UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSRS
Investment Company Act file number: 811-01236
Deutsche DWS Market Trust
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 10/31 |
Date of reporting period: | 4/30/2022 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) | |
2 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 3 |
4 | | | DWS Global Income Builder Fund |
Performance Summary | April 30, 2022 (Unaudited) |
Class A | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/22 | ||||
Unadjusted for Sales Charge | –9.45% | –5.87% | 5.37% | 5.69% |
Adjusted for the Maximum Sales Charge (max 5.75% load) | –14.66% | –11.28% | 4.12% | 5.07% |
MSCI All Country World Index† | –11.63% | –5.44% | 9.46% | 9.21% |
Blended Index 60/40†† | –10.65% | –6.48% | 6.50% | 6.56% |
Bloomberg U.S. Universal Index††† | –9.57% | –8.57% | 1.37% | 2.07% |
Average Annual Total Returns as of 3/31/22 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | 2.78% | 6.85% | 6.42% | |
Adjusted for the Maximum Sales Charge (max 5.75% load) | –3.13% | 5.59% | 5.79% | |
MSCI All Country World Index† | 7.28% | 11.64% | 10.00% | |
Blended Index 60/40†† | 2.74% | 8.16% | 7.23% | |
Bloomberg U.S. Universal Index††† | –4.23% | 2.31% | 2.57% |
Class C | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/22 | ||||
Unadjusted for Sales Charge | –9.82% | –6.63% | 4.55% | 4.87% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | –10.65% | –6.63% | 4.55% | 4.87% |
MSCI All Country World Index† | –11.63% | –5.44% | 9.46% | 9.21% |
Blended Index 60/40†† | –10.65% | –6.48% | 6.50% | 6.56% |
Bloomberg U.S. Universal Index††† | –9.57% | –8.57% | 1.37% | 2.07% |
Average Annual Total Returns as of 3/31/22 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | 1.95% | 6.02% | 5.59% | |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 1.95% | 6.02% | 5.59% | |
MSCI All Country World Index† | 7.28% | 11.64% | 10.00% | |
Blended Index 60/40†† | 2.74% | 8.16% | 7.23% | |
Bloomberg U.S. Universal Index††† | –4.23% | 2.31% | 2.57% |
DWS Global Income Builder Fund | | | 5 |
Class R6 | 6-Month ‡ | 1-Year | 5-Year | Life of Class* |
Average Annual Total Returns as of 4/30/22 | ||||
No Sales Charges | –9.32% | –5.57% | 5.74% | 4.50% |
MSCI All Country World Index† | –11.63% | –5.44% | 9.46% | 7.62% |
Blended Index 60/40†† | –10.65% | –6.48% | 6.50% | 5.89% |
Bloomberg U.S. Universal Index††† | –9.57% | –8.57% | 1.37% | 1.82% |
Average Annual Total Returns as of 3/31/22 (most recent calendar quarter end) | ||||
No Sales Charges | 3.12% | 7.24% | 5.39% | |
MSCI All Country World Index† | 7.28% | 11.64% | 8.90% | |
Blended Index 60/40†† | 2.74% | 8.16% | 9.67% | |
Bloomberg U.S. Universal Index††† | –4.23% | 2.31% | 2.35% |
Class S | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/22 | ||||
No Sales Charges | –9.37% | –5.69% | 5.58% | 5.91% |
MSCI All Country World Index† | –11.63% | –5.44% | 9.46% | 9.21% |
Blended Index 60/40†† | –10.65% | –6.48% | 6.50% | 6.56% |
Bloomberg U.S. Universal Index††† | –9.57% | –8.57% | 1.37% | 2.07% |
Average Annual Total Returns as of 3/31/22 (most recent calendar quarter end) | ||||
No Sales Charges | 2.97% | 7.07% | 6.64% | |
MSCI All Country World Index† | 7.28% | 11.64% | 10.00% | |
Blended Index 60/40†† | 2.74% | 8.16% | 7.23% | |
Bloomberg U.S. Universal Index††† | –4.23% | 2.31% | 2.57% |
Institutional Class | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/22 | ||||
No Sales Charges | –9.35% | –5.65% | 5.64% | 5.96% |
MSCI All Country World Index† | –11.63% | –5.44% | 9.46% | 9.21% |
Blended Index 60/40†† | –10.65% | –6.48% | 6.50% | 6.56% |
Bloomberg U.S. Universal Index††† | –9.57% | –8.57% | 1.37% | 2.07% |
Average Annual Total Returns as of 3/31/22 (most recent calendar quarter end) | ||||
No Sales Charges | 3.02% | 7.13% | 6.69% | |
MSCI All Country World Index† | 7.28% | 11.64% | 10.00% | |
Blended Index 60/40†† | 2.74% | 8.16% | 7.23% | |
Bloomberg U.S. Universal Index††† | –4.23% | 2.31% | 2.57% |
6 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 7 |
* | Class R6 shares commenced operations on August 25, 2014. The performance shown for the Blended Index 60/40 is for the time period of August 31, 2014 through April 30, 2022, 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 25 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. |
††† | Bloomberg U.S. Universal Index measures the performance of U.S. dollar-denominated taxable bonds that are rated either investment grade or high yield. The index includes U.S. Treasury bonds, investment-grade and high yield U.S. corporate bonds, mortgage-backed securities, and Eurodollar bonds.The Advisor believes the additional Blended Index 60/40 and Bloomberg U.S. Universal Index, collectively, reflect the Fund’s asset allocations and generally represent the Fund’s overall investment process. |
‡ | Total returns shown for periods less than one year are not annualized. |
Class A | Class C | Class R6 | Class S | Institutional Class | |
Net Asset Value | |||||
4/30/22 | $ 9.15 | $ 9.15 | $ 9.13 | $ 9.15 | $ 9.14 |
10/31/21 | $11.01 | $11.01 | $10.99 | $11.01 | $11.00 |
Distribution Information as of 4/30/22 | |||||
Income Dividends, Six Months | $ .10 | $ .06 | $ .12 | $ .11 | $ .11 |
Capital Gain Distributions | $ .80 | $ .80 | $ .80 | $ .80 | $ .80 |
8 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 9 |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 4/30/22 | 10/31/21 |
Equity | 65% | 66% |
Common Stocks | 59% | 59% |
Preferred Stocks | 3% | 4% |
Exchange-Traded Funds | 3% | 3% |
Warrants | 0% | 0% |
Fixed Income | 32% | 33% |
Corporate Bonds | 20% | 24% |
Asset-Backed | 4% | 2% |
Commercial Mortgage-Backed Securities | 3% | 2% |
Government & Agency Obligations | 2% | 2% |
Collateralized Mortgage Obligations | 2% | 2% |
Short-Term U.S. Treasury Obligations | 1% | 1% |
Loan Participations and Assignments | 0% | 0% |
Mortgage-Backed Securities Pass-Throughs | 0% | 0% |
Cash Equivalents | 3% | 1% |
Cash Equivalents | 3% | 1% |
100% | 100% |
Sector Diversification (As a % of Common Stocks, Preferred Stocks, Warrants, Corporate Bonds and Loan Participations and Assignments) | 4/30/22 | 10/31/21 |
Financials | 21% | 24% |
Information Technology | 18% | 19% |
Health Care | 10% | 9% |
Communication Services | 9% | 11% |
Industrials | 8% | 6% |
Energy | 8% | 7% |
Consumer Discretionary | 7% | 7% |
Consumer Staples | 7% | 5% |
Utilities | 5% | 5% |
Materials | 4% | 4% |
Real Estate | 3% | 3% |
100% | 100% |
10 | | | DWS Global Income Builder Fund |
Geographical Diversification (As a % of Investment Portfolio excluding Exchange-Traded Funds, Securities Lending Collateral and Cash Equivalents) | 4/30/22 | 10/31/21 |
United States | 64% | 61% |
Canada | 5% | 5% |
Japan | 5% | 6% |
United Kingdom | 4% | 4% |
Cayman Islands | 3% | 1% |
Switzerland | 3% | 3% |
Germany | 3% | 2% |
France | 1% | 2% |
Australia | 1% | 1% |
Hong Kong | — | 1% |
Other | 11% | 14% |
100% | 100% |
Five Largest Equity Holdings at April 30, 2022 (8.4% of Net Assets) | Percent |
1 Apple, Inc. | 2.4% |
Designs, manufactures and markets personal computers and related computing and mobile-communication devices | |
2 Microsoft Corp. | 1.9% |
Develops, manufactures, licenses, sells and supports software products | |
3 Altria Group, Inc. | 1.6% |
Operator of tobacco and food industries | |
4 Enbridge, Inc. | 1.3% |
Multinational energy transportation and distribution company | |
5 Alphabet, Inc. | 1.2% |
Holding company with subsidiaries that provide Web-based search, maps, hardware products and various software applications |
Five Largest Fixed-Income Long-Term Securities at April 30, 2022 (5.2% of Net Assets) | Percent |
1 Credit Suisse Commercial Mortgage Trust | 1.3% |
5.554%, 12/15/2035 | |
2 Freddie Mac Structured Agency Credit Risk Debt Notes | 1.2% |
2.518%, 2/25/2050 | |
3 Madison Park Funding XXVI Ltd. | 1.0% |
2.439%, 7/29/2030 | |
4 Bank of America Corp. | 0.9% |
4.375%, Perpetual | |
5 DB Master Finance LLC | 0.8% |
2.791%, 11/20/2051 |
DWS Global Income Builder Fund | | | 11 |
Investment Portfolio | as of April 30, 2022 (Unaudited) |
Shares | Value ($) | ||
Common Stocks 59.0% | |||
Communication Services 5.2% | |||
Diversified Telecommunication Services 1.8% | |||
BCE, Inc. | 24,947 | 1,326,338 | |
Deutsche Telekom AG (Registered) | 40,838 | 747,471 | |
Koninklijke KPN NV | 297,617 | 1,029,429 | |
Nippon Telegraph & Telephone Corp. | 15,700 | 464,965 | |
Orange SA | 100,403 | 1,189,593 | |
Spark New Zealand Ltd. | 115,368 | 365,033 | |
Swisscom AG (Registered) | 366 | 216,060 | |
Telefonica Brasil SA (ADR) | 100,600 | 1,066,360 | |
Telefonica Deutschland Holding AG | 255,917 | 767,531 | |
Telenor ASA | 62,569 | 883,057 | |
Telstra Corp., Ltd. | 354,907 | 1,002,320 | |
TELUS Corp. | 44,152 | 1,104,616 | |
Verizon Communications, Inc. | 39,058 | 1,808,385 | |
11,971,158 | |||
Entertainment 0.3% | |||
Netflix, Inc.* | 2,384 | 453,818 | |
Nintendo Co., Ltd. | 3,000 | 1,369,323 | |
1,823,141 | |||
Interactive Media & Services 2.0% | |||
Alphabet, Inc. “A” * | 1,690 | 3,856,901 | |
Alphabet, Inc. “C” * | 1,631 | 3,750,207 | |
Match Group, Inc.* | 6,845 | 541,782 | |
Meta Platforms, Inc. “A” * | 13,704 | 2,747,241 | |
Pinterest, Inc. “A” * | 22,400 | 459,648 | |
Snap, Inc. “A” * | 27,000 | 768,420 | |
Twitter, Inc.* | 19,100 | 936,282 | |
13,060,481 | |||
Media 0.4% | |||
Comcast Corp. “A” | 43,037 | 1,711,151 | |
Interpublic Group of Companies, Inc. | 22,743 | 741,877 | |
2,453,028 | |||
Wireless Telecommunication Services 0.7% | |||
KDDI Corp. | 14,100 | 477,179 |
12 | | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
SoftBank Corp. | 151,200 | 1,788,167 | |
Vodafone Group PLC | 1,623,074 | 2,431,072 | |
4,696,418 | |||
Consumer Discretionary 4.1% | |||
Automobiles 1.5% | |||
Ford Motor Co. | 14,800 | 209,568 | |
Mercedes-Benz Group AG | 65,864 | 4,578,824 | |
Tesla, Inc.* | 5,737 | 4,995,550 | |
9,783,942 | |||
Hotels, Restaurants & Leisure 0.3% | |||
McDonald’s Corp. | 3,955 | 985,428 | |
Restaurant Brands International, Inc. | 10,030 | 572,998 | |
Starbucks Corp. | 4,809 | 358,943 | |
1,917,369 | |||
Household Durables 0.1% | |||
Garmin Ltd. | 5,167 | 567,027 | |
Sekisui House Ltd. | 21,000 | 360,276 | |
927,303 | |||
Internet & Direct Marketing Retail 1.0% | |||
Amazon.com, Inc.* | 2,730 | 6,785,770 | |
Multiline Retail 0.4% | |||
Target Corp. | 5,667 | 1,295,760 | |
Wesfarmers Ltd. | 34,420 | 1,192,196 | |
2,487,956 | |||
Specialty Retail 0.7% | |||
Home Depot, Inc. | 6,207 | 1,864,583 | |
Lowe’s Companies, Inc. | 6,256 | 1,236,999 | |
TJX Companies, Inc. | 21,152 | 1,296,194 | |
4,397,776 | |||
Textiles, Apparel & Luxury Goods 0.1% | |||
NIKE, Inc. “B” | 2,846 | 354,896 | |
Consumer Staples 5.3% | |||
Beverages 0.5% | |||
Coca-Cola Co. | 30,415 | 1,965,113 | |
Kirin Holdings Co., Ltd. | 44,300 | 646,898 | |
PepsiCo, Inc. | 4,520 | 776,129 | |
3,388,140 |
DWS Global Income Builder Fund | | | 13 |
Shares | Value ($) | ||
Food & Staples Retailing 0.4% | |||
Sysco Corp. | 4,706 | 402,269 | |
Walgreens Boots Alliance, Inc. | 21,944 | 930,425 | |
Walmart, Inc. | 9,037 | 1,382,571 | |
Woolworths Group Ltd. | 8,802 | 238,103 | |
2,953,368 | |||
Food Products 0.3% | |||
Nestle SA (Registered) | 6,874 | 884,997 | |
Wilmar International Ltd. | 259,600 | 826,809 | |
1,711,806 | |||
Household Products 0.4% | |||
Kimberly-Clark Corp. | 4,878 | 677,213 | |
Procter & Gamble Co. | 12,889 | 2,069,329 | |
2,746,542 | |||
Personal Products 0.2% | |||
Unilever PLC | 30,701 | 1,425,844 | |
Tobacco 3.5% | |||
Altria Group, Inc. | 181,700 | 10,097,069 | |
British American Tobacco PLC | 114,021 | 4,776,446 | |
Japan Tobacco, Inc. | 297,400 | 5,085,990 | |
Philip Morris International, Inc. | 28,007 | 2,800,700 | |
22,760,205 | |||
Energy 4.1% | |||
Oil, Gas & Consumable Fuels | |||
Aker BP ASA | 9,042 | 324,820 | |
Chevron Corp. | 17,576 | 2,753,632 | |
Enbridge, Inc. | 188,530 | 8,227,137 | |
Eni SpA | 88,312 | 1,235,873 | |
Exxon Mobil Corp. | 44,030 | 3,753,558 | |
ONEOK, Inc. | 19,374 | 1,226,956 | |
Phillips 66 | 11,300 | 980,388 | |
Suncor Energy, Inc. | 19,800 | 711,761 | |
TC Energy Corp. | 26,811 | 1,418,135 | |
TotalEnergies SE | 56,394 | 2,765,480 | |
Valero Energy Corp. | 17,903 | 1,995,827 | |
Williams Companies, Inc. | 50,773 | 1,741,006 | |
27,134,573 |
14 | | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Financials 8.5% | |||
Banks 3.8% | |||
Australia & New Zealand Banking Group Ltd. | 59,150 | 1,122,632 | |
Bank Leumi Le-Israel BM | 64,645 | 683,429 | |
Bank of Montreal | 12,413 | 1,316,136 | |
Bank of Nova Scotia | 19,897 | 1,259,970 | |
Canadian Imperial Bank of Commerce | 9,472 | 1,047,144 | |
Commonwealth Bank of Australia | 14,505 | 1,050,294 | |
HSBC Holdings PLC | 345,136 | 2,161,566 | |
Huntington Bancshares, Inc. | 264,173 | 3,473,875 | |
Intesa Sanpaolo SpA | 1,264,105 | 2,575,133 | |
Japan Post Bank Co., Ltd. | 67,800 | 507,251 | |
JPMorgan Chase & Co. | 14,469 | 1,727,020 | |
Mediobanca Banca di Credito Finanziario SpA | 152,164 | 1,528,858 | |
PNC Financial Services Group, Inc. | 4,767 | 791,799 | |
Signature Bank | 1,200 | 290,700 | |
Toronto-Dominion Bank | 36,199 | 2,614,646 | |
Truist Financial Corp. | 16,867 | 815,519 | |
U.S. Bancorp. | 9,037 | 438,837 | |
United Overseas Bank Ltd. | 14,700 | 314,497 | |
Westpac Banking Corp. | 55,572 | 928,567 | |
24,647,873 | |||
Capital Markets 1.9% | |||
abrdn PLC | 514,250 | 1,208,693 | |
BlackRock, Inc. | 1,390 | 868,305 | |
Blackstone, Inc. | 41,543 | 4,219,523 | |
Charles Schwab Corp. | 8,386 | 556,243 | |
CME Group, Inc. | 6,554 | 1,437,554 | |
Franklin Resources, Inc. | 28,300 | 695,897 | |
Macquarie Group Ltd. | 1,745 | 249,742 | |
Morgan Stanley | 6,800 | 548,012 | |
Partners Group Holding AG | 686 | 729,005 | |
Robinhood Markets, Inc. “A” * | 18,200 | 178,451 | |
SBI Holdings Inc/japan | 38,300 | 850,410 | |
State Street Corp. | 9,400 | 629,518 | |
12,171,353 | |||
Diversified Financial Services 0.1% | |||
Apollo Global Management, Inc. | 16,088 | 800,539 | |
Insurance 2.7% | |||
Ageas SV | 32,380 | 1,540,143 | |
Allianz SE (Registered) | 7,090 | 1,595,300 |
DWS Global Income Builder Fund | | | 15 |
Shares | Value ($) | ||
Assicurazioni Generali SpA | 58,590 | 1,109,236 | |
AXA SA | 49,076 | 1,292,730 | |
Hannover Rueck SE | 15,959 | 2,488,791 | |
Japan Post Holdings Co., Ltd. | 123,100 | 858,430 | |
Legal & General Group PLC | 470,125 | 1,478,731 | |
Manulife Financial Corp. | 56,701 | 1,108,729 | |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | 4,540 | 1,077,959 | |
Swiss Re AG | 28,928 | 2,374,059 | |
Zurich Insurance Group AG | 6,141 | 2,794,873 | |
17,718,981 | |||
Health Care 7.0% | |||
Biotechnology 0.8% | |||
AbbVie, Inc. | 20,458 | 3,004,871 | |
Amgen, Inc. | 7,568 | 1,764,782 | |
Gilead Sciences, Inc. | 3,622 | 214,930 | |
Moderna, Inc.* | 1,600 | 215,056 | |
5,199,639 | |||
Health Care Equipment & Supplies 0.5% | |||
Abbott Laboratories | 11,507 | 1,306,044 | |
Coloplast AS “B” | 6,311 | 856,988 | |
Intuitive Surgical, Inc.* | 795 | 190,244 | |
Medtronic PLC | 8,628 | 900,418 | |
3,253,694 | |||
Health Care Providers & Services 0.8% | |||
Anthem, Inc. | 498 | 249,961 | |
Cigna Corp. | 4,200 | 1,036,476 | |
CVS Health Corp. | 12,314 | 1,183,745 | |
UnitedHealth Group, Inc. | 4,847 | 2,464,942 | |
4,935,124 | |||
Health Care Technology 0.1% | |||
Teladoc Health, Inc.* | 15,600 | 526,656 | |
Life Sciences Tools & Services 0.0% | |||
Danaher Corp. | 876 | 219,990 | |
Pharmaceuticals 4.8% | |||
AstraZeneca PLC | 14,282 | 1,888,130 | |
Bayer AG (Registered) | 25,309 | 1,661,365 | |
Bristol-Myers Squibb Co. | 27,752 | 2,088,893 | |
Chugai Pharmaceutical Co., Ltd. | 28,800 | 864,313 | |
Eisai Co., Ltd. | 5,000 | 217,800 |
16 | | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Eli Lilly & Co. | 6,955 | 2,031,764 | |
GlaxoSmithKline PLC | 96,590 | 2,181,797 | |
Hikma Pharmaceuticals PLC | 23,709 | 558,637 | |
Johnson & Johnson | 11,992 | 2,164,076 | |
Merck & Co., Inc. | 48,060 | 4,262,441 | |
Novartis AG (Registered) | 24,344 | 2,151,856 | |
Novo Nordisk AS “B” | 16,912 | 1,939,322 | |
Pfizer, Inc. | 81,816 | 4,014,711 | |
Roche Holding AG (Genusschein) | 5,347 | 1,980,365 | |
Sanofi | 14,253 | 1,507,428 | |
Takeda Pharmaceutical Co., Ltd. | 76,200 | 2,211,258 | |
31,724,156 | |||
Industrials 5.0% | |||
Aerospace & Defense 0.4% | |||
BAE Systems PLC | 51,760 | 479,026 | |
Lockheed Martin Corp. | 2,344 | 1,012,889 | |
Raytheon Technologies Corp. | 11,801 | 1,120,033 | |
2,611,948 | |||
Air Freight & Logistics 0.4% | |||
Deutsche Post AG (Registered) | 21,297 | 903,710 | |
United Parcel Service, Inc. “B” | 9,225 | 1,660,315 | |
2,564,025 | |||
Commercial Services & Supplies 0.0% | |||
Quad Graphics, Inc.* | 10 | 68 | |
Electrical Equipment 0.3% | |||
ABB Ltd. (Registered) | 16,580 | 496,361 | |
Eaton Corp. PLC | 5,580 | 809,212 | |
Emerson Electric Co. | 8,918 | 804,225 | |
Plug Power, Inc.* | 8,100 | 170,262 | |
2,280,060 | |||
Industrial Conglomerates 0.5% | |||
3M Co. | 9,464 | 1,364,898 | |
Honeywell International, Inc. | 4,172 | 807,324 | |
Keppel Corp., Ltd. | 87,300 | 430,105 | |
Siemens AG (Registered) | 7,850 | 952,566 | |
3,554,893 | |||
Machinery 1.0% | |||
Caterpillar, Inc. | 7,448 | 1,568,102 | |
Cummins, Inc. | 10,690 | 2,022,441 |
DWS Global Income Builder Fund | | | 17 |
Shares | Value ($) | ||
Deere & Co. | 598 | 225,775 | |
PACCAR, Inc. | 31,600 | 2,624,380 | |
6,440,698 | |||
Professional Services 0.5% | |||
Adecco Group AG (Registered)* | 71,009 | 2,751,683 | |
Thomson Reuters Corp. | 2,643 | 264,249 | |
3,015,932 | |||
Road & Rail 0.6% | |||
Canadian National Railway Co. | 5,600 | 658,582 | |
Lyft, Inc. “A” * | 9,400 | 306,440 | |
Nippon Express Holdings, Inc. | 17,900 | 1,044,372 | |
Uber Technologies, Inc.* | 16,800 | 528,864 | |
Union Pacific Corp. | 5,509 | 1,290,704 | |
3,828,962 | |||
Trading Companies & Distributors 1.3% | |||
Fastenal Co. | 25,819 | 1,428,049 | |
ITOCHU Corp. | 32,800 | 987,207 | |
Marubeni Corp. | 37,600 | 411,337 | |
Mitsubishi Corp. | 31,500 | 1,059,221 | |
Mitsui & Co., Ltd. | 57,200 | 1,381,940 | |
Sumitomo Corp. | 206,600 | 3,258,729 | |
8,526,483 | |||
Information Technology 13.6% | |||
Communications Equipment 0.3% | |||
Cisco Systems, Inc. | 43,675 | 2,139,202 | |
Electronic Equipment, Instruments & Components 0.1% | |||
Corning, Inc. | 11,542 | 406,163 | |
TE Connectivity Ltd. | 1,794 | 223,855 | |
630,018 | |||
IT Services 2.2% | |||
Adyen NV 144A* | 365 | 606,306 | |
Automatic Data Processing, Inc. | 4,597 | 1,002,974 | |
Block, Inc.* | 7,793 | 775,715 | |
Cloudflare, Inc. “A” * | 10,052 | 865,879 | |
International Business Machines Corp. | 14,972 | 1,979,448 | |
Mastercard, Inc. “A” | 3,971 | 1,442,982 | |
MongoDB, Inc.* | 2,781 | 987,060 | |
Paychex, Inc. | 20,561 | 2,605,696 | |
PayPal Holdings, Inc.* | 5,510 | 484,494 | |
Shopify, Inc. “A” * | 1,890 | 808,478 |
18 | | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Snowflake, Inc. “A” * | 998 | 171,097 | |
Twilio, Inc. “A” * | 6,578 | 735,552 | |
Visa, Inc. “A” | 7,646 | 1,629,592 | |
14,095,273 | |||
Semiconductors & Semiconductor Equipment 3.8% | |||
Advanced Micro Devices, Inc.* | 17,576 | 1,503,100 | |
Analog Devices, Inc. | 6,701 | 1,034,500 | |
Applied Materials, Inc. | 8,838 | 975,273 | |
ASE Technology Holding Co., Ltd. (ADR) | 174,367 | 1,122,924 | |
ASML Holding NV | 969 | 548,512 | |
Broadcom, Inc. | 5,441 | 3,016,436 | |
Enphase Energy, Inc.* | 4,866 | 785,372 | |
Intel Corp. | 10,423 | 454,339 | |
KLA Corp. | 2,764 | 882,435 | |
Lam Research Corp. | 1,578 | 734,969 | |
Marvell Technology, Inc. | 18,967 | 1,101,603 | |
Micron Technology, Inc. | 4,779 | 325,880 | |
Monolithic Power Systems, Inc. | 4,072 | 1,597,201 | |
NVIDIA Corp. | 14,201 | 2,633,860 | |
QUALCOMM, Inc. | 16,450 | 2,297,901 | |
Skyworks Solutions, Inc. | 4,171 | 472,574 | |
STMicroelectronics NV | 15,277 | 563,903 | |
Texas Instruments, Inc. | 12,448 | 2,119,272 | |
Tokyo Electron Ltd. | 3,700 | 1,568,389 | |
United Microelectronics Corp. (ADR) | 158,288 | 1,259,973 | |
24,998,416 | |||
Software 3.7% | |||
Adobe, Inc.* | 2,880 | 1,140,336 | |
Autodesk, Inc.* | 1,270 | 240,385 | |
Avalara, Inc.* | 2,400 | 182,568 | |
Bill.com Holdings, Inc.* | 3,100 | 529,201 | |
BlackBerry Ltd.* | 39,100 | 223,707 | |
Coupa Software, Inc.* | 2,500 | 215,750 | |
Crowdstrike Holdings, Inc. “A” * | 5,363 | 1,065,950 | |
Datadog, Inc. “A” * | 1,500 | 181,170 | |
DocuSign, Inc.* | 2,000 | 162,000 | |
HubSpot, Inc.* | 1,100 | 417,373 | |
Intuit, Inc. | 2,709 | 1,134,394 | |
Microsoft Corp. | 44,062 | 12,228,086 | |
Oracle Corp. | 33,233 | 2,265,574 | |
Palantir Technologies, Inc. “A” * | 17,000 | 176,800 | |
RingCentral, Inc. “A” * | 1,900 | 161,215 |
DWS Global Income Builder Fund | | | 19 |
Shares | Value ($) | ||
salesforce.com, Inc.* | 4,370 | 768,858 | |
ServiceNow, Inc.* | 2,868 | 1,371,191 | |
Trade Desk, Inc. “A” * | 16,683 | 982,962 | |
Unity Software, Inc.* | 3,000 | 199,230 | |
Zoom Video Communications, Inc. “A” * | 3,570 | 355,465 | |
Zscaler, Inc.* | 1,600 | 324,384 | |
24,326,599 | |||
Technology Hardware, Storage & Peripherals 3.5% | |||
Apple, Inc. | 99,413 | 15,672,460 | |
Canon, Inc. | 41,000 | 939,347 | |
Hewlett Packard Enterprise Co. | 60,435 | 931,303 | |
HP, Inc. | 40,359 | 1,478,350 | |
NetApp, Inc. | 3,733 | 273,442 | |
Samsung Electronics Co., Ltd. (GDR) REG S | 2,074 | 2,744,939 | |
Seagate Technology Holdings PLC | 10,370 | 850,755 | |
22,890,596 | |||
Materials 2.5% | |||
Chemicals 1.2% | |||
Air Products & Chemicals, Inc. | 2,857 | 668,738 | |
BASF SE | 18,219 | 961,145 | |
Dow, Inc. | 18,202 | 1,210,433 | |
Linde PLC | 2,380 | 742,465 | |
Nitto Denko Corp. | 3,200 | 217,521 | |
Nutrien Ltd. | 10,872 | 1,068,370 | |
Yara International Asa | 52,944 | 2,691,396 | |
7,560,068 | |||
Construction Materials 0.2% | |||
Holcim Ltd.* | 22,507 | 1,100,560 | |
Containers & Packaging 0.3% | |||
Amcor PLC | 87,225 | 1,034,489 | |
International Paper Co. | 6,601 | 305,494 | |
Packaging Corp. of America | 3,300 | 531,861 | |
1,871,844 | |||
Metals & Mining 0.8% | |||
Anglo American PLC | 54,369 | 2,461,447 | |
Antofagasta PLC | 40,395 | 773,227 | |
Impala Platinum Holdings Ltd. | 13,700 | 180,223 | |
Mineral Resources Ltd. | 24,026 | 965,750 | |
Newmont Corp. | 16,088 | 1,172,011 | |
5,552,658 |
20 | | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Real Estate 1.9% | |||
Equity Real Estate Investment Trusts (REITs) | |||
Ascendas Real Estate Investment Trust | 224,676 | 462,427 | |
CapitaLand Integrated Commercial Trust | 1,096,368 | 1,834,441 | |
Crown Castle International Corp. | 5,111 | 946,608 | |
Iron Mountain, Inc. | 24,130 | 1,296,505 | |
Klepierre SA* | 19,794 | 469,975 | |
Medical Properties Trust, Inc. | 59,283 | 1,090,214 | |
Realty Income Corp. | 20,345 | 1,411,129 | |
Stockland | 149,613 | 430,892 | |
VICI Properties, Inc. | 48,058 | 1,432,609 | |
WP Carey, Inc. | 38,123 | 3,079,195 | |
12,453,995 | |||
Utilities 1.8% | |||
Electric Utilities 1.6% | |||
American Electric Power Co., Inc. | 4,078 | 404,171 | |
EDP - Energias de Portugal SA | 202,094 | 939,245 | |
Enel SpA | 160,756 | 1,044,730 | |
Iberdrola SA | 61,553 | 706,574 | |
PPL Corp. | 176,483 | 4,996,234 | |
Southern Co. | 20,321 | 1,491,358 | |
SSE PLC | 42,485 | 989,240 | |
10,571,552 | |||
Gas Utilities 0.0% | |||
APA Group (Units) | 34,181 | 274,024 | |
Multi-Utilities 0.2% | |||
Dominion Energy, Inc. | 11,951 | 975,680 | |
Sempra Energy | 1,315 | 212,188 | |
1,187,868 | |||
Total Common Stocks (Cost $337,826,260) | 386,453,463 | ||
Preferred Stocks 3.4% | |||
Communication Services 0.4% | |||
AT&T, Inc., 5.35% | 100,000 | 2,479,000 | |
Financials 2.6% | |||
AGNC Investment Corp., Series C, 7.0% | 64,439 | 1,586,488 | |
Charles Schwab Corp., Series D, 5.95% | 75,000 | 1,891,500 | |
Fifth Third Bancorp., Series I, 6.625% | 75,000 | 1,941,750 | |
KeyCorp., Series E, 6.125% | 75,000 | 2,003,250 |
DWS Global Income Builder Fund | | | 21 |
Shares | Value ($) | ||
Morgan Stanley, Series K, 5.85% | 75,000 | 1,892,250 | |
PNC Financial Services Group, Inc., Series P, 6.125% | 75,000 | 1,883,250 | |
Regions Financial Corp., Series B, 6.375% | 80,000 | 2,056,000 | |
The Goldman Sachs Group, Inc., Series J, 5.5% | 73,000 | 1,857,120 | |
Wells Fargo & Co., Series Y, 5.625% | 75,000 | 1,770,000 | |
16,881,608 | |||
Real Estate 0.4% | |||
Kimco Realty Corp., Series L, 5.125% | 75,000 | 1,842,000 | |
Prologis, Inc., Series Q, 8.54% | 236 | 15,353 | |
Simon Property Group, Inc., Series J, 8.375% | 17,000 | 1,199,690 | |
3,057,043 | |||
Total Preferred Stocks (Cost $24,213,173) | 22,417,651 | ||
Warrants 0.0% | |||
Materials | |||
Hercules Trust II, Expiration Date 3/31/2029* (a) (Cost $90,209) | 506 | 50,055 |
Principal Amount ($) (b) | Value ($) | ||
Corporate Bonds 19.4% | |||
Communication Services 1.8% | |||
America Movil SAB de CV, 4.375%, 4/22/2049 | 1,700,000 | 1,622,446 | |
AT&T, Inc.: | |||
2.25%, 2/1/2032 | 368,000 | 306,688 | |
3.65%, 6/1/2051 | 560,000 | 453,848 | |
Charter Communications Operating LLC: | |||
3.5%, 3/1/2042 | 279,000 | 201,112 | |
3.7%, 4/1/2051 | 235,000 | 165,747 | |
Discovery Communications LLC, 4.0%, 9/15/2055 | 200,000 | 149,986 | |
Grupo Televisa SAB, 5.25%, 5/24/2049 | 1,700,000 | 1,718,870 | |
Meituan, 144A, 2.125%, 10/28/2025 | 505,000 | 447,708 | |
Netflix, Inc.: | |||
4.375%, 11/15/2026 | 1,000,000 | 988,860 | |
5.875%, 11/15/2028 | 812,000 | 836,360 | |
Rogers Communications, Inc., 144A, 3.8%, 3/15/2032 | 854,000 | 786,397 | |
Sirius XM Radio, Inc., 144A, 3.125%, 9/1/2026 | 590,000 | 543,537 | |
Tencent Holdings Ltd., REG S, 2.39%, 6/3/2030 | 1,700,000 | 1,437,928 | |
T-Mobile U.S.A., Inc.: | |||
3.3%, 2/15/2051 | 700,000 | 523,630 |
22 | | | DWS Global Income Builder Fund |
Principal Amount ($) (b) | Value ($) | ||
3.375%, 4/15/2029 | 635,000 | 574,459 | |
3.6%, 11/15/2060 | 145,000 | 107,581 | |
4.375%, 4/15/2040 | 335,000 | 308,537 | |
Verizon Communications, Inc.: | |||
2.65%, 11/20/2040 | 225,000 | 170,237 | |
3.7%, 3/22/2061 | 300,000 | 241,180 | |
11,585,111 | |||
Consumer Discretionary 1.7% | |||
Dollar General Corp., 4.125%, 4/3/2050 | 110,000 | 96,500 | |
Ford Motor Co., 3.25%, 2/12/2032 | 1,220,000 | 991,494 | |
Ford Motor Credit Co. LLC: | |||
2.7%, 8/10/2026 | 1,340,000 | 1,194,583 | |
2.9%, 2/16/2028 | 686,000 | 588,245 | |
3.375%, 11/13/2025 | 750,000 | 720,135 | |
3.625%, 6/17/2031 | 1,170,000 | 972,562 | |
4.95%, 5/28/2027 | 740,000 | 720,693 | |
General Motors Co., 5.4%, 4/1/2048 | 350,000 | 328,657 | |
General Motors Financial Co., Inc.: | |||
2.35%, 1/8/2031 | 500,000 | 403,948 | |
2.7%, 6/10/2031 | 540,000 | 444,514 | |
3.1%, 1/12/2032 | 510,000 | 430,127 | |
Hilton Domestic Operating Co., Inc.: | |||
144A, 3.625%, 2/15/2032 | 1,075,000 | 910,385 | |
144A, 4.0%, 5/1/2031 | 720,000 | 643,932 | |
Magallanes, Inc.: | |||
144A, 4.279%, 3/15/2032 | 730,000 | 678,093 | |
144A, 5.05%, 3/15/2042 | 320,000 | 291,529 | |
144A, 5.141%, 3/15/2052 | 350,000 | 312,036 | |
144A, 5.391%, 3/15/2062 | 270,000 | 239,674 | |
Nissan Motor Co., Ltd., 144A, 4.345%, 9/17/2027 | 760,000 | 724,064 | |
Royal Caribbean Cruises Ltd., 144A, 5.5%, 4/1/2028 | 295,000 | 269,188 | |
10,960,359 | |||
Consumer Staples 0.6% | |||
Altria Group, Inc.: | |||
3.7%, 2/4/2051 | 235,000 | 167,518 | |
3.875%, 9/16/2046 | 90,000 | 67,747 | |
Anheuser-Busch Companies LLC, 4.9%, 2/1/2046 | 163,000 | 160,658 | |
Anheuser-Busch InBev Worldwide, Inc.: | |||
4.35%, 6/1/2040 | 270,000 | 253,966 | |
5.55%, 1/23/2049 | 699,000 | 745,908 |
DWS Global Income Builder Fund | | | 23 |
Principal Amount ($) (b) | Value ($) | ||
GSK Consumer Healthcare Capital U.S. LLC: | |||
144A, 3.625%, 3/24/2032 | 470,000 | 441,498 | |
144A, 4.0%, 3/24/2052 | 290,000 | 260,329 | |
JBS Finance Luxembourg Sarl: | |||
144A, 2.5%, 1/15/2027 | 1,470,000 | 1,319,325 | |
144A, 3.625%, 1/15/2032 | 470,000 | 401,122 | |
3,818,071 | |||
Energy 2.2% | |||
Cenovus Energy, Inc., 2.65%, 1/15/2032 | 367,000 | 312,412 | |
Cheniere Corpus Christi Holdings LLC, 5.875%, 3/31/2025 | 1,000,000 | 1,038,156 | |
Cheniere Energy Partners LP, 4.5%, 10/1/2029 | 1,100,000 | 1,053,250 | |
Ecopetrol SA, 6.875%, 4/29/2030 | 1,700,000 | 1,678,767 | |
Enterprise Products Operating LLC: | |||
3.3%, 2/15/2053 | 510,000 | 383,220 | |
4.2%, 1/31/2050 | 741,000 | 649,493 | |
Hess Corp., 5.8%, 4/1/2047 | 400,000 | 422,174 | |
Petroleos Mexicanos, 6.7%, 2/16/2032 | 3,686,000 | 3,176,153 | |
Plains All American Pipeline LP, 3.8%, 9/15/2030 | 300,000 | 277,683 | |
SA Global Sukuk Ltd., 144A, 2.694%, 6/17/2031 | 340,000 | 305,731 | |
Saudi Arabian Oil Co.: | |||
144A, 2.25%, 11/24/2030 | 3,900,000 | 3,397,875 | |
REG S, 3.5%, 4/16/2029 | 1,700,000 | 1,647,300 | |
14,342,214 | |||
Financials 6.2% | |||
AerCap Ireland Capital DAC: | |||
1.75%, 1/30/2026 | 388,000 | 344,928 | |
3.3%, 1/30/2032 | 710,000 | 590,741 | |
Air Lease Corp.: | |||
3.0%, 2/1/2030 | 836,000 | 727,383 | |
4.125%, Perpetual (c) | 2,000,000 | 1,698,736 | |
Aircastle Ltd., 144A, 5.25%, Perpetual (c) | 690,000 | 614,197 | |
Ally Financial, Inc., 4.7%, Perpetual (c) | 3,000,000 | 2,590,500 | |
Ares Capital Corp., 2.875%, 6/15/2027 | 930,000 | 832,944 | |
Avolon Holdings Funding Ltd.: | |||
144A, 2.528%, 11/18/2027 | 50,000 | 42,998 | |
144A, 4.25%, 4/15/2026 | 240,000 | 230,135 | |
Banco Nacional de Panama, 144A, 2.5%, 8/11/2030 | 600,000 | 507,804 | |
Bank of America Corp.: | |||
2.676%, 6/19/2041 | 330,000 | 246,855 | |
2.972%, 2/4/2033 | 2,360,000 | 2,053,557 | |
4.375%, Perpetual (c) | 4,000,000 | 3,540,000 |
24 | | | DWS Global Income Builder Fund |
Principal Amount ($) (b) | Value ($) | ||
Bank of New York Mellon Corp.: | |||
3.7%, Perpetual (c) | 1,069,000 | 988,825 | |
3.75%, Perpetual (c) | 2,051,000 | 1,825,390 | |
Bank of Nova Scotia, 3.625%, 10/27/2081 | 2,750,000 | 2,195,752 | |
Barclays PLC, 2.645%, 6/24/2031 | 600,000 | 506,384 | |
Blackstone Secured Lending Fund: | |||
144A, 2.85%, 9/30/2028 | 610,000 | 512,113 | |
3.625%, 1/15/2026 | 925,000 | 885,030 | |
Capital One Financial Corp., 3.95%, Perpetual (c) | 1,520,000 | 1,318,600 | |
Citigroup, Inc., 4.0%, Perpetual (c) | 2,800,000 | 2,541,000 | |
Corebridge Financial, Inc.: | |||
144A, 3.9%, 4/5/2032 | 500,000 | 469,269 | |
144A, 4.35%, 4/5/2042 | 370,000 | 334,598 | |
Enstar Finance LLC, 5.5%, 1/15/2042 | 1,100,000 | 1,023,000 | |
JPMorgan Chase & Co.: | |||
3.328%, 4/22/2052 | 151,000 | 120,439 | |
3.65%, Perpetual (c) | 1,830,000 | 1,642,425 | |
MDGH GMTN RSC Ltd., REG S, 3.7%, 11/7/2049 | 245,000 | 224,114 | |
Morgan Stanley: | |||
2.484%, 9/16/2036 | 789,000 | 631,245 | |
3.217%, 4/22/2042 | 100,000 | 82,159 | |
Nippon Life Insurance Co., 144A, 2.75%, 1/21/2051 | 700,000 | 602,000 | |
PNC Financial Services Group, Inc., 3.4%, Perpetual (c) | 1,740,000 | 1,496,400 | |
REC Ltd.: | |||
144A, 4.75%, 5/19/2023 | 426,000 | 429,258 | |
144A, 5.25%, 11/13/2023 | 570,000 | 580,515 | |
Societe Generale SA, 144A, 5.375%, Perpetual (c) | 1,650,000 | 1,448,700 | |
The Charles Schwab Corp., Series I, 4.0%, Perpetual (c) | 1,555,000 | 1,409,996 | |
The Goldman Sachs Group, Inc., 3.8%, Perpetual (c) | 1,050,000 | 923,983 | |
Truist Financial Corp., 4.8%, Perpetual (c) | 2,000,000 | 1,905,400 | |
U.S. Bancorp., 3.7%, Perpetual (c) | 2,344,000 | 2,002,409 | |
UBS Group AG, 144A, 4.375%, Perpetual (c) | 743,000 | 620,182 | |
40,739,964 | |||
Health Care 1.8% | |||
AstraZeneca PLC, 2.125%, 8/6/2050 | 187,000 | 127,893 | |
Bausch Health Companies, Inc., 144A, 4.875%, 6/1/2028 | 520,000 | 461,370 | |
Centene Corp.: | |||
2.45%, 7/15/2028 | 360,000 | 314,068 | |
2.625%, 8/1/2031 | 790,000 | 656,261 | |
Charles River Laboratories International, Inc., 144A, 3.75%, 3/15/2029 | 1,750,000 | 1,583,750 |
DWS Global Income Builder Fund | | | 25 |
Principal Amount ($) (b) | Value ($) | ||
CVS Health Corp.: | |||
2.7%, 8/21/2040 | 160,000 | 120,691 | |
4.25%, 4/1/2050 | 120,000 | 108,676 | |
5.05%, 3/25/2048 | 1,000,000 | 1,006,024 | |
DaVita, Inc., 144A, 4.625%, 6/1/2030 | 750,000 | 652,500 | |
Eli Lilly & Co., 2.25%, 5/15/2050 | 179,000 | 128,170 | |
HCA, Inc.: | |||
4.125%, 6/15/2029 | 600,000 | 574,056 | |
5.25%, 6/15/2026 | 1,000,000 | 1,030,561 | |
Pfizer, Inc., 2.55%, 5/28/2040 | 227,000 | 182,995 | |
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/1/2026 | 5,400,000 | 4,630,608 | |
11,577,623 | |||
Industrials 1.2% | |||
Adani Ports & Special Economic Zone Ltd., 144A, 4.2%, 8/4/2027 | 865,000 | 815,384 | |
American Airlines, Inc., 144A, 5.5%, 4/20/2026 | 620,000 | 614,575 | |
Block, Inc., 144A, 2.75%, 6/1/2026 | 200,000 | 182,404 | |
Boeing Co.: | |||
2.196%, 2/4/2026 | 1,696,000 | 1,546,902 | |
5.04%, 5/1/2027 | 350,000 | 353,861 | |
Delta Air Lines, Inc.: | |||
3.75%, 10/28/2029 | 865,000 | 763,362 | |
144A, 4.5%, 10/20/2025 | 190,000 | 188,714 | |
Empresa de los Ferrocarriles del Estado, 144A, 3.068%, 8/18/2050 | 239,000 | 165,508 | |
Mileage Plus Holdings LLC, 144A, 6.5%, 6/20/2027 | 1,100,000 | 1,121,978 | |
Prime Security Services Borrower LLC, 144A, 5.25%, 4/15/2024 | 2,400,000 | 2,397,000 | |
8,149,688 | |||
Information Technology 0.9% | |||
Broadcom, Inc., 144A, 2.6%, 2/15/2033 | 350,000 | 281,178 | |
Dell International LLC: | |||
144A, 3.45%, 12/15/2051 | 289,000 | 203,787 | |
5.3%, 10/1/2029 | 485,000 | 499,809 | |
HP, Inc., 4.2%, 4/15/2032 | 1,390,000 | 1,274,907 | |
Micron Technology, Inc., 2.703%, 4/15/2032 | 470,000 | ��� 390,926 | |
MSCI, Inc.: | |||
144A, 3.25%, 8/15/2033 | 240,000 | 202,800 | |
144A, 3.625%, 9/1/2030 | 435,000 | 383,627 | |
NXP BV: | |||
144A, 2.65%, 2/15/2032 | 338,000 | 282,654 |
26 | | | DWS Global Income Builder Fund |
Principal Amount ($) (b) | Value ($) | ||
144A, 3.125%, 2/15/2042 | 310,000 | 239,794 | |
Open Text Corp., 144A, 3.875%, 2/15/2028 | 1,150,000 | 1,047,401 | |
Oracle Corp.: | |||
3.6%, 4/1/2050 | 45,000 | 32,372 | |
3.65%, 3/25/2041 | 675,000 | 522,768 | |
SK Hynix, Inc., 144A, 1.5%, 1/19/2026 | 947,000 | 859,317 | |
6,221,340 | |||
Materials 0.7% | |||
AngloGold Ashanti Holdings PLC, 3.75%, 10/1/2030 | 800,000 | 715,640 | |
Berry Global, Inc., 1.65%, 1/15/2027 | 1,750,000 | 1,551,745 | |
Corp. Nacional del Cobre de Chile, 144A, 3.15%, 1/15/2051 | 200,000 | 146,656 | |
MEGlobal Canada ULC, 144A, 5.0%, 5/18/2025 | 1,511,000 | 1,538,398 | |
Suzano Austria GmbH, 2.5%, 9/15/2028 | 460,000 | 391,920 | |
4,344,359 | |||
Real Estate 0.3% | |||
Boston Properties LP, (REIT), 2.55%, 4/1/2032 | 535,000 | 448,058 | |
Equinix, Inc., (REIT), 3.9%, 4/15/2032 | 970,000 | 910,068 | |
MPT Operating Partnership LP, (REIT), 3.5%, 3/15/2031 | 1,170,000 | 993,751 | |
2,351,877 | |||
Utilities 2.0% | |||
AES Panama Generation Holdings SRL, 144A, 4.375%, 5/31/2030 | 622,000 | 553,580 | |
CMS Energy Corp., 3.75%, 12/1/2050 | 2,600,000 | 2,184,000 | |
Duke Energy Corp., 3.25%, 1/15/2082 | 1,350,000 | 1,148,336 | |
Eskom Holdings SOC Ltd., REG S, 6.35%, 8/10/2028 | 1,425,000 | 1,404,919 | |
NextEra Energy Operating Partners LP: | |||
144A, 3.875%, 10/15/2026 | 1,035,000 | 976,781 | |
144A, 4.25%, 7/15/2024 | 1,570,000 | 1,558,524 | |
Pacific Gas and Electric Co.: | |||
2.5%, 2/1/2031 | 130,000 | 102,892 | |
3.25%, 6/1/2031 | 490,000 | 411,011 | |
3.3%, 8/1/2040 | 370,000 | 269,662 | |
3.5%, 8/1/2050 | 150,000 | 104,568 | |
Perusahaan Listrik Negara PT, 144A, 2.875%, 10/25/2025 | EUR | 1,505,000 | 1,602,942 |
Sempra Energy, 4.125%, 4/1/2052 | 1,880,000 | 1,652,147 | |
Southern Co., 3.75%, 9/15/2051 | 1,241,000 | 1,116,900 | |
13,086,262 | |||
Total Corporate Bonds (Cost $144,084,757) | 127,176,868 |
DWS Global Income Builder Fund | | | 27 |
Principal Amount ($) (b) | Value ($) | ||
Asset-Backed 4.2% | |||
Automobile Receivables 0.2% | |||
JPMorgan Chase Bank NA, “E” , Series 2021-1, 144A, 2.365%, 9/25/2028 | 1,363,213 | 1,334,857 | |
Miscellaneous 4.0% | |||
CF Hippolyta LLC, “B1” , Series 2021-1A, 144A, 1.98%, 3/15/2061 | 3,018,902 | 2,771,640 | |
DB Master Finance LLC, “A23” , Series 2021-1A, 144A, 2.791%, 11/20/2051 | 6,359,062 | 5,483,763 | |
Madison Park Funding XXVI Ltd., “AR” , Series 2007-4A, 144A, 3-month USD-LIBOR + 1.2%, 2.439% (d), 7/29/2030 | 6,400,000 | 6,384,979 | |
Octagon Investment Partners, Ltd., “A1R” , Series 2019-4A, 144A, 3-month USD-LIBOR + 1.15%, 1.545% (d), 5/12/2031 | 4,500,000 | 4,478,220 | |
Venture 37 CLO Ltd., “A1R” , Series 2019-37A, 144A, 3-month USD-LIBOR + 1.15%, 2.194% (d), 7/15/2032 | 4,690,000 | 4,647,303 | |
Wendy’s Funding LLC, “A2II” , Series 2021-1A, 144A, 2.775%, 6/15/2051 | 2,546,755 | 2,202,933 | |
25,968,838 | |||
Total Asset-Backed (Cost $28,855,385) | 27,303,695 | ||
Mortgage-Backed Securities Pass-Throughs 0.0% | |||
Government National Mortgage Association, 6.5%, 8/20/2034 (Cost $20,992) | 19,950 | 22,126 | |
Commercial Mortgage-Backed Securities 2.5% | |||
Citigroup Commercial Mortgage Trust: | |||
“C” , Series 2019-PRM, 144A, 3.896%, 5/10/2036 | 2,516,145 | 2,534,266 | |
“D” , Series 2019-PRM, 144A, 4.35%, 5/10/2036 | 2,625,000 | 2,664,385 | |
Credit Suisse Commercial Mortgage Trust: | |||
“A” , Series 2020-TMIC, 144A, 1-month USD-LIBOR + 3.0%, 3.554% (d), 12/15/2035 | 4,300,000 | 4,277,200 | |
“B” , Series 2020-TMIC, 144A, 1-month USD-LIBOR + 5.0%, 5.554% (d), 12/15/2035 | 4,300,000 | 4,286,304 | |
Freddie Mac Multifamily Structured Credit Risk, “M2” , Series 2021-MN1, 144A, 30-day average SOFR + 3.75%, 4.039% (d), 1/25/2051 | 1,098,000 | 1,042,260 |
28 | | | DWS Global Income Builder Fund |
Principal Amount ($) (b) | Value ($) | ||
GMAC Commercial Mortgage Securities, Inc., “G” , Series 2004-C1, 144A, 5.455%, 3/10/2038 | 1,962,212 | 1,177,327 | |
Multifamily Connecticut Avenue Securities Trust, “M7” , Series 2019-01, 144A, 1-month USD-LIBOR + 1.7%, 2.368% (d), 10/15/2049 | 497,958 | 488,545 | |
Total Commercial Mortgage-Backed Securities (Cost $17,477,854) | 16,470,287 | ||
Collateralized Mortgage Obligations 1.8% | |||
Connecticut Avenue Securities Trust: | |||
“1M2” , Series 2020-R01, 144A, 1-month USD-LIBOR + 2.05%, 2.718% (d), 1/25/2040 | 575,893 | 576,069 | |
“1M2” , Series 2019-R03, 144A, 1-month USD-LIBOR + 2.15%, 2.818% (d), 9/25/2031 | 102,514 | 102,514 | |
“1M2” , Series 2019-R02, 144A, 1-month USD-LIBOR + 2.3%, 2.968% (d), 8/25/2031 | 152,594 | 152,653 | |
Fannie Mae Connecticut Avenue Securities: | |||
“1M2” , Series 2018-C06, 1-month USD-LIBOR + 2.0%, 2.668% (d), 3/25/2031 | 562,496 | 562,836 | |
“1M2” , Series 2018-C03, 1-month USD-LIBOR + 2.15%, 2.818% (d), 10/25/2030 | 651,441 | 656,556 | |
“1M2” , Series 2018-C01, 1-month USD-LIBOR + 2.25%, 2.918% (d), 7/25/2030 | 958,855 | 967,839 | |
Federal National Mortgage Association, “I” , Series 2003-84, Interest Only, 6.0%, 9/25/2033 | 179,256 | 31,263 | |
Freddie Mac Structured Agency Credit Risk Debt Notes: | ��� | ||
“M2” , Series 2020-DNA2, 144A, 1-month USD-LIBOR + 1.85%, 2.518% (d), 2/25/2050 | 2,974,070 | 2,970,475 | |
“M2” , Series 2019-DNA3, 144A, 1-month USD-LIBOR + 2.05%, 2.718% (d), 7/25/2049 | 1,060,020 | 1,061,341 | |
“M2” , Series 2018-DNA3, 144A, 1-month USD-LIBOR + 2.1%, 2.768% (d), 9/25/2048 | 1,716,167 | 1,726,190 | |
“M2” , Series 2019-DNA2, 144A, 1-month USD-LIBOR + 2.45%, 3.118% (d), 3/25/2049 | 1,913,483 | 1,921,935 | |
“M2” , Series 2019-DNA1, 144A, 1-month USD-LIBOR + 2.65%, 3.318% (d), 1/25/2049 | 274,119 | 276,542 | |
JPMorgan Mortgage Trust, “AM” , Series 2016-3, 144A, 3.237% (d), 10/25/2046 | 1,123,826 | 1,059,628 | |
Total Collateralized Mortgage Obligations (Cost $12,092,660) | 12,065,841 | ||
Government & Agency Obligations 2.0% | |||
Sovereign Bonds 1.0% | |||
Brazilian Government International Bond, 3.875%, 6/12/2030 | 947,000 | 834,695 |
DWS Global Income Builder Fund | | | 29 |
Principal Amount ($) (b) | Value ($) | ||
Indonesia Government International Bond: | |||
2.85%, 2/14/2030 | 3,700,000 | 3,445,559 | |
3.85%, 10/15/2030 | 1,700,000 | 1,682,473 | |
Perusahaan Penerbit SBSN Indonesia III, 144A, 2.8%, 6/23/2030 | 883,000 | 811,919 | |
United Mexican States, 3.5%, 2/12/2034 | 260,000 | 219,710 | |
6,994,356 | |||
U.S. Treasury Obligations 1.0% | |||
U.S. Treasury Bonds: | |||
1.875%, 11/15/2051 | 761,700 | 597,458 | |
2.0%, 11/15/2041 | 584,400 | 483,682 | |
U.S. Treasury Notes: | |||
1.25%, 12/31/2026 | 2,571,000 | 2,381,088 | |
1.875%, 2/15/2032 | 3,262,400 | 2,978,979 | |
6,441,207 | |||
Total Government & Agency Obligations (Cost $14,889,888) | 13,435,563 | ||
Loan Participations and Assignments 0.4% | |||
Senior Loans (d) | |||
Hilton Worldwide Finance LLC, Term Loan B2, 1-month-USD LIBOR + 1.75%, 2.375%, 6/22/2026 | 1,389,235 | 1,375,114 | |
TransDigm, Inc., Term Loan F, 1-month USD-LIBOR + 2.25%, 3.014%, 12/9/2025 | 1,236,404 | 1,214,538 | |
Total Loan Participations and Assignments (Cost $2,627,118) | 2,589,652 | ||
Short-Term U.S. Treasury Obligations 1.2% | |||
U.S. Treasury Bills: | |||
0.054% (e), 5/19/2022 | 300,000 | 299,969 | |
0.061% (e), 5/19/2022 (f) (g) | 4,500,000 | 4,499,532 | |
0.222% (e), 5/19/2022 | 200,200 | 200,179 | |
0.223% (e), 5/19/2022 (g) | 1,971,400 | 1,971,195 | |
0.237% (e), 5/19/2022 (g) | 600,000 | 599,938 | |
Total Short-Term U.S. Treasury Obligations (Cost $7,571,161) | 7,570,813 |
Shares | Value ($) | ||
Exchange-Traded Funds 2.8% | |||
SPDR Bloomberg Convertible Securities ETF (Cost $13,817,168) | 259,040 | 18,373,707 |
30 | | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Cash Equivalents 2.6% | |||
DWS Central Cash Management Government Fund, 0.32% (h) (Cost $17,198,199) | 17,198,199 | 17,198,199 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $620,764,824) | 99.3 | 651,127,920 | |
Other Assets and Liabilities, Net | 0.7 | 4,366,959 | |
Net Assets | 100.0 | 655,494,879 |
Value ($) at 10/31/2021 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreci- ation (Deprecia- tion) ($) | Income ($) | Capital Gain Distribu- tions ($) | Number of Shares at 4/30/2022 | Value ($) at 4/30/2022 |
Securities Lending Collateral 0.0% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.26% (h) (i) | ||||||||
9,967,487 | — | 9,967,487 (j) | — | — | 867 | — | — | — |
Cash Equivalents 2.6% | ||||||||
DWS Central Cash Management Government Fund, 0.32% (h) | ||||||||
5,852,846 | 138,184,180 | 126,838,827 | — | — | 9,109 | — | 17,198,199 | 17,198,199 |
15,820,333 | 138,184,180 | 136,806,314 | — | — | 9,976 | — | 17,198,199 | 17,198,199 |
* | Non-income producing security. |
(a) | Investment was valued using significant unobservable inputs. |
(b) | Principal amount stated in U.S. dollars unless otherwise noted. |
(c) | Perpetual, callable security with no stated maturity date. |
(d) | Variable or floating rate security. These securities are shown at their current rate as of April 30, 2022. 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. |
(e) | Annualized yield at time of purchase; not a coupon rate. |
(f) | At April 30, 2022, this security has been pledged, in whole or in part, to cover initial margin requirements for open centrally cleared swap contracts. |
(g) | At April 30, 2022, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(h) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
DWS Global Income Builder Fund | | | 31 |
(i) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(j) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended April 30, 2022. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
ADR: American Depositary Receipt |
CLO: Collateralized Loan Obligation |
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 ($) | Unrealized Appreciation/ (Depreciation) ($) |
MSCI E-Mini Emerging Market Index | USD | 6/17/2022 | 455 | 23,467,112 | 24,055,850 | 588,738 |
Ultra Long U.S. Treasury Bond | USD | 6/21/2022 | 181 | 33,147,170 | 29,039,188 | (4,107,982) |
Total net unrealized depreciation | (3,519,244) |
32 | | | DWS Global Income Builder Fund |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
5 Year U.S. Treasury Note | USD | 6/30/2022 | 143 | 16,786,443 | 16,112,078 | 674,365 |
Euro Stoxx 50 Index | EUR | 6/17/2022 | 358 | 13,653,991 | 14,109,833 | (455,842) |
Euro-Schatz | EUR | 6/8/2022 | 227 | 26,766,828 | 26,376,832 | 389,996 |
S&P 500 E-Mini Index | USD | 6/17/2022 | 209 | 43,528,654 | 43,132,376 | 396,278 |
TOPIX Index | JPY | 6/9/2022 | 13 | 1,794,946 | 1,906,298 | (111,352) |
Total net unrealized appreciation | 893,445 |
Centrally Cleared Swaps | |||||||
Cash Flows Paid by the Fund/ Frequency | Cash Flows Received by the Fund/ Frequency | Effective/ Expiration Date | Notional Amount ($) | Currency | Value ($) | Upfront Payments Paid/ (Received) ($) | Unrealized Appreciation ($) |
Fixed — 0.25% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/3/16/2023 | 12,400,000 | USD | 240,196 | 516 | 239,680 |
Fixed — 0.45% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/3/16/2024 | 7,200,000 | USD | 339,814 | (107) | 339,921 |
Fixed — 1.3% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/3/16/2028 | 2,200,000 | USD | 200,740 | 437 | 200,303 |
Fixed — 1.63% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/3/16/2031 | 1,900,000 | USD | 199,152 | 2,007 | 197,145 |
Total unrealized appreciation | 977,049 |
β | 3-month LIBOR rate as of April 30, 2022 is 1.335%. |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Appreciation ($) | Counterparty | ||
EUR | 1,590,000 | USD | 1,800,563 | 5/4/2022 | 123,128 | State Street Bank and Trust |
EUR | Euro |
JPY | Japanese Yen |
USD | United States Dollar |
DWS Global Income Builder Fund | | | 33 |
34 | | | DWS Global Income Builder Fund |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Communication Services | $ 21,273,026 | $ 12,731,200 | $ — | $ 34,004,226 |
Consumer Discretionary | 20,523,716 | 6,131,296 | — | 26,655,012 |
Consumer Staples | 21,100,818 | 13,885,087 | — | 34,985,905 |
Energy | 22,808,400 | 4,326,173 | — | 27,134,573 |
Financials | 24,818,417 | 30,520,329 | — | 55,338,746 |
Health Care | 27,840,000 | 18,019,259 | — | 45,859,259 |
Industrials | 18,666,812 | 14,156,257 | — | 32,823,069 |
Information Technology | 83,654,795 | 5,425,309 | — | 89,080,104 |
Materials | 6,914,084 | 9,171,046 | — | 16,085,130 |
Real Estate | 9,256,260 | 3,197,735 | — | 12,453,995 |
Utilities | 8,079,631 | 3,953,813 | — | 12,033,444 |
Preferred Stocks (a) | 22,417,651 | — | — | 22,417,651 |
Warrants | — | — | 50,055 | 50,055 |
Corporate Bonds (a) | — | 127,176,868 | — | 127,176,868 |
Asset-Backed (a) | — | 27,303,695 | — | 27,303,695 |
Mortgage-Backed Securities Pass-Throughs | — | 22,126 | — | 22,126 |
Commercial Mortgage-Backed Securities | — | 16,470,287 | — | 16,470,287 |
Collateralized Mortgage Obligations | — | 12,065,841 | — | 12,065,841 |
Government & Agency Obligations | — | 13,435,563 | — | 13,435,563 |
Loan Participations and Assignments | — | 2,589,652 | — | 2,589,652 |
Short-Term U.S. Treasury Obligations | — | 7,570,813 | — | 7,570,813 |
Exchange-Traded Funds | 18,373,707 | — | — | 18,373,707 |
Short-Term Investments | 17,198,199 | — | — | 17,198,199 |
Derivatives (b) | ||||
Futures Contracts | 2,049,377 | — | — | 2,049,377 |
Interest Rate Swap Contracts | — | 977,049 | — | 977,049 |
Forward Foreign Currency Contracts | — | 123,128 | — | 123,128 |
Total | $324,974,893 | $329,252,526 | $50,055 | $654,277,474 |
DWS Global Income Builder Fund | | | 35 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | ||||
Futures Contracts | $ (4,675,176) | $ — | $ — | $ (4,675,176) |
Total | $ (4,675,176) | $ — | $ — | $ (4,675,176) |
(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. |
36 | | | DWS Global Income Builder Fund |
Assets | |
Investments in non-affiliated securities, at value (cost $603,566,625) | $ 633,929,721 |
Investment in DWS Central Cash Management Government Fund (cost $17,198,199) | 17,198,199 |
Cash | 910,779 |
Foreign currency, at value (cost $307,116) | 284,442 |
Receivable for investments sold | 598,948 |
Receivable for Fund shares sold | 27,507 |
Dividends receivable | 1,239,074 |
Interest receivable | 1,401,695 |
Receivable for variation margin on futures contracts | 1,498,285 |
Receivable for variation margin on centrally cleared swaps | 22,602 |
Unrealized appreciation on forward foreign currency contracts | 123,128 |
Foreign taxes recoverable | 619,830 |
Other assets | 93,715 |
Total assets | 657,947,925 |
Liabilities | |
Payable for investments purchased | 1,384,444 |
Payable for Fund shares redeemed | 269,301 |
Accrued management fee | 208,275 |
Accrued Trustees' fees | 4,458 |
Other accrued expenses and payables | 586,568 |
Total liabilities | 2,453,046 |
Net assets, at value | $ 655,494,879 |
Net Assets Consist of | |
Distributable earnings (loss) | 36,762,223 |
Paid-in capital | 618,732,656 |
Net assets, at value | $ 655,494,879 |
DWS Global Income Builder Fund | | | 37 |
Net Asset Value | |
Class A | |
Net Asset Value and redemption price per share ($465,841,791 ÷ 50,904,485 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 9.15 |
Maximum offering price per share (100 ÷ 94.25 of $9.15) | $ 9.71 |
Class C | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($5,098,793 ÷ 557,358 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 9.15 |
Class R6 | |
Net Asset Value, offering and redemption price per share ($10,143,616 ÷ 1,110,469 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 9.13 |
Class S | |
Net Asset Value, offering and redemption price per share ($151,955,318 ÷ 16,606,925 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 9.15 |
Institutional Class | |
Net Asset Value, offering and redemption price per share ($22,455,361 ÷ 2,457,304 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 9.14 |
38 | | | DWS Global Income Builder Fund |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $351,549) | $ 6,991,386 |
Interest | 3,913,004 |
Income distributions — DWS Central Cash Management Government Fund | 9,109 |
Securities lending income, net of borrower rebates | 867 |
Total income | 10,914,366 |
Expenses: | |
Management fee | 1,330,492 |
Administration fee | 348,805 |
Services to shareholders | 487,971 |
Distribution and service fees | 616,032 |
Custodian fee | 19,670 |
Professional fees | 68,513 |
Reports to shareholders | 32,381 |
Registration fees | 42,920 |
Trustees' fees and expenses | 13,587 |
Other | 31,524 |
Total expenses | 2,991,895 |
Net investment income | 7,922,471 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 7,977,693 |
Swap contracts | 190,245 |
Futures | (2,128,963) |
Forward foreign currency contracts | 54,395 |
Foreign currency | 30,888 |
6,124,258 | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | (83,065,871) |
Swap contracts | 904,959 |
Futures | (1,443,646) |
Forward foreign currency contracts | 94,091 |
Foreign currency | 345,955 |
(83,164,512) | |
Net gain (loss) | (77,040,254) |
Net increase (decrease) in net assets resulting from operations | $ (69,117,783) |
DWS Global Income Builder Fund | | | 39 |
Six Months Ended April 30, 2022 | Year Ended October 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2021 |
Operations: | ||
Net investment income | $ 7,922,471 | $ 16,474,104 |
Net realized gain (loss) | 6,124,258 | 62,267,823 |
Change in net unrealized appreciation (depreciation) | (83,164,512) | 64,527,990 |
Net increase (decrease) in net assets resulting from operations | (69,117,783) | 143,269,917 |
Distributions to shareholders: | ||
Class A | (44,041,753) | (11,122,997) |
Class C | (502,922) | (99,450) |
Class R6 | (927,680) | (230,829) |
Class S | (14,614,889) | (4,015,185) |
Institutional Class | (2,126,811) | (525,745) |
Total distributions | (62,214,055) | (15,994,206) |
Fund share transactions: | ||
Proceeds from shares sold | 11,553,671 | 28,268,257 |
Reinvestment of distributions | 59,854,003 | 15,351,398 |
Payments for shares redeemed | (48,522,658) | (89,029,796) |
Net increase (decrease) in net assets from Fund share transactions | 22,885,016 | (45,410,141) |
Increase (decrease) in net assets | (108,446,822) | 81,865,570 |
Net assets at beginning of period | 763,941,701 | 682,076,131 |
Net assets at end of period | $ 655,494,879 | $763,941,701 |
40 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund — Class A | ||||||
Six Months Ended 4/30/22 | Years Ended October 31, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $11.01 | $9.26 | $9.55 | $8.97 | $10.06 | $8.89 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .11 | .23 | .22 | .28 | .28 | .26 |
Net realized and unrealized gain (loss) | (1.07) | 1.74 | (.23) | .73 | (.36) | 1.18 |
Total from investment operations | (.96) | 1.97 | (.01) | 1.01 | (.08) | 1.44 |
Less distributions from: | ||||||
Net investment income | (.10) | (.22) | (.28) | (.36) | (.34) | (.27) |
Net realized gains | (.80) | — | — | (.07) | (.67) | — |
Total distributions | (.90) | (.22) | (.28) | (.43) | (1.01) | (.27) |
Net asset value, end of period | $9.15 | $11.01 | $9.26 | $9.55 | $8.97 | $10.06 |
Total Return (%)b | (9.45) * | 21.39 | .07 | 11.57 | (1.11) | 16.39 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 466 | 543 | 487 | 538 | 534 | 603 |
Ratio of expenses (%) | .88 ** | .88 | .89 | .91 | .90 | .91 |
Ratio of net investment income (%) | 2.15 ** | 2.13 | 2.38 | 3.02 | 2.93 | 2.71 |
Portfolio turnover rate (%) | 40 * | 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. |
* | Not annualized |
** | Annualized |
DWS Global Income Builder Fund | | | 41 |
DWS Global Income Builder Fund — Class C | ||||||
Six Months Ended 4/30/22 | Years Ended October 31, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $11.01 | $9.25 | $9.55 | $8.96 | $10.05 | $8.88 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .06 | .14 | .15 | .21 | .21 | .18 |
Net realized and unrealized gain (loss) | (1.06) | 1.76 | (.24) | .73 | (.37) | 1.18 |
Total from investment operations | (1.00) | 1.90 | (.09) | .94 | (.16) | 1.36 |
Less distributions from: | ||||||
Net investment income | (.06) | (.14) | (.21) | (.28) | (.26) | (.19) |
Net realized gains | (.80) | — | — | (.07) | (.67) | — |
Total distributions | (.86) | (.14) | (.21) | (.35) | (.93) | (.19) |
Net asset value, end of period | $9.15 | $11.01 | $9.25 | $9.55 | $8.96 | $10.05 |
Total Return (%)b | (9.82) * | 20.54 | (.82) | 10.83 | (1.91) | 15.47 c |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 5 | 7 | 8 | 9 | 10 | 20 |
Ratio of expenses before expense reductions (%) | 1.73 ** | 1.70 | 1.69 | 1.68 | 1.65 | 1.74 |
Ratio of expenses after expense reductions (%) | 1.73 ** | 1.70 | 1.69 | 1.68 | 1.65 | 1.72 |
Ratio of net investment income (%) | 1.29 ** | 1.32 | 1.58 | 2.26 | 2.18 | 1.90 |
Portfolio turnover rate (%) | 40 * | 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. |
* | Not annualized |
** | Annualized |
42 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund — Class R6 | ||||||
Six Months Ended 4/30/22 | Years Ended October 31, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $10.99 | $9.24 | $9.54 | $8.95 | $10.04 | $8.87 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .12 | .26 | .25 | .29 | .31 | .32 |
Net realized and unrealized gain (loss) | (1.06) | 1.75 | (.24) | .76 | (.36) | 1.14 |
Total from investment operations | (.94) | 2.01 | .01 | 1.05 | (.05) | 1.46 |
Less distributions from: | ||||||
Net investment income | (.12) | (.26) | (.31) | (.39) | (.37) | (.29) |
Net realized gains | (.80) | — | — | (.07) | (.67) | — |
Total distributions | (.92) | (.26) | (.31) | (.46) | (1.04) | (.29) |
Net asset value, end of period | $9.13 | $10.99 | $9.24 | $9.54 | $8.95 | $10.04 |
Total Return (%) | (9.32) * | 21.83 | .30 | 12.09 | (.78) | 16.74 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 10 | 11 | 7 | 7 | 1 | 4 |
Ratio of expenses (%) | .55 ** | .55 | .56 | .58 | .56 | .57 |
Ratio of net investment income (%) | 2.50 ** | 2.48 | 2.70 | 3.15 | 3.19 | 3.28 |
Portfolio turnover rate (%) | 40 * | 124 | 131 | 161 | 67 | 137 |
a | Based on average shares outstanding during the period. |
* | Not annualized |
** | Annualized |
DWS Global Income Builder Fund | | | 43 |
DWS Global Income Builder Fund — Class S | ||||||
Six Months Ended 4/30/22 | Years Ended October 31, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $11.01 | $9.25 | $9.55 | $8.97 | $10.06 | $8.89 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .12 | .25 | .24 | .29 | .30 | .28 |
Net realized and unrealized gain (loss) | (1.07) | 1.75 | (.24) | .74 | (.36) | 1.18 |
Total from investment operations | (.95) | 2.00 | (.00) * | 1.03 | (.06) | 1.46 |
Less distributions from: | ||||||
Net investment income | (.11) | (.24) | (.30) | (.38) | (.36) | (.29) |
Net realized gains | (.80) | — | — | (.07) | (.67) | — |
Total distributions | (.91) | (.24) | (.30) | (.45) | (1.03) | (.29) |
Net asset value, end of period | $9.15 | $11.01 | $9.25 | $9.55 | $8.97 | $10.06 |
Total Return (%) | (9.37) ** | 21.76 | .17 | 11.81 | (.90) | 16.62 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 152 | 178 | 163 | 186 | 182 | 195 |
Ratio of expenses (%) | .69 *** | .69 | .69 | .71 | .69 | .70 |
Ratio of net investment income (%) | 2.34 *** | 2.32 | 2.58 | 3.21 | 3.15 | 2.92 |
Portfolio turnover rate (%) | 40 ** | 124 | 131 | 161 | 67 | 137 |
a | Based on average shares outstanding during the period. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
44 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund — Institutional Class | ||||||
Six Months Ended 4/30/22 | Years Ended October 31, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $11.00 | $9.24 | $9.54 | $8.95 | $10.05 | $8.88 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .12 | .25 | .24 | .30 | .30 | .28 |
Net realized and unrealized gain (loss) | (1.07) | 1.76 | (.24) | .74 | (.37) | 1.18 |
Total from investment operations | (.95) | 2.01 | (.00) * | 1.04 | (.07) | 1.46 |
Less distributions from: | ||||||
Net investment income | (.11) | (.25) | (.30) | (.38) | (.36) | (.29) |
Net realized gains | (.80) | — | — | (.07) | (.67) | — |
Total distributions | (.91) | (.25) | (.30) | (.45) | (1.03) | (.29) |
Net asset value, end of period | $9.14 | $11.00 | $9.24 | $9.54 | $8.95 | $10.05 |
Total Return (%) | (9.35) ** | 21.84 | .20 | 11.97 | (.99) | 16.55 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 22 | 25 | 17 | 9 | 12 | 10 |
Ratio of expenses (%) | .65 *** | .65 | .66 | .68 | .66 | .69 |
Ratio of net investment income (%) | 2.39 *** | 2.37 | 2.59 | 3.32 | 3.18 | 2.94 |
Portfolio turnover rate (%) | 40 ** | 124 | 131 | 161 | 67 | 137 |
a | Based on average shares outstanding during the period. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
DWS Global Income Builder Fund | | | 45 |
Notes to Financial Statements | (Unaudited) |
A. | Organization and Significant Accounting Policies |
46 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 47 |
48 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 49 |
50 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 51 |
B. | Derivative Instruments |
52 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 53 |
54 | | | DWS Global Income Builder Fund |
Assets Derivative | Forward Contracts | Swap Contracts | Futures Contracts | Total |
Equity Contracts (a) | $ — | $ — | $ 985,016 | $ 985,016 |
Interest Rate Contracts (a) | — | 977,049 | 1,064,361 | 2,041,410 |
Foreign Exchange Contracts (b) | 123,128 | — | — | 123,128 |
$ 123,128 | $ 977,049 | $ 2,049,377 | $ 3,149,554 | |
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 | | | 55 |
Liability Derivative | Futures Contracts |
Equity Contracts (a) | $ (567,194) |
Interest Rate Contracts (a) | (4,107,982) |
$ (4,675,176) | |
The above derivative is located in the following Statement of Assets and Liabilities account: |
(a) | Includes cumulative depreciation of futures contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
Realized Gain (Loss) | Forward Contracts | Swap Contracts | Futures Contracts | Total |
Equity Contracts (a) | $ — | $ — | $ (1,988,460) | $ (1,988,460) |
Interest Rate Contracts (a) | — | (42,336) | (140,503) | (182,839) |
Credit Contracts (a) | — | 232,581 | — | 232,581 |
Foreign Exchange Contracts (a) | 54,395 | — | — | 54,395 |
$54,395 | $190,245 | $ (2,128,963) | $ (1,884,323) | |
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) | $ — | $ — | $ 1,902,155 | $ 1,902,155 |
Interest Rate Contracts (a) | — | 904,959 | (3,345,801) | (2,440,842) |
Foreign Exchange Contracts (a) | 94,091 | — | — | 94,091 |
$ 94,091 | $ 904,959 | $ (1,443,646) | $ (444,596) | |
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 |
56 | | | 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 |
State Street Bank and Trust | $ 123,128 | $ — | $ — | $ 123,128 |
C. | Purchases and Sales of Securities |
Purchases | Sales | |
Non-U.S. Treasury Obligations | $269,641,766 | $324,712,972 |
U.S. Treasury Obligations | $ 12,072,547 | $ 5,238,325 |
D. | Related Parties |
DWS Global Income Builder Fund | | | 57 |
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 | 1.18% |
Class C | 1.93% |
Class R6 | .93% |
Class S | .93% |
Institutional Class | .93% |
58 | | | DWS Global Income Builder Fund |
Services to Shareholders | Total Aggregated | Unpaid at April 30, 2022 |
Class A | $ 147,698 | $ 50,140 |
Class C | 1,355 | 494 |
Class R6 | 371 | 80 |
Class S | 86,066 | 29,112 |
Institutional Class | 241 | 88 |
$ 235,731 | $ 79,914 |
Sub-Recordkeeping | Total Aggregated |
Class A | $ 130,811 |
Class C | 4,470 |
Class S | 39,118 |
Institutional Class | 12,688 |
$ 187,087 |
Distribution Fee | Total Aggregated | Unpaid at April 30, 2022 |
Class C | $ 22,567 | $ 3,289 |
DWS Global Income Builder Fund | | | 59 |
Service Fee | Total Aggregated | Unpaid at April 30, 2022 | Annualized Rate |
Class A | $ 586,211 | $ 204,684 | .23% |
Class C | 7,254 | 2,525 | .24% |
$ 593,465 | $ 207,209 |
60 | | | DWS Global Income Builder Fund |
E. | Line of Credit |
F. | Fund Share Transactions |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 459,623 | $ 4,605,817 | 1,018,417 | $ 10,972,377 |
Class C | 14,276 | 145,801 | 54,499 | 565,532 |
Class R6 | 71,506 | 724,067 | 315,683 | 3,351,102 |
Class S | 171,826 | 1,749,778 | 291,920 | 3,107,487 |
Institutional Class | 430,350 | 4,328,208 | 971,557 | 10,271,759 |
$ 11,553,671 | $ 28,268,257 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 4,210,963 | $ 42,567,273 | 1,011,062 | $ 10,730,086 |
Class C | 49,586 | 502,265 | 9,341 | 99,236 |
Class R6 | 91,993 | 927,680 | 21,741 | 230,829 |
Class S | 1,360,681 | 13,751,915 | 355,772 | 3,771,480 |
Institutional Class | 208,505 | 2,104,870 | 48,965 | 519,767 |
$ 59,854,003 | $ 15,351,398 |
DWS Global Income Builder Fund | | | 61 |
Six Months Ended April 30, 2022 | Year Ended October 31, 2021 | |||
Shares | Dollars | Shares | Dollars | |
Shares redeemed | ||||
Class A | (3,093,371) | $ (31,204,656) | (5,331,453) | $ (56,430,179) |
Class C | (167,076) | (1,738,495) | (289,139) | (3,053,480) |
Class R6 | (39,965) | (401,543) | (87,274) | (935,718) |
Class S | (1,050,368) | (10,539,925) | (2,158,570) | (22,775,878) |
Institutional Class | (467,632) | (4,638,039) | (546,729) | (5,834,541) |
$ (48,522,658) | $ (89,029,796) | |||
Net increase (decrease) | ||||
Class A | 1,577,215 | $ 15,968,434 | (3,301,974) | $ (34,727,716) |
Class C | (103,214) | (1,090,429) | (225,299) | (2,388,712) |
Class R6 | 123,534 | 1,250,204 | 250,150 | 2,646,213 |
Class S | 482,139 | 4,961,768 | (1,510,878) | (15,896,911) |
Institutional Class | 171,223 | 1,795,039 | 473,793 | 4,956,985 |
$ 22,885,016 | $ (45,410,141) |
G. | Other — COVID-19 Pandemic |
62 | | | DWS Global Income Builder Fund |
— | Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold. |
— | Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. |
DWS Global Income Builder Fund | | | 63 |
Actual Fund Return | Class A | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 11/1/21 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/22 | $ 905.50 | $ 901.80 | $ 906.80 | $ 906.30 | $ 906.50 |
Expenses Paid per $1,000* | $ 4.16 | $ 8.16 | $ 2.60 | $ 3.26 | $ 3.07 |
Hypothetical 5% Fund Return | Class A | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 11/1/21 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/22 | $1,020.43 | $1,016.22 | $1,022.07 | $1,021.37 | $1,021.57 |
Expenses Paid per $1,000* | $ 4.41 | $ 8.65 | $ 2.76 | $ 3.46 | $ 3.26 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class C | Class R6 | Class S | Institutional Class |
DWS Global Income Builder Fund | .88% | 1.73% | .55% | .69% | .65% |
64 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 65 |
— | 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. |
66 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 67 |
68 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 69 |
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 |
70 | | | DWS Global Income Builder Fund |
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 |
DWS Global Income Builder Fund | | | 71 |
FACTS | What Does DWS Do With Your Personal Information? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share can include: — Social Security number — Account balances — Purchase and transaction history — Bank account information — Contact information such as mailing address, e-mail address and telephone number |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons DWS chooses to share and whether you can limit this sharing. |
Reasons we can share your personal information | Does DWS share? | Can you limit this sharing? |
For our everyday business purposes —such as to process your transactions, maintain your account(s), respond to court orders or legal investigations | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We do not share |
For our affiliates’ everyday business purposes — information about your transactions and experiences | No | We do not share |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We do not share |
For non-affiliates to market to you | No | We do not share |
Questions? | Call (800) 728-3337 or e-mail us at service@dws.com |
72 | | | DWS Global Income Builder Fund |
Who we are | |
Who is providing this notice? | DWS Distributors, Inc; DWS Investment Management Americas, Inc.; DWS Trust Company; the DWS Funds |
What we do | |
How does DWS protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards, secured files, and secured buildings. |
How does DWS collect my personal information? | We collect your personal information, for example, when you: — open an account — give us your contact information — provide bank account information for ACH or wire transactions — tell us where to send money — seek advice about your investments |
Why can’t I limit all sharing? | Federal law gives you the right to limit only — sharing for affiliates’ everyday business purposes — information about your creditworthiness — affiliates from using your information to market to you — sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank (“DB” ) name, such as DB AG Frankfurt. |
Non-affiliates | Companies not related by common ownership or control. They can be financial and non-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud. |
Joint marketing | A formal agreement between non-affiliated financial companies that together market financial products or services to you. DWS does not jointly market. |
DWS Global Income Builder Fund | | | 73 |
Chicago, IL 60606-5808
(b) Not applicable | ||
ITEM 2. | CODE OF ETHICS | |
Not applicable. | ||
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT | |
Not applicable | ||
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES | |
Not applicable | ||
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | SCHEDULE OF INVESTMENTS | |
Not applicable | ||
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
Not applicable | ||
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. | ||
ITEM 11. | CONTROLS AND PROCEDURES | |
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. | |
(b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. | |
ITEM 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. | |
Not applicable | ||
ITEM 13. | EXHIBITS | |
(a)(1) | Not applicable | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | DWS Global Income Builder Fund, a series of Deutsche DWS Market Trust |
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 6/29/2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 6/29/2022 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 6/29/2022 |