NPORT-EX 2 NPORT_KE2Y_33185352_0923.htm EDGAR HTML
Investment Portfolioas of September 30, 2023 (Unaudited)
DWS High Income VIP  
 
 
Principal
Amount ($)(a)
Value ($)
 
Corporate Bonds 90.2%
Communication Services 16.7%
Altice France Holding SA, 144A, 10.5%, 5/15/2027
200,000
124,736
Altice France SA, 144A, 5.5%, 1/15/2028
200,000
154,044
CCO Holdings LLC:
144A, 4.5%, 8/15/2030
100,000
82,081
4.5%, 5/1/2032
10,000
7,848
144A, 4.75%, 3/1/2030
140,000
117,523
144A, 5.0%, 2/1/2028
250,000
227,035
144A, 5.125%, 5/1/2027
375,000
349,394
144A, 5.375%, 6/1/2029
550,000
493,465
Clear Channel Outdoor Holdings, Inc.:
144A, 7.5%, 6/1/2029
55,000
42,055
144A, 7.75%, 4/15/2028
155,000
123,754
CommScope Technologies LLC:
144A, 5.0%, 3/15/2027
65,000
36,891
144A, 6.0%, 6/15/2025
75,000
71,396
CSC Holdings LLC:
144A, 4.125%, 12/1/2030
200,000
141,543
144A, 5.0%, 11/15/2031
280,000
150,073
144A, 6.5%, 2/1/2029
400,000
331,374
DirecTV Financing LLC, 144A, 5.875%, 8/15/2027
45,000
39,788
DISH DBS Corp.:
144A, 5.25%, 12/1/2026
140,000
118,979
144A, 5.75%, 12/1/2028
125,000
96,094
5.875%, 11/15/2024
86,000
80,048
7.75%, 7/1/2026
210,000
157,500
DISH Network Corp., 144A, 11.75%, 11/15/2027
75,000
75,560
Frontier Communications Holdings LLC:
144A, 5.0%, 5/1/2028
150,000
128,073
5.875%, 11/1/2029
75,000
54,753
Gen Digital, Inc.:
144A, 6.75%, 9/30/2027
100,000
98,036
144A, 7.125%, 9/30/2030
70,000
68,959
Gray Television, Inc., 144A, 5.875%, 7/15/2026
80,000
71,878
iHeartCommunications, Inc., 144A, 5.25%, 8/15/2027
110,000
87,177
Iliad Holding SASU, 144A, 6.5%, 10/15/2026
200,000
187,903
LCPR Senior Secured Financing DAC:
144A, 5.125%, 7/15/2029
200,000
160,879
144A, 6.75%, 10/15/2027
189,000
173,596
Level 3 Financing, Inc.:
144A, 3.4%, 3/1/2027
150,000
140,457
144A, 4.625%, 9/15/2027
100,000
71,917
144A, 10.5%, 5/15/2030
78,000
78,514
Lumen Technologies, Inc., 144A, 4.0%, 2/15/2027
60,000
39,507
Nexstar Media, Inc., 144A, 4.75%, 11/1/2028
125,000
103,464
Outfront Media Capital LLC:
144A, 4.25%, 1/15/2029
45,000
35,708
144A, 5.0%, 8/15/2027
55,000
48,459
Sirius XM Radio, Inc.:
144A, 3.125%, 9/1/2026
110,000
98,038
144A, 4.0%, 7/15/2028
75,000
64,018
144A, 5.5%, 7/1/2029
250,000
221,120
Sprint LLC, 7.625%, 3/1/2026
245,000
251,791
TEGNA, Inc., 4.625%, 3/15/2028
160,000
138,400
Telecom Italia Capital SA, 6.375%, 11/15/2033
305,000
264,457
Telenet Finance Luxembourg Notes Sarl, 144A, 5.5%, 3/1/2028
200,000
180,000
UPC Broadband Finco BV, 144A, 4.875%, 7/15/2031
200,000
162,296
ViaSat, Inc., 144A, 5.625%, 9/15/2025
136,000
125,630
Virgin Media Finance PLC, 144A, 5.0%, 7/15/2030
200,000
157,206
Virgin Media Secured Finance PLC, 144A, 5.5%, 5/15/2029
345,000
307,355
Vodafone Group PLC, 7.0%, 4/4/2079
265,000
263,200
Zayo Group Holdings, Inc., 144A, 4.0%, 3/1/2027
60,000
44,513
Ziggo Bond Co. BV, 144A, 3.375%, 2/28/2030
EUR
270,000
209,497
 
7,057,982
Consumer Discretionary 17.9%
Affinity Interactive, 144A, 6.875%, 12/15/2027
160,000
135,645
Avis Budget Car Rental LLC, 144A, 5.375%, 3/1/2029
100,000
88,877
Bath & Body Works, Inc.:
144A, 6.625%, 10/1/2030
70,000
65,626
6.875%, 11/1/2035
100,000
89,308
Boyd Gaming Corp., 144A, 4.75%, 6/15/2031
100,000
85,098
Caesars Entertainment, Inc.:
144A, 4.625%, 10/15/2029
210,000
177,883
144A, 6.25%, 7/1/2025
270,000
266,304
144A, 8.125%, 7/1/2027
410,000
411,954
Carnival Corp.:
144A, 5.75%, 3/1/2027
330,000
298,724
144A, 6.0%, 5/1/2029
320,000
272,954
144A, 7.0%, 8/15/2029
40,000
39,441
144A, 7.625%, 3/1/2026
95,000
92,414
Cinemark USA, Inc., 144A, 5.875%, 3/15/2026
55,000
52,807
Clarios Global LP:
144A, 4.375%, 5/15/2026
EUR
100,000
101,484
REG S, 4.375%, 5/15/2026
EUR
200,000
202,968
Crocs, Inc., 144A, 4.125%, 8/15/2031
100,000
77,370
Ford Motor Co., 6.1%, 8/19/2032 (b)
335,000
315,541
Ford Motor Credit Co. LLC:
3.375%, 11/13/2025
209,000
193,914
3.625%, 6/17/2031
240,000
193,933
4.95%, 5/28/2027
200,000
187,731
5.113%, 5/3/2029
200,000
183,066
5.125%, 6/16/2025
30,000
29,041
7.2%, 6/10/2030
200,000
201,000
Hanesbrands, Inc., 144A, 9.0%, 2/15/2031
30,000
28,594
Jaguar Land Rover Automotive PLC:
144A, 5.875%, 1/15/2028
200,000
179,846
144A, 7.75%, 10/15/2025
200,000
200,427
Light & Wonder International, Inc., 144A, 7.5%, 9/1/2031
70,000
69,185
Macy's Retail Holdings LLC, 144A, 5.875%, 3/15/2030
46,000
38,996
Marriott Ownership Resorts, Inc., 144A, 4.5%, 6/15/2029
125,000
104,737
Melco Resorts Finance Ltd., 144A, 5.375%, 12/4/2029
200,000
164,056
Midwest Gaming Borrower LLC, 144A, 4.875%, 5/1/2029
100,000
85,137
NCL Corp. Ltd.:
144A, 3.625%, 12/15/2024
100,000
96,031
144A, 5.875%, 3/15/2026
130,000
120,022
144A, 8.375%, 2/1/2028
110,000
111,580
NCL Finance Ltd., 144A, 6.125%, 3/15/2028
60,000
52,950
Newell Brands, Inc., 5.2%, 4/1/2026
160,000
150,783
PetSmart, Inc., 144A, 7.75%, 2/15/2029
250,000
232,972
Raptor Acquisition Corp., 144A, 4.875%, 11/1/2026
170,000
159,162
Royal Caribbean Cruises Ltd.:
3.7%, 3/15/2028
110,000
93,075
144A, 4.25%, 7/1/2026
75,000
68,767
144A, 5.375%, 7/15/2027
126,000
116,613
144A, 7.25%, 1/15/2030
20,000
19,822
144A, 9.25%, 1/15/2029
340,000
359,189
144A, 11.5%, 6/1/2025
11,000
11,612
144A, 11.625%, 8/15/2027
210,000
227,829
SRS Distribution, Inc.:
144A, 4.625%, 7/1/2028
50,000
43,195
144A, 6.0%, 12/1/2029
100,000
84,000
Staples, Inc., 144A, 7.5%, 4/15/2026
155,000
127,463
Travel & Leisure Co., 144A, 6.625%, 7/31/2026
120,000
116,760
Viking Cruises Ltd.:
144A, 5.875%, 9/15/2027
105,000
95,833
144A, 7.0%, 2/15/2029
90,000
82,800
Viking Ocean Cruises Ship VII Ltd., 144A, 5.625%, 2/15/2029
15,000
13,575
Windsor Holdings III LLC, 144A, 8.5%, 6/15/2030
60,000
59,190
Wynn Macau Ltd., 144A, 5.125%, 12/15/2029
200,000
164,992
Wynn Resorts Finance LLC:
144A, 5.125%, 10/1/2029
105,000
91,783
144A, 7.125%, 2/15/2031
85,000
80,684
ZF North America Capital, Inc., 144A, 7.125%, 4/14/2030
150,000
146,967
 
7,561,710
Consumer Staples 0.9%
Albertsons Companies, Inc.:
144A, 3.25%, 3/15/2026
75,000
69,470
144A, 3.5%, 3/15/2029
100,000
85,259
Pilgrim's Pride Corp., 4.25%, 4/15/2031
245,000
204,380
 
359,109
Energy 15.1%
Antero Midstream Partners LP:
144A, 5.375%, 6/15/2029
70,000
64,091
144A, 5.75%, 3/1/2027
130,000
124,079
144A, 5.75%, 1/15/2028
90,000
84,890
Antero Resources Corp., 144A, 5.375%, 3/1/2030
60,000
55,240
Archrock Partners LP, 144A, 6.875%, 4/1/2027
110,000
106,408
Ascent Resources Utica Holdings LLC:
144A, 5.875%, 6/30/2029
130,000
116,898
144A, 8.25%, 12/31/2028
150,000
148,439
Baytex Energy Corp., 144A, 8.5%, 4/30/2030
105,000
106,242
Buckeye Partners LP, 144A, 4.5%, 3/1/2028
80,000
70,200
Callon Petroleum Co., 144A, 7.5%, 6/15/2030
80,000
77,566
Chesapeake Energy Corp.:
144A, 5.875%, 2/1/2029
75,000
70,571
144A, 6.75%, 4/15/2029
170,000
166,362
Chord Energy Corp., 144A, 6.375%, 6/1/2026
40,000
39,221
Civitas Resources, Inc.:
144A, 8.375%, 7/1/2028
130,000
132,275
144A, 8.75%, 7/1/2031
185,000
188,972
CNX Resources Corp.:
144A, 6.0%, 1/15/2029
135,000
126,148
144A, 7.25%, 3/14/2027
10,000
9,868
144A, 7.375%, 1/15/2031
70,000
68,625
Comstock Resources, Inc., 144A, 5.875%, 1/15/2030
30,000
25,969
DT Midstream, Inc.:
144A, 4.125%, 6/15/2029
155,000
134,081
144A, 4.375%, 6/15/2031
30,000
25,227
Endeavor Energy Resources LP, 144A, 5.75%, 1/30/2028
35,000
33,774
EnLink Midstream LLC, 144A, 6.5%, 9/1/2030
75,000
72,752
EQM Midstream Partners LP:
4.125%, 12/1/2026
100,000
92,565
144A, 4.5%, 1/15/2029
25,000
22,249
144A, 6.5%, 7/1/2027
80,000
78,118
Genesis Energy LP:
7.75%, 2/1/2028
75,000
71,098
8.875%, 4/15/2030
170,000
165,986
Harvest Midstream I LP, 144A, 7.5%, 9/1/2028
155,000
149,828
Hess Midstream Operations LP:
144A, 4.25%, 2/15/2030
110,000
92,756
144A, 5.125%, 6/15/2028
75,000
68,986
Hilcorp Energy I LP:
144A, 5.75%, 2/1/2029
155,000
139,964
144A, 6.0%, 2/1/2031
110,000
96,778
144A, 6.25%, 11/1/2028
125,000
117,214
Howard Midstream Energy Partners LLC:
144A, 6.75%, 1/15/2027
40,000
38,000
144A, 8.875%, 7/15/2028
85,000
85,744
Kinetik Holdings LP, 144A, 5.875%, 6/15/2030
85,000
79,688
Murphy Oil U.S.A., Inc., 4.75%, 9/15/2029
55,000
49,589
Nabors Industries, Inc.:
5.75%, 2/1/2025
105,000
102,769
144A, 7.375%, 5/15/2027
150,000
145,107
Northern Oil & Gas, Inc., 144A, 8.75%, 6/15/2031
40,000
40,300
PBF Holding Co. LLC, 144A, 7.875%, 9/15/2030
95,000
94,618
PDC Energy, Inc., 5.75%, 5/15/2026
105,000
104,638
Permian Resources Operating LLC:
144A, 5.875%, 7/1/2029
225,000
211,654
144A, 7.0%, 1/15/2032
100,000
98,621
Precision Drilling Corp., 144A, 6.875%, 1/15/2029
30,000
28,416
Range Resources Corp., 8.25%, 1/15/2029
280,000
287,063
Rockcliff Energy II LLC, 144A, 5.5%, 10/15/2029
30,000
26,999
Sitio Royalties Operating Partnership LP, 144A, 7.875%, 11/1/2028 (c)
30,000
30,075
SM Energy Co., 6.5%, 7/15/2028
80,000
76,800
Southwestern Energy Co.:
4.75%, 2/1/2032
150,000
128,743
5.375%, 2/1/2029
155,000
142,753
8.375%, 9/15/2028
50,000
51,617
TransAlta Corp., 7.75%, 11/15/2029
85,000
86,063
Transocean Aquila Ltd., 144A, 8.0%, 9/30/2028 (c)
85,000
85,000
Transocean Poseidon Ltd., 144A, 6.875%, 2/1/2027
153,750
151,376
Transocean Titan Financing Ltd., 144A, 8.375%, 2/1/2028
90,000
91,575
Transocean, Inc.:
144A, 7.5%, 1/15/2026
160,000
156,371
144A, 8.75%, 2/15/2030
104,500
106,851
USA Compression Partners LP, 6.875%, 4/1/2026
142,000
139,095
Venture Global Calcasieu Pass LLC:
144A, 4.125%, 8/15/2031
30,000
24,619
144A, 6.25%, 1/15/2030
50,000
47,693
Venture Global LNG, Inc.:
144A, 8.125%, 6/1/2028
90,000
89,113
144A, 8.375%, 6/1/2031
110,000
108,137
Vital Energy, Inc., 10.125%, 1/15/2028
40,000
40,770
Weatherford International Ltd., 144A, 8.625%, 4/30/2030
272,000
274,082
 
6,367,379
Financials 2.5%
Ally Financial, Inc., 6.7%, 2/14/2033
140,000
121,533
Freedom Mortgage Corp., 144A, 12.0%, 10/1/2028
65,000
66,095
HUB International Ltd., 144A, 7.25%, 6/15/2030
20,000
19,963
Icahn Enterprises LP, 6.375%, 12/15/2025
225,000
214,035
Intesa Sanpaolo SpA, 144A, 4.198%, 6/1/2032
200,000
147,369
Macquarie Airfinance Holdings Ltd., 144A, 8.375%, 5/1/2028
50,000
50,688
OneMain Finance Corp.:
3.875%, 9/15/2028
200,000
160,528
6.875%, 3/15/2025
105,000
104,168
UniCredit SpA, 144A, 5.861%, 6/19/2032
200,000
182,032
 
1,066,411
Health Care 6.3%
1375209 BC Ltd., 144A, 9.0%, 1/30/2028
125,000
123,559
Acadia Healthcare Co., Inc., 144A, 5.0%, 4/15/2029
250,000
224,773
Avantor Funding, Inc., REG S, 3.875%, 7/15/2028
EUR
100,000
96,897
Bausch & Lomb Escrow Corp., 144A, 8.375%, 10/1/2028
70,000
70,208
Bausch Health Companies, Inc.:
144A, 5.5%, 11/1/2025
51,000
45,166
144A, 6.125%, 2/1/2027
250,000
155,490
Catalent Pharma Solutions, Inc.:
REG S, 2.375%, 3/1/2028
EUR
100,000
88,280
144A, 5.0%, 7/15/2027
125,000
114,677
Charles River Laboratories International, Inc., 144A, 3.75%, 3/15/2029 (b)
65,000
55,736
Community Health Systems, Inc.:
144A, 4.75%, 2/15/2031
115,000
81,388
144A, 5.25%, 5/15/2030
90,000
68,416
144A, 5.625%, 3/15/2027
135,000
115,791
144A, 6.0%, 1/15/2029
35,000
28,265
144A, 6.125%, 4/1/2030
50,000
25,438
Encompass Health Corp., 4.5%, 2/1/2028
45,000
41,000
Fortrea Holdings, Inc., 144A, 7.5%, 7/1/2030
65,000
63,246
Legacy LifePoint Health LLC, 144A, 4.375%, 2/15/2027
75,000
64,500
LifePoint Health, Inc., 144A, 5.375%, 1/15/2029
115,000
80,284
Medline Borrower LP, 144A, 5.25%, 10/1/2029
200,000
172,859
Molina Healthcare, Inc., 144A, 3.875%, 11/15/2030
100,000
82,761
Owens & Minor, Inc., 144A, 6.625%, 4/1/2030
50,000
44,379
Select Medical Corp., 144A, 6.25%, 8/15/2026
125,000
122,123
Star Parent, Inc., 144A, 9.0%, 10/1/2030
85,000
85,893
Teva Pharmaceutical Finance Netherlands II BV:
REG S, 1.875%, 3/31/2027
EUR
140,000
126,308
4.375%, 5/9/2030
EUR
100,000
90,173
Teva Pharmaceutical Finance Netherlands III BV:
5.125%, 5/9/2029
200,000
180,800
8.125%, 9/15/2031
200,000
206,910
 
2,655,320
Industrials 10.7%
ADT Security Corp., 144A, 4.875%, 7/15/2032
50,000
41,750
Allied Universal Holdco LLC:
144A, 6.0%, 6/1/2029
200,000
149,097
144A, 9.75%, 7/15/2027
70,000
62,609
American Airlines, Inc.:
144A, 5.5%, 4/20/2026
252,083
246,200
144A, 5.75%, 4/20/2029
135,000
125,557
144A, 7.25%, 2/15/2028
90,000
86,050
ATS Corp., 144A, 4.125%, 12/15/2028
30,000
26,512
Bombardier, Inc.:
144A, 6.0%, 2/15/2028
135,000
122,471
144A, 7.125%, 6/15/2026
45,000
43,599
144A, 7.5%, 2/1/2029
265,000
251,476
Builders FirstSource, Inc., 144A, 4.25%, 2/1/2032
105,000
86,107
Cargo Aircraft Management, Inc., 144A, 4.75%, 2/1/2028
45,000
40,175
Chart Industries, Inc., 144A, 7.5%, 1/1/2030
40,000
40,219
Clean Harbors, Inc., 144A, 6.375%, 2/1/2031
110,000
106,961
Emerald Debt Merger Sub LLC, 144A, 6.625%, 12/15/2030
130,000
125,148
Fortress Transportation & Infrastructure Investors LLC, 144A, 6.5%, 10/1/2025
80,000
78,628
Garda World Security Corp.:
144A, 7.75%, 2/15/2028
30,000
29,412
144A, 9.5%, 11/1/2027
45,000
43,025
GFL Environmental, Inc.:
144A, 4.0%, 8/1/2028
250,000
218,442
144A, 5.125%, 12/15/2026
50,000
47,629
Hawaiian Brand Intellectual Property Ltd., 144A, 5.75%, 1/20/2026
100,000
89,986
Hertz Corp.:
144A, 4.625%, 12/1/2026
160,000
141,800
144A, 5.0%, 12/1/2029
80,000
62,634
Howmet Aerospace, Inc., 6.875%, 5/1/2025
140,000
140,548
International Consolidated Airlines Group SA, REG S, 3.75%, 3/25/2029
EUR
100,000
91,461
Madison IAQ LLC, 144A, 5.875%, 6/30/2029
80,000
64,419
Masonite International Corp., 144A, 5.375%, 2/1/2028
19,000
17,672
Moog, Inc., 144A, 4.25%, 12/15/2027
160,000
144,467
NESCO Holdings II, Inc., 144A, 5.5%, 4/15/2029
95,000
83,363
Prime Security Services Borrower LLC:
144A, 3.375%, 8/31/2027
65,000
56,946
144A, 6.25%, 1/15/2028
135,000
125,033
Signature Aviation U.S. Holdings, Inc., 144A, 4.0%, 3/1/2028
155,000
137,963
Spirit Loyalty Cayman Ltd., 144A, 8.0%, 9/20/2025
219,000
218,895
Summit Materials LLC, 144A, 5.25%, 1/15/2029
54,000
49,032
TK Elevator Holdco GmbH, REG S, 6.625%, 7/15/2028
EUR
180,000
165,803
TK Elevator U.S. Newco, Inc., 144A, 5.25%, 7/15/2027
200,000
183,306
TransDigm, Inc.:
4.625%, 1/15/2029
205,000
179,041
5.5%, 11/15/2027
115,000
107,680
Triumph Group, Inc., 144A, 9.0%, 3/15/2028
85,000
84,049
United Airlines, Inc., 144A, 4.375%, 4/15/2026
160,000
147,966
United Rentals North America, Inc.:
5.25%, 1/15/2030
80,000
73,993
144A, 6.0%, 12/15/2029
200,000
194,730
 
4,531,854
Information Technology 2.0%
AthenaHealth Group, Inc., 144A, 6.5%, 2/15/2030
125,000
104,563
Capstone Borrower, Inc., 144A, 8.0%, 6/15/2030
30,000
29,288
Cloud Software Group, Inc., 144A, 9.0%, 9/30/2029
255,000
221,595
McAfee Corp., 144A, 7.375%, 2/15/2030
215,000
179,997
NCR Atleos Escrow Corp., 144A, 9.5%, 4/1/2029
80,000
77,376
NCR Corp., 144A, 5.75%, 9/1/2027
30,000
30,223
Playtika Holding Corp., 144A, 4.25%, 3/15/2029
110,000
91,850
Presidio Holdings, Inc., 144A, 8.25%, 2/1/2028
120,000
114,684
 
849,576
Materials 11.4%
Ardagh Packaging Finance PLC, 144A, 5.25%, 8/15/2027
200,000
166,899
Chemours Co.:
144A, 4.625%, 11/15/2029
255,000
205,135
144A, 5.75%, 11/15/2028
290,000
251,691
Clearwater Paper Corp., 144A, 4.75%, 8/15/2028
155,000
132,485
Cleveland-Cliffs, Inc.:
144A, 4.875%, 3/1/2031
46,000
39,171
144A, 6.75%, 4/15/2030
160,000
149,539
Consolidated Energy Finance SA, 144A, 5.625%, 10/15/2028
150,000
123,937
Constellium SE, 144A, 3.75%, 4/15/2029
250,000
209,479
First Quantum Minerals Ltd.:
144A, 6.875%, 3/1/2026
200,000
194,137
144A, 6.875%, 10/15/2027
500,000
479,689
FMG Resources August 2006 Pty Ltd., 144A, 4.375%, 4/1/2031
245,000
201,584
Hudbay Minerals, Inc.:
144A, 4.5%, 4/1/2026
190,000
177,760
144A, 6.125%, 4/1/2029
100,000
92,525
LABL, Inc.:
144A, 8.25%, 11/1/2029
60,000
48,975
144A, 9.5%, 11/1/2028
20,000
20,500
144A, 10.5%, 7/15/2027
55,000
51,694
Mauser Packaging Solutions Holding Co.:
144A, 7.875%, 8/15/2026
155,000
149,534
144A, 9.25%, 4/15/2027
50,000
43,704
Methanex Corp., 5.25%, 12/15/2029
220,000
196,184
Mineral Resources Ltd., 144A, 9.25%, 10/1/2028 (c)
80,000
80,800
Novelis Corp.:
144A, 3.25%, 11/15/2026
195,000
174,154
144A, 4.75%, 1/30/2030
375,000
324,544
Olin Corp., 5.0%, 2/1/2030
220,000
195,368
Olympus Water U.S. Holding Corp.:
144A, 6.25%, 10/1/2029
200,000
154,543
REG S, 9.625%, 11/15/2028
EUR
100,000
105,455
Roller Bearing Co. of America, Inc., 144A, 4.375%, 10/15/2029
80,000
68,813
SCIH Salt Holdings, Inc., 144A, 6.625%, 5/1/2029
65,000
55,699
SCIL IV LLC, 144A, 5.375%, 11/1/2026
200,000
182,744
SK Invictus Intermediate II Sarl, 144A, 5.0%, 10/30/2029
155,000
124,222
Taseko Mines Ltd., 144A, 7.0%, 2/15/2026
125,000
116,766
Trident TPI Holdings, Inc., 144A, 12.75%, 12/31/2028
20,000
20,900
Tronox, Inc., 144A, 4.625%, 3/15/2029
205,000
165,436
WR Grace Holdings LLC, 144A, 7.375%, 3/1/2031
85,000
82,406
 
4,786,472
Real Estate 2.0%
Cushman & Wakefield U.S. Borrower LLC:
144A, 6.75%, 5/15/2028
30,000
27,678
144A, 8.875%, 9/1/2031
40,000
38,700
Iron Mountain, Inc.:
144A, (REIT), 4.875%, 9/15/2027
100,000
92,236
144A, (REIT), 4.875%, 9/15/2029
60,000
52,587
144A, (REIT), 5.0%, 7/15/2028
75,000
68,216
144A, (REIT), 5.25%, 3/15/2028
145,000
134,049
144A, (REIT), 5.25%, 7/15/2030
100,000
87,365
MPT Operating Partnership LP:
(REIT), 3.325%, 3/24/2025
EUR
100,000
92,853
(REIT), 3.5%, 3/15/2031
105,000
65,569
(REIT), 4.625%, 8/1/2029
140,000
99,157
SBA Communications Corp., (REIT), 3.125%, 2/1/2029
60,000
50,044
Uniti Group LP, 144A, (REIT), 6.0%, 1/15/2030
40,000
25,400
 
833,854
Utilities 4.7%
AmeriGas Partners LP:
5.5%, 5/20/2025
205,000
198,753
5.75%, 5/20/2027
110,000
103,109
Calpine Corp.:
144A, 4.5%, 2/15/2028
200,000
180,245
144A, 4.625%, 2/1/2029
30,000
25,121
144A, 5.125%, 3/15/2028
50,000
44,522
Clearway Energy Operating LLC, 144A, 4.75%, 3/15/2028
115,000
102,852
Electricite de France SA, REG S, 3.375%, Perpetual (d)
EUR
200,000
162,790
FirstEnergy Corp., Series B, 4.15%, 7/15/2027
90,000
83,652
NRG Energy, Inc.:
144A, 3.625%, 2/15/2031
145,000
110,005
144A, 5.25%, 6/15/2029
157,000
138,593
5.75%, 1/15/2028
200,000
187,519
Pattern Energy Operations LP, 144A, 4.5%, 8/15/2028
90,000
78,165
PG&E Corp., 5.25%, 7/1/2030
135,000
117,323
Talen Energy Supply LLC, 144A, 8.625%, 6/1/2030
70,000
71,757
Vistra Operations Co. LLC:
144A, 4.375%, 5/1/2029
135,000
116,050
144A, 7.75%, 10/15/2031
250,000
246,261
 
1,966,717
Total Corporate Bonds (Cost $40,683,625)
38,036,384
 
Loan Participations and Assignments 0.4%
Senior Loans (e)
Athenahealth Group, Inc., Term Loan B, 30-day average SOFR + 3.25%, 8.568%,
2/15/2029
66,026
64,974
Frontier Communications Corp., First Lien Term Loan, 30-day average SOFR + 3.75%,
9.181%, 10/8/2027
67,763
66,051
Naked Juice LLC, Term Loan, 90-day average SOFR + 3.25%, 8.74%, 1/24/2029
22,713
21,654
Total Loan Participations and Assignments (Cost $154,271)
152,679
 
 
 
Shares
Value ($)
 
Exchange-Traded Funds 5.0%
iShares Broad USD High Yield Corporate Bond ETF (b)
39,720
1,378,681
iShares iBoxx High Yield Corporate Bond ETF (b)
1,800
132,696
SPDR Bloomberg High Yield Bond ETF (b)
6,600
596,640
Total Exchange-Traded Funds (Cost $2,230,419)
2,108,017
 
Common Stocks 0.0%
Industrials
Quad Graphics, Inc.* (Cost $0)
287
1,444
 
Warrants 0.1%
Materials
Hercules Trust II, Expiration Date 3/31/2029* (f) (Cost $244,286)
1,100
44,660
 
Securities Lending Collateral 5.5%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional
Shares", 5.25% (g) (h) (Cost $2,317,455)
2,317,455
2,317,455
 
Cash Equivalents 2.9%
DWS Central Cash Management Government Fund, 5.36% (g) (Cost $1,207,769)
1,207,769
1,207,769
 
 
 
 
% of Net
Assets
Value ($)
Total Investment Portfolio (Cost $46,837,825)
104.1
43,868,408
Other Assets and Liabilities, Net
(4.1
)
(1,717,547
)
Net Assets
100.0
42,150,861
For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended September 30, 2023 are as follows: 
Value ($) 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 5.5%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.25% (g) (h)
1,212,645
1,104,810 (i)
—
—
—
6,127
—
2,317,455
2,317,455
Cash Equivalents 2.9%
DWS Central Cash Management Government Fund, 5.36% (g)
1,468,062
10,779,078
11,039,371
—
—
41,411
—
1,207,769
1,207,769
2,680,707
11,883,888
11,039,371
—
—
47,538
—
3,525,224
3,525,224
 
*
Non-income producing security.
(a)
Principal amount stated in U.S. dollars unless otherwise noted.
(b)
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 $2,265,235, which is 5.4% of net assets.
(c)
When-issued security.
(d)
Perpetual, callable security with no stated maturity date.
(e)
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.
(f)
Investment was valued using significant unobservable inputs.
(g)
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at
period end.
(h)
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(i)
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.
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
SOFR: Secured Overnight Financing Rate
SPDR: Standard & Poor's Depositary Receipt
 
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
EUR
1,484,401
USD
1,566,507
10/31/2023
(4,877
)
Barclays Bank PLC
Currency Abbreviation(s)
 
EUR
Euro
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
Corporate Bonds (a)
$—
$38,036,384
$—
$38,036,384
Loan Participations and Assignments
—
152,679
—
152,679
Exchange-Traded Funds
2,108,017
—
—
2,108,017
Common Stocks
1,444
—
—
1,444
Warrants
—
—
44,660
44,660
Short-Term Investments (a)
3,525,224
—
—
3,525,224
Total
$5,634,685
$38,189,063
$44,660
$43,868,408
 
Liabilities
Level 1
Level 2
Level 3
Total
Derivatives (b)
Forward Foreign Currency Contracts
$—
$(4,877
)
$—
$(4,877
)
Total
$—
$(4,877
)
$—
$(4,877
)
 
(a)
See Investment Portfolio for additional detailed categorizations.
(b)
Derivatives include unrealized appreciation (depreciation) on open 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
Foreign Exchange Contracts
$(4,877
)
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
VS2HI-PH3
R-080548-2 (1/25)