UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSRS
Investment Company Act file number: 811-01236
Deutsche DWS Market Trust
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 10/31 |
Date of reporting period: | 4/30/2021 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) | |
2 | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | 3 |
4 | | DWS Global Income Builder Fund |
Performance Summary | April 30, 2021 (Unaudited) |
Class A | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/21 | ||||
Unadjusted for Sales Charge | 16.77% | 27.15% | 9.24% | 6.31% |
Adjusted for the Maximum Sales Charge (max 5.75% load) | 10.05% | 19.84% | 7.96% | 5.68% |
MSCI All Country World Index† | 28.29% | 45.75% | 13.85% | 9.17% |
Blended Index 60/40†† | 15.94% | 26.59% | 9.99% | 7.27% |
Bloomberg Barclays U.S. Universal Index††† | –0.62% | 1.78% | 3.63% | 3.72% |
Average Annual Total Returns as of 3/31/21 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | 31.00% | 8.82% | 6.30% | |
Adjusted for the Maximum Sales Charge (max 5.75% load) | 23.47% | 7.54% | 5.67% | |
MSCI All Country World Index† | 54.60% | 13.21% | 9.14% | |
Blended Index 60/40†† | 31.89% | 9.60% | 7.27% | |
Bloomberg Barclays U.S. Universal Index††† | 2.95% | 3.59% | 3.77% |
Class C | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/21 | ||||
Unadjusted for Sales Charge | 16.42% | 26.14% | 8.40% | 5.47% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 15.42% | 26.14% | 8.40% | 5.47% |
MSCI All Country World Index† | 28.29% | 45.75% | 13.85% | 9.17% |
Blended Index 60/40†† | 15.94% | 26.59% | 9.99% | 7.27% |
Bloomberg Barclays U.S. Universal Index††† | –0.62% | 1.78% | 3.63% | 3.72% |
Average Annual Total Returns as of 3/31/21 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | 30.08% | 7.98% | 5.46% | |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 30.08% | 7.98% | 5.46% | |
MSCI All Country World Index† | 54.60% | 13.21% | 9.14% | |
Blended Index 60/40†† | 31.89% | 9.60% | 7.27% | |
Bloomberg Barclays U.S. Universal Index††† | 2.95% | 3.59% | 3.77% |
DWS Global Income Builder Fund | | 5 |
Class R6 | 6-Month ‡ | 1-Year | 5-Year | Life of Class* |
Average Annual Total Returns as of 4/30/21 | ||||
No Sales Charges | 17.00% | 27.49% | 9.59% | 6.10% |
MSCI All Country World Index† | 28.29% | 45.75% | 13.85% | 9.73% |
Blended Index 60/40†† | 15.94% | 26.59% | 9.99% | 8.04% |
Bloomberg Barclays U.S. Universal Index††† | –0.62% | 1.78% | 3.63% | 3.47% |
Average Annual Total Returns as of 3/31/21 (most recent calendar quarter end) | ||||
No Sales Charges | 31.35% | 9.17% | 5.73% | |
MSCI All Country World Index† | 54.60% | 13.21% | 9.14% | |
Blended Index 60/40†† | 31.89% | 9.60% | 7.53% | |
Bloomberg Barclays U.S. Universal Index††† | 2.95% | 3.59% | 3.39% |
Class S | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/21 | ||||
No Sales Charges | 17.01% | 27.41% | 9.47% | 6.52% |
MSCI All Country World Index† | 28.29% | 45.75% | 13.85% | 9.17% |
Blended Index 60/40†† | 15.94% | 26.59% | 9.99% | 7.27% |
Bloomberg Barclays U.S. Universal Index††† | –0.62% | 1.78% | 3.63% | 3.72% |
Average Annual Total Returns as of 3/31/21 (most recent calendar quarter end) | ||||
No Sales Charges | 31.26% | 9.04% | 6.52% | |
MSCI All Country World Index† | 54.60% | 13.21% | 9.14% | |
Blended Index 60/40†† | 31.89% | 9.60% | 7.27% | |
Bloomberg Barclays U.S. Universal Index††† | 2.95% | 3.59% | 3.77% |
Institutional Class | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/21 | ||||
No Sales Charges | 17.05% | 27.50% | 9.51% | 6.56% |
MSCI All Country World Index† | 28.29% | 45.75% | 13.85% | 9.17% |
Blended Index 60/40†† | 15.94% | 26.59% | 9.99% | 7.27% |
Bloomberg Barclays U.S. Universal Index††† | –0.62% | 1.78% | 3.63% | 3.72% |
Average Annual Total Returns as of 3/31/21 (most recent calendar quarter end) | ||||
No Sales Charges | 31.36% | 9.08% | 6.56% | |
MSCI All Country World Index† | 54.60% | 13.21% | 9.14% | |
Blended Index 60/40†† | 31.89% | 9.60% | 7.27% | |
Bloomberg Barclays U.S. Universal Index††† | 2.95% | 3.59% | 3.77% |
6 | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | 7 |
* | Class R6 shares commenced operations on August 25, 2014. The performance shown for the Blended Index is for the time period of August 31, 2014 through October 31, 2018, which is based on the performance period of the life of Class R6. |
† | MSCI All Country World Index is an unmanaged equity index which captures large and mid-capitalization representation across 23 developed markets and 26 emerging markets countries. It covers approximately 85% of the global investable equity opportunity set. |
†† | The Blended Index 60/40 consists of an equally weighted blend of 60% MSCI All Country World Index and 40% Bloomberg Barclays U.S. Universal Index. |
††† | Bloomberg Barclays U.S. Universal Index measures the performance of U.S. dollar-denominated taxable bonds that are rated either investment grade or high yield. The index includes U.S. Treasury bonds, investment-grade and high yield U.S. corporate bonds, mortgage-backed securities, and Eurodollar bonds. |
‡ | Total returns shown for periods less than one year are not annualized. |
Class A | Class C | Class R6 | Class S | Institutional Class | |
Net Asset Value | |||||
4/30/21 | $10.72 | $10.72 | $10.70 | $10.72 | $10.71 |
10/31/20 | $ 9.26 | $ 9.25 | $ 9.24 | $ 9.25 | $ 9.24 |
Distribution Information as of 4/30/21 | |||||
Income Dividends, Six Months | $ .09 | $ .05 | $ .10 | $ .10 | $ .10 |
8 | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | 9 |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 4/30/21 | 10/31/20 |
Equity | 62% | 62% |
Common Stocks | 55% | 53% |
Preferred Stocks | 4% | 5% |
Exchange-Traded Funds | 3% | 4% |
Warrants | 0% | 0% |
Fixed Income | 33% | 35% |
Corporate Bonds | 19% | 14% |
Mortgage-Backed Securities Pass-Throughs | 5% | 5% |
Collateralized Mortgage Obligations | 3% | 5% |
Commercial Mortgage-Backed Securities | 2% | 5% |
Asset-Backed | 2% | 5% |
Government & Agency Obligations | 2% | 1% |
Loan Participations and Assignments | 0% | 0% |
Cash Equivalents | 5% | 3% |
Cash Equivalents | 3% | 2% |
Short-Term U.S. Treasury Obligations | 2% | 1% |
100% | 100% |
Sector Diversification (As a % of Common Stocks, Preferred Stocks, Warrants, Corporate Bonds and Loan Participations and Assignments) | 4/30/21 | 10/31/20 |
Financials | 22% | 19% |
Information Technology | 17% | 20% |
Communication Services | 11% | 12% |
Health Care | 9% | 10% |
Consumer Discretionary | 9% | 10% |
Industrials | 7% | 8% |
Utilities | 6% | 7% |
Materials | 5% | 4% |
Energy | 5% | 2% |
Consumer Staples | 5% | 5% |
Real Estate | 4% | 3% |
100% | 100% |
10 | | DWS Global Income Builder Fund |
Geographical Diversification (As a % of Investment Portfolio excluding Exchange-Traded Funds, Securities Lending Collateral and Cash Equivalents) | 4/30/21 | 10/31/20 |
United States | 62% | 68% |
Japan | 5% | 5% |
United Kingdom | 5% | 2% |
Canada | 3% | 3% |
Switzerland | 3% | 2% |
Germany | 2% | 2% |
Netherlands | 2% | 0% |
Ireland | 2% | 1% |
Australia | 2% | 1% |
Cayman Islands | 1% | 2% |
Hong Kong | 1% | 2% |
Other | 12% | 12% |
100% | 100% |
Five Largest Equity Holdings at April 30, 2021 (6.9% of Net Assets) | Percent |
1 Apple, Inc. | 2.0% |
Designs, manufactures and markets personal computers and related computing and mobile-communication devices | |
2 Microsoft Corp. | 1.6% |
Develops, manufactures, licenses, sells and supports software products | |
3 Amazon.com, Inc. | 1.3% |
Online retailer offering a wide range of products | |
4 Rio Tinto PLC | 1.2% |
Operator of a mining, manufacturing and development company | |
5 AT&T, Inc. | 0.8% |
An integrated telecommunications company |
Five Largest Fixed-Income Long-Term Securities at April 30, 2021 (7.7% of Net Assets) | Percent |
1 Federal National Mortgage Association | 5.1% |
2.50%, 6/1/2051 | |
2 Freddie Mac Structured Agency Credit Risk Debt Notes | 0.7% |
1.956%, 2/25/2050 | |
3 Teva Pharmaceutical Finance Netherlands III BV | 0.7% |
3.15%, 10/1/2026 | |
4 Fair Square Issuance Trust | 0.6% |
2.90%, 9/20/2024 | |
5 Hertz Vehicle Financing II LP | 0.6% |
3.03%, 12/26/2025 |
DWS Global Income Builder Fund | | 11 |
Investment Portfolio | as of April 30, 2021 (Unaudited) |
Shares | Value ($) | ||
Common Stocks 57.6% | |||
Communication Services 5.4% | |||
Diversified Telecommunication Services 2.8% | |||
AT&T, Inc. | 188,800 | 5,930,208 | |
BCE, Inc. | 45,122 | 2,132,846 | |
Deutsche Telekom AG (Registered) | 77,925 | 1,500,453 | |
Elisa Oyj | 17,716 | 1,005,759 | |
Koninklijke KPN NV | 299,720 | 1,033,069 | |
Nippon Telegraph & Telephone Corp. | 56,300 | 1,418,229 | |
Orange SA | 75,332 | 938,056 | |
Swisscom AG (Registered) | 1,689 | 918,293 | |
Telenor ASA | 72,866 | 1,302,026 | |
Telia Co. AB | 338,554 | 1,402,726 | |
Telstra Corp., Ltd. | 401,332 | 1,052,124 | |
TELUS Corp. | 46,463 | 963,923 | |
Verizon Communications, Inc. | 36,533 | 2,111,242 | |
21,708,954 | |||
Entertainment 0.2% | |||
Activision Blizzard, Inc. | 6,700 | 610,973 | |
Nintendo Co., Ltd. | 2,100 | 1,208,814 | |
1,819,787 | |||
Interactive Media & Services 1.0% | |||
Alphabet, Inc. “A” * | 700 | 1,647,450 | |
Alphabet, Inc. “C” * | 600 | 1,446,072 | |
Match Group, Inc.* | 5,500 | 855,965 | |
Pinterest, Inc. “A” * | 12,700 | 842,899 | |
Snap, Inc. “A” * | 18,100 | 1,118,942 | |
Zillow Group, Inc. “A” * | 5,000 | 666,750 | |
Zillow Group, Inc. “C” * | 5,700 | 741,684 | |
7,319,762 | |||
Media 0.4% | |||
Comcast Corp. “A” | 31,486 | 1,767,939 | |
Interpublic Group of Companies, Inc. | 37,702 | 1,197,038 | |
2,964,977 | |||
Wireless Telecommunication Services 1.0% | |||
KDDI Corp. | 37,400 | ��� 1,129,878 |
12 | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
SoftBank Corp. | 206,200 | 2,655,826 | |
Vodafone Group PLC | 2,048,453 | 3,860,483 | |
7,646,187 | |||
Consumer Discretionary 5.1% | |||
Auto Components 0.1% | |||
Denso Corp. | 18,000 | 1,164,790 | |
Automobiles 1.2% | |||
Bayerische Motoren Werke AG | 11,895 | 1,193,796 | |
Porsche Automobil Holding SE (Preference) | 17,501 | 1,848,389 | |
Tesla, Inc.* | 4,900 | 3,476,256 | |
Toyota Motor Corp. | 19,100 | 1,423,480 | |
Volkswagen AG (Preference) | 4,571 | 1,189,099 | |
9,131,020 | |||
Hotels, Restaurants & Leisure 0.9% | |||
Evolution Gaming Group AB 144A | 13,987 | 2,768,290 | |
McDonald’s Corp. | 3,600 | 849,888 | |
Restaurant Brands International, Inc. | 10,100 | 693,602 | |
Starbucks Corp. | 13,500 | 1,545,615 | |
Yum! Brands, Inc. | 6,200 | 741,024 | |
6,598,419 | |||
Household Durables 0.6% | |||
Electrolux AB “B” | 34,795 | 979,194 | |
Garmin Ltd. | 8,507 | 1,167,501 | |
Newell Brands, Inc. | 54,600 | 1,472,016 | |
Sekisui House Ltd. | 37,900 | 766,103 | |
4,384,814 | |||
Internet & Direct Marketing Retail 1.3% | |||
Amazon.com, Inc.* | 2,817 | 9,767,722 | |
Multiline Retail 0.4% | |||
Target Corp. | 7,907 | 1,638,805 | |
Wesfarmers Ltd. | 32,041 | 1,338,056 | |
2,976,861 | |||
Specialty Retail 0.6% | |||
Best Buy Co., Inc. | 8,700 | 1,011,549 | |
Home Depot, Inc. | 7,150 | 2,314,241 | |
Lowe’s Companies, Inc. | 7,900 | 1,550,375 | |
4,876,165 |
DWS Global Income Builder Fund | | 13 |
Shares | Value ($) | ||
Consumer Staples 3.7% | |||
Beverages 0.5% | |||
Coca-Cola Co. | 38,229 | 2,063,601 | |
PepsiCo, Inc. | 13,598 | 1,960,288 | |
4,023,889 | |||
Food & Staples Retailing 0.7% | |||
Koninklijke Ahold Delhaize NV | 33,921 | 912,335 | |
Tesco PLC | 316,374 | 964,683 | |
Walgreens Boots Alliance, Inc. | 24,298 | 1,290,224 | |
Walmart, Inc. | 9,100 | 1,273,181 | |
Woolworths Group Ltd. | 29,394 | 893,103 | |
5,333,526 | |||
Food Products 1.1% | |||
Bunge Ltd. | 11,100 | 937,062 | |
General Mills, Inc. | 15,703 | 955,684 | |
Kellogg Co. | 12,799 | 798,914 | |
Kraft Heinz Co. | 34,679 | 1,431,896 | |
Nestle SA (Registered) | 15,582 | 1,859,251 | |
WH Group Ltd. 144A | 948,000 | 828,886 | |
Wilmar International Ltd. | 312,900 | 1,229,205 | |
8,040,898 | |||
Household Products 0.6% | |||
Colgate-Palmolive Co. | 7,400 | 597,180 | |
Kimberly-Clark Corp. | 6,222 | 829,517 | |
Procter & Gamble Co. | 14,979 | 1,998,498 | |
Reckitt Benckiser Group PLC | 11,322 | 1,007,936 | |
4,433,131 | |||
Personal Products 0.2% | |||
Unilever PLC | 30,915 | 1,806,530 | |
Tobacco 0.6% | |||
Philip Morris International, Inc. | 48,965 | 4,651,675 | |
Energy 1.4% | |||
Energy Equipment & Services 0.1% | |||
Baker Hughes Co. | 36,300 | 728,904 | |
Oil, Gas & Consumable Fuels 1.3% | |||
Canadian Natural Resources Ltd. | 36,600 | 1,110,968 | |
Chevron Corp. | 16,000 | 1,649,120 | |
ENEOS Holdings, Inc. | 278,300 | 1,197,856 | |
Eni SpA | 89,966 | 1,073,891 |
14 | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Kinder Morgan, Inc. | 88,600 | 1,510,630 | |
Neste Oyj | 10,929 | 660,433 | |
TC Energy Corp. | 32,999 | 1,632,567 | |
Valero Energy Corp. | 14,941 | 1,105,036 | |
9,940,501 | |||
Financials 9.5% | |||
Banks 5.1% | |||
Banco Bilbao Vizcaya Argentaria SA | 224,175 | 1,254,105 | |
Bank of America Corp. | 27,300 | 1,106,469 | |
Bank of Montreal (a) | 17,600 | 1,661,128 | |
Bank of Nova Scotia | 21,891 | 1,393,978 | |
BOC Hong Kong Holdings Ltd. | 490,500 | 1,730,512 | |
Canadian Imperial Bank of Commerce | 10,143 | 1,054,446 | |
Citizens Financial Group, Inc. | 33,299 | 1,541,078 | |
Commonwealth Bank of Australia | 26,180 | 1,798,565 | |
DBS Group Holdings Ltd. | 109,300 | 2,455,610 | |
Fifth Third Bancorp. | 28,900 | 1,171,606 | |
Hang Seng Bank Ltd. | 67,200 | 1,318,223 | |
Huntington Bancshares, Inc. | 61,200 | 937,584 | |
JPMorgan Chase & Co. | 11,470 | 1,764,201 | |
KeyCorp. | 62,599 | 1,362,154 | |
Mitsubishi UFJ Financial Group, Inc. | 282,600 | 1,500,098 | |
Mizuho Financial Group, Inc. | 141,760 | 2,001,624 | |
Oversea-Chinese Banking Corp., Ltd. | 167,900 | 1,536,832 | |
PNC Financial Services Group, Inc. | 5,300 | 990,835 | |
Regions Financial Corp. | 67,200 | 1,464,960 | |
Royal Bank of Canada | 21,057 | 2,009,679 | |
Sumitomo Mitsui Financial Group, Inc. | 54,100 | 1,886,687 | |
Toronto-Dominion Bank | 33,680 | 2,315,389 | |
Truist Financial Corp. | 16,986 | 1,007,440 | |
U.S. Bancorp. | 24,300 | 1,442,205 | |
United Overseas Bank Ltd. | 97,800 | 1,953,522 | |
38,658,930 | |||
Capital Markets 1.8% | |||
3i Group PLC | 47,729 | 844,331 | |
Apollo Global Management, Inc. | 31,000 | 1,716,470 | |
BlackRock, Inc. | 1,400 | 1,147,020 | |
Blackstone Group, Inc. “A” | 29,400 | 2,601,606 | |
Franklin Resources, Inc. | 40,800 | 1,224,000 | |
Hong Kong Exchanges & Clearing Ltd. | 11,800 | 713,083 | |
Magellan Financial Group Ltd. | 26,955 | 1,006,362 | |
Partners Group Holding AG | 1,176 | 1,677,965 |
DWS Global Income Builder Fund | | 15 |
Shares | Value ($) | ||
T. Rowe Price Group, Inc. | 7,400 | 1,326,080 | |
UBS Group AG (Registered) | 71,554 | 1,088,418 | |
13,345,335 | |||
Diversified Financial Services 0.1% | |||
ORIX Corp. | 65,700 | 1,059,335 | |
Insurance 2.5% | |||
Allianz SE (Registered) | 7,140 | 1,857,898 | |
Fidelity National Financial, Inc. | 17,515 | 799,034 | |
Legal & General Group PLC | 352,086 | 1,320,504 | |
Manulife Financial Corp. | 100,900 | 2,203,275 | |
Medibank Private Ltd. | 380,074 | 904,734 | |
MetLife, Inc. | 17,674 | 1,124,597 | |
MS&AD Insurance Group Holdings, Inc. | 22,400 | 633,870 | |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | 2,911 | 840,790 | |
NN Group NV | 23,406 | 1,170,888 | |
Poste Italiane SpA 144A | 89,908 | 1,179,044 | |
Progressive Corp. | 15,400 | 1,551,396 | |
Prudential Financial, Inc. | 22,200 | 2,227,992 | |
Sampo Oyj “A” | 19,836 | 941,132 | |
Sompo Holdings, Inc. | 17,000 | 633,848 | |
Zurich Insurance Group AG | 4,799 | 1,968,362 | |
19,357,364 | |||
Health Care 5.7% | |||
Biotechnology 0.9% | |||
AbbVie, Inc. | 32,201 | 3,590,412 | |
Amgen, Inc. | 7,621 | 1,826,296 | |
Gilead Sciences, Inc. | 27,285 | 1,731,779 | |
7,148,487 | |||
Health Care Equipment & Supplies 0.6% | |||
Abbott Laboratories | 15,088 | 1,811,767 | |
Coloplast AS “B” | 3,518 | 584,007 | |
Medtronic PLC | 14,089 | 1,844,532 | |
4,240,306 | |||
Health Care Providers & Services 0.6% | |||
Cardinal Health, Inc. | 17,241 | 1,040,322 | |
CVS Health Corp. | 18,100 | 1,382,840 | |
UnitedHealth Group, Inc. | 4,681 | 1,866,783 | |
4,289,945 |
16 | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Health Care Technology 0.1% | |||
M3, Inc. | 10,700 | 741,666 | |
Pharmaceuticals 3.5% | |||
Astellas Pharma, Inc. | 49,600 | 744,743 | |
AstraZeneca PLC | 13,598 | 1,446,883 | |
Bayer AG (Registered) | 30,234 | 1,949,041 | |
Bristol-Myers Squibb Co. | 27,948 | 1,744,514 | |
Chugai Pharmaceutical Co., Ltd. | 29,000 | 1,090,724 | |
Eli Lilly & Co. | 9,904 | 1,810,154 | |
GlaxoSmithKline PLC | 78,774 | 1,456,391 | |
Johnson & Johnson | 15,076 | 2,453,318 | |
Merck & Co., Inc. | 27,049 | 2,015,151 | |
Novartis AG (Registered) | 24,515 | 2,093,077 | |
Novo Nordisk AS “B” | 17,031 | 1,249,217 | |
Pfizer, Inc. | 64,681 | 2,499,921 | |
Roche Holding AG | 4,450 | 1,548,777 | |
Roche Holding AG (Genusschein) | 6,719 | 2,190,723 | |
Sanofi | 14,353 | 1,505,547 | |
Takeda Pharmaceutical Co., Ltd. | 31,100 | 1,036,426 | |
26,834,607 | |||
Industrials 4.4% | |||
Aerospace & Defense 0.4% | |||
BAE Systems PLC | 185,245 | 1,293,383 | |
Lockheed Martin Corp. | 2,360 | 898,122 | |
Raytheon Technologies Corp. | 11,884 | 989,224 | |
3,180,729 | |||
Air Freight & Logistics 0.7% | |||
Deutsche Post AG (Registered) | 26,457 | 1,555,558 | |
FedEx Corp. | 4,300 | 1,248,333 | |
United Parcel Service, Inc. “B” | 12,990 | 2,648,141 | |
5,452,032 | |||
Building Products 0.3% | |||
Johnson Controls International PLC | 17,364 | 1,082,472 | |
Xinyi Glass Holdings Ltd. | 298,000 | 1,057,309 | |
2,139,781 | |||
Commercial Services & Supplies 0.0% | |||
Quad Graphics, Inc. | 10 | 36 | |
Construction & Engineering 0.1% | |||
Bouygues SA (a) | 22,423 | 961,010 |
DWS Global Income Builder Fund | | 17 |
Shares | Value ($) | ||
Electrical Equipment 0.5% | |||
ABB Ltd. (Registered) | 37,400 | 1,215,645 | |
Eaton Corp. PLC | 10,120 | 1,446,451 | |
Emerson Electric Co. | 10,181 | 921,279 | |
3,583,375 | |||
Industrial Conglomerates 0.8% | |||
3M Co. | 6,510 | 1,283,382 | |
CK Hutchison Holdings Ltd. | 188,500 | 1,544,486 | |
Honeywell International, Inc. | 5,301 | 1,182,335 | |
Jardine Matheson Holdings Ltd. | 14,900 | 999,135 | |
Siemens AG (Registered) | 7,905 | 1,316,163 | |
6,325,501 | |||
Machinery 0.2% | |||
Cummins, Inc. | 3,413 | 860,212 | |
Kone Oyj “B” | 7,333 | 576,029 | |
1,436,241 | |||
Professional Services 0.2% | |||
Adecco Group AG (Registered) | 14,649 | 992,829 | |
Thomson Reuters Corp. | 8,100 | 751,185 | |
1,744,014 | |||
Road & Rail 0.2% | |||
Union Pacific Corp. | 5,547 | 1,231,933 | |
Trading Companies & Distributors 1.0% | |||
Fastenal Co. | 11,900 | 622,132 | |
ITOCHU Corp. | 47,600 | 1,483,664 | |
Mitsubishi Corp. | 72,600 | 2,007,354 | |
Mitsui & Co., Ltd. | 82,600 | 1,742,217 | |
Sumitomo Corp. | 99,900 | 1,360,382 | |
7,215,749 | |||
Information Technology 13.0% | |||
Communications Equipment 0.5% | |||
Cisco Systems, Inc. | 55,583 | 2,829,731 | |
Telefonaktiebolaget LM Ericsson “B” | 68,781 | 941,636 | |
3,771,367 | |||
Electronic Equipment, Instruments & Components 0.6% | |||
Azbil Corp. | 14,600 | 590,525 | |
Corning, Inc. | 28,341 | 1,252,956 |
18 | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Murata Manufacturing Co., Ltd. | 16,800 | 1,335,741 | |
TE Connectivity Ltd. | 8,838 | 1,188,446 | |
4,367,668 | |||
IT Services 2.5% | |||
Accenture PLC “A” | 7,139 | 2,070,096 | |
Adyen NV 144A* | 368 | 902,484 | |
Afterpay Ltd.* | 11,617 | 1,049,773 | |
Automatic Data Processing, Inc. | 6,729 | 1,258,256 | |
Broadridge Financial Solutions, Inc. | 4,114 | 652,604 | |
Fujitsu Ltd. | 7,900 | 1,257,127 | |
International Business Machines Corp. | 19,473 | 2,762,829 | |
MasterCard, Inc. “A” | 3,398 | 1,298,240 | |
Paychex, Inc. | 15,307 | 1,492,279 | |
PayPal Holdings, Inc.* | 5,748 | 1,507,643 | |
Square, Inc. “A” * | 11,549 | 2,827,426 | |
Twilio, Inc. “A” * | 3,200 | 1,176,960 | |
Western Union Co. | 23,382 | 602,320 | |
18,858,037 | |||
Semiconductors & Semiconductor Equipment 2.8% | |||
Analog Devices, Inc. | 6,748 | 1,033,524 | |
Applied Materials, Inc. | 8,900 | 1,181,119 | |
Broadcom, Inc. | 6,779 | 3,092,580 | |
Enphase Energy, Inc.* | 7,200 | 1,002,600 | |
Intel Corp. | 26,370 | 1,517,066 | |
KLA Corp. | 5,183 | 1,634,459 | |
Lam Research Corp. | 2,689 | 1,668,390 | |
NVIDIA Corp. | 2,700 | 1,621,026 | |
QUALCOMM., Inc. | 17,600 | 2,442,880 | |
Skyworks Solutions, Inc. | 4,200 | 761,586 | |
SolarEdge Technologies, Inc.* | 3,100 | 816,974 | |
Texas Instruments, Inc. | 16,535 | 2,984,733 | |
Tokyo Electron Ltd. | 3,100 | 1,366,484 | |
21,123,421 | |||
Software 3.1% | |||
Crowdstrike Holdings, Inc. “A” * | 3,900 | 813,189 | |
DocuSign, Inc.* | 3,600 | 802,584 | |
Intuit, Inc. | 3,128 | 1,289,236 | |
Microsoft Corp. | 48,873 | 12,324,793 | |
Oracle Corp. | 26,034 | 1,973,117 | |
SAP SE | 6,013 | 841,380 | |
ServiceNow, Inc.* | 1,688 | 854,753 | |
Trade Desk, Inc. “A” * | 1,800 | 1,312,758 |
DWS Global Income Builder Fund | | 19 |
Shares | Value ($) | ||
Zoom Video Communications, Inc. “A” * | 5,500 | 1,757,635 | |
Zscaler, Inc.* | 7,900 | 1,482,356 | |
23,451,801 | |||
Technology Hardware, Storage & Peripherals 3.5% | |||
Apple, Inc. | 115,673 | 15,206,369 | |
Hewlett Packard Enterprise Co. | 66,960 | 1,072,699 | |
HP, Inc. | 74,443 | 2,539,251 | |
Logitech International SA (Registered) | 16,836 | 1,880,236 | |
NetApp, Inc. | 27,023 | 2,018,348 | |
Seagate Technology PLC | 32,257 | 2,994,740 | |
Seiko Epson Corp. | 78,800 | 1,338,804 | |
27,050,447 | |||
Materials 4.0% | |||
Chemicals 1.1% | |||
Air Products & Chemicals, Inc. | 2,877 | 829,957 | |
BASF SE | 15,799 | 1,273,735 | |
Dow, Inc. | 35,000 | 2,187,500 | |
Linde PLC | 2,396 | 684,873 | |
LyondellBasell Industries NV “A” | 13,899 | 1,441,882 | |
Nutrien Ltd. | 29,900 | 1,650,502 | |
8,068,449 | |||
Construction Materials 0.2% | |||
LafargeHolcim Ltd. (Registered) | 28,619 | 1,764,912 | |
Containers & Packaging 0.3% | |||
Amcor PLC | 87,841 | 1,032,132 | |
International Paper Co. | 20,823 | 1,207,734 | |
2,239,866 | |||
Metals & Mining 2.3% | |||
Anglo American PLC | 22,773 | 963,451 | |
B2Gold Corp. | 145,500 | 700,777 | |
BHP Group Ltd. | 58,185 | 2,121,485 | |
BHP Group PLC | 56,718 | 1,707,205 | |
Evraz PLC | 125,112 | 1,107,923 | |
Rio Tinto Ltd. | 20,874 | 1,949,099 | |
Rio Tinto PLC | 105,857 | 8,851,510 | |
17,401,450 | |||
Paper & Forest Products 0.1% | |||
UPM-Kymmene Oyj | 22,239 | 869,119 |
20 | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Real Estate 2.2% | |||
Equity Real Estate Investment Trusts (REITs) 1.8% | |||
Ascendas Real Estate Investment Trust | 226,276 | 528,982 | |
CapitaLand Integrated Commercial Trust | 598,368 | 966,014 | |
Crown Castle International Corp. | 5,146 | 972,903 | |
Iron Mountain, Inc. | 31,200 | 1,251,744 | |
Link REIT | 100,500 | 950,490 | |
Medical Properties Trust, Inc. | 72,500 | 1,598,625 | |
Omega Healthcare Investors, Inc. | 61,700 | 2,344,600 | |
Prologis, Inc. | 5,412 | 630,660 | |
Public Storage | 2,884 | 810,866 | |
Realty Income Corp. | 9,564 | 661,351 | |
VICI Properties, Inc. | 61,117 | 1,937,409 | |
WP Carey, Inc. | 10,597 | 793,609 | |
13,447,253 | |||
Real Estate Management & Development 0.4% | |||
New World Development Co., Ltd. | 198,000 | 1,048,161 | |
Sun Hung Kai Properties Ltd. | 66,000 | 995,772 | |
Wharf Real Estate Investment Co., Ltd. | 156,000 | 896,461 | |
2,940,394 | |||
Utilities 3.2% | |||
Electric Utilities 2.2% | |||
American Electric Power Co., Inc. | 9,242 | 819,858 | |
CLP Holdings Ltd. | 59,500 | 587,052 | |
Duke Energy Corp. | 12,277 | 1,236,171 | |
EDP - Energias de Portugal SA | 207,460 | 1,154,586 | |
Endesa SA | 59,877 | 1,575,687 | |
Enel SpA | 161,893 | 1,606,739 | |
Exelon Corp. | 18,489 | 830,896 | |
Fortum Oyj | 77,148 | 2,029,480 | |
Iberdrola SA | 61,987 | 837,737 | |
NextEra Energy, Inc. | 15,088 | 1,169,471 | |
PPL Corp. | 42,675 | 1,243,123 | |
Red Electrica Corp. SA | 49,703 | 913,495 | |
Southern Co. | 20,463 | 1,354,037 | |
SSE PLC | 67,039 | 1,359,043 | |
16,717,375 |
DWS Global Income Builder Fund | | 21 |
Shares | Value ($) | ||
Gas Utilities 0.4% | |||
Naturgy Energy Group SA | 57,117 | 1,465,295 | |
Snam SpA | 256,258 | 1,441,083 | |
2,906,378 | |||
Multi-Utilities 0.6% | |||
Consolidated Edison, Inc. | 9,512 | 736,324 | |
Dominion Energy, Inc. | 16,535 | 1,321,146 | |
National Grid PLC | 78,361 | 988,980 | |
Public Service Enterprise Group, Inc. | 13,972 | 882,472 | |
Sempra Energy | 5,655 | 777,958 | |
4,706,880 | |||
Total Common Stocks (Cost $328,503,255) | 437,949,705 | ||
Preferred Stocks 4.3% | |||
Communication Services 0.4% | |||
AT&T, Inc., 5.35% | 100,000 | 2,639,000 | |
Financials 3.2% | |||
AGNC Investment Corp., Series C, 7.0% | 64,439 | 1,658,015 | |
Capital One Financial Corp., Series G, 5.2% | 100,000 | 2,554,000 | |
Charles Schwab Corp., Series D, 5.95% | 75,000 | 1,914,750 | |
Fifth Third Bancorp., Series I, 6.625% | 75,000 | 2,119,500 | |
JPMorgan Chase & Co., Series AA, 6.1% | 75,000 | 1,897,500 | |
KeyCorp., Series E, 6.125% | 75,000 | 2,250,000 | |
Morgan Stanley, Series K, 5.85% | 75,000 | 2,145,000 | |
PNC Financial Services Group, Inc., Series P, 6.125% | 75,000 | 1,966,500 | |
Regions Financial Corp., Series B, 6.375% | 80,000 | 2,279,200 | |
The Goldman Sachs Group, Inc., Series J, 5.5% | 73,000 | 1,978,300 | |
Truist Financial Corp., Series H, 5.625% | 75,000 | 1,899,000 | |
Wells Fargo & Co., Series Y, 5.625% | 75,000 | 1,979,250 | |
24,641,015 | |||
Real Estate 0.5% | |||
Kimco Realty Corp., Series L, 5.125% | 75,000 | 1,968,750 | |
Prologis, Inc., Series Q, 8.54% | 236 | 16,143 | |
Simon Property Group, Inc., Series J, 8.375% | 17,000 | 1,202,471 | |
VEREIT, Inc., Series F, 6.7% | 26,016 | 660,546 | |
3,847,910 | |||
Utilities 0.2% | |||
Dominion Energy, Inc., Series A, 5.25% | 60,000 | 1,518,600 | |
Total Preferred Stocks (Cost $32,975,869) | 32,646,525 |
22 | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Warrants 0.0% | |||
Materials | |||
Hercules Trust II, Expiration Date 3/31/2029* (b) (Cost $90,209) | 506 | 27,346 |
Principal Amount ($) (c) | Value ($) | ||
Corporate Bonds 20.6% | |||
Communication Services 3.6% | |||
Alibaba Group Holding Ltd., 3.4%, 12/6/2027 | 1,700,000 | 1,848,710 | |
America Movil SAB de CV, 4.375%, 4/22/2049 | 1,700,000 | 1,995,222 | |
AT&T, Inc.: | |||
1.65%, 2/1/2028 | 290,000 | 282,493 | |
2.25%, 2/1/2032 | 510,000 | 483,512 | |
2.75%, 6/1/2031 | 300,000 | 299,565 | |
3.65%, 6/1/2051 | 560,000 | 538,630 | |
CCO Holdings LLC: | |||
144A, 4.75%, 3/1/2030 | 590,000 | 615,813 | |
144A, 5.875%, 5/1/2027 | 1,535,000 | 1,584,412 | |
Charter Communications Operating LLC: | |||
3.5%, 6/1/2041 | 590,000 | 567,555 | |
3.7%, 4/1/2051 | 750,000 | 705,601 | |
5.05%, 3/30/2029 | 450,000 | 521,374 | |
CSC Holdings LLC: | |||
144A, 3.375%, 2/15/2031 | 890,000 | 833,708 | |
144A, 4.125%, 12/1/2030 | 783,000 | 779,085 | |
144A, 4.5%, 11/15/2031 (d) | 810,000 | 810,000 | |
Discovery Communications LLC, 144A, 4.0%, 9/15/2055 | 200,000 | 195,574 | |
Grupo Televisa SAB, 5.25%, 5/24/2049 (a) | 1,700,000 | 2,048,092 | |
Meituan, 144A, 2.125%, 10/28/2025 | 505,000 | 497,619 | |
Netflix, Inc.: | |||
4.375%, 11/15/2026 | 1,000,000 | 1,128,200 | |
5.875%, 11/15/2028 | 812,000 | 987,981 | |
Tencent Holdings Ltd.: | |||
REG S, 2.39%, 6/3/2030 | 1,700,000 | 1,665,308 | |
144A, 2.88%, 4/22/2031 | 200,000 | 202,655 | |
144A, 3.84%, 4/22/2051 | 300,000 | 305,739 | |
Tencent Music Entertainment Group, 2.0%, 9/3/2030 | 602,000 | 566,117 | |
T-Mobile U.S.A., Inc.: | |||
144A, 2.05%, 2/15/2028 | 160,000 | 158,816 | |
144A, 2.25%, 11/15/2031 | 655,000 | 627,470 | |
2.625%, 4/15/2026 | 560,000 | 569,632 | |
144A, 3.3%, 2/15/2051 | 700,000 | 652,806 |
DWS Global Income Builder Fund | | 23 |
Principal Amount ($) (c) | Value ($) | ||
3.375%, 4/15/2029 | 635,000 | 645,319 | |
144A, 3.6%, 11/15/2060 | 145,000 | 138,849 | |
144A, 4.375%, 4/15/2040 | 335,000 | 371,736 | |
VeriSign, Inc.: | |||
4.625%, 5/1/2023 | 1,650,000 | 1,654,950 | |
5.25%, 4/1/2025 | 1,650,000 | 1,864,500 | |
Verizon Communications, Inc.: | |||
2.1%, 3/22/2028 | 275,000 | 277,497 | |
2.55%, 3/21/2031 | 390,000 | 390,926 | |
2.65%, 11/20/2040 | 225,000 | 208,454 | |
3.7%, 3/22/2061 | 300,000 | 303,458 | |
ViacomCBS, Inc., 4.2%, 5/19/2032 | 310,000 | 345,683 | |
27,673,061 | |||
Consumer Discretionary 1.6% | |||
1011778 BC Unlimited Liability Co., 144A, 4.375%, 1/15/2028 | 1,300,000 | 1,316,250 | |
Carnival Corp.: | |||
144A, 5.75%, 3/1/2027 | 475,000 | 500,830 | |
144A, 7.625%, 3/1/2026 | 539,000 | 590,205 | |
Dollar General Corp., 4.125%, 4/3/2050 | 110,000 | 123,366 | |
Ford Motor Credit Co. LLC: | |||
2.9%, 2/16/2028 | 1,082,000 | 1,060,360 | |
3.37%, 11/17/2023 | 2,200,000 | 2,266,000 | |
3.375%, 11/13/2025 | 750,000 | 767,332 | |
General Motors Financial Co., Inc., 2.35%, 1/8/2031 | 700,000 | 669,851 | |
Hilton Domestic Operating Co., Inc.: | |||
144A, 3.625%, 2/15/2032 | 1,350,000 | 1,327,617 | |
144A, 4.0%, 5/1/2031 | 720,000 | 727,200 | |
Mattel, Inc., 144A, 3.375%, 4/1/2026 | 455,000 | 471,025 | |
Nissan Motor Co., Ltd., 144A, 4.345%, 9/17/2027 | 760,000 | 831,492 | |
QVC, Inc., 4.75%, 2/15/2027 | 1,140,000 | 1,202,700 | |
Royal Caribbean Cruises Ltd., 144A, 5.5%, 4/1/2028 | 295,000 | 309,367 | |
12,163,595 | |||
Consumer Staples 0.5% | |||
Albertsons Companies, Inc.: | |||
144A, 3.25%, 3/15/2026 | 590,000 | 589,575 | |
144A, 3.5%, 3/15/2029 | 290,000 | 278,400 | |
Altria Group, Inc.: | |||
3.7%, 2/4/2051 | 235,000 | 210,816 | |
3.875%, 9/16/2046 | 90,000 | 85,284 |
24 | | DWS Global Income Builder Fund |
Principal Amount ($) (c) | Value ($) | ||
Anheuser-Busch InBev Worldwide, Inc.: | |||
4.35%, 6/1/2040 | 270,000 | 305,550 | |
4.439%, 10/6/2048 | 290,000 | 328,009 | |
5.55%, 1/23/2049 | 699,000 | 903,753 | |
BAT Capital Corp., 2.726%, 3/25/2031 | 335,000 | 321,183 | |
Keurig Dr Pepper, Inc., 3.8%, 5/1/2050 | 185,000 | 197,393 | |
Smithfield Foods, Inc., 144A, 3.0%, 10/15/2030 | 250,000 | 249,348 | |
3,469,311 | |||
Energy 3.1% | |||
Cheniere Corpus Christi Holdings LLC, 5.875%, 3/31/2025 | 1,000,000 | 1,144,554 | |
Cheniere Energy Partners LP, 4.5%, 10/1/2029 | 1,100,000 | 1,148,125 | |
Ecopetrol SA, 6.875%, 4/29/2030 | 1,700,000 | 2,061,250 | |
Energy Transfer Operating LP, 5.5%, 6/1/2027 | 1,000,000 | 1,160,086 | |
Enterprise Products Operating LLC, 4.2%, 1/31/2050 | 905,000 | 970,645 | |
EQM Midstream Partners LP, 144A, 4.5%, 1/15/2029 | 415,000 | 411,888 | |
Hess Corp., 5.8%, 4/1/2047 | 400,000 | 487,784 | |
MPLX LP, 2.65%, 8/15/2030 | 210,000 | 207,360 | |
Petrobras Global Finance BV, 5.093%, 1/15/2030 | 3,700,000 | 3,909,975 | |
Petroleos Mexicanos, 6.84%, 1/23/2030 | 3,700,000 | 3,801,750 | |
Plains All American Pipeline LP, 3.8%, 9/15/2030 | 300,000 | 308,988 | |
Saudi Arabian Oil Co.: | |||
144A, 2.25%, 11/24/2030 | 3,900,000 | 3,771,209 | |
REG S, 3.5%, 4/16/2029 | 1,700,000 | 1,822,425 | |
Sinopec Group Overseas Development Ltd., REG S, 2.7%, 5/13/2030 | 1,700,000 | 1,700,781 | |
Suncor Energy, Inc., 3.75%, 3/4/2051 | 500,000 | 500,065 | |
23,406,885 | |||
Financials 5.2% | |||
AerCap Ireland Capital DAC: | |||
3.15%, 2/15/2024 | 750,000 | 788,092 | |
4.625%, 10/15/2027 | 750,000 | 835,286 | |
Air Lease Corp.: | |||
3.0%, 2/1/2030 | 750,000 | 749,050 | |
4.65%, Perpetual (a) (e) | 2,870,000 | 2,927,400 | |
Ally Financial, Inc., 4.7%, Perpetual (e) | 3,250,000 | 3,294,525 | |
Avolon Holdings Funding Ltd.: | |||
144A, 2.75%, 2/21/2028 | 540,000 | 525,307 | |
144A, 4.25%, 4/15/2026 | 240,000 | 255,931 | |
Banco Nacional de Panama, 144A, 2.5%, 8/11/2030 | 600,000 | 575,058 | |
Bank of America Corp.: | |||
2.676%, 6/19/2041 | 330,000 | 310,034 |
DWS Global Income Builder Fund | | 25 |
Principal Amount ($) (c) | Value ($) | ||
4.3%, Perpetual (e) | 612,000 | 630,360 | |
Barclays PLC: | |||
2.645%, 6/24/2031 | 600,000 | 596,173 | |
2.852%, 5/7/2026 | 950,000 | 1,000,379 | |
BBVA Bancomer SA, 144A, 1.875%, 9/18/2025 | 2,236,000 | 2,244,944 | |
Blackstone Secured Lending Fund, 144A, 3.625%, 1/15/2026 | 925,000 | 974,638 | |
BNP Paribas SA, 144A, 4.625%, Perpetual (a) (e) | 1,040,000 | 1,055,600 | |
BPCE SA: | |||
144A, 2.277%, 1/20/2032 | 455,000 | 439,693 | |
144A, 4.875%, 4/1/2026 | 1,300,000 | 1,470,130 | |
Citigroup, Inc.: | |||
2.561%, 5/1/2032 (d) | 310,000 | 309,662 | |
2.572%, 6/3/2031 | 770,000 | 772,750 | |
4.0%, Perpetual (e) | 1,900,000 | 1,924,320 | |
GE Capital Funding LLC, 144A, 4.4%, 5/15/2030 | 260,000 | 295,710 | |
GE Capital International Funding Co., Unlimited Co.,, 4.418%, 11/15/2035 | 1,000,000 | 1,150,494 | |
HSBC Holdings PLC: | |||
4.0%, Perpetual (e) | 1,545,000 | 1,553,736 | |
4.6%, Perpetual (e) | 1,750,000 | 1,776,250 | |
JPMorgan Chase & Co., 2.956%, 5/13/2031 | 305,000 | 313,315 | |
MDGH - GMTN BV, REG S, 3.7%, 11/7/2049 | 245,000 | 254,212 | |
Morgan Stanley, 3.217%, 4/22/2042 | 100,000 | 101,329 | |
Nippon Life Insurance Co., 144A, 2.75%, 1/21/2051 | 200,000 | 193,000 | |
Park Aerospace Holdings Ltd., 144A, 5.25%, 8/15/2022 | 58,000 | 60,621 | |
REC Ltd.: | |||
144A, 4.75%, 5/19/2023 | 426,000 | 449,809 | |
144A, 5.25%, 11/13/2023 | 570,000 | 615,857 | |
Societe Generale SA, 144A, 5.375%, Perpetual (e) | 1,650,000 | 1,716,000 | |
Standard Chartered PLC, 144A, 4.75%, Perpetual (e) | 540,000 | 548,208 | |
The Charles Schwab Corp.: | |||
Series H, 4.0%, Perpetual (e) | 890,000 | 901,525 | |
Series I, 4.0%, Perpetual (e) | 1,555,000 | 1,597,856 | |
The Goldman Sachs Group, Inc., 3.8%, Perpetual (a) (e) | 1,935,000 | 1,935,967 | |
Truist Financial Corp., 4.8%, Perpetual (e) | 2,000,000 | 2,117,000 | |
UBS Group AG, 144A, 4.375%, Perpetual (e) | 743,000 | 740,221 | |
Wells Fargo & Co., 3.9%, Perpetual (e) | 1,545,000 | 1,579,608 | |
39,580,050 | |||
Health Care 1.6% | |||
AbbVie, Inc., 4.875%, 11/14/2048 | 450,000 | 555,466 | |
Biogen, Inc., 3.15%, 5/1/2050 | 250,000 | 228,052 |
26 | | DWS Global Income Builder Fund |
Principal Amount ($) (c) | Value ($) | ||
Charles River Laboratories International, Inc., 144A, 3.75%, 3/15/2029 | 750,000 | 763,125 | |
Cigna Corp.: | |||
2.375%, 3/15/2031 | 340,000 | 335,744 | |
3.4%, 3/15/2051 | 400,000 | 397,059 | |
CVS Health Corp.: | |||
2.7%, 8/21/2040 | 160,000 | 147,595 | |
4.25%, 4/1/2050 | 120,000 | 135,067 | |
5.05%, 3/25/2048 | 1,000,000 | 1,229,692 | |
DaVita, Inc., 144A, 4.625%, 6/1/2030 | 750,000 | 759,375 | |
Fresenius Medical Care U.S. Finance III, Inc., 144A, 2.375%, 2/16/2031 | 345,000 | 332,393 | |
HCA, Inc.: | |||
4.125%, 6/15/2029 | 600,000 | 666,881 | |
5.25%, 6/15/2026 | 1,000,000 | 1,160,604 | |
Jazz Securities DAC, 144A, 4.375%, 1/15/2029 | 220,000 | 224,950 | |
Takeda Pharmaceutical Co., Ltd., 3.175%, 7/9/2050 | 380,000 | 361,497 | |
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/1/2026 | 5,400,000 | 5,070,600 | |
12,368,100 | |||
Industrials 1.3% | |||
Adani Ports & Special Economic Zone Ltd., 144A, 4.2%, 8/4/2027 | 865,000 | 908,244 | |
American Airlines, Inc., 144A, 5.5%, 4/20/2026 | 620,000 | 651,000 | |
Boeing Co.: | |||
2.196%, 2/4/2026 | 1,696,000 | 1,699,043 | |
2.75%, 2/1/2026 | 820,000 | 850,246 | |
4.875%, 5/1/2025 | 546,000 | 612,323 | |
5.04%, 5/1/2027 | 350,000 | 402,139 | |
Delta Air Lines, Inc., 144A, 4.5%, 10/20/2025 | 190,000 | 203,804 | |
Empresa de los Ferrocarriles del Estado, 144A, 3.068%, 8/18/2050 | 239,000 | 208,109 | |
FedEx Corp., 2.4%, 5/15/2031 | 490,000 | 485,562 | |
Gartner, Inc., 144A, 3.75%, 10/1/2030 | 350,000 | 350,875 | |
General Electric Co., 3.625%, 5/1/2030 | 195,000 | 211,859 | |
GFL Environmental, Inc.: | |||
144A, 3.75%, 8/1/2025 | 630,000 | 641,025 | |
144A, 4.0%, 8/1/2028 | 900,000 | 861,246 | |
Prime Security Services Borrower LLC: | |||
144A, 5.25%, 4/15/2024 | 1,550,000 | 1,654,625 | |
144A, 6.25%, 1/15/2028 | 405,000 | 423,225 | |
10,163,325 |
DWS Global Income Builder Fund | | 27 |
Principal Amount ($) (c) | Value ($) | ||
Information Technology 0.8% | |||
Broadcom, Inc.: | |||
144A, 2.6%, 2/15/2033 | 350,000 | 330,393 | |
5.0%, 4/15/2030 | 410,000 | 471,560 | |
Crowdstrike Holdings, Inc., 3.0%, 2/15/2029 | 320,000 | 317,136 | |
Dell International LLC, 144A, 8.35%, 7/15/2046 | 350,000 | 548,514 | |
MSCI, Inc., 144A, 3.625%, 9/1/2030 | 540,000 | 548,602 | |
Open Text Corp., 144A, 3.875%, 2/15/2028 | 1,100,000 | 1,113,750 | |
Oracle Corp.: | |||
2.875%, 3/25/2031 | 320,000 | 325,322 | |
3.6%, 4/1/2050 | 150,000 | 147,926 | |
3.65%, 3/25/2041 | 360,000 | 367,860 | |
SK Hynix, Inc., 144A, 1.5%, 1/19/2026 | 947,000 | 937,641 | |
Twilio, Inc., 3.625%, 3/15/2029 | 950,000 | 968,145 | |
6,076,849 | |||
Materials 0.6% | |||
AngloGold Ashanti Holdings PLC, 3.75%, 10/1/2030 (a) | 800,000 | 827,399 | |
Corp. Nacional del Cobre de Chile, 144A, 3.15%, 1/15/2051 | 200,000 | 184,240 | |
LYB International Finance III LLC, 3.625%, 4/1/2051 | 160,000 | 159,974 | |
MEGlobal Canada ULC, 144A, 5.0%, 5/18/2025 | 1,511,000 | 1,690,431 | |
Reynolds Group Issuer, Inc., 144A, 4.0%, 10/15/2027 | 240,000 | 237,300 | |
Tronox, Inc., 144A, 4.625%, 3/15/2029 | 1,110,000 | 1,133,588 | |
4,232,932 | |||
Real Estate 0.8% | |||
American Tower Corp.: | |||
(REIT), 2.1%, 6/15/2030 | 310,000 | 297,837 | |
(REIT), 2.95%, 1/15/2051 | 180,000 | 163,629 | |
Boston Properties LP, (REIT), 2.55%, 4/1/2032 | 535,000 | 517,387 | |
Crown Castle International Corp., (REIT), 2.9%, 4/1/2041 | 660,000 | 614,361 | |
Equinix, Inc., (REIT), 2.15%, 7/15/2030 | 193,000 | 185,662 | |
Iron Mountain, Inc.: | |||
144A, (REIT), 5.0%, 7/15/2028 | 325,000 | 336,375 | |
144A, (REIT), 5.25%, 7/15/2030 | 620,000 | 644,025 | |
MPT Operating Partnership LP, (REIT), 3.5%, 3/15/2031 | 1,170,000 | 1,167,332 | |
Office Properties Income Trust, (REIT), 4.15%, 2/1/2022 | 260,000 | 265,348 | |
SBA Communications Corp., 144A, (REIT), 3.125%, 2/1/2029 | 2,000,000 | 1,915,944 | |
Welltower, Inc., (REIT), 2.75%, 1/15/2031 | 210,000 | 212,908 | |
6,320,808 |
28 | | DWS Global Income Builder Fund |
Principal Amount ($) (c) | Value ($) | ||
Utilities 1.5% | |||
AES Panama Generation Holdings SRL, 144A, 4.375%, 5/31/2030 | 622,000 | 645,453 | |
Edison International, 5.375%, Perpetual (e) | 2,400,000 | 2,482,968 | |
ENN Energy Holdings, Ltd., 144A, 2.625%, 9/17/2030 | 854,000 | 832,309 | |
Eskom Holdings SOC Ltd., REG S, 6.35%, 8/10/2028 | 1,425,000 | 1,546,125 | |
NextEra Energy Operating Partners LP: | |||
144A, 3.875%, 10/15/2026 | 1,035,000 | 1,082,512 | |
144A, 4.25%, 7/15/2024 | 1,570,000 | 1,664,200 | |
Pacific Gas and Electric Co.: | |||
2.5%, 2/1/2031 | 130,000 | 122,390 | |
3.3%, 8/1/2040 | 370,000 | 328,866 | |
3.5%, 8/1/2050 | 150,000 | 129,893 | |
Perusahaan Listrik Negara PT, 144A, 2.875%, 10/25/2025 | EUR | 1,505,000 | 1,938,214 |
Southern California Edison Co., 2.95%, 2/1/2051 | 320,000 | 290,209 | |
11,063,139 | |||
Total Corporate Bonds (Cost $154,135,232) | 156,518,055 | ||
Asset-Backed 2.3% | |||
Automobile Receivables 1.3% | |||
Avis Budget Rental Car Funding AESOP LLC, “C” , Series 2019-1A, 144A, 4.53%, 3/20/2023 | 700,000 | 714,222 | |
GMF Floorplan Owner Revolving Trust, “C” , Series 2019-1, 144A, 3.06%, 4/15/2024 | 1,540,000 | 1,575,086 | |
Hertz Vehicle Financing II LP: | |||
“B” , Series 2019-3A, 144A, 3.03%, 12/26/2025 | 4,400,000 | 4,414,797 | |
“B” , Series 2017-2A, 144A, 4.2%, 10/25/2023 | 605,000 | 608,986 | |
JPMorgan Chase Bank NA, “E” , Series 2021-1, 144A, 2.365%, 9/25/2028 | 2,299,000 | 2,299,114 | |
9,612,205 | |||
Credit Card Receivables 0.6% | |||
Fair Square Issuance Trust, “A” , Series 2020-AA, 144A, 2.9%, 9/20/2024 | 4,670,000 | 4,718,005 | |
Miscellaneous 0.4% | |||
CF Hippolyta LLC, “B1” , Series 2021-1A, 144A, 1.98%, 3/15/2061 | 3,130,000 | 3,142,508 | |
Total Asset-Backed (Cost $17,386,081) | 17,472,718 |
DWS Global Income Builder Fund | | 29 |
Principal Amount ($) (c) | Value ($) | ||
Mortgage-Backed Securities Pass-Throughs 5.1% | |||
Federal Home Loan Mortgage Corp., 6.0%, 11/1/2021 | 1,433 | 1,434 | |
Federal National Mortgage Association, 2.5%, 6/1/2051 (d) | 37,500,000 | 38,811,375 | |
Government National Mortgage Association, 6.5%, 8/20/2034 | 28,406 | 33,425 | |
Total Mortgage-Backed Securities Pass-Throughs (Cost $38,787,391) | 38,846,234 | ||
Commercial Mortgage-Backed Securities 2.3% | |||
BX Commercial Mortgage Trust, “D” , Series 2018-IND, 144A, 1-month USD-LIBOR + 1.3%, 1.415% (f), 11/15/2035 | 700,000 | 700,000 | |
Citigroup Commercial Mortgage Trust: | |||
“C” , Series 2019-PRM, 144A, 3.896%, 5/10/2036 | 2,516,145 | 2,638,350 | |
“D” , Series 2019-PRM, 144A, 4.35%, 5/10/2036 | 2,625,000 | 2,732,683 | |
Credit Suisse Commercial Mortgage Trust, “B” , Series 2020-TMIC, 144A, 1-month USD-LIBOR + 5.0%, 5.25% (f), 12/15/2035 | 4,300,000 | 4,337,829 | |
Freddie Mac Multifamily Structured Credit Risk, “M2” , Series 2021-MN1, 144A, 30-day average SOFR + 3.75%, 3.76% (f), 1/25/2051 | 1,098,000 | 1,146,653 | |
GMAC Commercial Mortgage Securities, Inc., “G” , Series 2004-C1, 144A, 5.455%, 3/10/2038 | 1,962,211 | 1,223,301 | |
MTRO Commercial Mortgage Trust, “C” , Series 2019-TECH, 144A, 1-month USD-LIBOR + 1.3%, 1.415% (f), 12/15/2033 | 1,255,000 | 1,247,277 | |
Multifamily Connecticut Avenue Securities Trust, “M7” , Series 2019-01, 144A, 1-month USD-LIBOR + 1.7%, 1.806% (f), 10/15/2049 | 1,758,666 | 1,757,246 | |
NYT Mortgage Trust, “B” , Series 2019-NYT, 144A, 1-month USD-LIBOR + 1.4%, 1.515% (f), 12/15/2035 | 2,000,000 | 1,999,861 | |
Total Commercial Mortgage-Backed Securities (Cost $18,381,467) | 17,783,200 | ||
Collateralized Mortgage Obligations 3.2% | |||
Connecticut Avenue Securities Trust: | |||
“1M2” , Series 2020-R01, 144A, 1-month USD-LIBOR + 2.05%, 2.156% (f), 1/25/2040 | 1,420,661 | 1,429,855 | |
“1M2” , Series 2019-R03, 144A, 1-month USD-LIBOR + 2.15%, 2.256% (f), 9/25/2031 | 398,190 | 401,177 | |
“1M2” , Series 2019-R02, 144A, 1-month USD-LIBOR + 2.3%, 2.406% (f), 8/25/2031 | 620,450 | 624,965 | |
Fannie Mae Connecticut Avenue Securities: | |||
“1M2” , Series 2018-C06, 1-month USD-LIBOR + 2.0%, 2.106% (f), 3/25/2031 | 581,003 | 585,014 |
30 | | DWS Global Income Builder Fund |
Principal Amount ($) (c) | Value ($) | ||
“1M2” , Series 2018-C03, 1-month USD-LIBOR + 2.15%, 2.256% (f), 10/25/2030 | 731,075 | 739,294 | |
“1M2” , Series 2018-C01, 1-month USD-LIBOR + 2.25%, 2.356% (f), 7/25/2030 | 1,152,906 | 1,164,479 | |
“1M2” , Series 2018-C05, 1-month USD-LIBOR + 2.35%, 2.456% (f), 1/25/2031 | 1,869,793 | 1,895,747 | |
Federal National Mortgage Association: | |||
“4” , Series 406, Interest Only, 4.0%, 9/25/2040 | 1,718,067 | 310,124 | |
“I” , Series 2003-84, Interest Only, 6.0%, 9/25/2033 | 222,037 | 45,061 | |
Freddie Mac Structured Agency Credit Risk Debt Notes: | |||
“M2” , Series 2020-DNA2, 144A, 1-month USD-LIBOR + 1.85%, 1.956% (f), 2/25/2050 | 5,400,000 | 5,450,791 | |
“M2” , Series 2019-DNA3, 144A, 1-month USD-LIBOR + 2.05%, 2.156% (f), 7/25/2049 | 1,366,332 | 1,384,186 | |
“M2” , Series 2019-DNA2, 144A, 1-month USD-LIBOR + 2.45%, 2.556% (f), 3/25/2049 | 2,145,822 | 2,182,169 | |
“M2” , Series 2017-DNA3, 1-month USD-LIBOR + 2.5%, 2.606% (f), 3/25/2030 | 1,000,000 | 1,022,676 | |
“M2” , Series 2019-DNA1, 144A, 1-month USD-LIBOR + 2.65%, 2.756% (f), 1/25/2049 | 319,210 | 325,822 | |
Government National Mortgage Association: | |||
“PI” , Series 2015-40, Interest Only, 4.0%, 4/20/2044 | 374,570 | 26,240 | |
“IN” , Series 2009-69, Interest Only, 5.5%, 8/20/2039 | 391,239 | 86,399 | |
“IV” , Series 2009-69, Interest Only, 5.5%, 8/20/2039 | 370,429 | 81,434 | |
“IJ” , Series 2009-75, Interest Only, 6.0%, 8/16/2039 | 253,761 | 40,047 | |
JPMorgan Mortgage Trust: | |||
“A11” , Series 2019-9, 144A, 1-month USD-LIBOR + 0.9%, 1.009% (f), 5/25/2050 | 774,110 | 782,086 | |
“AM” , Series 2016-3, 144A, 3.307% (f), 10/25/2046 | 2,021,684 | 2,040,653 | |
New Residential Mortgage Loan Trust, “A1” , Series 2019-NQM3, 144A, 2.802%, 7/25/2049 | 1,469,152 | 1,477,804 | |
STACR Trust, “M2” , Series 2018-DNA3, 144A, 1-month USD-LIBOR + 2.1%, 2.206% (f), 9/25/2048 | 1,945,946 | 1,968,830 | |
Total Collateralized Mortgage Obligations (Cost $23,431,525) | 24,064,853 | ||
Government & Agency Obligations 1.9% | |||
Sovereign Bonds | |||
Bermuda Government International Bond, 144A, 2.375%, 8/20/2030 | 471,000 | 465,113 | |
Brazilian Government International Bond, 3.875%, 6/12/2030 (a) | 947,000 | 940,049 | |
Colombia Government International Bond, 3.125%, 4/15/2031 | 525,000 | 514,180 |
DWS Global Income Builder Fund | | 31 |
Principal Amount ($) (c) | Value ($) | ||
Indonesia Government International Bond: | |||
2.85%, 2/14/2030 | 3,700,000 | 3,810,369 | |
3.85%, 10/15/2030 (a) | 1,700,000 | 1,883,531 | |
Mexico Government International Bond, 3.75%, 4/19/2071 | 312,000 | 272,438 | |
Perusahaan Penerbit SBSN Indonesia III, 144A, 2.8%, 6/23/2030 | 883,000 | 899,574 | |
Philippine Government International Bond, 2.457%, 5/5/2030 (a) | 3,700,000 | 3,803,857 | |
Republic of Kazakhstan, 144A, 1.55%, 11/9/2023 | EUR | 1,555,000 | 1,927,509 |
Total Government & Agency Obligations (Cost $14,951,805) | 14,516,620 | ||
Loan Participations and Assignments 0.3% | |||
Senior Loans (f) | |||
Hilton Worldwide Finance LLC, Term Loan B2, 3-month-USD LIBOR + 1.75%, 1.861%, 6/22/2026 | 1,389,236 | 1,378,760 | |
TransDigm, Inc., Term Loan F, 1-month USD-LIBOR + 2.25%, 2.363%, 12/9/2025 | 1,249,052 | 1,235,163 | |
Total Loan Participations and Assignments (Cost $2,640,089) | 2,613,923 | ||
Short-Term U.S. Treasury Obligations 1.7% | |||
U.S. Treasury Bills: | |||
0.04% (g), 5/27/2021 | 2,000,000 | 1,999,993 | |
0.101% (g), 8/12/2021 | 1,100,000 | 1,099,950 | |
0.125% (g), 8/12/2021 (h) | 600,000 | 599,973 | |
0.142% (g), 6/17/2021 (i) | 9,300,000 | 9,299,857 | |
Total Short-Term U.S. Treasury Obligations (Cost $12,997,689) | 12,999,773 |
Shares | Value ($) | ||
Exchange-Traded Funds 2.9% | |||
SPDR Bloomberg Barclays Convertible Securities ETF (a) (Cost $13,817,168) | 259,040 | 22,103,883 | |
Securities Lending Collateral 1.6% | |||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.01% (j) (k) (Cost $12,299,170) | 12,299,170 | 12,299,170 |
32 | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Cash Equivalents 2.7% | |||
DWS Central Cash Management Government Fund, 0.02% (j) (Cost $20,838,963) | 20,838,963 | 20,838,963 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $691,235,913) | 106.5 | 810,680,968 | |
Other Assets and Liabilities, Net | (6.5) | (49,642,290) | |
Net Assets | 100.0 | 761,038,678 |
Value ($) at 10/31/2020 | 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 4/30/2021 | Value ($) at 4/30/2021 |
Securities Lending Collateral 1.6% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.01% (j) (k) | ||||||||
30,951,654 | — | 18,652,484 (l) | — | — | 20,782 | — | 12,299,170 | 12,299,170 |
Cash Equivalents 2.7% | ||||||||
DWS Central Cash Management Government Fund, 0.02% (j) | ||||||||
14,672,645 | 166,972,673 | 160,806,355 | — | — | 4,057 | — | 20,838,963 | 20,838,963 |
45,624,299 | 166,972,673 | 179,458,839 | — | — | 24,839 | — | 33,138,133 | 33,138,133 |
* | Non-income producing security. |
(a) | 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 April 30, 2021 amounted to $11,864,751, which is 1.6% of net assets. |
(b) | Investment was valued using significant unobservable inputs. |
(c) | Principal amount stated in U.S. dollars unless otherwise noted. |
(d) | When-issued, delayed delivery or forward commitment securities included. |
(e) | Perpetual, callable security with no stated maturity date. |
(f) | Variable or floating rate security. These securities are shown at their current rate as of April 30, 2021. 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. |
(g) | Annualized yield at time of purchase; not a coupon rate. |
(h) | At April 30, 2021, this security has been pledged, in whole or in part, to cover initial margin requirements for open centrally cleared swap contracts. |
DWS Global Income Builder Fund | | 33 |
(i) | At April 30, 2021, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(j) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(k) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(l) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended April 30, 2021. |
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. |
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. |
LIBOR: London Interbank Offered Rate |
MSCI: Morgan Stanley Capital International |
REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
REIT: Real Estate Investment Trust |
S&P: Standard & Poor’s |
SBSN: Surat Berharga Syariah Negara (Islamic Based Government Securities) |
SOC: State Owned Company |
SOFR: Secured Overnight Financing Rate |
SPDR: Standard & Poor’s Depositary Receipt |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
Euro Stoxx 50 Index | EUR | 6/18/2021 | 141 | 6,484,328 | 6,678,978 | 194,650 |
MSCI Emerging Markets Index | USD | 6/18/2021 | 530 | 35,348,017 | 35,419,900 | 71,883 |
S&P 500 E-Mini Index | USD | 6/18/2021 | 7 | 1,423,589 | 1,461,040 | 37,451 |
Ultra Long U.S. Treasury Bond | USD | 6/21/2021 | 85 | 16,152,884 | 15,802,031 | (350,853) |
Total net unrealized depreciation | (46,869) |
34 | | DWS Global Income Builder Fund |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
10 Year U.S. Treasury Note | USD | 6/21/2021 | 254 | 34,094,881 | 33,535,938 | 558,943 |
5 Year U.S. Treasury Note | USD | 6/30/2021 | 100 | 12,489,597 | 12,393,750 | 95,847 |
TOPIX Index | JPY | 6/10/2021 | 52 | 9,002,924 | 9,047,305 | (44,381) |
Ultra 10 Year U.S. Treasury Note | USD | 6/21/2021 | 188 | 28,004,849 | 27,362,813 | 642,036 |
Total net unrealized appreciation | 1,252,445 |
Centrally Cleared Swaps | |||||||
Cash Flows Paid by the Fund/ Frequency | Cash Flows Received by the Fund/ Frequency | Effective/ Expiration Date | Notional Amount ($) | Currency | Value ($) | Upfront Payments Paid/ (Received) ($) | Unrealized Appreciation/ (Depreciation) ($) |
Fixed — 0.25% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/3/16/2023 | 12,400,000 | USD | 2,931 | 1,107 | 1,824 |
Fixed — 0.45% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/3/16/2024 | 7,200,000 | USD | (3,093) | (164) | (2,929) |
Fixed — 1.30% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/3/16/2028 | 2,200,000 | USD | (4,474) | 512 | (4,986) |
Fixed — 1.63% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/3/16/2031 | 1,900,000 | USD | (5,297) | 2,233 | (7,530) |
Total net unrealized depreciation | (13,621) |
β | 3-month LIBOR rate as of April 30, 2021 is 0.176% |
LIBOR: London Interbank Offered Rate |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Appreciation ($) | Counterparty | ||
EUR | 2,500,000 | USD | 3,012,424 | 5/05/2021 | 6,742 | Bank of America |
EUR | Euro |
JPY | Japanese Yen |
USD | United States Dollar |
DWS Global Income Builder Fund | | 35 |
36 | | DWS Global Income Builder Fund |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Communication Services | $ 22,033,931 | $ 19,425,736 | $ — | $ 41,459,667 |
Consumer Discretionary | 26,228,594 | 12,671,197 | — | 38,899,791 |
Consumer Staples | 18,787,720 | 9,501,929 | — | 28,289,649 |
Energy | 7,737,225 | 2,932,180 | — | 10,669,405 |
Financials | 37,144,622 | 35,276,342 | — | 72,420,964 |
Health Care | 25,617,789 | 17,637,222 | — | 43,255,011 |
Industrials | 15,165,237 | 18,105,164 | — | 33,270,401 |
Information Technology | 87,118,551 | 11,504,190 | — | 98,622,741 |
Materials | 9,735,357 | 20,608,439 | — | 30,343,796 |
Real Estate | 11,001,767 | 5,385,880 | — | 16,387,647 |
Utilities | 10,371,456 | 13,959,177 | — | 24,330,633 |
Preferred Stocks (a) | 32,646,525 | — | — | 32,646,525 |
Warrants | — | — | 27,346 | 27,346 |
Corporate Bonds (a) | — | 156,518,055 | — | 156,518,055 |
Asset-Backed (a) | — | 17,472,718 | — | 17,472,718 |
Mortgage-Backed Securities Pass-Throughs | — | 38,846,234 | — | 38,846,234 |
Commercial Mortgage-Backed Securities | — | 17,783,200 | — | 17,783,200 |
Collateralized Mortgage Obligations | — | 24,064,853 | — | 24,064,853 |
Government & Agency Obligations | — | 14,516,620 | — | 14,516,620 |
Loan Participations and Assignments | — | 2,613,923 | — | 2,613,923 |
Short-Term U.S. Treasury Obligations | — | 12,999,773 | — | 12,999,773 |
Exchange-Traded Funds | 22,103,883 | — | — | 22,103,883 |
Short-Term Investments (a) | 33,138,133 | — | — | 33,138,133 |
Derivatives (b) | ||||
Futures Contracts | 1,600,810 | — | — | 1,600,810 |
Interest Rate Swap Contracts | — | 1,824 | — | 1,824 |
Forward Foreign Currency Contracts | — | 6,742 | — | 6,742 |
Total | $360,431,600 | $451,831,398 | $27,346 | $812,290,344 |
DWS Global Income Builder Fund | | 37 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | ||||
Futures Contracts | $ (395,234) | $ — | $ — | $ (395,234) |
Interest Rate Swap Contracts | — | (15,445) | — | (15,445) |
Total | $ (395,234) | $ (15,445) | $ — | $ (410,679) |
(a) | See Investment Portfolio for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts, interest rate swap contracts and forward foreign currency contracts. |
38 | | DWS Global Income Builder Fund |
Assets | |
Investments in non-affiliated securities, at value (cost $658,097,780) — including $11,864,751 of securities loaned | $ 777,542,835 |
Investment in DWS Government & Agency Securities Portfolio (cost $12,299,170)* | 12,299,170 |
Investment in DWS Central Cash Management Government Fund (cost $20,838,963) | 20,838,963 |
Cash | 14,432 |
Foreign currency, at value (cost $328,918) | 305,736 |
Cash held as collateral for when-issued securities | 202,000 |
Receivable for investments sold — when-issued/delayed delivery securities | 38,943,987 |
Receivable for Fund shares sold | 32,997 |
Dividends receivable | 1,425,846 |
Interest receivable | 1,705,132 |
Unrealized appreciation on forward foreign currency contracts | 6,742 |
Foreign taxes recoverable | 583,850 |
Other assets | 62,216 |
Total assets | 853,963,906 |
Liabilities | |
Payable upon return of securities loaned | 12,299,170 |
Payable for investments purchased — when-issued/delayed delivery securities | 78,612,718 |
Payable for Fund shares redeemed | 344,424 |
Payable for variation margin on futures contracts | 627,942 |
Payable for variation margin on centrally cleared swaps | 1,324 |
Payable upon return of collateral held for when-issued securities | 202,000 |
Accrued management fee | 231,024 |
Accrued Trustees' fees | 7,460 |
Other accrued expenses and payables | 599,166 |
Total liabilities | 92,925,228 |
Net assets, at value | $ 761,038,678 |
* | Represents collateral on securities loaned. |
DWS Global Income Builder Fund | | 39 |
Net Assets Consist of | |
Distributable earnings (loss) | $ 147,784,159 |
Paid-in capital | 613,254,519 |
Net assets, at value | $ 761,038,678 |
Net Asset Value | |
Class A | |
Net Asset Value and redemption price per share ($541,612,685 ÷ 50,509,820 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 10.72 |
Maximum offering price per share (100 ÷ 94.25 of $10.72) | $ 11.37 |
Class C | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($8,565,225 ÷ 798,922 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 10.72 |
Class R6 | |
Net Asset Value, offering and redemption price per share ($9,831,186 ÷ 918,438 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 10.70 |
Class S | |
Net Asset Value, offering and redemption price per share ($178,533,277 ÷ 16,651,176 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 10.72 |
Institutional Class | |
Net Asset Value, offering and redemption price per share ($22,496,305 ÷ 2,100,497 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 10.71 |
40 | | DWS Global Income Builder Fund |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $347,077) | $ 8,002,804 |
Interest | 3,635,539 |
Income distributions — DWS Central Cash Management Government Fund | 4,057 |
Securities lending income, net of borrower rebates | 20,782 |
Total income | 11,663,182 |
Expenses: | |
Management fee | 1,364,630 |
Administration fee | 357,754 |
Services to shareholders | 505,839 |
Distribution and service fees | 647,667 |
Custodian fee | 17,209 |
Professional fees | 62,610 |
Reports to shareholders | 42,291 |
Registration fees | 31,669 |
Trustees' fees and expenses | 11,997 |
Other | 38,907 |
Total expenses | 3,080,573 |
Net investment income | 8,582,609 |
DWS Global Income Builder Fund | | 41 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | $ 32,822,899 |
Swap contracts | (809,158) |
Futures | 250,896 |
Forward foreign currency contracts | (90,729) |
Foreign currency | 69,994 |
32,243,902 | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | 71,176,087 |
Swap contracts | 897,604 |
Futures | 404,061 |
Forward foreign currency contracts | (58,559) |
Foreign currency | 239,194 |
72,658,387 | |
Net gain (loss) | 104,902,289 |
Net increase (decrease) in net assets resulting from operations | $ 113,484,898 |
42 | | DWS Global Income Builder Fund |
Six Months Ended April 30, 2021 | Year Ended October 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2020 |
Operations: | ||
Net investment income | $ 8,582,609 | $ 17,081,462 |
Net realized gain (loss) | 32,243,902 | (3,228,618) |
Change in net unrealized appreciation (depreciation) | 72,658,387 | (14,575,048) |
Net increase (decrease) in net assets resulting from operations | 113,484,898 | (722,204) |
Distributions to shareholders: | ||
Class A | (4,519,833) | (15,253,014) |
Class C | (39,280) | (201,614) |
Class R6 | (86,280) | (217,829) |
Class S | (1,670,826) | (5,463,828) |
Institutional Class | (202,870) | (508,321) |
Total distributions | (6,519,089) | (21,644,606) |
Fund share transactions: | ||
Proceeds from shares sold | 14,806,072 | 31,584,585 |
Reinvestment of distributions | 6,256,373 | 20,799,431 |
Payments for shares redeemed | (49,065,707) | (96,980,341) |
Net increase (decrease) in net assets from Fund share transactions | (28,003,262) | (44,596,325) |
Increase (decrease) in net assets | 78,962,547 | (66,963,135) |
Net assets at beginning of period | 682,076,131 | 749,039,266 |
Net assets at end of period | $761,038,678 | $682,076,131 |
DWS Global Income Builder Fund | | 43 |
DWS Global Income Builder Fund — Class A | ||||||
Six Months Ended 4/30/21 | Years Ended October 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $9.26 | $9.55 | $8.97 | $10.06 | $8.89 | $8.91 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .12 | .22 | .28 | .28 | .26 | .21 |
Net realized and unrealized gain (loss) | 1.43 | (.23) | .73 | (.36) | 1.18 | .03 |
Total from investment operations | 1.55 | (.01) | 1.01 | (.08) | 1.44 | .24 |
Less distributions from: | ||||||
Net investment income | (.09) | (.28) | (.36) | (.34) | (.27) | (.26) |
Net realized gains | — | — | (.07) | (.67) | — | — |
Total distributions | (.09) | (.28) | (.43) | (1.01) | (.27) | (.26) |
Net asset value, end of period | $10.72 | $9.26 | $9.55 | $8.97 | $10.06 | $8.89 |
Total Return (%)b | 16.77 * | .07 | 11.57 | (1.11) | 16.39 | 2.82 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 542 | 487 | 538 | 534 | 603 | 582 |
Ratio of expenses (%) | .88 ** | .89 | .91 | .90 | .91 | .92 |
Ratio of net investment income (%) | 2.28 ** | 2.38 | 3.02 | 2.93 | 2.71 | 2.39 |
Portfolio turnover rate (%) | 84 * | 131 | 161 | 67 | 137 | 123 |
a | Based on average shares outstanding during the period. |
b | Total return does not reflect the effect of any sales charges. |
* | Not annualized |
** | Annualized |
44 | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund — Class C | ||||||
Six Months Ended 4/30/21 | Years Ended October 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $9.25 | $9.55 | $8.96 | $10.05 | $8.88 | $8.90 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .07 | .15 | .21 | .21 | .18 | .14 |
Net realized and unrealized gain (loss) | 1.45 | (.24) | .73 | (.37) | 1.18 | .03 |
Total from investment operations | 1.52 | (.09) | .94 | (.16) | 1.36 | .17 |
Less distributions from: | ||||||
Net investment income | (.05) | (.21) | (.28) | (.26) | (.19) | (.19) |
Net realized gains | — | — | (.07) | (.67) | — | — |
Total distributions | (.05) | (.21) | (.35) | (.93) | (.19) | (.19) |
Net asset value, end of period | $10.72 | $9.25 | $9.55 | $8.96 | $10.05 | $8.88 |
Total Return (%)b | 16.42 * | (.82) | 10.83 | (1.91) | 15.47 c | 2.00 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 9 | 8 | 9 | 10 | 20 | 20 |
Ratio of expenses before expense reductions (%) | 1.69 ** | 1.69 | 1.68 | 1.65 | 1.74 | 1.72 |
Ratio of expenses after expense reductions (%) | 1.69 ** | 1.69 | 1.68 | 1.65 | 1.72 | 1.72 |
Ratio of net investment income (%) | 1.46 ** | 1.58 | 2.26 | 2.18 | 1.90 | 1.59 |
Portfolio turnover rate (%) | 84 * | 131 | 161 | 67 | 137 | 123 |
a | Based on average shares outstanding during the period. |
b | Total return does not reflect the effect of any sales charges. |
c | Total return would have been lower had certain expenses not been reduced. |
* | Not annualized |
** | Annualized |
DWS Global Income Builder Fund | | 45 |
DWS Global Income Builder Fund — Class R6 | ||||||
Six Months Ended 4/30/21 | Years Ended October 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $9.24 | $9.54 | $8.95 | $10.04 | $8.87 | $8.88 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .14 | .25 | .29 | .31 | .32 | .22 |
Net realized and unrealized gain (loss) | 1.42 | (.24) | .76 | (.36) | 1.14 | .04 |
Total from investment operations | 1.56 | .01 | 1.05 | (.05) | 1.46 | .26 |
Less distributions from: | ||||||
Net investment income | (.10) | (.31) | (.39) | (.37) | (.29) | (.27) |
Net realized gains | — | — | (.07) | (.67) | — | — |
Total distributions | (.10) | (.31) | (.46) | (1.04) | (.29) | (.27) |
Net asset value, end of period | $10.70 | $9.24 | $9.54 | $8.95 | $10.04 | $8.87 |
Total Return (%) | 17.00 * | .30 | 12.09 | (.78) | 16.74 | 3.08 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 10 | 7 | 7 | 1 | 4 | .05 |
Ratio of expenses (%) | .55 ** | .56 | .58 | .56 | .57 | .67 |
Ratio of net investment income (%) | 2.66 ** | 2.70 | 3.15 | 3.19 | 3.28 | 2.58 |
Portfolio turnover rate (%) | 84 * | 131 | 161 | 67 | 137 | 123 |
a | Based on average shares outstanding during the period. |
* | Not annualized |
** | Annualized |
46 | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund — Class S | ||||||
Six Months Ended 4/30/21 | Years Ended October 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $9.25 | $9.55 | $8.97 | $10.06 | $8.89 | $8.91 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .13 | .24 | .29 | .30 | .28 | .23 |
Net realized and unrealized gain (loss) | 1.44 | (.24) | .74 | (.36) | 1.18 | .03 |
Total from investment operations | 1.57 | (.00) * | 1.03 | (.06) | 1.46 | .26 |
Less distributions from: | ||||||
Net investment income | (.10) | (.30) | (.38) | (.36) | (.29) | (.28) |
Net realized gains | — | — | (.07) | (.67) | — | — |
Total distributions | (.10) | (.30) | (.45) | (1.03) | (.29) | (.28) |
Net asset value, end of period | $10.72 | $9.25 | $9.55 | $8.97 | $10.06 | $8.89 |
Total Return (%) | 17.01 ** | .17 | 11.81 | (.90) | 16.62 | 3.02 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 179 | 163 | 186 | 182 | 195 | 186 |
Ratio of expenses (%) | .69 *** | .69 | .71 | .69 | .70 | .71 |
Ratio of net investment income (%) | 2.47 *** | 2.58 | 3.21 | 3.15 | 2.92 | 2.60 |
Portfolio turnover rate (%) | 84 ** | 131 | 161 | 67 | 137 | 123 |
a | Based on average shares outstanding during the period. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
DWS Global Income Builder Fund | | 47 |
DWS Global Income Builder Fund — Institutional Class | ||||||
Six Months Ended 4/30/21 | Years Ended October 31, | |||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $9.24 | $9.54 | $8.95 | $10.05 | $8.88 | $8.90 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .13 | .24 | .30 | .30 | .28 | .23 |
Net realized and unrealized gain (loss) | 1.44 | (.24) | .74 | (.37) | 1.18 | .03 |
Total from investment operations | 1.57 | (.00) * | 1.04 | (.07) | 1.46 | .26 |
Less distributions from: | ||||||
Net investment income | (.10) | (.30) | (.38) | (.36) | (.29) | (.28) |
Net realized gains | — | — | (.07) | (.67) | — | — |
Total distributions | (.10) | (.30) | (.45) | (1.03) | (.29) | (.28) |
Net asset value, end of period | $10.71 | $9.24 | $9.54 | $8.95 | $10.05 | $8.88 |
Total Return (%) | 17.05 ** | .20 | 11.97 | (.99) | 16.55 | 3.06 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 22 | 17 | 9 | 12 | 10 | 8 |
Ratio of expenses (%) | .63 *** | .66 | .68 | .66 | .69 | .69 |
Ratio of net investment income (%) | 2.56 *** | 2.59 | 3.32 | 3.18 | 2.94 | 2.63 |
Portfolio turnover rate (%) | 84 ** | 131 | 161 | 67 | 137 | 123 |
a | Based on average shares outstanding during the period. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
48 | | DWS Global Income Builder Fund |
Notes to Financial Statements | (Unaudited) |
A. | Organization and Significant Accounting Policies |
DWS Global Income Builder Fund | | 49 |
50 | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | 51 |
52 | | DWS Global Income Builder Fund |
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | |
Securities Lending Transactions | |||||
Common Stocks | $ 2,363,040 | $ — | $ — | $ — | $ 2,363,040 |
Corporate Bonds | 8,707,630 | — | — | — | 8,707,630 |
Exchange-Traded Funds | 1,228,500 | — | — | — | 1,228,500 |
Total Borrowings | $ 12,299,170 | $ — | $ — | $ — | $ 12,299,170 |
Gross amount of recognized liabilities for securities lending transactions: | $ 12,299,170 |
DWS Global Income Builder Fund | | 53 |
54 | | DWS Global Income Builder Fund |
B. | Derivative Instruments |
DWS Global Income Builder Fund | | 55 |
56 | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | 57 |
Assets Derivative | Forward Contracts | Swap Contracts | Futures Contracts | Total |
Equity Contracts (a) | $ — | $ — | $ 303,984 | $ 303,984 |
Interest Rate Contracts (a) | — | 1,824 | 1,296,826 | 1,298,650 |
Foreign Exchange Contracts (b) | 6,742 | — | — | 6,742 |
$ 6,742 | $ 1,824 | $ 1,600,810 | $ 1,609,376 | |
Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: |
(a) | Includes cumulative appreciation of futures and centrally cleared swap contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
(b) | Unrealized appreciation on forward foreign currency contracts |
58 | | DWS Global Income Builder Fund |
Liability Derivative | Swap Contracts | Futures Contracts | Total |
Equity Contracts (a) | $ — | $ (44,381) | $ (44,381) |
Interest Rate Contracts (a) | (15,445) | (350,853) | (366,298) |
$ (15,445) | $ (395,234) | $ (410,679) | |
Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: |
(a) | Includes cumulative depreciation of futures and centrally cleared swap contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
Realized Gain (Loss) | Forward Contracts | Swap Contracts | Futures Contracts | Total |
Equity Contracts (a) | $ — | $ — | $ 1,095,792 | $ 1,095,792 |
Interest Rate Contracts (a) | — | (809,158) | (844,896) | (1,654,054) |
Foreign Exchange Contracts (a) | (90,729) | — | — | (90,729) |
$(90,729) | $(809,158) | $ 250,896 | $ (648,991) | |
Each of the above derivatives is located in the following Statement of Operations accounts: |
(a) | Net realized gain (loss) from forward foreign currency contracts, swap contracts and futures, respectively |
Change in Net Unrealized Appreciation (Depreciation) | Forward Contracts | Swap Contracts | Futures Contracts | Total |
Equity Contracts (a) | $ — | $ — | $ (986,898) | $ (986,898) |
Interest Rate Contracts (a) | — | 897,604 | 1,390,959 | 2,288,563 |
Foreign Exchange Contracts (a) | (58,559) | — | — | (58,559) |
$ (58,559) | $ 897,604 | $ 404,061 | $ 1,243,106 | |
Each of the above derivatives is located in the following Statement of Operations accounts: |
(a) | Change in net unrealized appreciation (depreciation) on forward foreign currency contracts, swap and futures contracts, respectively |
DWS Global Income Builder Fund | | 59 |
Counterparty | Gross Amount of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received | Net Amount of Derivative Assets |
Bank of America | $ 6,742 | $ — | $ — | $ 6,742 |
C. | Purchases and Sales of Securities |
D. | Related Parties |
60 | | DWS Global Income Builder Fund |
First $1.5 billion of the Fund’s average daily net assets | .370% |
Next $500 million of such net assets | .345% |
Next $1.5 billion of such net assets | .310% |
Next $2.0 billion of such net assets | .300% |
Next $2.0 billion of such net assets | .290% |
Next $2.5 billion of such net assets | .280% |
Next $2.5 billion of such net assets | .270% |
Over $12.5 billion of such net assets | .260% |
Class A | 1.20% | |
Class C | 1.95% | |
Class R6 | .95% | |
Class S | .95% | |
Institutional Class | .95% |
DWS Global Income Builder Fund | | 61 |
Services to Shareholders | Total Aggregated | Unpaid at April 30, 2021 |
Class A | $ 159,208 | $ 41,173 |
Class C | 1,719 | 504 |
Class R6 | 251 | 86 |
Class S | 91,806 | 23,192 |
Institutional Class | 195 | 157 |
$ 253,179 | $ 65,112 |
Sub-Recordkeeping | Total Aggregated |
Class A | $ 123,252 |
Class C | 4,978 |
Class S | 36,886 |
Institutional Class | 8,569 |
$ 173,685 |
Distribution Fee | Total Aggregated | Unpaid at April 30, 2021 |
Class C | $ 32,090 | $ 5,293 |
62 | | DWS Global Income Builder Fund |
Service Fee | Total Aggregated | Unpaid at April 30, 2021 | Annualized Rate |
Class A | $ 605,256 | $ 223,527 | .23% |
Class C | 10,321 | 4,032 | .24% |
$ 615,577 | $ 227,559 |
DWS Global Income Builder Fund | | 63 |
E. | Line of Credit |
F. | Fund Share Transactions |
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 471,510 | $ 4,959,824 | 1,222,008 | $ 11,213,184 |
Class C | 48,044 | 494,560 | 189,053 | 1,723,191 |
Class R6 | 204,743 | 2,134,144 | 117,107 | 1,075,473 |
Class S | 173,068 | 1,800,765 | 492,182 | 4,528,122 |
Institutional Class | 528,561 | 5,416,779 | 1,413,800 | 13,044,615 |
$ 14,806,072 | $ 31,584,585 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 427,780 | $ 4,362,371 | 1,662,332 | $ 14,740,096 |
Class C | 3,845 | 39,227 | 22,552 | 198,967 |
Class R6 | 8,472 | 86,280 | 24,588 | 217,829 |
Class S | 153,835 | 1,568,032 | 579,712 | 5,141,581 |
Institutional Class | 19,682 | 200,463 | 56,619 | 500,958 |
$ 6,256,373 | $ 20,799,431 |
64 | | DWS Global Income Builder Fund |
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares redeemed | ||||
Class A | (3,018,714) | $ (31,130,217) | (6,512,481) | $ (60,163,544) |
Class C | (138,838) | (1,423,931) | (317,627) | (2,950,645) |
Class R6 | (31,562) | (327,376) | (89,136) | (828,603) |
Class S | (1,311,391) | (13,491,355) | (2,924,426) | (27,173,393) |
Institutional Class | (260,034) | (2,692,828) | (633,442) | (5,864,156) |
$ (49,065,707) | $ (96,980,341) | |||
Net increase (decrease) | ||||
Class A | (2,119,424) | $ (21,808,022) | (3,628,141) | $ (34,210,264) |
Class C | (86,949) | (890,144) | (106,022) | (1,028,487) |
Class R6 | 181,653 | 1,893,048 | 52,559 | 464,699 |
Class S | (984,488) | (10,122,558) | (1,852,532) | (17,503,690) |
Institutional Class | 288,209 | 2,924,414 | 836,977 | 7,681,417 |
$ (28,003,262) | $ (44,596,325) |
G. | Other — COVID-19 Pandemic |
DWS Global Income Builder Fund | | 65 |
66 | | DWS Global Income Builder Fund |
— | Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold. |
— | Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. |
DWS Global Income Builder Fund | | 67 |
Actual Fund Return | Class A | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 11/1/20 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/21 | $1,167.70 | $1,164.20 | $1,170.00 | $1,170.10 | $1,170.50 |
Expenses Paid per $1,000* | $ 4.73 | $ 9.07 | $ 2.96 | $ 3.71 | $ 3.39 |
Hypothetical 5% Fund Return | Class A | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 11/1/20 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/21 | $1,020.43 | $1,016.41 | $1,022.07 | $1,021.37 | $1,021.67 |
Expenses Paid per $1,000* | $ 4.41 | $ 8.45 | $ 2.76 | $ 3.46 | $ 3.16 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class C | Class R6 | Class S | Institutional Class |
DWS Global Income Builder Fund | .88% | 1.69% | .55% | .69% | .63% |
68 | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | 69 |
— | During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees” ). |
— | The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant” ). |
— | The Board also received extensive information throughout the year regarding performance of the Fund. |
— | The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations. |
— | In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements. |
70 | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | 71 |
72 | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | 73 |
74 | | DWS Global Income Builder Fund |
For More Information | The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, C and S also have the ability to purchase, exchange or redeem shares using this system. |
For more information, contact your financial representative. You may also access our automated telephone system or speak with a Shareholder Service representative by calling: (800) 728-3337 | |
Web Site | dws.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. |
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | |
Written Correspondence | DWSPO Box 219151 Kansas City, MO 64121-9151 |
Proxy Voting | The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337. |
Portfolio Holdings | Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information. |
Principal Underwriter | If you have questions, comments or complaints, contact:DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148 |
DWS Global Income Builder Fund | | 75 |
Investment Management | DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor” ), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group” ), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group. |
DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles. |
Class A | Class C | Class S | Institutional Class | |
Nasdaq Symbol | KTRAX | KTRCX | KTRSX | KTRIX |
CUSIP Number | 25159K 820 | 25159K 796 | 25159K 788 | 25159K 770 |
Fund Number | 002 | 302 | 2033 | 1402 |
For shareholders of Class R6 | ||
Automated Information Line | DWS/Ascensus Plan Access (800) 728-3337 | |
24-hour access to your retirement plan account. | ||
Web Site | dws.com | |
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | ||
Log in/register to manage retirement account assets at https://www.mykplan.com/participantsecure_net/login.aspx. | ||
For More Information | (800) 728-3337 | |
To speak with a service representative. | ||
Written Correspondence | DWS Service Company 222 South Riverside Plaza Chicago, IL 60606-5806 |
Class R6 | |
Nasdaq Symbol | KTRZX |
CUSIP Number | 25159K 721 |
Fund Number | 1633 |
76 | | DWS Global Income Builder Fund |
FACTS | What Does DWS Do With Your Personal Information? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share can include: — Social Security number — Account balances — Purchase and transaction history — Bank account information — Contact information such as mailing address, e-mail address and telephone number |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons DWS chooses to share and whether you can limit this sharing. |
Reasons we can share your personal information | Does DWS share? | Can you limit this sharing? |
For our everyday business purposes —such as to process your transactions, maintain your account(s), respond to court orders or legal investigations | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We do not share |
For our affiliates’ everyday business purposes — information about your transactions and experiences | No | We do not share |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We do not share |
For non-affiliates to market to you | No | We do not share |
Questions? | Call (800) 728-3337 or e-mail us at service@dws.com |
DWS Global Income Builder Fund | | 77 |
Who we are | |
Who is providing this notice? | DWS Distributors, Inc; DWS Investment Management Americas, Inc.; DWS Trust Company; the DWS Funds |
What we do | |
How does DWS protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards, secured files, and secured buildings. |
How does DWS collect my personal information? | We collect your personal information, for example, when you: — open an account — give us your contact information — provide bank account information for ACH or wire transactions — tell us where to send money — seek advice about your investments |
Why can’t I limit all sharing? | Federal law gives you the right to limit only — sharing for affiliates’ everyday business purposes — information about your creditworthiness — affiliates from using your information to market to you — sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank (“DB” ) name, such as DB AG Frankfurt. |
Non-affiliates | Companies not related by common ownership or control. They can be financial and non-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud. |
Joint marketing | A formal agreement between non-affiliated financial companies that together market financial products or services to you. DWS does not jointly market. |
78 | | DWS Global Income Builder Fund |
(b) Not applicable | ||
ITEM 2. | CODE OF ETHICS | |
Not applicable. | ||
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT | |
Not applicable | ||
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES | |
Not applicable | ||
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | SCHEDULE OF INVESTMENTS | |
Not applicable | ||
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
Not applicable | ||
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. | ||
ITEM 11. | CONTROLS AND PROCEDURES | |
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. | |
(b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. | |
ITEM 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. | |
Not applicable | ||
ITEM 13. | EXHIBITS | |
(a)(1) | Not applicable | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | DWS Global Income Builder Fund, a series of Deutsche DWS Market Trust |
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 6/29/2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 6/29/2021 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 6/29/2021 |