|
|
|
Shares
|
Value ($)
|
|
|
|||
|
Common Stocks 73.9%
|
|
|
|
|
Communication Services 1.8%
|
|
||
|
Diversified Telecommunication Services
|
|
||
|
Cellnex Telecom SA 144A
|
|
2,352,856
|
78,238,585
|
|
China Tower Corp. Ltd. “H” 144A
|
|
213,672,000
|
22,929,366
|
|
|
|
|
101,167,951
|
|
Consumer Staples 0.6%
|
|
||
|
Food Products
|
|
||
|
Bunge Ltd.
|
|
197,026
|
19,657,284
|
|
Darling Ingredients, Inc.*
|
|
278,090
|
17,405,653
|
|
|
|
|
37,062,937
|
|
Energy 10.7%
|
|
||
|
Energy Equipment & Services 0.2%
|
|
||
|
Halliburton Co.
|
|
296,000
|
11,647,600
|
|
Oil, Gas & Consumable Fuels 10.5%
|
|
||
|
BP PLC
|
|
3,686,100
|
21,168,097
|
|
Canadian Natural Resources Ltd.
|
|
237,335
|
13,179,630
|
|
Cheniere Energy, Inc.
|
|
307,022
|
46,041,019
|
|
Chevron Corp.
|
|
171,820
|
30,839,972
|
|
ConocoPhillips
|
|
160,280
|
18,913,040
|
|
Enbridge, Inc.
|
|
3,327,190
|
130,040,543
|
|
Gazprom PJSC (ADR)* (a)
|
|
1,013,306
|
0
|
|
Gibson Energy, Inc.
|
|
1,162,486
|
20,296,284
|
|
LUKOIL PJSC (a)
|
|
91,202
|
0
|
|
Marathon Petroleum Corp.
|
|
175,836
|
20,465,552
|
|
Neste Oyj
|
|
178,200
|
8,230,843
|
|
ONEOK, Inc.
|
|
878,600
|
57,724,020
|
|
Pembina Pipeline Corp.
|
|
1,392,300
|
47,260,050
|
|
Shell PLC
|
|
1,147,864
|
32,435,594
|
|
Williams Companies, Inc.
|
|
4,353,083
|
143,216,431
|
|
|
|
|
589,811,075
|
|
Industrials 6.5%
|
|
||
|
Commercial Services & Supplies 1.6%
|
|
||
|
Republic Services, Inc.
|
|
351,525
|
45,343,210
|
|
Waste Connections, Inc.
|
|
318,152
|
42,174,229
|
|
|
|
|
87,517,439
|
|
Construction & Engineering 1.5%
|
|
||
|
Ferrovial SA
|
|
1,933,185
|
50,758,981
|
|
Vinci SA
|
|
342,871
|
34,289,203
|
|
|
|
|
85,048,184
|
|
Road & Rail 1.6%
|
|
||
|
Canadian National Railway Co.
|
|
427,025
|
50,725,776
|
|
Canadian Pacific Railway Ltd.
|
|
353,300
|
26,340,942
|
|
East Japan Railway Co.
|
|
262,000
|
14,927,450
|
|
|
|
|
91,994,168
|
|
Transportation Infrastructure 1.8%
|
|
||
|
Getlink SE
|
|
785,745
|
12,617,557
|
|
Grupo Aeroportuario del Pacifico SAB de CV (ADR)
|
|
187,190
|
26,919,794
|
|
Japan Airport Terminal Co., Ltd.*
|
|
277,542
|
13,668,571
|
|
Transurban Group (Units)
|
|
5,260,279
|
46,472,030
|
|
|
|
|
99,677,952
|
|
Materials 6.7%
|
|
||
|
Chemicals 2.1%
|
|
||
|
CF Industries Holdings, Inc.
|
|
162,600
|
13,853,520
|
|
Corteva, Inc.
|
|
474,838
|
27,910,977
|
|
Nutrien Ltd.
|
|
786,183
|
57,396,004
|
|
Sociedad Quimica y Minera de Chile SA (ADR)
|
|
255,600
|
20,407,104
|
|
|
|
|
119,567,605
|
|
Containers & Packaging 0.6%
|
|
||
|
SIG Group AG
|
|
835,100
|
18,292,355
|
|
Silgan Holdings, Inc.
|
|
284,000
|
14,722,560
|
|
|
|
|
33,014,915
|
|
Metals & Mining 3.4%
|
|
||
|
Agnico Eagle Mines Ltd.
|
|
382,498
|
19,876,336
|
|
Endeavour Mining PLC
|
|
702,090
|
15,027,008
|
|
First Quantum Minerals Ltd.
|
|
515,418
|
10,768,962
|
|
Glencore PLC
|
|
7,086,392
|
47,826,361
|
|
Norsk Hydro ASA
|
|
2,578,786
|
19,390,946
|
|
Rio Tinto Ltd.
|
|
293,232
|
23,301,200
|
|
Sumitomo Metal Mining Co., Ltd.
|
|
180,000
|
6,352,495
|
|
Teck Resources Ltd. “B”
|
|
721,726
|
27,275,273
|
|
Vale SA (ADR)
|
|
1,194,091
|
20,263,724
|
|
|
|
|
190,082,305
|
|
Paper & Forest Products 0.6%
|
|
||
|
Mondi PLC
|
|
765,200
|
13,138,938
|
|
Svenska Cellulosa AB SCA “B”
|
|
1,542,200
|
19,528,714
|
|
|
|
|
32,667,652
|
|
Real Estate 30.9%
|
|
||
|
Equity Real Estate Investment Trusts (REITs) 25.8%
|
|
||
|
Activia Properties, Inc.
|
|
8,120
|
25,499,935
|
|
Agree Realty Corp.
|
|
756,422
|
53,653,012
|
|
American Homes 4 Rent “A”
|
|
352,809
|
10,633,663
|
|
American Tower Corp.
|
|
767,421
|
162,585,813
|
|
Apartment Income REIT Corp.
|
|
21,822
|
748,713
|
|
AvalonBay Communities, Inc.
|
|
263,540
|
42,566,981
|
|
Big Yellow Group PLC
|
|
1,245,066
|
17,325,297
|
|
British Land Co. PLC
|
|
4,029,553
|
19,335,964
|
|
CapitaLand Integrated Commercial Trust
|
|
26,844,440
|
41,016,056
|
|
Crown Castle, Inc.
|
|
772,430
|
104,772,405
|
|
Dexus
|
|
1,695,400
|
8,949,488
|
|
EastGroup Properties, Inc.
|
|
220,273
|
32,613,620
|
|
Equinix, Inc.
|
|
126,464
|
82,837,714
|
|
Equity LifeStyle Properties, Inc.
|
|
305,410
|
19,729,486
|
|
Frasers Logistics & Commercial Trust
|
|
35,434,500
|
30,701,452
|
|
Granite Real Estate Investment Trust
|
|
372,997
|
19,030,009
|
|
Hulic Reit, Inc.
|
|
16,955
|
21,149,089
|
|
Industrial & Infrastructure Fund Investment Corp.
|
|
13,200
|
15,251,814
|
|
Iron Mountain, Inc.
|
|
450,975
|
22,481,104
|
|
Kenedix Retail REIT Corp.
|
|
10,195
|
19,744,127
|
|
Kite Realty Group Trust
|
|
1,326,929
|
27,931,855
|
|
Klepierre SA
|
|
629,000
|
14,572,181
|
|
Life Storage, Inc.
|
|
94,656
|
9,323,616
|
|
Link REIT
|
|
6,434,568
|
47,123,048
|
|
Mid-America Apartment Communities, Inc.
|
|
181,644
|
28,516,292
|
|
Mori Trust Sogo Reit, Inc.
|
|
11,650
|
13,025,095
|
|
Prologis, Inc.
|
|
606,551
|
68,376,494
|
|
Public Storage
|
|
175,280
|
49,111,703
|
|
Region RE Ltd.
|
|
5,614,000
|
10,357,851
|
|
Rexford Industrial Realty, Inc.
|
|
318,176
|
17,385,137
|
|
RioCan Real Estate Investment Trust
|
|
1,669,300
|
26,050,450
|
|
Ryman Hospitality Properties, Inc.
|
|
347,493
|
28,417,978
|
|
Sabra Health Care REIT, Inc.
|
|
1,848,844
|
22,981,131
|
|
SBA Communications Corp.
|
|
460,396
|
129,053,603
|
|
Segro PLC
|
|
2,169,898
|
20,082,425
|
|
Simon Property Group, Inc.
|
|
163,163
|
19,168,389
|
|
Stockland
|
|
3,800,000
|
9,398,068
|
|
UNITE Group PLC
|
|
1,833,891
|
20,297,875
|
|
Ventas, Inc.
|
|
854,504
|
38,495,405
|
|
VICI Properties, Inc.
|
|
1,741,674
|
56,430,238
|
|
Weyerhaeuser Co.
|
|
409,242
|
12,686,502
|
|
WP Carey, Inc.
|
|
465,307
|
36,363,742
|
|
|
|
|
1,455,774,820
|
|
Real Estate Management & Development 5.1%
|
|
||
|
Capitaland Investment Ltd.
|
|
16,730,200
|
46,201,920
|
|
Castellum AB
|
|
891,526
|
10,824,564
|
|
CK Asset Holdings Ltd.
|
|
5,704,363
|
35,037,986
|
|
CTP NV 144A
|
|
910,700
|
10,795,100
|
|
Fastighets AB Balder “B”*
|
|
2,746,440
|
12,799,420
|
|
Mitsui Fudosan Co., Ltd.
|
|
2,437,700
|
44,415,808
|
|
PSP Swiss Property AG
|
|
259,500
|
30,511,284
|
|
Sun Hung Kai Properties Ltd.
|
|
3,033,100
|
41,450,841
|
|
Tokyu Fudosan Holdings Corp.
|
|
5,089,300
|
24,150,863
|
|
Vonovia SE
|
|
495,184
|
11,692,941
|
|
Wharf Real Estate Investment Co., Ltd.
|
|
3,206,000
|
18,621,629
|
|
|
|
|
286,502,356
|
|
Utilities 16.7%
|
|
||
|
Electric Utilities 3.9%
|
|
||
|
Exelon Corp.
|
|
1,331,606
|
57,565,328
|
|
Orsted AS 144A
|
|
353,482
|
32,204,820
|
|
SSE PLC
|
|
1,092,500
|
22,697,304
|
|
Terna - Rete Elettrica Nazionale
|
|
9,220,449
|
68,109,706
|
|
Xcel Energy, Inc.
|
|
557,300
|
39,072,303
|
|
|
|
|
219,649,461
|
|
Gas Utilities 3.4%
|
|
||
|
APA Group (Units)
|
|
3,607,017
|
26,343,796
|
|
Atmos Energy Corp.
|
|
607,690
|
68,103,818
|
|
China Resources Gas Group Ltd.
|
|
8,671,200
|
32,312,097
|
|
ENN Energy Holdings Ltd.
|
|
336,900
|
4,690,892
|
|
Hong Kong & China Gas Co., Ltd.
|
|
17,762,850
|
16,877,408
|
|
Toho Gas Co., Ltd.
|
|
609,700
|
11,613,821
|
|
Tokyo Gas Co., Ltd.
|
|
1,651,500
|
32,478,093
|
|
|
|
|
192,419,925
|
|
Independent Power & Renewable Electricity Producers 0.7%
|
|
||
|
RWE AG
|
|
887,100
|
39,655,019
|
|
Multi-Utilities 7.7%
|
|
||
|
Ameren Corp.
|
|
877,363
|
78,015,118
|
|
CenterPoint Energy, Inc.
|
|
2,761,514
|
82,817,805
|
|
Consolidated Edison, Inc.
|
|
42,610
|
4,061,159
|
|
National Grid PLC
|
|
8,285,538
|
99,730,837
|
|
NiSource, Inc.
|
|
1,392,110
|
38,171,656
|
|
Sempra Energy
|
|
832,910
|
128,717,911
|
|
|
|
|
431,514,486
|
|
Water Utilities 1.0%
|
|
||
|
American Water Works Co., Inc.
|
|
382,579
|
58,312,691
|
|
Total Common Stocks (Cost $4,251,973,692)
|
|
|
4,163,088,541
|
|
|
|
Principal
Amount ($)
|
Value ($)
|
|
|
|||
|
Government & Agency Obligations 23.6%
|
|
||
|
U.S. Treasury Obligations
|
|
||
|
U.S. Treasury Inflation-Indexed Bonds:
|
|
|
|
|
0.875% , 2/15/2047
|
|
51,572,567
|
42,239,327
|
|
1.375% , 2/15/2044
|
|
70,602,217
|
65,515,532
|
|
U.S. Treasury Inflation-Indexed Notes:
|
|
|
|
|
0.125% , 7/15/2031
|
|
66,265,414
|
58,549,653
|
|
0.25% , 1/15/2025
|
|
89,800,615
|
86,138,352
|
|
0.25% , 7/15/2029
|
|
67,193,878
|
61,512,511
|
|
0.375% , 7/15/2025
|
|
26,478,687
|
25,429,562
|
|
0.375% , 1/15/2027
|
|
95,924,635
|
90,454,045
|
|
0.375% , 7/15/2027
|
|
73,438,634
|
69,210,487
|
|
0.5% , 4/15/2024
|
|
49,443,510
|
48,080,513
|
|
0.625% , 1/15/2026
|
|
91,291,228
|
87,628,728
|
|
0.875% , 1/15/2029
|
|
55,818,256
|
53,175,487
|
|
U.S. Treasury Notes:
|
|
|
|
|
0.125% , 1/31/2023
|
|
50,000,000
|
49,849,317
|
|
0.125% , 2/28/2023
|
|
35,000,000
|
34,766,525
|
|
0.125% , 5/31/2023
|
|
60,000,000
|
58,928,906
|
|
0.125% , 6/30/2023
|
|
70,000,000
|
68,446,875
|
|
0.125% , 7/31/2023
|
|
55,000,000
|
53,551,953
|
|
0.125% , 8/31/2023
|
|
35,000,000
|
33,943,164
|
|
1.375% , 9/30/2023
|
|
32,500,000
|
31,707,813
|
|
1.5% , 3/31/2023
|
|
20,000,000
|
19,859,455
|
|
1.625% , 4/30/2023
|
|
70,000,000
|
69,349,218
|
|
2.375% , 2/29/2024
|
|
31,000,000
|
30,192,305
|
|
2.5% , 8/15/2023
|
|
30,000,000
|
29,585,156
|
|
2.5% , 1/31/2024
|
|
30,000,000
|
29,291,016
|
|
2.875% , 10/31/2023
|
|
75,000,000
|
73,877,929
|
|
2.875% , 11/30/2023
|
|
60,000,000
|
59,020,313
|
|
Total Government & Agency Obligations (Cost $1,406,860,777)
|
1,330,304,142
|
||
|
|
|
Shares
|
Value ($)
|
|
|
|||
|
Cash Equivalents 1.0%
|
|
||
|
DWS Central Cash Management Government Fund,
4.2% (b) (Cost $58,358,083)
|
|
58,358,083
|
58,358,083
|
|
|
|||
|
|
|
% of
Net Assets
|
Value ($)
|
|
Total Consolidated Investment Portfolio (Cost $5,717,192,552)
|
|
98.5
|
5,551,750,766
|
|
Other Assets and Liabilities, Net
|
|
1.5
|
82,453,697
|
|
Net Assets
|
|
100.0
|
5,634,204,463
|
|
Value ($) at
3/31/2022
|
Purchases
Cost ($)
|
Sales
Proceeds ($)
|
Net Realized
Gain/
(Loss) ($)
|
Net Change in
Unrealized
Appreciation
(Depreciation) ($)
|
Income ($)
|
Capital Gain
Distributions ($)
|
Number
of Shares
at
12/31/2022
|
Value ($) at
12/31/2022
|
|
Securities Lending Collateral 0.0%
|
||||||||
|
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (b) (c)
|
||||||||
|
69,740,451
|
—
|
69,740,451 (d)
|
—
|
—
|
165,203
|
—
|
—
|
—
|
|
Cash Equivalents 1.0%
|
||||||||
|
DWS Central Cash Management Government Fund, 4.2% (b)
|
||||||||
|
165,421,662
|
2,676,265,477
|
2,783,329,056
|
—
|
—
|
1,289,052
|
—
|
58,358,083
|
58,358,083
|
|
235,162,113
|
2,676,265,477
|
2,853,069,507
|
—
|
—
|
1,454,255
|
—
|
58,358,083
|
58,358,083
|
|
*
|
Non-income producing security.
|
|
(a)
|
Investment was valued using significant unobservable inputs.
|
|
(b)
|
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at
period end.
|
|
(c)
|
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
|
|
(d)
|
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the
period
ended December 31, 2022.
|
|
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers.
|
|
ADR: American Depositary Receipt
|
|
HRW: Hard Red Winter
|
|
LME: London Metal Exchange
|
|
PJSC: Public Joint Stock Company
|
|
RBOB: Reformulated Blendstock for Oxygenate Blending
|
|
ULSD: Ultra-Low Sulfur Diesel
|
|
WTI: West Texas Intermediate
|
|
Futures
|
Currency
|
Expiration
Date
|
Contracts
|
Notional
Amount ($)
|
Notional
Value ($)
|
Unrealized
Appreciation/
(Depreciation) ($)
|
|
Brent Crude Oil
Futures
|
USD
|
1/31/2023
|
719
|
64,430,203
|
61,769,290
|
(2,660,913)
|
|
Copper Futures
|
USD
|
3/29/2023
|
474
|
43,727,074
|
45,154,425
|
1,427,351
|
|
Corn Futures
|
USD
|
3/14/2023
|
1,344
|
44,467,650
|
45,595,200
|
1,127,550
|
|
Cotton No. 2
Futures
|
USD
|
7/7/2023
|
231
|
10,351,572
|
9,630,390
|
(721,182)
|
|
Gasoline RBOB
Futures
|
USD
|
2/28/2023
|
87
|
8,563,831
|
9,055,708
|
491,877
|
|
Gold 100 oz.
Futures
|
USD
|
2/24/2023
|
705
|
125,150,554
|
128,747,100
|
3,596,546
|
|
Kansas City HRW
Wheat Futures
|
USD
|
3/14/2023
|
166
|
7,403,712
|
7,370,400
|
(33,312)
|
|
Lean Hogs
Futures
|
USD
|
2/14/2023
|
272
|
9,264,504
|
9,541,760
|
277,256
|
|
Lean Hogs
Futures
|
USD
|
6/14/2023
|
260
|
10,651,057
|
11,354,200
|
703,143
|
|
Live Cattle
Futures
|
USD
|
2/28/2023
|
247
|
15,458,884
|
15,600,520
|
141,636
|
|
Live Cattle
Futures
|
USD
|
6/30/2023
|
242
|
15,036,753
|
15,277,460
|
240,707
|
|
LME Nickel
Futures
|
USD
|
1/16/2023
|
82
|
11,028,423
|
14,711,292
|
3,682,869
|
|
LME Nickel
Futures
|
USD
|
3/13/2023
|
145
|
24,546,561
|
26,139,150
|
1,592,589
|
|
LME Primary
Aluminium
Futures
|
USD
|
1/16/2023
|
744
|
41,504,375
|
43,700,886
|
2,196,511
|
|
LME Primary
Aluminium
Futures
|
USD
|
3/13/2023
|
290
|
18,059,398
|
17,197,073
|
(862,325)
|
|
LME Zinc Futures
|
USD
|
1/16/2023
|
385
|
28,452,362
|
28,781,156
|
328,794
|
|
LME Zinc Futures
|
USD
|
3/13/2023
|
365
|
29,910,953
|
27,160,563
|
(2,750,390)
|
|
Low Sulfur Gas
Oil Futures
|
USD
|
3/10/2023
|
256
|
21,949,486
|
22,592,000
|
642,514
|
|
Natural Gas
Futures
|
USD
|
2/24/2023
|
1,370
|
84,388,860
|
56,224,800
|
(28,164,060)
|
|
NY Harbor ULSD
Futures
|
USD
|
2/28/2023
|
152
|
19,083,808
|
20,296,013
|
1,212,205
|
|
Platinum Futures
|
USD
|
4/26/2023
|
111
|
5,804,660
|
6,010,095
|
205,435
|
|
Silver Futures
|
USD
|
3/29/2023
|
197
|
21,424,828
|
23,679,400
|
2,254,572
|
|
Soybean Futures
|
USD
|
3/14/2023
|
396
|
28,923,596
|
30,175,200
|
1,251,604
|
|
Soybean Meal
Futures
|
USD
|
3/14/2023
|
247
|
10,373,129
|
11,633,700
|
1,260,571
|
|
Soybean Oil
Futures
|
USD
|
7/14/2023
|
296
|
11,304,794
|
11,288,256
|
(16,538)
|
|
Soybean Oil
Futures
|
USD
|
12/14/2023
|
308
|
11,323,765
|
11,409,552
|
85,787
|
|
Sugar No. 11
Futures
|
USD
|
2/28/2023
|
858
|
18,342,279
|
19,257,638
|
915,359
|
|
Wheat Futures
|
USD
|
3/14/2023
|
870
|
38,084,009
|
34,452,000
|
(3,632,009)
|
|
WTI Crude
Futures
|
USD
|
2/21/2023
|
602
|
46,422,476
|
48,430,900
|
2,008,424
|
|
Total
|
|
812,236,127
|
(13,197,429)
|
|||
|
Futures
|
Currency
|
Expiration
Date
|
Contracts
|
Notional
Amount ($)
|
Notional
Value ($)
|
Unrealized
Appreciation/
(Depreciation) ($)
|
|
LME Nickel
Futures
|
USD
|
1/16/2023
|
82
|
13,903,390
|
14,711,292
|
(807,902)
|
|
LME Primary
Aluminium
Futures
|
USD
|
1/16/2023
|
744
|
45,555,879
|
43,700,886
|
1,854,993
|
|
LME Primary
Aluminium
Futures
|
USD
|
3/13/2023
|
6
|
357,199
|
355,802
|
1,397
|
|
LME Zinc Futures
|
USD
|
1/16/2023
|
385
|
31,469,874
|
28,781,156
|
2,688,718
|
|
Total
|
87,549,136
|
3,737,206
|
||||
|
USD
|
United States Dollar
|
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Common Stocks (a)
|
|
|
|
|
|
Communication Services
|
$—
|
$101,167,951
|
$—
|
$101,167,951
|
|
Consumer Staples
|
37,062,937
|
—
|
—
|
37,062,937
|
|
Energy
|
539,624,141
|
61,834,534
|
0
|
601,458,675
|
|
Industrials
|
191,503,951
|
172,733,792
|
—
|
364,237,743
|
|
Materials
|
227,501,468
|
147,831,009
|
—
|
375,332,477
|
|
Real Estate
|
1,121,945,055
|
620,332,121
|
—
|
1,742,277,176
|
|
Utilities
|
554,837,789
|
386,713,793
|
—
|
941,551,582
|
|
Government & Agency Obligations
|
—
|
1,330,304,142
|
—
|
1,330,304,142
|
|
Short-Term Investments
|
58,358,083
|
—
|
—
|
58,358,083
|
|
Derivatives (b)
|
|
|
|
|
|
Futures Contracts
|
30,188,408
|
—
|
—
|
30,188,408
|
|
Total
|
$2,761,021,832
|
$2,820,917,342
|
$0
|
$5,581,939,174
|
|
Liabilities
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Derivatives (b)
|
|
|
|
|
|
Futures Contracts
|
$(39,648,631)
|
$—
|
$—
|
$(39,648,631)
|
|
Total
|
$(39,648,631)
|
$—
|
$—
|
$(39,648,631)
|
|
(a)
|
See Consolidated Investment Portfolio for additional detailed categorizations.
|
|
(b)
|
Derivatives include unrealized appreciation (depreciation) on open futures contracts.
|
|
Primary Underlying Risk Disclosure
|
Futures
Contracts
|
|
Commodity Contracts
|
$ (9,460,223)
|