|
|
|
Shares
|
Value ($)
|
|
|
|||
|
Common Stocks 35.6%
|
|
||
|
Communication Services 3.1%
|
|
||
|
Entertainment 0.8%
|
|
||
|
NetEase, Inc. (ADR)
|
|
32,500
|
4,186,975
|
|
Walt Disney Co.
|
|
7,000
|
789,600
|
|
|
|
|
4,976,575
|
|
Interactive Media & Services 2.3%
|
|
||
|
Alphabet, Inc. "A"
|
|
18,217
|
6,157,346
|
|
Alphabet, Inc. "C"
|
|
18,129
|
6,137,210
|
|
Tencent Holdings Ltd. (ADR)
|
|
26,000
|
1,986,140
|
|
|
|
|
14,280,696
|
|
Consumer Discretionary 3.4%
|
|
||
|
Automobile Components 0.5%
|
|
||
|
Aptiv PLC*
|
|
37,900
|
2,870,925
|
|
Automobiles 0.5%
|
|
||
|
Mahindra & Mahindra Ltd. (GDR) REG S
|
|
85,087
|
3,216,288
|
|
Broadline Retail 1.0%
|
|
||
|
Amazon.com, Inc.*
|
|
24,900
|
5,958,570
|
|
Hotels, Restaurants & Leisure 1.4%
|
|
||
|
Booking Holdings, Inc.
|
|
889
|
4,446,636
|
|
Carnival Corp.*
|
|
57,100
|
1,714,142
|
|
Las Vegas Sands Corp.
|
|
49,300
|
2,599,589
|
|
Trip.com Group Ltd. (ADR)
|
|
1,600
|
98,192
|
|
|
|
|
8,858,559
|
|
Consumer Staples 1.8%
|
|
||
|
Consumer Staples Distribution & Retail 0.9%
|
|
||
|
Alimentation Couche-Tard, Inc.
|
|
14,000
|
728,352
|
|
Costco Wholesale Corp.
|
|
5,344
|
5,024,696
|
|
|
|
|
5,753,048
|
|
Household Products 0.1%
|
|
||
|
Reckitt Benckiser Group PLC
|
|
7,430
|
619,550
|
|
Tobacco 0.8%
|
|
||
|
Japan Tobacco, Inc.
|
|
134,500
|
4,859,657
|
|
Energy 1.4%
|
|
||
|
Oil, Gas & Consumable Fuels 1.4%
|
|
||
|
Cenovus Energy, Inc.
|
|
208,200
|
4,108,496
|
|
Phillips 66
|
|
26,800
|
3,847,408
|
|
Woodside Energy Group Ltd.
|
|
21,160
|
373,325
|
|
|
|
|
8,329,229
|
|
Financials 6.3%
|
|
||
|
Banks 0.6%
|
|
||
|
Bank Hapoalim BM
|
|
23,491
|
580,635
|
|
HSBC Holdings PLC
|
|
119,894
|
2,110,301
|
|
Itau Unibanco Holding SA (ADR) (Preferred)
|
|
133,900
|
1,150,201
|
|
|
|
|
3,841,137
|
|
Capital Markets 1.4%
|
|
||
|
Ameriprise Financial, Inc.
|
|
3,480
|
1,834,621
|
|
Charles Schwab Corp.
|
|
20,400
|
2,119,968
|
|
Hong Kong Exchanges & Clearing Ltd.
|
|
18,000
|
991,617
|
|
UBS Group AG (Registered)
|
|
72,647
|
3,425,690
|
|
|
|
|
8,371,896
|
|
Consumer Finance 0.2%
|
|
||
|
Synchrony Financial
|
|
12,992
|
943,609
|
|
Financial Services 0.0%
|
|
||
|
PayPal Holdings, Inc.
|
|
5,100
|
268,719
|
|
Insurance 4.1%
|
|
||
|
Allstate Corp.
|
|
23,600
|
4,696,164
|
|
Arch Capital Group Ltd.*
|
|
5,300
|
509,012
|
|
Chubb Ltd.
|
|
14,080
|
4,358,605
|
|
Fairfax Financial Holdings Ltd.
|
|
1,479
|
2,440,793
|
|
Progressive Corp.
|
|
1,000
|
208,000
|
|
QBE Insurance Group Ltd.
|
|
192,130
|
2,643,035
|
|
Sompo Holdings, Inc.
|
|
96,500
|
3,327,268
|
|
Travelers Companies, Inc.
|
|
24,060
|
6,845,311
|
|
|
|
|
25,028,188
|
|
Health Care 3.2%
|
|
||
|
Biotechnology 0.7%
|
|
||
|
Argenx SE*
|
|
574
|
481,041
|
|
Regeneron Pharmaceuticals, Inc.
|
|
5,145
|
3,814,760
|
|
|
|
|
4,295,801
|
|
Health Care Equipment & Supplies 0.1%
|
|
||
|
Intuitive Surgical, Inc.*
|
|
759
|
382,703
|
|
Pharmaceuticals 2.4%
|
|
||
|
Eli Lilly & Co.
|
|
5,768
|
5,982,281
|
|
Novartis AG (Registered)
|
|
58,324
|
8,640,478
|
|
|
|
|
14,622,759
|
|
Industrials 4.0%
|
|
||
|
Aerospace & Defense 0.3%
|
|
||
|
GE Aerospace
|
|
6,840
|
2,098,444
|
|
Building Products 0.7%
|
|
||
|
Trane Technologies PLC
|
|
10,309
|
4,335,759
|
|
Construction & Engineering 0.3%
|
|
||
|
Ferrovial SE
|
|
26,143
|
1,766,583
|
|
Electrical Equipment 1.2%
|
|
||
|
ABB Ltd. (Registered)
|
|
51,002
|
4,397,649
|
|
Prysmian SpA
|
|
14,855
|
1,762,814
|
|
Siemens Energy AG*
|
|
1,218
|
208,891
|
|
Vestas Wind Systems A/S
|
|
26,312
|
800,013
|
|
|
|
|
7,169,367
|
|
Machinery 1.1%
|
|
||
|
Dover Corp.
|
|
18,800
|
3,788,012
|
|
Parker-Hannifin Corp.
|
|
3,324
|
3,110,732
|
|
|
|
|
6,898,744
|
|
Passenger Airlines 0.1%
|
|
||
|
Ryanair Holdings PLC
|
|
9,436
|
320,933
|
|
Professional Services 0.2%
|
|
||
|
Experian PLC
|
|
4,189
|
158,158
|
|
Leidos Holdings, Inc.
|
|
5,700
|
1,073,196
|
|
|
|
|
1,231,354
|
|
Transportation Infrastructure 0.1%
|
|
||
|
Transurban Group (Units)
|
|
37,123
|
360,564
|
|
Information Technology 9.5%
|
|
||
|
Communications Equipment 0.7%
|
|
||
|
Arista Networks, Inc.*
|
|
29,028
|
4,114,429
|
|
Electronic Equipment, Instruments & Components 1.8%
|
|
||
|
Amphenol Corp. "A"
|
|
74,625
|
10,751,970
|
|
Hon Hai Precision Industry Co., Ltd. (GDR) REG S
|
|
24,002
|
334,348
|
|
|
|
|
11,086,318
|
|
IT Services 0.1%
|
|
||
|
Cognizant Technology Solutions Corp. "A"
|
|
5,500
|
451,330
|
|
Semiconductors & Semiconductor Equipment 3.4%
|
|
||
|
Broadcom, Inc.
|
|
15,090
|
4,999,317
|
|
First Solar, Inc.*
|
|
10,300
|
2,322,856
|
|
NVIDIA Corp.
|
|
58,299
|
11,142,688
|
|
Renesas Electronics Corp.*
|
|
159,500
|
2,653,950
|
|
|
|
|
21,118,811
|
|
Software 2.0%
|
|
||
|
Adobe, Inc.*
|
|
6,206
|
1,819,909
|
|
Autodesk, Inc.*
|
|
12,478
|
3,155,312
|
|
Intuit, Inc.
|
|
1,916
|
955,931
|
|
Microsoft Corp.
|
|
9,669
|
4,160,474
|
|
Palo Alto Networks, Inc.*
|
|
11,900
|
2,105,943
|
|
PTC, Inc.*
|
|
2,400
|
374,712
|
|
|
|
|
12,572,281
|
|
Technology Hardware, Storage & Peripherals 1.5%
|
|
||
|
Dell Technologies, Inc. "C"
|
|
19,200
|
2,197,248
|
|
Samsung Electronics Co., Ltd. (GDR) REG S
|
|
2,356
|
6,488,424
|
|
Samsung Electronics Co., Ltd. (GDR) (Preferred) REG S
|
|
156
|
313,560
|
|
|
|
|
8,999,232
|
|
Materials 1.4%
|
|
||
|
Metals & Mining 1.4%
|
|
||
|
Agnico Eagle Mines Ltd.
|
|
12,200
|
2,319,133
|
|
BHP Group Ltd.
|
|
37,897
|
1,307,539
|
|
Gold Fields Ltd. (ADR)
|
|
19,287
|
966,665
|
|
Nucor Corp.
|
|
21,100
|
3,749,892
|
|
Teck Resources Ltd. "B"
|
|
6,600
|
354,223
|
|
|
|
|
8,697,452
|
|
Real Estate 0.6%
|
|
||
|
Health Care REITs 0.0%
|
|
||
|
Welltower, Inc.
|
|
1,600
|
301,376
|
|
Specialized REITs 0.6%
|
|
||
|
Equinix, Inc.
|
|
2,655
|
2,179,569
|
|
VICI Properties, Inc.
|
|
49,500
|
1,389,960
|
|
|
|
|
3,569,529
|
|
Utilities 0.9%
|
|
||
|
Electric Utilities 0.9%
|
|
||
|
Constellation Energy Corp.
|
|
2,800
|
785,904
|
|
Edison International
|
|
72,800
|
4,533,984
|
|
|
|
|
5,319,888
|
|
Total Common Stocks (Cost $190,259,634)
|
217,890,303
|
||
|
|
|||
|
Preferred Stocks 2.6%
|
|
||
|
Communication Services 0.4%
|
|
||
|
AT&T, Inc., 5.35%
|
|
100,000
|
2,246,000
|
|
Financials 1.8%
|
|
||
|
AGNC Investment Corp., Series C (REIT), 3 mo. USD Term SOFR + 5.373%,
9.033% (a)
|
|
64,439
|
1,648,350
|
|
Charles Schwab Corp., Series D, 5.95%
|
|
75,000
|
1,899,750
|
|
Fifth Third Bancorp., Series I, 3 mo. USD Term SOFR + 3.972%, 7.973% (a)
|
|
75,000
|
1,920,000
|
|
KeyCorp., Series E, 3 mo. USD Term SOFR + 4.154%, 6.125% (a)
|
|
75,000
|
1,887,750
|
|
Morgan Stanley, Series K, 5.85%
|
|
75,000
|
1,846,500
|
|
Wells Fargo & Co., Series Y, 5.625%
|
|
75,000
|
1,821,000
|
|
|
|
|
11,023,350
|
|
Real Estate 0.4%
|
|
||
|
Kimco Realty Corp., Series L (REIT), 5.125%
|
|
75,000
|
1,513,500
|
|
Prologis, Inc., Series Q (REIT), 8.54%
|
|
236
|
12,498
|
|
Simon Property Group, Inc., Series J (REIT), 8.375%
|
|
17,000
|
915,450
|
|
|
|
|
2,441,448
|
|
Total Preferred Stocks (Cost $17,760,927)
|
15,710,798
|
||
|
|
|||
|
Rights 0.0%
|
|
||
|
Health Care
|
|
||
|
ABIOMED, Inc.,* (b) (Cost $1,122)
|
|
1,100
|
1,122
|
|
|
|||
|
Warrants 0.0%
|
|
||
|
Materials
|
|
||
|
Hercules Trust II, Expiration Date 3/31/2029* (b) (Cost $90,209)
|
|
506
|
4,763
|
|
|
|
Principal
Amount ($) (c)
|
Value ($)
|
|
|
|||
|
Corporate Bonds 21.5%
|
|
||
|
Communication Services 0.9%
|
|
||
|
AT&T, Inc., 3.55%, 9/15/2055
|
|
570,000
|
378,582
|
|
Charter Communications Operating LLC:
|
|
|
|
|
5.85%, 12/1/2035 (d)
|
|
756,000
|
752,405
|
|
6.384%, 10/23/2035
|
|
400,000
|
413,430
|
|
Paramount Global:
|
|
|
|
|
4.2%, 6/1/2029
|
|
1,050,000
|
1,021,800
|
|
4.6%, 1/15/2045
|
|
320,000
|
219,178
|
|
4.95%, 1/15/2031
|
|
850,000
|
813,179
|
|
T-Mobile U.S.A., Inc., 6.0%, 6/15/2054
|
|
460,000
|
464,755
|
|
Videotron Ltd., 144A, 5.7%, 1/15/2035
|
|
930,000
|
947,003
|
|
Warnermedia Holdings, Inc., 4.279%, 3/15/2032
|
|
755,000
|
664,400
|
|
|
|
|
5,674,732
|
|
Consumer Discretionary 0.9%
|
|
||
|
Ford Motor Credit Co. LLC:
|
|
|
|
|
4.125%, 8/17/2027
|
|
635,000
|
631,907
|
|
4.97%, 4/6/2029
|
|
483,000
|
485,586
|
|
6.798%, 11/7/2028
|
|
350,000
|
368,653
|
|
7.35%, 3/6/2030 (d)
|
|
1,000,000
|
1,079,692
|
|
General Motors Co.:
|
|
|
|
|
5.625%, 4/15/2030
|
|
1,150,000
|
1,197,825
|
|
6.25%, 4/15/2035
|
|
580,000
|
615,826
|
|
General Motors Financial Co., Inc., 5.45%, 1/8/2036 (d)
|
|
154,000
|
154,666
|
|
Marriott International, Inc., 5.5%, 4/15/2037
|
|
1,140,000
|
1,163,465
|
|
|
|
|
5,697,620
|
|
Consumer Staples 0.2%
|
|
||
|
JBS NV, 6.75%, 3/15/2034
|
|
1,087,000
|
1,198,410
|
|
Energy 5.8%
|
|
||
|
BP Capital Markets PLC, 6.125%, Perpetual
|
|
1,575,000
|
1,620,160
|
|
Buckeye Partners LP, 144A, 6.75%, 2/1/2030
|
|
2,700,000
|
2,828,974
|
|
Cheniere Energy, Inc., 4.625%, 10/15/2028
|
|
1,765,000
|
1,764,984
|
|
Columbia Pipelines Holding Co. LLC, 144A, 5.681%, 1/15/2034
|
|
550,000
|
568,825
|
|
DT Midstream, Inc.:
|
|
|
|
|
144A, 4.125%, 6/15/2029
|
|
2,000,000
|
1,977,154
|
|
144A, 5.8%, 12/15/2034
|
|
437,000
|
453,267
|
|
Ecopetrol SA, 7.75%, 2/1/2032
|
|
1,700,000
|
1,745,642
|
|
Enbridge, Inc., Series 20-A, 5.75%, 7/15/2080
|
|
1,000,000
|
1,012,191
|
|
Energy Transfer LP:
|
|
|
|
|
6.5%, 2/15/2056
|
|
1,370,000
|
1,370,066
|
|
7.125%, 10/1/2054 (d)
|
|
700,000
|
723,344
|
|
144A, 7.375%, 2/1/2031
|
|
500,000
|
518,952
|
|
8.0%, 5/15/2054
|
|
825,000
|
881,587
|
|
EQT Corp., 5.75%, 2/1/2034
|
|
1,235,000
|
1,288,849
|
|
Expand Energy Corp., 5.375%, 2/1/2029
|
|
1,080,000
|
1,080,649
|
|
HF Sinclair Corp.:
|
|
|
|
|
5.5%, 9/1/2032
|
|
780,000
|
797,582
|
|
5.75%, 1/15/2031
|
|
837,000
|
867,663
|
|
Kinetik Holdings LP, 144A, 6.625%, 12/15/2028
|
|
894,000
|
920,568
|
|
NuStar Logistics LP, 6.375%, 10/1/2030
|
|
3,045,000
|
3,190,399
|
|
Occidental Petroleum Corp., 8.875%, 7/15/2030
|
|
1,700,000
|
1,961,713
|
|
ONEOK, Inc., 144A, 6.5%, 9/1/2030
|
|
1,550,000
|
1,662,755
|
|
Petrobras Global Finance BV:
|
|
|
|
|
5.125%, 9/10/2030
|
|
1,100,000
|
1,088,120
|
|
6.25%, 1/10/2036
|
|
825,000
|
810,562
|
|
Phillips 66 Co.:
|
|
|
|
|
Series A, 5.875%, 3/15/2056
|
|
1,057,000
|
1,052,906
|
|
Series B, 6.2%, 3/15/2056
|
|
325,000
|
326,764
|
|
Plains All American Pipeline LP, 4.7%, 1/15/2031
|
|
338,000
|
339,870
|
|
Saudi Arabian Oil Co.:
|
|
|
|
|
144A, 5.0%, 2/2/2036 (e)
|
|
1,450,000
|
1,427,073
|
|
144A, 6.375%, 6/2/2055
|
|
800,000
|
819,914
|
|
Targa Resources Partners LP, 5.0%, 1/15/2028
|
|
1,000,000
|
1,001,297
|
|
Venture Global Calcasieu Pass LLC, 144A, 3.875%, 11/1/2033
|
|
940,000
|
815,680
|
|
Western Midstream Operating LP, 5.45%, 11/15/2034
|
|
525,000
|
528,510
|
|
|
|
|
35,446,020
|
|
Financials 7.4%
|
|
||
|
Acrisure LLC, 144A, 6.75%, 7/1/2032
|
|
2,142,000
|
2,195,983
|
|
AerCap Ireland Capital DAC, 6.95%, 3/10/2055
|
|
1,000,000
|
1,046,860
|
|
Aircastle Ltd., 144A, 5.75%, 10/1/2031
|
|
593,000
|
618,227
|
|
Bank of Montreal, Series 6, 6.875%, 11/26/2085
|
|
500,000
|
514,801
|
|
Beacon Funding Trust, 144A, 6.266%, 8/15/2054
|
|
770,000
|
782,653
|
|
Blackstone Private Credit Fund:
|
|
|
|
|
5.25%, 4/1/2030
|
|
700,000
|
691,188
|
|
6.0%, 11/22/2034 (d)
|
|
850,000
|
844,135
|
|
Block, Inc., 144A, 6.0%, 8/15/2033
|
|
141,000
|
144,029
|
|
BNP Paribas SA, 144A, 8.5%, Perpetual
|
|
1,020,000
|
1,092,210
|
|
Capital One Financial Corp., Series M, 3.95%, Perpetual (d)
|
|
1,520,000
|
1,508,760
|
|
Charles Schwab Corp.:
|
|
|
|
|
Series H, 4.0%, Perpetual
|
|
1,050,000
|
985,047
|
|
Series F, 5.0%, Perpetual
|
|
2,400,000
|
2,387,094
|
|
Citigroup, Inc.:
|
|
|
|
|
6.02%, 1/24/2036
|
|
950,000
|
990,379
|
|
Series FF, 6.95%, Perpetual
|
|
800,000
|
824,102
|
|
Credit Agricole SA, 144A, 7.125%, Perpetual
|
|
800,000
|
836,484
|
|
First Citizens BancShares, Inc., 5.6%, 9/5/2035
|
|
1,250,000
|
1,251,245
|
|
Global Payments, Inc., 5.55%, 11/15/2035
|
|
1,110,000
|
1,100,695
|
|
Goldman Sachs BDC, Inc., 5.65%, 9/9/2030
|
|
880,000
|
877,569
|
|
HSBC Holdings PLC:
|
|
|
|
|
5.741%, 9/10/2036
|
|
609,000
|
625,537
|
|
6.95%, Perpetual (d)
|
|
1,400,000
|
1,456,931
|
|
JPMorgan Chase & Co.:
|
|
|
|
|
Series OO, 6.5%, Perpetual
|
|
1,491,000
|
1,551,417
|
|
Series NN, 6.875%, Perpetual (d)
|
|
2,000,000
|
2,109,916
|
|
Liberty Mutual Group, Inc., 144A, 4.125%, 12/15/2051
|
|
1,400,000
|
1,385,538
|
|
M&T Bank Corp., 5.385%, 1/16/2036
|
|
1,145,000
|
1,161,045
|
|
MDGH GMTN RSC Ltd., REG S, 3.7%, 11/7/2049
|
|
245,000
|
184,350
|
|
Morgan Stanley, 5.664%, 4/17/2036
|
|
800,000
|
835,750
|
|
Navient Corp., 5.5%, 3/15/2029 (d)
|
|
1,715,000
|
1,677,442
|
|
Nippon Life Insurance Co., 144A, 2.75%, 1/21/2051
|
|
700,000
|
630,617
|
|
Nordea Bank Abp, 144A, 6.3%, Perpetual (d)
|
|
1,700,000
|
1,738,061
|
|
Royal Bank of Canada, 6.35%, 11/24/2084
|
|
2,700,000
|
2,655,236
|
|
Societe Generale SA, 144A, 6.221%, 6/15/2033 (d)
|
|
1,275,000
|
1,336,944
|
|
State Street Corp., Series K, 6.45%, Perpetual
|
|
1,491,000
|
1,541,178
|
|
Sumitomo Mitsui Financial Group, Inc., 6.45%, Perpetual
|
|
1,450,000
|
1,477,290
|
|
Synchrony Financial, 5.45%, 3/6/2031
|
|
1,030,000
|
1,049,939
|
|
The Goldman Sachs Group, Inc., Series Y, 6.125%, Perpetual (d)
|
|
1,385,000
|
1,411,138
|
|
Truist Financial Corp., Series N, 6.669%, Perpetual
|
|
2,000,000
|
2,003,232
|
|
UBS Group AG, 144A, 4.375%, Perpetual (d)
|
|
743,000
|
678,588
|
|
Wells Fargo & Co., 6.85%, Perpetual
|
|
1,250,000
|
1,307,306
|
|
|
|
|
45,508,916
|
|
Health Care 0.4%
|
|
||
|
Charles River Laboratories International, Inc., 144A, 3.75%, 3/15/2029
|
|
830,000
|
800,592
|
|
CVS Health Corp.:
|
|
|
|
|
5.45%, 9/15/2035
|
|
498,000
|
506,702
|
|
6.2%, 9/15/2055
|
|
880,000
|
888,757
|
|
|
|
|
2,196,051
|
|
Industrials 1.1%
|
|
||
|
Boeing Co., 6.858%, 5/1/2054
|
|
1,200,000
|
1,353,109
|
|
Delta Air Lines, Inc., 3.75%, 10/28/2029
|
|
865,000
|
846,470
|
|
Empresa de los Ferrocarriles del Estado, 144A, 3.068%, 8/18/2050 (d)
|
|
239,000
|
153,808
|
|
Stanley Black & Decker, Inc., 5 yr. CMT + 2.657%, 6.707% (a), 3/15/2060
|
|
2,500,000
|
2,475,249
|
|
United Airlines Pass-Through Trust, “A”, Series 2023-1, 5.8%, 7/15/2037
|
|
1,274,879
|
1,332,815
|
|
United Rentals North America, Inc., 144A, 6.0%, 12/15/2029
|
|
620,000
|
635,412
|
|
|
|
|
6,796,863
|
|
Information Technology 0.6%
|
|
||
|
AppLovin Corp., 5.95%, 12/1/2054
|
|
397,000
|
392,639
|
|
Foundry JV Holdco LLC, 144A, 6.1%, 1/25/2036
|
|
668,000
|
702,925
|
|
HP, Inc., 6.1%, 4/25/2035 (d)
|
|
810,000
|
852,578
|
|
Oracle Corp.:
|
|
|
|
|
5.375%, 9/27/2054
|
|
1,310,000
|
1,052,527
|
|
5.5%, 9/27/2064
|
|
400,000
|
317,031
|
|
5.95%, 9/26/2055
|
|
501,000
|
441,769
|
|
|
|
|
3,759,469
|
|
Materials 1.2%
|
|
||
|
Celanese U.S. Holdings LLC, 6.85%, 11/15/2028
|
|
169,000
|
177,413
|
|
Chemours Co., 5.375%, 5/15/2027
|
|
2,855,000
|
2,873,851
|
|
Corp. Nacional del Cobre de Chile, 144A, 5.95%, 1/8/2034
|
|
620,000
|
648,760
|
|
Dow Chemical Co., 5.65%, 3/15/2036 (d)
|
|
870,000
|
869,294
|
|
First Quantum Minerals Ltd., 144A, 7.25%, 2/15/2034
|
|
1,715,000
|
1,801,776
|
|
Olin Corp., 5.0%, 2/1/2030 (d)
|
|
1,050,000
|
1,023,810
|
|
|
|
|
7,394,904
|
|
Real Estate 0.5%
|
|
||
|
CBRE Services, Inc., 5.5%, 6/15/2035
|
|
453,000
|
466,865
|
|
Iron Mountain, Inc., 144A, (REIT), 6.25%, 1/15/2033 (d)
|
|
2,800,000
|
2,829,375
|
|
|
|
|
3,296,240
|
|
Utilities 2.5%
|
|
||
|
Alpha Generation LLC, 144A, 6.25%, 1/15/2034
|
|
2,571,000
|
2,587,683
|
|
CMS Energy Corp., 3.75%, 12/1/2050
|
|
1,900,000
|
1,752,525
|
|
Dominion Energy, Inc., 6.625%, 5/15/2055
|
|
900,000
|
925,322
|
|
Exelon Corp., 6.5%, 3/15/2055
|
|
533,000
|
553,308
|
|
NextEra Energy Capital Holdings, Inc.:
|
|
|
|
|
6.375%, 8/15/2055
|
|
1,650,000
|
1,704,132
|
|
6.75%, 6/15/2054
|
|
537,000
|
570,577
|
|
NRG Energy, Inc.:
|
|
|
|
|
144A, 2.45%, 12/2/2027
|
|
1,370,000
|
1,324,399
|
|
144A, 5.407%, 10/15/2035
|
|
527,000
|
524,562
|
|
Pacific Gas and Electric Co., 5.9%, 10/1/2054
|
|
286,000
|
274,989
|
|
PG&E Corp., 7.375%, 3/15/2055
|
|
525,000
|
541,826
|
|
Sempra, 4.125%, 4/1/2052
|
|
1,800,000
|
1,783,309
|
|
Southern Co., Series 21-A, 3.75%, 9/15/2051
|
|
1,241,000
|
1,231,450
|
|
Southwestern Public Service Co., 6.0%, 6/1/2054
|
|
1,210,000
|
1,234,435
|
|
|
|
|
15,008,517
|
|
Total Corporate Bonds (Cost $129,949,112)
|
131,977,742
|
||
|
|
|||
|
Asset-Backed 7.5%
|
|||
|
Automobile Receivables 1.3%
|
|
||
|
Ally Bank Auto Credit-Linked Notes:
|
|
|
|
|
“C”, Series 2024-B, 144A, 5.215%, 9/15/2032
|
|
139,050
|
140,362
|
|
“D”, Series 2024-B, 144A, 5.41%, 9/15/2032
|
|
139,050
|
140,293
|
|
Avis Budget Rental Car Funding AESOP LLC, “C”, Series 2022-5A, 144A, 6.24%,
4/20/2027
|
|
750,000
|
751,774
|
|
Bayview Opportunity Master Fund VII LLC, “B”, Series 2024-CAR1, 144A, 30 day
USD SOFR Average + 1.3%, 4.997% (a), 12/26/2031
|
|
92,613
|
92,995
|
|
CPS Auto Receivables Trust, “C”, Series 2023-C, 144A, 6.27%, 10/15/2029
|
|
306,540
|
309,628
|
|
Exeter Automobile Receivables Trust, “C”, Series 2025-3A, 5.09%, 10/15/2031
|
|
272,000
|
276,726
|
|
Foursight Capital Automobile Receivables Trust, “C”, Series 2023-2, 144A, 6.21%,
4/16/2029
|
|
1,500,000
|
1,529,074
|
|
Hertz Vehicle Financing III LLC, “C”, Series 2023-1A, 144A, 6.91%, 6/25/2027
|
|
1,433,333
|
1,439,406
|
|
Huntington Bank Auto Credit-Linked Notes:
|
|
|
|
|
“B1”, Series 2024-2, 144A, 5.442%, 10/20/2032
|
|
264,896
|
267,755
|
|
“B1”, Series 2024-1, 144A, 6.153%, 5/20/2032
|
|
206,337
|
209,721
|
|
Santander Drive Auto Receivables Trust, “C”, Series 2023-3, 5.77%, 11/15/2030
|
|
400,000
|
407,239
|
|
Securitized Term Auto Receivables Trust:
|
|
|
|
|
“C”, Series 2026-A, 144A, 4.431%, 3/25/2033
|
|
800,000
|
800,753
|
|
“C”, Series 2025-A, 144A, 5.185%, 7/25/2031
|
|
268,059
|
270,944
|
|
United Auto Credit Securitization Trust:
|
|
|
|
|
“B”, Series 2026-1, 144A, 4.63%, 5/10/2029 (e)
|
|
1,000,000
|
1,000,365
|
|
“C”, Series 2026-1, 144A, 5.06%, 6/10/2031 (e)
|
|
600,000
|
600,334
|
|
|
|
|
8,237,369
|
|
Credit Card Receivables 0.5%
|
|
||
|
Brex Commercial Charge Card Master Trust, “A1”, Series 2024-1, 144A, 6.05%,
7/15/2027
|
|
400,000
|
400,688
|
|
Continental Finance Credit Card ABS Master Trust, “A”, Series 2024-A, 144A, 5.78%,
12/15/2032
|
|
400,000
|
404,759
|
|
Evergreen Credit Card Trust, “C”, Series 2025-CRT5, 144A, 5.53%, 5/15/2029
|
|
250,000
|
252,594
|
|
Mercury Financial Credit Card Master Trust, “A”, Series 2024-2A, 144A, 6.56%,
7/20/2029
|
|
800,000
|
802,733
|
|
Mission Lane Credit Card Master Trust, “A”, Series 2024-B, 144A, 5.88%, 1/15/2030
|
|
1,000,000
|
1,005,465
|
|
|
|
|
2,866,239
|
|
Home Equity Loans 0.3%
|
|
||
|
RCKT Mortgage Trust:
|
|
|
|
|
“A1A”, Series 2024-CES7, 144A, 5.158%, 10/25/2044
|
|
818,970
|
822,606
|
|
“A1B”, Series 2024-CES9, 144A, 5.683%, 12/25/2044
|
|
419,046
|
423,421
|
|
Towd Point Mortgage Trust, “A1”, Series 2025-CRM1, 144A, 5.799%, 1/25/2065
|
|
704,846
|
713,362
|
|
|
|
|
1,959,389
|
|
Miscellaneous 5.4%
|
|
||
|
Allegro CLO V-S Ltd., “B1”, Series 2024-2A, 144A, 3 mo. USD Term SOFR + 1.9%,
5.568% (a), 7/24/2037
|
|
2,200,000
|
2,205,271
|
|
Apidos CLO XVIII-R, “A2R2”, Series 2018-18A, 144A, 3 mo. USD Term SOFR +
1.58%, 5.249% (a), 1/22/2038
|
|
1,000,000
|
1,002,262
|
|
Apidos CLO XXIV Ltd., “A1AL”, Series 2016-24A, 144A, 3 mo. USD Term SOFR +
1.212%, 4.879% (a), 10/20/2030
|
|
344,521
|
345,483
|
|
ARES LIX CLO Ltd., “C2”, Series 2021-59A, 144A, 3.35%, 4/25/2034
|
|
900,000
|
824,611
|
|
ARES LXXVII CLO Ltd., “A2”, Series 2025-77A, 144A, 3 mo. USD Term SOFR +
1.6%, 5.272% (a), 7/15/2038
|
|
750,000
|
753,184
|
|
ARES XLI CLO Ltd., “BR”, Series 2016-41A, 144A, 3 mo. USD Term SOFR +
1.712%, 5.384% (a), 4/15/2034
|
|
2,000,000
|
2,009,698
|
|
Balboa Bay Loan Funding Ltd., “A1”, Series 2024-1A, 144A, 3 mo. USD Term SOFR +
1.51%, 5.178% (a), 7/20/2037
|
|
500,000
|
501,330
|
|
Cloud Capital Holdco LP, “A2”, Series 2024-1A, 144A, 5.781%, 11/22/2049
|
|
600,000
|
603,396
|
|
Compass Datacenters Issuer III LLC, “A2”, Series 2025-3A, 144A, 5.286%, 7/25/2050
|
|
504,000
|
505,792
|
|
HINNT LLC:
|
|
|
|
|
“B”, Series 2025-B, 144A, 4.75%, 5/15/2045
|
|
789,906
|
790,815
|
|
“B”, Series 2024-A, 144A, 5.84%, 3/15/2043
|
|
179,573
|
183,084
|
|
HPEFS Equipment Trust, “C”, Series 2025-2A, 144A, 4.41%, 11/22/2032
|
|
500,000
|
500,222
|
|
Jersey Mike's Funding LLC, “A2”, Series 2024-1A, 144A, 5.636%, 2/15/2055
|
|
595,500
|
607,699
|
|
Mosaic Solar Loan Trust, “B”, Series 2023-1A, 144A, 6.92%, 6/20/2053
|
|
1,148,492
|
891,673
|
|
MVW LLC:
|
|
|
|
|
“B”, Series 2025-2A, 144A, 4.72%, 10/20/2044
|
|
728,127
|
727,682
|
|
“B”, Series 2025-1A, 144A, 5.21%, 9/22/2042
|
|
401,566
|
407,062
|
|
Octagon 63 Ltd., “A2”, Series 2024-2A, 144A, 3 mo. USD Term SOFR + 1.71%,
5.378% (a), 7/20/2037
|
|
1,900,000
|
1,903,625
|
|
Palmer Square CLO Ltd., “BR3”, Series 2020-3A, 144A, 3 mo. USD Term SOFR +
1.95%, 5.802% (a), 11/15/2036
|
|
1,000,000
|
1,000,779
|
|
Pikes Peak CLO Ltd., “BR”, Series 2023-14A, 144A, 3 mo. USD Term SOFR + 1.75%,
5.418% (a), 7/20/2038
|
|
1,000,000
|
1,002,139
|
|
Rad CLO 23 Ltd., “A1”, Series 2024-23A, 144A, 3 mo. USD Term SOFR + 1.6%,
5.268% (a), 4/20/2037
|
|
3,500,000
|
3,507,962
|
|
Regatta 34 Funding Ltd., “A2”, Series 2025-3A, 144A, 3 mo. USD Term SOFR +
1.75%, 5.418% (a), 7/20/2038
|
|
650,000
|
653,448
|
|
RR 35 Ltd., “A2”, Series 2024-35A, 144A, 3 mo. USD Term SOFR + 1.7%, 5.372% (a),
1/15/2040
|
|
1,000,000
|
1,004,225
|
|
Sculptor CLO XXVI Ltd., “CR”, Series 26A, 144A, 3 mo. USD Term SOFR + 2.2%,
5.868% (a), 1/20/2038
|
|
1,250,000
|
1,256,027
|
|
SERVPRO Master Issuer LLC, “A2”, Series 2025-1A, 144A, 5.525%, 10/25/2055
|
|
1,246,875
|
1,248,198
|
|
Sixth Street CLO 29 Ltd., “B”, Series 2025-29A, 144A, 3 mo. USD Term SOFR +
1.65%, 5.318% (a), 7/17/2038
|
|
500,000
|
502,065
|
|
Sixth Street CLO XIV Ltd., “A2R2”, Series 2019-14A, 144A, 3 mo. USD Term SOFR +
1.4%, 5.07% (a), 1/20/2038
|
|
1,600,000
|
1,601,125
|
|
Sound Point CLO XXXII Ltd., “B1”, Series 2021-4A, 144A, 3 mo. USD Term SOFR +
2.012%, 5.68% (a), 10/25/2034
|
|
500,000
|
500,647
|
|
Switch ABS Issuer LLC:
|
|
|
|
|
“A2”, Series 2024-2A, 144A, 5.436%, 6/25/2054
|
|
400,000
|
399,511
|
|
“A2”, Series 2024-1A, 144A, 6.28%, 3/25/2054
|
|
800,000
|
809,476
|
|
Taco Bell Funding LLC, “A2II”, Series 2025-1A, 144A, 5.049%, 8/25/2055
|
|
625,000
|
623,593
|
|
Texas Debt Capital CLO Ltd., “A2R”, Series 2023-1A, 144A, 3 mo. USD Term SOFR +
1.55%, 5.218% (a), 7/20/2038
|
|
1,500,000
|
1,506,967
|
|
TICP CLO XI Ltd., “AR”, Series 2018-11A, 144A, 3 mo. USD Term SOFR + 1.53%,
5.198% (a), 4/25/2037
|
|
800,000
|
801,610
|
|
Wendy's Funding LLC, “A2I”, Series 2025-1A, 144A, 5.422%, 12/15/2055
|
|
1,250,000
|
1,251,351
|
|
Wingstop Funding LLC, “A2”, Series 2024-1A, 144A, 5.858%, 12/5/2054
|
|
400,000
|
410,986
|
|
|
|
|
32,842,998
|
|
Total Asset-Backed (Cost $45,931,448)
|
45,905,995
|
||
|
|
|||
|
Mortgage-Backed Securities Pass-Throughs 4.1%
|
|
||
|
Federal Home Loan Mortgage Corp., 6.0%, 1/1/2055
|
|
3,672,088
|
3,792,361
|
|
Federal National Mortgage Association:
|
|
|
|
|
5.0%, 2/1/2056, TBA
|
|
2,100,000
|
2,098,963
|
|
6.0%, 2/1/2055
|
|
1,379,430
|
1,423,179
|
|
6.0%, 2/1/2056, TBA
|
|
10,500,000
|
10,750,530
|
|
Government National Mortgage Association:
|
|
|
|
|
5.5%, 2/1/2056, TBA
|
|
7,000,000
|
7,075,460
|
|
6.5%, 8/20/2034
|
|
9,036
|
9,639
|
|
Total Mortgage-Backed Securities Pass-Throughs (Cost $25,072,036)
|
25,150,132
|
||
|
|
|||
|
Commercial Mortgage-Backed Securities 2.2%
|
|
||
|
20 Times Square Trust, “C”, Series 2018-20TS, 144A, 3.1% (a), 5/15/2035
|
|
800,000
|
750,000
|
|
BAHA Trust, “A”, Series 2024-MAR, 144A, 6.171% (a), 12/10/2041
|
|
524,000
|
543,685
|
|
BPR Trust:
|
|
|
|
|
“B”, Series 2021-TY, 144A, 1 mo. USD Term SOFR + 1.264%, 4.945% (a),
9/15/2038
|
|
600,000
|
599,619
|
|
“A”, Series 2024-PMDW, 144A, 5.358%, 11/5/2041
|
|
536,000
|
548,111
|
|
BX Trust:
|
|
|
|
|
“D”, Series 2019-OC11, 144A, 3.944% (a), 12/9/2041
|
|
700,000
|
669,380
|
|
“B”, Series 2025-ARIA, 144A, 5.177%, 12/13/2042
|
|
500,000
|
506,104
|
|
BXP Trust, “B”, Series 2021-601L, 144A, 2.775% (a), 1/15/2044
|
|
750,000
|
654,095
|
|
CSAIL Commercial Mortgage Trust, “AS”, Series 2016-C6, 3.346%, 1/15/2049
|
|
500,000
|
496,927
|
|
Fontainebleau Miami Beach Mortgage Trust, “B”, Series 2024-FBLU, 144A, 1 mo. USD
Term SOFR + 1.85%, 5.53% (a), 12/15/2039
|
|
563,000
|
564,759
|
|
Hudson Yards Mortgage Trust, “C”, Series 2025-SPRL, 144A, 5.952% (a), 1/13/2040
|
|
225,000
|
233,223
|
|
IRV Trust, “C”, Series 2025-200P, 144A, 5.73% (a), 3/14/2047
|
|
667,000
|
674,977
|
|
JPMorgan Chase Commercial Mortgage Securities Trust:
|
|
|
|
|
“A”, Series 2021-1MEM, 144A, 2.516%, 10/9/2042
|
|
1,000,000
|
846,510
|
|
“A”, Series 2016-NINE, 144A, 2.854% (a), 9/6/2038
|
|
750,000
|
743,108
|
|
“A”, Series 2019-OSB, 144A, 3.397%, 6/5/2039
|
|
500,000
|
474,628
|
|
“A”, Series 2018-PHH, 144A, 1 mo. USD Term SOFR + 1.257%, 4.937% (a),
6/15/2035
|
|
1,550,537
|
1,310,229
|
|
JW Commercial Mortgage Trust, “B”, Series 2024-MRCO, 144A, 1 mo. USD Term
SOFR + 1.941%, 5.621% (a), 6/15/2039
|
|
970,000
|
973,030
|
|
KIND Trust, “A”, Series 2021-KIND, 144A, 1 mo. USD Term SOFR + 1.064%, 4.75%
(a), 8/15/2038
|
|
396,688
|
395,948
|
|
ROCK Trust, “A”, Series 2024-CNTR, 144A, 5.388%, 11/13/2041
|
|
635,000
|
653,229
|
|
SWCH Commercial Mortgage Trust, “A”, Series 2025-DATA, 144A, 1 mo. USD Term
SOFR + 1.443%, 5.123% (a), 2/15/2042
|
|
800,000
|
794,250
|
|
U.S. Bank C&I Credit-Linked Notes, “C”, Series 2025-SUP2, 144A, 30 day USD SOFR
Average + 1.9%, 5.597% (a), 9/25/2032
|
|
648,313
|
648,959
|
|
WHARF Commercial Mortgage Trust, “B”, Series 2025-DC, 144A, 5.729% (a),
7/15/2040
|
|
200,000
|
204,895
|
|
Total Commercial Mortgage-Backed Securities (Cost $12,778,328)
|
13,285,666
|
||
|
|
|||
|
Collateralized Mortgage Obligations 3.3%
|
|||
|
Federal Home Loan Mortgage Corp.:
|
|
|
|
|
“DI”, Series 5011, Interest Only, 2.0%, 7/25/2050
|
|
2,717,334
|
374,399
|
|
“MI”, Series 5034, Interest Only, 2.0%, 11/25/2050
|
|
1,859,640
|
249,924
|
|
Federal National Mortgage Association:
|
|
|
|
|
“AO”, Series 2023-53, Principal Only, Zero Coupon, 11/25/2053
|
|
1,265,974
|
1,135,046
|
|
“FE”, Series 2024-87, 30 day USD SOFR Average + 1.85%, 5.547% (a), 12/25/2054
|
|
1,162,132
|
1,180,244
|
|
“FG”, Series 2023-53, 30 day USD SOFR Average + 1.9%, 5.597% (a), 11/25/2053
|
|
9,494,803
|
9,682,912
|
|
“I”, Series 2003-84, Interest Only, 6.0%, 9/25/2033
|
|
77,860
|
10,768
|
|
Freddie Mac Structured Agency Credit Risk Debt Notes, “M2”, Series 2019-DNA2,
144A, 30 day USD SOFR Average + 2.564%, 6.262% (a), 3/25/2049
|
|
646,972
|
660,319
|
|
Government National Mortgage Association:
|
|
|
|
|
Series 2021-19, Interest Only, 2.0%, 1/20/2051
|
|
3,223,989
|
387,015
|
|
“QI”, Series 2021-225, Interest Only, 2.5%, 12/20/2051
|
|
3,620,166
|
483,818
|
|
“AZ”, Series 2023-120, 5.5%, 8/20/2053
|
|
1,141,808
|
1,155,408
|
|
“SG”, Series 2025-60, 14.875% minus (2.5 x 30 day USD SOFR Average), 5.618%
(a), 4/20/2055
|
|
2,101,664
|
2,078,101
|
|
JPMorgan Mortgage Trust:
|
|
|
|
|
“A11”, Series 2024-6, 144A, 30 day USD SOFR Average + 1.25%, 4.947% (a),
12/25/2054
|
|
422,156
|
423,815
|
|
“A1”, Series 2025-DSC1, 144A, 5.577%, 9/25/2065
|
|
744,413
|
753,505
|
|
Sequoia Mortgage Trust, “A3”, Series 2024-INV1, 144A, 5.5%, 10/25/2054
|
|
1,011,222
|
1,019,348
|
|
Western Alliance Bank, “M1”, Series 2021-CL2, 144A, 30 day USD SOFR Average +
3.15%, 6.847% (a), 7/25/2059
|
|
831,075
|
876,839
|
|
Total Collateralized Mortgage Obligations (Cost $19,866,076)
|
20,471,461
|
||
|
|
|||
|
Government & Agency Obligations 15.9%
|
|||
|
Sovereign Bonds 3.8%
|
|
||
|
African Development Bank, 5.875%, Perpetual
|
|
1,550,000
|
1,546,601
|
|
Brazilian Government International Bond, 6.0%, 10/20/2033
|
|
950,000
|
960,070
|
|
Colombia Government International Bond:
|
|
|
|
|
5.0%, 9/19/2032
|
EUR
|
3,850,000
|
4,412,368
|
|
6.125%, 1/21/2031
|
|
1,095,000
|
1,090,401
|
|
Eagle Funding Luxco SARL, 144A, 5.5%, 8/17/2030
|
|
994,000
|
1,009,725
|
|
Hungary Government Bond, 1.5%, 8/26/2026
|
HUF
|
1,070,000,000
|
3,245,354
|
|
Mexico Cetes, Zero Coupon, 3/5/2026
|
MXN
|
117,000,000
|
6,652,364
|
|
Mexico Government International Bond, 5.625%, 2/9/2034
|
|
4,604,000
|
4,587,149
|
|
|
|
|
23,504,032
|
|
U.S. Treasury Obligations 12.1%
|
|
||
|
U.S. Treasury Bills, 3.613% (f), 8/6/2026 (g)
|
|
20,000,000
|
19,638,582
|
|
U.S. Treasury Bonds, 4.625%, 2/15/2055
|
|
2,665,300
|
2,553,274
|
|
U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.182%,
3.795% (a), 7/31/2026
|
|
6,100,000
|
6,103,425
|
|
U.S. Treasury Notes:
|
|
|
|
|
3.875%, 7/31/2027
|
|
34,706,400
|
34,875,865
|
|
3.875%, 8/31/2032
|
|
1,500,000
|
1,489,570
|
|
4.0%, 3/31/2030
|
|
2,805,900
|
2,833,849
|
|
4.25%, 6/30/2029
|
|
1,203,200
|
1,225,807
|
|
4.25%, 8/15/2035
|
|
5,302,000
|
5,306,971
|
|
|
|
|
74,027,343
|
|
Total Government & Agency Obligations (Cost $96,928,768)
|
97,531,375
|
||
|
|
|||
|
Loan Participations and Assignments 0.2%
|
|||
|
Senior Loan (a) 0.2%
|
|
||
|
TransDigm, Inc., Term Loan J, 1 mo. USD Term SOFR + 2.5%, 6.172%, 2/28/2031
(Cost $1,028,157)
|
|
1,028,382
|
1,029,066
|
|
|
|
Shares
|
Value ($)
|
|
|
|||
|
Exchange-Traded Funds 2.8%
|
|||
|
VanEck JPMorgan EM Local Currency Bond ETF (d) (Cost $16,851,745)
|
|
652,175
|
17,152,203
|
|
|
|||
|
Securities Lending Collateral 4.8%
|
|||
|
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional
Shares", 3.56% (h) (i) (Cost $29,255,280)
|
|
29,255,280
|
29,255,280
|
|
|
|||
|
Cash Equivalents 6.3%
|
|||
|
DWS Central Cash Management Government Fund, 3.67% (h) (Cost $38,473,016)
|
|
38,473,016
|
38,473,016
|
|
|
|||
|
|
|
% of
Net Assets
|
Value ($)
|
|
Total Investment Portfolio (Cost $624,245,858)
|
|
106.8
|
653,838,922
|
|
Other Assets and Liabilities, Net
|
|
(6.8
)
|
(41,665,896
)
|
|
Net Assets
|
|
100.0
|
612,173,026
|
|
Value ($) at
10/31/2025
|
Purchases
Cost ($)
|
Sales
Proceeds ($)
|
Net
Realized
Gain/
(Loss) ($)
|
Net
Change in
Unrealized
Appreci-
ation
(Deprecia-
tion) ($)
|
Income ($)
|
Capital
Gain
Distribu-
tions ($)
|
Number of
Shares at
1/31/2026
|
Value ($) at
1/31/2026
|
|
Securities Lending Collateral 4.8%
|
||||||||
|
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares",
3.56% (h) (i)
|
||||||||
|
16,903,009
|
12,352,271 (j)
|
—
|
—
|
—
|
34,406
|
—
|
29,255,280
|
29,255,280
|
|
Cash Equivalents 6.3%
|
||||||||
|
DWS Central Cash Management Government Fund, 3.67% (h)
|
||||||||
|
44,605,707
|
44,057,848
|
50,190,539
|
—
|
—
|
385,969
|
—
|
38,473,016
|
38,473,016
|
|
61,508,716
|
56,410,119
|
50,190,539
|
—
|
—
|
420,375
|
—
|
67,728,296
|
67,728,296
|
|
|
|
|
*
|
Non-income producing security.
|
|
(a)
|
Variable or floating rate security. These securities are shown at their current rate
as of January 31, 2026. 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.
|
|
(b)
|
Investment was valued using significant unobservable inputs.
|
|
(c)
|
Principal amount stated in U.S. dollars unless otherwise noted.
|
|
(d)
|
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 January 31, 2026 amounted to $28,240,807,
which is 4.6% of net assets.
|
|
(e)
|
When-issued security.
|
|
(f)
|
Annualized yield at time of purchase; not a coupon rate.
|
|
(g)
|
At January 31, 2026, 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 January 31, 2026.
|
|
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.
|
|
ADR: American Depositary Receipt
|
|
CLO: Collateralized Loan Obligation
|
|
CMT: Constant Maturity Treasury
|
|
FTSE: Financial Times and the London Stock Exchange
|
|
GDR: Global Depositary Receipt
|
|
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
|
|
Perpetual: Callable security with no stated maturity date.
|
|
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
|
|
S&P: Standard & Poor's
|
|
SOFR: Secured Overnight Financing Rate
|
|
TBA: To Be Announced
|
|
Futures
|
Currency
|
Expiration
Date
|
Contracts
|
Notional
Amount ($)
|
Notional
Value ($)
|
Unrealized
Appreciation/
(Depreciation) ($)
|
|
DAX Index
|
EUR
|
3/20/2026
|
20
|
14,425,862
|
14,589,282
|
163,420
|
|
E-Mini S&P 500
Index
|
USD
|
3/20/2026
|
37
|
12,858,143
|
12,886,638
|
28,495
|
|
Eurex 10 Year
Euro Bund
|
EUR
|
3/6/2026
|
96
|
14,562,628
|
14,584,920
|
22,292
|
|
FTSE 100 Index
|
GBP
|
3/20/2026
|
82
|
10,949,103
|
11,433,101
|
483,998
|
|
MSCI Emerging
Markets Index
|
USD
|
3/20/2026
|
358
|
24,935,881
|
27,222,320
|
2,286,439
|
|
MSCI World
Index
|
USD
|
3/20/2026
|
500
|
71,921,420
|
72,955,000
|
1,033,580
|
|
Nikkei 225 Index
|
JPY
|
3/12/2026
|
142
|
24,145,824
|
24,528,399
|
382,575
|
|
Russell E-Mini
2000 Index
|
USD
|
3/20/2026
|
142
|
18,317,972
|
18,634,660
|
316,688
|
|
Ultra 10 Year
U.S. Treasury
Note
|
USD
|
3/20/2026
|
55
|
6,345,196
|
6,278,594
|
(66,602
)
|
|
Ultra Long
U.S. Treasury
Bond
|
USD
|
3/20/2026
|
67
|
8,071,944
|
7,868,313
|
(203,631
)
|
|
Total net unrealized appreciation
|
4,447,254
|
|||||
|
Contracts to Deliver
|
In Exchange For
|
Settlement
Date
|
Unrealized
Appreciation ($)
|
Counterparty
|
||
|
USD
|
12,492,380
|
SEK
|
117,500,000
|
2/11/2026
|
703,983
|
BNP Paribas
|
|
USD
|
7,954,685
|
GBP
|
5,929,620
|
3/17/2026
|
158,686
|
Australia and New Zealand
Banking Group Ltd.
|
|
JPY
|
1,223,277,761
|
USD
|
7,962,513
|
3/17/2026
|
29,672
|
Australia and New Zealand
Banking Group Ltd.
|
|
Contracts to Deliver
|
In Exchange For
|
Settlement
Date
|
Unrealized
Appreciation ($)
|
Counterparty
|
||
|
USD
|
11,946,032
|
EUR
|
10,100,000
|
3/17/2026
|
49,708
|
State Street Bank and Trust
|
|
JPY
|
1,841,000,000
|
USD
|
11,982,877
|
3/17/2026
|
44,165
|
Goldman Sachs & Co.
|
|
USD
|
11,822,021
|
JPY
|
1,841,000,000
|
3/17/2026
|
116,691
|
State Street Bank and Trust
|
|
Total unrealized appreciation
|
1,102,905
|
|
||||
|
Contracts to Deliver
|
In Exchange For
|
Settlement
Date
|
Unrealized
Depreciation ($)
|
Counterparty
|
||
|
SEK
|
117,500,000
|
USD
|
12,693,053
|
2/11/2026
|
(503,310
)
|
BNP Paribas
|
|
EUR
|
10,100,000
|
USD
|
11,842,183
|
3/17/2026
|
(153,556
)
|
Australia and New Zealand
Banking Group Ltd.
|
|
Total unrealized depreciation
|
(656,866
)
|
|
||||
|
EUR
|
Euro
|
|
GBP
|
British Pound
|
|
HUF
|
Hungarian Forint
|
|
JPY
|
Japanese Yen
|
|
MXN
|
Mexican Peso
|
|
SEK
|
Swedish Krona
|
|
USD
|
United States Dollar
|
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Common Stocks
|
|
|
|
|
|
Communication Services
|
$19,257,271
|
$—
|
$—
|
$19,257,271
|
|
Consumer Discretionary
|
20,904,342
|
—
|
—
|
20,904,342
|
|
Consumer Staples
|
5,753,048
|
5,479,207
|
—
|
11,232,255
|
|
Energy
|
7,955,904
|
373,325
|
—
|
8,329,229
|
|
Financials
|
25,375,003
|
13,078,546
|
—
|
38,453,549
|
|
Health Care
|
10,179,744
|
9,121,519
|
—
|
19,301,263
|
|
Industrials
|
14,406,143
|
9,775,605
|
—
|
24,181,748
|
|
Information Technology
|
55,688,451
|
2,653,950
|
—
|
58,342,401
|
|
Materials
|
7,389,913
|
1,307,539
|
—
|
8,697,452
|
|
Real Estate
|
3,870,905
|
—
|
—
|
3,870,905
|
|
Utilities
|
5,319,888
|
—
|
—
|
5,319,888
|
|
Preferred Stocks (a)
|
15,710,798
|
—
|
—
|
15,710,798
|
|
Rights
|
—
|
—
|
1,122
|
1,122
|
|
Warrants
|
—
|
—
|
4,763
|
4,763
|
|
Corporate Bonds (a)
|
—
|
131,977,742
|
—
|
131,977,742
|
|
Asset-Backed (a)
|
—
|
45,905,995
|
—
|
45,905,995
|
|
Mortgage-Backed Securities Pass-Throughs
|
—
|
25,150,132
|
—
|
25,150,132
|
|
Commercial Mortgage-Backed Securities
|
—
|
13,285,666
|
—
|
13,285,666
|
|
Collateralized Mortgage Obligations
|
—
|
20,471,461
|
—
|
20,471,461
|
|
Government & Agency Obligations (a)
|
—
|
97,531,375
|
—
|
97,531,375
|
|
Loan Participations and Assignments
|
—
|
1,029,066
|
—
|
1,029,066
|
|
Exchange-Traded Funds
|
17,152,203
|
—
|
—
|
17,152,203
|
|
Short-Term Investments
|
67,728,296
|
—
|
—
|
67,728,296
|
|
Derivatives (b)
|
|
|
|
|
|
Futures Contracts
|
4,717,487
|
—
|
—
|
4,717,487
|
|
Forward Foreign Currency Contracts
|
—
|
1,102,905
|
—
|
1,102,905
|
|
Total
|
$281,409,396
|
$378,244,033
|
$5,885
|
$659,659,314
|
|
Liabilities
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Derivatives (b)
|
|
|
|
|
|
Futures Contracts
|
$(270,233
)
|
$—
|
$—
|
$(270,233
)
|
|
Forward Foreign Currency Contracts
|
—
|
(656,866
)
|
—
|
(656,866
)
|
|
Total
|
$(270,233
)
|
$(656,866
)
|
$—
|
$(927,099
)
|
|
(a)
|
See Investment Portfolio for additional detailed categorizations.
|
|
(b)
|
Derivatives include unrealized appreciation (depreciation) on open futures contracts
and forward foreign currency contracts.
|