Investment Portfolioas of June 30, 2025 (Unaudited)
DWS Short Duration Fund  
 
 
Principal
Amount ($)
Value ($)
 
Corporate Bonds 50.6%
Communication Services 0.8%
Charter Communications Operating LLC, 4.908%, 7/23/2025
4,000,000
3,999,707
CommScope Technologies LLC, 144A, 5.0%, 3/15/2027
610,000
594,112
DirecTV Financing LLC, 144A, 5.875%, 8/15/2027
1,170,000
1,166,181
Match Group Holdings II LLC, 144A, 4.625%, 6/1/2028
1,150,000
1,122,199
Sprint LLC, 7.625%, 3/1/2026
1,410,000
1,423,526
Univision Communications, Inc., 144A, 8.0%, 8/15/2028
550,000
558,129
 
8,863,854
Consumer Discretionary 4.6%
Camelot Return Merger Sub, Inc., 144A, 8.75%, 8/1/2028
550,000
507,216
Carnival Corp., 144A, 4.0%, 8/1/2028
555,000
543,206
Carvana Co., 144A, 9.0%, 6/1/2031, PIK
480,000
568,604
Ford Motor Credit Co. LLC:
5.303%, 9/6/2029
2,000,000
1,963,975
5.8%, 3/5/2027
1,450,000
1,461,440
5.85%, 5/17/2027
3,500,000
3,526,636
6.798%, 11/7/2028
1,270,000
1,315,775
6.95%, 3/6/2026
750,000
757,233
General Motors Financial Co., Inc.:
4.9%, 10/6/2029
2,174,000
2,170,266
5.05%, 4/4/2028
4,000,000
4,030,325
5.35%, 1/7/2030
3,000,000
3,036,539
Hyundai Capital America:
144A, 4.875%, 11/1/2027
5,000,000
5,022,589
144A, 5.0%, 1/7/2028
5,000,000
5,038,130
144A, 5.275%, 6/24/2027
4,000,000
4,050,370
International Game Technology PLC, 144A, 4.125%, 4/15/2026
525,000
524,673
Las Vegas Sands Corp.:
5.625%, 6/15/2028
1,290,000
1,315,846
5.9%, 6/1/2027
1,500,000
1,532,499
Lennar Corp., 5.2%, 7/30/2030
1,563,000
1,592,394
Mattel, Inc., 144A, 3.375%, 4/1/2026
495,000
487,832
Nissan Motor Acceptance Co. LLC, 144A, 6.95%, 9/15/2026
730,000
737,171
QXO Building Products, Inc., 144A, 6.75%, 4/30/2032
201,000
207,071
Rakuten Group, Inc., 144A, 9.75%, 4/15/2029
1,000,000
1,095,379
Staples, Inc., 144A, 10.75%, 9/1/2029
565,000
534,730
Stellantis Finance U.S., Inc.:
144A, 1.711%, 1/29/2027
1,140,000
1,087,329
144A, 5.35%, 3/17/2028
1,013,000
1,021,434
Travel & Leisure Co., 144A, 6.625%, 7/31/2026
1,000,000
1,010,991
Volkswagen Group of America Finance LLC, 144A, 4.85%, 8/15/2027
4,000,000
4,002,334
Whirlpool Corp., 6.125%, 6/15/2030
567,000
571,983
Wynn Macau Ltd., 144A, 5.5%, 1/15/2026
1,625,000
1,623,157
 
51,337,127
Consumer Staples 0.7%
Bacardi Ltd., 144A, 5.25%, 1/15/2029
1,690,000
1,713,864
Coty, Inc.:
144A, 4.75%, 1/15/2029
2,000,000
1,954,108
144A, 5.0%, 4/15/2026
220,000
219,708
Imperial Brands Finance PLC, 144A, 4.5%, 6/30/2028 (a)
1,983,000
1,982,763
JBS USA Holding Lux SARL, 2.5%, 1/15/2027
960,000
933,809
Simmons Foods, Inc., 144A, 4.625%, 3/1/2029
1,200,000
1,133,008
 
7,937,260
Energy 5.6%
APA Corp., 144A, 4.375%, 10/15/2028
2,000,000
1,923,654
Ascent Resources Utica Holdings LLC, 144A, 6.625%, 7/15/2033
882,000
894,787
Civitas Resources, Inc., 144A, 8.375%, 7/1/2028
980,000
1,003,433
Columbia Pipelines Holding Co. LLC, 144A, 6.055%, 8/15/2026
4,770,000
4,828,146
DT Midstream, Inc., 144A, 4.125%, 6/15/2029
1,500,000
1,448,738
Ecopetrol SA, 8.625%, 1/19/2029
3,000,000
3,171,009
EQT Corp., 144A, 6.375%, 4/1/2029
3,500,000
3,610,231
Expand Energy Corp., 144A, 5.875%, 2/1/2029
4,500,000
4,518,094
Genesis Energy LP, 8.25%, 1/15/2029
530,000
554,216
Harvest Midstream I LP, 144A, 7.5%, 9/1/2028
850,000
864,481
Helmerich & Payne, Inc.:
144A, 4.65%, 12/1/2027
3,000,000
2,972,299
144A, 4.85%, 12/1/2029
4,000,000
3,814,164
HF Sinclair Corp.:
5.75%, 1/15/2031
1,486,000
1,521,775
6.375%, 4/15/2027
2,951,000
2,969,428
Kinetik Holdings LP, 144A, 6.625%, 12/15/2028
663,000
678,110
Occidental Petroleum Corp., 5.2%, 8/1/2029
2,000,000
2,006,432
ONEOK, Inc., 144A, 5.625%, 1/15/2028
4,000,000
4,089,159
Saudi Arabian Oil Co., 144A, 4.75%, 6/2/2030
5,913,000
5,941,896
South Bow USA Infrastructure Holdings LLC, 144A, 4.911%, 9/1/2027
1,922,000
1,934,333
Summit Midstream Holdings LLC, 144A, 8.625%, 10/31/2029
1,065,000
1,089,533
Targa Resources Corp., 4.9%, 9/15/2030
934,000
941,885
Transocean Aquila Ltd., 144A, 8.0%, 9/30/2028
407,693
410,788
Transocean Titan Financing Ltd., 144A, 8.375%, 2/1/2028
493,095
500,868
Venture Global Calcasieu Pass LLC, 144A, 3.875%, 8/15/2029
1,185,000
1,117,134
Venture Global LNG, Inc., 144A, 7.0%, 1/15/2030
1,500,000
1,516,369
Western Midstream Operating LP, 6.35%, 1/15/2029
3,000,000
3,140,654
Whistler Pipeline LLC, 144A, 5.7%, 9/30/2031
5,000,000
5,097,182
 
62,558,798
Financials 27.5%
ABN AMRO Bank NV, 144A, 4.988%, 12/3/2028
2,700,000
2,736,360
AerCap Ireland Capital DAC:
1.75%, 1/30/2026
2,000,000
1,965,033
2.45%, 10/29/2026
2,110,000
2,055,723
3.3%, 1/30/2032
1,200,000
1,087,188
6.95%, 3/10/2055
5,000,000
5,195,947
AIB Group PLC:
144A, 5.32%, 5/15/2031
6,000,000
6,105,248
144A, 6.608%, 9/13/2029
800,000
846,362
Air Lease Corp., Series C, 4.125%, Perpetual
1,000,000
969,558
Aircastle Ltd.:
144A, 2.85%, 1/26/2028
5,000,000
4,760,413
144A, 5.25%, 3/15/2030
957,000
964,885
144A, 6.5%, 7/18/2028
1,350,000
1,409,424
Ally Financial, Inc.:
5.737%, 5/15/2029
552,000
561,827
6.992%, 6/13/2029
8,000,000
8,421,534
Antares Holdings LP, 144A, 6.35%, 10/23/2029
2,853,000
2,882,307
Ares Capital Corp.:
5.5%, 9/1/2030
3,000,000
2,990,686
5.95%, 7/15/2029
1,150,000
1,176,650
7.0%, 1/15/2027
3,050,000
3,146,953
Athene Global Funding, 144A, 4.95%, 1/7/2027
2,862,000
2,881,085
Avolon Holdings Funding Ltd.:
144A, 4.95%, 1/15/2028
3,000,000
3,015,672
144A, 5.375%, 5/30/2030
1,257,000
1,280,457
144A, 5.75%, 3/1/2029
4,000,000
4,109,090
144A, 6.375%, 5/4/2028
1,330,000
1,386,860
Bain Capital Specialty Finance, Inc., 5.95%, 3/15/2030
4,000,000
3,954,110
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand,
144A, 5.621%, 12/10/2029
921,000
938,039
Banco Santander SA, 5.588%, 8/8/2028
2,000,000
2,066,070
Bank of America Corp.:
5.933%, 9/15/2027
3,000,000
3,052,371
6.22%, 9/15/2026 (b)
3,000,000
3,064,617
Barclays PLC:
4.375%, Perpetual
3,000,000
2,792,520
4.837%, 9/10/2028
674,000
679,202
5.086%, 2/25/2029
2,029,000
2,054,215
6.49%, 9/13/2029
2,408,000
2,545,891
BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico,
144A, 1.875%, 9/18/2025
2,139,000
2,123,908
BGC Group, Inc.:
144A, 6.15%, 4/2/2030
3,843,000
3,896,434
6.6%, 6/10/2029
3,500,000
3,627,450
Blackstone Private Credit Fund:
4.95%, 9/26/2027
1,470,000
1,462,718
5.6%, 11/22/2029
3,000,000
3,020,725
5.95%, 7/16/2029
2,224,000
2,266,083
7.3%, 11/27/2028
1,500,000
1,599,742
Blackstone Secured Lending Fund:
5.3%, 6/30/2030
2,956,000
2,928,939
5.35%, 4/13/2028
3,000,000
3,021,303
5.875%, 11/15/2027
1,640,000
1,673,988
Blue Owl Credit Income Corp., 6.6%, 9/15/2029
6,820,000
7,017,423
BNP Paribas SA, 144A, 4.792%, 5/9/2029
2,674,000
2,687,654
BPCE SA:
144A, 4.875%, 4/1/2026
500,000
500,065
144A, 5.389%, 5/28/2031
5,000,000
5,091,214
Brown & Brown, Inc., 4.7%, 6/23/2028
3,000,000
3,025,308
Capital One Financial Corp.:
4.1%, 2/9/2027
1,291,000
1,284,955
4.985%, 7/24/2026
1,940,000
1,939,913
7.149%, 10/29/2027
980,000
1,012,566
Capital One NA, 5.974%, 8/9/2028
5,100,000
5,225,255
Citadel Finance LLC, 144A, 5.9%, 2/10/2030
1,817,000
1,834,252
Citadel LP, 144A, 6.0%, 1/23/2030
511,000
528,323
Citadel Securities Global Holdings LLC, 144A, 5.5%, 6/18/2030
2,000,000
2,023,762
Citigroup, Inc.:
4.643%, 5/7/2028
4,000,000
4,010,603
5.5%, 9/13/2025
750,000
750,903
Danske Bank A/S, 144A, 4.375%, 6/12/2028
4,000,000
3,989,334
Essent Group Ltd., 6.25%, 7/1/2029
6,000,000
6,214,085
Fortitude Group Holdings LLC, 144A, 6.25%, 4/1/2030
3,093,000
3,182,108
FS KKR Capital Corp., 7.875%, 1/15/2029
4,000,000
4,220,651
Goldman Sachs Private Credit Corp., 144A, 5.875%, 5/6/2028
3,000,000
3,032,208
Hercules Capital, Inc., 6.0%, 6/16/2030
4,138,000
4,129,518
HPS Corporate Lending Fund:
144A, 5.3%, 6/5/2027
3,000,000
3,004,831
5.45%, 1/14/2028
3,571,000
3,581,065
HSBC Holdings PLC:
4.7%, Perpetual (b)
3,000,000
2,719,348
4.899%, 3/3/2029
3,000,000
3,025,410
6.0%, Perpetual
500,000
499,494
7.336%, 11/3/2026 (b)
3,000,000
3,028,015
ING GROEP NV:
4.858%, 3/25/2029
4,000,000
4,040,697
6.083%, 9/11/2027
2,910,000
2,963,455
Intesa Sanpaolo SpA:
144A, 3.875%, 1/12/2028
3,425,000
3,357,917
144A, 7.0%, 11/21/2025
1,340,000
1,350,565
Jackson National Life Global Funding, 144A, 5.55%, 7/2/2027
1,425,000
1,454,114
Jefferies Financial Group, Inc., 5.875%, 7/21/2028
3,070,000
3,183,882
KeyBank NA, 3.4%, 5/20/2026
4,000,000
3,955,230
Lloyds Banking Group PLC:
4.65%, 3/24/2026
4,530,000
4,525,882
4.818%, 6/13/2029
5,637,000
5,687,800
5.985%, 8/7/2027
1,140,000
1,157,281
LPL Holdings, Inc., 6.75%, 11/17/2028
3,640,000
3,882,067
Macquarie Airfinance Holdings Ltd.:
144A, 5.15%, 3/17/2030
2,000,000
1,998,656
144A, 6.4%, 3/26/2029
4,000,000
4,175,816
Macquarie Group Ltd.:
144A, 5.108%, 8/9/2026
3,000,000
3,001,063
144A, 1 day USD SOFR + 0.92%, 5.336% (c), 9/23/2027
6,000,000
6,009,656
MGIC Investment Corp., 5.25%, 8/15/2028
7,000,000
7,000,080
Morgan Stanley, 4.994%, 4/12/2029
3,000,000
3,043,642
NatWest Group PLC:
5.583%, 3/1/2028
1,280,000
1,303,006
5.847%, 3/2/2027
1,200,000
1,210,584
Nomura Holdings, Inc., 1 day USD SOFR + 1.25%, 5.591% (c), 7/2/2027
4,500,000
4,530,874
Rocket Companies, Inc., 144A, 6.125%, 8/1/2030
1,495,000
1,523,450
Rocket Mortgage LLC:
144A, 2.875%, 10/15/2026
1,125,000
1,097,178
144A, 3.625%, 3/1/2029
1,180,000
1,121,306
Santander Holdings USA, Inc.:
5.473%, 3/20/2029
1,905,000
1,936,962
5.741%, 3/20/2031
4,000,000
4,106,199
6.124%, 5/31/2027
611,000
617,871
6.565%, 6/12/2029
2,659,000
2,787,559
Santander U.K. Group Holdings PLC, 1.673%, 6/14/2027
3,620,000
3,516,299
SLM Corp., 3.125%, 11/2/2026
1,205,000
1,181,052
Societe Generale SA:
144A, 5.249%, 5/22/2029
2,129,000
2,154,995
144A, 5.5%, 4/13/2029
3,000,000
3,053,634
144A, 5.519%, 1/19/2028
3,000,000
3,037,142
Standard Chartered PLC:
144A, 4.75%, Perpetual
635,000
572,120
144A, 5.688%, 5/14/2028
1,680,000
1,713,677
144A, 6.17%, 1/9/2027 (b)
2,120,000
2,137,199
Starwood Property Trust, Inc., 144A, (REIT), 3.625%, 7/15/2026
1,175,000
1,155,033
State Street Corp., Series I, 6.7%, Perpetual
1,330,000
1,388,908
Synchrony Bank, 5.4%, 8/22/2025
1,000,000
999,797
Synchrony Financial:
5.15%, 3/19/2029
3,000,000
3,012,111
5.45%, 3/6/2031
1,372,000
1,383,962
The Goldman Sachs Group, Inc., 4.937%, 4/23/2028
6,000,000
6,046,763
Truist Financial Corp., 4.873%, 1/26/2029
1,720,000
1,739,870
UniCredit SpA, 144A, 1.982%, 6/3/2027
4,000,000
3,901,279
Wells Fargo & Co., 4.97%, 4/23/2029
4,687,000
4,752,585
 
307,045,068
Health Care 2.1%
Bayer U.S. Finance II LLC, 144A, 4.375%, 12/15/2028
1,500,000
1,486,032
Bayer U.S. Finance LLC, 144A, 6.25%, 1/21/2029 (b)
3,000,000
3,150,214
Charles River Laboratories International, Inc., 144A, 3.75%, 3/15/2029
620,000
582,016
Community Health Systems, Inc., 144A, 6.0%, 1/15/2029
1,170,000
1,125,386
CVS Health Corp., 7.0%, 3/10/2055
2,000,000
2,062,821
CVS Pass-Through Trust, 6.036%, 12/10/2028
501,108
508,178
GE HealthCare Technologies, Inc., 4.8%, 1/15/2031
3,883,000
3,915,091
HCA, Inc., 5.625%, 9/1/2028
2,500,000
2,573,893
Icon Investments Six DAC, 5.809%, 5/8/2027
5,830,000
5,951,859
LifePoint Health, Inc., 144A, 5.375%, 1/15/2029
575,000
535,929
Mylan, Inc., 4.55%, 4/15/2028
2,000,000
1,983,361
 
23,874,780
Industrials 2.5%
AGCO Corp., 5.45%, 3/21/2027
1,270,000
1,285,665
Boeing Co.:
2.196%, 2/4/2026
4,500,000
4,429,765
5.04%, 5/1/2027
3,000,000
3,022,349
Delta Air Lines, Inc.:
144A, 4.5%, 10/20/2025 (b)
86,666
86,457
4.95%, 7/10/2028
3,000,000
3,017,136
Enviri Corp., 144A, 5.75%, 7/31/2027
1,160,000
1,144,876
EquipmentShare.com, Inc., 144A, 9.0%, 5/15/2028
1,590,000
1,679,724
Moog, Inc., 144A, 4.25%, 12/15/2027
1,080,000
1,054,418
Penske Truck Leasing Co. LP:
144A, 1.7%, 6/15/2026
3,000,000
2,918,212
144A, 4.0%, 7/15/2025
2,550,000
2,549,413
144A, 4.4%, 7/1/2027
2,440,000
2,436,468
Rentokil Terminix Funding LLC, 144A, 5.0%, 4/28/2030
4,889,000
4,922,993
 
28,547,476
Information Technology 2.2%
Clarivate Science Holdings Corp., 144A, 3.875%, 7/1/2028
1,580,000
1,514,469
Cloud Software Group, Inc.:
144A, 6.5%, 3/31/2029
575,000
580,355
144A, 9.0%, 9/30/2029
500,000
518,263
Concentrix Corp.:
6.6%, 8/2/2028 (b)
4,000,000
4,196,703
6.65%, 8/2/2026
2,230,000
2,270,247
DXC Technology Co., 1.8%, 9/15/2026
5,305,000
5,126,620
Genpact Luxembourg SARL, 6.0%, 6/4/2029
3,704,000
3,833,762
Global Payments, Inc., 4.95%, 8/15/2027
910,000
920,674
Kyndryl Holdings, Inc., 2.05%, 10/15/2026
3,500,000
3,391,889
Microchip Technology, Inc., 4.25%, 9/1/2025
170,000
169,803
Neptune Bidco U.S., Inc., 144A, 9.29%, 4/15/2029
625,000
608,553
Open Text Corp., 144A, 6.9%, 12/1/2027
1,170,000
1,211,309
 
24,342,647
Materials 2.5%
Avient Corp., 144A, 6.25%, 11/1/2031
216,000
218,019
Berry Global, Inc., 1.65%, 1/15/2027
3,400,000
3,261,209
Celanese U.S. Holdings LLC, 6.85%, 11/15/2028
3,430,000
3,604,162
Chemours Co., 5.375%, 5/15/2027
1,190,000
1,179,357
Compass Minerals International, Inc., 144A, 8.0%, 7/1/2030
634,000
655,011
Element Solutions, Inc., 144A, 3.875%, 9/1/2028
1,190,000
1,154,056
Huntsman International LLC, 4.5%, 5/1/2029
7,000,000
6,638,376
IAMGOLD Corp., 144A, 5.75%, 10/15/2028
580,000
575,185
Mineral Resources Ltd., 144A, 8.0%, 11/1/2027
575,000
577,679
Novelis Corp., 144A, 3.25%, 11/15/2026
1,180,000
1,161,091
Olin Corp., 5.625%, 8/1/2029 (b)
3,000,000
2,977,167
Olympus Water U.S. Holding Corp., 144A, 9.75%, 11/15/2028
1,000,000
1,053,030
Silgan Holdings, Inc., 144A, 1.4%, 4/1/2026 (b)
2,727,000
2,653,459
Taseko Mines Ltd., 144A, 8.25%, 5/1/2030
1,110,000
1,162,035
Tronox, Inc., 144A, 4.625%, 3/15/2029
720,000
621,294
 
27,491,130
Real Estate 0.8%
Equinix, Inc., (REIT), 1.25%, 7/15/2025
517,000
516,332
Iron Mountain, Inc., 144A, (REIT), 4.875%, 9/15/2027
1,050,000
1,044,025
Omega Healthcare Investors, Inc., (REIT), 5.25%, 1/15/2026
5,500,000
5,502,715
VICI Properties LP, (REIT), 4.75%, 4/1/2028
2,000,000
2,016,359
 
9,079,431
Utilities 1.3%
Algonquin Power & Utilities Corp., 5.365%, 6/15/2026
2,800,000
2,814,909
Calpine Corp., 144A, 5.125%, 3/15/2028
3,000,000
2,996,639
Edison International:
5.75%, 6/15/2027
2,000,000
2,013,584
6.25%, 3/15/2030
2,000,000
2,031,319
Eversource Energy, 4.6%, 7/1/2027
1,500,000
1,507,079
Vistra Operations Co. LLC:
REG S, 4.375%, 5/1/2029
1,145,000
1,115,927
144A, 5.05%, 12/30/2026
1,632,000
1,639,979
XPLR Infrastructure Operating Partners LP, 144A, 3.875%, 10/15/2026
590,000
576,425
 
14,695,861
Total Corporate Bonds (Cost $558,991,827)
565,773,432
 
Mortgage-Backed Securities Pass-Throughs 6.8%
Federal Home Loan Mortgage Corp.:
5.5%, 7/1/2055 (a)
25,000,000
24,998,975
6.0%, 7/1/2055 (a)
25,000,000
25,408,250
Federal National Mortgage Association, 3.0%, with various maturities from 5/1/2027
until 6/1/2027
25,222
24,893
Government National Mortgage Association:
5.5%, 7/1/2055 (a)
25,000,000
25,029,250
6.0%, 1/15/2039
12,742
13,493
7.0%, 6/20/2038
1,360
1,486
Total Mortgage-Backed Securities Pass-Throughs (Cost $74,863,293)
75,476,347
 
Asset-Backed 20.6%
Automobile Receivables 6.4%
Ally Bank Auto Credit-Linked Notes:
“C”, Series 2024-B, 144A, 5.215%, 9/15/2032
372,028
373,075
“D”, Series 2024-B, 144A, 5.41%, 9/15/2032
372,028
371,637
“C”, Series 2024-A, 144A, 6.022%, 5/17/2032
923,580
935,265
Avis Budget Rental Car Funding AESOP LLC:
“B”, Series 2020-2A, 144A, 2.96%, 2/20/2027
1,000,000
990,882
“D”, Series 2021-1A, 144A, 3.71%, 8/20/2027
5,000,000
4,885,038
“C”, Series 2023-1A, 144A, 6.23%, 4/20/2029
310,000
316,471
“C”, Series 2024-1A, 144A, 6.48%, 6/20/2030
500,000
514,736
Bayview Opportunity Master Fund VII LLC, “B”, Series 2024-CAR1, 144A, 30 day
USD SOFR Average + 1.3%, 5.605% (c), 12/26/2031
135,161
135,629
CarMax Auto Owner Trust, “C”, Series 2023-2, 5.57%, 11/15/2028
1,000,000
1,015,713
Carvana Auto Receivables Trust:
“D”, Series 2021-N3, 1.58%, 6/12/2028
1,977,078
1,911,447
“D”, Series 2021-N4, 2.3%, 9/11/2028
1,286,294
1,249,657
“E”, Series 2021-N1, 144A, 2.88%, 1/10/2028
3,282,746
3,231,958
“A3”, Series 2022-P2, 4.13%, 4/12/2027
140,613
140,557
“F”, Series 2021-N1, 144A, 4.55%, 1/10/2028
819,496
813,832
“B”, Series 2022-P3, 5.04%, 10/10/2028
1,350,000
1,359,209
Chase Auto Owner Trust, “C”, Series 2022-AA, 144A, 4.64%, 7/25/2028
1,040,000
1,042,284
Chesapeake Funding II LLC, “C”, Series 2023-2A, 144A, 6.15%, 10/15/2035
2,430,000
2,503,892
Consumer Portfolio Services Auto Trust, “B”, Series 2025-B, 144A, 4.79%, 11/15/2029
1,130,000
1,131,950
CPS Auto Receivables Trust:
“C”, Series 2022-B, 144A, 4.33%, 8/15/2028
658,207
657,732
“C”, Series 2023-C, 144A, 6.27%, 10/15/2029
1,900,000
1,916,498
Exeter Automobile Receivables Trust:
“E”, Series 2021-1A, 144A, 2.21%, 2/15/2028
3,000,000
2,973,934
“E”, Series 2021-4A, 144A, 4.02%, 1/17/2028
4,000,000
3,947,297
“C”, Series 2025-3A, 5.09%, 10/15/2031
614,000
620,376
Flagship Credit Auto Trust, “E”, Series 2019-3, 144A, 3.84%, 12/15/2026
1,268,579
1,267,688
Ford Credit Auto Owner Trust:
“C”, Series 2021-1, 144A, 1.91%, 10/17/2033
100,000
97,612
“C”, Series 2021-2, 144A, 2.11%, 5/15/2034
3,253,000
3,136,875
“D”, Series 2021-2, 144A, 2.6%, 5/15/2034
905,000
875,081
Ford Credit Floorplan Master Owner Trust A, “C”, Series 2020-2, 1.87%, 9/15/2027
3,250,000
3,209,961
Foursight Capital Automobile Receivables Trust, “C”, Series 2023-2, 144A, 6.21%,
4/16/2029
2,000,000
2,044,751
Hertz Vehicle Financing III LLC, “D”, Series 2023-3A, 144A, 9.43%, 2/25/2028
1,550,000
1,586,287
Hertz Vehicle Financing LLC, “D”, Series 2022-4A, 144A, 6.56%, 9/25/2026
3,416,500
3,416,233
Huntington Bank Auto Credit-Linked Notes:
“B1”, Series 2025-1, 144A, 4.957%, 3/21/2033
1,569,296
1,575,504
“B1”, Series 2024-2, 144A, 5.442%, 10/20/2032
1,102,871
1,113,230
“B1”, Series 2024-1, 144A, 6.153%, 5/20/2032
693,225
705,008
JPMorgan Chase Bank NA, “G”, Series 2021-3, 144A, 9.812%, 2/26/2029
4,000,000
4,008,111
Onemain Direct Auto Receivables Trust, “A1”, Series 2022-1A, 144A, 4.65%, 3/14/2029
526,026
525,381
PenFed Auto Receivables Owner Trust:
“B”, Series 2022-A, 144A, 4.6%, 12/15/2028
650,000
649,325
“C”, Series 2022-A, 144A, 4.83%, 12/15/2028
600,000
599,954
Santander Bank Auto Credit-Linked Notes:
“C”, Series 2023-B, 144A, 5.933%, 12/15/2033
1,154,259
1,164,827
“C”, Series 2022-C, 144A, 6.986%, 12/15/2032
66,840
66,927
“D”, Series 2022-C, 144A, 8.197%, 12/15/2032
203,861
204,260
“D”, Series 2022-A, 144A, 9.965%, 5/15/2032
2,249,038
2,259,804
Santander Consumer Auto Receivables Trust:
“C”, Series 2021-CA, 144A, 2.97%, 6/15/2028
61,460
61,029
“C”, Series 2021-BA, 144A, 3.09%, 3/15/2029
482,240
476,996
“E”, Series 2021-AA, 144A, 3.28%, 3/15/2027
1,750,000
1,731,723
Santander Drive Auto Receivables Trust:
“C”, Series 2022-5, 4.74%, 10/16/2028
643,801
643,611
“C”, Series 2023-3, 5.77%, 11/15/2030
1,500,000
1,523,779
Securitized Term Auto Receivables Trust, “C”, Series 2025-A, 144A, 5.185%, 7/25/2031
804,286
809,544
U.S. Bank NA, “B”, Series 2023-1, 144A, 6.789%, 8/25/2032
713,921
722,363
United Auto Credit Securitization Trust, “B”, Series 2024-1, 144A, 6.57%, 6/10/2027
1,624,015
1,627,557
Westlake Automobile Receivables Trust, “C”, Series 2022-3A, 144A, 6.44%, 12/15/2027
2,494,932
2,508,192
 
71,650,682
Credit Card Receivables 1.7%
Brex Commercial Charge Card Master Trust, “A1”, Series 2024-1, 144A, 6.05%,
7/15/2027
1,000,000
1,007,656
CARDS II Trust, “B”, Series 2023-2A, 144A, 6.379%, 7/15/2028
2,190,000
2,232,466
Continental Finance Credit Card ABS Master Trust:
“A”, Series 2024-A, 144A, 5.78%, 12/15/2032
1,300,000
1,316,361
“A”, Series 2022-A, 144A, 6.19%, 10/15/2030
3,250,000
3,260,138
Evergreen Credit Card Trust, “C”, Series 2025-CRT5, 144A, 5.53%, 5/15/2029
1,965,000
1,982,936
Mercury Financial Credit Card Master Trust, “A”, Series 2024-2A, 144A, 6.56%,
7/20/2029
4,420,000
4,458,925
Mission Lane Credit Card Master Trust:
“B”, Series 2025-B, 144A, 5.21%, 9/15/2031 (a)
1,750,000
1,749,919
“C”, Series 2025-B, 144A, 5.41%, 9/15/2031 (a)
1,000,000
1,000,070
“A”, Series 2024-B, 144A, 5.88%, 1/15/2030
2,000,000
2,015,898
 
19,024,369
Home Equity Loans 1.0%
BRAVO Residential Funding Trust, “A1”, Series 2021-HE1, 144A, 30 day USD SOFR
Average + 0.75%, 5.055% (c), 1/25/2070
411,158
410,188
Countrywide Home Equity Loan Trust, “2A”, Series 2006-I, 1 mo. USD Term SOFR +
0.254%, 4.566% (c), 1/15/2037
407,076
387,879
Credit-Based Asset Servicing and Securitization LLC, “AF2”, Series 2006-CB2,
2.985%, 12/25/2036
1,568,767
1,263,966
NovaStar Mortgage Funding Trust, “M3”, Series 2004-3, 1 mo. USD Term SOFR +
1.164%, 5.484% (c), 12/25/2034
395,501
364,504
People's Choice Home Loan Securities Trust, “A3”, Series 2004-1, 1 mo. USD Term
SOFR + 1.154%, 5.474% (c), 6/25/2034
1,508,945
1,537,164
RCKT Mortgage Trust, “A1A”, Series 2025-CES2, 144A, 5.503%, 2/25/2055
3,061,109
3,075,707
Renaissance Home Equity Loan Trust:
“AF1”, Series 2006-4, 5.545%, 1/25/2037
57,029
18,069
“AF1”, Series 2007-2, 5.893%, 6/25/2037
340,249
86,948
Southern Pacific Secured Assets Corp., “A8”, Series 1998-2, 6.37%, 7/25/2029
11
11
Towd Point Mortgage Trust, “A1”, Series 2025-CRM1, 144A, 5.799%, 1/25/2065
3,723,584
3,750,324
 
10,894,760
Miscellaneous 11.5%
AB BSL CLO 5 Ltd., “B”, Series 2024-5A, 144A, 3 mo. USD Term SOFR + 1.7%,
6.015% (c), 1/20/2038
600,000
602,311
Allegro CLO V-S Ltd., “B1”, Series 2024-2A, 144A, 3 mo. USD Term SOFR + 1.9%,
6.175% (c), 7/24/2037
2,700,000
2,707,854
Allegro CLO XV Ltd., “BR”, Series 2022-1A, 144A, 3 mo. USD Term SOFR + 1.62%,
5.931% (c), 4/20/2038
3,000,000
3,003,261
Apidos CLO XL Ltd., “AR”, Series 2022-40A, 144A, 3 mo. USD Term SOFR + 1.35%,
5.606% (c), 7/15/2037
2,500,000
2,505,925
Apidos CLO XLVII Ltd., “C”, Series 2024-47A, 144A, 3 mo. USD Term SOFR +
2.35%, 6.633% (c), 4/26/2037
1,875,000
1,885,174
Apidos CLO XVIII-R, “A2R2”, Series 2018-18A, 144A, 3 mo. USD Term SOFR +
1.58%, 5.852% (c), 1/22/2038
2,000,000
2,003,402
Applebee's Funding LLC, “A2”, Series 2023-1A, 144A, 7.824%, 3/5/2053
2,750,000
2,789,785
ARES LIX CLO Ltd., “C2”, Series 2021-59A, 144A, 3.35%, 4/25/2034
1,600,000
1,472,790
ARES LXXVII CLO Ltd., “A2”, Series 2025-77A, 144A, 3 mo. USD Term SOFR +
1.6%, 5.879% (c), 7/15/2038 (a)
2,000,000
2,000,000
Balboa Bay Loan Funding Ltd., “A1”, Series 2024-1A, 144A, 3 mo. USD Term SOFR +
1.51%, 5.779% (c), 7/20/2037
750,000
752,126
Ballyrock CLO Ltd., “BR”, Series 2020-2A, 144A, 3 mo. USD Term SOFR + 2.212%,
6.481% (c), 10/20/2031
7,500,000
7,504,740
Battalion CLO XV Ltd., “BR”, Series 2020-15A, 144A, 3 mo. USD Term SOFR +
1.5%, 5.78% (c), 1/17/2033
2,500,000
2,497,535
Bryant Park Funding Ltd., “A1”, Series 2023-21A, 144A, 3 mo. USD Term SOFR +
2.05%, 6.319% (c), 10/18/2036
900,000
902,372
Carlyle Global Market Strategies CLO Ltd.:
“BR2”, Series 2014-1A, 144A, 3 mo. USD Term SOFR + 1.662%, 5.941% (c),
4/17/2031
4,000,000
4,009,460
“BR4”, Series 2012-4A, 144A, 3 mo. USD Term SOFR + 1.75%, 6.022% (c),
4/22/2032
2,000,000
2,003,082
CF Hippolyta Issuer LLC:
“B1”, Series 2021-1A, 144A, 1.98%, 3/15/2061
2,920,645
2,743,287
“B1”, Series 2020-1, 144A, 2.28%, 7/15/2060
2,497,479
2,471,129
CIFC Funding Ltd., “BR”, Series 2022-7A, 144A, 3 mo. USD Term SOFR + 1.7%,
5.972% (c), 1/22/2038
1,325,000
1,328,865
Cloud Capital Holdco LP, “A2”, Series 2024-1A, 144A, 5.781%, 11/22/2049
1,800,000
1,823,542
CyrusOne Data Centers Issuer I LLC, “A2”, Series 2024-2A, 144A, 4.5%, 5/20/2049
4,000,000
3,895,124
Dell Equipment Finance Trust, “C”, Series 2025-1, 144A, 5.25%, 2/24/2031
1,100,000
1,113,258
Domino's Pizza Master Issuer LLC:
“A2I”, Series 2018-1A, 144A, 4.116%, 7/25/2048
994,875
991,719
“A2II”, Series 2015-1A, 144A, 4.474%, 10/25/2045
3,733,187
3,725,238
Dryden 50 Senior Loan Fund, “B”, Series 2017-50A, 144A, 3 mo. USD Term SOFR +
1.912%, 6.168% (c), 7/15/2030
500,000
500,514
Elara HGV Timeshare Issuer LLC:
“A”, Series 2023-A, 144A, 6.16%, 2/25/2038
992,826
1,023,416
“C”, Series 2023-A, 144A, 7.3%, 2/25/2038
283,665
292,578
Elmwood CLO 43 Ltd., “B”, Series 2025-6A, 144A, 3 mo. USD Term SOFR + 1.7%,
5.979% (c), 7/20/2038 (a)
1,234,000
1,234,000
Elmwood CLO II Ltd., “A2RR”, Series 2019-2A, 144A, 3 mo. USD Term SOFR +
1.55%, 5.819% (c), 10/20/2037
1,500,000
1,505,597
Empower CLO Ltd., “A1”, Series 2024-2A, 144A, 3 mo. USD Term SOFR + 1.52%,
5.776% (c), 7/15/2037
1,412,000
1,417,510
Frontier Issuer LLC, “A2”, Series 2023-1, 144A, 6.6%, 8/20/2053
750,000
761,852
Galaxy 34 CLO Ltd., “A”, Series 2024-34A, 144A, 3 mo. USD Term SOFR + 1.37%,
5.639% (c), 10/20/2037
2,000,000
2,005,664
Golub Capital Partners CLO 53B Ltd., “CR”, Series 2021-53A, 144A, 3 mo. USD Term
SOFR + 1.7%, 6.011% (c), 7/20/2034
2,400,000
2,380,049
Golub Capital Partners CLO 76 B Ltd., “A1”, Series 2024-76A, 144A, 3 mo. USD Term
SOFR + 1.37%, 5.652% (c), 10/25/2037
2,000,000
2,002,456
Hilton Grand Vacations Trust:
“A”, Series 2019-AA, 144A, 2.34%, 7/25/2033
292,021
286,975
“B”, Series 2024-2A, 144A, 5.65%, 3/25/2038
2,174,104
2,206,470
HINNT LLC, “B”, Series 2024-A, 144A, 5.84%, 3/15/2043
585,623
594,457
Hotwire Funding LLC, “A2”, Series 2021-1, 144A, 2.311%, 11/20/2051
1,268,000
1,220,105
HPEFS Equipment Trust:
“D”, Series 2024-1A, 144A, 5.82%, 11/20/2031
650,000
654,842
“C”, Series 2023-2A, 144A, 6.48%, 1/21/2031
1,500,000
1,513,308
Jersey Mike's Funding, “A2I”, Series 2021-1A, 144A, 2.891%, 2/15/2052
1,980,000
1,916,963
Jersey Mike's Funding LLC, “A2”, Series 2024-1A, 144A, 5.636%, 2/15/2055
1,446,375
1,468,946
LCM XVI LP, “BR2”, Series 16A, 144A, 3 mo. USD Term SOFR + 2.012%, 6.268%
(c), 10/15/2031
2,120,000
2,122,175
Lewey Park CLO Ltd., “A2”, Series 2024-1A, 144A, 3 mo. USD Term SOFR + 1.56%,
5.829% (c), 10/21/2037
1,000,000
1,002,682
Mosaic Solar Loan Trust:
“A”, Series 2020-1A, 144A, 2.1%, 4/20/2046
4,647,750
4,126,976
“C”, Series 2022-2A, 144A, 5.95%, 1/21/2053
2,220,000
830,843
“C”, Series 2022-3A, 144A, 8.56%, 6/20/2053
605,000
145,247
MVW LLC:
“B”, Series 2021-1WA, 144A, 1.44%, 1/22/2041
101,409
96,735
“A”, Series 2020-1A, 144A, 1.74%, 10/20/2037
77,924
75,537
“B”, Series 2019-2A, 144A, 2.44%, 10/20/2038
212,173
208,737
“B”, Series 2020-1A, 144A, 2.73%, 10/20/2037
523,647
511,117
“B”, Series 2025-1A, 144A, 5.21%, 9/22/2042
1,447,478
1,458,563
“B”, Series 2023-1A, 144A, 5.42%, 10/20/2040
908,517
918,166
“B”, Series 2024-1A, 144A, 5.51%, 2/20/2043
1,108,296
1,119,510
New Economy Assets Phase 1 Sponsor LLC, “B1”, Series 2021-1, 144A, 2.41%,
10/20/2061
1,125,000
1,031,447
NRZ Excess Spread-Collateralized Notes:
“A”, Series 2021-FHT1, 144A, 3.104%, 7/25/2026
414,542
404,637
“A”, Series 2021-GNT1, 144A, 3.474%, 11/25/2026
787,987
757,483
“A”, Series 2020-PLS1, 144A, 3.844%, 12/25/2025
277,704
274,913
OCP CLO Ltd.:
“A2”, Series 2024-36A, 144A, 3 mo. USD Term SOFR + 1.55%, 5.811% (c),
10/16/2037
1,000,000
1,001,021
“B1”, Series 2024-36A, 144A, 3 mo. USD Term SOFR + 1.7%, 5.961% (c),
10/16/2037
1,000,000
1,002,973
“BR2”, Series 2019-17A, 144A, 3 mo. USD Term SOFR + 1.75%, 6.019% (c),
7/20/2037
250,000
250,625
Palmer Square CLO Ltd., “A1R”, Series 2022-3A, 144A, 3 mo. USD Term SOFR +
1.35%, 5.619% (c), 7/20/2037
2,300,000
2,305,308
Point Broadband Funding LLC, “A2”, Series 2025-1A, 144A, 5.336%, 7/20/2055 (a)
1,000,000
1,000,000
Regatta 34 Funding Ltd., “A2”, Series 2025-3A, 144A, 3 mo. USD Term SOFR +
1.75%, 6.044% (c), 7/20/2038
1,600,000
1,607,070
RR 35 Ltd., “A2”, Series 2024-35A, 144A, 3 mo. USD Term SOFR + 1.7%, 6.002% (c),
1/15/2040
2,400,000
2,413,289
Sixth Street CLO 29 Ltd., “B”, Series 2025-29A, 144A, 3 mo. USD Term SOFR +
1.65%, 5.929% (c), 7/17/2038 (a)
929,000
929,000
Sixth Street CLO XIV Ltd., “A2R2”, Series 2019-14A, 144A, 3 mo. USD Term SOFR +
1.4%, 5.717% (c), 1/20/2038
2,000,000
1,993,498
Sixth Street CLO XXV Ltd., “B”, Series 2024-25A, 144A, 3 mo. USD Term SOFR +
1.8%, 6.075% (c), 7/24/2037
2,700,000
2,708,562
Switch ABS Issuer LLC:
“A2”, Series 2024-2A, 144A, 5.436%, 6/25/2054
1,250,000
1,259,306
“A2”, Series 2024-1A, 144A, 6.28%, 3/25/2054
2,124,000
2,166,309
Texas Debt Capital CLO Ltd., “A2R”, Series 2023-1A, 144A, 3 mo. USD Term SOFR +
1.55%, 5.825% (c), 7/20/2038
2,200,000
2,200,000
TICP CLO XI Ltd., “AR”, Series 2018-11A, 144A, 3 mo. USD Term SOFR + 1.53%,
5.812% (c), 4/25/2037
1,500,000
1,504,833
Venture XXVI CLO Ltd., “BR”, Series 2017-26A, 144A, 3 mo. USD Term SOFR +
1.962%, 6.231% (c), 1/20/2029
22,081
22,084
Voya CLO Ltd.:
“A3R2”, Series 2016-3A, 144A, 3 mo. USD Term SOFR + 1.7%, 5.969% (c),
10/18/2031
5,000,000
5,002,275
“B”, Series 2024-1A, 144A, 3 mo. USD Term SOFR + 2%, 6.256% (c), 4/15/2037
2,650,000
2,658,599
Wingstop Funding LLC, “A2”, Series 2024-1A, 144A, 5.858%, 12/5/2054
1,200,000
1,222,346
Zais CLO 13 Ltd., “A1AR”, Series 2019-13A, 144A, 3 mo. USD Term SOFR + 1.3%,
5.556% (c), 7/15/2032
1,504,347
1,504,542
Zayo Issuer LLC:
“A2”, Series 2025-1A, 144A, 5.648%, 3/20/2055
2,000,000
2,041,735
“A2”, Series 2025-2A, 144A, 5.953%, 6/20/2055
1,500,000
1,547,350
 
129,143,174
Total Asset-Backed (Cost $231,578,929)
230,712,985
 
Commercial Mortgage-Backed Securities 9.6%
20 Times Square Trust:
“B”, Series 2018-20TS, 144A, 3.203% (c), 5/15/2035
2,500,000
2,318,750
“C”, Series 2018-20TS, 144A, 3.203% (c), 5/15/2035
1,000,000
915,000
2023-MIC Trust, “B”, Series 2023-MIC, 144A, 9.863% (c), 12/5/2038
2,650,000
2,890,665
BAHA Trust, “A”, Series 2024-MAR, 144A, 6.171% (c), 12/10/2041
3,343,000
3,460,797
Bank, “A5”, Series 2021-BN34, 2.438%, 6/15/2063
500,000
431,145
BF Mortgage Trust, “B”, Series 2019-NYT, 144A, 1 mo. USD Term SOFR + 1.697%,
6.009% (c), 12/15/2035
500,000
479,754
BHMS Mortgage Trust, “A”, Series 2018-ATLS, 144A, 1 mo. USD Term SOFR +
1.547%, 5.859% (c), 7/15/2035
2,500,000
2,498,694
BPR Trust:
“A”, Series 2024-PMDW, 144A, 5.358%, 11/5/2041
893,000
906,556
“B”, Series 2021-TY, 144A, 1 mo. USD Term SOFR + 1.264%, 5.576% (c),
9/15/2038
1,806,000
1,799,271
“C”, Series 2021-TY, 144A, 1 mo. USD Term SOFR + 1.814%, 6.126% (c),
9/15/2038
340,000
337,889
BX Commercial Mortgage Trust:
“A”, Series 2021-VIV5, 144A, 2.843%, 3/9/2044
375,000
338,512
“B”, Series 2020-VIV3, 144A, 3.662% (c), 3/9/2044
2,000,000
1,859,756
“A”, Series 2019-IMC, 144A, 1 mo. USD Term SOFR + 1.046%, 5.358% (c),
4/15/2034
941,959
934,894
“B”, Series 2019-IMC, 144A, 1 mo. USD Term SOFR + 1.346%, 5.658% (c),
4/15/2034
3,500,000
3,454,063
BX Trust:
“D”, Series 2019-OC11, 144A, 4.075% (c), 12/9/2041
2,500,000
2,337,021
“D”, Series 2021-ARIA, 144A, 1 mo. USD Term SOFR + 2.01%, 6.322% (c),
10/15/2036
1,725,000
1,721,766
BXP Trust:
“B”, Series 2021-601L, 144A, 2.868% (c), 1/15/2044
2,000,000
1,700,738
“A”, Series 2017-CQHP, 144A, 1 mo. USD Term SOFR + 0.897%, 5.209% (c),
11/15/2034
344,339
330,794
CFK Trust, “A”, Series 2020-MF2, 144A, 2.387%, 3/15/2039
3,450,000
3,231,997
COMM Mortgage Trust, “B”, Series 2013-CR6, 144A, 3.397%, 3/10/2046
989,156
945,903
Credit Suisse Mortgage Trust, “B”, Series 2020-FACT, 144A, 1 mo. USD Term SOFR +
2.614%, 6.926% (c), 10/15/2037
2,756,000
2,684,833
CSAIL Commercial Mortgage Trust, “AS”, Series 2016-C6, 3.346%, 1/15/2049
1,000,000
968,942
DBGS Mortgage Trust, “B”, Series 2018-5BP, 144A, 1 mo. USD Term SOFR + 1.077%,
5.389% (c), 6/15/2033
2,500,000
2,306,250
FHLMC Multifamily Structured Pass-Through Certificates:
“X1P”, Series KL05, Interest Only, 1.024% (c), 6/25/2029
17,800,000
567,103
“X1”, Series K058, Interest Only, 1.025% (c), 8/25/2026
21,246,786
167,165
Fontainebleau Miami Beach Mortgage Trust, “C”, Series 2024-FBLU, 144A, 1 mo. USD
Term SOFR + 2.15%, 6.462% (c), 12/15/2039
533,000
531,668
Freddie Mac Multifamily Structured Credit Risk:
“M1”, Series 2021-MN1, 144A, 30 day USD SOFR Average + 2.0%, 6.305% (c),
1/25/2051
306,117
304,714
“M2”, Series 2021-MN1, 144A, 30 day USD SOFR Average + 3.75%, 8.055% (c),
1/25/2051
1,808,000
1,853,012
GS Mortgage Securities Corp. Trust, “B”, Series 2021-IP, 144A, 1 mo. USD Term SOFR
+ 1.264%, 5.576% (c), 10/15/2036
3,000,000
2,981,364
GS Mortgage Securities Trust, “AS”, Series 2013-GC13, 144A, 4.012% (c), 7/10/2046
294,039
288,897
Hawaii Hotel Trust, “B”, Series 2025-MAUI, 144A, 1 mo. USD Term SOFR + 1.742%,
6.054% (c), 3/15/2042
750,000
749,531
Hilt Commercial Mortgage Trust, “B”, Series 2024-ORL, 144A, 1 mo. USD Term SOFR
+ 1.941%, 6.252% (c), 5/15/2037
750,000
749,766
Hudson Yards Mortgage Trust:
“A”, Series 2019-30HY, 144A, 3.228%, 7/10/2039
2,000,000
1,877,217
“C”, Series 2025-SPRL, 144A, 6.15% (c), 1/13/2040
540,000
556,011
ILPT Commercial Mortgage Trust, “C”, Series 2025-LPF2, 144A, 5.829%, 7/15/2042
1,000,000
1,012,370
IRV Trust, “C”, Series 2025-200P, 144A, 5.921% (c), 3/14/2047
1,905,000
1,892,522
JPMDB Commercial Mortgage Securities Trust:
“A5”, Series 2020-COR7, 2.18%, 5/13/2053
1,950,000
1,623,645
“AS”, Series 2016-C4, 3.385%, 12/15/2049
1,000,000
951,179
JPMorgan Chase Commercial Mortgage Securities Trust:
“A”, Series 2021-1MEM, 144A, 2.516%, 10/9/2042
1,500,000
1,245,747
“A”, Series 2016-NINE, 144A, 2.949% (c), 9/6/2038
1,500,000
1,462,502
“B”, Series 2016-NINE, 144A, 2.949% (c), 9/6/2038
5,000,000
4,838,107
“A”, Series 2019-OSB, 144A, 3.397%, 6/5/2039
1,000,000
938,136
“A”, Series 2018-PHH, 144A, 1 mo. USD Term SOFR + 1.257%, 5.569% (c),
6/15/2035
5,281,517
4,545,312
JW Commercial Mortgage Trust, “B”, Series 2024-MRCO, 144A, 1 mo. USD Term
SOFR + 1.941%, 6.252% (c), 6/15/2039
4,000,000
4,000,000
KIND Trust, “A”, Series 2021-KIND, 144A, 1 mo. USD Term SOFR + 1.064%, 5.38%
(c), 8/15/2038
2,975,160
2,941,689
LEX Mortgage Trust, “A”, Series 2024-BBG, 144A, 5.036% (c), 10/13/2033
750,000
753,926
Manhattan West Mortgage Trust, “A”, Series 2020-1MW, 144A, 2.13%, 9/10/2039
1,000,000
945,696
Morgan Stanley Bank of America Merrill Lynch Trust, “A3”, Series 2017-C33, 3.295%,
5/15/2050
2,118,545
2,090,087
MRCD Mortgage Trust, “C”, Series 2019-PARK, 144A, 2.718%, 12/15/2036
5,000,000
3,838,000
MSWF Commercial Mortgage Trust, “XA”, Series 2023-2, Interest Only, 1.141% (c),
12/15/2056
15,190,095
896,118
One New York Plaza Trust:
“AJ”, Series 2020-1NYP, 144A, 1 mo. USD Term SOFR + 1.364%, 5.676% (c),
1/15/2036
2,378,000
2,293,825
“B”, Series 2020-1NYP, 144A, 1 mo. USD Term SOFR + 1.614%, 5.926% (c),
1/15/2036
1,166,000
1,114,524
ROCK Trust:
“A”, Series 2024-CNTR, 144A, 5.388%, 11/13/2041
1,189,000
1,216,329
“B”, Series 2024-CNTR, 144A, 5.93%, 11/13/2041
4,000,000
4,123,186
SDR Commercial Mortgage Trust, “B”, Series 2024-DSNY, 144A, 1 mo. USD Term
SOFR + 1.741%, 6.053% (c), 5/15/2039
500,000
497,504
SLG Office Trust, “A”, Series 2021-OVA, 144A, 2.585%, 7/15/2041
4,000,000
3,508,379
Starwood Mortgage Trust, “B”, Series 2021-LIH, 144A, 1 mo. USD Term SOFR +
1.77%, 6.082% (c), 11/15/2036
500,000
497,813
SWCH Commercial Mortgage Trust, “A”, Series 2025-DATA, 144A, 1 mo. USD Term
SOFR + 1.443%, 5.755% (c), 2/15/2042
2,000,000
1,985,203
UBS Commercial Mortgage Trust:
“XA”, Series 2017-C7, Interest Only, 1.123% (c), 12/15/2050
22,227,639
451,474
“XA”, Series 2017-C1, Interest Only, 1.621% (c), 6/15/2050
15,918,678
310,928
WB Commercial Mortgage Trust, “A”, Series 2024-HQ, 144A, 6.134% (c), 3/15/2040
3,358,000
3,367,854
Wells Fargo Commercial Mortgage Trust:
“A2”, Series 2016-C34, 2.603%, 6/15/2049
43,631
43,547
“ASB”, Series 2015-C31, 3.487%, 11/15/2048
2
2
“C”, Series 2021-SAVE, 144A, 1 mo. USD Term SOFR + 2.014%, 6.326% (c),
2/15/2040
2,051,200
2,050,061
“D”, Series 2021-SAVE, 144A, 1 mo. USD Term SOFR + 2.714%, 7.026% (c),
2/15/2040
800,000
799,555
WHARF Commercial Mortgage Trust, “B”, Series 2025-DC, 144A, 5.544%, 7/15/2040
1,700,000
1,729,158
Total Commercial Mortgage-Backed Securities (Cost $107,923,124)
107,444,816
 
Collateralized Mortgage Obligations 7.3%
Angel Oak Mortgage Trust, “A1”, Series 2021-1, 144A, 0.909%, 1/25/2066
384,564
333,143
Banc of America Mortgage Trust:
“2A3”, Series 2005-J, 5.545% (c), 11/25/2035
43,904
38,777
“2A8”, Series 2003-J, 5.782% (c), 11/25/2033
93,624
83,829
“A15”, Series 2006-2, 6.0%, 7/25/2046
5,009
4,375
Barclays Mortgage Loan Trust, “A2”, Series 2021-NQM1, 144A, 1.984%, 9/25/2051
945,676
849,791
Bear Stearns Adjustable Rate Mortgage Trust, “5A”, Series 2003-8, 5.743% (c),
1/25/2034
206,850
182,580
Chase Mortgage Finance Corp.:
“M2”, Series 2021-CL1, 144A, 30 day USD SOFR Average + 1.35%, 5.655% (c),
2/25/2050
1,753,589
1,706,151
“M3”, Series 2021-CL1, 144A, 30 day USD SOFR Average + 1.55%, 5.855% (c),
2/25/2050
913,856
890,698
CHL Mortgage Pass-Through Trust, “5A1”, Series 2005-HY10, 4.791%, 2/20/2036
1,706
1,373
COLT Funding LLC, “A2”, Series 2021-3R, 144A, 1.257%, 12/25/2064
221,963
204,263
COLT Mortgage Loan Trust:
“A1”, Series 2021-2R, 144A, 0.798%, 7/27/2054
203,085
186,407
“A2”, Series 2021-1, 144A, 1.167%, 6/25/2066
633,497
546,469
“A3”, Series 2021-2, 144A, 1.335%, 8/25/2066
1,554,351
1,320,878
“A2”, Series 2021-HX1, 144A, 1.348%, 10/25/2066
688,927
594,805
Connecticut Avenue Securities Trust:
“1M2”, Series 2021-R03, 144A, 30 day USD SOFR Average + 1.65%, 5.955% (c),
12/25/2041
500,000
502,970
“1M1”, Series 2023-R04, 144A, 30 day USD SOFR Average + 2.3%, 6.606% (c),
5/25/2043
2,294,734
2,342,785
“1B1”, Series 2024-R01, 144A, 30 day USD SOFR Average + 2.7%, 7.005% (c),
1/25/2044
1,000,000
1,024,013
“1M2”, Series 2022-R04, 144A, 30 day USD SOFR Average + 3.1%, 7.405% (c),
3/25/2042
250,000
257,516
Credit Suisse First Boston Mortgage Securities Corp., “5A1”, Series 2004-7, 5.0%,
10/25/2019
33,992
34,659
CSMC Trust , “B4”, Series 2013-IVR3, 144A, 3.399% (c), 5/25/2043
1,166,301
878,060
Ellington Financial Mortgage Trust:
“A3”, Series 2021-2, 144A, 1.291%, 6/25/2066
490,647
413,603
“A2”, Series 2021-3, 144A, 1.396%, 9/25/2066
1,987,460
1,651,913
“A3”, Series 2020-2, 144A, 1.64%, 10/25/2065
513,139
481,512
Federal Home Loan Mortgage Corp.:
“AI”, Series 5175, Interest Only, 2.5%, 12/25/2049
3,923,635
528,413
“AS”, Series 5501, 15.51% minus (2.2 x 30 day USD SOFR Average), 6.039% (c),
2/25/2055
3,370,026
3,361,980
“M2”, Series 2019-DNA1, 144A, 30 day USD SOFR Average + 2.764%, 7.07% (c),
1/25/2049
36,906
37,661
“M1B”, Series 2023-DNA2, 144A, 30 day USD SOFR Average + 3.25%, 7.556% (c),
4/25/2043
2,000,000
2,095,528
Federal National Mortgage Association:
“AO”, Series 2023-53, Principal Only, Zero Coupon, 11/25/2053
5,700,770
4,829,273
“NI”, Series 2021-49, Interest Only, 2.5%, 6/25/2051
2,500,503
411,778
“I”, Series 2021-57, Interest Only, 2.5%, 7/25/2051
3,262,177
502,339
“DE”, Series 2014-18, 4.0%, 8/25/2042
162,987
160,299
“IM”, Series 2014-72, Interest Only, 4.5%, 3/25/2044
671,479
54,556
“2”, Series 350, Interest Only, 5.5%, 3/25/2034
32,856
5,027
“DU”, Series 2024-9, 5.5%, 3/25/2054
918,996
921,351
“FE”, Series 2024-87, 30 day USD SOFR Average + 1.85%, 6.0% (c), 12/25/2054
3,665,548
3,683,787
“AF”, Series 2025-1, 30 day USD SOFR Average + 1.85%, 6.0% (c), 2/25/2055
4,675,950
4,693,010
“1A6”, Series 2007-W8, 6.754% (c), 9/25/2037
224,186
232,893
Freddie Mac Structured Agency Credit Risk Debt Notes:
“M2”, Series 2021-DNA7, 144A, 30 day USD SOFR Average + 1.8%, 6.105% (c),
11/25/2041
1,200,000
1,208,571
“M2”, Series 2019-DNA2, 144A, 30 day USD SOFR Average + 2.564%, 6.87% (c),
3/25/2049
228,170
231,673
GCAT Trust, “A2”, Series 2021-NQM2, 144A, 1.242%, 5/25/2066
561,388
481,913
Government National Mortgage Association:
“AI”, Series 2021-1, Interest Only, 2.0%, 1/20/2051
7,677,915
943,282
“KI”, Series 2020-160, Interest Only, 2.5%, 10/20/2050
3,736,673
420,221
“EI”, Series 2021-105, Interest Only, 2.5%, 5/20/2051
5,112,132
779,504
“JI”, Series 2021-121, Interest Only, 2.5%, 7/20/2051
7,079,647
779,758
“UZ”, Series 2025-41, 6.0%, 3/20/2055
4,958,021
5,039,313
“IP”, Series 2009-118, Interest Only, 6.5%, 12/16/2039
94,184
20,900
Government National Mortgage Association REMICS, “HJ”, Series 2024-8, 5.0%,
1/20/2054
3,204,960
2,927,613
GS Mortgage-Backed Securities Trust, “A2”, Series 2020-NQM1, 144A, 1.791%,
9/27/2060
67,832
63,830
Imperial Fund Mortgage Trust:
“A2”, Series 2021-NQM1, 144A, 1.205%, 6/25/2056
952,781
830,127
“A2”, Series 2021-NQM2, 144A, 1.362%, 9/25/2056
530,893
452,253
“A1”, Series 2022-NQM4, 144A, 4.767%, 6/25/2067
1,871,909
1,864,727
JPMorgan Chase Bank NA:
“M2”, Series 2021-CL1, 144A, 30 day USD SOFR Average + 1.55%, 5.855% (c),
3/25/2051
1,145,691
1,124,212
“M3”, Series 2021-CL1, 144A, 30 day USD SOFR Average + 1.8%, 6.105% (c),
3/25/2051
580,158
572,848
“M1”, Series 2020-CL1, 144A, 1 mo. USD Term SOFR + 2.364%, 6.684% (c),
10/25/2057
1,933,655
1,994,493
“M4”, Series 2021-CL1, 144A, 30 day USD SOFR Average + 2.75%, 7.055% (c),
3/25/2051
643,537
641,855
JPMorgan Mortgage Trust:
“A11”, Series 2024-6, 144A, 30 day USD SOFR Average + 1.25%, 5.555% (c),
12/25/2054
3,035,941
3,036,021
“A1”, Series 2025-DSC1, 144A, 5.664%, 9/25/2065
1,984,644
1,997,726
“6A1”, Series 2005-A6, 7.75%, 8/25/2035
129,752
128,085
Merrill Lynch Mortgage Investors Trust, “1A”, Series 2004-1, 6.395% (c), 12/25/2034
1,839
1,799
MFA Trust:
“A3”, Series 2021-INV1, 144A, 1.262%, 1/25/2056
88,241
84,923
“A3”, Series 2021-NQM2, 144A, 1.472%, 11/25/2064
316,848
280,421
RCKT Mortgage Trust:
“A1A”, Series 2024-CES7, 144A, 5.158%, 10/25/2044
2,548,027
2,540,718
“A1A”, Series 2025-CES1, 144A, 5.653%, 1/25/2045
2,329,932
2,343,774
“A1B”, Series 2024-CES9, 144A, 5.683%, 12/25/2044
1,612,593
1,619,429
Residential Accredit Loans, Inc. Trust, “A1”, Series 2003-QS18, 5.0%, 9/25/2018
168
126
Residential Asset Mortgage Products Trust, “A4”, Series 2004-SL4, 7.0%, 7/25/2032
25,037
24,819
Sequoia Mortgage Trust:
“B4”, Series 2013-2, 3.639% (c), 2/25/2043
426,345
415,298
“A1”, Series 2025-3, 144A, 6.0%, 4/25/2055
2,207,367
2,227,490
Starwood Mortgage Residential Trust, “A3”, Series 2020-INV1, 144A, 1.593%,
11/25/2055
198,596
188,289
Towd Point Mortgage Trust:
“M1”, Series 2017-1, 144A, 3.75%, 10/25/2056
2,000,000
1,960,721
“M1”, Series 2022-SJ1, 144A, 4.5%, 3/25/2062
2,500,000
2,387,024
Verus Securitization Trust:
“A2”, Series 2021-R3, 144A, 1.277%, 4/25/2064
240,791
227,310
“A2”, Series 2020-4, 144A, 2.912%, 5/25/2065
209,314
205,291
“B1”, Series 2021-R3, 144A, 3.066%, 4/25/2064
4,277,000
3,588,512
Washington Mutual Mortgage Pass-Through Certificates Trust, “A9”, Series 2003-S9,
5.25%, 10/25/2033
165,612
164,112
Western Alliance Bank, “M1”, Series 2021-CL2, 144A, 30 day USD SOFR Average +
3.15%, 7.455% (c), 7/25/2059
2,180,939
2,255,466
Total Collateralized Mortgage Obligations (Cost $84,054,338)
82,102,912
 
Government & Agency Obligations 9.5%
Other Government Related (d) 0.2%
Central American Bank for Economic Integration, 144A, 5.0%, 2/9/2026
2,500,000
2,506,627
Vnesheconombank:
144A, 5.942%, 11/21/2023* (e)
500,000
0
144A, 6.025%, 7/5/2022* (e)
1,500,000
0
 
2,506,627
Sovereign Bonds 0.5%
Brazil Government International Bonds, 5.5%, 11/6/2030
1,692,000
1,695,046
Mexico Government International Bond, 6.0%, 5/13/2030
447,000
462,198
Romania Government International Bonds, 144A, 5.875%, 1/30/2029
3,000,000
3,020,073
 
5,177,317
U.S. Treasury Obligations 8.8%
U.S. Treasury Bills, 4.158% (f), 8/7/2025 (g)
1,500,000
1,493,447
U.S. Treasury Notes:
0.375%, 11/30/2025
1,000,000
983,936
0.375%, 1/31/2026
5,000,000
4,889,893
0.625%, 3/31/2027
5,000,000
4,736,328
0.875%, 9/30/2026
4,000,000
3,853,125
1.25%, 4/30/2028
7,000,000
6,542,539
1.375%, 12/31/2028
15,000,000
13,857,422
1.5%, 8/15/2026
5,000,000
4,865,820
1.625%, 10/31/2026
8,000,000
7,767,188
1.625%, 8/15/2029
5,000,000
4,604,297
3.25%, 6/30/2029
10,000,000
9,817,187
3.375%, 9/15/2027
10,000,000
9,930,859
4.0%, 10/31/2029
10,000,000
10,095,312
4.625%, 3/15/2026
4,500,000
4,515,864
5.25%, 11/15/2028
10,000,000
10,477,344
 
98,430,561
Total Government & Agency Obligations (Cost 107,635,384)
106,114,505
 
Loan Participations and Assignments 0.4%
Senior Loans (c)
Cablevision Lightpath LLC, Term Loan, 1 mo. USD Term SOFR + 3.0%, 7.312%,
11/30/2027
498,750
500,825
Lumen Technologies, Inc., Term Loan B1, 4/16/2029 (h)
992,393
981,854
TransDigm, Inc., Term Loan, 3 mo. USD Term SOFR + 2.5%, 6.796%, 1/19/2032
994,987
997,609
Windsor Holdings III LLC, Term Loan B, 1 mo. USD Term SOFR + 2.75%, 7.072%,
8/1/2030
1,738,949
1,741,409
Total Loan Participations and Assignments (Cost $4,224,970)
4,221,697
 
 
 
Shares
Value ($)
 
Exchange-Traded Funds 1.0%
SPDR Bloomberg Short Term High Yield Bond ETF (b) (Cost $11,181,900)
450,000
11,466,000
 
Securities Lending Collateral 1.7%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional
Shares", 4.25% (i) (j) (Cost $18,629,206)
18,629,206
18,629,206
 
Cash Equivalents 0.2%
DWS Central Cash Management Government Fund, 4.37% (i) (Cost $1,857,267)
1,857,267
1,857,267
 
 
 
 
% of Net
Assets
Value ($)
Total Investment Portfolio (Cost $1,200,940,238)
107.7
1,203,799,167
Other Assets and Liabilities, Net
(7.7
)
(86,415,245
)
Net Assets
100.0
1,117,383,922
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended June 30, 2025 are as follows: 
Value ($) at
9/30/2024
Purchases
Cost ($)
Sales
Proceeds ($)
Net Realized
Gain/
(Loss) ($)
Net Change in
Unrealized
Appreciation
(Depreciation) ($)
Income ($)
Capital Gain
Distributions ($)
Number
of Shares
at
6/30/2025
Value ($) at
6/30/2025
Securities Lending Collateral 1.7%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares",
4.25% (i) (j)
9,054,067
9,575,139 (k)
—
—
—
103,633
—
18,629,206
18,629,206
Cash Equivalents 0.2%
DWS Central Cash Management Government Fund, 4.37% (i)
25,301,224
373,759,809
397,203,766
—
—
1,037,262
—
1,857,267
1,857,267
34,355,291
383,334,948
397,203,766
—
—
1,140,895
—
20,486,473
20,486,473
 
*
Non-income producing security.
(a)
When-issued or delayed delivery securities included.
(b)
All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that
are also on loan. The value of securities loaned at June 30, 2025 amounted to $18,067,992, which is 1.6% of net assets.
(c)
Variable or floating rate security. These securities are shown at their current rate as of June 30, 2025. 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.
(d)
Government-backed debt issued by financial companies or government sponsored enterprises.
(e)
Investment was valued using significant unobservable inputs.
(f)
Annualized yield at time of purchase; not a coupon rate.
(g)
At June 30, 2025, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures
contracts.
(h)
All or a portion of the security represents unsettled loan commitments at June 30, 2025 where the rate will be determined at the
time of settlement.
(i)
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at
period end.
(j)
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(k)
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period
ended June 30, 2025.
 
144A: Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in
transactions exempt from registration, normally to qualified institutional buyers.
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.
Perpetual: Callable security with no stated maturity date.
PIK: Denotes that all or a portion of the income is paid in-kind in the form of additional principal.
Principal Only: Principal Only (PO) bonds represent the “principal only” portion of payments on a pool of underlying mortgages or
mortgage-backed securities.
REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or
benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the
Securities Act of 1933.
REIT: Real Estate Investment Trust
SOFR: Secured Overnight Financing Rate
SPDR: Standard & Poor's Depositary Receipt
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. Some separate investments in the Federal National Mortgage Association issues which have similar coupon rates have been aggregated for presentation purposes in this investment portfolio.
At June 30, 2025, open futures contracts purchased were as follows: 
Futures
Currency
Expiration
Date
Contracts
Notional
Amount ($)
Notional
Value ($)
Unrealized
Appreciation ($)
2 Year
U.S. Treasury
Note
USD
9/30/2025
417
86,448,819
86,745,774
296,955
At June 30, 2025, open futures contracts sold were as follows: 
Futures
Currency
Expiration
Date
Contracts
Notional
Amount ($)
Notional
Value ($)
Unrealized
Depreciation ($)
10 Year
U.S. Treasury
Note
USD
9/19/2025
156
17,244,638
17,491,500
(246,862
)
5 Year
U.S. Treasury
Note
USD
9/30/2025
233
25,180,628
25,397,000
(216,372
)
Total unrealized depreciation
(463,234
)
 
At June 30, 2025, the Fund had the following open forward foreign currency contracts: 
Contracts to Deliver
In Exchange For
Settlement
Date
Unrealized
Depreciation ($)
Counterparty
EUR
5,000,000
USD
5,833,548
8/8/2025
(72,077
)
BNP Paribas
Currency Abbreviation(s)
 
EUR
Euro
USD
United States Dollar
Fair Value Measurements
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments.  
Assets
Level 1
Level 2
Level 3
Total
Corporate Bonds (a)
$—
$565,773,432
$—
$565,773,432
Mortgage-Backed Securities Pass-Throughs
—
75,476,347
—
75,476,347
Asset-Backed (a)
—
230,712,985
—
230,712,985
Commercial Mortgage-Backed Securities
—
107,444,816
—
107,444,816
Collateralized Mortgage Obligations
—
82,102,912
—
82,102,912
Government & Agency Obligations (a)
—
106,114,505
0
106,114,505
Loan Participations and Assignments
—
4,221,697
—
4,221,697
Exchange-Traded Funds
11,466,000
—
—
11,466,000
Short-Term Investments (a)
20,486,473
—
—
20,486,473
Derivatives (b)
Futures Contracts
296,955
—
—
296,955
Total
$32,249,428
$1,171,846,694
$0
$1,204,096,122
 
Liabilities
Level 1
Level 2
Level 3
Total
Derivatives (b)
Futures Contracts
$(463,234
)
$—
$—
$(463,234
)
Forward Foreign Currency Contracts
—
(72,077
)
—
(72,077
)
Total
$(463,234
)
$(72,077
)
$—
$(535,311
)
 
(a)
See Investment Portfolio for additional detailed categorizations.
(b)
Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.
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.
DSDF-PH3