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: | 10/31/2022 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) |
Contents
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NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
2 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 3 |
4 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 5 |
6 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 7 |
8 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 9 |
10 | | | DWS Global Income Builder Fund |
Class A | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 10/31/22 | |||
Unadjusted for Sales Charge | –17.80% | 1.96% | 4.38% |
Adjusted for the Maximum Sales Charge (max 5.75% load) | –22.52% | 0.76% | 3.76% |
MSCI All Country World Index† | –19.96% | 5.24% | 7.98% |
Blended Index 60/40†† | –17.99% | 3.32% | 5.42% |
Bloomberg U.S. Universal Index††† | –15.79% | –0.42% | 1.02% |
Class C | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 10/31/22 | |||
Unadjusted for Sales Charge | –18.58% | 1.14% | 3.54% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | –18.58% | 1.14% | 3.54% |
MSCI All Country World Index† | –19.96% | 5.24% | 7.98% |
Blended Index 60/40†† | –17.99% | 3.32% | 5.42% |
Bloomberg U.S. Universal Index††† | –15.79% | –0.42% | 1.02% |
Class R6 | 1-Year | 5-Year | Life of Class* |
Average Annual Total Returns as of 10/31/22 | |||
No Sales Charges | –17.56% | 2.30% | 3.01% |
MSCI All Country World Index† | –19.96% | 5.24% | 5.85% |
Blended Index 60/40†† | –17.99% | 3.32% | 4.63% |
Bloomberg U.S. Universal Index††† | –15.79% | –0.42% | 0.83% |
Class S | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 10/31/22 | |||
No Sales Charges | –17.74% | 2.14% | 4.57% |
MSCI All Country World Index† | –19.96% | 5.24% | 7.98% |
Blended Index 60/40†† | –17.99% | 3.32% | 5.42% |
Bloomberg U.S. Universal Index††† | –15.79% | –0.42% | 1.02% |
DWS Global Income Builder Fund | | | 11 |
Institutional Class | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 10/31/22 | |||
No Sales Charges | –17.72% | 2.19% | 4.61% |
MSCI All Country World Index† | –19.96% | 5.24% | 7.98% |
Blended Index 60/40†† | –17.99% | 3.32% | 5.42% |
Bloomberg U.S. Universal Index††† | –15.79% | –0.42% | 1.02% |
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, 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 24 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. |
DWS Global Income Builder Fund | | | 13 |
Class A | Class C | Class R6 | Class S | Institutional Class | |
Net Asset Value | |||||
10/31/22 | $8.17 | $8.17 | $8.16 | $8.17 | $8.16 |
10/31/21 | $11.01 | $11.01 | $10.99 | $11.01 | $11.00 |
Distribution Information as of 10/31/22 | |||||
Income Dividends, Twelve Months | $.23 | $.15 | $.26 | $.25 | $.25 |
Capital Gain Distributions | $.80 | $.80 | $.80 | $.80 | $.80 |
14 | | | DWS Global Income Builder Fund |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 10/31/22 | 10/31/21 |
Equity | 65% | 66% |
Common Stocks | 58% | 59% |
Preferred Stocks | 4% | 4% |
Exchange-Traded Funds | 3% | 3% |
Warrants | 0% | 0% |
Fixed Income | 35% | 33% |
Corporate Bonds | 19% | 24% |
Government & Agency Obligations | 6% | 2% |
Asset-Backed | 5% | 2% |
Commercial Mortgage-Backed Securities | 3% | 2% |
Short-Term U.S. Treasury Obligations | 1% | 1% |
Collateralized Mortgage Obligations | 1% | 2% |
Loan Participations and Assignments | 0% | 0% |
Mortgage-Backed Securities Pass-Throughs | 0% | 0% |
Cash Equivalents | 0% | 1% |
Cash Equivalents | 0% | 1% |
100% | 100% |
Sector Diversification (As a % of Common Stocks, Preferred Stocks, Warrants, Corporate Bonds and Loan Participations and Assignments) | 10/31/22 | 10/31/21 |
Financials | 22% | 24% |
Information Technology | 19% | 19% |
Health Care | 11% | 9% |
Energy | 8% | 7% |
Communication Services | 8% | 11% |
Consumer Discretionary | 7% | 7% |
Consumer Staples | 7% | 5% |
Industrials | 7% | 6% |
Materials | 4% | 4% |
Utilities | 4% | 5% |
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) | 10/31/22 | 10/31/21 |
United States | 65% | 61% |
Canada | 4% | 5% |
Japan | 3% | 6% |
Cayman Islands | 3% | 1% |
United Kingdom | 3% | 4% |
Switzerland | 2% | 3% |
France | 1% | 2% |
Germany | 1% | 2% |
Australia | 1% | 1% |
Hong Kong | 1% | 1% |
Other | 16% | 14% |
100% | 100% |
Five Largest Equity Holdings at October 31, 2022 (7.3% of Net Assets) | Percent |
1Apple, Inc. | 2.5% |
Designs, manufactures and markets personal computers and related computing and mobile-communication devices | |
2Microsoft Corp. | 1.8% |
Develops, manufactures, licenses, sells and supports software products | |
3Alphabet, Inc. | 1.2% |
Holding company with subsidiaries that provide Web-based search, maps, hardware products and various software applications | |
4Exxon Mobil Corp. | 0.9% |
Explorer and producer of oil and gas | |
5Amazon.com, Inc. | 0.9% |
Online retailer offering a wide range of products |
Five Largest Fixed-Income Long-Term Securities at October 31, 2022 (8.8% of Net Assets) | Percent |
1U.S. Treasury Note | 4.5% |
2.875%, 5/15/2032 | |
2Credit Suisse Commercial Mortgage Trust | 1.6% |
6.412%, 12/15/2035 | |
3Madison Park Funding XXVI Ltd. | 1.1% |
5.615%, 7/29/2030 | |
4Citigroup Commercial Mortgage Trust | 0.8% |
4.35%, 5/10/2036 | |
5DB Master Finance LLC | 0.8% |
2.791%, 11/20/2051 |
16 | | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Common Stocks 58.2% | |||
Communication Services 4.7% | |||
Diversified Telecommunication Services 1.8% | |||
AT&T, Inc. | 78,000 | 1,421,940 | |
BCE, Inc. | 24,947 | 1,125,256 | |
Deutsche Telekom AG (Registered) | 40,838 | 772,193 | |
Orange SA | 17,686 | 168,404 | |
Spark New Zealand Ltd. | 148,983 | 443,319 | |
Swisscom AG (Registered) | 331 | 163,333 | |
Telefonica Deutschland Holding AG | 352,024 | 766,742 | |
Telefonica SA | 379,392 | 1,308,482 | |
Telstra Group Ltd. | 354,907 | 889,423 | |
TELUS Corp. | 44,152 | 922,028 | |
Verizon Communications, Inc. | 63,058 | 2,356,477 | |
10,337,597 | |||
Entertainment 0.2% | |||
Netflix, Inc.* | 1,184 | 345,586 | |
Nintendo Co., Ltd. | 11,000 | 448,656 | |
Sea Ltd. (ADR)* | 6,600 | 327,888 | |
1,122,130 | |||
Interactive Media & Services 1.6% | |||
Alphabet, Inc. “A” * | 33,800 | 3,194,438 | |
Alphabet, Inc. “C” * | 32,620 | 3,087,809 | |
JOYY, Inc. (ADR) | 29,300 | 739,239 | |
Kakaku.com, Inc. | 11,100 | 186,885 | |
Kanzhun Ltd. (ADR)* | 21,100 | 230,623 | |
Meta Platforms, Inc. “A” * | 11,804 | 1,099,661 | |
ZoomInfo Technologies, Inc. “A” * | 5,500 | 244,915 | |
8,783,570 | |||
Media 0.3% | |||
Comcast Corp. “A” | 30,937 | 981,940 | |
Interpublic Group of Companies, Inc. | 22,743 | 677,514 | |
Omnicom Group, Inc. | 2,600 | 189,150 | |
1,848,604 | |||
Wireless Telecommunication Services 0.8% | |||
America Movil SAB de CV “L” (ADR) | 33,800 | 635,778 |
DWS Global Income Builder Fund | | | 17 |
Shares | Value ($) | ||
SoftBank Corp. | 348,700 | 3,437,217 | |
Tele2 AB “B” | 37,595 | 308,248 | |
4,381,243 | |||
Consumer Discretionary 4.3% | |||
Automobiles 0.8% | |||
Tesla, Inc.* | 17,211 | 3,916,191 | |
Volkswagen AG | 3,374 | 472,645 | |
4,388,836 | |||
Hotels, Restaurants & Leisure 0.8% | |||
Airbnb, Inc. “A” * | 1,600 | 171,056 | |
Darden Restaurants, Inc. | 13,100 | 1,875,134 | |
Evolution AB 144A | 2,324 | 217,632 | |
La Francaise des Jeux SAEM 144A | 6,079 | 198,092 | |
McDonald’s Corp. | 3,155 | 860,242 | |
Restaurant Brands International, Inc. | 10,030 | 595,976 | |
Starbucks Corp. | 4,809 | 416,411 | |
Vail Resorts, Inc. | 800 | 175,304 | |
4,509,847 | |||
Household Durables 0.1% | |||
Garmin Ltd. | 5,167 | 454,903 | |
Internet & Direct Marketing Retail 1.0% | |||
Amazon.com, Inc.* | 47,380 | 4,853,607 | |
Meituan (ADR)* | 8,600 | 275,974 | |
Pinduoduo, Inc. (ADR)* | 12,600 | 690,858 | |
5,820,439 | |||
Multiline Retail 0.2% | |||
Next PLC | 3,214 | 181,408 | |
Target Corp. | 2,367 | 388,780 | |
Wesfarmers Ltd. | 21,326 | 619,142 | |
1,189,330 | |||
Specialty Retail 1.2% | |||
Best Buy Co., Inc. | 8,900 | 608,849 | |
Chow Tai Fook Jewellery Group Ltd. | 363,800 | 621,964 | |
H & M Hennes & Mauritz AB “B” | 21,575 | 217,161 | |
Home Depot, Inc. | 8,907 | 2,637,630 | |
Lowe’s Companies, Inc. | 6,256 | 1,219,607 | |
TJX Companies, Inc. | 21,152 | 1,525,059 | |
6,830,270 |
18 | | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Textiles, Apparel & Luxury Goods 0.2% | |||
Kering SA | 352 | 161,790 | |
LVMH Moet Hennessy Louis Vuitton SE | 503 | 317,213 | |
NIKE, Inc. “B” | 2,846 | 263,767 | |
VF Corp. | 18,000 | 508,500 | |
1,251,270 | |||
Consumer Staples 5.2% | |||
Beverages 1.3% | |||
Ambev SA (ADR) | 748,600 | 2,275,744 | |
Coca-Cola Co. | 30,415 | 1,820,338 | |
Coca-Cola Europacific Partners PLC | 14,600 | 686,930 | |
Coca-Cola Femsa SAB de CV (ADR) | 17,800 | 1,117,662 | |
PepsiCo, Inc. | 6,720 | 1,220,217 | |
7,120,891 | |||
Food & Staples Retailing 0.8% | |||
Costco Wholesale Corp. | 1,100 | 551,650 | |
Jeronimo Martins SGPS SA | 51,758 | 1,073,106 | |
Kesko Oyj “B” | 36,158 | 703,836 | |
Walgreens Boots Alliance, Inc. | 21,944 | 800,956 | |
Walmart, Inc. | 9,037 | 1,286,236 | |
4,415,784 | |||
Food Products 0.3% | |||
Kraft Heinz Co. | 4,700 | 180,809 | |
Nestle SA (Registered) | 13,927 | 1,514,608 | |
1,695,417 | |||
Household Products 0.5% | |||
Kimberly-Clark Corp. | 4,878 | 607,116 | |
Procter & Gamble Co. | 16,989 | 2,287,909 | |
2,895,025 | |||
Personal Products 0.2% | |||
Unilever PLC | 30,701 | 1,399,320 | |
Tobacco 2.1% | |||
British American Tobacco PLC | 68,478 | 2,692,959 | |
Imperial Brands PLC | 102,970 | 2,508,492 | |
Japan Tobacco, Inc. | 266,700 | 4,418,557 | |
Philip Morris International, Inc. | 28,007 | 2,572,443 | |
12,192,451 |
DWS Global Income Builder Fund | | | 19 |
Shares | Value ($) | ||
Energy 4.0% | |||
Oil, Gas & Consumable Fuels | |||
Aker BP ASA | 6,620 | 212,088 | |
Canadian Natural Resources Ltd. | 13,200 | 791,700 | |
Chevron Corp. | 17,576 | 3,179,498 | |
Enbridge, Inc. | 110,530 | 4,306,480 | |
Exxon Mobil Corp. | 44,030 | 4,878,964 | |
Kinder Morgan, Inc. | 37,200 | 674,064 | |
ONEOK, Inc. | 48,974 | 2,905,138 | |
Phillips 66 | 4,200 | 438,018 | |
Suncor Energy, Inc. | 19,800 | 681,050 | |
TC Energy Corp. | 26,811 | 1,177,649 | |
TotalEnergies SE | 35,449 | 1,935,989 | |
Williams Companies, Inc. | 50,773 | 1,661,800 | |
22,842,438 | |||
Financials 9.3% | |||
Banks 4.7% | |||
Australia & New Zealand Banking Group Ltd. | 30,840 | 503,368 | |
Banco Bilbao Vizcaya Argentaria SA | 98,693 | 507,793 | |
Banco de Chile (ADR) | 14,700 | 264,453 | |
Banco Santander Chile (ADR) | 45,100 | 650,793 | |
Bank Leumi Le-Israel BM | 214,320 | 2,047,035 | |
Bank of Montreal | 8,213 | 756,523 | |
Bank of Nova Scotia | 30,997 | 1,498,258 | |
BOC Hong Kong Holdings Ltd. | 49,500 | 153,858 | |
Canadian Imperial Bank of Commerce | 18,944 | 860,326 | |
Citizens Financial Group, Inc. | 6,100 | 249,490 | |
Commonwealth Bank of Australia | 4,587 | 306,407 | |
Fifth Third Bancorp. | 20,800 | 742,352 | |
Huntington Bancshares, Inc. | 235,073 | 3,568,408 | |
JPMorgan Chase & Co. | 23,469 | 2,954,278 | |
KB Financial Group, Inc. (ADR) | 30,600 | 1,026,324 | |
M&T Bank Corp. | 1,200 | 202,044 | |
Mizrahi Tefahot Bank Ltd. | 6,290 | 237,997 | |
Nordea Bank Abp | 349,612 | 3,342,237 | |
PNC Financial Services Group, Inc. | 4,767 | 771,444 | |
Regions Financial Corp. | 23,900 | 524,605 | |
Royal Bank of Canada | 10,300 | 952,997 | |
Shinhan Financial Group Co., Ltd. (ADR) | 14,300 | 361,647 | |
Skandinaviska Enskilda Banken AB “A” | 20,024 | 211,365 | |
Swedbank AB “A” | 18,750 | 279,387 | |
Toronto-Dominion Bank | 36,199 | 2,316,725 |
20 | | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Truist Financial Corp. | 16,867 | 755,473 | |
U.S. Bancorp. | 9,037 | 383,621 | |
Westpac Banking Corp. | 20,211 | 310,467 | |
26,739,675 | |||
Capital Markets 2.1% | |||
BlackRock, Inc. | 1,390 | 897,815 | |
Blackstone, Inc. | 47,843 | 4,360,411 | |
Charles Schwab Corp. | 5,486 | 437,070 | |
CME Group, Inc. | 9,054 | 1,569,058 | |
Daiwa Securities Group, Inc. | 124,900 | 487,366 | |
Julius Baer Group Ltd.* | 7,740 | 370,438 | |
Morgan Stanley | 6,800 | 558,756 | |
Partners Group Holding AG | 367 | 329,277 | |
T. Rowe Price Group, Inc. | 23,300 | 2,473,528 | |
11,483,719 | |||
Diversified Financial Services 0.3% | |||
Apollo Global Management, Inc. | 26,988 | 1,494,056 | |
Investor AB “B” | 11,637 | 190,162 | |
1,684,218 | |||
Insurance 2.2% | |||
Ageas SV | 18,214 | 630,812 | |
Allianz SE (Registered) | 3,746 | 674,733 | |
Assicurazioni Generali SpA | 157,857 | 2,370,701 | |
AXA SA | 49,076 | 1,213,222 | |
Hannover Rueck SE | 10,319 | 1,679,970 | |
Legal & General Group PLC | 618,944 | 1,652,943 | |
Ping An Insurance Group Co. of China Ltd. (ADR) | 26,700 | 213,066 | |
Poste Italiane SpA 144A | 169,775 | 1,481,928 | |
Zurich Insurance Group AG | 6,141 | 2,620,498 | |
12,537,873 | |||
Health Care 7.3% | |||
Biotechnology 1.5% | |||
AbbVie, Inc. | 20,458 | 2,995,051 | |
Amgen, Inc. | 7,568 | 2,046,009 | |
Gilead Sciences, Inc. | 34,500 | 2,706,870 | |
Moderna, Inc.* | 1,400 | 210,462 | |
Zai Lab Ltd. (ADR)* | 11,000 | 245,080 | |
8,203,472 | |||
Health Care Equipment & Supplies 0.7% | |||
Abbott Laboratories | 11,507 | 1,138,503 |
DWS Global Income Builder Fund | | | 21 |
Shares | Value ($) | ||
ABIOMED, Inc.* | 700 | 176,456 | |
Coloplast AS “B” | 4,641 | 517,088 | |
DexCom, Inc.* | 3,000 | 362,340 | |
Edwards Lifesciences Corp.* | 2,600 | 188,318 | |
Intuitive Surgical, Inc.* | 995 | 245,238 | |
Masimo Corp.* | 3,700 | 486,920 | |
Medtronic PLC | 12,228 | 1,067,993 | |
4,182,856 | |||
Health Care Providers & Services 0.9% | |||
Cigna Corp. | 2,900 | 936,874 | |
CVS Health Corp. | 12,314 | 1,166,136 | |
Elevance Health, Inc. | 398 | 217,614 | |
UnitedHealth Group, Inc. | 4,847 | 2,690,812 | |
5,011,436 | |||
Life Sciences Tools & Services 0.0% | |||
Danaher Corp. | 676 | 170,129 | |
Pharmaceuticals 4.2% | |||
AstraZeneca PLC | 3,228 | 379,151 | |
Bristol-Myers Squibb Co. | 14,152 | 1,096,355 | |
Chugai Pharmaceutical Co., Ltd. | 28,800 | 668,195 | |
Eisai Co. Ltd. | 3,100 | 187,208 | |
Eli Lilly & Co. | 3,055 | 1,106,185 | |
GSK PLC | 144,452 | 2,366,443 | |
Hikma Pharmaceuticals PLC | 23,709 | 339,391 | |
Johnson & Johnson | 14,492 | 2,521,173 | |
Merck & Co., Inc. | 32,960 | 3,335,552 | |
Novartis AG (Registered) | 27,648 | 2,235,265 | |
Novo Nordisk AS “B” | 16,912 | 1,838,129 | |
Pfizer, Inc. | 67,916 | 3,161,490 | |
Roche Holding AG (Genusschein) | 3,967 | 1,315,224 | |
Sanofi | 12,095 | 1,039,654 | |
Takeda Pharmaceutical Co., Ltd. | 73,500 | 1,937,781 | |
23,527,196 | |||
Industrials 4.6% | |||
Aerospace & Defense 0.2% | |||
Lockheed Martin Corp. | 1,344 | 654,098 | |
Raytheon Technologies Corp. | 4,601 | 436,267 | |
1,090,365 | |||
Air Freight & Logistics 0.5% | |||
Deutsche Post AG (Registered) | 21,297 | 755,126 |
22 | | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
FedEx Corp. | 1,100 | 176,308 | |
United Parcel Service, Inc. “B” | 10,325 | 1,732,225 | |
2,663,659 | |||
Commercial Services & Supplies 0.0% | |||
Quad Graphics, Inc.* | 10 | 28 | |
Construction & Engineering 0.0% | |||
Bouygues SA | 5,929 | 169,068 | |
Electrical Equipment 0.3% | |||
Eaton Corp. PLC | 5,580 | 837,390 | |
Emerson Electric Co. | 8,918 | 772,299 | |
1,609,689 | |||
Industrial Conglomerates 0.7% | |||
3M Co. | 19,564 | 2,460,956 | |
Honeywell International, Inc. | 4,172 | 851,171 | |
Siemens AG (Registered) | 4,707 | 512,601 | |
3,824,728 | |||
Machinery 1.9% | |||
Atlas Copco AB “A” | 212,570 | 2,269,537 | |
Atlas Copco AB “B” | 125,216 | 1,211,606 | |
Caterpillar, Inc. | 7,448 | 1,612,194 | |
Cummins, Inc. | 10,690 | 2,613,812 | |
Deere & Co. | 698 | 276,283 | |
Illinois Tool Works, Inc. | 900 | 192,177 | |
PACCAR, Inc. | 22,400 | 2,168,992 | |
Techtronic Industries Co., Ltd. | 40,500 | 382,881 | |
10,727,482 | |||
Marine 0.2% | |||
Kuehne + Nagel International AG (Registered) | 6,543 | 1,393,457 | |
Professional Services 0.2% | |||
Nihon M&A Center Holdings, Inc. | 25,700 | 290,333 | |
SGS SA | 258 | 568,364 | |
Thomson Reuters Corp. | 2,643 | 281,091 | |
1,139,788 | |||
Road & Rail 0.4% | |||
Aurizon Holdings Ltd. | 76,947 | 178,050 | |
Canadian National Railway Co. | 5,600 | 663,442 | |
MTR Corp. Ltd. | 53,500 | 235,252 | |
Union Pacific Corp. | 5,509 | 1,086,044 | |
2,162,788 |
DWS Global Income Builder Fund | | | 23 |
Shares | Value ($) | ||
Trading Companies & Distributors 0.2% | |||
Fastenal Co. | 25,819 | 1,247,833 | |
Sumitomo Corp. | 19,300 | 246,099 | |
1,493,932 | |||
Information Technology 13.5% | |||
Communications Equipment 0.7% | |||
Cisco Systems, Inc. | 82,075 | 3,728,667 | |
IT Services 3.0% | |||
Adyen NV 144A* | 316 | 453,668 | |
Automatic Data Processing, Inc. | 4,597 | 1,111,095 | |
Block, Inc.* | 7,793 | 468,126 | |
Cloudflare, Inc. “A” * | 10,052 | 566,129 | |
EPAM Systems, Inc.* | 1,300 | 455,000 | |
Infosys Ltd. (ADR) | 92,300 | 1,728,779 | |
International Business Machines Corp. | 20,472 | 2,831,073 | |
Mastercard, Inc. “A” | 3,971 | 1,303,203 | |
MongoDB, Inc.* | 2,781 | 509,006 | |
Otsuka Corp. | 5,100 | 160,703 | |
Paychex, Inc. | 20,561 | 2,432,572 | |
PayPal Holdings, Inc.* | 5,510 | 460,526 | |
Shopify, Inc. “A” * | 18,900 | 648,012 | |
Snowflake, Inc. “A” * | 1,598 | 256,159 | |
Twilio, Inc. “A” * | 6,578 | 489,206 | |
Visa, Inc. “A” | 7,646 | 1,583,945 | |
Western Union Co. | 116,800 | 1,577,968 | |
17,035,170 | |||
Semiconductors & Semiconductor Equipment 3.6% | |||
Advanced Micro Devices, Inc.* | 10,876 | 653,213 | |
Analog Devices, Inc. | 6,701 | 955,697 | |
ASML Holding NV | 969 | 457,641 | |
Broadcom, Inc. | 4,241 | 1,993,779 | |
Enphase Energy, Inc.* | 2,166 | 664,962 | |
Intel Corp. | 23,123 | 657,387 | |
KLA Corp. | 2,164 | 684,798 | |
Lam Research Corp. | 1,578 | 638,743 | |
Monolithic Power Systems, Inc. | 2,272 | 771,230 | |
NVIDIA Corp. | 14,201 | 1,916,709 | |
QUALCOMM, Inc. | 13,850 | 1,629,591 | |
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 33,800 | 2,080,390 | |
Texas Instruments, Inc. | 12,448 | 1,999,522 |
24 | | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Tokyo Electron Ltd. | 3,700 | 985,920 | |
United Microelectronics Corp. (ADR)* | 686,400 | 4,070,352 | |
20,159,934 | |||
Software 3.6% | |||
Adobe, Inc.* | 3,280 | 1,044,680 | |
Bill.com Holdings, Inc.* | 3,100 | 413,416 | |
Cadence Design Systems, Inc.* | 1,000 | 151,390 | |
Crowdstrike Holdings, Inc. “A” * | 5,363 | 864,516 | |
Datadog, Inc. “A” * | 2,200 | 177,122 | |
Fortinet, Inc.* | 6,700 | 382,972 | |
HubSpot, Inc.* | 1,100 | 326,216 | |
Intuit, Inc. | 4,909 | 2,098,598 | |
Microsoft Corp. | 44,462 | 10,320,964 | |
Oracle Corp. | 15,533 | 1,212,661 | |
Oracle Corp. Japan | 4,700 | 250,424 | |
Paycom Software, Inc.* | 1,300 | 449,800 | |
Salesforce, Inc.* | 2,870 | 466,633 | |
ServiceNow, Inc.* | 2,868 | 1,206,682 | |
Trade Desk, Inc. “A” * | 10,883 | 579,411 | |
Trend Micro, Inc. | 7,400 | 372,954 | |
Unity Software, Inc.* | 4,800 | 141,600 | |
Zscaler, Inc.* | 1,600 | 246,560 | |
20,706,599 | |||
Technology Hardware, Storage & Peripherals 2.6% | |||
Apple, Inc. | 91,313 | 14,001,935 | |
Canon, Inc. | 9,500 | 201,461 | |
Samsung Electronics Co. Ltd. (GDR) REG S | 428 | 442,338 | |
14,645,734 | |||
Materials 2.4% | |||
Chemicals 0.9% | |||
Air Products & Chemicals, Inc. | 2,857 | 715,393 | |
Albemarle Corp. | 700 | 195,909 | |
Dow, Inc. | 32,302 | 1,509,795 | |
LyondellBasell Industries NV “A” | 3,000 | 229,350 | |
Sociedad Quimica y Minera de Chile SA (ADR) | 3,800 | 355,984 | |
Tosoh Corp. | 16,600 | 180,757 | |
Yara International ASA | 43,054 | 1,921,590 | |
5,108,778 | |||
Construction Materials 0.2% | |||
Holcim AG | 24,301 | 1,102,342 |
DWS Global Income Builder Fund | | | 25 |
Shares | Value ($) | ||
Containers & Packaging 0.3% | |||
Amcor PLC | 87,225 | 1,010,065 | |
International Paper Co. | 4,901 | 164,723 | |
Packaging Corp. of America | 3,300 | 396,693 | |
1,571,481 | |||
Metals & Mining 1.0% | |||
Mineral Resources Ltd. | 20,721 | 968,824 | |
Newmont Corp. | 12,788 | 541,188 | |
Nippon Steel Corp. | 130,900 | 1,798,986 | |
Nucor Corp. | 3,200 | 420,416 | |
POSCO Holdings, Inc. (ADR) | 24,100 | 1,045,458 | |
Steel Dynamics, Inc. | 3,000 | 282,150 | |
Sumitomo Metal Mining Co., Ltd. | 22,900 | 645,047 | |
5,702,069 | |||
Real Estate 1.9% | |||
Equity Real Estate Investment Trusts (REITs) 1.6% | |||
Ascendas Real Estate Investment Trust | 224,676 | 415,946 | |
Crown Castle, Inc. | 4,511 | 601,136 | |
Gaming and Leisure Properties, Inc. | 46,500 | 2,330,580 | |
Iron Mountain, Inc. | 32,230 | 1,613,756 | |
Mapletree Pan Asia Commercial Trust | 219,600 | 246,904 | |
Realty Income Corp. | 8,045 | 500,962 | |
Simon Property Group, Inc. | 10,100 | 1,100,698 | |
Stockland | 349,040 | 803,901 | |
VICI Properties, Inc. | 48,058 | 1,538,817 | |
9,152,700 | |||
Real Estate Management & Development 0.3% | |||
Daito Trust Construction Co., Ltd. | 2,800 | 276,904 | |
Henderson Land Development Co., Ltd. | 244,000 | 603,397 | |
Sino Land Co., Ltd. | 120,000 | 129,616 | |
Swire Pacific Ltd. “A” | 76,000 | 503,282 | |
1,513,199 | |||
Utilities 1.0% | |||
Electric Utilities 0.8% | |||
American Electric Power Co., Inc. | 4,078 | 358,538 | |
HK Electric Investments & HK Electric Investments Ltd. | 253,000 | 160,766 | |
Iberdrola SA | 54,450 | 553,162 | |
Power Assets Holdings Ltd. | 221,500 | 1,060,329 | |
Red Electrica Corp. SA | 11,158 | 180,500 |
26 | | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Southern Co. | 20,321 | 1,330,619 | |
SSE PLC | 42,485 | 757,711 | |
4,401,625 | |||
Gas Utilities 0.1% | |||
Snam SpA | 146,658 | 652,184 | |
Multi-Utilities 0.1% | |||
Algonquin Power & Utilities Corp. | 15,500 | 171,572 | |
E.ON SE | 39,866 | 333,766 | |
Sempra Energy | 1,315 | 198,486 | |
703,824 | |||
Total Common Stocks (Cost $306,579,609) | 329,479,229 | ||
Preferred Stocks 3.6% | |||
Communication Services 0.4% | |||
AT&T, Inc., 5.35% (Cost $2,528,800) | 100,000 | 2,148,000 | |
Financials 2.8% | |||
AGNC Investment Corp., Series C, 9.19% | 64,439 | 1,520,761 | |
Charles Schwab Corp., Series D, 5.95% | 75,000 | 1,727,250 | |
Fifth Third Bancorp., Series I, 6.625% | 75,000 | 1,891,500 | |
Goldman Sachs Group, Inc., Series J, 5.5% | 73,000 | 1,796,530 | |
KeyCorp., Series E, 6.125% | 75,000 | 1,750,500 | |
Morgan Stanley, Series K, 5.85% | 75,000 | 1,718,250 | |
PNC Financial Services Group, Inc., Series P, 8.528% | 75,000 | 1,908,750 | |
Regions Financial Corp., Series B, 6.375% | 80,000 | 1,976,000 | |
Wells Fargo & Co., Series Y, 5.625% | 75,000 | 1,599,750 | |
15,889,291 | |||
Real Estate 0.4% | |||
Kimco Realty Corp., Series L, 5.125% | 75,000 | 1,439,250 | |
Prologis, Inc., Series Q, 8.54% | 236 | 12,862 | |
Simon Property Group, Inc., Series J, 8.375% | 17,000 | 1,011,500 | |
2,463,612 | |||
Total Preferred Stocks (Cost $24,213,173) | 20,500,903 | ||
Warrants 0.0% | |||
Materials | |||
Hercules Trust II, Expiration Date 3/31/2029* (a) (Cost $90,210) | 506 | 54,578 |
DWS Global Income Builder Fund | | | 27 |
Principal Amount ($) (b) | Value ($) | ||
Corporate Bonds 18.7% | |||
Communication Services 1.4% | |||
America Movil SAB de CV, 4.375%, 4/22/2049 | 700,000 | 546,241 | |
AT&T, Inc.: | |||
2.25%, 2/1/2032 | 368,000 | 276,493 | |
3.65%, 6/1/2051 | 560,000 | 372,492 | |
Charter Communications Operating LLC: | |||
3.5%, 3/1/2042 | 279,000 | 174,327 | |
3.7%, 4/1/2051 | 235,000 | 140,872 | |
Discovery Communications LLC, 4.0%, 9/15/2055 | 200,000 | 114,116 | |
Grupo Televisa SAB, 5.25%, 5/24/2049 | 1,700,000 | 1,399,440 | |
Meituan, 144A, 2.125%, 10/28/2025 | 505,000 | 418,947 | |
Netflix, Inc., 5.875%, 11/15/2028 | 812,000 | 805,910 | |
Rogers Communications, Inc., 144A, 3.8%, 3/15/2032 | 854,000 | 727,088 | |
Tencent Holdings Ltd., REG S, 2.39%, 6/3/2030 | 1,700,000 | 1,235,577 | |
T-Mobile U.S.A., Inc.: | |||
3.3%, 2/15/2051 | 700,000 | 449,078 | |
3.375%, 4/15/2029 | 635,000 | 549,815 | |
3.6%, 11/15/2060 | 145,000 | 93,295 | |
4.375%, 4/15/2040 | 335,000 | 272,800 | |
5.65%, 1/15/2053 | 250,000 | 230,559 | |
Verizon Communications, Inc.: | |||
2.65%, 11/20/2040 | 225,000 | 142,821 | |
3.7%, 3/22/2061 | 300,000 | 196,226 | |
8,146,097 | |||
Consumer Discretionary 1.1% | |||
Ford Motor Co., 3.25%, 2/12/2032 | 1,220,000 | 916,000 | |
Ford Motor Credit Co. LLC: | |||
2.7%, 8/10/2026 | 600,000 | 519,888 | |
2.9%, 2/16/2028 | 686,000 | 556,883 | |
3.375%, 11/13/2025 | 750,000 | 680,408 | |
3.625%, 6/17/2031 | 410,000 | 318,847 | |
General Motors Co., 5.6%, 10/15/2032 | 1,500,000 | 1,361,360 | |
General Motors Financial Co., Inc.: | |||
2.35%, 1/8/2031 | 500,000 | 366,035 | |
3.1%, 1/12/2032 | 510,000 | 388,149 | |
Newell Brands, Inc., 6.375%, 9/15/2027 | 370,000 | 361,583 | |
Nissan Motor Co., Ltd., 144A, 4.345%, 9/17/2027 | 760,000 | 640,466 | |
Warnermedia Holdings, Inc., 144A, 5.05%, 3/15/2042 | 320,000 | 234,110 | |
6,343,729 |
28 | | | DWS Global Income Builder Fund |
Principal Amount ($) (b) | Value ($) | ||
Consumer Staples 0.6% | |||
Anheuser-Busch Companies LLC, 4.9%, 2/1/2046 | 163,000 | 139,801 | |
Anheuser-Busch InBev Worldwide, Inc.: | |||
4.35%, 6/1/2040 | 270,000 | 225,716 | |
5.55%, 1/23/2049 | 699,000 | 658,298 | |
JBS USA LUX SA: | |||
144A, 2.5%, 1/15/2027 | 1,470,000 | 1,252,675 | |
144A, 3.625%, 1/15/2032 | 470,000 | 364,250 | |
144A, 5.75%, 4/1/2033 | 1,090,000 | 982,242 | |
3,622,982 | |||
Energy 2.3% | |||
Cheniere Corpus Christi Holdings LLC, 5.875%, 3/31/2025 | 1,000,000 | 1,000,149 | |
Cheniere Energy Partners LP, 4.5%, 10/1/2029 | 1,100,000 | 971,245 | |
Ecopetrol SA, 6.875%, 4/29/2030 | 1,700,000 | 1,398,930 | |
Enterprise Products Operating LLC: | |||
3.3%, 2/15/2053 | 510,000 | 319,165 | |
4.2%, 1/31/2050 | 741,000 | 544,573 | |
Petroleos Mexicanos, 6.7%, 2/16/2032 | 3,686,000 | 2,787,538 | |
Plains All American Pipeline LP, 3.8%, 9/15/2030 | 300,000 | 250,119 | |
SA Global Sukuk Ltd., 144A, 2.694%, 6/17/2031 | 340,000 | 277,950 | |
Saudi Arabian Oil Co.: | |||
144A, 2.25%, 11/24/2030 | 3,900,000 | 3,075,673 | |
REG S, 3.5%, 4/16/2029 | 1,700,000 | 1,508,750 | |
Williams Companies, Inc., 4.65%, 8/15/2032 | 670,000 | 602,843 | |
12,736,935 | |||
Financials 5.6% | |||
AerCap Ireland Capital DAC, 1.75%, 1/30/2026 | 388,000 | 330,396 | |
Air Lease Corp., 4.125%, Perpetual (c) | 1,450,000 | 957,130 | |
Aircastle Ltd., 144A, 5.25%, Perpetual (c) | 690,000 | 516,016 | |
Ally Financial, Inc., 4.7%, Perpetual (c) | 3,000,000 | 2,175,000 | |
Ares Capital Corp., 2.875%, 6/15/2027 | 930,000 | 764,349 | |
Banco Nacional de Panama, 144A, 2.5%, 8/11/2030 | 600,000 | 431,654 | |
Banco Santander SA, 5.294%, 8/18/2027 | 2,200,000 | 2,028,841 | |
Bank of America Corp.: | |||
2.972%, 2/4/2033 | 1,260,000 | 976,451 | |
4.375%, Perpetual (c) | 4,000,000 | 3,210,000 | |
Bank of New York Mellon Corp.: | |||
3.7%, Perpetual (c) | 1,069,000 | 934,748 | |
3.75%, Perpetual (c) | 2,051,000 | 1,579,639 | |
Blackstone Secured Lending Fund: | |||
2.85%, 9/30/2028 | 610,000 | 465,836 |
DWS Global Income Builder Fund | | | 29 |
Principal Amount ($) (b) | Value ($) | ||
3.625%, 1/15/2026 | 925,000 | 833,291 | |
Capital One Financial Corp., 3.95%, Perpetual (c) | 1,520,000 | 1,137,021 | |
Citigroup, Inc., 3.057%, 1/25/2033 | 400,000 | 311,618 | |
Enstar Finance LLC, 5.5%, 1/15/2042 | 1,100,000 | 864,314 | |
HSBC Holdings PLC, 7.336%, 11/3/2026 (d) | 885,000 | 887,450 | |
JPMorgan Chase & Co., 3.328%, 4/22/2052 | 151,000 | 98,037 | |
KKR Group Finance Co., XII LLC, 144A, 4.85%, 5/17/2032 | 760,000 | 691,895 | |
Liberty Mutual Group, Inc., 144A, 5.5%, 6/15/2052 | 290,000 | 238,508 | |
Lloyds Banking Group PLC, 4.716%, 8/11/2026 | 340,000 | 321,692 | |
MDGH GMTN RSC Ltd., REG S, 3.7%, 11/7/2049 | 245,000 | 179,648 | |
Morgan Stanley, 2.484%, 9/16/2036 | 789,000 | 558,598 | |
Nippon Life Insurance Co., 144A, 2.75%, 1/21/2051 | 700,000 | 518,829 | |
PNC Financial Services Group, Inc., 3.4%, Perpetual (c) | 1,740,000 | 1,298,475 | |
REC Ltd.: | |||
144A, 4.75%, 5/19/2023 | 426,000 | 423,210 | |
144A, 5.25%, 11/13/2023 | 570,000 | 565,622 | |
Societe Generale SA: | |||
144A, 5.375%, Perpetual (c) | 1,650,000 | 1,195,180 | |
144A, 6.221%, 6/15/2033 | 1,275,000 | 1,095,581 | |
State Street Corp., 4.164%, 8/4/2033 | 730,000 | 646,330 | |
Synchrony Bank: | |||
5.4%, 8/22/2025 | 420,000 | 405,994 | |
5.625%, 8/23/2027 | 250,000 | 235,660 | |
The Charles Schwab Corp., Series I, 4.0%, Perpetual (c) | 1,555,000 | 1,278,443 | |
The Goldman Sachs Group, Inc., 3.8%, Perpetual (c) | 1,050,000 | 807,132 | |
Truist Financial Corp., Series N, 4.8%, Perpetual (c) | 2,000,000 | 1,795,500 | |
U.S. Bancorp, 5.85%, 10/21/2033 | 330,000 | 328,886 | |
UBS Group AG, 144A, 4.375%, Perpetual (c) | 743,000 | 516,125 | |
31,603,099 | |||
Health Care 1.8% | |||
Centene Corp.: | |||
2.45%, 7/15/2028 | 360,000 | 296,100 | |
2.625%, 8/1/2031 | 790,000 | 604,532 | |
Charles River Laboratories International, Inc., 144A, 3.75%, 3/15/2029 | 1,750,000 | 1,513,750 | |
CVS Health Corp.: | |||
2.7%, 8/21/2040 | 160,000 | 103,342 | |
5.05%, 3/25/2048 | 1,000,000 | 849,443 | |
Elevance Health, Inc., 6.1%, 10/15/2052 (d) | 150,000 | 152,900 | |
HCA, Inc.: | |||
4.125%, 6/15/2029 | 600,000 | 529,445 | |
5.25%, 6/15/2026 | 1,000,000 | 969,130 |
30 | | | DWS Global Income Builder Fund |
Principal Amount ($) (b) | Value ($) | ||
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/1/2026 | 5,400,000 | 4,563,000 | |
UnitedHealth Group, Inc., 5.875%, 2/15/2053 | 330,000 | 336,796 | |
9,918,438 | |||
Industrials 1.2% | |||
Adani Ports & Special Economic Zone Ltd., 144A, 4.2%, 8/4/2027 | 865,000 | 697,855 | |
American Airlines, Inc., 144A, 5.5%, 4/20/2026 | 620,000 | 590,439 | |
Block, Inc., 2.75%, 6/1/2026 | 200,000 | 178,368 | |
Boeing Co., 2.196%, 2/4/2026 | 1,696,000 | 1,498,747 | |
Delta Air Lines, Inc., 3.75%, 10/28/2029 | 865,000 | 712,397 | |
Eaton Corp., 4.15%, 3/15/2033 | 460,000 | 407,997 | |
Empresa de los Ferrocarriles del Estado, 144A, 3.068%, 8/18/2050 | 239,000 | 131,779 | |
Mileage Plus Holdings LLC, 144A, 6.5%, 6/20/2027 | 1,045,000 | 1,033,092 | |
Prime Security Services Borrower LLC, 144A, 5.25%, 4/15/2024 | 1,400,000 | 1,393,364 | |
6,644,038 | |||
Information Technology 1.1% | |||
Broadcom, Inc., 144A, 2.6%, 2/15/2033 | 350,000 | 248,792 | |
Dell International LLC, 5.3%, 10/1/2029 | 485,000 | 454,049 | |
HP, Inc., 5.5%, 1/15/2033 | 1,200,000 | 1,066,961 | |
Micron Technology, Inc., 6.75%, 11/1/2029 | 1,200,000 | 1,200,689 | |
MSCI, Inc.: | |||
144A, 3.25%, 8/15/2033 | 240,000 | 185,532 | |
144A, 3.625%, 9/1/2030 | 435,000 | 363,486 | |
NXP BV: | |||
2.65%, 2/15/2032 | 338,000 | 251,805 | |
3.125%, 2/15/2042 | 310,000 | 194,600 | |
Open Text Corp., 144A, 3.875%, 2/15/2028 | 1,150,000 | 984,331 | |
Oracle Corp.: | |||
3.6%, 4/1/2050 | 45,000 | 27,698 | |
3.65%, 3/25/2041 | 675,000 | 457,110 | |
SK Hynix, Inc., 144A, 1.5%, 1/19/2026 | 947,000 | 815,602 | |
6,250,655 | |||
Materials 1.2% | |||
AngloGold Ashanti Holdings PLC, 3.75%, 10/1/2030 | 800,000 | 613,350 | |
Berry Global, Inc., 1.65%, 1/15/2027 | 1,750,000 | 1,442,068 | |
Celanese U.S. Holdings LLC: | |||
5.9%, 7/5/2024 | 1,250,000 | 1,228,309 | |
6.165%, 7/15/2027 | 1,700,000 | 1,603,931 |
DWS Global Income Builder Fund | | | 31 |
Principal Amount ($) (b) | Value ($) | ||
Corp. Nacional del Cobre de Chile, 144A, 3.15%, 1/15/2051 | 200,000 | 121,324 | |
MEGlobal Canada ULC, 144A, 5.0%, 5/18/2025 | 1,511,000 | 1,460,004 | |
Suzano Austria GmbH, 2.5%, 9/15/2028 | 460,000 | 366,252 | |
6,835,238 | |||
Real Estate 0.1% | |||
Boston Properties LP, (REIT), 2.55%, 4/1/2032 | 535,000 | 384,710 | |
MPT Operating Partnership LP, (REIT), 3.5%, 3/15/2031 | 450,000 | 309,223 | |
693,933 | |||
Utilities 2.3% | |||
AES Panama Generation Holdings SRL, 144A, 4.375%, 5/31/2030 | 622,000 | 489,524 | |
CMS Energy Corp., 3.75%, 12/1/2050 | 2,600,000 | 1,878,500 | |
Duke Energy Corp., 3.25%, 1/15/2082 | 1,350,000 | 945,173 | |
Enel Finance International NV, 144A, 5.0%, 6/15/2032 | 1,190,000 | 994,911 | |
Eskom Holdings SOC Ltd., REG S, 6.35%, 8/10/2028 | 1,425,000 | 1,278,111 | |
NextEra Energy Operating Partners LP: | |||
144A, 3.875%, 10/15/2026 | 1,035,000 | 959,393 | |
144A, 4.25%, 7/15/2024 | 1,570,000 | 1,522,146 | |
Pacific Gas and Electric Co.: | |||
2.5%, 2/1/2031 | 130,000 | 97,137 | |
3.25%, 6/1/2031 | 490,000 | 381,323 | |
3.3%, 8/1/2040 | 370,000 | 240,270 | |
5.45%, 6/15/2027 | 550,000 | 518,607 | |
Perusahaan Listrik Negara PT, 144A, 2.875%, 10/25/2025 | EUR | 1,505,000 | 1,400,248 |
Sempra Energy, 4.125%, 4/1/2052 | 1,880,000 | 1,414,700 | |
Southern Co., 3.75%, 9/15/2051 | 1,241,000 | 983,611 | |
13,103,654 | |||
Total Corporate Bonds (Cost $129,549,768) | 105,898,798 | ||
Asset-Backed 4.4% | |||
Automobile Receivables 0.1% | |||
JPMorgan Chase Bank NA, “E” , Series 2021-1, 144A, 2.365%, 9/25/2028 | 942,685 | 905,742 | |
Miscellaneous 4.3% | |||
CF Hippolyta Issuer LLC, “B1” , Series 2021-1A, 144A, 1.98%, 3/15/2061 | 2,998,758 | 2,518,520 | |
DB Master Finance LLC, “A23” , Series 2021-1A, 144A, 2.791%, 11/20/2051 | 6,327,187 | 4,697,285 |
32 | | | DWS Global Income Builder Fund |
Principal Amount ($) (b) | Value ($) | ||
Madison Park Funding XXVI Ltd., “AR” , Series 2007-4A, 144A, 3-month USD-LIBOR + 1.2%, 5.615% (e), 7/29/2030 | 6,400,000 | 6,288,141 | |
Octagon Investment Partners Ltd., “A1R” , Series 2019-4A, 144A, 3-month USD-LIBOR + 1.15%, 4.073% (e), 5/12/2031 | 4,500,000 | 4,371,412 | |
Venture 37 CLO Ltd., “A1R” , Series 2019-37A, 144A, 3-month USD-LIBOR + 1.15%, 5.229% (e), 7/15/2032 | 4,690,000 | 4,510,021 | |
Wendy’s Funding LLC, “A2II” , Series 2021-1A, 144A, 2.775%, 6/15/2051 | 2,533,925 | 1,878,318 | |
24,263,697 | |||
Total Asset-Backed (Cost $28,370,009) | 25,169,439 | ||
Mortgage-Backed Securities Pass-Throughs 0.0% | |||
Government National Mortgage Association, 6.5%, 8/20/2034 (Cost $19,336) | 18,377 | 19,568 | |
Commercial Mortgage-Backed Securities 2.6% | |||
Citigroup Commercial Mortgage Trust: | |||
“C” , Series 2019-PRM, 144A, 3.896%, 5/10/2036 | 2,516,145 | 2,449,928 | |
“D” , Series 2019-PRM, 144A, 4.35%, 5/10/2036 | 2,625,000 | 2,564,289 | |
Credit Suisse Commercial Mortgage Trust: | |||
“A” , Series 2020-TMIC, 144A, 1-month USD-LIBOR + 3.0%, 6.412% (e), 12/15/2035 | 4,300,000 | 4,275,916 | |
“B” , Series 2020-TMIC, 144A, 1-month USD-LIBOR + 5.0%, 8.412% (e), 12/15/2035 | 4,300,000 | 4,269,741 | |
Freddie Mac Multifamily Structured Credit Risk, “M2” , Series 2021-MN1, 144A, 30-day average SOFR + 3.75%, 6.747% (e), 1/25/2051 | 1,098,000 | 977,633 | |
Total Commercial Mortgage-Backed Securities (Cost $15,005,420) | 14,537,507 | ||
Collateralized Mortgage Obligations 1.0% | |||
Connecticut Avenue Securities Trust: | |||
“1M2” , Series 2020-R01, 144A, 1-month USD-LIBOR + 2.05%, 5.636% (e), 1/25/2040 | 458,121 | 450,724 | |
“1M2” , Series 2019-R03, 144A, 1-month USD-LIBOR + 2.15%, 5.736% (e), 9/25/2031 | 52,798 | 52,662 | |
“1M2” , Series 2019-R02, 144A, 1-month USD-LIBOR + 2.3%, 5.886% (e), 8/25/2031 | 71,711 | 71,619 | |
Fannie Mae Connecticut Avenue Securities, “1M2” , Series 2018-C06, 1-month USD-LIBOR + 2.0%, 5.586% (e), 3/25/2031 | 441,688 | 439,909 |
DWS Global Income Builder Fund | | | 33 |
Principal Amount ($) (b) | Value ($) | ||
Federal National Mortgage Association, “I” , Series 2003-84, Interest Only, 6.0%, 9/25/2033 | 135,521 | 26,699 | |
Freddie Mac Structured Agency Credit Risk Debt Notes: | |||
“M2” , Series 2020-DNA2, 144A, 1-month USD-LIBOR + 1.85%, 5.436% (e), 2/25/2050 | 2,421,342 | 2,378,236 | |
“M2” , Series 2019-DNA2, 144A, 1-month USD-LIBOR + 2.45%, 6.036% (e), 3/25/2049 | 1,562,808 | 1,558,861 | |
JPMorgan Mortgage Trust, “AM” , Series 2016-3, 144A, 3.24% (e), 10/25/2046 | 955,242 | 835,293 | |
Total Collateralized Mortgage Obligations (Cost $5,980,716) | 5,814,003 | ||
Government & Agency Obligations 6.1% | |||
Sovereign Bonds 1.1% | |||
Brazilian Government International Bond, 3.875%, 6/12/2030 | 947,000 | 797,277 | |
Indonesia Government International Bond: | |||
2.85%, 2/14/2030 | 3,700,000 | 3,142,679 | |
3.85%, 10/15/2030 | 1,700,000 | 1,521,926 | |
Perusahaan Penerbit SBSN Indonesia III, 144A, 2.8%, 6/23/2030 | 883,000 | 739,415 | |
United Mexican States, 3.5%, 2/12/2034 | 260,000 | 198,368 | |
6,399,665 | |||
U.S. Treasury Obligations 5.0% | |||
U.S. Treasury Bonds: | |||
1.875%, 11/15/2051 | 3,034,500 | 1,848,437 | |
2.0%, 11/15/2041 | 1,365,800 | 931,091 | |
U.S. Treasury Notes: | |||
2.625%, 5/31/2027 | 5,891,800 | 5,491,572 | |
2.75%, 5/31/2029 | 8,006,400 | 7,331,173 | |
2.875%, 5/15/2032 | 13,679,700 | 12,395,091 | |
27,997,364 | |||
Total Government & Agency Obligations (Cost $38,526,280) | 34,397,029 |
34 | | | DWS Global Income Builder Fund |
Principal Amount ($) (b) | Value ($) | ||
Loan Participations and Assignments 0.5% | |||
Senior Loans (e) | |||
Hilton Worldwide Finance LLC, Term Loan B2, 1-month-USD LIBOR + 1.75%, 5.336%, 6/22/2026 | 1,389,236 | 1,366,834 | |
TransDigm, Inc., Term Loan F, 3-month USD-LIBOR + 2.25%, 5.924%, 12/9/2025 | 1,230,079 | 1,203,294 | |
2,570,128 | |||
Total Loan Participations and Assignments (Cost $2,620,629) | 2,570,128 | ||
Short-Term U.S. Treasury Obligations 1.3% | |||
U.S. Treasury Bills: | |||
1.936% (f), 4/20/2023 | 500,000 | 489,717 | |
1.998% (f), 4/20/2023 (g) (h) | 7,200,000 | 7,051,930 | |
Total Short-Term U.S. Treasury Obligations (Cost $7,627,498) | 7,541,647 |
Shares | Value ($) | ||
Exchange-Traded Funds 3.0% | |||
SPDR Bloomberg Convertible Securities ETF (Cost $13,817,168) | 259,040 | 16,860,914 | |
Cash Equivalents 0.2% | |||
DWS Central Cash Management Government Fund, 3.0% (i) (Cost $847,361) | 847,361 | 847,361 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $573,247,177) | 99.6 | 563,691,104 | |
Other Assets and Liabilities, Net | 0.4 | 2,512,293 | |
Net Assets | 100.0 | 566,203,397 |
DWS Global Income Builder Fund | | | 35 |
Value ($) 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 10/31/2022 | Value ($) at 10/31/2022 |
Securities Lending Collateral 0.0% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.93% (i) (j) | ||||||||
9,967,487 | — | 9,967,487 (k) | — | — | 867 | — | — | — |
Cash Equivalents 0.2% | ||||||||
DWS Central Cash Management Government Fund, 3.0% (i) | ||||||||
5,852,846 | 259,626,389 | 264,631,874 | — | — | 69,280 | — | 847,361 | 847,361 |
15,820,333 | 259,626,389 | 274,599,361 | — | — | 70,147 | — | 847,361 | 847,361 |
* | 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) | When-issued security. |
(e) | Variable or floating rate security. These securities are shown at their current rate as of October 31, 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. |
(f) | Annualized yield at time of purchase; not a coupon rate. |
(g) | At October 31, 2022, this security has been pledged, in whole or in part, to cover initial margin requirements for open centrally cleared swap contracts. |
(h) | At October 31, 2022, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(i) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(j) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(k) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended October 31, 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 |
36 | | | DWS Global Income Builder Fund |
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 ($) | Unrealized Depreciation ($) |
10 Year U.S. Treasury Note | USD | 12/20/2022 | 51 | 5,992,818 | 5,640,281 | (352,537) |
MSCI E-Mini Emerging Market Index | USD | 12/16/2022 | 350 | 16,975,022 | 14,938,000 | (2,037,022) |
Ultra Long U.S. Treasury Bond | USD | 12/20/2022 | 180 | 26,804,950 | 22,978,125 | (3,826,825) |
Total unrealized depreciation | (6,216,384) |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
5 Year U.S. Treasury Note | USD | 12/30/2022 | 107 | 11,897,634 | 11,405,531 | 492,103 |
Euro Stoxx 50 Index | EUR | 12/16/2022 | 84 | 2,992,064 | 3,003,409 | (11,345) |
Euro-Schatz | EUR | 12/8/2022 | 176 | 18,813,447 | 18,599,413 | 214,034 |
DWS Global Income Builder Fund | | | 37 |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
S&P 500 E-Mini Index | USD | 12/16/2022 | 201 | 40,911,040 | 39,024,150 | 1,886,890 |
TOPIX Index | JPY | 12/8/2022 | 3 | 384,136 | 388,581 | (4,445) |
Total net unrealized appreciation | 2,577,237 |
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 | 248,408 | 219 | 248,189 |
Fixed — 0.45% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/ 3/16/2024 | 7,200,000 | USD | 461,803 | (78) | 461,881 |
Fixed — 1.3% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/ 3/16/2028 | 2,200,000 | USD | 319,214 | 400 | 318,814 |
Fixed — 1.63% Semi-Annually | Floating — 3-Month LIBOR Quarterly β | 3/16/2021/ 3/16/2031 | 1,900,000 | USD | 340,918 | 1,893 | 339,025 |
Total unrealized appreciation | 1,367,909 |
β | 3-month LIBOR rate as of October 31, 2022 is 4.460%. |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Appreciation ($) | Counterparty | ||
EUR | 2,490,000 | USD | 2,562,610 | 11/4/2022 | 101,532 | Toronto-Dominion Bank |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Depreciation ($) | Counterparty | ||
USD | 896,610 | EUR | 898,896 | 11/4/2022 | (8,155) | Bank of America NA |
USD | 21,884,144 | EUR | 22,000,000 | 12/8/2022 | (82,934) | Bank of America NA |
Total unrealized depreciation | (91,089) |
38 | | | DWS Global Income Builder Fund |
EUR | Euro |
JPY | Japanese Yen |
USD | United States Dollar |
DWS Global Income Builder Fund | | | 39 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Communication Services | $ 17,580,242 | $ 8,892,902 | $ — | $ 26,473,144 |
Consumer Discretionary | 21,437,848 | 3,007,047 | — | 24,444,895 |
Consumer Staples | 15,408,010 | 14,310,878 | — | 29,718,888 |
Energy | 20,694,361 | 2,148,077 | — | 22,842,438 |
Financials | 30,843,521 | 21,601,964 | — | 52,445,485 |
Health Care | 28,271,560 | 12,823,529 | — | 41,095,089 |
Industrials | 18,062,610 | 8,212,374 | — | 26,274,984 |
Information Technology | 73,393,333 | 2,882,771 | — | 76,276,104 |
Materials | 6,867,124 | 6,617,546 | — | 13,484,670 |
Real Estate | 7,685,949 | 2,979,950 | — | 10,665,899 |
Utilities | 2,059,215 | 3,698,418 | — | 5,757,633 |
Preferred Stocks (a) | 20,500,903 | — | — | 20,500,903 |
Warrants | — | — | 54,578 | 54,578 |
Corporate Bonds (a) | — | 105,898,798 | — | 105,898,798 |
Asset-Backed (a) | — | 25,169,439 | — | 25,169,439 |
Mortgage-Backed Securities Pass-Throughs | — | 19,568 | — | 19,568 |
Commercial Mortgage-Backed Securities | — | 14,537,507 | — | 14,537,507 |
Collateralized Mortgage Obligations | — | 5,814,003 | — | 5,814,003 |
Government & Agency Obligations (a) | — | 34,397,029 | — | 34,397,029 |
Loan Participations and Assignments | — | 2,570,128 | — | 2,570,128 |
Short-Term U.S. Treasury Obligations | — | 7,541,647 | — | 7,541,647 |
Exchange-Traded Funds | 16,860,914 | — | — | 16,860,914 |
Short-Term Investments | 847,361 | — | — | 847,361 |
Derivatives (b) | ||||
Futures Contracts | 2,593,027 | — | — | 2,593,027 |
Interest Rate Swap Contracts | — | 1,367,909 | — | 1,367,909 |
Forward Foreign Currency Contracts | — | 101,532 | — | 101,532 |
Total | $283,105,978 | $284,593,016 | $54,578 | $567,753,572 |
40 | | | DWS Global Income Builder Fund |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | ||||
Futures Contracts | $ (6,232,174) | $ — | $ — | $ (6,232,174) |
Forward Foreign Currency Contracts | — | (91,089) | — | (91,089) |
Total | $(6,232,174) | $(91,089) | $— | $(6,323,263) |
(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 | | | 41 |
Assets | |
Investments in non-affiliated securities, at value (cost $572,399,816) | $ 562,843,743 |
Investment in DWS Central Cash Management Government Fund (cost $847,361) | 847,361 |
Cash | 1,111,960 |
Foreign currency, at value (cost $347,590) | 332,139 |
Receivable for Fund shares sold | 27,981 |
Dividends receivable | 666,992 |
Interest receivable | 1,786,493 |
Receivable for variation margin on centrally cleared swaps | 27,930 |
Unrealized appreciation on forward foreign currency contracts | 101,532 |
Foreign taxes recoverable | 524,523 |
Other assets | 38,846 |
Total assets | 568,309,500 |
Liabilities | |
Payable for investments purchased — when-issued securities | 1,034,987 |
Payable for Fund shares redeemed | 188,109 |
Payable for variation margin on futures contracts | 37,597 |
Unrealized depreciation on forward foreign currency contracts | 91,089 |
Accrued management fee | 175,753 |
Accrued Trustees' fees | 7,268 |
Other accrued expenses and payables | 571,300 |
Total liabilities | 2,106,103 |
Net assets, at value | $566,203,397 |
Net Assets Consist of | |
Distributable earnings (loss) | (32,023,854) |
Paid-in capital | 598,227,251 |
Net assets, at value | $566,203,397 |
42 | | | DWS Global Income Builder Fund |
Net Asset Value | |
Class A | |
Net Asset Value and redemption price per share ($403,683,884 ÷ 49,383,169 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 8.17 |
Maximum offering price per share (100 ÷ 94.25 of $8.17) | $ 8.67 |
Class C | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($4,099,048 ÷ 501,516 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 8.17 |
Class R6 | |
Net Asset Value, offering and redemption price per share ($8,964,786 ÷ 1,098,708 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 8.16 |
Class S | |
Net Asset Value, offering and redemption price per share ($130,155,168 ÷ 15,924,249 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 8.17 |
Institutional Class | |
Net Asset Value, offering and redemption price per share ($19,300,511 ÷ 2,364,367 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $ 8.16 |
DWS Global Income Builder Fund | | | 43 |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $803,882) | $ 13,481,902 |
Interest | 8,445,343 |
Income distributions — DWS Central Cash Management Government Fund | 69,280 |
Securities lending income, net of borrower rebates | 867 |
Total income | 21,997,392 |
Expenses: | |
Management fee | 2,470,338 |
Administration fee | 647,629 |
Services to shareholders | 939,551 |
Distribution and service fees | 1,137,931 |
Custodian fee | 38,837 |
Professional fees | 136,725 |
Reports to shareholders | 68,149 |
Registration fees | 112,145 |
Trustees' fees and expenses | 30,439 |
Other | 58,709 |
Total expenses | 5,640,453 |
Net investment income | 16,356,939 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | (13,768,143) |
Swap contracts | 302,925 |
Futures | (7,614,322) |
Forward foreign currency contracts | (482,530) |
Foreign currency | (94,694) |
(21,656,764) | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | (122,985,040) |
Swap contracts | 1,295,819 |
Futures | (2,456,994) |
Forward foreign currency contracts | (18,594) |
Foreign currency | 758,423 |
(123,406,386) | |
Net gain (loss) | (145,063,150) |
Net increase (decrease) in net assets resulting from operations | $ (128,706,211) |
44 | | | DWS Global Income Builder Fund |
Years Ended October 31, | ||
Increase (Decrease) in Net Assets | 2022 | 2021 |
Operations: | ||
Net investment income | $ 16,356,939 | $ 16,474,104 |
Net realized gain (loss) | (21,656,764) | 62,267,823 |
Change in net unrealized appreciation (depreciation) | (123,406,386) | 64,527,990 |
Net increase (decrease) in net assets resulting from operations | (128,706,211) | 143,269,917 |
Distributions to shareholders: | ||
Class A | (50,480,124) | (11,122,997) |
Class C | (551,768) | (99,450) |
Class R6 | (1,082,620) | (230,829) |
Class S | (16,837,697) | (4,015,185) |
Institutional Class | (2,459,495) | (525,745) |
Total distributions | (71,411,704) | (15,994,206) |
Fund share transactions: | ||
Proceeds from shares sold | 17,236,343 | 28,268,257 |
Reinvestment of distributions | 68,679,024 | 15,351,398 |
Payments for shares redeemed | (83,535,756) | (89,029,796) |
Net increase (decrease) in net assets from Fund share transactions | 2,379,611 | (45,410,141) |
Increase (decrease) in net assets | (197,738,304) | 81,865,570 |
Net assets at beginning of period | 763,941,701 | 682,076,131 |
Net assets at end of period | $566,203,397 | $763,941,701 |
DWS Global Income Builder Fund | | | 45 |
DWS Global Income Builder Fund — Class A | |||||
Years Ended October 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $11.01 | $9.26 | $9.55 | $8.97 | $10.06 |
Income (loss) from investment operations: | |||||
Net investment incomea | .23 | .23 | .22 | .28 | .28 |
Net realized and unrealized gain (loss) | (2.04) | 1.74 | (.23) | .73 | (.36) |
Total from investment operations | (1.81) | 1.97 | (.01) | 1.01 | (.08) |
Less distributions from: | |||||
Net investment income | (.23) | (.22) | (.28) | (.36) | (.34) |
Net realized gains | (.80) | — | — | (.07) | (.67) |
Total distributions | (1.03) | (.22) | (.28) | (.43) | (1.01) |
Net asset value, end of period | $8.17 | $11.01 | $9.26 | $9.55 | $8.97 |
Total Return (%)b | (17.80) | 21.39 | .07 | 11.57 | (1.11) |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 404 | 543 | 487 | 538 | 534 |
Ratio of expenses (%) | .89 | .88 | .89 | .91 | .90 |
Ratio of net investment income (%) | 2.40 | 2.13 | 2.38 | 3.02 | 2.93 |
Portfolio turnover rate (%) | 88 | 124 | 131 | 161 | 67 |
a | Based on average shares outstanding during the period. |
b | Total return does not reflect the effect of any sales charges. |
46 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund — Class C | |||||
Years Ended October 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $11.01 | $9.25 | $9.55 | $8.96 | $10.05 |
Income (loss) from investment operations: | |||||
Net investment incomea | .15 | .14 | .15 | .21 | .21 |
Net realized and unrealized gain (loss) | (2.04) | 1.76 | (.24) | .73 | (.37) |
Total from investment operations | (1.89) | 1.90 | (.09) | .94 | (.16) |
Less distributions from: | |||||
Net investment income | (.15) | (.14) | (.21) | (.28) | (.26) |
Net realized gains | (.80) | — | — | (.07) | (.67) |
Total distributions | (.95) | (.14) | (.21) | (.35) | (.93) |
Net asset value, end of period | $8.17 | $11.01 | $9.25 | $9.55 | $8.96 |
Total Return (%)b | (18.58) | 20.54 | (.82) | 10.83 | (1.91) |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 4 | 7 | 8 | 9 | 10 |
Ratio of expenses (%) | 1.72 | 1.70 | 1.69 | 1.68 | 1.65 |
Ratio of net investment income (%) | 1.54 | 1.32 | 1.58 | 2.26 | 2.18 |
Portfolio turnover rate (%) | 88 | 124 | 131 | 161 | 67 |
a | Based on average shares outstanding during the period. |
b | Total return does not reflect the effect of any sales charges. |
DWS Global Income Builder Fund | | | 47 |
DWS Global Income Builder Fund — Class R6 | |||||
Years Ended October 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $10.99 | $9.24 | $9.54 | $8.95 | $10.04 |
Income (loss) from investment operations: | |||||
Net investment incomea | .26 | .26 | .25 | .29 | .31 |
Net realized and unrealized gain (loss) | (2.03) | 1.75 | (.24) | .76 | (.36) |
Total from investment operations | (1.77) | 2.01 | .01 | 1.05 | (.05) |
Less distributions from: | |||||
Net investment income | (.26) | (.26) | (.31) | (.39) | (.37) |
Net realized gains | (.80) | — | — | (.07) | (.67) |
Total distributions | (1.06) | (.26) | (.31) | (.46) | (1.04) |
Net asset value, end of period | $8.16 | $10.99 | $9.24 | $9.54 | $8.95 |
Total Return (%) | (17.56) | 21.83 | .30 | 12.09 | (.78) |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 9 | 11 | 7 | 7 | 1 |
Ratio of expenses (%) | .56 | .55 | .56 | .58 | .56 |
Ratio of net investment income (%) | 2.75 | 2.48 | 2.70 | 3.15 | 3.19 |
Portfolio turnover rate (%) | 88 | 124 | 131 | 161 | 67 |
a | Based on average shares outstanding during the period. |
48 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund — Class S | |||||
Years Ended October 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $11.01 | $9.25 | $9.55 | $8.97 | $10.06 |
Income (loss) from investment operations: | |||||
Net investment incomea | .24 | .25 | .24 | .29 | .30 |
Net realized and unrealized gain (loss) | (2.03) | 1.75 | (.24) | .74 | (.36) |
Total from investment operations | (1.79) | 2.00 | (.00)* | 1.03 | (.06) |
Less distributions from: | |||||
Net investment income | (.25) | (.24) | (.30) | (.38) | (.36) |
Net realized gains | (.80) | — | — | (.07) | (.67) |
Total distributions | (1.05) | (.24) | (.30) | (.45) | (1.03) |
Net asset value, end of period | $8.17 | $11.01 | $9.25 | $9.55 | $8.97 |
Total Return (%) | (17.74) | 21.76 | .17 | 11.81 | (.90) |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 130 | 178 | 163 | 186 | 182 |
Ratio of expenses (%) | .71 | .69 | .69 | .71 | .69 |
Ratio of net investment income (%) | 2.59 | 2.32 | 2.58 | 3.21 | 3.15 |
Portfolio turnover rate (%) | 88 | 124 | 131 | 161 | 67 |
a | Based on average shares outstanding during the period. |
* | Amount is less than $.005. |
DWS Global Income Builder Fund | | | 49 |
DWS Global Income Builder Fund — Institutional Class | |||||
Years Ended October 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $11.00 | $9.24 | $9.54 | $8.95 | $10.05 |
Income (loss) from investment operations: | |||||
Net investment incomea | .25 | .25 | .24 | .30 | .30 |
Net realized and unrealized gain (loss) | (2.04) | 1.76 | (.24) | .74 | (.37) |
Total from investment operations | (1.79) | 2.01 | (.00)* | 1.04 | (.07) |
Less distributions from: | |||||
Net investment income | (.25) | (.25) | (.30) | (.38) | (.36) |
Net realized gains | (.80) | — | — | (.07) | (.67) |
Total distributions | (1.05) | (.25) | (.30) | (.45) | (1.03) |
Net asset value, end of period | $8.16 | $11.00 | $9.24 | $9.54 | $8.95 |
Total Return (%) | (17.72) | 21.84 | .20 | 11.97 | (.99) |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 19 | 25 | 17 | 9 | 12 |
Ratio of expenses (%) | .66 | .65 | .66 | .68 | .66 |
Ratio of net investment income (%) | 2.64 | 2.37 | 2.59 | 3.32 | 3.18 |
Portfolio turnover rate (%) | 88 | 124 | 131 | 161 | 67 |
a | Based on average shares outstanding during the period. |
* | Amount is less than $.005. |
50 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 51 |
52 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 53 |
54 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 55 |
Undistributed ordinary income* | $ 1,865,679 |
Capital loss carryforwards | $ (24,812,000) |
Net unrealized appreciation (depreciation) on investments | $ (10,133,088) |
56 | | | DWS Global Income Builder Fund |
Years Ended October 31, | ||
2022 | 2021 | |
Distributions from ordinary income* | $ 34,891,121 | $ 15,994,206 |
Distributions from long-term capital gains | $ 36,520,583 | $ — |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
DWS Global Income Builder Fund | | | 57 |
58 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 59 |
60 | | | DWS Global Income Builder Fund |
Assets Derivative | Forward Contracts | Swap Contracts | Futures Contracts | Total |
Equity Contracts (a) | $ — | $ — | $ 1,886,890 | $ 1,886,890 |
Interest Rate Contracts (a) | — | 1,367,909 | 706,137 | 2,074,046 |
Foreign Exchange Contracts (b) | 101,532 | — | — | 101,532 |
$ 101,532 | $ 1,367,909 | $ 2,593,027 | $ 4,062,468 | |
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 |
Liability Derivative | Forward Contracts | Futures Contracts | Total |
Equity Contracts (a) | $ — | $ (2,052,812) | $ (2,052,812) |
Interest Rate Contracts (a) | — | (4,179,362) | (4,179,362) |
Foreign Exchange Contracts (b) | (91,089) | — | (91,089) |
$ (91,089) | $ (6,232,174) | $ (6,323,263) | |
Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: |
(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. |
(b) | Unrealized depreciation on forward foreign currency contracts |
DWS Global Income Builder Fund | | | 61 |
Realized Gain (Loss) | Forward Contracts | Swap Contracts | Futures Contracts | Total |
Equity Contracts (a) | $ — | $ — | $ (2,330,674) | $ (2,330,674) |
Interest Rate Contracts (a) | — | 70,344 | (5,283,648) | (5,213,304) |
Credit Contracts (a) | — | 232,581 | — | 232,581 |
Foreign Exchange Contracts (a) | (482,530) | — | — | (482,530) |
$(482,530) | $302,925 | $(7,614,322) | $(7,793,927) | |
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) | $ — | $ — | $ 1,318,411 | $ 1,318,411 |
Interest Rate Contracts (a) | — | 1,295,819 | (3,775,405) | (2,479,586) |
Foreign Exchange Contracts (a) | (18,594) | — | — | (18,594) |
$(18,594) | $1,295,819 | $(2,456,994) | $(1,179,769) | |
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 |
62 | | | 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 | $ 101,532 | $ — | $ — | $ 101,532 |
Counterparty | Gross Amount of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged | Net Amount of Derivative Liabilities |
Bank of America NA | $ 91,089 | $ — | $ — | $ 91,089 |
Purchases | Sales | |
Non-U.S. Treasury Obligations | $511,142,870 | $599,708,582 |
U.S. Treasury Obligations | $58,981,510 | $27,641,623 |
DWS Global Income Builder Fund | | | 63 |
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% |
64 | | | DWS Global Income Builder Fund |
Services to Shareholders | Total Aggregated | Unpaid at October 31, 2022 |
Class A | $ 290,929 | $ 48,305 |
Class C | 2,483 | 408 |
Class R6 | 996 | 161 |
Class S | 169,324 | 28,056 |
Institutional Class | 505 | 89 |
$ 464,237 | $ 77,019 |
Sub-Recordkeeping | Total Aggregated |
Class A | $ 236,877 |
Class C | 6,962 |
Class S | 66,718 |
Institutional Class | 23,590 |
$ 334,147 |
Distribution Fee | Total Aggregated | Unpaid at October 31, 2022 |
Class C | $ 39,892 | $ 2,591 |
DWS Global Income Builder Fund | | | 65 |
Service Fee | Total Aggregated | Unpaid at October 31, 2022 | Annual Rate |
Class A | $ 1,085,170 | $ 173,609 | .23% |
Class C | 12,869 | 2,042 | .24% |
$ 1,098,039 | $ 175,651 |
66 | | | DWS Global Income Builder Fund |
Year Ended October 31, 2022 | Year Ended October 31, 2021 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 721,919 | $ 6,891,565 | 1,018,417 | $ 10,972,377 |
Class C | 30,370 | 287,911 | 54,499 | 565,532 |
Class R6 | 123,665 | 1,169,408 | 315,683 | 3,351,102 |
Class S | 268,316 | 2,592,690 | 291,920 | 3,107,487 |
Institutional Class | 657,931 | 6,294,769 | 971,557 | 10,271,759 |
$ 17,236,343 | $ 28,268,257 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 4,955,035 | $ 48,774,670 | 1,011,062 | $ 10,730,086 |
Class C | 55,418 | 551,003 | 9,341 | 99,236 |
Class R6 | 110,606 | 1,082,620 | 21,741 | 230,829 |
Class S | 1,610,717 | 15,836,495 | 355,772 | 3,771,480 |
Institutional Class | 248,063 | 2,434,236 | 48,965 | 519,767 |
$ 68,679,024 | $ 15,351,398 |
DWS Global Income Builder Fund | | | 67 |
Year Ended October 31, 2022 | Year Ended October 31, 2021 | |||
Shares | Dollars | Shares | Dollars | |
Shares redeemed | ||||
Class A | (5,621,055) | $ (52,935,044) | (5,331,453) | $ (56,430,179) |
Class C | (244,844) | (2,410,973) | (289,139) | (3,053,480) |
Class R6 | (122,498) | (1,118,623) | (87,274) | (935,718) |
Class S | (2,079,570) | (19,345,456) | (2,158,570) | (22,775,878) |
Institutional Class | (827,708) | (7,725,660) | (546,729) | (5,834,541) |
$ (83,535,756) | $ (89,029,796) | |||
Net increase (decrease) | ||||
Class A | 55,899 | $ 2,731,191 | (3,301,974) | $ (34,727,716) |
Class C | (159,056) | (1,572,059) | (225,299) | (2,388,712) |
Class R6 | 111,773 | 1,133,405 | 250,150 | 2,646,213 |
Class S | (200,537) | (916,271) | (1,510,878) | (15,896,911) |
Institutional Class | 78,286 | 1,003,345 | 473,793 | 4,956,985 |
$ 2,379,611 | $ (45,410,141) |
68 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 69 |
70 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 71 |
Actual Fund Return | Class A | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 5/1/22 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 10/31/22 | $907.80 | $902.90 | $909.10 | $907.60 | $907.70 |
Expenses Paid per $1,000* | $4.38 | $8.25 | $2.79 | $3.46 | $3.22 |
Hypothetical 5% Fund Return | Class A | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 5/1/22 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 10/31/22 | $1,020.62 | $1,016.53 | $1,022.28 | $1,021.58 | $1,021.83 |
Expenses Paid per $1,000* | $4.63 | $8.74 | $2.96 | $3.67 | $3.41 |
* | 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 | .91% | 1.72% | .58% | .72% | .67% |
72 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 73 |
74 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 75 |
76 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 77 |
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 designer 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) | 69 | — |
78 | | | 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 |
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: 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; Palm Beach Civic Assn. | 69 | — |
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) | 69 | — |
DWS Global Income Builder Fund | | | 79 |
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); formerly: Director, The Wharton Financial Institutions Center (1994–2020); 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), Director, The Aberdeen Japan Fund (2007-2021) and Nonexecutive Director of Barclays Bank DE (2010–2018) | 69 | — |
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 | 67 | — |
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) | 214 | Director - Great Elm Capital Corp. (business development company) (since 2022) |
80 | | | 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 |
Rebecca W. Rimel (1951) Board Member since 1995 | 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 (1994–2020) and Senior Advisor (2020-2021), The Pew Charitable Trusts (charitable organization); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company2 (medical technology company) (2012-2022) | 69 | — |
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) | 214 | — |
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) | 69 | — |
DWS Global Income Builder Fund | | | 81 |
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) |
82 | | | 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 |
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 | Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (since November 2, 2021); AML Officer, DBX ETF Trust (since October 21, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since November 12, 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: 5201 Gate Parkway, Jacksonville, FL 32256. |
DWS Global Income Builder Fund | | | 83 |
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 | DWS PO 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 |
84 | | | 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 Company 222 South Riverside Plaza Chicago, IL 60606-5806 |
Class R6 | |
Nasdaq Symbol | KTRZX |
CUSIP Number | 25159K 721 |
Fund Number | 1633 |
DWS Global Income Builder Fund | | | 85 |
Chicago, IL 60606-5808
(R-024954-12 12/22)
(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 |
2022 | $85,545 | $0 | $10,365 | $0 |
2021 | $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 |
2022 | $0 | $32,448 | $0 |
2021 | $0 | $487,049 | $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) |
2022 | $10,365 | $32,448 | $0 | $42,813 |
2021 | $10,365 | $487,049 | $0 | $497,414 |
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 2021 and 2022 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.
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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: | 12/29/2022 |
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: | 12/29/2022 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 12/29/2022 |