NPORT-EX 2 NPORT_KEBC_76934762_0722.htm EDGAR HTML
Investment Portfolioas of July 31, 2022 (Unaudited)
DWS Global Income Builder Fund  
 
 
Shares
Value ($)
 
Common Stocks 60.3%
 
Communication Services 4.7%
 
Diversified Telecommunication Services 1.5%
 
AT&T, Inc.
 
   69,000
  1,295,820
BCE, Inc.
 
   24,947
  1,260,451
Deutsche Telekom AG (Registered)
 
   40,838
    776,912
Telefonica Brasil SA (ADR)
 
   54,700
    474,796
Telefonica Deutschland Holding AG
 
  518,215
  1,378,421
Telenor ASA
 
   62,569
    758,420
Telstra Corp., Ltd.
 
  354,907
    967,271
TELUS Corp.
 
   44,152
  1,016,439
Verizon Communications, Inc.
 
   39,058
  1,804,089
 
 
 
9,732,619
Entertainment 0.3%
 
Embracer Group AB*
 
26,524
202,772
iQIYI, Inc. (ADR)*
 
48,700
186,034
Netflix, Inc.*
 
1,784
401,221
Nintendo Co., Ltd.
 
600
269,925
Sea Ltd. (ADR)*
 
15,000
1,144,800
 
 
 
2,204,752
Interactive Media & Services 1.9%
 
Alphabet, Inc. "A"*
 
33,800
3,931,616
Alphabet, Inc. "C"*
 
32,620
3,804,797
JOYY, Inc. (ADR)
 
29,300
758,577
Kakaku.com, Inc.
 
11,100
216,701
Kanzhun Ltd. (ADR)*
 
21,100
496,061
Meta Platforms, Inc. "A"*
 
11,804
1,878,016
Twitter, Inc.*
 
19,100
794,751
 
 
 
11,880,519
Media 0.4%
 
Comcast Corp. "A"
 
43,037
1,614,748
Interpublic Group of Companies, Inc.
 
22,743
679,334
 
 
 
2,294,082
Wireless Telecommunication Services 0.6%
 
SoftBank Corp.
 
116,000
1,340,852
Vodafone Group PLC
 
1,508,637
2,223,408
 
 
 
3,564,260
Consumer Discretionary 4.5%
 
Auto Components 0.1%
 
Denso Corp.
 
17,100
933,941
Automobiles 1.2%
 
Tesla, Inc.*
 
5,737
5,114,249
Volkswagen AG
 
15,254
2,333,359
 
 
 
7,447,608
Hotels, Restaurants & Leisure 0.4%
 
Airbnb, Inc. "A"*
 
    5,500
    610,390
Evolution AB 144A
 
    2,324
    225,615
McDonald's Corp.
 
    3,955
  1,041,629
Restaurant Brands International, Inc.
 
   10,030
    537,706
Starbucks Corp.
 
    4,809
    407,707
 
 
 
2,823,047
Household Durables 0.1%
 
Garmin Ltd.
 
    5,167
    504,402
Internet & Direct Marketing Retail 1.3%
 
Amazon.com, Inc.*
 
   43,780
  5,908,111
DoorDash, Inc. "A"*
 
    4,100
    285,975
Meituan (ADR)*
 
   16,600
    743,016
Pinduoduo, Inc. (ADR)*
 
   25,000
  1,225,250
 
 
 
8,162,352
Multiline Retail 0.1%
 
Target Corp.
 
1,267
207,002
Wesfarmers Ltd.
 
21,326
697,814
 
 
 
904,816
Specialty Retail 1.0%
 
Chow Tai Fook Jewellery Group Ltd.
 
434,800
857,513
Home Depot, Inc.
 
8,907
2,680,473
Lowe's Companies, Inc.
 
6,256
1,198,212
TJX Companies, Inc.
 
21,152
1,293,656
 
 
 
6,029,854
Textiles, Apparel & Luxury Goods 0.3%
 
Kering SA
 
1,000
574,681
NIKE, Inc. "B"
 
2,846
327,062
VF Corp.
 
18,000
804,240
 
 
 
1,705,983
Consumer Staples 5.2%
 
Beverages 0.4%
 
Coca-Cola Co.
 
30,415
1,951,731
PepsiCo, Inc.
 
4,520
790,819
 
 
 
2,742,550
Food & Staples Retailing 0.8%
 
Aeon Co., Ltd.
 
13,900
280,343
Jeronimo Martins SGPS SA
 
69,084
1,601,388
Kesko Oyj "B"
 
26,322
650,995
Walgreens Boots Alliance, Inc.
 
21,944
869,421
Walmart, Inc.
 
9,037
1,193,336
Woolworths Group Ltd.
 
8,802
231,272
 
 
 
4,826,755
Food Products 0.3%
 
Kraft Heinz Co.
 
6,700
246,761
Nestle SA (Registered)
 
6,874
841,353
Wilmar International Ltd.
 
259,600
757,794
 
 
 
1,845,908
Household Products 0.4%
 
Kimberly-Clark Corp.
 
4,878
642,871
Procter & Gamble Co.
 
12,889
1,790,411
 
 
 
2,433,282
Personal Products 0.3%
 
Haleon PLC*
 
   96,590
    343,237
Unilever PLC
 
   30,701
  1,495,416
 
 
 
1,838,653
Tobacco 3.0%
 
Altria Group, Inc.
 
  164,900
  7,232,514
British American Tobacco PLC
 
   97,370
  3,820,756
Japan Tobacco, Inc.
 
  297,400
  5,337,086
Philip Morris International, Inc.
 
   28,007
  2,720,880
 
 
 
19,111,236
Energy 4.7%
 
Oil, Gas & Consumable Fuels
 
Chevron Corp.
 
   17,576
  2,878,597
Enbridge, Inc.
 
  188,530
  8,466,956
Eni SpA
 
315,755
3,793,437
Exxon Mobil Corp.
 
44,030
4,267,828
ONEOK, Inc.
 
19,374
1,157,403
Phillips 66
 
11,300
1,005,700
Suncor Energy, Inc.
 
19,800
671,983
TC Energy Corp.
 
26,811
1,429,376
TotalEnergies SE
 
64,052
3,270,323
Valero Energy Corp.
 
9,303
1,030,493
Williams Companies, Inc.
 
50,773
1,730,852
Woodside Energy Group Ltd.
 
9,703
218,559
 
 
 
29,921,507
Financials 9.2%
 
Banks 4.4%
 
Australia & New Zealand Banking Group Ltd.
 
30,840
495,582
Bank Leumi Le-Israel BM
 
357,937
3,420,206
Bank of Montreal
 
8,213
818,767
Bank of Nova Scotia
 
19,897
1,212,108
BOC Hong Kong Holdings Ltd.
 
49,500
178,817
Canadian Imperial Bank of Commerce
 
18,944
958,332
China Construction Bank Corp.
 
19,100
243,716
Citizens Financial Group, Inc.
 
6,100
231,617
Commonwealth Bank of Australia
 
14,505
1,024,665
Fifth Third Bancorp.
 
28,200
962,184
HSBC Holdings PLC
 
345,136
2,163,441
Huntington Bancshares, Inc.
 
371,273
4,934,218
JPMorgan Chase & Co.
 
23,469
2,707,384
KBC Group NV
 
10,005
524,399
M&T Bank Corp.
 
1,200
212,940
Mizrahi Tefahot Bank Ltd.
 
40,684
1,485,337
PNC Financial Services Group, Inc.
 
4,767
791,036
Shinhan Financial Group Co., Ltd. (ADR)
 
14,300
393,393
Signature Bank
 
1,200
222,684
Toronto-Dominion Bank
 
36,199
2,351,359
Truist Financial Corp.
 
16,867
851,278
U.S. Bancorp.
 
9,037
426,546
Westpac Banking Corp.
 
55,572
837,580
 
 
 
27,447,589
Capital Markets 1.6%
 
BlackRock, Inc.
 
1,390
930,160
Blackstone, Inc.
 
48,843
4,985,405
Charles Schwab Corp.
 
    8,386
    579,054
CME Group, Inc.
 
   10,454
  2,085,364
Daiwa Securities Group, Inc.
 
  197,900
    912,805
Morgan Stanley
 
    6,800
    573,240
 
 
 
10,066,028
Diversified Financial Services 1.3%
 
Apollo Global Management, Inc.
 
   34,188
  1,952,135
Investor AB "B"
 
  324,235
  6,058,150
Mitsubishi HC Capital, Inc.
 
   81,700
    395,875
 
 
 
8,406,160
Insurance 1.9%
 
Ageas SV
 
   32,380
  1,414,313
Assicurazioni Generali SpA
 
   22,800
    340,670
AXA SA
 
   49,076
  1,130,108
Hannover Rueck SE
 
15,916
2,258,213
Ping An Insurance Group Co. of China Ltd. (ADR)
 
26,700
313,992
Poste Italiane SpA 144A
 
174,382
1,461,519
Swiss Re AG
 
28,928
2,172,028
T&D Holdings, Inc.
 
43,300
487,622
Zurich Insurance Group AG
 
6,141
2,683,603
 
 
 
12,262,068
Health Care 6.5%
 
Biotechnology 0.8%
 
AbbVie, Inc.
 
20,458
2,935,928
Amgen, Inc.
 
7,568
1,872,853
Zai Lab Ltd. (ADR)*
 
11,000
445,830
 
 
 
5,254,611
Health Care Equipment & Supplies 0.6%
 
Abbott Laboratories
 
11,507
1,252,422
Coloplast AS "B"
 
1,754
205,188
Intuitive Surgical, Inc.*
 
995
229,019
Masimo Corp.*
 
7,600
1,098,808
Medtronic PLC
 
8,628
798,262
 
 
 
3,583,699
Health Care Providers & Services 0.8%
 
Cigna Corp.
 
4,200
1,156,512
CVS Health Corp.
 
12,314
1,178,203
Elevance Health, Inc.
 
498
237,596
UnitedHealth Group, Inc.
 
4,847
2,628,722
 
 
 
5,201,033
Life Sciences Tools & Services 0.0%
 
Danaher Corp.
 
876
255,328
Pharmaceuticals 4.3%
 
AstraZeneca PLC
 
20,867
2,750,263
Bristol-Myers Squibb Co.
 
27,752
2,047,543
Chugai Pharmaceutical Co., Ltd.
 
28,800
809,220
Eli Lilly & Co.
 
3,055
1,007,203
GSK PLC
 
77,272
1,625,310
Hikma Pharmaceuticals PLC
 
23,709
498,968
Johnson & Johnson
 
11,992
2,092,844
Merck & Co., Inc.
 
48,060
4,293,680
Novartis AG (Registered)
 
15,223
1,307,154
Novo Nordisk AS "B"
 
16,912
1,983,514
Pfizer, Inc.
 
67,916
3,430,437
Roche Holding AG (Genusschein)
 
    3,967
  1,316,138
Sanofi
 
   14,253
  1,415,348
Takeda Pharmaceutical Co., Ltd.
 
   76,200
  2,242,759
 
 
 
26,820,381
Industrials 4.6%
 
Aerospace & Defense 0.3%
 
Lockheed Martin Corp.
 
    1,344
    556,161
Raytheon Technologies Corp.
 
   11,801
  1,099,971
 
 
 
1,656,132
Air Freight & Logistics 0.5%
 
Deutsche Post AG (Registered)
 
   21,297
    853,812
FedEx Corp.
 
    2,100
    489,489
United Parcel Service, Inc. "B"
 
    9,225
  1,797,860
 
 
 
3,141,161
Commercial Services & Supplies 0.0%
 
Quad Graphics, Inc.*
 
10
32
Electrical Equipment 0.2%
 
Eaton Corp. PLC
 
5,580
828,016
Emerson Electric Co.
 
8,918
803,244
 
 
 
1,631,260
Industrial Conglomerates 0.6%
 
3M Co.
 
17,364
2,487,219
Honeywell International, Inc.
 
4,172
802,943
Siemens AG (Registered)
 
4,707
524,602
 
 
 
3,814,764
Machinery 1.2%
 
Caterpillar, Inc.
 
7,448
1,476,566
Cummins, Inc.
 
10,690
2,365,804
Deere & Co.
 
698
239,539
PACCAR, Inc.
 
31,600
2,892,032
Techtronic Industries Co., Ltd.
 
40,500
450,766
 
 
 
7,424,707
Marine 0.2%
 
Kuehne + Nagel International AG (Registered)
 
4,387
1,181,099
Professional Services 0.6%
 
Adecco Group AG (Registered)
 
61,377
2,166,724
CoStar Group, Inc.*
 
15,100
1,096,109
Nihon M&A Center Holdings, Inc.
 
25,700
343,724
Thomson Reuters Corp.
 
2,643
296,776
 
 
 
3,903,333
Road & Rail 0.7%
 
Canadian National Railway Co.
 
5,600
709,451
East Japan Railway Co.
 
3,800
198,906
MTR Corp. Ltd.
 
191,500
1,013,572
Nippon Express Holdings, Inc.
 
17,900
1,065,141
Union Pacific Corp.
 
5,509
1,252,196
 
 
 
4,239,266
Trading Companies & Distributors 0.3%
 
Fastenal Co.
 
25,819
1,326,064
Mitsubishi Corp.
 
31,500
922,815
 
 
 
2,248,879
Information Technology 13.4%
 
Communications Equipment 0.3%
 
Cisco Systems, Inc.
 
   43,675
  1,981,535
Electronic Equipment, Instruments & Components 0.4%
 
CDW Corp.
 
   13,000
  2,359,890
Corning, Inc.
 
   11,542
    424,284
 
 
 
2,784,174
IT Services 2.2%
 
Adyen NV 144A*
 
      316
    570,673
Automatic Data Processing, Inc.
 
    4,597
  1,108,429
Block, Inc.*
 
    7,793
    592,736
Cloudflare, Inc. "A"*
 
   10,052
    505,817
Fidelity National Information Services, Inc.
 
    2,500
    255,400
Fujitsu Ltd.
 
    2,600
    363,930
International Business Machines Corp.
 
14,972
1,958,188
Mastercard, Inc. "A"
 
3,971
1,404,900
MongoDB, Inc.*
 
2,781
868,979
Paychex, Inc.
 
20,561
2,637,565
PayPal Holdings, Inc.*
 
5,510
476,780
Shopify, Inc. "A"*
 
18,900
658,412
Snowflake, Inc. "A"*
 
1,598
239,556
Twilio, Inc. "A"*
 
6,578
557,814
Visa, Inc. "A"
 
7,646
1,621,793
 
 
 
13,820,972
Semiconductors & Semiconductor Equipment 4.0%
 
Advanced Micro Devices, Inc.*
 
24,176
2,283,907
Analog Devices, Inc.
 
6,701
1,152,304
ASML Holding NV
 
969
556,284
Broadcom, Inc.
 
5,441
2,913,547
Enphase Energy, Inc.*
 
3,466
984,968
Intel Corp.
 
10,423
378,459
KLA Corp.
 
2,764
1,060,104
Lam Research Corp.
 
1,578
789,805
Marvell Technology, Inc.
 
18,967
1,056,082
Monolithic Power Systems, Inc.
 
4,072
1,892,340
NVIDIA Corp.
 
14,201
2,579,328
QUALCOMM, Inc.
 
30,750
4,460,595
STMicroelectronics NV
 
15,277
578,924
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)
 
8,300
734,384
Texas Instruments, Inc.
 
12,448
2,226,823
Tokyo Electron Ltd.
 
3,700
1,289,675
United Microelectronics Corp. (ADR)
 
31,100
212,102
 
 
 
25,149,631
Software 3.8%
 
Adobe, Inc.*
 
2,880
1,181,146
Autodesk, Inc.*
 
1,270
274,726
Bill.com Holdings, Inc.*
 
3,100
418,748
Crowdstrike Holdings, Inc. "A"*
 
5,363
984,647
Datadog, Inc. "A"*
 
2,200
224,422
DocuSign, Inc.*
 
3,000
191,940
HubSpot, Inc.*
 
1,100
338,800
Intuit, Inc.
 
2,709
1,235,764
Microsoft Corp.
 
44,062
12,369,966
Oracle Corp.
 
34,733
2,406,625
Palantir Technologies, Inc. "A"*
 
18,000
186,300
RingCentral, Inc. "A"*
 
   12,800
    633,472
Salesforce, Inc.*
 
    4,370
    804,167
ServiceNow, Inc.*
 
    2,868
  1,281,021
Trade Desk, Inc. "A"*
 
   16,683
    750,735
Unity Software, Inc.*
 
    4,800
    179,472
Zscaler, Inc.*
 
    1,600
    248,096
 
 
 
23,710,047
Technology Hardware, Storage & Peripherals 2.7%
 
Apple, Inc.
 
   99,413
 16,155,607
Canon, Inc.
 
    9,500
    225,012
HP, Inc.
 
   25,559
    853,415
 
 
 
17,234,034
Materials 2.9%
 
Chemicals 1.4%
 
Air Products & Chemicals, Inc.
 
2,857
709,193
BASF SE
 
18,219
811,211
Dow, Inc.
 
48,602
2,586,112
Linde PLC
 
2,380
718,760
Nutrien Ltd.
 
10,872
930,685
Yara International ASA
 
66,552
2,844,862
 
 
 
8,600,823
Construction Materials 0.2%
 
Holcim AG
 
21,650
1,015,969
Containers & Packaging 0.3%
 
Amcor PLC
 
87,225
1,129,564
International Paper Co.
 
6,601
282,325
Packaging Corp. of America
 
3,300
464,013
 
 
 
1,875,902
Metals & Mining 0.9%
 
Anglo American PLC
 
54,369
1,952,211
Boliden AB
 
49,777
1,657,442
Mineral Resources Ltd.
 
24,999
948,815
Newmont Corp.
 
16,088
728,465
Nucor Corp.
 
3,200
434,560
Steel Dynamics, Inc.
 
3,000
233,640
 
 
 
5,955,133
Paper & Forest Products 0.1%
 
Mondi PLC
 
26,497
503,117
Real Estate 2.6%
 
Equity Real Estate Investment Trusts (REITs) 2.2%
 
Ascendas Real Estate Investment Trust
 
224,676
483,713
Crown Castle International Corp.
 
5,111
923,353
Iron Mountain, Inc.
 
33,530
1,625,870
Mapletree Commercial Trust
 
971,700
1,340,056
Medical Properties Trust, Inc.
 
250,383
4,316,603
Realty Income Corp.
 
14,945
1,105,781
VICI Properties, Inc.
 
48,058
1,643,103
Vornado Realty Trust
 
82,400
2,504,136
 
 
 
13,942,615
Real Estate Management & Development 0.4%
 
Henderson Land Development Co., Ltd.
 
244,000
848,533
Sino Land Co., Ltd.
 
  582,000
    866,775
Swire Pacific Ltd. "A"
 
  121,500
    690,956
 
 
 
2,406,264
Utilities 2.0%
 
Electric Utilities 1.4%
 
American Electric Power Co., Inc.
 
    4,078
    401,928
Chubu Electric Power Co., Inc.
 
  161,200
  1,717,075
Enel SpA
 
  209,048
  1,051,997
HK Electric Investments & HK Electric Investments Ltd.
 
  389,500
    352,340
Iberdrola SA
 
   61,553
    657,413
Power Assets Holdings Ltd.
 
  300,000
  1,964,459
Southern Co.
 
   20,321
  1,562,482
SSE PLC
 
   42,485
    916,689
Verbund AG
 
    2,590
    285,539
 
 
 
8,909,922
Multi-Utilities 0.6%
 
Dominion Energy, Inc.
 
11,951
979,743
Engie SA
 
213,826
2,644,265
Sempra Energy
 
1,315
218,027
 
 
 
3,842,035
Total Common Stocks (Cost $340,360,906)
381,177,829
 
Preferred Stocks 3.6%
 
Communication Services 0.4%
 
AT&T, Inc., 5.35%
 
100,000
2,495,000
Financials 2.7%
 
AGNC Investment Corp., Series C, 7.0%
 
64,439
1,560,068
Charles Schwab Corp., Series D, 5.95%
 
75,000
1,929,000
Fifth Third Bancorp., Series I, 6.625%
 
75,000
1,981,500
Goldman Sachs Group, Inc., Series J, 5.5%
 
73,000
1,830,840
KeyCorp., Series E, 6.125%
 
75,000
1,999,500
Morgan Stanley, Series K, 5.85%
 
75,000
1,926,000
PNC Financial Services Group, Inc., Series P, 6.855%
 
75,000
1,895,250
Regions Financial Corp., Series B, 6.375%
 
80,000
2,129,600
Wells Fargo & Co., Series Y, 5.625%
 
75,000
1,873,500
 
 
 
17,125,258
Real Estate 0.5%
 
Kimco Realty Corp., Series L, 5.125%
 
75,000
1,852,500
Prologis, Inc., Series Q, 8.54%
 
236
14,833
Simon Property Group, Inc., Series J, 8.375%
 
17,000
1,097,860
 
 
 
2,965,193
Total Preferred Stocks (Cost $24,213,173)
22,585,451
 
Rights 0.0%
 
Financials
 
Australia & New Zealand Banking Group Ltd., Expiration Date 8/15/2022* (Cost $0)
 
2,056
5,717
 
Warrants 0.0%
 
Materials
 
Hercules Trust II, Expiration Date 3/31/2029* (a) (Cost $90,209)
 
506
46,906
 
 
 
Principal
Amount ($) (b)
Value ($)
 
Corporate Bonds 18.7%
 
Communication Services 1.8%
 
America Movil SAB de CV, 4.375%, 4/22/2049
 
1,700,000
  1,630,207
AT&T, Inc.:
 
         
           
2.25%, 2/1/2032
 
  368,000
    312,977
3.65%, 6/1/2051
 
  560,000
    456,226
Charter Communications Operating LLC:
 
         
           
3.5%, 3/1/2042
 
  279,000
    203,369
3.7%, 4/1/2051
 
  235,000
    165,191
Discovery Communications LLC, 4.0%, 9/15/2055
 
  200,000
    145,235
Grupo Televisa SAB, 5.25%, 5/24/2049
 
1,700,000
  1,673,123
Meituan, 144A, 2.125%, 10/28/2025
 
  505,000
    445,300
Netflix, Inc.:
 
 
 
4.375%, 11/15/2026
 
1,000,000
999,960
5.875%, 11/15/2028
 
812,000
842,369
Rogers Communications, Inc., 144A, 3.8%, 3/15/2032
 
854,000
826,747
Tencent Holdings Ltd., REG S, 2.39%, 6/3/2030
 
1,700,000
1,443,119
T-Mobile U.S.A., Inc.:
 
 
 
3.3%, 2/15/2051
 
700,000
535,364
3.375%, 4/15/2029
 
635,000
592,830
3.6%, 11/15/2060
 
145,000
110,852
4.375%, 4/15/2040
 
335,000
311,740
Verizon Communications, Inc.:
 
 
 
2.65%, 11/20/2040
 
225,000
173,787
3.7%, 3/22/2061
 
300,000
245,905
 
 
 
11,114,301
Consumer Discretionary 1.4%
 
Dollar General Corp., 4.125%, 4/3/2050
 
110,000
97,007
Ford Motor Co., 3.25%, 2/12/2032
 
1,220,000
1,018,700
Ford Motor Credit Co. LLC:
 
 
 
2.7%, 8/10/2026
 
600,000
545,250
2.9%, 2/16/2028
 
686,000
595,118
3.375%, 11/13/2025
 
750,000
715,657
3.625%, 6/17/2031
 
410,000
347,746
General Motors Co.:
 
 
 
5.4%, 4/1/2048
 
350,000
314,537
5.6%, 10/15/2032
 
1,500,000
1,497,759
General Motors Financial Co., Inc.:
 
 
 
2.35%, 1/8/2031
 
500,000
402,645
3.1%, 1/12/2032
 
510,000
426,961
Hilton Domestic Operating Co., Inc.:
 
 
 
144A, 3.625%, 2/15/2032
 
1,075,000
927,187
144A, 4.0%, 5/1/2031
 
720,000
646,301
Magallanes, Inc.:
 
 
 
144A, 5.05%, 3/15/2042
 
320,000
284,151
144A, 5.141%, 3/15/2052
 
350,000
308,147
Nissan Motor Co., Ltd., 144A, 4.345%, 9/17/2027
 
760,000
713,435
 
 
 
8,840,601
Consumer Staples 0.6%
 
Anheuser-Busch Companies LLC, 4.9%, 2/1/2046
 
163,000
164,158
Anheuser-Busch InBev Worldwide, Inc.:
 
         
           
4.35%, 6/1/2040
 
  270,000
    257,791
5.55%, 1/23/2049
 
  699,000
    768,077
JBS Finance Luxembourg Sarl:
 
         
           
144A, 2.5%, 1/15/2027
 
1,470,000
  1,306,632
144A, 3.625%, 1/15/2032
 
  470,000
    391,552
JBS USA LUX SA, 144A, 5.75%, 4/1/2033
 
1,090,000
  1,078,359
 
 
 
3,966,569
Energy 2.2%
 
Cenovus Energy, Inc., 2.65%, 1/15/2032
 
  367,000
    315,589
Cheniere Corpus Christi Holdings LLC, 5.875%, 3/31/2025
 
1,000,000
  1,029,170
Cheniere Energy Partners LP, 4.5%, 10/1/2029
 
1,100,000
  1,065,719
Ecopetrol SA, 6.875%, 4/29/2030
 
1,700,000
  1,621,001
Enterprise Products Operating LLC:
 
         
           
3.3%, 2/15/2053
 
510,000
397,502
4.2%, 1/31/2050
 
741,000
653,590
Hess Corp., 5.8%, 4/1/2047
 
400,000
410,823
Petroleos Mexicanos, 6.7%, 2/16/2032
 
3,686,000
2,952,486
Plains All American Pipeline LP, 3.8%, 9/15/2030
 
300,000
272,200
SA Global Sukuk Ltd., 144A, 2.694%, 6/17/2031
 
340,000
309,869
Saudi Arabian Oil Co.:
 
 
 
144A, 2.25%, 11/24/2030
 
3,900,000
3,446,781
REG S, 3.5%, 4/16/2029
 
1,700,000
1,662,943
 
 
 
14,137,673
Financials 5.2%
 
AerCap Ireland Capital DAC, 1.75%, 1/30/2026
 
388,000
344,756
Air Lease Corp., 4.125%, Perpetual (c)
 
1,450,000
1,080,481
Aircastle Ltd., 144A, 5.25%, Perpetual (c)
 
690,000
550,093
Ally Financial, Inc., 4.7%, Perpetual (c)
 
3,000,000
2,528,100
Ares Capital Corp., 2.875%, 6/15/2027
 
930,000
802,821
Avolon Holdings Funding Ltd.:
 
 
 
144A, 2.528%, 11/18/2027
 
50,000
41,428
144A, 4.25%, 4/15/2026
 
240,000
223,508
Banco Nacional de Panama, 144A, 2.5%, 8/11/2030
 
600,000
480,549
Bank of America Corp.:
 
 
 
2.676%, 6/19/2041
 
330,000
249,430
2.972%, 2/4/2033
 
1,260,000
1,116,198
4.375%, Perpetual (c)
 
4,000,000
3,630,000
Bank of New York Mellon Corp.:
 
 
 
3.7%, Perpetual (c)
 
1,069,000
983,495
3.75%, Perpetual (c)
 
2,051,000
1,786,831
Barclays PLC, 2.645%, 6/24/2031
 
600,000
496,269
Blackstone Secured Lending Fund:
 
 
 
2.85%, 9/30/2028
 
610,000
488,971
3.625%, 1/15/2026
 
925,000
873,798
Capital One Financial Corp., 3.95%, Perpetual (c)
 
1,520,000
1,322,379
Citigroup, Inc., 4.91%, 5/24/2033
 
400,000
412,106
Corebridge Financial, Inc., 144A, 4.35%, 4/5/2042
 
370,000
323,729
Enstar Finance LLC, 5.5%, 1/15/2042
 
1,100,000
943,766
JPMorgan Chase & Co., 3.328%, 4/22/2052
 
151,000
120,549
KKR Group Finance Co., XII LLC, 144A, 4.85%, 5/17/2032
 
760,000
771,781
Liberty Mutual Group, Inc., 144A, 5.5%, 6/15/2052
 
290,000
289,252
MDGH GMTN RSC Ltd., REG S, 3.7%, 11/7/2049
 
245,000
215,632
Morgan Stanley, 2.484%, 9/16/2036
 
789,000
638,337
Nippon Life Insurance Co., 144A, 2.75%, 1/21/2051
 
700,000
577,617
PNC Financial Services Group, Inc., 3.4%, Perpetual (c)
 
1,740,000
1,426,800
REC Ltd.:
 
         
           
144A, 4.75%, 5/19/2023
 
  426,000
    427,662
144A, 5.25%, 11/13/2023
 
  570,000
    576,794
Societe Generale SA:
 
         
           
144A, 5.375%, Perpetual (c)
 
1,650,000
  1,384,538
144A, 6.221%, 6/15/2033
 
1,275,000
  1,251,401
The Charles Schwab Corp., Series I, 4.0%, Perpetual (c)
 
1,555,000
  1,414,070
The Goldman Sachs Group, Inc., 3.8%, Perpetual (c)
 
1,050,000
    906,026
Truist Financial Corp., 4.8%, Perpetual (c)
 
2,000,000
  1,897,096
U.S. Bancorp., 4.967%, 7/22/2033
 
  730,000
    757,553
UBS Group AG, 144A, 4.375%, Perpetual (c)
 
  743,000
    597,186
Wells Fargo & Co., 4.897%, 7/25/2033
 
  700,000
    725,615
 
 
 
32,656,617
Health Care 1.8%
 
Bausch Health Companies, Inc., 144A, 4.875%, 6/1/2028
 
520,000
414,050
Centene Corp.:
 
 
 
2.45%, 7/15/2028
 
360,000
322,200
2.625%, 8/1/2031
 
790,000
673,664
Charles River Laboratories International, Inc., 144A, 3.75%, 3/15/2029
 
1,750,000
1,614,871
CVS Health Corp.:
 
 
 
2.7%, 8/21/2040
 
160,000
121,758
4.25%, 4/1/2050
 
120,000
109,224
5.05%, 3/25/2048
 
1,000,000
1,015,740
DaVita, Inc., 144A, 4.625%, 6/1/2030
 
750,000
615,000
HCA, Inc.:
 
 
 
4.125%, 6/15/2029
 
600,000
577,418
5.25%, 6/15/2026
 
1,000,000
1,014,689
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/1/2026
 
5,400,000
4,874,850
 
 
 
11,353,464
Industrials 1.1%
 
Adani Ports & Special Economic Zone Ltd., 144A, 4.2%, 8/4/2027
 
865,000
798,568
American Airlines, Inc., 144A, 5.5%, 4/20/2026
 
620,000
609,764
Block, Inc., 2.75%, 6/1/2026
 
200,000
186,499
Boeing Co.:
 
 
 
2.196%, 2/4/2026
 
1,696,000
1,579,230
5.04%, 5/1/2027
 
350,000
356,922
Delta Air Lines, Inc.:
 
 
 
3.75%, 10/28/2029
 
865,000
751,709
144A, 4.5%, 10/20/2025
 
190,000
187,625
Empresa de los Ferrocarriles del Estado, 144A, 3.068%, 8/18/2050
 
239,000
147,182
Mileage Plus Holdings LLC, 144A, 6.5%, 6/20/2027
 
1,100,000
1,110,989
Prime Security Services Borrower LLC, 144A, 5.25%, 4/15/2024
 
1,400,000
1,398,250
 
 
 
7,126,738
Information Technology 1.0%
 
Broadcom, Inc., 144A, 2.6%, 2/15/2033
 
350,000
282,927
Dell International LLC:
 
 
 
144A, 3.45%, 12/15/2051
 
289,000
204,151
5.3%, 10/1/2029
 
485,000
491,880
HP, Inc.:
 
 
 
4.2%, 4/15/2032
 
680,000
626,471
5.5%, 1/15/2033
 
1,200,000
1,206,924
MSCI, Inc.:
 
 
 
144A, 3.25%, 8/15/2033
 
240,000
207,919
144A, 3.625%, 9/1/2030
 
435,000
397,155
NXP BV:
 
         
           
2.65%, 2/15/2032
 
  338,000
    283,643
3.125%, 2/15/2042
 
  310,000
    233,056
Open Text Corp., 144A, 3.875%, 2/15/2028
 
1,150,000
  1,057,955
Oracle Corp.:
 
         
           
3.6%, 4/1/2050
 
   45,000
     32,798
3.65%, 3/25/2041
 
  675,000
    524,069
SK Hynix, Inc., 144A, 1.5%, 1/19/2026
 
  947,000
    852,720
 
 
 
6,401,668
Materials 1.2%
 
AngloGold Ashanti Holdings PLC, 3.75%, 10/1/2030
 
  800,000
    685,484
Berry Global, Inc., 1.65%, 1/15/2027
 
1,750,000
  1,551,373
Celanese U.S. Holdings LLC:
 
         
           
4.777%, 7/19/2026
EUR
  900,000
    939,092
6.165%, 7/15/2027
 
1,700,000
1,726,604
6.33%, 7/15/2029
 
350,000
360,262
6.379%, 7/15/2032
 
320,000
328,665
Corp. Nacional del Cobre de Chile, 144A, 3.15%, 1/15/2051
 
200,000
145,302
MEGlobal Canada ULC, 144A, 5.0%, 5/18/2025
 
1,511,000
1,530,540
Suzano Austria GmbH, 2.5%, 9/15/2028
 
460,000
389,372
 
 
 
7,656,694
Real Estate 0.1%
 
Boston Properties LP, (REIT), 2.55%, 4/1/2032
 
535,000
442,464
MPT Operating Partnership LP, (REIT), 3.5%, 3/15/2031
 
450,000
387,425
 
 
 
829,889
Utilities 2.3%
 
AES Panama Generation Holdings SRL, 144A, 4.375%, 5/31/2030
 
622,000
510,040
CMS Energy Corp., 3.75%, 12/1/2050
 
2,600,000
2,076,906
Duke Energy Corp., 3.25%, 1/15/2082
 
1,350,000
1,071,299
Enel Finance International NV, 144A, 5.0%, 6/15/2032
 
1,190,000
1,164,947
Eskom Holdings SOC Ltd., REG S, 6.35%, 8/10/2028
 
1,425,000
1,354,035
NextEra Energy Operating Partners LP:
 
 
 
144A, 3.875%, 10/15/2026
 
1,035,000
1,022,368
144A, 4.25%, 7/15/2024
 
1,570,000
1,555,509
Pacific Gas and Electric Co.:
 
 
 
2.5%, 2/1/2031
 
130,000
103,831
3.25%, 6/1/2031
 
490,000
410,113
3.3%, 8/1/2040
 
370,000
270,036
5.45%, 6/15/2027
 
550,000
545,821
Perusahaan Listrik Negara PT, 144A, 2.875%, 10/25/2025
EUR
1,505,000
1,515,641
Sempra Energy, 4.125%, 4/1/2052
 
1,880,000
1,587,043
Southern Co., 3.75%, 9/15/2051
 
1,241,000
1,093,805
 
 
 
14,281,394
Total Corporate Bonds (Cost $133,205,614)
118,365,608
 
Asset-Backed 4.2%
Automobile Receivables 0.2%
 
JPMorgan Chase Bank NA, “E”, Series 2021-1, 144A, 2.365%, 9/25/2028
 
1,139,990
1,106,840
Miscellaneous 4.0%
 
CF Hippolyta Issuer LLC, “B1”, Series 2021-1A, 144A, 1.98%, 3/15/2061
 
3,018,902
2,635,247
DB Master Finance LLC, “A23”, Series 2021-1A, 144A, 2.791%, 11/20/2051
 
6,343,125
5,347,914
Madison Park Funding XXVI Ltd., “AR”, Series 2007-4A, 144A, 3-month USD-LIBOR
+ 1.2%, 4.006% (d), 7/29/2030
 
6,400,000
  6,338,054
Octagon Investment Partners, Ltd., “A1R”, Series 2019-4A, 144A, 3-month USD-
LIBOR + 1.15%, 2.55% (d), 5/12/2031
 
4,500,000
  4,405,491
Venture 37 CLO Ltd., “A1R”, Series 2019-37A, 144A, 3-month USD-LIBOR + 1.15%,
3.662% (d), 7/15/2032
 
4,690,000
  4,549,755
Wendy's Funding LLC, “A2II”, Series 2021-1A, 144A, 2.775%, 6/15/2051
 
2,540,340
  2,158,316
 
 
 
25,434,777
Total Asset-Backed (Cost $28,609,810)
26,541,617
 
Mortgage-Backed Securities Pass-Throughs 0.0%
 
Government National Mortgage Association, 6.5%, 8/20/2034 (Cost $20,095)
 
   19,099
     21,290
 
Commercial Mortgage-Backed Securities 2.5%
 
Citigroup Commercial Mortgage Trust:
 
         
           
“C”, Series 2019-PRM, 144A, 3.896%, 5/10/2036
 
2,516,145
  2,497,953
“D”, Series 2019-PRM, 144A, 4.35%, 5/10/2036
 
2,625,000
  2,616,371
Credit Suisse Commercial Mortgage Trust:
 
 
 
“A”, Series 2020-TMIC, 144A, 1-month USD-LIBOR + 3.0%, 4.999% (d),
12/15/2035
 
4,300,000
4,251,705
“B”, Series 2020-TMIC, 144A, 1-month USD-LIBOR + 5.0%, 6.999% (d),
12/15/2035
 
4,300,000
4,249,640
Freddie Mac Multifamily Structured Credit Risk, “M2”, Series 2021-MN1, 144A, 30-
day average SOFR + 3.75%, 5.264% (d), 1/25/2051
 
1,098,000
959,382
GMAC Commercial Mortgage Securities, Inc., “G”, Series 2004-C1, 144A, 5.455%,
3/10/2038
 
1,962,211
1,177,327
Total Commercial Mortgage-Backed Securities (Cost $16,979,896)
15,752,378
 
Collateralized Mortgage Obligations 1.2%
Connecticut Avenue Securities Trust:
 
 
 
“1M2”, Series 2020-R01, 144A, 1-month USD-LIBOR + 2.05%, 4.309% (d),
1/25/2040
 
505,724
505,679
“1M2”, Series 2019-R03, 144A, 1-month USD-LIBOR + 2.15%, 4.409% (d),
9/25/2031
 
72,499
72,455
“1M2”, Series 2019-R02, 144A, 1-month USD-LIBOR + 2.3%, 4.559% (d),
8/25/2031
 
103,406
103,282
Fannie Mae Connecticut Avenue Securities, “1M2”, Series 2018-C06, 1-month USD-
LIBOR + 2.0%, 4.259% (d), 3/25/2031
 
486,602
486,076
Federal National Mortgage Association, “I”, Series 2003-84, Interest Only, 6.0%,
9/25/2033
 
166,010
31,261
Freddie Mac Structured Agency Credit Risk Debt Notes:
 
 
 
“M2”, Series 2020-DNA2, 144A, 1-month USD-LIBOR + 1.85%, 4.109% (d),
2/25/2050
 
2,640,045
2,623,677
“M2”, Series 2019-DNA3, 144A, 1-month USD-LIBOR + 2.05%, 4.309% (d),
7/25/2049
 
936,416
939,245
“M2”, Series 2019-DNA2, 144A, 1-month USD-LIBOR + 2.45%, 4.709% (d),
3/25/2049
 
1,702,196
1,696,897
JPMorgan Mortgage Trust, “AM”, Series 2016-3, 144A, 3.237% (d), 10/25/2046
 
984,234
921,344
Total Collateralized Mortgage Obligations (Cost $7,448,756)
7,379,916
 
Government & Agency Obligations 4.3%
Sovereign Bonds 1.1%
 
Brazilian Government International Bond, 3.875%, 6/12/2030
 
947,000
851,333
Indonesia Government International Bond:
 
 
 
2.85%, 2/14/2030
 
3,700,000
3,405,594
3.85%, 10/15/2030
 
1,700,000
1,653,350
Perusahaan Penerbit SBSN Indonesia III, 144A, 2.8%, 6/23/2030
 
  883,000
    800,439
United Mexican States, 3.5%, 2/12/2034
 
  260,000
    225,661
 
 
 
6,936,377
U.S. Treasury Obligations 3.2%
 
U.S. Treasury Bonds, 1.875%, 11/15/2051
 
  111,700
     85,957
U.S. Treasury Notes:
 
         
           
2.625%, 5/31/2027
 
6,170,900
  6,150,652
2.75%, 5/31/2029
 
4,428,500
  4,436,803
2.875%, 5/15/2032
 
9,174,100
  9,338,947
 
 
 
20,012,359
Total Government & Agency Obligations (Cost $27,384,478)
26,948,736
 
Loan Participations and Assignments 0.4%
Senior Loans (d)
 
Hilton Worldwide Finance LLC, Term Loan B2, 1-month-USD LIBOR + 1.75%,
3.964%, 6/22/2026
 
1,389,236
1,370,307
TransDigm, Inc., Term Loan F, 1-month USD-LIBOR + 2.25%, 4.622%, 12/9/2025
 
1,233,241
1,200,098
Total Loan Participations and Assignments (Cost $2,623,874)
2,570,405
 
Short-Term U.S. Treasury Obligations 1.2%
U.S. Treasury Bills:
 
 
 
1.936% (e), 4/20/2023
 
500,000
489,811
1.998% (e), 4/20/2023 (f) (g)
 
7,200,000
7,053,280
Total Short-Term U.S. Treasury Obligations (Cost $7,588,262)
7,543,091
 
 
 
Shares
Value ($)
 
Exchange-Traded Funds 2.8%
SPDR Bloomberg Convertible Securities ETF (Cost $13,817,168)
 
  259,040
 17,606,949
 
Cash Equivalents 0.4%
DWS Central Cash Management Government Fund, 1.62% (h) (Cost $2,792,785)
 
2,792,785
  2,792,785
 
 
 
 
% of
Net Assets
Value ($)
Total Investment Portfolio (Cost $605,135,026)
 
99.6
629,338,678
Other Assets and Liabilities, Net
 
0.4
2,447,629
Net Assets
 
100.0
631,786,307
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended July 31, 2022 are as follows: 
Value ($) at
10/31/2021
Purchases
Cost ($)
Sales
Proceeds ($)
Net
Realized
Gain/
(Loss) ($)
Net
Change in
Unrealized
Appreci-
ation
(Deprecia-
tion) ($)
Income ($)
Capital
Gain
Distribu-
tions ($)
Number of
Shares at
7/31/2022
Value ($) at
7/31/2022
Securities Lending Collateral 0.0%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 1.55% (h) (i)
9,967,487
—
9,967,487 (j)
—
—
867
—
—
—
Cash Equivalents 0.4%
DWS Central Cash Management Government Fund, 1.62% (h)
5,852,846
186,987,919
190,047,980
—
—
36,893
—
2,792,785
2,792,785
15,820,333
186,987,919
200,015,467
—
—
37,760
—
2,792,785
2,792,785
 
*
Non-income producing security.
(a)
Investment was valued using significant unobservable inputs.
(b)
Principal amount stated in U.S. dollars unless otherwise noted.
(c)
Perpetual, callable security with no stated maturity date.
(d)
Variable or floating rate security. These securities are shown at their current rate as of July 31, 2022. For securities based on a
published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable
rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions,
prepayment of underlying positions and/or other variables. Securities with a floor or ceiling feature are disclosed at the inherent
rate, where applicable.
(e)
Annualized yield at time of purchase; not a coupon rate.
(f)
At July 31, 2022, this security has been pledged, in whole or in part, to cover initial margin requirements for open centrally
cleared swap contracts.
(g)
At July 31, 2022, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures
contracts.
(h)
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at
period end.
(i)
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(j)
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period
ended July 31, 2022.
 
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers.
ADR: American Depositary Receipt
CLO: Collateralized Loan Obligation
Interest Only: Interest Only (IO) bonds represent the "interest only" portion of payments on a pool of underlying mortgages or
mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages.
MSCI: Morgan Stanley Capital International
REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or
benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the
Securities Act of 1933.
REIT: Real Estate Investment Trust
S&P: Standard & Poor's
SBSN: Surat Berharga Syariah Negara (Islamic Based Government Securities)
SOC: State Owned Company
SOFR: Secured Overnight Financing Rate
SPDR: Standard & Poor's Depositary Receipt
LIBOR: London Interbank Offered Rate, the benchmark rate for certain floating rate securities, has been phased out as of the end of 2021 for most maturities and currencies, although certain widely used US Dollar LIBOR rates are expected to continue to be published through June 2023 to assist with the transition. The Fund or the instruments in which the Fund invests may be adversely affected by the phase out by, among other things, increased volatility or illiquidity. Although the transition process away from LIBOR has become increasingly well defined, there remains uncertainty regarding the future use of LIBOR and the nature of any replacement reference rate and, accordingly, it is difficult to predict the impact to the Fund of the transition away from LIBOR.
Included in the portfolio are investments in mortgage or asset-backed securities which are interests in separate pools of mortgages or assets. Effective maturities of these investments may be shorter than stated maturities due to prepayments.
At July 31, 2022, open futures contracts purchased were as follows: 
Futures
Currency
Expiration
Date
Contracts
Notional
Amount ($)
Notional
Value ($)
Unrealized
Appreciation/
(Depreciation) ($)
10 Year
U.S. Treasury
Note
USD
9/21/2022
127
14,971,659
15,384,859
413,200
MSCI E-Mini
Emerging Market
Index
USD
9/16/2022
451
22,629,737
22,516,175
(113,562)
Ultra 10 Year
U.S. Treasury
Note
USD
9/21/2022
46
5,909,681
6,037,500
127,819
Ultra Long
U.S. Treasury
Bond
USD
9/21/2022
198
31,402,881
31,345,875
(57,006)
Total net unrealized appreciation
370,451
At July 31, 2022, open futures contracts sold were as follows: 
Futures
Currency
Expiration
Date
Contracts
Notional
Amount ($)
Notional
Value ($)
Unrealized
Appreciation/
(Depreciation) ($)
5 Year
U.S. Treasury
Note
USD
9/30/2022
111
12,573,077
12,623,648
(50,571)
Euro Stoxx 50
Index
EUR
9/16/2022
371
13,098,155
14,037,260
(939,105)
Euro-Schatz
EUR
9/8/2022
200
22,323,876
22,512,689
(188,813)
S&P 500 E-Mini
Index
USD
9/16/2022
237
44,735,017
48,981,975
(4,246,958)
TOPIX Index
JPY
9/8/2022
5
727,406
726,472
934
Total net unrealized depreciation
(5,424,513)
At July 31, 2022, open interest rate swap contracts were as follows: 
Centrally Cleared Swaps
Cash Flows
Paid by
the Fund/
Frequency
Cash Flows
Received by
the Fund/
Frequency
Effective/
Expiration
Date
Notional
Amount
($)
Currency
Value
($)
Upfront
Payments
Paid/
(Received)
($)
Unrealized
Appreciation
($)
Fixed — 0.25%
Semi-Annually
Floating — 3-Month LIBOR
Quarterly β
3/16/2021/
3/16/2023
12,400,000
USD
245,775
368
245,407
Fixed — 0.45%
Semi-Annually
Floating — 3-Month LIBOR
Quarterly β
3/16/2021/
3/16/2024
7,200,000
USD
321,607
(93)
321,700
Fixed — 1.3%
Semi-Annually
Floating — 3-Month LIBOR
Quarterly β
3/16/2021/
3/16/2028
2,200,000
USD
154,904
419
154,485
Fixed — 1.63%
Semi-Annually
Floating — 3-Month LIBOR
Quarterly β
3/16/2021/
3/16/2031
1,900,000
USD
147,895
1,950
145,945
Total unrealized appreciation
867,537
 
β
3-month LIBOR rate as of July 31, 2022 is 2.788%.
At July 31, 2022, the Fund had the following open forward foreign currency contracts: 
Contracts to Deliver
In Exchange For
Settlement
Date
Unrealized
Appreciation ($)
Counterparty
EUR
1,590,000
USD
1,681,503
8/4/2022
56,223
State Street Bank and Trust
 
Contracts to Deliver
In Exchange For
Settlement
Date
Unrealized
Depreciation ($)
Counterparty
EUR
900,000
USD
907,023
8/4/2022
(12,947)
Goldman Sachs & Co.
Currency Abbreviation(s)
 
EUR
Euro
JPY
Japanese Yen
USD
United States Dollar
Fair Value Measurements
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of July 31, 2022 in valuing the Fund’s investments. 
Assets
Level 1
Level 2
Level 3
Total
Common Stocks
 
 
 
 
Communication Services
$21,541,550
$8,134,682
$—
$29,676,232
Consumer Discretionary
22,889,080
5,622,923
—
28,512,003
Consumer Staples
17,438,744
15,359,640
—
32,798,384
Energy
22,639,188
7,282,319
—
29,921,507
Financials
28,736,912
29,444,933
—
58,181,845
Health Care
26,961,190
14,153,862
—
41,115,052
Industrials
20,519,472
8,721,161
—
29,240,633
Information Technology
79,898,359
4,782,034
—
84,680,393
Materials
8,217,317
9,733,627
—
17,950,944
Real Estate
12,118,846
4,230,033
—
16,348,879
Utilities
4,078,869
8,673,088
—
12,751,957
Preferred Stocks (a)
22,585,451
—
—
22,585,451
Rights
—
5,717
—
5,717
Warrants
—
—
46,906
46,906
Corporate Bonds (a)
—
118,365,608
—
118,365,608
Asset-Backed (a)
—
26,541,617
—
26,541,617
Mortgage-Backed Securities Pass-Throughs
—
21,290
—
21,290
Commercial Mortgage-Backed Securities
—
15,752,378
—
15,752,378
Collateralized Mortgage Obligations
—
7,379,916
—
7,379,916
Government & Agency Obligations (a)
—
26,948,736
—
26,948,736
Loan Participations and Assignments
—
2,570,405
—
2,570,405
Short-Term U.S. Treasury Obligations
—
7,543,091
—
7,543,091
Exchange-Traded Funds
17,606,949
—
—
17,606,949
Short-Term Investments
2,792,785
—
—
2,792,785
Derivatives (b)
 
 
 
 
Futures Contracts
541,953
—
—
541,953
Interest Rate Swap Contracts
—
867,537
—
867,537
Forward Foreign Currency Contracts
—
56,223
—
56,223
Total
$308,566,665
$322,190,820
$46,906
$630,804,391
 
Liabilities
Level 1
Level 2
Level 3
Total
Derivatives (b)
 
 
 
 
Futures Contracts
$(5,596,015)
$—
$—
$(5,596,015)
Forward Foreign Currency Contracts
—
(12,947)
—
(12,947)
Total
$(5,596,015)
$(12,947)
$—
$(5,608,962)
 
(a)
See Investment Portfolio for additional detailed categorizations.
(b)
Derivatives include unrealized appreciation (depreciation) on open futures contracts, interest rate swap contracts and forward
foreign currency contracts.
Derivatives
The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of July 31, 2022 categorized by the primary underlying risk exposure. 
Primary Underlying Risk Disclosure
Forward
Contracts
Swap
Contracts
Futures
Contracts
Equity Contracts
$ —
$ —
$ (5,298,691)
Interest Rate Contracts
$ —
$ 867,537
$ 244,629
Foreign Exchange Contracts
$ 43,276
$ —
$ —
OBTAIN AN OPEN-END FUND PROSPECTUS
To obtain a summary prospectus, if available, or prospectus, download one from fundsus.dws.com, talk to your financial representative or call (800) 728-3337. We advise you to carefully consider the product's objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest.
CLOSED-END FUNDS
Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.
NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE
DGIBF-PH3
R-080548-1 (1/23)