global, Inc. | 716 | 261,634 | |
SBI Holdings, Inc. | 9,400 | 197,428 | |
Singapore Exchange Ltd. | 4,800 | 34,141 | |
St. James's Place PLC | 10,567 | 106,793 | |
T. Rowe Price Group, Inc. | 2,739 | 287,239 | |
1,710,936 | |||
Consumer Finance 0.1% | |||
American Express Co. | 143 | 21,334 | |
Discover Financial Services | 645 | 55,877 | |
77,211 | |||
Financial Services 0.6% | |||
Investor AB "B" | 1,122 | 21,475 | |
Mastercard, Inc. "A" | 532 | 210,624 | |
PayPal Holdings, Inc.* | 860 | 50,275 | |
Visa, Inc. "A" | 1,166 | 268,192 | |
Washington H Soul Pattinson & Co., Ltd. | 3,310 | 69,290 | |
619,856 | |||
Insurance 2.3% | |||
Allianz SE (Registered) | 1,169 | 278,482 | |
Assicurazioni Generali SpA | 5,907 | 120,693 | |
AXA SA | 1,282 | 38,084 | |
Chubb Ltd. | 215 | 44,759 | |
Cincinnati Financial Corp. | 358 | 36,620 | |
Erie Indemnity Co. "A" | 215 | 63,165 | |
Fidelity National Financial, Inc. | 8,902 | 367,653 | |
Gjensidige Forsikring ASA | 4,702 | 69,170 | |
Manulife Financial Corp. | 29,136 | 532,417 | |
MS&AD Insurance Group Holdings, Inc. | 2,100 | 76,956 | |
Principal Financial Group, Inc. | 1,361 | 98,087 | |
Progressive Corp. | 573 | 79,819 | |
Swiss Re AG | 2,087 | 214,095 | |
Travelers Companies, Inc. | 358 | 58,465 | |
Zurich Insurance Group AG | 543 | 248,445 | |
2,326,910 | |||
Health Care 4.7% | |||
Biotechnology 0.8% | |||
AbbVie, Inc. | 2,158 | 321,672 | |
Amgen, Inc. | 817 | 219,577 |
Gilead Sciences, Inc. | 1,525 | 114,284 | |
Moderna, Inc.* | 246 | 25,409 | |
Vertex Pharmaceuticals, Inc.* | 215 | 74,764 | |
755,706 | |||
Health Care Equipment & Supplies 0.3% | |||
Align Technology, Inc.* | 72 | 21,983 | |
BioMerieux | 278 | 26,895 | |
Dexcom, Inc.* | 334 | 31,162 | |
Edwards Lifesciences Corp.* | 549 | 38,035 | |
Fisher & Paykel Healthcare Corp. Ltd. | 2,353 | 30,336 | |
Hoya Corp. | 400 | 40,779 | |
Intuitive Surgical, Inc.* | 337 | 98,502 | |
ResMed, Inc. | 300 | 44,361 | |
332,053 | |||
Health Care Providers & Services 0.8% | |||
Cigna Group | 128 | 36,617 | |
Elevance Health, Inc. | 349 | 151,962 | |
Humana, Inc. | 143 | 69,572 | |
Molina Healthcare, Inc.* | 72 | 23,608 | |
UnitedHealth Group, Inc. | 990 | 499,148 | |
780,907 | |||
Pharmaceuticals 2.8% | |||
Eli Lilly & Co. | 749 | 402,310 | |
GSK PLC | 6,909 | 125,139 | |
Hikma Pharmaceuticals PLC | 5,363 | 136,486 | |
Johnson & Johnson | 3,244 | 505,253 | |
Merck & Co., Inc. | 2,825 | 290,834 | |
Novartis AG (Registered) | 3,810 | 389,391 | |
Novo Nordisk AS "B" | 2,942 | 267,861 | |
Orion Oyj "B" | 600 | 23,589 | |
Pfizer, Inc. | 8,927 | 296,109 | |
Recordati Industria Chimica e Farmaceutica SpA | 718 | 33,866 | |
Roche Holding AG | 911 | 253,473 | |
Sanofi | 1,346 | 144,493 | |
2,868,804 | |||
Industrials 5.1% | |||
Aerospace & Defense 0.6% | |||
Airbus SE | 940 | 126,016 | |
BAE Systems PLC | 9,654 | 117,430 | |
Dassault Aviation SA | 330 | 62,083 | |
General Dynamics Corp. | 922 | 203,734 | |
Huntington Ingalls Industries, Inc. | 72 | 14,730 | |
Lockheed Martin Corp. | 274 | 112,055 | |
Northrop Grumman Corp. | 65 | 28,612 | |
664,660 | |||
Air Freight & Logistics 0.6% | |||
Deutsche Post AG | 5,284 | 214,369 | |
FedEx Corp. | 400 | 105,968 | |
United Parcel Service, Inc. "B" | 1,648 | 256,874 | |
577,211 | |||
Building Products 0.1% | |||
Builders FirstSource, Inc.* | 330 | 41,082 |
Carlisle Companies, Inc. | 72 | 18,667 | |
Xinyi Glass Holdings Ltd. | 18,000 | 23,226 | |
82,975 | |||
Commercial Services & Supplies 0.1% | |||
Copart, Inc.* | 2,578 | 111,086 | |
Quad Graphics, Inc.* | 2 | 10 | |
111,096 | |||
Construction & Engineering 0.1% | |||
Bouygues SA | 1,857 | 64,939 | |
Electrical Equipment 0.1% | |||
Emerson Electric Co. | 472 | 45,581 | |
Mitsubishi Electric Corp. | 2,300 | 28,384 | |
Rockwell Automation, Inc. | 206 | 58,889 | |
132,854 | |||
Ground Transportation 0.5% | |||
Canadian National Railway Co. | 686 | 74,290 | |
J.B. Hunt Transport Services, Inc. | 287 | 54,105 | |
MTR Corp. Ltd. | 46,000 | 181,689 | |
TFI International, Inc. | 215 | 27,613 | |
Union Pacific Corp. | 645 | 131,341 | |
469,038 | |||
Industrial Conglomerates 0.7% | |||
3M Co. | 2,886 | 270,187 | |
Honeywell International, Inc. | 333 | 61,519 | |
Jardine Cycle & Carriage Ltd. | 2,200 | 51,268 | |
Keppel Corp. Ltd. | 56,700 | 281,450 | |
Siemens AG (Registered) | 184 | 26,301 | |
690,725 | |||
Machinery 1.2% | |||
Caterpillar, Inc. | 571 | 155,883 | |
Cummins, Inc. | 671 | 153,297 | |
Daimler Truck Holding AG | 1,524 | 52,694 | |
Deere & Co. | 165 | 62,268 | |
Kone Oyj "B" | 3,446 | 145,340 | |
Metso Oyj | 2,705 | 28,331 | |
PACCAR, Inc. | 1,048 | 89,101 | |
Snap-on, Inc. | 206 | 52,542 | |
Techtronic Industries Co., Ltd. | 5,000 | 48,323 | |
Volvo AB "A" | 2,124 | 44,304 | |
Volvo AB "B" | 20,691 | 426,926 | |
1,259,009 | |||
Marine Transportation 0.0% | |||
Kuehne & Nagel International AG (Registered) | 207 | 58,893 | |
Professional Services 0.7% | |||
Automatic Data Processing, Inc. | 863 | 207,621 | |
Paychex, Inc. | 2,534 | 292,246 | |
Paycom Software, Inc. | 65 | 16,853 | |
Thomson Reuters Corp. | 1,334 | 163,193 | |
679,913 | |||
Trading Companies & Distributors 0.4% | |||
Ashtead Group PLC | 435 | 26,367 | |
Fastenal Co. | 1,355 | 74,037 | |
ITOCHU Corp. | 2,700 | 97,375 | |
Marubeni Corp. | 7,600 | 118,317 |
United Rentals, Inc. | 72 | 32,009 | |
Watsco, Inc. | 58 | 21,908 | |
370,013 | |||
Information Technology 8.0% | |||
Communications Equipment 0.6% | |||
Arista Networks, Inc.* | 143 | 26,302 | |
Cisco Systems, Inc. | 10,715 | 576,039 | |
Telefonaktiebolaget LM Ericsson "B" | 5,119 | 24,939 | |
627,280 | |||
IT Services 0.5% | |||
Accenture PLC "A" | 326 | 100,118 | |
EPAM Systems, Inc.* | 65 | 16,620 | |
Infosys Ltd. (ADR) | 9,170 | 156,898 | |
International Business Machines Corp. | 1,056 | 148,157 | |
MongoDB, Inc.* | 134 | 46,345 | |
Shopify, Inc. "A"* | 887 | 48,417 | |
516,555 | |||
Semiconductors & Semiconductor Equipment 2.4% | |||
Advanced Micro Devices, Inc.* | 1,476 | 151,762 | |
Applied Materials, Inc. | 358 | 49,565 | |
ASML Holding NV | 539 | 318,568 | |
Broadcom, Inc. | 299 | 248,344 | |
Intel Corp. | 794 | 28,227 | |
Lam Research Corp. | 107 | 67,064 | |
Monolithic Power Systems, Inc. | 165 | 76,230 | |
NVIDIA Corp. | 1,825 | 793,857 | |
QUALCOMM, Inc. | 361 | 40,093 | |
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 3,016 | 262,090 | |
Texas Instruments, Inc. | 2,060 | 327,561 | |
Tokyo Electron Ltd. | 378 | 51,478 | |
2,414,839 | |||
Software 2.7% | |||
Adobe, Inc.* | 554 | 282,485 | |
Cadence Design Systems, Inc.* | 561 | 131,442 | |
Intuit, Inc. | 706 | 360,724 | |
Microsoft Corp. | 5,671 | 1,790,618 | |
Oracle Corp. | 615 | 65,141 | |
Salesforce, Inc.* | 300 | 60,834 | |
Synopsys, Inc.* | 143 | 65,633 | |
Zoom Video Communications, Inc. "A"* | 358 | 25,038 | |
2,781,915 | |||
Technology Hardware, Storage & Peripherals 1.8% | |||
Apple, Inc. | 10,230 | 1,751,478 | |
Seagate Technology Holdings PLC | 358 | 23,610 | |
1,775,088 | |||
Materials 1.3% | |||
Chemicals 0.7% | |||
Air Products & Chemicals, Inc. | 263 | 74,534 | |
Dow, Inc. | 3,721 | 191,855 | |
EMS-Chemie Holding AG (Registered) | 116 | 78,693 | |
LyondellBasell Industries NV "A" | 2,414 | 228,606 |
PPG Industries, Inc. | 200 | 25,960 | |
Shin-Etsu Chemical Co., Ltd. | 5,400 | 156,283 | |
755,931 | |||
Metals & Mining 0.6% | |||
Anglogold Ashanti PLC | 2,179 | 34,428 | |
Antofagasta PLC | 1,251 | 21,687 | |
Gold Fields Ltd. (ADR) | 1,733 | 18,820 | |
Mineral Resources Ltd. | 458 | 19,781 | |
Nippon Steel Corp. | 5,100 | 119,344 | |
Nucor Corp. | 268 | 41,902 | |
Rio Tinto Ltd. | 3,443 | 250,702 | |
Sumitomo Metal Mining Co., Ltd. | 3,200 | 94,156 | |
600,820 | |||
Real Estate 1.0% | |||
Diversified REITs 0.3% | |||
WP Carey, Inc. | 6,300 | 340,704 | |
Real Estate Management & Development 0.2% | |||
Daito Trust Construction Co., Ltd. | 500 | 52,671 | |
Sino Land Co., Ltd. | 36,000 | 40,574 | |
Swire Pacific Ltd. "A" | 13,000 | 87,562 | |
180,807 | |||
Retail REITs 0.2% | |||
Simon Property Group, Inc. | 1,544 | 166,798 | |
Specialized REITs 0.3% | |||
Extra Space Storage, Inc. | 274 | 33,313 | |
Gaming and Leisure Properties, Inc. | 2,329 | 106,086 | |
Public Storage | 860 | 226,627 | |
366,026 | |||
Utilities 0.5% | |||
Electric Utilities 0.4% | |||
NRG Energy, Inc. | 1,606 | 61,863 | |
Power Assets Holdings Ltd. | 20,000 | 96,486 | |
SSE PLC | 9,420 | 185,167 | |
Verbund AG | 1,000 | 81,484 | |
425,000 | |||
Gas Utilities 0.1% | |||
Naturgy Energy Group SA | 3,435 | 93,368 | |
Total Common Stocks (Cost $32,734,637) | 41,162,807 | ||
Preferred Stocks 2.2% | |||
Consumer Discretionary 0.0% | |||
Volkswagen AG | 192 | 22,033 | |
Financials 1.4% | |||
AGNC Investment Corp., Series C, 10.681% | 14,427 | 370,052 | |
Fifth Third Bancorp., Series I, 6.625% | 10,000 | 256,000 | |
KeyCorp., Series E, 6.125% | 10,000 | 222,000 | |
Morgan Stanley, Series K, 5.85% | 10,000 | 232,300 | |
Wells Fargo & Co., Series Y, 5.625% | 15,000 | 343,200 | |
1,423,552 |
Real Estate 0.8% | |||
Kimco Realty Corp., Series L, 5.125% | 15,000 | 317,550 | |
Prologis, Inc., Series Q, 8.54% | 164 | 9,184 | |
Simon Property Group, Inc., Series J, 8.375% | 8,000 | 448,680 | |
775,414 | |||
Total Preferred Stocks (Cost $2,599,765) | 2,220,999 | ||
Rights 0.0% | |||
Health Care | |||
Contra Abiomed, Inc.,* (b) (Cost $204) | 200 | 204 | |
Warrants 0.0% | |||
Materials | |||
Hercules Trust II, Expiration Date 3/31/2029* (b) (Cost $30,283) | 170 | 6,902 |
Principal Amount ($) (c) | Value ($) | ||
Corporate Bonds 23.7% | |||
Communication Services 1.8% | |||
AT&T, Inc.: | |||
2.25%, 2/1/2032 | 80,000 | 60,210 | |
3.65%, 6/1/2051 | 100,000 | 64,479 | |
CCO Holdings LLC, 144A, 5.125%, 5/1/2027 | 275,000 | 256,222 | |
Charter Communications Operating LLC: | |||
2.25%, 1/15/2029 | 120,000 | 97,869 | |
3.5%, 3/1/2042 | 57,000 | 35,224 | |
3.7%, 4/1/2051 | 34,000 | 19,784 | |
Comcast Corp., 5.5%, 5/15/2064 | 75,000 | 68,246 | |
Discovery Communications LLC, 4.0%, 9/15/2055 | 40,000 | 23,999 | |
Expedia Group, Inc., 3.25%, 2/15/2030 | 100,000 | 84,580 | |
Netflix, Inc., 5.875%, 11/15/2028 | 140,000 | 140,793 | |
Paramount Global, 4.2%, 5/19/2032 (a) | 200,000 | 158,993 | |
Rogers Communications, Inc., 3.8%, 3/15/2032 | 145,000 | 120,499 | |
Sprint Capital Corp., 8.75%, 3/15/2032 | 200,000 | 231,369 | |
Tencent Holdings Ltd., REG S, 2.39%, 6/3/2030 | 300,000 | 240,736 | |
T-Mobile U.S.A., Inc.: | |||
3.3%, 2/15/2051 | 125,000 | 78,213 | |
3.6%, 11/15/2060 | 25,000 | 15,465 | |
4.375%, 4/15/2040 | 60,000 | 48,212 | |
Verizon Communications, Inc.: | |||
2.65%, 11/20/2040 | 40,000 | 25,321 | |
3.7%, 3/22/2061 | 100,000 | 63,636 | |
1,833,850 | |||
Consumer Discretionary 1.2% | |||
Dollar General Corp., 5.45%, 7/5/2033 | 170,000 | 157,005 | |
Ford Motor Co., 3.25%, 2/12/2032 | 105,000 | 80,920 | |
Ford Motor Credit Co. LLC: | |||
2.7%, 8/10/2026 | 230,000 | 205,244 | |
2.9%, 2/16/2028 | 200,000 | 170,304 | |
General Motors Co., 5.6%, 10/15/2032 (a) | 275,000 | 256,755 |
General Motors Financial Co., Inc.: | |||
2.35%, 1/8/2031 | 80,000 | 60,511 | |
3.1%, 1/12/2032 | 90,000 | 69,631 | |
5.4%, 4/6/2026 | 70,000 | 68,552 | |
Lowe's Companies, Inc., 5.625%, 4/15/2053 | 50,000 | 45,446 | |
Warnermedia Holdings, Inc.: | |||
5.05%, 3/15/2042 | 50,000 | 38,669 | |
5.141%, 3/15/2052 | 100,000 | 74,304 | |
1,227,341 | |||
Consumer Staples 0.9% | |||
Anheuser-Busch Companies LLC, 4.9%, 2/1/2046 | 166,000 | 144,676 | |
BAT Capital Corp., 7.081%, 8/2/2053 | 110,000 | 103,912 | |
JBS U.S.A. Lux SA: | |||
2.5%, 1/15/2027 | 260,000 | 229,663 | |
144A, 6.75%, 3/15/2034 | 150,000 | 145,949 | |
Philip Morris International, Inc.: | |||
5.125%, 2/15/2030 | 150,000 | 143,856 | |
5.625%, 11/17/2029 | 60,000 | 59,320 | |
5.75%, 11/17/2032 | 50,000 | 48,786 | |
876,162 | |||
Energy 2.8% | |||
BP Capital Markets PLC, 4.375%, Perpetual (d) | 200,000 | 190,728 | |
Cheniere Corpus Christi Holdings LLC, 5.875%, 3/31/2025 | 200,000 | 198,512 | |
Cheniere Energy Partners LP: | |||
4.0%, 3/1/2031 | 250,000 | 213,734 | |
4.5%, 10/1/2029 | 175,000 | 158,458 | |
Cheniere Energy, Inc., 4.625%, 10/15/2028 | 320,000 | 294,224 | |
Columbia Pipelines Holding Co. LLC, 144A, 6.055%, 8/15/2026 | 40,000 | 40,126 | |
Columbia Pipelines Operating Co. LLC: | |||
144A, 5.927%, 8/15/2030 | 80,000 | 78,970 | |
144A, 6.497%, 8/15/2043 | 30,000 | 29,223 | |
Ecopetrol SA, 6.875%, 4/29/2030 | 300,000 | 273,918 | |
Energy Transfer LP, 5.0%, 5/15/2050 | 208,000 | 163,165 | |
Enterprise Products Operating LLC, 4.2%, 1/31/2050 | 144,000 | 111,083 | |
Occidental Petroleum Corp., 8.875%, 7/15/2030 | 300,000 | 337,293 | |
ONEOK, Inc., 6.1%, 11/15/2032 | 40,000 | 39,495 | |
Plains All American Pipeline LP, 3.8%, 9/15/2030 | 50,000 | 42,947 | |
Targa Resources Corp., 6.5%, 2/15/2053 | 80,000 | 76,350 | |
Targa Resources Partners LP, 6.5%, 7/15/2027 | 300,000 | 302,325 | |
TransCanada PipeLines Ltd., 2.5%, 10/12/2031 | 90,000 | 69,689 | |
Western Midstream Operating LP, 5.3%, 3/1/2048 | 85,000 | 66,346 | |
Williams Companies, Inc.: | |||
4.65%, 8/15/2032 | 120,000 | 109,160 | |
5.65%, 3/15/2033 | 90,000 | 86,966 | |
2,882,712 | |||
Financials 8.1% | |||
AerCap Ireland Capital DAC: | |||
1.75%, 1/30/2026 | 150,000 | 135,370 | |
3.4%, 10/29/2033 | 150,000 | 116,028 | |
Air Lease Corp., Series C, 4.125%, Perpetual (d) | 200,000 | 148,760 | |
Aircastle Ltd.: | |||
Series A, 144A, 5.25%, Perpetual (d) | 130,000 | 102,225 | |
144A, 6.5%, 7/18/2028 | 90,000 | 88,261 | |
Ally Financial, Inc., Series B, 4.7%, Perpetual (d) | 500,000 | 343,120 |
American Express Co., 5.282%, 7/27/2029 | 140,000 | 136,491 | |
Bank of America Corp.: | |||
2.972%, 2/4/2033 | 200,000 | 157,711 | |
Series RR, 4.375%, Perpetual (d) | 530,000 | 444,166 | |
Bank of New York Mellon Corp.: | |||
Series H, 3.7%, Perpetual (d) | 180,000 | 161,409 | |
Series I, 3.75%, Perpetual (d) | 345,000 | 279,827 | |
Blackstone Secured Lending Fund: | |||
2.85%, 9/30/2028 | 110,000 | 90,025 | |
3.625%, 1/15/2026 | 155,000 | 143,194 | |
BNP Paribas SA, 144A, 8.5%, Perpetual (d) | 280,000 | 273,930 | |
Capital One Financial Corp., Series M, 3.95%, Perpetual (d) | 350,000 | 262,707 | |
Charles Schwab Corp.: | |||
5.853%, 5/19/2034 | 150,000 | 142,634 | |
6.136%, 8/24/2034 | 140,000 | 136,186 | |
Citigroup, Inc.: | |||
3.057%, 1/25/2033 | 70,000 | 55,338 | |
6.27%, 11/17/2033 | 130,000 | 129,616 | |
7.625%, Perpetual (d) | 300,000 | 292,681 | |
Corebridge Financial, Inc., 144A, 6.05%, 9/15/2033 | 130,000 | 126,348 | |
Enstar Finance LLC, 5.5%, 1/15/2042 | 200,000 | 159,210 | |
HSBC Holdings PLC, 7.39%, 11/3/2028 | 200,000 | 206,908 | |
Huntington Bancshares, Inc., 6.208%, 8/21/2029 | 275,000 | 269,019 | |
KKR Group Finance Co., XII LLC, 144A, 4.85%, 5/17/2032 | 130,000 | 118,063 | |
Macquarie Group Ltd., 144A, 5.887%, 6/15/2034 (a) | 170,000 | 159,996 | |
Morgan Stanley: | |||
2.484%, 9/16/2036 | 141,000 | 102,421 | |
5.25%, 4/21/2034 | 130,000 | 120,702 | |
Natwest Group PLC, 6.016%, 3/2/2034 | 200,000 | 191,945 | |
PNC Financial Services Group, Inc.: | |||
Series T, 3.4%, Perpetual (d) | 320,000 | 236,728 | |
5.068%, 1/24/2034 | 70,000 | 63,479 | |
Series W, 6.25%, Perpetual (d) | 430,000 | 368,602 | |
Societe Generale SA: | |||
144A, 5.375%, Perpetual (d) | 250,000 | 178,269 | |
144A, 6.221%, 6/15/2033 | 225,000 | 203,763 | |
State Street Corp., 4.164%, 8/4/2033 | 130,000 | 113,492 | |
Synchrony Bank, 5.625%, 8/23/2027 | 250,000 | 233,324 | |
The Charles Schwab Corp., Series I, 4.0%, Perpetual (d) | 265,000 | 221,330 | |
The Goldman Sachs Group, Inc.: | |||
2.615%, 4/22/2032 | 165,000 | 128,878 | |
Series T, 3.8%, Perpetual (d) | 170,000 | 138,622 | |
Series W, 7.5%, Perpetual (d) | 225,000 | 222,381 | |
Truist Financial Corp.: | |||
Series N, 4.8%, Perpetual (d) | 300,000 | 257,168 | |
5.122%, 1/26/2034 | 90,000 | 80,455 | |
U.S. Bancorp.: | |||
4.839%, 2/1/2034 | 120,000 | 105,655 | |
5.775%, 6/12/2029 | 250,000 | 243,345 | |
5.85%, 10/21/2033 | 60,000 | 56,797 | |
UBS Group AG, 144A, 4.375%, Perpetual (d) | 200,000 | 143,285 | |
Westpac Banking Corp., 5.0%, Perpetual (d) | 200,000 | 174,288 | |
8,264,152 | |||
Health Care 1.3% | |||
Amgen, Inc.: | |||
5.25%, 3/2/2033 | 80,000 | 76,477 | |
5.65%, 3/2/2053 | 80,000 | 74,874 |
Centene Corp., 2.625%, 8/1/2031 | 130,000 | 99,568 | |
Charles River Laboratories International, Inc., 144A, 3.75%, 3/15/2029 (a) | 300,000 | 257,241 | |
CVS Health Corp., 5.05%, 3/25/2048 | 175,000 | 145,398 | |
Elevance Health, Inc., 6.1%, 10/15/2052 | 30,000 | 30,187 | |
HCA, Inc.: | |||
5.2%, 6/1/2028 | 90,000 | 86,982 | |
5.5%, 6/15/2047 | 95,000 | 81,088 | |
Humana, Inc., 5.875%, 3/1/2033 | 40,000 | 39,765 | |
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/1/2026 | 463,000 | 412,658 | |
1,304,238 | |||
Industrials 1.1% | |||
American Airlines, Inc., 144A, 5.5%, 4/20/2026 | 96,250 | 94,004 | |
Block, Inc., 2.75%, 6/1/2026 | 30,000 | 26,982 | |
Boeing Co., 5.805%, 5/1/2050 | 115,000 | 104,134 | |
Delta Air Lines, Inc., 3.75%, 10/28/2029 (a) | 135,000 | 116,019 | |
Global Payments, Inc., 5.95%, 8/15/2052 | 70,000 | 62,760 | |
Mileage Plus Holdings LLC, 144A, 6.5%, 6/20/2027 | 149,802 | 148,424 | |
Penske Truck Leasing Co. LP, 144A, 6.05%, 8/1/2028 | 170,000 | 167,867 | |
Prime Security Services Borrower LLC, 144A, 5.25%, 4/15/2024 | 200,000 | 198,634 | |
RTX Corp., 5.375%, 2/27/2053 | 60,000 | 54,299 | |
United Rentals North America, Inc., 144A, 6.0%, 12/15/2029 | 110,000 | 107,102 | |
1,080,225 | |||
Information Technology 1.9% | |||
Broadcom, Inc.: | |||
144A, 2.6%, 2/15/2033 | 70,000 | 52,198 | |
144A, 4.15%, 4/15/2032 | 120,000 | 104,138 | |
Concentrix Corp., 6.6%, 8/2/2028 | 110,000 | 106,131 | |
Dell International LLC, 5.3%, 10/1/2029 | 85,000 | 82,515 | |
Fiserv, Inc., 5.625%, 8/21/2033 | 50,000 | 48,447 | |
Hewlett Packard Enterprise Co., 5.9%, 10/1/2024 | 280,000 | 279,773 | |
HP, Inc., 5.5%, 1/15/2033 | 200,000 | 187,516 | |
Marvell Technology, Inc.: | |||
2.95%, 4/15/2031 | 95,000 | 76,857 | |
5.95%, 9/15/2033 | 60,000 | 58,891 | |
Micron Technology, Inc., 6.75%, 11/1/2029 | 210,000 | 213,369 | |
MSCI, Inc., 144A, 3.625%, 9/1/2030 | 90,000 | 75,433 | |
NXP BV: | |||
2.65%, 2/15/2032 | 58,000 | 44,830 | |
3.125%, 2/15/2042 | 60,000 | 39,067 | |
Open Text Corp., 144A, 3.875%, 2/15/2028 | 175,000 | 152,840 | |
Oracle Corp.: | |||
3.65%, 3/25/2041 | 118,000 | 84,203 | |
5.55%, 2/6/2053 | 50,000 | 43,808 | |
6.9%, 11/9/2052 | 52,000 | 53,567 | |
SK Hynix, Inc., 144A, 1.5%, 1/19/2026 | 200,000 | 179,699 | |
1,883,282 | |||
Materials 1.7% | |||
AngloGold Ashanti Holdings PLC, 3.75%, 10/1/2030 | 200,000 | 161,032 | |
Berry Global, Inc., 1.65%, 1/15/2027 | 300,000 | 257,856 | |
Braskem Netherlands Finance BV, 144A, 7.25%, 2/13/2033 | 220,000 | 202,702 | |
Celanese U.S. Holdings LLC: | |||
6.165%, 7/15/2027 | 200,000 | 197,214 | |
6.35%, 11/15/2028 | 50,000 | 49,372 | |
6.7%, 11/15/2033 | 40,000 | 38,936 |
Corp. Nacional del Cobre de Chile, 144A, 5.95%, 1/8/2034 | 200,000 | 193,532 | |
Dow Chemical Co., 6.9%, 5/15/2053 | 50,000 | 52,515 | |
FMC Corp., 5.65%, 5/18/2033 | 150,000 | 135,680 | |
Glencore Funding LLC, 144A, 6.375%, 10/6/2030 (e) | 200,000 | 199,461 | |
MEGlobal Canada ULC, 144A, 5.0%, 5/18/2025 | 256,000 | 249,600 | |
Nutrien Ltd., 5.8%, 3/27/2053 | 40,000 | 36,742 | |
1,774,642 | |||
Real Estate 0.1% | |||
Boston Properties LP: | |||
(REIT), 2.55%, 4/1/2032 | 75,000 | 54,138 | |
(REIT), 6.75%, 12/1/2027 | 90,000 | 90,476 | |
144,614 | |||
Utilities 2.8% | |||
CMS Energy Corp., 3.75%, 12/1/2050 | 400,000 | 300,420 | |
Constellation Energy Generation LLC, 6.5%, 10/1/2053 | 90,000 | 90,210 | |
Duke Energy Corp., 3.25%, 1/15/2082 | 250,000 | 184,188 | |
Eskom Holdings SOC Ltd., REG S, 6.35%, 8/10/2028 | 200,000 | 181,746 | |
Jersey Central Power & Light Co., 144A, 2.75%, 3/1/2032 | 85,000 | 66,567 | |
Nevada Power Co., 6.0%, 3/15/2054 | 90,000 | 87,885 | |
NextEra Energy Operating Partners LP: | |||
144A, 3.875%, 10/15/2026 | 190,000 | 172,029 | |
144A, 4.25%, 7/15/2024 | 195,000 | 190,843 | |
NRG Energy, Inc., 144A, 2.45%, 12/2/2027 | 250,000 | 211,917 | |
Ohio Edison Co., 144A, 5.5%, 1/15/2033 | 135,000 | 129,160 | |
Pacific Gas and Electric Co.: | |||
2.5%, 2/1/2031 | 20,000 | 15,216 | |
3.25%, 6/1/2031 | 80,000 | 63,575 | |
3.3%, 8/1/2040 | 70,000 | 44,819 | |
5.45%, 6/15/2027 | 90,000 | 86,619 | |
6.7%, 4/1/2053 | 125,000 | 117,395 | |
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 144A, 2.875%, 10/25/2025 | EUR | 260,000 | 264,599 |
Sempra, 4.125%, 4/1/2052 | 310,000 | 250,752 | |
Sierra Pacific Power Co., 144A, 5.9%, 3/15/2054 | 50,000 | 47,943 | |
Southern Co.: | |||
Series 21-A, 3.75%, 9/15/2051 | 215,000 | 187,522 | |
5.2%, 6/15/2033 | 80,000 | 75,617 | |
Xcel Energy, Inc., 4.6%, 6/1/2032 | 140,000 | 127,043 | |
2,896,065 | |||
Total Corporate Bonds (Cost $27,296,219) | 24,167,283 | ||
Asset-Backed 4.6% | |||
Automobile Receivables 0.7% | |||
CPS Auto Receivables Trust, “C”, Series 2023-C, 144A, 6.27%, 10/15/2029 | 100,000 | 99,222 | |
Foursight Capital Automobile Receivables Trust, “C”, Series 2023-2, 144A, 6.21%, 4/16/2029 | 250,000 | 247,249 | |
Hertz Vehicle Financing III LLC, “C”, Series 2023-1A, 144A, 6.91%, 6/25/2027 | 230,000 | 227,917 | |
JPMorgan Chase Bank NA, “E”, Series 2021-1, 144A, 2.365%, 9/25/2028 | 91,883 | 89,881 | |
Santander Drive Auto Receivables Trust, “C”, Series 2023-3, 5.77%, 11/15/2030 | 100,000 | 98,585 | |
762,854 | |||
Miscellaneous 3.9% | |||
CF Hippolyta Issuer LLC, “B1”, Series 2021-1A, 144A, 1.98%, 3/15/2061 | 520,231 | 445,311 | |
DB Master Finance LLC, “A23”, Series 2021-1A, 144A, 2.791%, 11/20/2051 | 1,105,312 | 852,140 | |
Dell Equipment Finance Trust, “A1”, Series 2023-1, 144A, 5.456%, 3/22/2024 | 435,560 | 435,502 |
Domino's Pizza Master Issuer LLC, “A23”, Series 2017-1A, 144A, 4.118%, 7/25/2047 | 321,300 | 297,249 | |
Frontier Issuer LLC, “A2”, Series 2023-1, 144A, 6.6%, 8/20/2053 | 250,000 | 238,535 | |
Madison Park Funding XXXVIII Ltd., “C”, Series 2021-38A, 144A, 90-day average SOFR + 2.162%, 7.47% (f), 7/17/2034 | 250,000 | 242,280 | |
Mosaic Solar Loan Trust, “B”, Series 2023-1A, 144A, 6.92%, 6/20/2053 | 322,129 | 306,465 | |
Venture 37 CLO Ltd., “A1R”, Series 2019-37A, 144A, 90-day average SOFR + 1.412%, 6.72% (f), 7/15/2032 | 800,000 | 789,627 | |
Wendy's Funding LLC, “A2II”, Series 2021-1A, 144A, 2.775%, 6/15/2051 | 412,505 | 324,005 | |
3,931,114 | |||
Total Asset-Backed (Cost $5,160,422) | 4,693,968 | ||
Mortgage-Backed Securities Pass-Throughs 4.9% | |||
Federal Home Loan Mortgage Corp., 6.0%, 3/1/2038 | 893 | 923 | |
Federal National Mortgage Association: | |||
2.0%, 10/1/2053 (e) | 1,300,000 | 987,882 | |
2.5%, 10/1/2052 (e) | 900,000 | 713,984 | |
4.5%, 9/1/2035 | 2,657 | 2,552 | |
5.0%, 10/1/2053 (e) | 2,000,000 | 1,886,130 | |
5.5%, 10/1/2053 (e) | 1,500,000 | 1,449,193 | |
6.0%, 1/1/2024 | 87 | 87 | |
Total Mortgage-Backed Securities Pass-Throughs (Cost $5,159,125) | 5,040,751 | ||
Commercial Mortgage-Backed Securities 2.6% | |||
Benchmark Mortgage Trust, “A4”, Series 2020-IG3, 144A, 2.437%, 9/15/2048 | 100,000 | 76,451 | |
BXP Trust, “B”, Series 2021-601L, 144A, 2.868%, 1/15/2044 | 250,000 | 172,346 | |
Citigroup Commercial Mortgage Trust, “A”, Series 2013-375P, 144A, 3.251%, 5/10/2035 | 143,720 | 133,747 | |
Cold Storage Trust, “D”, Series 2020-ICE5, 144A, 30-day average SOFR + 2.214%, 7.547% (f), 11/15/2037 | 245,748 | 243,962 | |
Credit Suisse Commercial Mortgage Trust, “B”, Series 2020-TMIC, 144A, 30-day average SOFR + 5.614%, 10.947% (f), 12/15/2035 | 700,000 | 698,897 | |
Credit Suisse Mortgage Trust, “A”, Series 2020-TMIC, 144A, 30-day average SOFR + 3.614%, 8.947% (f), 12/15/2035 | 700,000 | 699,365 | |
Freddie Mac Multifamily Structured Credit Risk, “M2”, Series 2021-MN1, 144A, 30- day average SOFR + 3.75%, 9.065% (f), 1/25/2051 | 194,000 | 186,683 | |
JPMorgan Chase Commercial Mortgage Securities Trust: | |||
“A”, Series 2021-1MEM, 144A, 2.516%, 10/9/2042 | 250,000 | 181,761 | |
“A”, Series 2019-OSB, 144A, 3.397%, 6/5/2039 | 250,000 | 212,021 | |
Total Commercial Mortgage-Backed Securities (Cost $2,631,763) | 2,605,233 | ||
Collateralized Mortgage Obligations 1.1% | |||
Connecticut Avenue Securities Trust, “1M2”, Series 2019-R03, 144A, 30-day average SOFR + 2.264%, 7.579% (f), 9/25/2031 | 325 | 325 | |
Federal National Mortgage Association, “I”, Series 2003-84, Interest Only, 6.0%, 9/25/2033 | 42,734 | 7,682 | |
Freddie Mac Structured Agency Credit Risk Debt Notes: | |||
“M2”, Series 2020-DNA2, 144A, 30-day average SOFR + 1.964%, 7.279% (f), 2/25/2050 | 347,657 | 348,090 | |
“M1B”, Series 2022-DNA2, 144A, 30-day average SOFR + 2.4%, 7.715% (f), 2/25/2042 | 155,000 | 155,780 | |
“M2”, Series 2019-DNA2, 144A, 30-day average SOFR + 2.564%, 7.879% (f), 3/25/2049 | 212,177 | 214,075 | |
JPMorgan Mortgage Trust, “AM”, Series 2016-3, 144A, 3.235% (f), 10/25/2046 | 117,111 | 103,137 | |
Western Mortgage Reference Notes, “M1”, Series 2021-CL2, 144A, 30-day average SOFR + 3.15%, 8.465% (f), 7/25/2059 | 245,141 | 245,139 | |
Total Collateralized Mortgage Obligations (Cost $1,078,862) | 1,074,228 | ||
Government & Agency Obligations 20.5% | |||
Sovereign Bonds 0.4% | |||
Brazilian Government International Bond, 3.875%, 6/12/2030 | 200,000 | 174,070 | |
Indonesia Government International Bond, 3.85%, 10/15/2030 | 300,000 | 268,585 | |
442,655 | |||
U.S. Treasury Obligations 20.1% | |||
U.S. Treasury Bills: | |||
4.747% (g), 10/5/2023 | 1,200,000 | 1,199,473 | |
5.261% (g), 10/5/2023 | 1,100,000 | 1,099,517 | |
5.264% (g), 10/5/2023 | 1,220,000 | 1,219,464 | |
5.315% (g), 3/21/2024 (h) | 3,000,000 | 2,924,176 | |
U.S. Treasury Bonds, 3.625%, 2/15/2053 | 123,400 | 102,056 | |
U.S. Treasury Floating Rate Notes, 3-month U.S. Treasury Bill Money Market Yield + 0.125%, 5.528% (f), 7/31/2025 | 12,041,700 | 12,030,889 | |
U.S. Treasury Notes: | |||
2.75%, 5/31/2029 | 806,700 | 730,820 | |
3.5%, 2/15/2033 | 670,100 | 614,817 | |
4.125%, 11/15/2032 | 600,100 | 578,768 | |
20,499,980 | |||
Total Government & Agency Obligations (Cost $21,169,065) | 20,942,635 |
Shares | Value ($) | ||
Exchange-Traded Funds 2.9% | |||
SPDR Bloomberg Convertible Securities ETF (Cost $2,340,555) | 43,880 | 2,975,064 | |
Securities Lending Collateral 0.6% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.25% (i) (j) (Cost $634,301) | 634,301 | 634,301 | |
Cash Equivalents 2.0% | |||
DWS Central Cash Management Government Fund, 5.36% (i) (Cost $2,057,040) | 2,057,040 | 2,057,040 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $102,892,241) | 105.5 | 107,581,415 | |
Other Assets and Liabilities, Net | (5.5 ) | (5,637,138 ) | |
Net Assets | 100.0 | 101,944,277 |
For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended September 30, 2023 are as follows:
Value ($) at 12/31/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 9/30/2023 | Value ($) at 9/30/2023 |
Securities Lending Collateral 0.6% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.25% (i) (j) | ||||||||
82,000 | 552,301 (k) | — | — | — | 13,951 | — | 634,301 | 634,301 |
Cash Equivalents 2.0% | ||||||||
DWS Central Cash Management Government Fund, 5.36% (i) | ||||||||
1,133,981 | 45,062,861 | 44,139,802 | — | — | 145,175 | — | 2,057,040 | 2,057,040 |
1,215,981 | 45,615,162 | 44,139,802 | — | — | 159,126 | — | 2,691,341 | 2,691,341 |
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at September 30, 2023 amounted to $612,120, which is 0.6% of net assets. |
(b) | Investment was valued using significant unobservable inputs. |
(c) | Principal amount stated in U.S. dollars unless otherwise noted. |
(d) | Perpetual, callable security with no stated maturity date. |
(e) | When-issued or delayed delivery securities included. |
(f) | Variable or floating rate security. These securities are shown at their current rate as of September 30, 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. |
(g) | Annualized yield at time of purchase; not a coupon rate. |
(h) | At September 30, 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. |
(j) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(k) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended September 30, 2023. |
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 |
SOC: State Owned Company |
SOFR: Secured Overnight Financing Rate |
SPDR: Standard & Poor's Depositary Receipt |
Included in the portfolio are investments in mortgage or asset-backed securities which are interests in separate pools of mortgages or assets. Effective maturities of these investments may be shorter than stated maturities due to prepayments.
At September 30, 2023, open futures contracts purchased were as follows:
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Depreciation ($) |
MSCI Emerging Market Index | USD | 12/15/2023 | 91 | 4,497,902 | 4,347,525 | (150,377 ) |
MSCI World Index | USD | 12/15/2023 | 182 | 16,998,618 | 16,414,580 | (584,038 ) |
TOPIX Index | JPY | 12/7/2023 | 14 | 2,191,156 | 2,176,726 | (14,430 ) |
Ultra Long U.S. Treasury Bond | USD | 12/19/2023 | 27 | 3,458,036 | 3,204,563 | (253,473 ) |
Total unrealized depreciation | (1,002,318 ) |
At September 30, 2023, open futures contracts sold were as follows:
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation ($) |
5 Year U.S. Treasury Note | USD | 12/29/2023 | 5 | 531,356 | 526,797 | 4,559 |
Euro Stoxx 50 Index | EUR | 12/15/2023 | 22 | 995,096 | 977,829 | 17,267 |
Euro-Schatz | EUR | 12/7/2023 | 18 | 2,005,501 | 1,998,012 | 7,489 |
S&P 500 E-Mini Index | USD | 12/15/2023 | 25 | 5,674,168 | 5,406,875 | 267,293 |
Ultra 10 Year U.S. Treasury Note | USD | 12/19/2023 | 17 | 1,915,190 | 1,896,563 | 18,627 |
Total unrealized appreciation | 315,235 |
At September 30, 2023, the Fund had the following open forward foreign currency contracts:
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Depreciation ($) | Counterparty | ||
USD | 3,734,302 | EUR | 3,465,804 | 12/13/2023 | (58,323 ) | JPMorgan Chase Securities, Inc. |
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 September 30, 2023 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Communication Services | $2,819,393 | $661,265 | $— | $3,480,658 |
Consumer Discretionary | 2,833,837 | 969,481 | — | 3,803,318 |
Consumer Staples | 2,262,426 | 1,325,875 | — | 3,588,301 |
Energy | 2,022,616 | 25,160 | — | 2,047,776 |
Financials | 3,824,911 | 3,473,916 | — | 7,298,827 |
Health Care | 3,265,162 | 1,472,308 | — | 4,737,470 |
Industrials | 2,937,301 | 2,224,025 | — | 5,161,326 |
Information Technology | 7,720,692 | 394,985 | — | 8,115,677 |
Materials | 616,105 | 740,646 | — | 1,356,751 |
Real Estate | 873,528 | 180,807 | — | 1,054,335 |
Utilities | 61,863 | 456,505 | — | 518,368 |
Preferred Stocks (a) | 2,198,966 | 22,033 | — | 2,220,999 |
Rights | — | — | 204 | 204 |
Warrants | — | — | 6,902 | 6,902 |
Corporate Bonds (a) | — | 24,167,283 | — | 24,167,283 |
Asset-Backed (a) | — | 4,693,968 | — | 4,693,968 |
Mortgage-Backed Securities Pass-Throughs | — | 5,040,751 | — | 5,040,751 |
Commercial Mortgage-Backed Securities | — | 2,605,233 | — | 2,605,233 |
Collateralized Mortgage Obligations | — | 1,074,228 | — | 1,074,228 |
Government & Agency Obligations (a) | — | 20,942,635 | — | 20,942,635 |
Exchange-Traded Funds | 2,975,064 | — | — | 2,975,064 |
Short-Term Investments (a) | 2,691,341 | — | — | 2,691,341 |
Derivatives (b) | ||||
Futures Contracts | 315,235 | — | — | 315,235 |
Total | $37,418,440 | $70,471,104 | $7,106 | $107,896,650 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | ||||
Futures Contracts | $(1,002,318 ) | $— | $— | $(1,002,318 ) |
Forward Foreign Currency Contracts | — | (58,323 ) | — | (58,323 ) |
Total | $(1,002,318 ) | $(58,323 ) | $— | $(1,060,641 ) |
(a) | See Investment Portfolio for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures 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 September 30, 2023 categorized by the primary underlying risk exposure.
Primary Underlying Risk Disclosure | Forward Contracts | Futures Contracts |
Equity Contracts | $— | $(464,285 ) |
Interest Rate Contracts | $— | $(222,798 ) |
Foreign Exchange Contracts | $(58,323 ) | $— |
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.
DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148
NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE
VS2GIB-PH3
R-080548-2 (1/25)