UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSR
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: | 10/31/2021 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) |
2 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 3 |
4 | | | DWS Global Income Builder Fund |
Portfolio Management Review | (Unaudited) |
DWS Global Income Builder Fund | | | 5 |
6 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 7 |
— | Joined DWS in 2018 with 24 years of industry experience; previously, worked as Head of Research and Portfolio Manager in the Global Multi-Asset Group at Oppenheimer Funds, and in research and portfolio management roles at AllianceBernstein. |
— | Americas Multi-Asset Head: New York. |
— | BSE, Princeton University. |
— | Joined DWS in 2003 with seven years of industry experience. Prior to joining, she served as a Portfolio Manager at Graham Capital Management. Previously, she worked as a Quantitative Strategist at ITG Inc. and Morgan Stanley. |
— | Senior Portfolio Manager, Head of Tax Managed Equities: New York. |
— | BS, Beijing University; PhD in Chemistry, Princeton University. |
8 | | | DWS Global Income Builder Fund |
— | Joined DWS in 2006 with 12 years of industry experience. Head of Investment Grade Corporate Credit since 2013. Prior to joining, he held roles at Merrill Lynch Investment Management, Greenwich NatWest and at DnB Asset Management. He began his career as a Ratings Analyst at Standard & Poor’s. |
— | Senior Portfolio Manager and Co-Head of US Credit: New York. |
— | BA and MA in Economics, State University of New York at Albany. |
— | Joined DWS in 2006 with eight years of industry experience. Prior to his current role, he served as a Sector head for US Rates and Mortgage Backed Securities. Before joining DWS, he served as an MBS Analyst at Bear Stearns, in Portfolio Analytics at TimesSquare Capital Management and as a Quantitative Analyst in the Municipal Bond Division at The Vanguard Group. |
— | Co-Head of US Rates and Structured Finance: New York. |
— | BS in Finance, Albright College. |
— | Joined DWS in 2006; previously has worked as a Director, Engineering and Business Development at Calpoint LLC from 2001–2004. |
— | Portfolio Manager: New York. |
— | BS and MS, University of Washington, Seattle; MS and MBA, Carnegie Mellon University. |
DWS Global Income Builder Fund | | | 9 |
10 | | | DWS Global Income Builder Fund |
Performance Summary | October 31, 2021 (Unaudited) |
Class A | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 10/31/21 | |||
Unadjusted for Sales Charge | 21.39% | 9.30% | 7.43% |
Adjusted for the Maximum Sales Charge (max 5.75% load) | 14.41% | 8.01% | 6.80% |
MSCI All Country World Index† | 37.28% | 14.72% | 11.32% |
Blended Index 60/40†† | 21.35% | 10.39% | 8.35% |
Bloomberg U.S. Universal Index††† | 0.48% | 3.42% | 3.39% |
Class C | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 10/31/21 | |||
Unadjusted for Sales Charge | 20.54% | 8.46% | 6.59% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 20.54% | 8.46% | 6.59% |
MSCI All Country World Index† | 37.28% | 14.72% | 11.32% |
Blended Index 60/40†† | 21.35% | 10.39% | 8.35% |
Bloomberg U.S. Universal Index††† | 0.48% | 3.42% | 3.39% |
Class R6 | 1-Year | 5-Year | Life of Class* |
Average Annual Total Returns as of 10/31/21 | |||
No Sales Charges | 21.83% | 9.67% | 6.26% |
MSCI All Country World Index† | 37.28% | 14.72% | 10.05% |
Blended Index 60/40†† | 21.35% | 10.39% | 7.57% |
Bloomberg U.S. Universal Index††† | 0.48% | 3.42% | 3.38% |
Class S | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 10/31/21 | |||
No Sales Charges | 21.76% | 9.52% | 7.65% |
MSCI All Country World Index† | 37.28% | 14.72% | 11.32% |
Blended Index 60/40†† | 21.35% | 10.39% | 8.35% |
Bloomberg U.S. Universal Index††† | 0.48% | 3.42% | 3.39% |
DWS Global Income Builder Fund | | | 11 |
Institutional Class | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 10/31/21 | |||
No Sales Charges | 21.84% | 9.56% | 7.69% |
MSCI All Country World Index† | 37.28% | 14.72% | 11.32% |
Blended Index 60/40†† | 21.35% | 10.39% | 8.35% |
Bloomberg U.S. Universal Index††† | 0.48% | 3.42% | 3.39% |
12 | | | DWS Global Income Builder Fund |
* | Class R6 shares commenced operations on August 25, 2014. The performance shown for the Blended Index 60/40 is for the time period of August 31, 2014 through October 31, 2021, 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 27 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 U.S. Universal Index (name changed from Bloomberg Barclays U.S. Universal Index, effective August 24, 2021). |
††† | Bloomberg U.S. Universal Index (name changed from Bloomberg Barclays U.S. Universal Index, effective August 24, 2021) 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. |
DWS Global Income Builder Fund | | | 13 |
Class A | Class C | Class R6 | Class S | Institutional Class | |
Net Asset Value | |||||
10/31/21 | $11.01 | $11.01 | $10.99 | $11.01 | $11.00 |
10/31/20 | $ 9.26 | $ 9.25 | $ 9.24 | $ 9.25 | $ 9.24 |
Distribution Information as of 10/31/21 | |||||
Income Dividends, Twelve Months | $ .22 | $ .14 | $ .26 | $ .24 | $ .25 |
14 | | | DWS Global Income Builder Fund |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 10/31/21 | 10/31/20 |
Equity | 66% | 62% |
Common Stocks | 59% | 53% |
Preferred Stocks | 4% | 5% |
Exchange-Traded Funds | 3% | 4% |
Warrants | 0% | 0% |
Fixed Income | 33% | 36% |
Corporate Bonds | 24% | 14% |
Asset-Backed | 2% | 5% |
Collateralized Mortgage Obligations | 2% | 5% |
Commercial Mortgage-Backed Securities | 2% | 5% |
Government & Agency Obligations | 2% | 1% |
Short-Term U.S. Treasury Obligations | 1% | 1% |
Loan Participations and Assignments | 0% | 0% |
Mortgage-Backed Securities Pass-Throughs | 0% | 5% |
Cash Equivalents | 1% | 2% |
Cash Equivalents | 1% | 2% |
100% | 100% |
Sector Diversification (As a % of Common Stocks, Preferred Stocks, Warrants, Corporate Bonds and Loan Participations and Assignments) | 10/31/21 | 10/31/20 |
Financials | 24% | 19% |
Information Technology | 19% | 20% |
Communication Services | 11% | 12% |
Health Care | 9% | 10% |
Consumer Discretionary | 7% | 10% |
Energy | 7% | 2% |
Industrials | 6% | 8% |
Consumer Staples | 5% | 5% |
Utilities | 5% | 7% |
Materials | 4% | 4% |
Real Estate | 3% | 3% |
100% | 100% |
DWS Global Income Builder Fund | | | 15 |
Geographical Diversification (As a % of Investment Portfolio excluding Exchange-Traded Funds, Securities Lending Collateral and Cash Equivalents) | 10/31/21 | 10/31/20 |
United States | 61% | 68% |
Japan | 6% | 5% |
Canada | 5% | 3% |
United Kingdom | 4% | 2% |
Switzerland | 3% | 2% |
France | 2% | 1% |
Germany | 2% | 2% |
Australia | 1% | 1% |
Cayman Islands | 1% | 2% |
Hong Kong | 1% | 2% |
Other | 14% | 12% |
100% | 100% |
Five Largest Equity Holdings at October 31, 2021 (7.9% 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. | 1.8% |
Develops, manufactures, licenses, sells and supports software products | |
3 Tesla, Inc. | 0.6% |
Designs,manufactures,and sells high-perfomance electric vehicles and electric vehicle powertrain components | |
4 NVIDIA Corp. | 0.5% |
Designs, develops and markets three dimensional (3D) graphic processors | |
5 SPDR Bloomberg Barclays Convertible Securities ETF | 3.0% |
An exchange-traded fund designed to represent the market of U.S. convertible securities |
16 | | | DWS Global Income Builder Fund |
Five Largest Fixed-Income Long-Term Securities at October 31, 2021 (3.3% of Net Assets) | Percent |
1 DB Master Finance LLC | 0.8% |
2.791%, 11/20/2051 | |
2 Fair Square Issuance Trust | 0.6% |
2.90%, 9/20/2024 | |
3 Teva Pharmaceutical Finance Netherlands III BV | 0.7% |
3.15%, 10/1/2026 | |
4 Freddie Mac Structured Agency Credit Risk Debt Notes | 0.6% |
1.939%, 2/25/2050 | |
5 Credit Suisse Commercial Mortgage Trust | 0.6% |
5.25%, 12/15/2035 |
DWS Global Income Builder Fund | | | 17 |
Investment Portfolio | as of October 31, 2021 |
Shares | Value ($) | ||
Common Stocks 58.8% | |||
Communication Services 5.7% | |||
Diversified Telecommunication Services 2.1% | |||
BCE, Inc. | 48,522 | 2,497,848 | |
Deutsche Telekom AG (Registered) | 67,236 | 1,249,659 | |
Koninklijke KPN NV | 299,720 | 895,641 | |
Nippon Telegraph & Telephone Corp. | 56,300 | 1,574,770 | |
Orange SA | 206,150 | 2,248,449 | |
Swisscom AG (Registered) | 2,726 | 1,483,878 | |
Telenor ASA | 63,010 | 994,612 | |
Telia Co. AB (a) | 317,479 | 1,249,325 | |
Telstra Corp., Ltd. | 401,332 | 1,153,266 | |
TELUS Corp. | 44,463 | 1,019,962 | |
Verizon Communications, Inc. | 39,333 | 2,084,255 | |
16,451,665 | |||
Entertainment 0.9% | |||
Activision Blizzard, Inc. | 6,700 | 523,873 | |
Netflix, Inc.* | 2,400 | 1,656,744 | |
Nintendo Co., Ltd. | 5,500 | 2,422,461 | |
Sea Ltd. (ADR)* | 6,100 | 2,095,777 | |
6,698,855 | |||
Interactive Media & Services 1.4% | |||
Alphabet, Inc. “A” * | 651 | 1,927,559 | |
Alphabet, Inc. “C” * | 600 | 1,779,246 | |
Match Group, Inc.* | 7,800 | 1,176,084 | |
Meta Platforms, Inc. “A” * | 7,000 | 2,264,990 | |
Pinterest, Inc. “A” * | 12,700 | 566,928 | |
Snap, Inc. “A” * | 18,100 | 951,698 | |
Twitter, Inc.* | 20,100 | 1,076,154 | |
Zillow Group, Inc. “A” * | 5,000 | 528,600 | |
Zillow Group, Inc. “C” * | 5,700 | 590,691 | |
10,861,950 | |||
Media 0.3% | |||
Comcast Corp. “A” | 21,386 | 1,099,882 | |
Interpublic Group of Companies, Inc. | 22,902 | 837,526 | |
1,937,408 | |||
Wireless Telecommunication Services 1.0% | |||
KDDI Corp. | 37,400 | 1,157,686 |
18 | | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
SoftBank Corp. | 208,400 | 2,842,358 | |
Tele2 AB “B” | 108,663 | 1,532,897 | |
Vodafone Group PLC | 1,642,275 | 2,428,239 | |
7,961,180 | |||
Consumer Discretionary 4.4% | |||
Auto Components 0.3% | |||
Bridgestone Corp. | 30,200 | 1,329,886 | |
Denso Corp. | 16,100 | 1,161,573 | |
2,491,459 | |||
Automobiles 0.8% | |||
Honda Motor Co., Ltd. | 28,400 | 834,495 | |
Tesla, Inc.* | 3,900 | 4,344,600 | |
Toyota Motor Corp. | 63,300 | 1,114,380 | |
6,293,475 | |||
Hotels, Restaurants & Leisure 0.8% | |||
Evolution AB 144A | 5,967 | 965,226 | |
McDonald’s Corp. | 6,400 | 1,571,520 | |
Restaurant Brands International, Inc. | 10,100 | 571,838 | |
Starbucks Corp. | 13,100 | 1,389,517 | |
Yum! Brands, Inc. | 12,000 | 1,499,280 | |
5,997,381 | |||
Household Durables 0.2% | |||
Garmin Ltd. | 5,707 | 819,525 | |
Sekisui House Ltd. | 37,900 | 785,267 | |
1,604,792 | |||
Internet & Direct Marketing Retail 0.6% | |||
Amazon.com, Inc.* | 1,036 | 3,493,838 | |
MercadoLibre, Inc.* | 571 | 845,662 | |
4,339,500 | |||
Multiline Retail 0.4% | |||
Target Corp. | 5,707 | 1,481,651 | |
Wesfarmers Ltd. | 34,662 | 1,492,765 | |
2,974,416 | |||
Specialty Retail 1.0% | |||
Best Buy Co., Inc. | 8,300 | 1,014,592 | |
Home Depot, Inc. | 6,150 | 2,286,201 | |
Industria de Diseno Textil SA | 37,754 | 1,363,427 |
DWS Global Income Builder Fund | | | 19 |
Shares | Value ($) | ||
Lowe’s Companies, Inc. | 6,300 | 1,473,066 | |
TJX Companies, Inc. | 21,300 | 1,394,937 | |
7,532,223 | |||
Textiles, Apparel & Luxury Goods 0.3% | |||
LVMH Moet Hennessy Louis Vuitton SE | 1,188 | 930,018 | |
NIKE, Inc. “B” | 7,700 | 1,288,133 | |
2,218,151 | |||
Consumer Staples 4.1% | |||
Beverages 0.5% | |||
Coca-Cola Co. | 30,629 | 1,726,556 | |
PepsiCo, Inc. | 11,198 | 1,809,597 | |
3,536,153 | |||
Food & Staples Retailing 1.1% | |||
Costco Wholesale Corp. | 2,100 | 1,032,234 | |
J Sainsbury PLC | 234,228 | 959,736 | |
Koninklijke Ahold Delhaize NV | 29,238 | 950,769 | |
Sysco Corp. | 13,600 | 1,045,840 | |
Tesco PLC | 404,219 | 1,493,071 | |
Walgreens Boots Alliance, Inc. | 22,098 | 1,039,048 | |
Walmart, Inc. | 9,100 | 1,359,722 | |
Woolworths Group Ltd. | 29,394 | 842,011 | |
8,722,431 | |||
Food Products 0.7% | |||
General Mills, Inc. | 15,703 | 970,445 | |
Kellogg Co. | 12,799 | 784,579 | |
Kraft Heinz Co. | 29,979 | 1,075,946 | |
Nestle SA (Registered) | 12,338 | 1,628,088 | |
Wilmar International Ltd. | 261,400 | 837,411 | |
5,296,469 | |||
Household Products 0.5% | |||
Colgate-Palmolive Co. | 7,400 | 563,806 | |
Kimberly-Clark Corp. | 6,222 | 805,687 | |
Procter & Gamble Co. | 12,979 | 1,855,867 | |
Reckitt Benckiser Group PLC | 11,322 | 918,063 | |
4,143,423 | |||
Personal Products 0.2% | |||
Unilever PLC | 30,915 | 1,655,068 | |
Tobacco 1.1% | |||
Altria Group, Inc. | 69,300 | 3,056,823 |
20 | | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Japan Tobacco, Inc. | 133,000 | 2,608,655 | |
Philip Morris International, Inc. | 26,465 | 2,502,001 | |
8,167,479 | |||
Energy 2.9% | |||
Oil, Gas & Consumable Fuels | |||
Canadian Natural Resources Ltd. | 28,100 | 1,194,295 | |
Chevron Corp. | 17,700 | 2,026,473 | |
Enbridge, Inc. | 63,900 | 2,676,613 | |
ENEOS Holdings, Inc. | 213,100 | 859,318 | |
Eni SpA | 89,941 | 1,289,666 | |
Exxon Mobil Corp. | 38,700 | 2,494,989 | |
Kinder Morgan, Inc. | 88,600 | 1,484,050 | |
ONEOK, Inc. | 20,200 | 1,285,124 | |
Pembina Pipeline Corp. | 35,100 | 1,161,964 | |
Repsol SA | 66,137 | 845,280 | |
TC Energy Corp. | 32,999 | 1,785,135 | |
TotalEnergies SE | 50,616 | 2,537,669 | |
Valero Energy Corp. | 14,000 | 1,082,620 | |
Williams Companies, Inc. | 60,200 | 1,691,018 | |
22,414,214 | |||
Financials 10.4% | |||
Banks 4.8% | |||
Bank of Montreal | 12,500 | 1,357,163 | |
Bank of Nova Scotia | 32,091 | 2,103,962 | |
BOC Hong Kong Holdings Ltd. | 348,500 | 1,106,349 | |
Canadian Imperial Bank of Commerce | 10,143 | 1,230,749 | |
Citigroup, Inc. | 20,900 | 1,445,444 | |
Citizens Financial Group, Inc. | 17,999 | 852,793 | |
Commonwealth Bank of Australia | 18,000 | 1,417,420 | |
Credit Agricole SA | 164,269 | 2,476,230 | |
DBS Group Holdings Ltd. | 40,500 | 946,952 | |
Fifth Third Bancorp. | 23,200 | 1,009,896 | |
Hang Seng Bank Ltd. | 50,600 | 962,509 | |
HSBC Holdings PLC | 347,575 | 2,100,101 | |
Huntington Bancshares, Inc. | 61,200 | 963,288 | |
Japan Post Bank Co., Ltd. | 101,900 | 794,816 | |
JPMorgan Chase & Co. | 6,270 | 1,065,210 | |
KeyCorp. | 52,599 | 1,223,979 | |
Mediobanca Banca Di Credito Finanziario SpA* | 77,734 | 926,911 | |
Mitsubishi UFJ Financial Group, Inc. | 199,200 | 1,087,975 | |
Mizuho Financial Group, Inc. | 83,360 | 1,100,740 |
DWS Global Income Builder Fund | | | 21 |
Shares | Value ($) | ||
Oversea-Chinese Banking Corp., Ltd. | 102,100 | 893,422 | |
PNC Financial Services Group, Inc. | 4,800 | 1,012,944 | |
Regions Financial Corp. | 48,600 | 1,150,848 | |
Royal Bank of Canada | 17,857 | 1,858,709 | |
Sumitomo Mitsui Financial Group, Inc. | 39,400 | 1,286,312 | |
Toronto-Dominion Bank | 25,980 | 1,885,943 | |
Truist Financial Corp. | 16,986 | 1,078,101 | |
U.S. Bancorp. | 23,500 | 1,418,695 | |
United Overseas Bank Ltd. | 56,100 | 1,112,848 | |
Westpac Banking Corp. | 55,963 | 1,080,660 | |
36,950,969 | |||
Capital Markets 2.1% | |||
Apollo Global Management, Inc. | 16,200 | 1,246,590 | |
BlackRock, Inc. | 1,400 | 1,320,844 | |
Blackstone, Inc. | 10,600 | 1,467,252 | |
CME Group, Inc. | 6,600 | 1,455,630 | |
Daiwa Securities Group, Inc. | 224,700 | 1,259,187 | |
Franklin Resources, Inc. | 28,500 | 897,465 | |
Hong Kong Exchanges & Clearing Ltd. | 14,100 | 853,195 | |
Magellan Financial Group Ltd. | 39,267 | 1,024,103 | |
Morgan Stanley | 14,600 | 1,500,588 | |
Nomura Holdings, Inc. | 356,700 | 1,721,299 | |
Partners Group Holding AG | 743 | 1,296,355 | |
T. Rowe Price Group, Inc. | 7,200 | 1,561,536 | |
15,604,044 | |||
Diversified Financial Services 0.1% | |||
ORIX Corp. | 52,400 | 1,036,736 | |
Insurance 3.4% | |||
Admiral Group PLC | 37,000 | 1,453,264 | |
Allianz SE (Registered) | 7,140 | 1,660,260 | |
Assicurazioni Generali SpA | 95,104 | 2,072,373 | |
AXA SA | 79,523 | 2,312,923 | |
Japan Post Holdings Co., Ltd. | 119,000 | 913,578 | |
Legal & General Group PLC | 407,466 | 1,611,016 | |
Manulife Financial Corp. | 57,100 | 1,112,380 | |
MS&AD Insurance Group Holdings, Inc. | 22,400 | 724,425 | |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | 4,224 | 1,251,010 | |
NN Group NV | 18,309 | 980,372 | |
Progressive Corp. | 23,000 | 2,182,240 | |
Prudential Financial, Inc. | 13,200 | 1,452,660 | |
Sampo Oyj “A” | 31,243 | 1,661,378 |
22 | | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Sompo Holdings, Inc. | 17,000 | 738,021 | |
Swiss Re AG | 27,061 | 2,619,798 | |
Tokio Marine Holdings, Inc. | 18,000 | 947,260 | |
Zurich Insurance Group AG | 4,799 | 2,127,473 | |
25,820,431 | |||
Health Care 6.0% | |||
Biotechnology 1.1% | |||
AbbVie, Inc. | 23,401 | 2,683,393 | |
Amgen, Inc. | 7,621 | 1,577,318 | |
Gilead Sciences, Inc. | 27,285 | 1,770,251 | |
Moderna, Inc.* | 3,900 | 1,346,319 | |
Seagen, Inc.* | 6,500 | 1,146,145 | |
8,523,426 | |||
Health Care Equipment & Supplies 0.7% | |||
Abbott Laboratories | 11,588 | 1,493,577 | |
Coloplast AS “B” | 3,518 | 573,486 | |
Danaher Corp. | 3,500 | 1,091,195 | |
Fisher & Paykel Healthcare Corp. Ltd. | 42,846 | 958,254 | |
Medtronic PLC | 8,689 | 1,041,464 | |
5,157,976 | |||
Health Care Providers & Services 0.5% | |||
Cardinal Health, Inc. | 16,441 | 786,044 | |
CVS Health Corp. | 12,400 | 1,107,072 | |
UnitedHealth Group, Inc. | 3,681 | 1,694,990 | |
3,588,106 | |||
Health Care Technology 0.1% | |||
M3, Inc. | 10,700 | 629,749 | |
Life Sciences Tools & Services 0.1% | |||
Thermo Fisher Scientific, Inc. | 1,900 | 1,202,833 | |
Pharmaceuticals 3.5% | |||
Astellas Pharma, Inc. | 49,600 | 834,246 | |
AstraZeneca PLC | 13,598 | 1,692,353 | |
Bayer AG (Registered) | 25,487 | 1,433,963 | |
Bristol-Myers Squibb Co. | 27,948 | 1,632,163 | |
Chugai Pharmaceutical Co., Ltd. | 29,000 | 1,080,614 | |
Eli Lilly & Co. | 7,004 | 1,784,339 | |
GlaxoSmithKline PLC | 130,604 | 2,696,444 | |
Johnson & Johnson | 11,576 | 1,885,499 | |
Merck & Co., Inc. | 27,049 | 2,381,665 | |
Novartis AG (Registered) | 24,515 | 2,025,245 |
DWS Global Income Builder Fund | | | 23 |
Shares | Value ($) | ||
Novo Nordisk AS “B” | 17,031 | 1,864,015 | |
Pfizer, Inc. | 52,081 | 2,278,023 | |
Roche Holding AG (Genusschein) | 5,384 | 2,081,919 | |
Sanofi | 14,353 | 1,434,052 | |
Takeda Pharmaceutical Co., Ltd. | 51,200 | 1,438,856 | |
26,543,396 | |||
Industrials 3.6% | |||
Aerospace & Defense 0.4% | |||
BAE Systems PLC | 141,747 | 1,070,426 | |
Lockheed Martin Corp. | 2,360 | 784,275 | |
Raytheon Technologies Corp. | 11,884 | 1,056,012 | |
2,910,713 | |||
Air Freight & Logistics 0.4% | |||
Deutsche Post AG (Registered) | 21,446 | 1,326,845 | |
United Parcel Service, Inc. “B” | 9,290 | 1,983,136 | |
3,309,981 | |||
Building Products 0.1% | |||
Xinyi Glass Holdings Ltd. | 298,000 | 840,704 | |
Commercial Services & Supplies 0.0% | |||
Quad Graphics, Inc.* | 10 | 40 | |
Construction & Engineering 0.1% | |||
Bouygues SA | 22,423 | 907,235 | |
Electrical Equipment 0.4% | |||
ABB Ltd. (Registered) | 33,569 | 1,110,534 | |
Eaton Corp. PLC | 5,620 | 925,951 | |
Emerson Electric Co. | 8,981 | 871,247 | |
2,907,732 | |||
Industrial Conglomerates 0.5% | |||
3M Co. | 6,510 | 1,163,207 | |
Honeywell International, Inc. | 4,201 | 918,422 | |
Siemens AG (Registered) | 7,905 | 1,281,904 | |
3,363,533 | |||
Machinery 0.4% | |||
Caterpillar, Inc. | 7,500 | 1,530,075 | |
Cummins, Inc. | 3,413 | 818,574 | |
Kone Oyj “B” | 7,333 | 499,801 | |
2,848,450 |
24 | | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Marine 0.2% | |||
Nippon Yusen KK | 10,400 | 746,409 | |
SITC International Holdings Co., Ltd. | 250,000 | 846,668 | |
1,593,077 | |||
Professional Services 0.2% | |||
Adecco Group AG (Registered) | 14,649 | 737,090 | |
Thomson Reuters Corp. | 8,100 | 974,343 | |
1,711,433 | |||
Road & Rail 0.2% | |||
Union Pacific Corp. | 5,547 | 1,339,046 | |
Trading Companies & Distributors 0.7% | |||
Fastenal Co. | 11,900 | 679,252 | |
ITOCHU Corp. | 33,000 | 938,679 | |
Mitsubishi Corp. | 47,000 | 1,489,485 | |
Mitsui & Co., Ltd. | 55,300 | 1,257,623 | |
Sumitomo Corp. | 75,000 | 1,064,049 | |
5,429,088 | |||
Information Technology 15.1% | |||
Communications Equipment 0.4% | |||
Cisco Systems, Inc. | 35,383 | 1,980,386 | |
Telefonaktiebolaget LM Ericsson “B” | 68,781 | 752,843 | |
2,733,229 | |||
Electronic Equipment, Instruments & Components 0.5% | |||
Corning, Inc. | 28,341 | 1,008,089 | |
Keyence Corp. | 1,400 | 841,536 | |
Murata Manufacturing Co., Ltd. | 16,800 | 1,275,459 | |
TE Connectivity Ltd. | 6,238 | 910,748 | |
4,035,832 | |||
IT Services 2.9% | |||
Accenture PLC “A” | 2,739 | 982,726 | |
Adyen NV 144A* | 368 | 1,110,528 | |
Afterpay Ltd.* | 9,452 | 876,625 | |
Automatic Data Processing, Inc. | 4,629 | 1,039,164 | |
Cloudflare, Inc. “A” * | 10,500 | 2,044,560 | |
Fujitsu Ltd. | 4,700 | 809,278 | |
Infosys Ltd. (ADR) | 66,400 | 1,479,392 | |
International Business Machines Corp. | 15,173 | 1,898,142 | |
MasterCard, Inc. “A” | 3,398 | 1,140,097 | |
MongoDB, Inc.* | 3,000 | 1,563,870 | |
Paychex, Inc. | 12,707 | 1,566,519 |
DWS Global Income Builder Fund | | | 25 |
Shares | Value ($) | ||
PayPal Holdings, Inc.* | 5,548 | 1,290,409 | |
Shopify, Inc. “A” * | 1,400 | 2,044,140 | |
Square, Inc. “A” * | 8,149 | 2,073,921 | |
Twilio, Inc. “A” * | 3,200 | 932,352 | |
Visa, Inc. “A” (a) | 4,500 | 952,965 | |
Western Union Co. | 23,382 | 426,020 | |
22,230,708 | |||
Semiconductors & Semiconductor Equipment 4.2% | |||
Advanced Micro Devices, Inc.* | 17,700 | 2,128,071 | |
Analog Devices, Inc. | 6,748 | 1,170,710 | |
Applied Materials, Inc. | 8,900 | 1,216,185 | |
ASE Technology Holding Co., Ltd. (ADR) | 209,200 | 1,489,504 | |
Broadcom, Inc. | 5,579 | 2,966,187 | |
Enphase Energy, Inc.* | 5,200 | 1,204,476 | |
Intel Corp. | 35,470 | 1,738,030 | |
KLA Corp. | 2,783 | 1,037,391 | |
Lam Research Corp. | 1,589 | 895,513 | |
Lasertec Corp. | 3,700 | 812,555 | |
Marvell Technology, Inc. | 19,100 | 1,308,350 | |
Micron Technology, Inc. | 17,300 | 1,195,430 | |
Monolithic Power Systems, Inc. | 5,000 | 2,627,300 | |
NVIDIA Corp. | 14,300 | 3,656,081 | |
QUALCOMM, Inc. | 22,300 | 2,966,792 | |
Skyworks Solutions, Inc. | 4,200 | 701,946 | |
Texas Instruments, Inc. | 12,535 | 2,350,062 | |
Tokyo Electron Ltd. | 2,800 | 1,298,355 | |
United Microelectronics Corp. (ADR) | 158,100 | 1,623,687 | |
32,386,625 | |||
Software 4.1% | |||
Adobe, Inc.* | 2,900 | 1,886,044 | |
Autodesk, Inc.* | 4,300 | 1,365,723 | |
Crowdstrike Holdings, Inc. “A” * | 6,700 | 1,888,060 | |
DocuSign, Inc.* | 3,600 | 1,001,844 | |
Intuit, Inc. | 2,728 | 1,707,701 | |
Microsoft Corp. | 40,473 | 13,421,656 | |
Oracle Corp. | 14,634 | 1,403,986 | |
salesforce.com, Inc.* | 4,200 | 1,258,698 | |
SAP SE | 6,013 | 871,103 | |
ServiceNow, Inc.* | 2,888 | 2,015,131 | |
Trade Desk, Inc. “A” * | 16,800 | 1,258,488 |
26 | | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Zoom Video Communications, Inc. “A” * | 4,300 | 1,180,995 | |
Zscaler, Inc.* | 5,900 | 1,881,274 | |
31,140,703 | |||
Technology Hardware, Storage & Peripherals 3.0% | |||
Apple, Inc. | 99,073 | 14,841,135 | |
Canon, Inc. | 45,600 | 1,023,424 | |
Hewlett Packard Enterprise Co. | 60,860 | 891,599 | |
HP, Inc. | 47,143 | 1,429,847 | |
Logitech International SA (Registered) | 8,910 | 741,722 | |
NetApp, Inc. | 15,423 | 1,377,274 | |
Samsung Electronics Co., Ltd. (GDR) REG S | 654 | 976,422 | |
Seagate Technology Holdings PLC | 17,957 | 1,599,430 | |
22,880,853 | |||
Materials 2.4% | |||
Chemicals 1.0% | |||
Air Products & Chemicals, Inc. | 2,877 | 862,553 | |
BASF SE | 27,616 | 1,988,233 | |
Dow, Inc. | 28,900 | 1,617,533 | |
Linde PLC | 2,396 | 764,803 | |
LyondellBasell Industries NV “A” | 12,500 | 1,160,250 | |
Nutrien Ltd. | 18,300 | 1,279,048 | |
7,672,420 | |||
Construction Materials 0.1% | |||
Holcim Ltd.* | 22,665 | 1,131,517 | |
Containers & Packaging 0.3% | |||
Amcor PLC | 87,841 | 1,060,241 | |
International Paper Co. | 17,523 | 870,368 | |
1,930,609 | |||
Metals & Mining 0.9% | |||
Anglo American PLC | 55,045 | 2,096,109 | |
Antofagasta PLC | 72,322 | 1,410,908 | |
B2Gold Corp. | 237,200 | 979,389 | |
Newmont Corp. | 16,200 | 874,800 | |
Vale SA (ADR) (a) | 144,000 | 1,833,120 | |
7,194,326 | |||
Paper & Forest Products 0.1% | |||
Sylvamo Corp.* | 1 | 28 | |
UPM-Kymmene Oyj | 22,239 | 784,617 | |
784,645 |
DWS Global Income Builder Fund | | | 27 |
Shares | Value ($) | ||
Real Estate 1.7% | |||
Equity Real Estate Investment Trusts (REITs) 1.6% | |||
Ascendas Real Estate Investment Trust | 226,276 | 518,497 | |
CapitaLand Integrated Commercial Trust | 556,368 | 887,053 | |
Crown Castle International Corp. | 5,146 | 927,824 | |
Digital Realty Trust, Inc. | 7,000 | 1,104,670 | |
Iron Mountain, Inc. | 31,200 | 1,423,968 | |
Medical Properties Trust, Inc. | 72,500 | 1,546,425 | |
Prologis, Inc. | 5,412 | 784,523 | |
Public Storage | 2,884 | 958,007 | |
Realty Income Corp. | 9,564 | 683,156 | |
VEREIT, Inc. | 18,900 | 950,670 | |
VICI Properties, Inc. (a) | 37,117 | 1,089,384 | |
WP Carey, Inc. | 10,597 | 817,135 | |
11,691,312 | |||
Real Estate Management & Development 0.1% | |||
Sun Hung Kai Properties Ltd. | 69,500 | 924,523 | |
Utilities 2.5% | |||
Electric Utilities 1.5% | |||
American Electric Power Co., Inc. | 9,242 | 782,890 | |
Duke Energy Corp. | 10,077 | 1,027,955 | |
EDP - Energias de Portugal SA | 207,460 | 1,171,299 | |
Enel SpA | 161,893 | 1,354,205 | |
Fortum Oyj | 41,822 | 1,242,498 | |
Iberdrola SA | 61,987 | 731,976 | |
NextEra Energy, Inc. | 11,388 | 971,738 | |
PPL Corp. | 42,675 | 1,229,040 | |
Red Electrica Corp. SA | 54,408 | 1,132,750 | |
Southern Co. | 20,463 | 1,275,254 | |
SSE PLC | 42,785 | 962,326 | |
11,881,931 | |||
Gas Utilities 0.3% | |||
APA Group | 139,174 | 858,488 | |
Snam SpA | 201,150 | 1,138,697 | |
1,997,185 | |||
Multi-Utilities 0.7% | |||
Consolidated Edison, Inc. | 9,512 | 717,205 | |
Dominion Energy, Inc. | 12,035 | 913,817 | |
E.ON SE | 71,285 | 903,658 | |
National Grid PLC | 78,361 | 1,003,132 |
28 | | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Public Service Enterprise Group, Inc. | 13,972 | 891,414 | |
Sempra Energy | 5,655 | 721,748 | |
5,150,974 | |||
Total Common Stocks (Cost $346,586,351) | 449,283,782 | ||
Preferred Stocks 3.6% | |||
Communication Services 0.4% | |||
AT&T, Inc., 5.35% | 100,000 | 2,612,000 | |
Consumer Discretionary 0.1% | |||
Porsche Automobil Holding SE | 8,974 | 931,788 | |
Financials 2.7% | |||
AGNC Investment Corp., Series C, 7.0% | 64,439 | 1,635,462 | |
Capital One Financial Corp., Series G, 5.2% | 100,000 | 2,532,000 | |
Charles Schwab Corp., Series D, 5.95% | 75,000 | 1,926,750 | |
Fifth Third Bancorp., Series I, 6.625% | 75,000 | 2,156,250 | |
KeyCorp., Series E, 6.125% | 75,000 | 2,298,750 | |
Morgan Stanley, Series K, 5.85% | 75,000 | 2,209,500 | |
PNC Financial Services Group, Inc., Series P, 6.125% | 75,000 | 1,929,000 | |
Regions Financial Corp., Series B, 6.375% | 80,000 | 2,272,000 | |
The Goldman Sachs Group, Inc., Series J, 5.5% | 73,000 | 1,962,240 | |
Wells Fargo & Co., Series Y, 5.625% | 75,000 | 1,944,750 | |
20,866,702 | |||
Real Estate 0.4% | |||
Kimco Realty Corp., Series L, 5.125% | 75,000 | 1,952,250 | |
Prologis, Inc., Series Q, 8.54% | 236 | 16,461 | |
Simon Property Group, Inc., Series J, 8.375% | 17,000 | 1,198,500 | |
3,167,211 | |||
Total Preferred Stocks (Cost $27,258,430) | 27,577,701 | ||
Warrants 0.0% | |||
Materials | |||
Hercules Trust II, Expiration Date 3/31/2029* (b) (Cost $90,210) | 506 | 33,350 |
DWS Global Income Builder Fund | | | 29 |
Principal Amount ($) (c) | Value ($) | ||
Corporate Bonds 24.0% | |||
Communication Services 3.1% | |||
Alibaba Group Holding Ltd., 3.4%, 12/6/2027 | 1,700,000 | 1,805,019 | |
America Movil SAB de CV, 4.375%, 4/22/2049 | 1,700,000 | 2,119,135 | |
AT&T, Inc.: | |||
2.25%, 2/1/2032 | 510,000 | 490,783 | |
2.75%, 6/1/2031 | 300,000 | 305,169 | |
3.65%, 6/1/2051 | 560,000 | 582,459 | |
CCO Holdings LLC, 144A, 4.75%, 3/1/2030 | 590,000 | 609,175 | |
Charter Communications Operating LLC: | |||
3.5%, 3/1/2042 | 650,000 | 634,713 | |
3.7%, 4/1/2051 | 750,000 | 736,502 | |
4.4%, 12/1/2061 | 400,000 | 424,751 | |
CSC Holdings LLC: | |||
144A, 3.375%, 2/15/2031 | 890,000 | 810,568 | |
144A, 4.125%, 12/1/2030 | 783,000 | 749,723 | |
144A, 4.5%, 11/15/2031 | 810,000 | 784,809 | |
DIRECTV Holdings LLC, 144A, 5.875%, 8/15/2027 | ���140,000 | 145,131 | |
Discovery Communications LLC, 4.0%, 9/15/2055 | 200,000 | 212,358 | |
Grupo Televisa SAB, 5.25%, 5/24/2049 | 1,700,000 | 2,209,784 | |
Match Group Holdings II LLC: | |||
144A, 3.625%, 10/1/2031 | 310,000 | 300,929 | |
144A, 4.125%, 8/1/2030 | 1,125,000 | 1,157,344 | |
Meituan, 144A, 2.125%, 10/28/2025 | 505,000 | 487,032 | |
Netflix, Inc.: | |||
4.375%, 11/15/2026 | 1,000,000 | 1,112,500 | |
5.875%, 11/15/2028 | 812,000 | 988,366 | |
Sirius XM Radio, Inc., 144A, 3.125%, 9/1/2026 | 590,000 | 590,738 | |
Tencent Holdings Ltd.: | |||
REG S, 2.39%, 6/3/2030 | 1,700,000 | 1,658,340 | |
144A, 3.84%, 4/22/2051 | 300,000 | 316,758 | |
T-Mobile U.S.A., Inc.: | |||
3.3%, 2/15/2051 | 700,000 | 686,598 | |
3.375%, 4/15/2029 | 635,000 | 652,463 | |
3.6%, 11/15/2060 | 145,000 | 145,616 | |
4.375%, 4/15/2040 | 335,000 | 382,710 | |
Verizon Communications, Inc.: | |||
2.55%, 3/21/2031 | 390,000 | 393,042 | |
2.65%, 11/20/2040 | 225,000 | 212,591 | |
3.7%, 3/22/2061 | 300,000 | 326,055 |
30 | | | DWS Global Income Builder Fund |
Principal Amount ($) (c) | Value ($) | ||
ViacomCBS, Inc., 4.2%, 5/19/2032 | 932,000 | 1,060,782 | |
Vodafone Group PLC, 5.125%, 6/4/2081 | 460,000 | 471,196 | |
23,563,139 | |||
Consumer Discretionary 1.7% | |||
1011778 BC Unlimited Liability Co., 144A, 4.375%, 1/15/2028 | 1,300,000 | 1,306,812 | |
Carnival Corp.: | |||
144A, 5.75%, 3/1/2027 | 475,000 | 483,313 | |
144A, 7.625%, 3/1/2026 | 539,000 | 567,885 | |
Dollar General Corp., 4.125%, 4/3/2050 | 110,000 | 130,448 | |
Ford Motor Credit Co. LLC: | |||
2.7%, 8/10/2026 | 1,340,000 | 1,338,446 | |
2.9%, 2/16/2028 | 1,082,000 | 1,072,532 | |
3.37%, 11/17/2023 | 900,000 | 923,625 | |
3.375%, 11/13/2025 | 750,000 | 770,625 | |
3.625%, 6/17/2031 | 1,440,000 | 1,456,200 | |
General Motors Co., 5.4%, 4/1/2048 | 350,000 | 445,127 | |
General Motors Financial Co., Inc.: | |||
2.35%, 1/8/2031 | 500,000 | 485,864 | |
2.7%, 6/10/2031 | 540,000 | 533,736 | |
Hilton Domestic Operating Co., Inc.: | |||
144A, 3.625%, 2/15/2032 | 1,350,000 | 1,317,073 | |
144A, 4.0%, 5/1/2031 | 720,000 | 723,445 | |
Nissan Motor Co., Ltd., 144A, 4.345%, 9/17/2027 | 760,000 | 824,327 | |
Royal Caribbean Cruises Ltd.: | |||
144A, 4.25%, 7/1/2026 | 210,000 | 203,700 | |
144A, 5.5%, 4/1/2028 | 295,000 | 300,163 | |
12,883,321 | |||
Consumer Staples 0.4% | |||
Altria Group, Inc.: | |||
3.7%, 2/4/2051 | 235,000 | 223,601 | |
3.875%, 9/16/2046 | 90,000 | 89,195 | |
Anheuser-Busch InBev Worldwide, Inc.: | |||
4.35%, 6/1/2040 | 270,000 | 317,517 | |
4.439%, 10/6/2048 | 290,000 | 350,569 | |
5.55%, 1/23/2049 | 699,000 | 980,467 | |
BAT Capital Corp.: | |||
2.726%, 3/25/2031 (a) | 335,000 | 327,062 | |
3.734%, 9/25/2040 | 349,000 | 339,326 |
DWS Global Income Builder Fund | | | 31 |
Principal Amount ($) (c) | Value ($) | ||
JBS Finance Luxembourg Sarl, 144A, 3.625%, 1/15/2032 | 470,000 | 464,050 | |
Keurig Dr Pepper, Inc., 3.8%, 5/1/2050 | 185,000 | 208,848 | |
3,300,635 | |||
Energy 2.7% | |||
Cenovus Energy, Inc., 3.75%, 2/15/2052 | 290,000 | 293,451 | |
Cheniere Corpus Christi Holdings LLC, 5.875%, 3/31/2025 | 1,000,000 | 1,119,421 | |
Cheniere Energy Partners LP: | |||
144A, 3.25%, 1/31/2032 | 240,000 | 237,888 | |
4.5%, 10/1/2029 | 1,100,000 | 1,174,448 | |
Ecopetrol SA, 6.875%, 4/29/2030 | 1,700,000 | 1,963,500 | |
Energy Transfer, L.P., 5.5%, 6/1/2027 | 1,000,000 | 1,157,298 | |
Enterprise Products Operating LLC: | |||
3.3%, 2/15/2053 | 510,000 | 511,078 | |
4.2%, 1/31/2050 | 905,000 | 1,035,881 | |
Hess Corp., 5.8%, 4/1/2047 | 400,000 | 534,156 | |
MPLX LP, 2.65%, 8/15/2030 | 210,000 | 209,002 | |
Petroleos Mexicanos, 6.84%, 1/23/2030 | 3,700,000 | 3,867,980 | |
Plains All American Pipeline LP, 3.8%, 9/15/2030 | 300,000 | 316,949 | |
SA Global Sukuk Ltd., 144A, 2.694%, 6/17/2031 | 340,000 | 340,544 | |
Saudi Arabian Oil Co.: | |||
144A, 2.25%, 11/24/2030 | 3,900,000 | 3,777,618 | |
REG S, 3.5%, 4/16/2029 | 1,700,000 | 1,813,907 | |
Sinopec Group Overseas Development Ltd., REG S, 2.7%, 5/13/2030 | 1,700,000 | 1,728,012 | |
Suncor Energy, Inc., 3.75%, 3/4/2051 | 385,000 | 420,403 | |
Williams Companies, Inc., 3.5%, 10/15/2051 | 300,000 | 307,043 | |
20,808,579 | |||
Financials 8.3% | |||
AerCap Ireland Capital DAC: | |||
3.0%, 10/29/2028 | 560,000 | 567,801 | |
3.15%, 2/15/2024 | 750,000 | 779,180 | |
3.3%, 1/30/2032 | 340,000 | 346,038 | |
3.4%, 10/29/2033 | 340,000 | 346,074 | |
3.85%, 10/29/2041 | 250,000 | 258,824 | |
4.625%, 10/15/2027 | 750,000 | 834,468 | |
Air Lease Corp.: | |||
3.0%, 2/1/2030 | 836,000 | 845,535 | |
4.125%, Perpetual (d) | 2,000,000 | 1,970,000 | |
Aircastle Ltd., 144A, 5.25%, Perpetual (d) | 690,000 | 707,250 | |
Ally Financial, Inc., 4.7%, Perpetual (d) | 3,000,000 | 3,108,750 | |
American Express Co., 3.55%, Perpetual (d) | 2,750,000 | 2,763,750 |
32 | | | DWS Global Income Builder Fund |
Principal Amount ($) (c) | Value ($) | ||
Avolon Holdings Funding Ltd.: | |||
144A, 2.528%, 11/18/2027 | 50,000 | 49,096 | |
144A, 2.75%, 2/21/2028 | 540,000 | 534,674 | |
144A, 4.25%, 4/15/2026 | 240,000 | 257,914 | |
Banco Nacional de Panama, 144A, 2.5%, 8/11/2030 | 600,000 | 565,800 | |
Bank of America Corp.: | |||
2.676%, 6/19/2041 | 330,000 | 317,853 | |
4.3%, Perpetual (d) | 612,000 | 619,650 | |
Bank of Nova Scotia, 3.625%, 10/27/2081 | 2,750,000 | 2,705,364 | |
Barclays PLC, 2.645%, 6/24/2031 | 600,000 | 601,676 | |
BBVA Bancomer SA, 144A, 1.875%, 9/18/2025 | 1,200,000 | 1,200,000 | |
Blackstone Secured Lending Fund: | |||
144A, 2.85%, 9/30/2028 | 610,000 | 598,315 | |
3.625%, 1/15/2026 | 925,000 | 967,367 | |
BNP Paribas SA, 144A, 4.625%, Perpetual (d) | 1,040,000 | 1,045,200 | |
Capital One Financial Corp.: | |||
2.359%, 7/29/2032 | 1,200,000 | 1,158,483 | |
3.95%, Perpetual (d) | 1,520,000 | 1,543,256 | |
Citigroup, Inc.: | |||
2.572%, 6/3/2031 | 770,000 | 776,350 | |
4.0%, Perpetual (d) | 4,250,000 | 4,340,311 | |
GE Capital Funding LLC, 4.4%, 5/15/2030 | 260,000 | 303,882 | |
GE Capital International Funding Co., Unlimited Co., 4.418%, 11/15/2035 | 1,000,000 | 1,216,594 | |
HSBC Holdings PLC: | |||
4.0%, Perpetual (d) | 1,545,000 | 1,541,138 | |
4.6%, Perpetual (d) | 1,750,000 | 1,738,852 | |
Intesa Sanpaolo SpA: | |||
144A, 4.198%, 6/1/2032 | 1,825,000 | 1,839,796 | |
144A, 4.95%, 6/1/2042 | 1,350,000 | 1,394,082 | |
Jefferies Group LLC, 2.625%, 10/15/2031 | 260,000 | 255,087 | |
JPMorgan Chase & Co.: | |||
3.328%, 4/22/2052 | 151,000 | 162,989 | |
3.65%, Perpetual (d) | 1,830,000 | 1,823,137 | |
M&T Bank Corp, 3.5%, Perpetual (d) | 980,000 | 962,850 | |
MDGH GMTN RSC Ltd., REG S, 3.7%, 11/7/2049 | 245,000 | 266,577 | |
Morgan Stanley: | |||
2.484%, 9/16/2036 | 789,000 | 766,587 | |
3.217%, 4/22/2042 | 100,000 | 105,043 | |
Natwest Group PLC, 4.6%, Perpetual (d) | 1,380,000 | 1,359,300 | |
Nippon Life Insurance Co., 144A, 2.75%, 1/21/2051 | 700,000 | 679,875 | |
OneMain Finance Corp., 3.5%, 1/15/2027 | 1,500,000 | 1,466,250 | |
PNC Financial Services Group, Inc., 3.4%, Perpetual (d) | 1,740,000 | 1,716,075 |
DWS Global Income Builder Fund | | | 33 |
Principal Amount ($) (c) | Value ($) | ||
REC Ltd.: | |||
144A, 4.75%, 5/19/2023 | 426,000 | 445,336 | |
144A, 5.25%, 11/13/2023 | 570,000 | 608,834 | |
Societe Generale SA: | |||
144A, 4.75%, Perpetual (d) | 735,000 | 752,897 | |
144A, 5.375%, Perpetual (d) | 1,650,000 | 1,753,125 | |
Standard Chartered PLC, 144A, 4.75%, Perpetual (a) (d) | 1,040,000 | 1,021,800 | |
The Charles Schwab Corp.: | |||
Series H, 4.0%, Perpetual (d) | 890,000 | 903,350 | |
Series I, 4.0%, Perpetual (d) | 1,555,000 | 1,600,328 | |
The Goldman Sachs Group, Inc., 3.8%, Perpetual (a) (d) | 1,935,000 | 1,935,000 | |
Truist Financial Corp., 4.8%, Perpetual (d) | 2,000,000 | 2,072,500 | |
U.S. Bancorp., 3.7%, Perpetual (d) | 2,344,000 | 2,334,741 | |
UBS Group AG, 144A, 4.375%, Perpetual (d) | 743,000 | 737,985 | |
Wells Fargo & Co., 3.9%, Perpetual (d) | 1,545,000 | 1,573,969 | |
63,146,958 | |||
Health Care 1.8% | |||
Bausch Health Companies, Inc., 144A, 4.875%, 6/1/2028 | 520,000 | 535,496 | |
Biogen, Inc., 3.15%, 5/1/2050 | 250,000 | 245,546 | |
Centene Corp.: | |||
2.45%, 7/15/2028 | 360,000 | 358,779 | |
2.625%, 8/1/2031 | 790,000 | 777,139 | |
Charles River Laboratories International, Inc., 144A, 3.75%, 3/15/2029 | 1,750,000 | 1,767,500 | |
CVS Health Corp.: | |||
2.7%, 8/21/2040 | 160,000 | 153,405 | |
4.25%, 4/1/2050 | 120,000 | 145,315 | |
5.05%, 3/25/2048 | 1,000,000 | 1,314,724 | |
DaVita, Inc., 144A, 4.625%, 6/1/2030 | 750,000 | 753,720 | |
HCA, Inc.: | |||
4.125%, 6/15/2029 | 600,000 | 664,549 | |
5.25%, 6/15/2026 | 1,000,000 | 1,133,969 | |
Mozart Debt Merger Sub, Inc., 144A, 3.875%, 4/1/2029 | 650,000 | 646,750 | |
Takeda Pharmaceutical Co., Ltd., 3.175%, 7/9/2050 | 380,000 | 388,529 | |
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/1/2026 | 5,400,000 | 5,089,500 | |
13,974,921 | |||
Industrials 1.4% | |||
Adani Ports & Special Economic Zone Ltd., 144A, 4.2%, 8/4/2027 | 865,000 | 895,500 | |
American Airlines, Inc., 144A, 5.5%, 4/20/2026 | 620,000 | 650,380 |
34 | | | DWS Global Income Builder Fund |
Principal Amount ($) (c) | Value ($) | ||
Boeing Co.: | |||
2.196%, 2/4/2026 | 1,696,000 | 1,698,825 | |
2.75%, 2/1/2026 | 820,000 | 847,869 | |
5.04%, 5/1/2027 | 350,000 | 397,411 | |
Delta Air Lines, Inc.: | |||
3.75%, 10/28/2029 (a) | 865,000 | 878,993 | |
144A, 4.5%, 10/20/2025 | 190,000 | 202,742 | |
Empresa de los Ferrocarriles del Estado, 144A, 3.068%, 8/18/2050 | 239,000 | 209,417 | |
General Electric Co., 3.625%, 5/1/2030 | 195,000 | 218,451 | |
GFL Environmental, Inc., 144A, 4.0%, 8/1/2028 (a) | 900,000 | 877,500 | |
Mileage Plus Holdings LLC, 144A, 6.5%, 6/20/2027 | 1,100,000 | 1,197,196 | |
Nielsen Finance LLC, 144A, 4.5%, 7/15/2029 | 360,000 | 351,990 | |
Prime Security Services Borrower LLC, 144A, 5.25%, 4/15/2024 | 2,400,000 | 2,553,000 | |
10,979,274 | |||
Information Technology 1.0% | |||
Broadcom, Inc.: | |||
144A, 2.6%, 2/15/2033 | 350,000 | 337,240 | |
144A, 3.187%, 11/15/2036 | 410,000 | 403,048 | |
Dell International LLC, 8.35%, 7/15/2046 | 350,000 | 581,621 | |
Micron Technology, Inc., 3.477%, 11/1/2051 (e) | 230,000 | 229,956 | |
MSCI, Inc.: | |||
144A, 3.25%, 8/15/2033 | 240,000 | 240,929 | |
144A, 3.625%, 9/1/2030 | 540,000 | 553,500 | |
Open Text Corp., 144A, 3.875%, 2/15/2028 | 1,525,000 | 1,536,437 | |
Oracle Corp.: | |||
3.6%, 4/1/2050 | 150,000 | 153,139 | |
3.65%, 3/25/2041 | 861,000 | 901,987 | |
SK Hynix, Inc., 144A, 1.5%, 1/19/2026 | 947,000 | 928,499 | |
Square, Inc.: | |||
144A, 2.75%, 6/1/2026 | 200,000 | 202,199 | |
144A, 3.5%, 6/1/2031 | 380,000 | 389,500 | |
Twilio, Inc., 3.625%, 3/15/2029 | 950,000 | 959,500 | |
7,417,555 | |||
Materials 1.1% | |||
AngloGold Ashanti Holdings PLC, 3.75%, 10/1/2030 | 800,000 | 809,000 | |
Berry Global, Inc., 1.65%, 1/15/2027 | 1,750,000 | 1,711,815 | |
Corp. Nacional del Cobre de Chile, 144A, 3.15%, 1/15/2051 | 200,000 | 183,794 | |
Glencore Funding LLC, 144A, 3.875%, 4/27/2051 | 400,000 | 424,731 | |
LYB International Finance III LLC, 3.625%, 4/1/2051 (a) | 160,000 | 170,330 |
DWS Global Income Builder Fund | | | 35 |
Principal Amount ($) (c) | Value ($) | ||
MEGlobal Canada ULC, 144A, 5.0%, 5/18/2025 | 1,511,000 | 1,654,300 | |
Novelis Corp., 144A, 4.75%, 1/30/2030 | 1,450,000 | 1,508,000 | |
Suzano Austria GmbH, 2.5%, 9/15/2028 | 460,000 | 435,275 | |
Tronox, Inc., 144A, 4.625%, 3/15/2029 | 1,110,000 | 1,088,166 | |
7,985,411 | |||
Real Estate 0.7% | |||
American Tower Corp.: | |||
(REIT), 2.1%, 6/15/2030 | 310,000 | 301,059 | |
(REIT), 2.95%, 1/15/2051 | 180,000 | 174,286 | |
Boston Properties LP, (REIT), 2.55%, 4/1/2032 | 535,000 | 532,750 | |
Crown Castle International Corp., (REIT), 2.9%, 4/1/2041 | 660,000 | 637,359 | |
Equinix, Inc., (REIT), 2.15%, 7/15/2030 | 193,000 | 187,999 | |
MPT Operating Partnership LP, (REIT), 3.5%, 3/15/2031 | 1,170,000 | 1,178,892 | |
SBA Communications Corp., 144A, (REIT), 3.125%, 2/1/2029 | 2,500,000 | 2,400,000 | |
Welltower, Inc., (REIT), 2.75%, 1/15/2031 | 210,000 | 215,705 | |
5,628,050 | |||
Utilities 1.8% | |||
AES Panama Generation Holdings SRL, 144A, 4.375%, 5/31/2030 | 622,000 | 641,394 | |
CenterPoint Energy, Inc., 2.65%, 6/1/2031 | 240,000 | 243,937 | |
CMS Energy Corp., 3.75%, 12/1/2050 | 2,600,000 | 2,593,500 | |
Duke Energy Corp., 3.25%, 1/15/2082 | 1,350,000 | 1,340,836 | |
ENN Energy Holdings, Ltd., 144A, 2.625%, 9/17/2030 | 854,000 | 841,767 | |
Eskom Holdings SOC Ltd., REG S, 6.35%, 8/10/2028 | 1,425,000 | 1,531,989 | |
NextEra Energy Operating Partners LP: | |||
144A, 3.875%, 10/15/2026 | 1,035,000 | 1,100,981 | |
144A, 4.25%, 7/15/2024 | 1,570,000 | 1,662,159 | |
Pacific Gas and Electric Co.: | |||
2.5%, 2/1/2031 | 130,000 | 124,174 | |
3.3%, 8/1/2040 | 370,000 | 349,208 | |
3.5%, 8/1/2050 | 150,000 | 142,572 | |
Perusahaan Listrik Negara PT, 144A, 2.875%, 10/25/2025 | EUR | 1,505,000 | 1,852,379 |
Southern Co., 3.75%, 9/15/2051 | 1,241,000 | 1,258,746 | |
13,683,642 | |||
Total Corporate Bonds (Cost $180,948,528) | 183,371,485 |
36 | | | DWS Global Income Builder Fund |
Principal Amount ($) (c) | Value ($) | ||
Asset-Backed 2.5% | |||
Automobile Receivables 0.3% | |||
Avis Budget Rental Car Funding AESOP LLC, “C” , Series 2019-1A, 144A, 4.53%, 3/20/2023 | 583,333 | 587,693 | |
JPMorgan Chase Bank NA, “E” , Series 2021-1, 144A, 2.365%, 9/25/2028 | 1,875,357 | 1,872,571 | |
2,460,264 | |||
Credit Card Receivables 0.6% | |||
Fair Square Issuance Trust, “A” , Series 2020-AA, 144A, 2.9%, 9/20/2024 | 4,670,000 | 4,694,988 | |
Miscellaneous 1.6% | |||
CF Hippolyta LLC, “B1” , Series 2021-1A, 144A, 1.98%, 3/15/2061 | 3,056,322 | 3,037,969 | |
DB Master Finance LLC, “A23” , Series 2021-1A, 144A, 2.791%, 11/20/2051 | 6,375,000 | 6,375,638 | |
Wendy’s Funding LLC, “A2II” , Series 2021-1A, 144A, 2.775%, 6/15/2051 | 2,559,585 | 2,608,435 | |
12,022,042 | |||
Total Asset-Backed (Cost $19,119,335) | 19,177,294 | ||
Mortgage-Backed Securities Pass-Throughs 0.0% | |||
Federal Home Loan Mortgage Corp., 6.0%, 11/1/2021 | 113 | 113 | |
Government National Mortgage Association, 6.5%, 8/20/2034 | 24,415 | 29,036 | |
Total Mortgage-Backed Securities Pass-Throughs (Cost $25,807) | 29,149 | ||
Commercial Mortgage-Backed Securities 1.9% | |||
Citigroup Commercial Mortgage Trust: | |||
“C” , Series 2019-PRM, 144A, 3.896%, 5/10/2036 | 2,516,145 | 2,626,254 | |
“D” , Series 2019-PRM, 144A, 4.35%, 5/10/2036 | 2,625,000 | 2,736,829 | |
Credit Suisse Commercial Mortgage Trust, “B” , Series 2020-TMIC, 144A, 1-month USD-LIBOR + 5.0%, 5.25% (f), 12/15/2035 | 4,300,000 | 4,392,579 | |
Freddie Mac Multifamily Structured Credit Risk, “M2” , Series 2021-MN1, 144A, 30-day average SOFR + 3.75%, 3.799% (f), 1/25/2051 | 1,098,000 | 1,139,911 | |
GMAC Commercial Mortgage Securities, Inc., “G” , Series 2004-C1, 144A, 5.455%, 3/10/2038 | 1,962,211 | 1,197,640 |
DWS Global Income Builder Fund | | | 37 |
Principal Amount ($) (c) | Value ($) | ||
MTRO Commercial Mortgage Trust, “C” , Series 2019-TECH, 144A, 1-month USD-LIBOR + 1.3%, 1.39% (f), 12/15/2033 | 1,255,000 | 1,248,876 | |
Multifamily Connecticut Avenue Securities Trust, “M7” , Series 2019-01, 144A, 1-month USD-LIBOR + 1.7%, 1.789% (f), 10/15/2049 | 1,384,601 | 1,380,725 | |
Total Commercial Mortgage-Backed Securities (Cost $15,307,402) | 14,722,814 | ||
Collateralized Mortgage Obligations 2.4% | |||
Connecticut Avenue Securities Trust: | |||
“1M2” , Series 2020-R01, 144A, 1-month USD-LIBOR + 2.05%, 2.139% (f), 1/25/2040 | 866,411 | 871,299 | |
“1M2” , Series 2019-R03, 144A, 1-month USD-LIBOR + 2.15%, 2.239% (f), 9/25/2031 | 206,918 | 207,961 | |
“1M2” , Series 2019-R02, 144A, 1-month USD-LIBOR + 2.3%, 2.389% (f), 8/25/2031 | 315,800 | 317,492 | |
Fannie Mae Connecticut Avenue Securities: | |||
“1M2” , Series 2018-C06, 1-month USD-LIBOR + 2.0%, 2.089% (f), 3/25/2031 | 571,749 | 576,215 | |
“1M2” , Series 2018-C03, 1-month USD-LIBOR + 2.15%, 2.239% (f), 10/25/2030 | 718,583 | 726,217 | |
“1M2” , Series 2018-C01, 1-month USD-LIBOR + 2.25%, 2.339% (f), 7/25/2030 | 1,132,787 | 1,147,569 | |
“1M2” , Series 2018-C05, 1-month USD-LIBOR + 2.35%, 2.439% (f), 1/25/2031 | 1,840,998 | 1,863,457 | |
Federal National Mortgage Association, “I” , Series 2003-84, Interest Only, 6.0%, 9/25/2033 | 195,139 | 37,145 | |
Freddie Mac Structured Agency Credit Risk Debt Notes: | |||
“M2” , Series 2020-DNA2, 144A, 1-month USD-LIBOR + 1.85%, 1.939% (f), 2/25/2050 | 4,393,639 | 4,426,953 | |
“M2” , Series 2019-DNA3, 144A, 1-month USD-LIBOR + 2.05%, 2.139% (f), 7/25/2049 | 1,366,332 | 1,377,859 | |
“M2” , Series 2019-DNA2, 144A, 1-month USD-LIBOR + 2.45%, 2.539% (f), 3/25/2049 | 2,145,822 | 2,178,024 | |
“M2” , Series 2017-DNA3, 1-month USD-LIBOR + 2.5%, 2.589% (f), 3/25/2030 | 1,000,000 | 1,021,361 | |
“M2” , Series 2019-DNA1, 144A, 1-month USD-LIBOR + 2.65%, 2.739% (f), 1/25/2049 | 319,210 | 323,005 | |
JPMorgan Mortgage Trust, “AM” , Series 2016-3, 144A, 3.245% (f), 10/25/2046 | 1,374,833 | 1,374,783 | |
STACR Trust, “M2” , Series 2018-DNA3, 144A, 1-month USD-LIBOR + 2.1%, 2.189% (f), 9/25/2048 | 1,945,946 | 1,971,552 | |
Total Collateralized Mortgage Obligations (Cost $18,232,563) | 18,420,892 |
38 | | | DWS Global Income Builder Fund |
Principal Amount ($) (c) | Value ($) | ||
Government & Agency Obligations 1.6% | |||
Sovereign Bonds | |||
Bermuda Government International Bond, 144A, 2.375%, 8/20/2030 | 471,000 | 466,290 | |
Brazilian Government International Bond, 3.875%, 6/12/2030 | 947,000 | 888,561 | |
Indonesia Government International Bond: | |||
2.85%, 2/14/2030 | 3,700,000 | 3,814,845 | |
3.85%, 10/15/2030 (a) | 1,700,000 | 1,889,998 | |
Mexico Government International Bond, 3.75%, 4/19/2071 | 312,000 | 279,471 | |
Perusahaan Penerbit SBSN Indonesia III, 144A, 2.8%, 6/23/2030 | 883,000 | 900,695 | |
Philippine Government International Bond, 2.457%, 5/5/2030 | 3,700,000 | 3,794,681 | |
Total Government & Agency Obligations (Cost $12,601,365) | 12,034,541 | ||
Loan Participations and Assignments 0.4% | |||
Senior Loans (f) | |||
Hilton Worldwide Finance LLC, Term Loan B2, 1-month-USD LIBOR + 1.75%, 1.839%, 6/22/2026 | 1,389,235 | 1,379,983 | |
TransDigm, Inc., Term Loan F, 1-month USD-LIBOR + 2.25%, 2.337%, 12/9/2025 | 1,242,728 | 1,228,928 | |
Total Loan Participations and Assignments (Cost $2,633,603) | 2,608,911 | ||
Short-Term U.S. Treasury Obligations 0.6% | |||
U.S. Treasury Bills: | |||
0.053% (g), 5/19/2022 (h) | 4,500,000 | 4,498,196 | |
0.054% (g), 5/19/2022 (i) | 300,000 | 299,880 | |
Total Short-Term U.S. Treasury Obligations (Cost $4,798,605) | 4,798,076 |
Shares | Value ($) | ||
Exchange-Traded Funds 3.0% | |||
SPDR Bloomberg Barclays Convertible Securities ETF (Cost $13,817,168) | 259,040 | 22,790,339 | |
Securities Lending Collateral 1.3% | |||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.01% (j) (k) (Cost $9,967,487) | 9,967,487 | 9,967,487 |
DWS Global Income Builder Fund | | | 39 |
Shares | Value ($) | ||
Cash Equivalents 0.8% | |||
DWS Central Cash Management Government Fund, 0.03% (j) (Cost $5,852,846) | 5,852,846 | 5,852,846 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $657,239,700) | 100.9 | 770,668,667 | |
Other Assets and Liabilities, Net | (0.9) | (6,726,966) | |
Net Assets | 100.0 | 763,941,701 |
Value ($) 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 10/31/2021 | Value ($) at 10/31/2021 |
Securities Lending Collateral 1.3% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.01% (j) (k) | ||||||||
30,951,654 | — | 20,984,167 (l) | — | — | 41,333 | — | 9,967,487 | 9,967,487 |
Cash Equivalents 0.8% | ||||||||
DWS Central Cash Management Government Fund, 0.03% (j) | ||||||||
14,672,645 | 254,540,708 | 263,360,507 | — | — | 5,899 | — | 5,852,846 | 5,852,846 |
45,624,299 | 254,540,708 | 284,344,674 | — | — | 47,232 | — | 15,820,333 | 15,820,333 |
* | 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 October 31, 2021 amounted to $9,586,971, which is 1.3% of net assets. |
(b) | Investment was valued using significant unobservable inputs. |
(c) | Principal amount stated in U.S. dollars unless otherwise noted. |
(d) | Perpetual, callable security with no stated maturity date. |
(e) | When-issued security. |
(f) | Variable or floating rate security. These securities are shown at their current rate as of October 31, 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 October 31, 2021, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
40 | | | DWS Global Income Builder Fund |
(i) | At October 31, 2021, this security has been pledged, in whole or in part, to cover initial margin requirements for open centrally cleared swap 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 year ended October 31, 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. |
ADR: American Depositary Receipt |
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 |
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-Schatz | EUR | 12/8/2021 | 147 | 19,083,504 | 19,025,584 | (57,920) |
DWS Global Income Builder Fund | | | 41 |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
MSCI Emerging Markets Index | USD | 12/17/2021 | 465 | 30,065,423 | 29,341,500 | (723,923) |
Ultra Long U.S. Treasury Bond | USD | 12/21/2021 | 133 | 26,065,238 | 26,122,032 | 56,794 |
Total net unrealized depreciation | (725,049) |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
Euro Stoxx 50 Index | EUR | 12/17/2021 | 112 | 5,374,927 | 5,485,728 | (110,801) |
S&P 500 E-Mini Index | USD | 12/17/2021 | 112 | 25,010,989 | 25,743,199 | (732,210) |
TOPIX Index | JPY | 12/9/2021 | 22 | 3,928,621 | 3,846,020 | 82,601 |
Ultra 10 Year U.S. Treasury Note | USD | 12/21/2021 | 129 | 19,012,337 | 18,709,031 | 303,306 |
Total net unrealized depreciation | (457,104) |
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 | 31,721 | 809 | 30,912 |
Fixed — 0.45% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/3/16/2024 | 7,200,000 | USD | 58,442 | (136) | 58,578 |
Fixed — 1.30% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/3/16/2028 | 2,200,000 | USD | 4,834 | 474 | 4,360 |
Fixed — 1.63% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/3/16/2031 | 1,900,000 | USD | (19,641) | 2,119 | (21,760) |
Total net unrealized appreciation | 72,090 |
β | 3-month LIBOR rate as of October 31, 2021 is 0.132%. |
42 | | | DWS Global Income Builder Fund |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Appreciation ($) | Counterparty | ||
EUR | 880,000 | USD | 1,046,376 | 11/5/2021 | 29,037 | Toronto-Dominion Bank |
EUR | Euro |
JPY | Japanese Yen |
USD | United States Dollar |
DWS Global Income Builder Fund | | | 43 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $449,283,782 | $ — | $ — | $449,283,782 |
Preferred Stocks (a) | 27,577,701 | — | — | 27,577,701 |
Warrants | — | — | 33,350 | 33,350 |
Corporate Bonds (a) | — | 183,371,485 | — | 183,371,485 |
Asset-Backed (a) | — | 19,177,294 | — | 19,177,294 |
Mortgage-Backed Securities Pass-Throughs | — | 29,149 | — | 29,149 |
Commercial Mortgage-Backed Securities | — | 14,722,814 | — | 14,722,814 |
Collateralized Mortgage Obligations | — | 18,420,892 | — | 18,420,892 |
Government & Agency Obligations | — | 12,034,541 | — | 12,034,541 |
Loan Participations and Assignments | — | 2,608,911 | — | 2,608,911 |
Short-Term U.S. Treasury Obligations | — | 4,798,076 | — | 4,798,076 |
Exchange-Traded Funds | 22,790,339 | — | — | 22,790,339 |
Short-Term Investments (a) | 15,820,333 | — | — | 15,820,333 |
Derivatives (b) | ||||
Futures Contracts | 442,701 | — | — | 442,701 |
Interest Rate Swap Contracts | — | 93,850 | — | 93,850 |
Forward Foreign Currency Contracts | — | 29,037 | — | 29,037 |
Total | $515,914,856 | $255,286,049 | $33,350 | $771,234,255 |
44 | | | DWS Global Income Builder Fund |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | ||||
Futures Contracts | $ (1,624,854) | $ — | $ — | $ (1,624,854) |
Interest Rate Swap Contracts | — | (21,760) | — | (21,760) |
Total | $ (1,624,854) | $ (21,760) | $ — | $ (1,646,614) |
(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. |
DWS Global Income Builder Fund | | | 45 |
Assets | |
Investments in non-affiliated securities, at value (cost $641,419,367) — including $9,586,971 of securities loaned | $ 754,848,334 |
Investment in DWS Government & Agency Securities Portfolio (cost $9,967,487)* | 9,967,487 |
Investment in DWS Central Cash Management Government Fund (cost $5,852,846) | 5,852,846 |
Cash | 43,909 |
Foreign currency, at value (cost $369,895) | 362,811 |
Receivable for investments sold | 1,083,377 |
Receivable for Fund shares sold | 227,563 |
Dividends receivable | 976,860 |
Interest receivable | 1,784,081 |
Unrealized appreciation on forward foreign currency contracts | 29,037 |
Foreign taxes recoverable | 497,134 |
Other assets | 46,361 |
Total assets | 775,719,800 |
Liabilities | |
Payable upon return of securities loaned | 9,967,487 |
Payable for investments purchased — when-issued securities | 230,000 |
Payable for Fund shares redeemed | 272,848 |
Payable for variation margin on futures contracts | 403,636 |
Payable for variation margin on centrally cleared swaps | 1,713 |
Accrued management fee | 237,782 |
Accrued Trustees' fees | 7,159 |
Other accrued expenses and payables | 657,474 |
Total liabilities | 11,778,099 |
Net assets, at value | $ 763,941,701 |
Net Assets Consist of | |
Distributable earnings (loss) | 168,094,061 |
Paid-in capital | 595,847,640 |
Net assets, at value | $ 763,941,701 |
* | Represents collateral on securities loaned. |
46 | | | DWS Global Income Builder Fund |
Net Asset Value | |
Class A | |
Net Asset Value and redemption price per share ($543,149,773 ÷ 49,327,270 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 11.01 |
Maximum offering price per share (100 ÷ 94.25 of $11.01) | $ 11.68 |
Class C | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($7,271,678 ÷ 660,572 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 11.01 |
Class R6 | |
Net Asset Value, offering and redemption price per share ($10,848,782 ÷ 986,935 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 10.99 |
Class S | |
Net Asset Value, offering and redemption price per share ($177,531,505 ÷ 16,124,786 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 11.01 |
Institutional Class | |
Net Asset Value, offering and redemption price per share ($25,139,963 ÷ 2,286,081 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 11.00 |
DWS Global Income Builder Fund | | | 47 |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $697,115) | $ 15,188,226 |
Interest | 7,533,406 |
Income distributions — DWS Central Cash Management Government Fund | 5,899 |
Securities lending income, net of borrower rebates | 41,333 |
Total income | 22,768,864 |
Expenses: | |
Management fee | 2,796,485 |
Administration fee | 733,132 |
Services to shareholders | 1,040,050 |
Distribution and service fees | 1,319,246 |
Custodian fee | 26,615 |
Professional fees | 127,995 |
Reports to shareholders | 75,771 |
Registration fees | 84,097 |
Trustees' fees and expenses | 23,391 |
Other | 67,978 |
Total expenses | 6,294,760 |
Net investment income | 16,474,104 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 62,891,656 |
Swap contracts | (854,987) |
Futures | 170,483 |
Forward foreign currency contracts | (84,101) |
Foreign currency | 144,720 |
Payments by affiliates (see Note G) | 52 |
62,267,823 | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | 65,159,999 |
Swap contracts | 983,315 |
Futures | (1,983,668) |
Forward foreign currency contracts | (36,264) |
Foreign currency | 404,608 |
64,527,990 | |
Net gain (loss) | 126,795,813 |
Net increase (decrease) in net assets resulting from operations | $ 143,269,917 |
48 | | | DWS Global Income Builder Fund |
Years Ended October 31, | ||
Increase (Decrease) in Net Assets | 2021 | 2020 |
Operations: | ||
Net investment income | $ 16,474,104 | $ 17,081,462 |
Net realized gain (loss) | 62,267,823 | (3,228,618) |
Change in net unrealized appreciation (depreciation) | 64,527,990 | (14,575,048) |
Net increase (decrease) in net assets resulting from operations | 143,269,917 | (722,204) |
Distributions to shareholders: | ||
Class A | (11,122,997) | (15,253,014) |
Class C | (99,450) | (201,614) |
Class R6 | (230,829) | (217,829) |
Class S | (4,015,185) | (5,463,828) |
Institutional Class | (525,745) | (508,321) |
Total distributions | (15,994,206) | (21,644,606) |
Fund share transactions: | ||
Proceeds from shares sold | 28,268,257 | 31,584,585 |
Reinvestment of distributions | 15,351,398 | 20,799,431 |
Payments for shares redeemed | (89,029,796) | (96,980,341) |
Net increase (decrease) in net assets from Fund share transactions | (45,410,141) | (44,596,325) |
Increase (decrease) in net assets | 81,865,570 | (66,963,135) |
Net assets at beginning of period | 682,076,131 | 749,039,266 |
Net assets at end of period | $763,941,701 | $682,076,131 |
DWS Global Income Builder Fund | | | 49 |
DWS Global Income Builder Fund — Class A | |||||
Years Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $9.26 | $9.55 | $8.97 | $10.06 | $8.89 |
Income (loss) from investment operations: | |||||
Net investment incomea | .23 | .22 | .28 | .28 | .26 |
Net realized and unrealized gain (loss) | 1.74 | (.23) | .73 | (.36) | 1.18 |
Total from investment operations | 1.97 | (.01) | 1.01 | (.08) | 1.44 |
Less distributions from: | |||||
Net investment income | (.22) | (.28) | (.36) | (.34) | (.27) |
Net realized gains | — | — | (.07) | (.67) | — |
Total distributions | (.22) | (.28) | (.43) | (1.01) | (.27) |
Net asset value, end of period | $11.01 | $9.26 | $9.55 | $8.97 | $10.06 |
Total Return (%)b | 21.39 | .07 | 11.57 | (1.11) | 16.39 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 543 | 487 | 538 | 534 | 603 |
Ratio of expenses (%) | .88 | .89 | .91 | .90 | .91 |
Ratio of net investment income (%) | 2.13 | 2.38 | 3.02 | 2.93 | 2.71 |
Portfolio turnover rate (%) | 124 | 131 | 161 | 67 | 137 |
a | Based on average shares outstanding during the period. |
b | Total return does not reflect the effect of any sales charges. |
50 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund — Class C | |||||
Years Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $9.25 | $9.55 | $8.96 | $10.05 | $8.88 |
Income (loss) from investment operations: | |||||
Net investment incomea | .14 | .15 | .21 | .21 | .18 |
Net realized and unrealized gain (loss) | 1.76 | (.24) | .73 | (.37) | 1.18 |
Total from investment operations | 1.90 | (.09) | .94 | (.16) | 1.36 |
Less distributions from: | |||||
Net investment income | (.14) | (.21) | (.28) | (.26) | (.19) |
Net realized gains | — | — | (.07) | (.67) | — |
Total distributions | (.14) | (.21) | (.35) | (.93) | (.19) |
Net asset value, end of period | $11.01 | $9.25 | $9.55 | $8.96 | $10.05 |
Total Return (%)b | 20.54 | (.82) | 10.83 | (1.91) | 15.47 c |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 7 | 8 | 9 | 10 | 20 |
Ratio of expenses before expense reductions (%) | 1.70 | 1.69 | 1.68 | 1.65 | 1.74 |
Ratio of expenses after expense reductions (%) | 1.70 | 1.69 | 1.68 | 1.65 | 1.72 |
Ratio of net investment income (%) | 1.32 | 1.58 | 2.26 | 2.18 | 1.90 |
Portfolio turnover rate (%) | 124 | 131 | 161 | 67 | 137 |
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. |
DWS Global Income Builder Fund | | | 51 |
DWS Global Income Builder Fund — Class R6 | |||||
Years Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $9.24 | $9.54 | $8.95 | $10.04 | $8.87 |
Income (loss) from investment operations: | |||||
Net investment incomea | .26 | .25 | .29 | .31 | .32 |
Net realized and unrealized gain (loss) | 1.75 | (.24) | .76 | (.36) | 1.14 |
Total from investment operations | 2.01 | .01 | 1.05 | (.05) | 1.46 |
Less distributions from: | |||||
Net investment income | (.26) | (.31) | (.39) | (.37) | (.29) |
Net realized gains | — | — | (.07) | (.67) | — |
Total distributions | (.26) | (.31) | (.46) | (1.04) | (.29) |
Net asset value, end of period | $10.99 | $9.24 | $9.54 | $8.95 | $10.04 |
Total Return (%) | 21.83 | .30 | 12.09 | (.78) | 16.74 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 11 | 7 | 7 | 1 | 4 |
Ratio of expenses (%) | .55 | .56 | .58 | .56 | .57 |
Ratio of net investment income (%) | 2.48 | 2.70 | 3.15 | 3.19 | 3.28 |
Portfolio turnover rate (%) | 124 | 131 | 161 | 67 | 137 |
a | Based on average shares outstanding during the period. |
52 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund — Class S | |||||
Years Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $9.25 | $9.55 | $8.97 | $10.06 | $8.89 |
Income (loss) from investment operations: | |||||
Net investment incomea | .25 | .24 | .29 | .30 | .28 |
Net realized and unrealized gain (loss) | 1.75 | (.24) | .74 | (.36) | 1.18 |
Total from investment operations | 2.00 | (.00) * | 1.03 | (.06) | 1.46 |
Less distributions from: | |||||
Net investment income | (.24) | (.30) | (.38) | (.36) | (.29) |
Net realized gains | — | — | (.07) | (.67) | — |
Total distributions | (.24) | (.30) | (.45) | (1.03) | (.29) |
Net asset value, end of period | $11.01 | $9.25 | $9.55 | $8.97 | $10.06 |
Total Return (%) | 21.76 | .17 | 11.81 | (.90) | 16.62 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 178 | 163 | 186 | 182 | 195 |
Ratio of expenses (%) | .69 | .69 | .71 | .69 | .70 |
Ratio of net investment income (%) | 2.32 | 2.58 | 3.21 | 3.15 | 2.92 |
Portfolio turnover rate (%) | 124 | 131 | 161 | 67 | 137 |
a | Based on average shares outstanding during the period. |
* | Amount is less than $.005. |
DWS Global Income Builder Fund | | | 53 |
DWS Global Income Builder Fund — Institutional Class | |||||
Years Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $9.24 | $9.54 | $8.95 | $10.05 | $8.88 |
Income (loss) from investment operations: | |||||
Net investment incomea | .25 | .24 | .30 | .30 | .28 |
Net realized and unrealized gain (loss) | 1.76 | (.24) | .74 | (.37) | 1.18 |
Total from investment operations | 2.01 | (.00) * | 1.04 | (.07) | 1.46 |
Less distributions from: | |||||
Net investment income | (.25) | (.30) | (.38) | (.36) | (.29) |
Net realized gains | — | — | (.07) | (.67) | — |
Total distributions | (.25) | (.30) | (.45) | (1.03) | (.29) |
Net asset value, end of period | $11.00 | $9.24 | $9.54 | $8.95 | $10.05 |
Total Return (%) | 21.84 | .20 | 11.97 | (.99) | 16.55 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 25 | 17 | 9 | 12 | 10 |
Ratio of expenses (%) | .65 | .66 | .68 | .66 | .69 |
Ratio of net investment income (%) | 2.37 | 2.59 | 3.32 | 3.18 | 2.94 |
Portfolio turnover rate (%) | 124 | 131 | 161 | 67 | 137 |
a | Based on average shares outstanding during the period. |
* | Amount is less than $.005. |
54 | | | DWS Global Income Builder Fund |
A. | Organization and Significant Accounting Policies |
DWS Global Income Builder Fund | | | 55 |
56 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 57 |
58 | | | DWS Global Income Builder Fund |
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | |
Securities Lending Transactions | |||||
Common Stocks | $ 4,860,714 | $ — | $ — | $ — | $ 4,860,714 |
Corporate Bonds | 3,168,773 | — | — | — | 3,168,773 |
Government & Agency Obligations | 1,938,000 | — | — | — | 1,938,000 |
Total Borrowings | $ 9,967,487 | $ — | $ — | $ — | $ 9,967,487 |
Gross amount of recognized liabilities for securities lending transactions: | $ 9,967,487 |
DWS Global Income Builder Fund | | | 59 |
60 | | | DWS Global Income Builder Fund |
Undistributed ordinary income* | $ 20,725,183 |
Undistributed long-term capital gains | $ 36,662,473 |
Net unrealized appreciation (depreciation) on investments | $ 110,409,607 |
Years Ended October 31, | ||
2021 | 2020 | |
Distributions from ordinary income* | $ 15,994,206 | $ 21,644,606 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
DWS Global Income Builder Fund | | | 61 |
B. | Derivative Instruments |
62 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 63 |
64 | | | DWS Global Income Builder Fund |
Assets Derivative | Forward Contracts | Swap Contracts | Futures Contracts | Total |
Equity Contracts (a) | $ — | $ — | $ 82,601 | $ 82,601 |
Interest Rate Contracts (a) | — | 93,850 | 360,100 | 453,950 |
Foreign Exchange Contracts (b) | 29,037 | — | — | 29,037 |
$ 29,037 | $ 93,850 | $ 442,701 | $ 565,588 | |
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 |
DWS Global Income Builder Fund | | | 65 |
Liability Derivative | Swap Contracts | Futures Contracts | Total |
Equity Contracts (a) | $ — | $ (1,566,934) | $ (1,566,934) |
Interest Rate Contracts (a) | (21,760) | (57,920) | (79,680) |
$ (21,760) | $ (1,624,854) | $ (1,646,614) | |
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) | $ — | $ — | $ 196,950 | $ 196,950 |
Interest Rate Contracts (a) | — | (852,947) | (26,467) | (879,414) |
Credit Contracts (a) | — | (2,040) | — | (2,040) |
Foreign Exchange Contracts (a) | (84,101) | — | — | (84,101) |
$(84,101) | $(854,987) | $ 170,483 | $ (768,605) | |
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) | $ — | $ — | $ (2,730,834) | $ (2,730,834) |
Interest Rate Contracts (a) | — | 983,315 | 747,166 | 1,730,481 |
Foreign Exchange Contracts (a) | (36,264) | — | — | (36,264) |
$ (36,264) | $ 983,315 | $ (1,983,668) | $ (1,036,617) | |
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 |
66 | | | DWS Global Income Builder Fund |
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 |
Toronto-Dominion Bank | $ 29,037 | $ — | $ — | $ 29,037 |
C. | Purchases and Sales of Securities |
D. | Related Parties |
DWS Global Income Builder Fund | | | 67 |
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% |
Class A | 1.18% |
Class C | 1.93% |
Class R6 | .93% |
Class S | .93% |
Institutional Class | .93% |
68 | | | DWS Global Income Builder Fund |
Services to Shareholders | Total Aggregated | Unpaid at October 31, 2021 |
Class A | $ 320,276 | $ 50,650 |
Class C | 3,193 | 467 |
Class R6 | 591 | 111 |
Class S | 186,358 | 29,567 |
Institutional Class | 380 | 105 |
$ 510,798 | $ 80,900 |
Sub-Recordkeeping | Total Aggregated |
Class A | $ 270,775 |
Class C | 10,359 |
Class S | 80,721 |
Institutional Class | 23,179 |
$ 385,034 |
DWS Global Income Builder Fund | | | 69 |
Distribution Fee | Total Aggregated | Unpaid at October 31, 2021 |
Class C | $ 60,640 | $ 4,615 |
Service Fee | Total Aggregated | Unpaid at October 31, 2021 | Annual Rate |
Class A | $ 1,239,223 | $ 224,136 | .23% |
Class C | 19,383 | 3,227 | .24% |
$ 1,258,606 | $ 227,363 |
70 | | | DWS Global Income Builder Fund |
E. | Line of Credit |
F. | Fund Share Transactions |
Year Ended October 31, 2021 | Year Ended October 31, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 1,018,417 | $ 10,972,377 | 1,222,008 | $ 11,213,184 |
Class C | 54,499 | 565,532 | 189,053 | 1,723,191 |
Class R6 | 315,683 | 3,351,102 | 117,107 | 1,075,473 |
Class S | 291,920 | 3,107,487 | 492,182 | 4,528,122 |
Institutional Class | 971,557 | 10,271,759 | 1,413,800 | 13,044,615 |
$ 28,268,257 | $ 31,584,585 |
DWS Global Income Builder Fund | | | 71 |
Year Ended October 31, 2021 | Year Ended October 31, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 1,011,062 | $ 10,730,086 | 1,662,332 | $ 14,740,096 |
Class C | 9,341 | 99,236 | 22,552 | 198,967 |
Class R6 | 21,741 | 230,829 | 24,588 | 217,829 |
Class S | 355,772 | 3,771,480 | 579,712 | 5,141,581 |
Institutional Class | 48,965 | 519,767 | 56,619 | 500,958 |
$ 15,351,398 | $ 20,799,431 | |||
Shares redeemed | ||||
Class A | (5,331,453) | $ (56,430,179) | (6,512,481) | $ (60,163,544) |
Class C | (289,139) | (3,053,480) | (317,627) | (2,950,645) |
Class R6 | (87,274) | (935,718) | (89,136) | (828,603) |
Class S | (2,158,570) | (22,775,878) | (2,924,426) | (27,173,393) |
Institutional Class | (546,729) | (5,834,541) | (633,442) | (5,864,156) |
$ (89,029,796) | $ (96,980,341) | |||
Net increase (decrease) | ||||
Class A | (3,301,974) | $ (34,727,716) | (3,628,141) | $ (34,210,264) |
Class C | (225,299) | (2,388,712) | (106,022) | (1,028,487) |
Class R6 | 250,150 | 2,646,213 | 52,559 | 464,699 |
Class S | (1,510,878) | (15,896,911) | (1,852,532) | (17,503,690) |
Institutional Class | 473,793 | 4,956,985 | 836,977 | 7,681,417 |
$ (45,410,141) | $ (44,596,325) |
G. | Payments by Affiliates |
H. | Other — COVID-19 Pandemic |
72 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 73 |
74 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 75 |
— | 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. |
76 | | | DWS Global Income Builder Fund |
Actual Fund Return | Class A | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 5/1/21 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 10/31/21 | $1,039.60 | $1,035.40 | $1,041.40 | $1,040.60 | $1,040.80 |
Expenses Paid per $1,000* | $ 4.52 | $ 8.72 | $ 2.78 | $ 3.55 | $ 3.39 |
Hypothetical 5% Fund Return | Class A | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 5/1/21 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 10/31/21 | $1,020.77 | $1,016.64 | $1,022.48 | $1,021.73 | $1,021.88 |
Expenses Paid per $1,000* | $ 4.48 | $ 8.64 | $ 2.75 | $ 3.52 | $ 3.36 |
* | 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 184 (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% | 1.70% | .54% | .69% | .66% |
Tax Information | (Unaudited) |
DWS Global Income Builder Fund | | | 77 |
78 | | | DWS Global Income Builder Fund |
— | 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. |
DWS Global Income Builder Fund | | | 79 |
80 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 81 |
82 | | | DWS Global Income Builder Fund |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954)Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) | 70 | — |
DWS Global Income Builder Fund | | | 83 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
John W. Ballantine (1946)Board Member since 1999 | Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); Not-for-Profit Directorships: Palm Beach Civic Assn.; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; Former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population wellbeing and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company (2003–2021); and Prisma Energy International; Former Not-for-Profit Directorships: Public Radio International | 70 | — |
Dawn-Marie Driscoll (1946)Board Member since 1987 | Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 70 | — |
84 | | | DWS Global Income Builder Fund |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Richard J. Herring (1946)Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (1994–2020); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018) | 70 | Director, Aberdeen Japan Fund (since 2007) |
William McClayton (1944)Board Member since 2004 | Private equity investor (since October 2009); formerly: Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Former Directorships: Board of Managers, YMCA of Metropolitan Chicago; Trustee, Ravinia Festival | 70 | — |
Chad D. Perry (1972)Board Member or Advisory Board Member since 20213 | Executive Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.2 (since 2011); formerly Executive Vice President and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011); Senior Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & Gray LLP (1997–2005) | 21 4 | — |
DWS Global Income Builder Fund | | | 85 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Rebecca W. Rimel (1951)Board Member since 1995 | Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); Director, The Bridgespan Group (nonprofit organization) (since October 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021) | 70 | Director, Becton Dickinson and Company2 (medical technology company) (2012–present) |
Catherine Schrand (1964)Board Member or Advisory Board Member since 20213 | Celia Z. Moh Professor of Accounting (since 2016) and Professor of Accounting (since 1994), The Wharton School, University of Pennsylvania; formerly Vice Dean, Wharton Doctoral Programs (2016–2019) | 21 4 | — |
William N. Searcy, Jr. (1946)Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 70 | — |
86 | | | DWS Global Income Builder Fund |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974)President and Chief Executive Officer, 2017–present | Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present) |
John Millette8 (1962)Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford9 (1984)Assistant Secretary, (2019–present) | Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated Tax Solutions. |
Diane Kenneally8 (1966)Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
Paul Antosca8 (1957)Assistant Treasurer, 2007–present | Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
Sheila Cadogan8 (1966)Assistant Treasurer, 2017–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan8 (1970)Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
DWS Global Income Builder Fund | | | 87 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Caroline Pearson8 (1962)Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021) |
Christian Rijs7 (1980)Anti-Money Laundering Compliance Officer, since October 6, 2021 | DWS Americas Head of Anti-Financial Crime and AML Officer, DWS; AML Officer, DWS Trust Company (since October 6, 2021); AML Officer, DBX ETF Trust (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since October 6, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | Mr. Perry and Ms. Schrand are Advisory Board Members of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry and Ms. Schrand are Board Members of each other Trust. |
4 | Mr. Perry and Ms. Schrand oversee 21 funds in the DWS Fund Complex as Board Members of various Trusts. Mr. Perry and Ms. Schrand are Advisory Board Members of various Trusts/Corporations comprised of 49 funds in the DWS Fund Complex. |
5 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
6 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 | Address: 875 Third Avenue, New York, NY 10022. |
8 | Address: 100 Summer Street, Boston, MA 02110. |
9 | Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256. |
88 | | | 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 | | | 89 |
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 Company222 South Riverside Plaza Chicago, IL 60606-5806 |
Class R6 | |
Nasdaq Symbol | KTRZX |
CUSIP Number | 25159K 721 |
Fund Number | 1633 |
90 | | | DWS Global Income Builder Fund |
(b) Not applicable | |
ITEM 2. | CODE OF ETHICS |
As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer.
There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.
A copy of the code of ethics is filed as an exhibit to this Form N-CSR. | |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. William McClayton, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. | |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
DWS global income builder Fund
form n-csr disclosure re: AUDIT FEES
The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
Fiscal Year Ended October 31, | Audit Fees Billed to Fund | Audit-Related Fees Billed to Fund | Tax Fees Billed to Fund | All Other Fees Billed to Fund |
2021 | $90,047 | $0 | $10,365 | $0 |
2020 | $90,047 | $0 | $10,365 | $0 |
The above “Tax Fees” were billed for professional services rendered for tax preparation.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers
The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.
Fiscal Year Ended October 31, | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
2021 | $0 | $487,049 | $0 |
2020 | $0 | $650,763 | $0 |
The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.
Non-Audit Services
The following table shows the amount of fees that EY billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s independence.
Fiscal Year Ended October 31, | Total Non-Audit Fees Billed to Fund (A) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C) | Total of (A), (B) and (C) |
2021 | $10,365 | $487,049 | $0 | $497,414 |
2020 | $10,365 | $650,763 | $0 | $661,128 |
All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.
Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.
***
In connection with the audit of the 2020 and 2021 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.
***
Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund’s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue to act as the Independent Registered Public Accounting Firm for the Fund.
· | EY advised the Fund’s Audit Committee that various covered persons within EY and EY’s affiliates held investments in, or had other financial relationships with, entities within the DWS Funds “investment company complex” (as defined in Regulation S-X) (the “DWS Funds Complex”). EY informed the Audit Committee that these investments and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none of the breaches involved any professionals who were part of the audit engagement team for the Fund or in the position to influence the audit engagement team for the Fund. |
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) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. | |
(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: | 12/30/2021 |
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: | 12/30/2021 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 12/30/2021 |