NPORT-EX 2 NPORT_KEBC_83563545_0123.htm EDGAR HTML
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)