UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSRS
Investment Company Act file number: 811-01236
Deutsche DWS Market Trust
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 10/31 |
Date of reporting period: | 4/30/2023 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) | |
Contents
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 |
Class A | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/23 | ||||
Unadjusted for Sales Charge | 9.48% | –0.61% | 3.65% | 4.34% |
Adjusted for the Maximum Sales Charge (max 5.75% load) | 3.19% | –6.32% | 2.43% | 3.73% |
MSCI All Country World Index† | 12.68% | 2.06% | 7.03% | 7.91% |
Blended Index 60/40†† | 10.53% | 1.46% | 5.10% | 5.61% |
Bloomberg U.S. Universal Index††† | 7.05% | –0.31% | 1.31% | 1.57% |
Average Annual Total Returns as of 3/31/23 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | –7.18% | 3.53% | 4.50% | |
Adjusted for the Maximum Sales Charge (max 5.75% load) | –12.52% | 2.31% | 3.88% | |
MSCI All Country World Index† | –7.44% | 6.93% | 8.06% | |
Blended Index 60/40†† | –5.98% | 4.93% | 5.72% | |
Bloomberg U.S. Universal Index††† | –4.61% | 1.05% | 1.62% |
Class C | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/23 | ||||
Unadjusted for Sales Charge | 9.15% | –1.45% | 2.84% | 3.51% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 8.15% | –1.45% | 2.84% | 3.51% |
MSCI All Country World Index† | 12.68% | 2.06% | 7.03% | 7.91% |
Blended Index 60/40†† | 10.53% | 1.46% | 5.10% | 5.61% |
Bloomberg U.S. Universal Index††† | 7.05% | –0.31% | 1.31% | 1.57% |
Average Annual Total Returns as of 3/31/23 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | –8.06% | 2.70% | 3.66% | |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | –8.06% | 2.70% | 3.66% | |
MSCI All Country World Index† | –7.44% | 6.93% | 8.06% | |
Blended Index 60/40†† | –5.98% | 4.93% | 5.72% | |
Bloomberg U.S. Universal Index††† | –4.61% | 1.05% | 1.62% |
4 | | | DWS Global Income Builder Fund |
Class R6 | 6-Month‡ | 1-Year | 5-Year | Life of Class* |
Average Annual Total Returns as of 4/30/23 | ||||
No Sales Charges | 9.68% | –0.28% | 3.98% | 3.94% |
MSCI All Country World Index† | 12.68% | 2.06% | 7.03% | 6.97% |
Blended Index 60/40†† | 10.53% | 1.46% | 5.10% | 6.10% |
Bloomberg U.S. Universal Index††† | 7.05% | –0.31% | 1.31% | 1.57% |
Average Annual Total Returns as of 3/31/23 (most recent calendar quarter end) | ||||
No Sales Charges | –6.89% | 3.88% | 3.88% | |
MSCI All Country World Index† | –7.44% | 6.93% | 6.86% | |
Blended Index 60/40†† | –5.98% | 4.93% | 8.58% | |
Bloomberg U.S. Universal Index††† | –4.61% | 1.05% | 1.52% |
Class S | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/23 | ||||
No Sales Charges | 9.72% | –0.42% | 3.86% | 4.55% |
MSCI All Country World Index† | 12.68% | 2.06% | 7.03% | 7.91% |
Blended Index 60/40†† | 10.53% | 1.46% | 5.10% | 5.61% |
Bloomberg U.S. Universal Index††† | 7.05% | –0.31% | 1.31% | 1.57% |
Average Annual Total Returns as of 3/31/23 (most recent calendar quarter end) | ||||
No Sales Charges | –7.00% | 3.74% | 4.71% | |
MSCI All Country World Index† | –7.44% | 6.93% | 8.06% | |
Blended Index 60/40†† | –5.98% | 4.93% | 5.72% | |
Bloomberg U.S. Universal Index††† | –4.61% | 1.05% | 1.62% |
Institutional Class | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/23 | ||||
No Sales Charges | 9.75% | –0.38% | 3.90% | 4.59% |
MSCI All Country World Index† | 12.68% | 2.06% | 7.03% | 7.91% |
Blended Index 60/40†† | 10.53% | 1.46% | 5.10% | 5.61% |
Bloomberg U.S. Universal Index††† | 7.05% | –0.31% | 1.31% | 1.57% |
Average Annual Total Returns as of 3/31/23 (most recent calendar quarter end) | ||||
No Sales Charges | –6.97% | 3.80% | 4.74% | |
MSCI All Country World Index† | –7.44% | 6.93% | 8.06% | |
Blended Index 60/40†† | –5.98% | 4.93% | 5.72% | |
Bloomberg U.S. Universal Index††† | –4.61% | 1.05% | 1.62% |
DWS Global Income Builder Fund | | | 5 |
6 | | | DWS Global Income Builder Fund |
* | Class R6 shares commenced operations on August 25, 2014. The performance shown for the Blended Index is for the time period of August 31, 2014 through April 30, 2023, 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 consists of a blend of 60% MSCI All Country World Index and 40% Bloomberg U.S. Universal Index. |
†† † | Bloomberg U.S. Universal Index measures the performance of U.S. dollar-denominated taxable bonds that are rated either investment grade or high yield. The index includes U.S. Treasury bonds, investment-grade and high yield U.S. corporate bonds, mortgage-backed securities, and Eurodollar bonds. The Advisor believes the additional Blended Index 60/40 and Bloomberg U.S. Universal Index, collectively, reflect the Fund’s asset allocations and generally represent the Fund’s overall investment process. |
‡ | Total returns shown for periods less than one year are not annualized. |
Class A | Class C | Class R6 | Class S | Institutional Class | |
Net Asset Value | |||||
4/30/23 | $8.84 | $8.84 | $8.82 | $8.84 | $8.83 |
10/31/22 | $8.17 | $8.17 | $8.16 | $8.17 | $8.16 |
Distribution Information as of 4/30/23 | |||||
Income Dividends, Six Months | $.11 | $.08 | $.13 | $.12 | $.12 |
DWS Global Income Builder Fund | | | 7 |
Thomas M. Farina, CFA, Head of Investment Strategy Fixed Income
8 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 9 |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 4/30/23 | 10/31/22 |
Equity | 58% | 65% |
Common Stocks | 52% | 58% |
Preferred Stocks | 3% | 4% |
Exchange-Traded Funds | 3% | 3% |
Warrants | 0% | 0% |
Rights | 0% | — |
Fixed Income | 37% | 35% |
Corporate Bonds | 20% | 19% |
Asset-Backed | 7% | 5% |
Mortgage-Backed Securities Pass-Throughs | 4% | 0% |
Commercial Mortgage-Backed Securities | 2% | 3% |
Government & Agency Obligations | 2% | 6% |
Short-Term U.S. Treasury Obligation | 1% | 1% |
Collateralized Mortgage Obligations | 1% | 1% |
Loan Participations and Assignments | 0% | 0% |
Cash Equivalents | 5% | 0% |
Cash Equivalents | 5% | 0% |
100% | 100% |
Sector Diversification (As a % of Common Stocks, Preferred Stocks, Warrants, Corporate Bonds and Loan Participations and Assignments) | 4/30/23 | 10/31/22 |
Financials | 21% | 22% |
Information Technology | 17% | 19% |
Health Care | 10% | 11% |
Communication Services | 10% | 8% |
Industrials | 8% | 7% |
Consumer Staples | 8% | 7% |
Consumer Discretionary | 7% | 7% |
Energy | 7% | 8% |
Utilities | 5% | 4% |
Materials | 5% | 4% |
Real Estate | 2% | 3% |
100% | 100% |
10 | | | DWS Global Income Builder Fund |
Geographical Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 4/30/23 | 10/31/22 |
United States | 70% | 65% |
Canada | 4% | 4% |
United Kingdom | 4% | 3% |
Japan | 3% | 3% |
Cayman Islands | 3% | 3% |
Switzerland | 2% | 2% |
Germany | 2% | 1% |
Other | 12% | 19% |
100% | 100% |
Five Largest Equity Holdings at April 30, 2023 (7.7% of Net Assets) | Percent |
1Apple, Inc. | 2.3% |
Designs, manufactures and markets personal computers and related computing and mobile-communication devices | |
2Microsoft Corp. | 2.3% |
Develops, manufactures, licenses, sells and supports software products | |
3Alphabet, Inc. | 1.1% |
Holding company with subsidiaries that provide Web-based search, maps, hardware products and various software applications | |
4Japan Tobacco, Inc. | 1.1% |
Manufactures and sells tobacco products | |
5Amazon.com, Inc. | 0.9% |
Online retailer offering a wide range of products |
Five Largest Fixed-Income Long-Term Securities at April 30, 2023 (6.5% of Net Assets) | Percent |
1Dell Equipment Finance Trust | 1.9% |
5.456%, 3/22/2024 | |
2Federal National Mortgage Association | 1.4% |
2.00%, 5/1/2053 | |
3Madison Park Funding XXVI Ltd. | 1.1% |
6.499%, 7/29/2030 | |
4Federal National Mortgage Association | 1.1% |
2.50%, 5/1/2053 | |
5Federal National Mortgage Association | 1.0% |
5.50%, 5/1/2053 |
DWS Global Income Builder Fund | | | 11 |
Shares | Value ($) | ||
Common Stocks 54.0% | |||
Communication Services 5.6% | |||
Diversified Telecommunication Services 1.5% | |||
AT&T, Inc. | 49,258 | 870,389 | |
BCE, Inc. | 30,524 | 1,467,117 | |
HKT Trust & HKT Ltd. (Units) | 119,000 | 156,176 | |
Spark New Zealand Ltd. | 259,681 | 840,751 | |
Telefonica Deutschland Holding AG | 270,191 | 913,734 | |
TELUS Corp. | 15,891 | 336,856 | |
Verizon Communications, Inc. | 105,239 | 4,086,430 | |
8,671,453 | |||
Entertainment 0.6% | |||
Capcom Co., Ltd. | 10,700 | 402,605 | |
NetEase, Inc. (ADR) | 14,105 | 1,257,179 | |
Netflix, Inc.* | 2,381 | 785,563 | |
Nintendo Co., Ltd. | 19,100 | 804,711 | |
3,250,058 | |||
Interactive Media & Services 2.1% | |||
Alphabet, Inc. “A” * | 32,300 | 3,467,082 | |
Alphabet, Inc. “C” * | 30,019 | 3,248,656 | |
Autohome, Inc. (ADR) | 5,472 | 162,245 | |
JOYY, Inc. (ADR) | 14,952 | 454,989 | |
Meta Platforms, Inc. “A” * | 14,168 | 3,404,854 | |
Tencent Holdings Ltd. (ADR) | 38,067 | 1,688,652 | |
ZoomInfo Technologies, Inc.* | 6,569 | 143,927 | |
12,570,405 | |||
Media 0.5% | |||
Interpublic Group of Companies, Inc. | 35,744 | 1,277,133 | |
Omnicom Group, Inc. | 9,297 | 842,030 | |
Paramount Global “B” | 23,852 | 556,467 | |
Publicis Groupe SA | 2,022 | 165,611 | |
Trade Desk, Inc. “A” * | 5,089 | 327,426 | |
3,168,667 | |||
Wireless Telecommunication Services 0.9% | |||
America Movil SAB de CV* | 34,409 | 739,449 | |
KDDI Corp. | 20,700 | 647,253 |
12 | | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
SoftBank Corp. | 304,300 | 3,427,157 | |
Tele2 AB “B” | 17,009 | 180,981 | |
4,994,840 | |||
Consumer Discretionary 4.3% | |||
Automobiles 0.9% | |||
Bayerische Motoren Werke AG | 1,440 | 161,214 | |
Ford Motor Co. | 20,674 | 245,607 | |
Mercedes-Benz Group AG | 16,052 | 1,248,706 | |
Stellantis NV (a) | 79,643 | 1,322,069 | |
Tesla, Inc.* | 15,538 | 2,553,049 | |
5,530,645 | |||
Broadline Retail 1.4% | |||
Alibaba Group Holding Ltd. (ADR)* | 9,914 | 839,617 | |
Amazon.com, Inc.* | 47,712 | 5,031,230 | |
JD.com, Inc. (ADR) | 11,682 | 417,281 | |
Next PLC | 6,926 | 587,618 | |
PDD Holdings, Inc. (ADR)* | 4,646 | 316,625 | |
Wesfarmers Ltd. | 31,086 | 1,073,668 | |
8,266,039 | |||
Hotels, Restaurants & Leisure 0.6% | |||
Booking Holdings, Inc.* | 112 | 300,866 | |
Darden Restaurants, Inc. | 9,356 | 1,421,457 | |
Evolution AB 144A | 3,080 | 411,341 | |
La Francaise des Jeux SAEM 144A | 4,991 | 212,999 | |
Restaurant Brands International, Inc. | 9,614 | 673,977 | |
Starbucks Corp. | 3,989 | 455,903 | |
3,476,543 | |||
Household Durables 0.4% | |||
Electrolux AB “B” | 33,597 | 507,521 | |
Garmin Ltd. | 8,940 | 877,640 | |
Taylor Wimpey PLC | 486,716 | 786,162 | |
2,171,323 | |||
Specialty Retail 0.6% | |||
Best Buy Co., Inc. | 12,652 | 942,827 | |
Home Depot, Inc. | 4,462 | 1,341,010 | |
Industria de Diseno Textil SA | 11,072 | 380,866 | |
TJX Companies, Inc. | 10,689 | 842,507 | |
ZOZO, Inc. | 13,400 | 281,514 | |
3,788,724 |
DWS Global Income Builder Fund | | | 13 |
Shares | Value ($) | ||
Textiles, Apparel & Luxury Goods 0.4% | |||
Kering SA | 556 | 355,195 | |
LVMH Moet Hennessy Louis Vuitton SE | 1,452 | 1,395,234 | |
NIKE, Inc. “B” | 3,399 | 430,721 | |
2,181,150 | |||
Consumer Staples 5.4% | |||
Beverages 0.8% | |||
Ambev SA (ADR) | 531,830 | 1,489,124 | |
Cia Cervecerias Unidas SA (ADR) | 13,300 | 213,731 | |
Coca-Cola Co. | 29,152 | 1,870,101 | |
Coca-Cola Femsa SAB de CV (ADR) (a) | 2,001 | 168,924 | |
PepsiCo, Inc. | 5,041 | 962,277 | |
4,704,157 | |||
Consumer Staples Distribution & Retail 1.0% | |||
Costco Wholesale Corp. | 2,780 | 1,398,952 | |
Jeronimo Martins SGPS SA | 43,122 | 1,089,410 | |
Kesko Oyj “B” | 65,393 | 1,364,484 | |
Koninklijke Ahold Delhaize NV | 13,159 | 452,647 | |
Kroger Co. | 7,764 | 377,563 | |
Sysco Corp. | 6,405 | 491,520 | |
Target Corp. | 5,069 | 799,635 | |
5,974,211 | |||
Food Products 0.4% | |||
Nestle SA (Registered) | 11,301 | 1,448,128 | |
Salmar ASA | 14,606 | 649,196 | |
2,097,324 | |||
Household Products 0.8% | |||
Clorox Co. | 3,930 | 650,886 | |
Kimberly-Clark Corp. | 4,376 | 634,039 | |
Procter & Gamble Co. | 20,163 | 3,153,090 | |
4,438,015 | |||
Personal Products 0.0% | |||
Unilever PLC | 3,353 | 186,940 | |
Tobacco 2.4% | |||
British American Tobacco PLC | 52,339 | 1,925,728 | |
Imperial Brands PLC | 105,556 | 2,610,366 | |
Japan Tobacco, Inc. | 310,900 | 6,700,989 | |
Philip Morris International, Inc. | 27,464 | 2,745,576 | |
13,982,659 |
14 | | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Energy 3.3% | |||
Oil, Gas & Consumable Fuels | |||
Canadian Natural Resources Ltd. | 37,399 | 2,278,969 | |
Chesapeake Energy Corp. | 10,100 | 835,068 | |
Chevron Corp. | 16,559 | 2,791,516 | |
ConocoPhillips | 4,984 | 512,804 | |
Enbridge, Inc. | 77,321 | 3,074,349 | |
Exxon Mobil Corp. | 40,701 | 4,816,556 | |
ONEOK, Inc. | 56,093 | 3,669,043 | |
Suncor Energy, Inc. | 12,173 | 381,134 | |
Williams Companies, Inc. | 29,495 | 892,519 | |
19,251,958 | |||
Financials 8.3% | |||
Banks 2.4% | |||
Banco Santander Chile (ADR) | 31,533 | 603,857 | |
Bank of Nova Scotia (a) | 29,709 | 1,482,983 | |
Canadian Imperial Bank of Commerce | 10,969 | 459,858 | |
Erste Group Bank AG | 16,139 | 585,744 | |
Fifth Third Bancorp. | 18,073 | 473,513 | |
First International Bank Of Israel Ltd. | 35,450 | 1,286,945 | |
ING Groep NV* | 77,009 | 952,605 | |
Intesa Sanpaolo SpA | 370,296 | 974,912 | |
JPMorgan Chase & Co. | 3,448 | 476,652 | |
KBC Group NV | 12,899 | 921,925 | |
Mediobanca Banca di Credito Finanziario SpA | 84,869 | 910,473 | |
Nordea Bank Abp | 73,155 | 814,209 | |
Regions Financial Corp. | 42,043 | 767,705 | |
Royal Bank of Canada | 7,007 | 695,658 | |
Toronto-Dominion Bank | 24,016 | 1,454,769 | |
Truist Financial Corp. | 14,567 | 474,593 | |
U.S. Bancorp. | 4,450 | 152,546 | |
UniCredit SpA | 19,343 | 382,235 | |
13,871,182 | |||
Capital Markets 2.8% | |||
abrdn PLC | 83,351 | 223,340 | |
Amundi SA 144A | 19,980 | 1,312,899 | |
Ares Management Corp. “A” | 18,414 | 1,612,882 | |
BlackRock, Inc. | 2,003 | 1,344,414 | |
Blackstone, Inc. | 25,965 | 2,319,453 | |
Carlyle Group, Inc. | 12,881 | 390,681 | |
CME Group, Inc. | 7,816 | 1,451,978 |
DWS Global Income Builder Fund | | | 15 |
Shares | Value ($) | ||
Hargreaves Lansdown PLC | 49,677 | 502,466 | |
Hong Kong Exchanges & Clearing Ltd. | 16,100 | 668,709 | |
Julius Baer Group Ltd. | 10,314 | 735,913 | |
Partners Group Holding AG | 1,807 | 1,751,198 | |
S&P Global, Inc. | 600 | 217,548 | |
SBI Holdings, Inc. | 29,300 | 571,358 | |
St. James’s Place PLC | 64,369 | 979,223 | |
T. Rowe Price Group, Inc. | 22,045 | 2,476,315 | |
16,558,377 | |||
Consumer Finance 0.0% | |||
American Express Co. | 1,000 | 161,340 | |
Financial Services 0.7% | |||
Adyen NV 144A* | 118 | 189,272 | |
Mastercard, Inc. “A” | 4,285 | 1,628,429 | |
PayPal Holdings, Inc.* | 5,286 | 401,736 | |
Visa, Inc. “A” | 8,862 | 2,062,453 | |
4,281,890 | |||
Insurance 2.4% | |||
Ageas SA | 3,656 | 162,997 | |
Allianz SE (Registered) | 3,591 | 901,289 | |
Assicurazioni Generali SpA | 55,882 | 1,164,971 | |
Erie Indemnity Co. “A” | 1,000 | 217,330 | |
Fidelity National Financial, Inc. | 44,897 | 1,593,395 | |
Gjensidige Forsikring ASA | 41,618 | 726,544 | |
Hannover Rueck SE | 4,653 | 993,446 | |
Legal & General Group PLC | 812,656 | 2,398,680 | |
Manulife Financial Corp. | 107,175 | 2,116,051 | |
Medibank Pvt Ltd. | 166,090 | 392,683 | |
Poste Italiane SpA 144A | 62,309 | 648,216 | |
Principal Financial Group, Inc. | 2,200 | 164,318 | |
Zurich Insurance Group AG | 4,996 | 2,423,330 | |
13,903,250 | |||
Health Care 6.4% | |||
Biotechnology 1.1% | |||
AbbVie, Inc. | 18,059 | 2,729,076 | |
Amgen, Inc. | 6,583 | 1,578,208 | |
Gilead Sciences, Inc. | 20,569 | 1,690,978 | |
Moderna, Inc.* | 2,205 | 293,023 | |
6,291,285 |
16 | | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Health Care Equipment & Supplies 0.8% | |||
Abbott Laboratories | 11,029 | 1,218,374 | |
Align Technology, Inc.* | 700 | 227,710 | |
Coloplast AS “B” | 4,448 | 640,282 | |
DexCom, Inc.* | 3,905 | 473,833 | |
Edwards Lifesciences Corp.* | 4,505 | 396,350 | |
Fisher & Paykel Healthcare Corp. Ltd. “C” | 10,411 | 178,523 | |
Hoya Corp. | 3,200 | 335,325 | |
Intuitive Surgical, Inc.* | 2,342 | 705,457 | |
Stryker Corp. | 1,438 | 430,897 | |
4,606,751 | |||
Health Care Providers & Services 0.7% | |||
Cigna Group | 2,380 | 602,830 | |
Elevance Health, Inc. | 1,436 | 672,982 | |
UnitedHealth Group, Inc. | 6,371 | 3,135,105 | |
4,410,917 | |||
Life Sciences Tools & Services 0.1% | |||
Thermo Fisher Scientific, Inc. | 467 | 259,138 | |
West Pharmaceutical Services, Inc. | 500 | 180,620 | |
439,758 | |||
Pharmaceuticals 3.7% | |||
Astellas Pharma, Inc. | 23,500 | 354,920 | |
AstraZeneca PLC | 1,131 | 166,399 | |
Chugai Pharmaceutical Co., Ltd. | 13,400 | 346,637 | |
Eli Lilly & Co. | 4,374 | 1,731,492 | |
GSK PLC | 95,891 | 1,730,361 | |
Hikma Pharmaceuticals PLC | 29,194 | 676,519 | |
Johnson & Johnson | 22,878 | 3,745,129 | |
Merck & Co., Inc. | 28,140 | 3,249,326 | |
Novartis AG (Registered) | 26,116 | 2,667,736 | |
Novo Nordisk AS “B” | 11,428 | 1,899,256 | |
Pfizer, Inc. | 68,626 | 2,668,865 | |
Recordati Industria Chimica e Farmaceutica SpA | 10,548 | 485,835 | |
Roche Holding AG | 4,570 | 1,443,016 | |
Sanofi | 6,695 | 727,676 | |
21,893,167 | |||
Industrials 5.2% | |||
Aerospace & Defense 0.4% | |||
General Dynamics Corp. | 3,829 | 836,024 | |
Lockheed Martin Corp. | 2,247 | 1,043,619 |
DWS Global Income Builder Fund | | | 17 |
Shares | Value ($) | ||
Northrop Grumman Corp. | 363 | 167,441 | |
Singapore Technologies Engineering Ltd. | 121,000 | 329,547 | |
2,376,631 | |||
Air Freight & Logistics 0.7% | |||
Deutsche Post AG (Registered) | 34,134 | 1,639,979 | |
United Parcel Service, Inc. “B” | 13,059 | 2,348,139 | |
3,988,118 | |||
Commercial Services & Supplies 0.0% | |||
Quad Graphics, Inc.* | 10 | 35 | |
Construction & Engineering 0.0% | |||
ACS Actividades de Construccion y Servicios SA | 7,519 | 258,642 | |
Electrical Equipment 0.3% | |||
Emerson Electric Co. | 13,527 | 1,126,258 | |
Rockwell Automation, Inc. | 1,629 | 461,675 | |
1,587,933 | |||
Ground Transportation 0.4% | |||
Aurizon Holdings Ltd. | 132,332 | 300,596 | |
Canadian National Railway Co. | 5,368 | 639,873 | |
Old Dominion Freight Line, Inc. | 1,054 | 337,691 | |
Union Pacific Corp. | 5,280 | 1,033,296 | |
2,311,456 | |||
Industrial Conglomerates 0.7% | |||
3M Co. | 22,201 | 2,358,190 | |
Honeywell International, Inc. | 3,999 | 799,160 | |
Siemens AG (Registered) | 4,259 | 699,836 | |
3,857,186 | |||
Machinery 1.3% | |||
Atlas Copco AB “A” | 121,052 | 1,751,497 | |
Atlas Copco AB “B” | 31,124 | 399,428 | |
Caterpillar, Inc. | 5,405 | 1,182,614 | |
Cummins, Inc. | 5,166 | 1,214,217 | |
Deere & Co. | 861 | 325,475 | |
Kone Oyj “B” | 10,953 | 624,404 | |
Metso Outotec Oyj | 21,014 | 232,396 | |
PACCAR, Inc. | 13,003 | 971,194 | |
Snap-on, Inc. | 1,638 | 424,914 | |
Techtronic Industries Co., Ltd. | 39,000 | 423,205 | |
VAT Group AG 144A | 448 | 157,914 | |
7,707,258 |
18 | | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Marine Transportation 0.0% | |||
Kuehne + Nagel International AG (Registered) | 553 | 163,622 | |
Professional Services 1.0% | |||
Adecco Group AG (Registered)* | 12,112 | 413,748 | |
Automatic Data Processing, Inc. | 4,406 | 969,320 | |
Nihon M&A Center Holdings, Inc. | 34,100 | 260,277 | |
Paychex, Inc. | 19,708 | 2,165,121 | |
Paycom Software, Inc.* | 1,246 | 361,801 | |
Paylocity Holding Corp.* | 1,725 | 333,425 | |
Robert Half International, Inc. | 2,100 | 153,300 | |
Thomson Reuters Corp. | 7,525 | 989,522 | |
5,646,514 | |||
Trading Companies & Distributors 0.4% | |||
Fastenal Co. | 29,635 | 1,595,548 | |
ITOCHU Corp. | 12,500 | 414,956 | |
Marubeni Corp. | 11,600 | 164,498 | |
Mitsui & Co., Ltd. | 5,200 | 162,426 | |
United Rentals, Inc. | 500 | 180,555 | |
2,517,983 | |||
Information Technology 11.2% | |||
Communications Equipment 0.7% | |||
Cisco Systems, Inc. | 83,265 | 3,934,271 | |
Telefonaktiebolaget LM Ericsson “B” | 27,198 | 149,815 | |
4,084,086 | |||
Electronic Equipment, Instruments & Components 0.2% | |||
Venture Corp., Ltd. | 69,100 | 882,475 | |
IT Services 1.1% | |||
Accenture PLC “A” | 3,067 | 859,650 | |
Cloudflare, Inc. “A” * | 2,668 | 125,529 | |
EPAM Systems, Inc.* | 1,246 | 351,920 | |
Infosys Ltd. (ADR) | 88,368 | 1,373,239 | |
International Business Machines Corp. | 16,076 | 2,032,167 | |
MongoDB, Inc.* | 1,611 | 386,576 | |
Obic Co., Ltd. | 1,900 | 292,941 | |
Otsuka Corp. | 15,300 | 557,657 | |
Shopify, Inc. “A” * | 10,352 | 501,535 | |
Twilio, Inc. “A” * | 2,505 | 131,788 | |
6,613,002 | |||
Semiconductors & Semiconductor Equipment 3.7% | |||
Advanced Micro Devices, Inc.* | 4,674 | 417,715 |
DWS Global Income Builder Fund | | | 19 |
Shares | Value ($) | ||
ASE Technology Holding Co., Ltd. (ADR) (a) | 339,063 | 2,325,972 | |
ASML Holding NV | 929 | 588,879 | |
Broadcom, Inc. | 4,065 | 2,546,722 | |
Enphase Energy, Inc.* | 1,397 | 229,387 | |
Intel Corp. | 66,553 | 2,067,136 | |
Lam Research Corp. | 746 | 390,964 | |
Lasertec Corp. | 1,600 | 217,293 | |
Monolithic Power Systems, Inc. | 932 | 430,556 | |
NVIDIA Corp. | 14,065 | 3,902,897 | |
QUALCOMM, Inc. | 5,112 | 597,082 | |
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 30,118 | 2,538,947 | |
Texas Instruments, Inc. | 16,149 | 2,700,113 | |
Tokyo Electron Ltd. | 9,900 | 1,131,215 | |
United Microelectronics Corp. (ADR)* (a) | 217,300 | 1,744,919 | |
21,829,797 | |||
Software 3.2% | |||
Adobe, Inc.* | 2,952 | 1,114,557 | |
Cadence Design Systems, Inc.* | 2,809 | 588,345 | |
Fortinet, Inc.* | 2,393 | 150,879 | |
Intuit, Inc. | 5,664 | 2,514,533 | |
Microsoft Corp. | 43,573 | 13,388,240 | |
Salesforce, Inc.* | 1,280 | 253,914 | |
ServiceNow, Inc.* | 1,382 | 634,918 | |
Synopsys, Inc.* | 500 | 185,660 | |
18,831,046 | |||
Technology Hardware, Storage & Peripherals 2.3% | |||
Apple, Inc. | 80,264 | 13,619,195 | |
Materials 2.0% | |||
Chemicals 0.9% | |||
Air Products & Chemicals, Inc. | 2,738 | 805,958 | |
Albemarle Corp. | 1,246 | 231,083 | |
BASF SE | 6,686 | 344,847 | |
Dow, Inc. | 30,002 | 1,632,109 | |
Ems-chemie Holding AG (Registered)* | 466 | 382,464 | |
LyondellBasell Industries NV “A” | 9,042 | 855,464 | |
Shin-Etsu Chemical Co., Ltd. | 44,000 | 1,257,336 | |
5,509,261 | |||
Containers & Packaging 0.1% | |||
Amcor PLC | 31,111 | 341,288 | |
International Paper Co. | 4,444 | 147,141 | |
488,429 |
20 | | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Metals & Mining 1.0% | |||
Antofagasta PLC | 26,354 | 484,947 | |
Gold Fields Ltd. (ADR) | 29,400 | 457,464 | |
Norsk Hydro ASA | 163,028 | 1,202,851 | |
Nucor Corp. | 2,271 | 336,517 | |
Rio Tinto PLC | 36,635 | 2,326,765 | |
Steel Dynamics, Inc. | 1,675 | 174,116 | |
Vale SA (ADR) | 54,900 | 791,109 | |
5,773,769 | |||
Real Estate 1.2% | |||
Retail REITs 0.3% | |||
Simon Property Group, Inc. | 18,115 | 2,052,792 | |
Specialized REITs 0.9% | |||
Extra Space Storage, Inc. | 2,205 | 335,248 | |
Gaming and Leisure Properties, Inc. | 31,054 | 1,614,808 | |
Iron Mountain, Inc. | 17,711 | 978,356 | |
Public Storage | 6,900 | 2,034,327 | |
VICI Properties, Inc. | 7,961 | 270,196 | |
5,232,935 | |||
Utilities 1.1% | |||
Electric Utilities 0.7% | |||
CK Infrastructure Holdings Ltd. | 109,000 | 621,007 | |
Enel SpA | 95,267 | 650,623 | |
NRG Energy, Inc. | 13,100 | 447,627 | |
Power Assets Holdings Ltd. | 233,000 | 1,332,591 | |
SSE PLC | 51,454 | 1,190,036 | |
4,241,884 | |||
Gas Utilities 0.2% | |||
Snam SpA | 140,559 | 780,391 | |
UGI Corp. | 7,800 | 264,264 | |
1,044,655 | |||
Multi-Utilities 0.2% | |||
E.ON SE | 78,349 | 1,035,967 | |
Total Common Stocks (Cost $267,768,140) | 316,777,699 | ||
Preferred Stocks 3.5% | |||
Communication Services 0.4% | |||
AT&T, Inc., 5.35% | 100,000 | 2,372,000 |
DWS Global Income Builder Fund | | | 21 |
Shares | Value ($) | ||
Consumer Discretionary 0.1% | |||
Bayerische Motoren Werke AG, 6.003% | 6,834 | 726,264 | |
Financials 2.5% | |||
AGNC Investment Corp., Series C, 10.413% | 64,439 | 1,597,443 | |
Charles Schwab Corp., Series D, 5.95% | 75,000 | 1,887,750 | |
Fifth Third Bancorp., Series I, 6.625% | 75,000 | 1,837,500 | |
KeyCorp., Series E, 6.125% | 75,000 | 1,686,750 | |
Morgan Stanley, Series K, 5.85% | 75,000 | 1,875,750 | |
Regions Financial Corp., Series B, 6.375% | 80,000 | 1,916,800 | |
The Goldman Sachs Group, Inc., Series J, 5.5% | 73,000 | 1,832,300 | |
Wells Fargo & Co., Series Y, 5.625% | 75,000 | 1,773,750 | |
14,408,043 | |||
Real Estate 0.5% | |||
Kimco Realty Corp., Series L, 5.125% | 75,000 | 1,701,000 | |
Prologis, Inc., Series Q, 8.54% | 236 | 13,356 | |
Simon Property Group, Inc., Series J, 8.375% | 17,000 | 986,000 | |
2,700,356 | |||
Total Preferred Stocks (Cost $22,680,227) | 20,206,663 | ||
Rights 0.0% | |||
Health Care | |||
Contra Abiomed, Inc.* (b) (Cost $1,122) | 1,100 | 1,122 | |
Warrants 0.0% | |||
Materials | |||
Hercules Trust II, Expiration Date 3/31/2029* (b) (Cost $90,210) | 506 | 31,126 |
Principal Amount ($) (c) | Value ($) | ||
Corporate Bonds 20.6% | |||
Communication Services 1.9% | |||
America Movil SAB de CV, 4.375%, 4/22/2049 | 700,000 | 624,514 | |
AT&T, Inc.: | |||
2.25%, 2/1/2032 | 368,000 | 300,663 | |
3.65%, 6/1/2051 | 560,000 | 417,521 | |
CCO Holdings LLC, 144A, 5.125%, 5/1/2027 | 1,725,000 | 1,627,658 |
22 | | | DWS Global Income Builder Fund |
Principal Amount ($) (c) | Value ($) | ||
Charter Communications Operating LLC: | |||
3.5%, 3/1/2042 | 279,000 | 188,403 | |
3.7%, 4/1/2051 | 235,000 | 149,039 | |
Discovery Communications LLC, 4.0%, 9/15/2055 | 200,000 | 131,445 | |
Grupo Televisa SAB, 5.25%, 5/24/2049 | 1,700,000 | 1,594,952 | |
Meituan, 144A, 2.125%, 10/28/2025 | 505,000 | 462,752 | |
Netflix, Inc., 5.875%, 11/15/2028 | 812,000 | 853,081 | |
Rogers Communications, Inc., 144A, 3.8%, 3/15/2032 | 854,000 | 768,973 | |
Tencent Holdings Ltd., REG S, 2.39%, 6/3/2030 | 1,700,000 | 1,438,596 | |
T-Mobile U.S.A., Inc.: | |||
3.3%, 2/15/2051 | 700,000 | 499,555 | |
3.375%, 4/15/2029 | 635,000 | 582,004 | |
3.6%, 11/15/2060 | 145,000 | 103,449 | |
4.375%, 4/15/2040 | 335,000 | 300,891 | |
5.65%, 1/15/2053 | 650,000 | 670,459 | |
Verizon Communications, Inc.: | |||
2.65%, 11/20/2040 | 225,000 | 159,681 | |
3.7%, 3/22/2061 | 300,000 | 222,841 | |
11,096,477 | |||
Consumer Discretionary 1.1% | |||
Ford Motor Co., 3.25%, 2/12/2032 | 600,000 | 465,310 | |
Ford Motor Credit Co. LLC: | |||
2.7%, 8/10/2026 | 600,000 | 532,202 | |
2.9%, 2/16/2028 | 686,000 | 593,823 | |
3.375%, 11/13/2025 | 750,000 | 696,494 | |
3.625%, 6/17/2031 | 410,000 | 337,988 | |
General Motors Co., 5.6%, 10/15/2032 | 1,500,000 | 1,469,559 | |
General Motors Financial Co., Inc.: | |||
2.35%, 1/8/2031 | 500,000 | 394,755 | |
3.1%, 1/12/2032 | 510,000 | 416,593 | |
5.4%, 4/6/2026 | 400,000 | 400,213 | |
Lowe’s Companies, Inc., 5.625%, 4/15/2053 | 300,000 | 301,750 | |
Warnermedia Holdings, Inc.: | |||
144A, 5.05%, 3/15/2042 | 320,000 | 264,672 | |
144A, 5.141%, 3/15/2052 | 575,000 | 459,458 | |
6,332,817 | |||
Consumer Staples 0.9% | |||
Anheuser-Busch Companies LLC, 4.9%, 2/1/2046 | 965,000 | 956,270 | |
Anheuser-Busch InBev Worldwide, Inc., 4.35%, 6/1/2040 | 270,000 | 256,514 | |
JBS USA LUX SA: | |||
144A, 2.5%, 1/15/2027 | 1,470,000 | 1,308,903 |
DWS Global Income Builder Fund | | | 23 |
Principal Amount ($) (c) | Value ($) | ||
144A, 3.625%, 1/15/2032 | 470,000 | 394,654 | |
Kenvue, Inc., 144A, 5.2%, 3/22/2063 | 150,000 | 155,980 | |
Kraft Heinz Foods Co., 4.375%, 6/1/2046 | 580,000 | 507,560 | |
Philip Morris International, Inc.: | |||
5.125%, 2/15/2030 | 850,000 | 858,851 | |
5.625%, 11/17/2029 | 340,000 | 355,128 | |
5.75%, 11/17/2032 | 260,000 | 273,066 | |
5,066,926 | |||
Energy 2.4% | |||
BP Capital Markets PLC, 4.375%, Perpetual (d) | 1,250,000 | 1,199,140 | |
Cheniere Corpus Christi Holdings LLC, 5.875%, 3/31/2025 | 1,000,000 | 1,007,888 | |
Cheniere Energy Partners LP: | |||
4.0%, 3/1/2031 | 1,250,000 | 1,118,032 | |
4.5%, 10/1/2029 | 1,100,000 | 1,034,920 | |
Ecopetrol SA, 6.875%, 4/29/2030 | 1,700,000 | 1,535,918 | |
Enbridge, Inc., 5.7%, 3/8/2033 | 400,000 | 415,396 | |
Energy Transfer LP, 5.0%, 5/15/2050 | 1,159,000 | 983,795 | |
Enterprise Products Operating LLC: | |||
3.3%, 2/15/2053 | 510,000 | 367,185 | |
4.2%, 1/31/2050 | 741,000 | 620,201 | |
Occidental Petroleum Corp., 8.875%, 7/15/2030 | 1,700,000 | 1,997,500 | |
ONEOK, Inc., 6.1%, 11/15/2032 | 240,000 | 250,914 | |
Targa Resources Corp., 6.5%, 2/15/2053 | 450,000 | 459,671 | |
Targa Resources Partners LP, 6.5%, 7/15/2027 | 1,750,000 | 1,783,155 | |
Williams Companies, Inc.: | |||
4.65%, 8/15/2032 | 670,000 | 650,233 | |
5.65%, 3/15/2033 | 520,000 | 538,854 | |
13,962,802 | |||
Financials 5.9% | |||
AerCap Ireland Capital DAC, 1.75%, 1/30/2026 | 388,000 | 348,099 | |
Air Lease Corp., Series C, 4.125%, Perpetual (d) | 1,450,000 | 965,952 | |
Aircastle Ltd., Series A, 144A, 5.25%, Perpetual (d) | 690,000 | 500,676 | |
Ally Financial, Inc., Series B, 4.7%, Perpetual (d) | 3,000,000 | 2,212,500 | |
Ares Capital Corp., 2.875%, 6/15/2027 | 930,000 | 812,113 | |
Banco Nacional de Panama, 144A, 2.5%, 8/11/2030 | 600,000 | 478,500 | |
Bank of America Corp.: | |||
SOFR + 1.33%, 2.972%, 2/4/2033 | 760,000 | 641,582 | |
Series RR, 4.375%, Perpetual (d) | 4,000,000 | 3,410,000 | |
Bank of New York Mellon Corp.: | |||
3.7%, Perpetual (d) | 1,069,000 | 944,045 | |
3.75%, Perpetual (d) | 2,051,000 | 1,713,898 |
24 | | | DWS Global Income Builder Fund |
Principal Amount ($) (c) | Value ($) | ||
Blackstone Secured Lending Fund: | |||
2.85%, 9/30/2028 | 610,000 | 502,558 | |
3.625%, 1/15/2026 | 925,000 | 850,218 | |
Capital One Financial Corp., Series M, 3.95%, Perpetual (d) | 1,520,000 | 1,121,210 | |
Citigroup, Inc., 3.057%, 1/25/2033 | 400,000 | 341,028 | |
Enstar Finance LLC, 5.5%, 1/15/2042 | 1,100,000 | 791,886 | |
Five Corners Funding Trust III, 144A, 5.791%, 2/15/2033 | 400,000 | 408,995 | |
HSBC Holdings PLC: | |||
6.332%, 3/9/2044 | 750,000 | 789,958 | |
7.39%, 11/3/2028 | 566,000 | 609,271 | |
KKR Group Finance Co., XII LLC, 144A, 4.85%, 5/17/2032 | 760,000 | 736,346 | |
Lloyds Banking Group PLC, 4.716%, 8/11/2026 | 340,000 | 335,436 | |
MDGH GMTN RSC Ltd., REG S, 3.7%, 11/7/2049 | 245,000 | 201,203 | |
Morgan Stanley, 2.484%, 9/16/2036 | 789,000 | 606,434 | |
Natwest Group PLC, 6.016%, 3/2/2034 | 290,000 | 301,398 | |
Nippon Life Insurance Co., 144A, 2.75%, 1/21/2051 | 700,000 | 579,104 | |
PNC Financial Services Group, Inc.: | |||
Series T, 3.4%, Perpetual (d) | 1,740,000 | 1,331,230 | |
Series W, 6.25%, Perpetual (d) | 2,385,000 | 2,185,852 | |
REC Ltd.: | |||
144A, 4.75%, 5/19/2023 | 426,000 | 425,821 | |
144A, 5.25%, 11/13/2023 | 570,000 | 570,285 | |
Societe Generale SA: | |||
144A, 5.375%, Perpetual (d) | 1,650,000 | 1,155,000 | |
144A, 6.221%, 6/15/2033 | 1,275,000 | 1,201,813 | |
144A, 9.375%, Perpetual (d) | 660,000 | 626,604 | |
State Street Corp., 4.164%, 8/4/2033 | 730,000 | 691,355 | |
Synchrony Bank: | |||
5.4%, 8/22/2025 | 420,000 | 400,526 | |
5.625%, 8/23/2027 | 250,000 | 237,734 | |
The Charles Schwab Corp., Series I, 4.0%, Perpetual (d) | 1,555,000 | 1,304,287 | |
The Goldman Sachs Group, Inc., Series T, 3.8%, Perpetual (d) | 1,050,000 | 870,187 | |
Truist Financial Corp.: | |||
Series N, 4.8%, Perpetual (d) | 2,000,000 | 1,737,500 | |
5.122%, 1/26/2034 | 460,000 | 446,018 | |
U.S. Bancorp: | |||
4.839%, 2/1/2034 | 680,000 | 651,211 | |
SOFR + 2.09%, 5.85%, 10/21/2033 | 330,000 | 339,699 | |
UBS Group AG, 144A, 4.375%, Perpetual (d) | 743,000 | 512,487 | |
34,890,019 |
DWS Global Income Builder Fund | | | 25 |
Principal Amount ($) (c) | Value ($) | ||
Health Care 1.5% | |||
Amgen, Inc.: | |||
5.25%, 3/2/2033 | 460,000 | 473,293 | |
5.65%, 3/2/2053 | 410,000 | 424,739 | |
Centene Corp.: | |||
2.45%, 7/15/2028 | 360,000 | 312,850 | |
2.625%, 8/1/2031 | 790,000 | 646,899 | |
Charles River Laboratories International, Inc., 144A, 3.75%, 3/15/2029 | 1,750,000 | 1,535,513 | |
CVS Health Corp.: | |||
5.05%, 3/25/2048 | 1,000,000 | 933,525 | |
5.25%, 2/21/2033 | 750,000 | 766,054 | |
Elevance Health, Inc., 6.1%, 10/15/2052 | 150,000 | 167,310 | |
Eli Lilly & Co., 4.875%, 2/27/2053 | 440,000 | 459,792 | |
HCA, Inc., 4.125%, 6/15/2029 | 600,000 | 568,857 | |
Humana, Inc., 5.875%, 3/1/2033 | 200,000 | 215,423 | |
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/1/2026 | 2,700,000 | 2,439,671 | |
8,943,926 | |||
Industrials 1.1% | |||
American Airlines, Inc., 144A, 5.5%, 4/20/2026 | 620,000 | 608,836 | |
Block, Inc., 2.75%, 6/1/2026 | 200,000 | 181,003 | |
Boeing Co., 5.805%, 5/1/2050 | 635,000 | 631,600 | |
Delta Air Lines, Inc., 3.75%, 10/28/2029 | 865,000 | 773,728 | |
Empresa de los Ferrocarriles del Estado, 144A, 3.068%, 8/18/2050 | 239,000 | 150,489 | |
Mileage Plus Holdings LLC, 144A, 6.5%, 6/20/2027 | 935,000 | 933,504 | |
Prime Security Services Borrower LLC, 144A, 5.25%, 4/15/2024 | 1,400,000 | 1,393,334 | |
Raytheon Technologies Corp., 5.375%, 2/27/2053 | 475,000 | 499,426 | |
Republic Services, Inc., 5.0%, 4/1/2034 | 420,000 | 429,661 | |
United Rentals North America, Inc., 144A, 6.0%, 12/15/2029 | 620,000 | 629,231 | |
6,230,812 | |||
Information Technology 1.7% | |||
Broadcom, Inc., 144A, 2.6%, 2/15/2033 | 350,000 | 276,214 | |
Dell International LLC, 5.3%, 10/1/2029 | 485,000 | 490,236 | |
Hewlett Packard Enterprise Co., 5.9%, 10/1/2024 | 1,700,000 | 1,718,094 | |
HP, Inc., 5.5%, 1/15/2033 | 1,200,000 | 1,190,774 | |
Intel Corp., 5.125%, 2/10/2030 | 700,000 | 716,959 | |
Micron Technology, Inc., 6.75%, 11/1/2029 | 1,200,000 | 1,264,587 |
26 | | | DWS Global Income Builder Fund |
Principal Amount ($) (c) | Value ($) | ||
MSCI, Inc.: | |||
144A, 3.25%, 8/15/2033 | 240,000 | 195,000 | |
144A, 3.625%, 9/1/2030 | 435,000 | 375,261 | |
NXP BV: | |||
2.65%, 2/15/2032 | 338,000 | 277,882 | |
3.125%, 2/15/2042 | 310,000 | 220,439 | |
Open Text Corp., 144A, 3.875%, 2/15/2028 | 1,150,000 | 1,019,027 | |
Oracle Corp.: | |||
3.6%, 4/1/2050 | 45,000 | 31,996 | |
3.65%, 3/25/2041 | 675,000 | 523,477 | |
5.55%, 2/6/2053 | 270,000 | 259,399 | |
6.9%, 11/9/2052 | 605,000 | 677,798 | |
SK Hynix, Inc., 144A, 1.5%, 1/19/2026 | 947,000 | 837,565 | |
10,074,708 | |||
Materials 1.4% | |||
AngloGold Ashanti Holdings PLC, 3.75%, 10/1/2030 | 800,000 | 705,960 | |
Berry Global, Inc., 1.65%, 1/15/2027 | 1,750,000 | 1,536,274 | |
Braskem Netherlands Finance BV, 144A, 7.25%, 2/13/2033 | 1,150,000 | 1,101,229 | |
Celanese U.S. Holdings LLC: | |||
5.9%, 7/5/2024 | 1,250,000 | 1,251,378 | |
6.165%, 7/15/2027 | 1,100,000 | 1,113,475 | |
Corp. Nacional del Cobre de Chile: | |||
144A, 3.15%, 1/15/2051 | 200,000 | 139,578 | |
144A, 5.125%, 2/2/2033 | 420,000 | 425,167 | |
Dow Chemical Co., 6.9%, 5/15/2053 | 310,000 | 357,452 | |
MEGlobal Canada ULC, 144A, 5.0%, 5/18/2025 | 1,511,000 | 1,499,668 | |
Nutrien Ltd., 5.8%, 3/27/2053 | 210,000 | 218,151 | |
8,348,332 | |||
Real Estate 0.2% | |||
Boston Properties LP: | |||
(REIT), 2.55%, 4/1/2032 | 535,000 | 402,110 | |
(REIT), 6.75%, 12/1/2027 | 490,000 | 498,867 | |
900,977 | |||
Utilities 2.5% | |||
American Electric Power Co., Inc., 5.625%, 3/1/2033 | 370,000 | 387,602 | |
CMS Energy Corp., 3.75%, 12/1/2050 | 2,600,000 | 1,955,906 | |
Duke Energy Corp., 3.25%, 1/15/2082 | 1,350,000 | 1,019,250 | |
Duke Energy Florida LLC, 5.95%, 11/15/2052 | 270,000 | 307,391 | |
Eskom Holdings SOC Ltd., REG S, 6.35%, 8/10/2028 | 1,425,000 | 1,339,500 | |
New England Power Co., 144A, 5.936%, 11/25/2052 | 240,000 | 263,054 |
DWS Global Income Builder Fund | | | 27 |
Principal Amount ($) (c) | Value ($) | ||
NextEra Energy Operating Partners LP: | |||
144A, 3.875%, 10/15/2026 | 1,035,000 | 969,019 | |
144A, 4.25%, 7/15/2024 | 1,050,000 | 1,034,229 | |
NRG Energy, Inc., 144A, 2.45%, 12/2/2027 | 1,370,000 | 1,189,670 | |
Pacific Gas and Electric Co.: | |||
2.5%, 2/1/2031 | 130,000 | 105,343 | |
3.25%, 6/1/2031 | 490,000 | 414,447 | |
3.3%, 8/1/2040 | 370,000 | 258,935 | |
5.45%, 6/15/2027 | 550,000 | 546,238 | |
Pacificorp., 5.35%, 12/1/2053 | 655,000 | 681,928 | |
Perusahaan Listrik Negara PT, 144A, 2.875%, 10/25/2025 | EUR | 1,505,000 | 1,596,321 |
Sempra Energy, 4.125%, 4/1/2052 | 1,880,000 | 1,522,502 | |
Southern Co., Series 21-A, 3.75%, 9/15/2051 | 1,241,000 | 1,056,062 | |
14,647,397 | |||
Total Corporate Bonds (Cost $135,241,871) | 120,495,193 | ||
Asset-Backed 6.8% | |||
Automobile Receivables 0.3% | |||
Hertz Vehicle Financing III LLC, “C” , Series 2023-1A, 144A, 6.91%, 6/25/2027 | 1,270,000 | 1,275,189 | |
JPMorgan Chase Bank NA, “E” , Series 2021-1, 144A, 2.365%, 9/25/2028 | 620,075 | 599,572 | |
1,874,761 | |||
Miscellaneous 6.5% | |||
CF Hippolyta Issuer LLC, “B1” , Series 2021-1A, 144A, 1.98%, 3/15/2061 | 2,949,861 | 2,525,068 | |
DB Master Finance LLC, “A23” , Series 2021-1A, 144A, 2.791%, 11/20/2051 | 6,295,313 | 5,068,734 | |
Dell Equipment Finance Trust, “A1” , Series 2023-1, 144A, 5.456%, 3/22/2024 | 11,486,313 | 11,484,768 | |
Madison Park Funding XXVI Ltd., “AR” , Series 2007-4A, 144A, 3-month USD-LIBOR + 1.2%, 6.499% (e), 7/29/2030 | 6,374,971 | 6,341,726 | |
Mosaic Solar Loan Trust, “B” , Series 2023-1A, 144A, 6.92%, 6/20/2053 | 1,532,128 | 1,514,941 | |
Octagon Investment Partners Ltd., “A1R” , Series 2019-4A, 144A, 3-month USD-LIBOR + 1.15%, 6.023% (e), 5/12/2031 | 4,500,000 | 4,449,496 |
28 | | | DWS Global Income Builder Fund |
Principal Amount ($) (c) | Value ($) | ||
Venture 37 CLO Ltd., “A1R” , Series 2019-37A, 144A, 3-month USD-LIBOR + 1.15%, 6.41% (e), 7/15/2032 | 4,690,000 | 4,604,755 | |
Wendy’s Funding LLC, “A2II” , Series 2021-1A, 144A, 2.775%, 6/15/2051 | 2,521,095 | 2,035,711 | |
38,025,199 | |||
Total Asset-Backed (Cost $41,641,364) | 39,899,960 | ||
Mortgage-Backed Securities Pass-Throughs 4.5% | |||
Federal National Mortgage Association: | |||
2.0%, 5/1/2053 (f) | 10,000,000 | 8,312,900 | |
2.5%, 5/1/2053 (f) | 7,000,000 | 6,054,979 | |
5.0%, 5/1/2053 (f) | 6,000,000 | 5,963,964 | |
5.5%, 5/1/2053 (f) | 6,000,000 | 6,049,620 | |
Government National Mortgage Association, 6.5%, 8/20/2034 | 16,531 | 17,460 | |
Total Mortgage-Backed Securities Pass-Throughs (Cost $26,512,628) | 26,398,923 | ||
Commercial Mortgage-Backed Securities 2.5% | |||
Citigroup Commercial Mortgage Trust: | |||
“C” , Series 2019-PRM, 144A, 3.896%, 5/10/2036 | 2,516,145 | 2,481,080 | |
“D” , Series 2019-PRM, 144A, 4.35%, 5/10/2036 | 2,625,000 | 2,590,712 | |
Credit Suisse Commercial Mortgage Trust: | |||
“A” , Series 2020-TMIC, 144A, 1-month USD-LIBOR + 3.5%, 8.448% (e), 12/15/2035 | 4,300,000 | 4,261,208 | |
“B” , Series 2020-TMIC, 144A, 1-month USD-LIBOR + 5.5%, 10.448% (e), 12/15/2035 | 4,300,000 | 4,243,463 | |
Freddie Mac Multifamily Structured Credit Risk, “M2” , Series 2021-MN1, 144A, 30-day average SOFR + 3.75%, 8.31% (e), 1/25/2051 | 1,098,000 | 980,290 | |
Total Commercial Mortgage-Backed Securities (Cost $15,005,420) | 14,556,753 | ||
Collateralized Mortgage Obligations 0.8% | |||
Connecticut Avenue Securities Trust: | |||
“1M2” , Series 2020-R01, 144A, 1-month USD-LIBOR + 2.05%, 7.07% (e), 1/25/2040 | 405,987 | 407,000 | |
“1M2” , Series 2019-R03, 144A, 1-month USD-LIBOR + 2.15%, 7.17% (e), 9/25/2031 | 23,636 | 23,636 | |
“1M2” , Series 2019-R02, 144A, 1-month USD-LIBOR + 2.3%, 7.32% (e), 8/25/2031 | 26,500 | 26,500 |
DWS Global Income Builder Fund | | | 29 |
Principal Amount ($) (c) | Value ($) | ||
Federal National Mortgage Association, “I” , Series 2003-84, Interest Only, 6.0%, 9/25/2033 | 128,809 | 22,914 | |
Freddie Mac Structured Agency Credit Risk Debt Notes: | |||
“M2” , Series 2020-DNA2, 144A, 1-month USD-LIBOR + 1.85%, 6.87% (e), 2/25/2050 | 2,137,454 | 2,134,779 | |
“M2” , Series 2019-DNA2, 144A, 1-month USD-LIBOR + 2.45%, 7.47% (e), 3/25/2049 | 1,388,310 | 1,400,875 | |
JPMorgan Mortgage Trust, “AM” , Series 2016-3, 144A, 3.245%, 10/25/2046 | 882,008 | 811,414 | |
Total Collateralized Mortgage Obligations (Cost $4,879,522) | 4,827,118 | ||
Government & Agency Obligations 2.3% | |||
Sovereign Bonds 0.5% | |||
Brazilian Government International Bond, 3.875%, 6/12/2030 | 947,000 | 845,972 | |
Indonesia Government International Bond, 3.85%, 10/15/2030 | 1,700,000 | 1,634,938 | |
United Mexican States, 3.5%, 2/12/2034 | 260,000 | 223,296 | |
2,704,206 | |||
U.S. Treasury Obligations 1.8% | |||
U.S. Treasury Bills, 4.747% (g), 10/5/2023 (h) | 5,000,000 | 4,894,892 | |
U.S. Treasury Notes, 3.5%, 2/15/2033 | 5,923,400 | 5,958,570 | |
10,853,462 | |||
Total Government & Agency Obligations (Cost $14,045,754) | 13,557,668 | ||
Loan Participations and Assignments 0.4% | |||
Senior Loans (e) | |||
Hilton Domestic Operating Co., Inc., Term Loan B2, 30-day average SOFR + 1.75%, 6.821%, 6/22/2026 | 1,389,236 | 1,388,652 | |
TransDigm, Inc., Term Loan I, 90-day average SOFR + 3.25%, 8.148%, 8/24/2028 | 1,051,932 | 1,052,285 | |
2,440,937 | |||
Total Loan Participations and Assignments (Cost $2,442,380) | 2,440,937 |
Shares | Value ($) | ||
Exchange-Traded Funds 2.9% | |||
SPDR Bloomberg Convertible Securities ETF (Cost $13,817,168) | 259,040 | 17,104,411 |
30 | | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Securities Lending Collateral 1.0% | |||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 4.74% (i) (j) (Cost $6,077,062) | 6,077,062 | 6,077,062 | |
Cash Equivalents 5.6% | |||
DWS Central Cash Management Government Fund, 4.81% (i) (Cost $32,992,949) | 32,992,949 | 32,992,949 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $583,195,817) | 104.9 | 615,367,584 | |
Other Assets and Liabilities, Net | (4.9 ) | (28,861,072 ) | |
Net Assets | 100.0 | 586,506,512 |
Value ($) at 10/31/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreci- ation (Deprecia- tion) ($) | Income ($) | Capital Gain Distribu- tions ($) | Number of Shares at 4/30/2023 | Value ($) at 4/30/2023 |
Securities Lending Collateral 1.0% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 4.74% (i) (j) | ||||||||
— | 6,077,062 (k) | — | — | — | 15,791 | — | 6,077,062 | 6,077,062 |
Cash Equivalents 5.6% | ||||||||
DWS Central Cash Management Government Fund, 4.81% (i) | ||||||||
847,361 | 144,386,173 | 112,240,585 | — | — | 248,714 | — | 32,992,949 | 32,992,949 |
847,361 | 150,463,235 | 112,240,585 | — | — | 264,505 | — | 39,070,011 | 39,070,011 |
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at April 30, 2023 amounted to $5,890,441, which is 1.0% of net assets. |
(b) | Investment was valued using significant unobservable inputs. |
(c) | Principal amount stated in U.S. dollars unless otherwise noted. |
(d) | Perpetual, callable security with no stated maturity date. |
(e) | Variable or floating rate security. These securities are shown at their current rate as of April 30, 2023. 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. |
DWS Global Income Builder Fund | | | 31 |
(f) | When-issued or delayed delivery securities included. |
(g) | Annualized yield at time of purchase; not a coupon rate. |
(h) | At April 30, 2023, 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 period ended April 30, 2023. |
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 |
Interest Only: Interest Only (IO) bonds represent the “interest only” portion of payments on a pool of underlying mortgages or mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages. |
MSCI: Morgan Stanley Capital International |
REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
REIT: Real Estate Investment Trust |
S&P: Standard & Poor’s |
SOC: State Owned Company |
SOFR: Secured Overnight Financing Rate |
SPDR: Standard & Poor’s Depositary Receipt |
32 | | | DWS Global Income Builder Fund |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation ($) |
MSCI E-Mini Emerging Market Index | USD | 6/16/2023 | 352 | 16,965,498 | 17,321,920 | 356,422 |
TOPIX Index | JPY | 6/8/2023 | 41 | 5,881,695 | 6,193,108 | 311,413 |
Ultra 10 Year U.S. Treasury Note | USD | 6/21/2023 | 80 | 9,342,706 | 9,716,250 | 373,544 |
Ultra Long U.S. Treasury Bond | USD | 6/21/2023 | 158 | 21,295,859 | 22,342,187 | 1,046,328 |
Total unrealized appreciation | 2,087,707 |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Depreciation ($) |
5 Year U.S. Treasury Note | USD | 6/30/2023 | 98 | 10,498,773 | 10,754,734 | (255,961) |
Euro-Schatz | EUR | 6/8/2023 | 138 | 15,916,138 | 16,069,180 | (153,042) |
S&P 500 E-Mini Index | USD | 6/16/2023 | 123 | 23,931,323 | 25,759,275 | (1,827,952) |
Total unrealized depreciation | (2,236,955) |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Appreciation ($) | Counterparty | ||
USD | 19,930,057 | EUR | 18,608,896 | 6/8/2023 | 617,447 | Bank of America |
EUR | Euro |
JPY | Japanese Yen |
USD | United States Dollar |
DWS Global Income Builder Fund | | | 33 |
34 | | | DWS Global Income Builder Fund |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Communication Services | $25,116,444 | $7,538,979 | $— | $32,655,423 |
Consumer Discretionary | 16,690,317 | 8,724,107 | — | 25,414,424 |
Consumer Staples | 14,955,418 | 16,427,888 | — | 31,383,306 |
Energy | 19,251,958 | — | — | 19,251,958 |
Financials | 25,200,457 | 23,575,582 | — | 48,776,039 |
Health Care | 25,989,393 | 11,652,485 | — | 37,641,878 |
Industrials | 22,018,407 | 8,396,971 | — | 30,415,378 |
Information Technology | 62,039,326 | 3,820,275 | — | 65,859,601 |
Materials | 5,772,249 | 5,999,210 | — | 11,771,459 |
Real Estate | 7,285,727 | — | — | 7,285,727 |
Utilities | 711,891 | 5,610,615 | — | 6,322,506 |
Preferred Stocks (a) | 19,480,399 | 726,264 | — | 20,206,663 |
Rights | — | — | 1,122 | 1,122 |
Warrants | — | — | 31,126 | 31,126 |
Corporate Bonds (a) | — | 120,495,193 | — | 120,495,193 |
Asset-Backed (a) | — | 39,899,960 | — | 39,899,960 |
Mortgage-Backed Securities Pass-Throughs | — | 26,398,923 | — | 26,398,923 |
Commercial Mortgage-Backed Securities | — | 14,556,753 | — | 14,556,753 |
Collateralized Mortgage Obligations | — | 4,827,118 | — | 4,827,118 |
Government & Agency Obligations (a) | — | 13,557,668 | — | 13,557,668 |
Loan Participations and Assignments | — | 2,440,937 | — | 2,440,937 |
Exchange-Traded Funds | 17,104,411 | — | — | 17,104,411 |
Short-Term Investments | 39,070,011 | — | — | 39,070,011 |
Derivatives (b) | ||||
Futures Contracts | 2,087,707 | — | — | 2,087,707 |
Forward Foreign Currency Contracts | — | 617,447 | — | 617,447 |
Total | $302,774,115 | $315,266,375 | $32,248 | $618,072,738 |
DWS Global Income Builder Fund | | | 35 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | ||||
Futures Contracts | $(2,236,955 ) | $— | $— | $(2,236,955 ) |
Total | $(2,236,955 ) | $— | $— | $(2,236,955 ) |
(a) | See Investment Portfolio for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
36 | | | DWS Global Income Builder Fund |
Assets | |
Investments in non-affiliated securities, at value (cost $544,125,806) — including $5,890,441 of securities loaned | $576,297,573 |
Investment in DWS Government & Agency Securities Portfolio (cost $6,077,062)* | 6,077,062 |
Investment in DWS Central Cash Management Government Fund (cost $32,992,949) | 32,992,949 |
Cash | 19,804 |
Foreign currency, at value (cost $323,552) | 317,363 |
Receivable for investments sold | 1,334,025 |
Receivable for Fund shares sold | 56,103 |
Dividends receivable | 1,061,821 |
Interest receivable | 2,046,573 |
Receivable for variation margin on futures contracts | 258,841 |
Unrealized appreciation on forward foreign currency contracts | 617,447 |
Foreign taxes recoverable | 661,546 |
Other assets | 48,829 |
Total assets | 621,789,936 |
Liabilities | |
Payable upon return of securities loaned | 6,077,062 |
Payable for investments purchased | 1,615,256 |
Payable for investments purchased — when-issued/delayed delivery securities | 26,523,151 |
Payable for Fund shares redeemed | 377,583 |
Accrued management fee | 178,253 |
Accrued Trustees' fees | 8,533 |
Other accrued expenses and payables | 503,586 |
Total liabilities | 35,283,424 |
Net assets, at value | $586,506,512 |
Net Assets Consist of | |
Distributable earnings (loss) | 13,556,801 |
Paid-in capital | 572,949,711 |
Net assets, at value | $586,506,512 |
DWS Global Income Builder Fund | | | 37 |
Net Asset Value | |
Class A | |
Net Asset Value and redemption price per share ($420,565,594 ÷ 47,568,558 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $8.84 |
Maximum offering price per share (100 ÷ 94.25 of $8.84) | $9.38 |
Class C | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($3,619,324 ÷ 409,418 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $8.84 |
Class R6 | |
Net Asset Value, offering and redemption price per share ($10,193,607 ÷ 1,155,089 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $8.82 |
Class S | |
Net Asset Value, offering and redemption price per share ($133,085,578 ÷ 15,055,593 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $8.84 |
Institutional Class | |
Net Asset Value, offering and redemption price per share ($19,042,409 ÷ 2,156,861 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $8.83 |
38 | | | DWS Global Income Builder Fund |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $395,845) | $6,344,569 |
Interest | 4,731,109 |
Income distributions — DWS Central Cash Management Government Fund | 248,714 |
Securities lending income, net of borrower rebates | 15,791 |
Total income | 11,340,183 |
Expenses: | |
Management fee | 1,073,292 |
Administration fee | 281,377 |
Services to shareholders | 435,553 |
Distribution and service fees | 492,036 |
Custodian fee | 26,120 |
Professional fees | 64,370 |
Reports to shareholders | 37,414 |
Registration fees | 47,128 |
Trustees' fees and expenses | 13,510 |
Other | 29,997 |
Total expenses | 2,500,797 |
Net investment income | 8,839,386 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | (1,444,949 ) |
Swap contracts | 1,414,034 |
Futures | (492,004 ) |
Forward foreign currency contracts | 1,418,026 |
Foreign currency | 91,316 |
986,423 | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | 41,727,840 |
Swap contracts | (1,367,909 ) |
Futures | 3,489,899 |
Forward foreign currency contracts | 607,004 |
Foreign currency | (1,036,892 ) |
43,419,942 | |
Net gain (loss) | 44,406,365 |
Net increase (decrease) in net assets resulting from operations | $53,245,751 |
DWS Global Income Builder Fund | | | 39 |
Six Months Ended April 30, 2023 | Year Ended October 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2022 |
Operations: | ||
Net investment income | $8,839,386 | $16,356,939 |
Net realized gain (loss) | 986,423 | (21,656,764 ) |
Change in net unrealized appreciation (depreciation) | 43,419,942 | (123,406,386 ) |
Net increase (decrease) in net assets resulting from operations | 53,245,751 | (128,706,211 ) |
Distributions to shareholders: | ||
Class A | (5,385,252 ) | (50,480,124 ) |
Class C | (34,319 ) | (551,768 ) |
Class R6 | (140,914 ) | (1,082,620 ) |
Class S | (1,833,076 ) | (16,837,697 ) |
Institutional Class | (271,535 ) | (2,459,495 ) |
Total distributions | (7,665,096 ) | (71,411,704 ) |
Fund share transactions: | ||
Proceeds from shares sold | 8,064,827 | 17,236,343 |
Reinvestment of distributions | 7,358,876 | 68,679,024 |
Payments for shares redeemed | (40,701,243 ) | (83,535,756 ) |
Net increase (decrease) in net assets from Fund share transactions | (25,277,540 ) | 2,379,611 |
Increase (decrease) in net assets | 20,303,115 | (197,738,304 ) |
Net assets at beginning of period | 566,203,397 | 763,941,701 |
Net assets at end of period | $586,506,512 | $566,203,397 |
40 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund — Class A | ||||||
Six Months Ended 4/30/23 | Years Ended October 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $8.17 | $11.01 | $9.26 | $9.55 | $8.97 | $10.06 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .13 | .23 | .23 | .22 | .28 | .28 |
Net realized and unrealized gain (loss) | .65 | (2.04 ) | 1.74 | (.23 ) | .73 | (.36 ) |
Total from investment operations | .78 | (1.81 ) | 1.97 | (.01 ) | 1.01 | (.08 ) |
Less distributions from: | ||||||
Net investment income | (.11 ) | (.23 ) | (.22 ) | (.28 ) | (.36 ) | (.34 ) |
Net realized gains | — | (.80 ) | — | — | (.07 ) | (.67 ) |
Total distributions | (.11 ) | (1.03 ) | (.22 ) | (.28 ) | (.43 ) | (1.01 ) |
Net asset value, end of period | $8.84 | $8.17 | $11.01 | $9.26 | $9.55 | $8.97 |
Total Return (%)b | 9.48 * | (17.80 ) | 21.39 | .07 | 11.57 | (1.11 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 421 | 404 | 543 | 487 | 538 | 534 |
Ratio of expenses (%) | .91 ** | .89 | .88 | .89 | .91 | .90 |
Ratio of net investment income (%) | 3.00 ** | 2.40 | 2.13 | 2.38 | 3.02 | 2.93 |
Portfolio turnover rate (%) | 54 * | 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. |
* | Not annualized |
** | Annualized |
DWS Global Income Builder Fund | | | 41 |
DWS Global Income Builder Fund — Class C | ||||||
Six Months Ended 4/30/23 | Years Ended October 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $8.17 | $11.01 | $9.25 | $9.55 | $8.96 | $10.05 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .09 | .15 | .14 | .15 | .21 | .21 |
Net realized and unrealized gain (loss) | .66 | (2.04 ) | 1.76 | (.24 ) | .73 | (.37 ) |
Total from investment operations | .75 | (1.89 ) | 1.90 | (.09 ) | .94 | (.16 ) |
Less distributions from: | ||||||
Net investment income | (.08 ) | (.15 ) | (.14 ) | (.21 ) | (.28 ) | (.26 ) |
Net realized gains | — | (.80 ) | — | — | (.07 ) | (.67 ) |
Total distributions | (.08 ) | (.95 ) | (.14 ) | (.21 ) | (.35 ) | (.93 ) |
Net asset value, end of period | $8.84 | $8.17 | $11.01 | $9.25 | $9.55 | $8.96 |
Total Return (%)b | 9.15 * | (18.58 ) | 20.54 | (.82 ) | 10.83 | (1.91 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 4 | 4 | 7 | 8 | 9 | 10 |
Ratio of expenses (%) | 1.76 ** | 1.72 | 1.70 | 1.69 | 1.68 | 1.65 |
Ratio of net investment income (%) | 2.13 ** | 1.54 | 1.32 | 1.58 | 2.26 | 2.18 |
Portfolio turnover rate (%) | 54 * | 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. |
* | Not annualized |
** | Annualized |
42 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund — Class R6 | ||||||
Six Months Ended 4/30/23 | Years Ended October 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $8.16 | $10.99 | $9.24 | $9.54 | $8.95 | $10.04 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .14 | .26 | .26 | .25 | .29 | .31 |
Net realized and unrealized gain (loss) | .65 | (2.03 ) | 1.75 | (.24 ) | .76 | (.36 ) |
Total from investment operations | .79 | (1.77 ) | 2.01 | .01 | 1.05 | (.05 ) |
Less distributions from: | ||||||
Net investment income | (.13 ) | (.26 ) | (.26 ) | (.31 ) | (.39 ) | (.37 ) |
Net realized gains | — | (.80 ) | — | — | (.07 ) | (.67 ) |
Total distributions | (.13 ) | (1.06 ) | (.26 ) | (.31 ) | (.46 ) | (1.04 ) |
Net asset value, end of period | $8.82 | $8.16 | $10.99 | $9.24 | $9.54 | $8.95 |
Total Return (%) | 9.68 * | (17.56 ) | 21.83 | .30 | 12.09 | (.78 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 10 | 9 | 11 | 7 | 7 | 1 |
Ratio of expenses (%) | .57 ** | .56 | .55 | .56 | .58 | .56 |
Ratio of net investment income (%) | 3.35 ** | 2.75 | 2.48 | 2.70 | 3.15 | 3.19 |
Portfolio turnover rate (%) | 54 * | 88 | 124 | 131 | 161 | 67 |
a | Based on average shares outstanding during the period. |
* | Not annualized |
** | Annualized |
DWS Global Income Builder Fund | | | 43 |
DWS Global Income Builder Fund — Class S | ||||||
Six Months Ended 4/30/23 | Years Ended October 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $8.17 | $11.01 | $9.25 | $9.55 | $8.97 | $10.06 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .14 | .24 | .25 | .24 | .29 | .30 |
Net realized and unrealized gain (loss) | .65 | (2.03 ) | 1.75 | (.24 ) | .74 | (.36 ) |
Total from investment operations | .79 | (1.79 ) | 2.00 | (.00 )* | 1.03 | (.06 ) |
Less distributions from: | ||||||
Net investment income | (.12 ) | (.25 ) | (.24 ) | (.30 ) | (.38 ) | (.36 ) |
Net realized gains | — | (.80 ) | — | — | (.07 ) | (.67 ) |
Total distributions | (.12 ) | (1.05 ) | (.24 ) | (.30 ) | (.45 ) | (1.03 ) |
Net asset value, end of period | $8.84 | $8.17 | $11.01 | $9.25 | $9.55 | $8.97 |
Total Return (%) | 9.72 ** | (17.74 ) | 21.76 | .17 | 11.81 | (.90 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 133 | 130 | 178 | 163 | 186 | 182 |
Ratio of expenses (%) | .73 *** | .71 | .69 | .69 | .71 | .69 |
Ratio of net investment income (%) | 3.18 *** | 2.59 | 2.32 | 2.58 | 3.21 | 3.15 |
Portfolio turnover rate (%) | 54 ** | 88 | 124 | 131 | 161 | 67 |
a | Based on average shares outstanding during the period. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
44 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund — Institutional Class | ||||||
Six Months Ended 4/30/23 | Years Ended October 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $8.16 | $11.00 | $9.24 | $9.54 | $8.95 | $10.05 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .14 | .25 | .25 | .24 | .30 | .30 |
Net realized and unrealized gain (loss) | .65 | (2.04 ) | 1.76 | (.24 ) | .74 | (.37 ) |
Total from investment operations | .79 | (1.79 ) | 2.01 | (.00 )* | 1.04 | (.07 ) |
Less distributions from: | ||||||
Net investment income | (.12 ) | (.25 ) | (.25 ) | (.30 ) | (.38 ) | (.36 ) |
Net realized gains | — | (.80 ) | — | — | (.07 ) | (.67 ) |
Total distributions | (.12 ) | (1.05 ) | (.25 ) | (.30 ) | (.45 ) | (1.03 ) |
Net asset value, end of period | $8.83 | $8.16 | $11.00 | $9.24 | $9.54 | $8.95 |
Total Return (%) | 9.75 ** | (17.72 ) | 21.84 | .20 | 11.97 | (.99 ) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 19 | 19 | 25 | 17 | 9 | 12 |
Ratio of expenses (%) | .68 *** | .66 | .65 | .66 | .68 | .66 |
Ratio of net investment income (%) | 3.23 *** | 2.64 | 2.37 | 2.59 | 3.32 | 3.18 |
Portfolio turnover rate (%) | 54 ** | 88 | 124 | 131 | 161 | 67 |
a | Based on average shares outstanding during the period. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
DWS Global Income Builder Fund | | | 45 |
46 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 47 |
48 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 49 |
50 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 51 |
52 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 53 |
54 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 55 |
Assets Derivative | Forward Contracts | Futures Contracts | Total |
Equity Contracts (a) | $— | $667,835 | $667,835 |
Interest Rate Contracts (a) | — | 1,419,872 | 1,419,872 |
Foreign Exchange Contracts (b) | 617,447 | — | 617,447 |
$617,447 | $2,087,707 | $2,705,154 | |
Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: |
(a) | Includes cumulative appreciation of futures 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 | Futures Contracts |
Equity Contracts (a) | $(1,827,952 ) |
Interest Rate Contracts (a) | (409,003 ) |
$(2,236,955 ) | |
The above derivative is located in the following Statement of Assets and Liabilities account: |
(a) | Includes cumulative depreciation of futures contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
56 | | | DWS Global Income Builder Fund |
Realized Gain (Loss) | Forward Contracts | Swap Contracts | Futures Contracts | Total |
Equity Contracts (a) | $— | $— | $476,020 | $476,020 |
Interest Rate Contracts (a) | — | 1,393,292 | (968,024 ) | 425,268 |
Credit Contracts (a) | — | 20,742 | — | 20,742 |
Foreign Exchange Contracts (a) | 1,418,026 | — | — | 1,418,026 |
$1,418,026 | $1,414,034 | $(492,004 ) | $2,340,056 | |
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) | $— | $— | $(994,195 ) | $(994,195 ) |
Interest Rate Contracts (a) | — | (1,367,909 ) | 4,484,094 | 3,116,185 |
Foreign Exchange Contracts (a) | 607,004 | — | — | 607,004 |
$607,004 | $(1,367,909 ) | $3,489,899 | $2,728,994 | |
Each of the above derivatives is located in the following Statement of Operations accounts: |
(a) | Change in net unrealized appreciation (depreciation) on forward foreign currency contracts, swap and futures contracts, respectively |
DWS Global Income Builder Fund | | | 57 |
Counterparty | Gross Amount of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received | Net Amount of Derivative Assets |
Bank of America | $617,447 | $— | $— | $617,447 |
Purchases | Sales | |
Non-U.S. Treasury Obligations | $290,352,488 | $290,965,540 |
U.S. Treasury Obligations | $18,551,461 | $41,509,408 |
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% |
58 | | | DWS Global Income Builder Fund |
Class A | 1.18% |
Class C | 1.93% |
Class R6 | .93% |
Class S | .93% |
Institutional Class | .93% |
Services to Shareholders | Total Aggregated | Unpaid at April 30, 2023 |
Class A | $141,633 | $47,600 |
Class C | 1,106 | 360 |
Class R6 | 512 | 176 |
Class S | 82,220 | 27,799 |
Institutional Class | 216 | 56 |
$225,687 | $75,991 |
DWS Global Income Builder Fund | | | 59 |
Sub-Recordkeeping | Total Aggregated |
Class A | $105,358 |
Class C | 3,015 |
Class S | 28,692 |
Institutional Class | 10,739 |
$147,804 |
Distribution Fee | Total Aggregated | Unpaid at April 30, 2023 |
Class C | $14,965 | $2,240 |
Service Fee | Total Aggregated | Unpaid at April 30, 2023 | Annualized Rate |
Class A | $472,267 | $179,123 | .23% |
Class C | 4,804 | 2,002 | .24% |
$477,071 | $181,125 |
60 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 61 |
Six Months Ended April 30, 2023 | Year Ended October 31, 2022 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 432,631 | $3,733,140 | 721,919 | $6,891,565 |
Class C | 5,389 | 46,861 | 30,370 | 287,911 |
Class R6 | 72,982 | 633,191 | 123,665 | 1,169,408 |
Class S | 211,698 | 1,818,996 | 268,316 | 2,592,690 |
Institutional Class | 213,450 | 1,832,639 | 657,931 | 6,294,769 |
$8,064,827 | $17,236,343 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 606,382 | $5,193,775 | 4,955,035 | $48,774,670 |
Class C | 3,997 | 34,279 | 55,418 | 551,003 |
Class R6 | 16,481 | 140,914 | 110,606 | 1,082,620 |
Class S | 200,962 | 1,721,287 | 1,610,717 | 15,836,495 |
Institutional Class | 31,418 | 268,621 | 248,063 | 2,434,236 |
$7,358,876 | $68,679,024 | |||
Shares redeemed | ||||
Class A | (2,853,624 ) | $(24,607,785 ) | (5,621,055 ) | $(52,935,044 ) |
Class C | (101,484 ) | (878,944 ) | (244,844 ) | (2,410,973 ) |
Class R6 | (33,082 ) | (287,403 ) | (122,498 ) | (1,118,623 ) |
Class S | (1,281,316 ) | (11,044,673 ) | (2,079,570 ) | (19,345,456 ) |
Institutional Class | (452,374 ) | (3,882,438 ) | (827,708 ) | (7,725,660 ) |
$(40,701,243 ) | $(83,535,756 ) |
62 | | | DWS Global Income Builder Fund |
Six Months Ended April 30, 2023 | Year Ended October 31, 2022 | |||
Shares | Dollars | Shares | Dollars | |
Net increase (decrease) | ||||
Class A | (1,814,611 ) | $(15,680,870 ) | 55,899 | $2,731,191 |
Class C | (92,098 ) | (797,804 ) | (159,056 ) | (1,572,059 ) |
Class R6 | 56,381 | 486,702 | 111,773 | 1,133,405 |
Class S | (868,656 ) | (7,504,390 ) | (200,537 ) | (916,271 ) |
Institutional Class | (207,506 ) | (1,781,178 ) | 78,286 | 1,003,345 |
$(25,277,540 ) | $2,379,611 |
DWS Global Income Builder Fund | | | 63 |
64 | | | DWS Global Income Builder Fund |
Actual Fund Return | Class A | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 11/1/22 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/23 | $1,094.80 | $1,091.50 | $1,096.80 | $1,097.20 | $1,097.50 |
Expenses Paid per $1,000* | $4.73 | $9.13 | $2.96 | $3.80 | $3.54 |
Hypothetical 5% Fund Return | Class A | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 11/1/22 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/23 | $1,020.28 | $1,016.07 | $1,021.97 | $1,021.17 | $1,021.42 |
Expenses Paid per $1,000* | $4.56 | $8.80 | $2.86 | $3.66 | $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 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class C | Class R6 | Class S | Institutional Class |
DWS Global Income Builder Fund | .91% | 1.76% | .57% | .73% | .68% |
DWS Global Income Builder Fund | | | 65 |
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70 | | | DWS Global Income Builder Fund |
For More Information | The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, C and S also have the ability to purchase, exchange or redeem shares using this system. |
For more information, contact your financial representative. You may also access our automated telephone system or speak with a Shareholder Service representative by calling: (800) 728-3337 | |
Web Site | dws.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. |
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | |
Written Correspondence | 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 the SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information. |
Principal Underwriter | If you have questions, comments or complaints, contact: DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148 |
DWS Global Income Builder Fund | | | 71 |
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 |
72 | | | DWS Global Income Builder Fund |
(b) Not applicable | ||
ITEM 2. | CODE OF ETHICS | |
Not applicable. | ||
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT | |
Not applicable | ||
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES | |
Not applicable | ||
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | SCHEDULE OF INVESTMENTS | |
Not applicable | ||
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
Not applicable | ||
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. | ||
ITEM 11. | CONTROLS AND PROCEDURES | |
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. | |
(b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. | |
ITEM 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. | |
Not applicable | ||
ITEM 13. | EXHIBITS | |
(a)(1) | Not applicable | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | DWS Global Income Builder Fund, a series of Deutsche DWS Market Trust |
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 6/29/2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 6/29/2023 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 6/29/2023 |