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: | 4/30/2024 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) | |
Contents
2 | | | DWS Global Income Builder Fund |
Class A | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/24 | ||||
Unadjusted for Sales Charge | 14.08% | 10.47% | 4.61% | 4.40% |
Adjusted for the Maximum Sales Charge (max 5.75% load) | 7.52% | 4.12% | 3.38% | 3.79% |
MSCI All Country World Index† | 19.77% | 17.46% | 9.44% | 8.19% |
Blended Index 60/40†† | 13.87% | 10.12% | 6.03% | 5.75% |
Bloomberg U.S. Universal Index††† | 5.44% | –0.34% | 0.18% | 1.51% |
Average Annual Total Returns as of 3/31/24 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | 15.12% | 5.77% | 4.92% | |
Adjusted for the Maximum Sales Charge (max 5.75% load) | 8.50% | 4.52% | 4.30% | |
MSCI All Country World Index† | 23.22% | 10.92% | 8.66% | |
Blended Index 60/40†† | 14.69% | 7.09% | 6.16% | |
Bloomberg U.S. Universal Index††† | 2.67% | 0.69% | 1.83% |
Class C | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/24 | ||||
Unadjusted for Sales Charge | 13.60% | 9.53% | 3.78% | 3.57% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 12.60% | 9.53% | 3.78% | 3.57% |
MSCI All Country World Index† | 19.77% | 17.46% | 9.44% | 8.19% |
Blended Index 60/40†† | 13.87% | 10.12% | 6.03% | 5.75% |
Bloomberg U.S. Universal Index††† | 5.44% | –0.34% | 0.18% | 1.51% |
Average Annual Total Returns as of 3/31/24 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | 14.25% | 4.95% | 4.10% | |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 14.25% | 4.95% | 4.10% | |
MSCI All Country World Index† | 23.22% | 10.92% | 8.66% | |
Blended Index 60/40†† | 14.69% | 7.09% | 6.16% | |
Bloomberg U.S. Universal Index††† | 2.67% | 0.69% | 1.83% |
DWS Global Income Builder Fund | | | 3 |
Class R6 | 6-Month‡ | 1-Year | 5-Year | Life of Class* |
Average Annual Total Returns as of 4/30/24 | ||||
No Sales Charges | 14.17% | 10.86% | 4.97% | 4.63% |
MSCI All Country World Index† | 19.77% | 17.46% | 9.44% | 8.00% |
Blended Index 60/40†† | 13.87% | 10.12% | 6.03% | 8.11% |
Bloomberg U.S. Universal Index††† | 5.44% | –0.34% | 0.18% | 1.37% |
Average Annual Total Returns as of 3/31/24 (most recent calendar quarter end) | ||||
No Sales Charges | 15.53% | 6.13% | 5.04% | |
MSCI All Country World Index† | 23.22% | 10.92% | 8.45% | |
Blended Index 60/40†† | 14.69% | 7.09% | 11.02% | |
Bloomberg U.S. Universal Index††† | 2.67% | 0.69% | 1.64% |
Class S | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/24 | ||||
No Sales Charges | 14.19% | 10.66% | 4.82% | 4.61% |
MSCI All Country World Index† | 19.77% | 17.46% | 9.44% | 8.19% |
Blended Index 60/40†† | 13.87% | 10.12% | 6.03% | 5.75% |
Bloomberg U.S. Universal Index††† | 5.44% | –0.34% | 0.18% | 1.51% |
Average Annual Total Returns as of 3/31/24 (most recent calendar quarter end) | ||||
No Sales Charges | 15.32% | 6.00% | 5.13% | |
MSCI All Country World Index† | 23.22% | 10.92% | 8.66% | |
Blended Index 60/40†† | 14.69% | 7.09% | 6.16% | |
Bloomberg U.S. Universal Index††† | 2.67% | 0.69% | 1.83% |
Institutional Class | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 4/30/24 | ||||
No Sales Charges | 14.23% | 10.73% | 4.89% | 4.66% |
MSCI All Country World Index† | 19.77% | 17.46% | 9.44% | 8.19% |
Blended Index 60/40†† | 13.87% | 10.12% | 6.03% | 5.75% |
Bloomberg U.S. Universal Index††† | 5.44% | –0.34% | 0.18% | 1.51% |
Average Annual Total Returns as of 3/31/24 (most recent calendar quarter end) | ||||
No Sales Charges | 15.40% | 6.04% | 5.18% | |
MSCI All Country World Index† | 23.22% | 10.92% | 8.66% | |
Blended Index 60/40†† | 14.69% | 7.09% | 6.16% | |
Bloomberg U.S. Universal Index††† | 2.67% | 0.69% | 1.83% |
4 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 5 |
* | Class R6 shares commenced operations on August 25, 2014. The performance shown for the Blended Index 60/40 is for the time period of August 31, 2014 through April 30, 2024, 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 an equally weighted blend of 60% MSCI All Country World Index and 40% Bloomberg U.S. Universal Index. |
††† | Bloomberg U.S. Universal Index measures the performance of U.S. dollar-denominated taxable bonds that are rated either investment grade or high yield. The index includes U.S. Treasury bonds, investment-grade and high yield U.S. corporate bonds, mortgage-backed securities, and Eurodollar bonds. The Advisor believes the additional Blended Index 60/40 and Bloomberg U.S. Universal Index, collectively, reflect the Fund’s asset allocations and generally represent the Fund’s overall investment process. |
‡ | Total returns shown for periods less than one year are not annualized. |
Class A | Class C | Class R6 | Class S | Institutional Class | |
Net Asset Value | |||||
4/30/24 | $9.46 | $9.46 | $9.44 | $9.46 | $9.45 |
10/31/23 | $8.42 | $8.42 | $8.41 | $8.42 | $8.41 |
Distribution Information as of 4/30/24 | |||||
Income Dividends, Six Months | $.15 | $.11 | $.16 | $.16 | $.16 |
6 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 7 |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 4/30/24 | 10/31/23 |
Fixed Income | 70% | 53% |
Government & Agency Obligations | 28% | 11% |
Corporate Bonds | 22% | 21% |
Mortgage-Backed Securities Pass-Throughs | 7% | 11% |
Collateralized Mortgage Obligations | 6% | 4% |
Asset-Backed | 5% | 4% |
Commercial Mortgage-Backed Securities | 2% | 2% |
Loan Participations and Assignments | 0% | 0% |
Equity | 25% | 42% |
Common Stocks | 19% | 36% |
Exchange-Traded Funds | 3% | 3% |
Preferred Stocks | 3% | 3% |
Warrants | 0% | 0% |
Rights | 0% | 0% |
Cash Equivalents | 5% | 5% |
Cash Equivalents | 5% | 5% |
100% | 100% |
Sector Diversification (As a % of Common Stocks, Preferred Stocks, Rights, Warrants, Corporate Bonds and Loan Participations and Assignments) | 4/30/24 | 10/31/23 |
Financials | 28% | 25% |
Information Technology | 11% | 15% |
Industrials | 10% | 10% |
Communication Services | 9% | 8% |
Consumer Discretionary | 8% | 8% |
Utilities | 7% | 6% |
Health Care | 7% | 9% |
Energy | 7% | 7% |
Materials | 5% | 4% |
Consumer Staples | 5% | 6% |
Real Estate | 3% | 2% |
100% | 100% |
Geographical Diversification (As a % of Investment Portfolio excluding Exchange-Traded Funds, Securities Lending Collateral and Cash Equivalents) | 4/30/24 | 10/31/23 |
United States | 84% | 79% |
Cayman Islands | 3% | 1% |
Japan | 2% | 3% |
Canada | 1% | 2% |
France | 1% | 2% |
Switzerland | 1% | 2% |
Other | 8% | 11% |
100% | 100% |
8 | | | DWS Global Income Builder Fund |
Five Largest Equity Holdings at April 30, 2024 (6.1% of Net Assets) | Percent |
1Merck & Co., Inc. | 1.5% |
Developer of medicines, vaccines, biologic therapies and animal health products | |
2Fifth Third Bancorp. | 1.4% |
Provider of retail and commercial banking services | |
3Northrop Grumman Corp. | 1.2% |
Provides products, services, and solutions in defense and commercial electronics | |
4Kimco Realty Corp. | 1.2% |
Operates as a real estate developer | |
5NVIDIA Corp. | 0.8% |
Designs, develops and markets three dimensional (3D) graphic processors |
Five Largest Fixed-Income Long-Term Securities at April 30, 2024 (29.4% of Net Assets) | Percent |
1U.S. Treasury Note | 13.9% |
4.25%, 1/31/2026 | |
2U.S. Treasury Floating Rate Notes | 5.7% |
5.451%, 7/31/2025 | |
3U.S. Treasury Inflation-Indexed Notes | 4.1% |
0.125%, 4/15/2026 | |
4Federal National Mortgage Association | 3.2% |
7.00%, 11/25/2053 | |
5U.S. Treasury Bills | 2.5% |
5.121%, 9/5/2024 |
DWS Global Income Builder Fund | | | 9 |
Shares | Value ($) | ||
Common Stocks 20.4% | |||
Communication Services 2.0% | |||
Entertainment 0.3% | |||
Netflix, Inc.* | 3,100 | 1,706,984 | |
Nintendo Co., Ltd. | 6,800 | 331,593 | |
2,038,577 | |||
Interactive Media & Services 1.1% | |||
Alphabet, Inc. “A” * | 10,500 | 1,709,190 | |
Alphabet, Inc. “C” * | 9,200 | 1,514,688 | |
Meta Platforms, Inc. “A” | 7,000 | 3,011,190 | |
6,235,068 | |||
Wireless Telecommunication Services 0.6% | |||
SoftBank Corp. | 266,800 | 3,227,772 | |
Consumer Discretionary 2.3% | |||
Automobiles 1.0% | |||
Ford Motor Co. | 52,200 | 634,230 | |
Mahindra & Mahindra Ltd. (GDR) REG S | 9,555 | 249,386 | |
Stellantis NV | 143,524 | 3,175,367 | |
Toyota Motor Corp. | 83,500 | 1,917,823 | |
5,976,806 | |||
Broadline Retail 0.9% | |||
Amazon.com, Inc.* | 20,300 | 3,552,500 | |
Prosus NV | 45,253 | 1,521,580 | |
5,074,080 | |||
Household Durables 0.3% | |||
D.R. Horton, Inc. | 12,500 | 1,781,125 | |
Textiles, Apparel & Luxury Goods 0.1% | |||
Deckers Outdoor Corp.* | 900 | 736,623 | |
Consumer Staples 0.9% | |||
Beverages 0.0% | |||
Fomento Economico Mexicano SAB de CV (ADR) | 2,600 | 305,916 | |
Consumer Staples Distribution & Retail 0.3% | |||
Coles Group Ltd. | 118,368 | 1,238,678 | |
Loblaw Companies, Ltd. | 4,300 | 471,527 | |
1,710,205 |
10 | | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
Food Products 0.6% | |||
Lamb Weston Holdings, Inc. | 33,300 | 2,775,222 | |
Tyson Foods, Inc. “A” | 9,200 | 557,980 | |
3,333,202 | |||
Energy 0.5% | |||
Energy Equipment & Services 0.0% | |||
Halliburton Co. | 6,500 | 243,555 | |
Oil, Gas & Consumable Fuels 0.5% | |||
ONEOK, Inc. | 35,520 | 2,810,342 | |
Pembina Pipeline Corp. | 3,200 | 112,598 | |
2,922,940 | |||
Financials 3.8% | |||
Banks 1.5% | |||
Banco Bilbao Vizcaya Argentaria SA | 19,303 | 207,782 | |
Bank Leumi Le-Israel BM | 25,711 | 199,536 | |
CaixaBank SA | 92,677 | 488,696 | |
Erste Group Bank AG | 1,500 | 69,933 | |
Fifth Third Bancorp. | 182,025 | 6,636,632 | |
ICICI Bank Ltd. (ADR) | 3,800 | 104,614 | |
Itau Unibanco Holding SA (ADR) (Preferred) | 95,200 | 575,960 | |
KBC Group NV | 3,660 | 272,664 | |
Oversea-Chinese Banking Corp., Ltd. | 39,500 | 410,388 | |
8,966,205 | |||
Capital Markets 0.0% | |||
T. Rowe Price Group, Inc. | 2,000 | 219,140 | |
Consumer Finance 0.5% | |||
American Express Co. | 11,100 | 2,597,733 | |
Financial Services 0.0% | |||
Adyen NV 144A* | 49 | 58,867 | |
Insurance 1.8% | |||
AXA SA | 22,123 | 763,359 | |
Fairfax Financial Holdings Ltd. | 1,600 | 1,739,539 | |
Manulife Financial Corp. | 26,882 | 627,016 | |
Power Corp. of Canada | 17,400 | 463,612 | |
Progressive Corp. | 17,000 | 3,540,250 | |
Sompo Holdings, Inc. | 9,600 | 188,361 | |
Travelers Companies, Inc. | 8,600 | 1,824,576 | |
Zurich Insurance Group AG | 2,532 | 1,225,347 | |
10,372,060 |
DWS Global Income Builder Fund | | | 11 |
Shares | Value ($) | ||
Health Care 1.9% | |||
Health Care Equipment & Supplies 0.0% | |||
ResMed, Inc. | 400 | 85,596 | |
Pharmaceuticals 1.9% | |||
Eli Lilly & Co. | 1,100 | 859,210 | |
Merck & Co., Inc. | 66,600 | 8,606,052 | |
Novo Nordisk AS “B” | 8,431 | 1,081,982 | |
Otsuka Holdings Co., Ltd. | 18,600 | 795,846 | |
11,343,090 | |||
Industrials 2.3% | |||
Aerospace & Defense 1.2% | |||
Northrop Grumman Corp. | 14,200 | 6,887,426 | |
Rolls-Royce Holdings PLC* | 74,168 | 380,979 | |
7,268,405 | |||
Building Products 0.1% | |||
Carlisle Companies, Inc. | 1,200 | 465,900 | |
Kingspan Group PLC | 1,055 | 93,677 | |
559,577 | |||
Machinery 0.9% | |||
Daimler Truck Holding AG | 48,117 | 2,169,878 | |
Kone Oyj “B” | 6,068 | 296,281 | |
VAT Group AG 144A | 2,711 | 1,351,112 | |
Volvo AB “B” | 55,983 | 1,434,123 | |
5,251,394 | |||
Professional Services 0.1% | |||
Recruit Holdings Co., Ltd. | 9,700 | 419,762 | |
Transportation Infrastructure 0.0% | |||
Aena SME SA 144A | 560 | 102,205 | |
Information Technology 4.4% | |||
Communications Equipment 0.2% | |||
Arista Networks, Inc.* | 4,300 | 1,103,208 | |
IT Services 0.3% | |||
Infosys Ltd. (ADR) | 106,400 | 1,777,944 | |
Semiconductors & Semiconductor Equipment 2.8% | |||
ASE Technology Holding Co., Ltd. (ADR) (a) | 206,600 | 2,074,264 | |
Broadcom, Inc. | 3,635 | 4,726,481 | |
NVIDIA Corp. | 5,700 | 4,924,914 |
12 | | | DWS Global Income Builder Fund |
Shares | Value ($) | ||
QUALCOMM, Inc. | 20,900 | 3,466,265 | |
Tokyo Electron Ltd. | 6,300 | 1,380,206 | |
16,572,130 | |||
Software 0.8% | |||
Microsoft Corp. | 12,400 | 4,827,692 | |
Technology Hardware, Storage & Peripherals 0.3% | |||
Samsung Electronics Co., Ltd. (GDR) REG S | 1,086 | 1,530,174 | |
Super Micro Computer, Inc.* | 203 | 174,337 | |
1,704,511 | |||
Materials 1.3% | |||
Construction Materials 0.1% | |||
CRH PLC | 7,640 | 589,548 | |
Metals & Mining 1.2% | |||
ArcelorMittal SA | 100,667 | 2,524,383 | |
Gold Fields Ltd. (ADR) | 22,100 | 357,357 | |
Rio Tinto Ltd. | 10,574 | 885,581 | |
Rio Tinto PLC | 51,242 | 3,485,963 | |
7,253,284 | |||
Real Estate 0.9% | |||
Retail REITs 0.9% | |||
Kimco Realty Corp. | 270,400 | 5,037,552 | |
Utilities 0.1% | |||
Electric Utilities 0.1% | |||
Constellation Energy Corp. | 1,900 | 353,286 | |
Multi-Utilities 0.0% | |||
E.ON SE | 16,874 | 223,675 | |
Total Common Stocks (Cost $118,962,954) | 120,272,733 | ||
Preferred Stocks 3.0% | |||
Communication Services 0.4% | |||
AT&T, Inc., 5.35% | 100,000 | 2,243,000 | |
Financials 2.2% | |||
AGNC Investment Corp., Series C, 7.0% | 64,439 | 1,643,839 | |
Charles Schwab Corp., Series D, 5.95% | 75,000 | 1,867,500 | |
Fifth Third Bancorp., Series I, 9.302% | 75,000 | 1,905,750 | |
KeyCorp., Series E, 6.125% | 75,000 | 1,729,500 | |
Morgan Stanley, Series K, 5.85% | 75,000 | 1,797,000 |
DWS Global Income Builder Fund | | | 13 |
Shares | Value ($) | ||
Regions Financial Corp., Series B, 6.375% | 80,000 | 1,988,800 | |
Wells Fargo & Co., Series A, 5.625% | 75,000 | 1,746,750 | |
12,679,139 | |||
Real Estate 0.4% | |||
Kimco Realty Corp., Series L, 5.125% | 75,000 | 1,625,250 | |
Prologis, Inc., Series Q, 8.54% | 236 | 12,744 | |
Simon Property Group, Inc., Series A, 8.375% | 17,000 | 957,270 | |
2,595,264 | |||
Total Preferred Stocks (Cost $20,081,297) | 17,517,403 | ||
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 $90,209) | 506 | 23,403 |
Principal Amount ($) (c) | Value ($) | ||
Corporate Bonds 23.6% | |||
Communication Services 1.8% | |||
AT&T, Inc.: | |||
2.25%, 2/1/2032 | 368,000 | 290,647 | |
3.65%, 6/1/2051 | 560,000 | 385,611 | |
5.4%, 2/15/2034 | 500,000 | 488,522 | |
CCO Holdings LLC, 144A, 5.125%, 5/1/2027 | 1,725,000 | 1,616,622 | |
Charter Communications Operating LLC, 3.5%, 3/1/2042 | 279,000 | 176,479 | |
Comcast Corp., 5.5%, 5/15/2064 | 400,000 | 372,627 | |
Discovery Communications LLC, 4.0%, 9/15/2055 | 200,000 | 125,437 | |
Meituan, 144A, 2.125%, 10/28/2025 | 505,000 | 477,777 | |
Paramount Global: | |||
4.6%, 1/15/2045 | 320,000 | 214,414 | |
4.95%, 1/15/2031 (a) | 1,250,000 | 1,101,491 | |
Rogers Communications, Inc., 3.8%, 3/15/2032 | 500,000 | 436,230 | |
Tencent Holdings Ltd., REG S, 2.39%, 6/3/2030 | 1,700,000 | 1,427,905 | |
T-Mobile U.S.A., Inc.: | |||
3.3%, 2/15/2051 | 700,000 | 459,483 |
14 | | | DWS Global Income Builder Fund |
Principal Amount ($) (c) | Value ($) | ||
3.6%, 11/15/2060 | 145,000 | 94,973 | |
4.375%, 4/15/2040 | 335,000 | 285,394 | |
5.15%, 4/15/2034 | 600,000 | 577,702 | |
Verizon Communications, Inc.: | |||
2.65%, 11/20/2040 | 225,000 | 150,337 | |
3.7%, 3/22/2061 | 300,000 | 204,656 | |
Warnermedia Holdings, Inc.: | |||
4.279%, 3/15/2032 | 1,300,000 | 1,119,803 | |
5.05%, 3/15/2042 | 320,000 | 256,164 | |
5.141%, 3/15/2052 | 575,000 | 440,401 | |
10,702,675 | |||
Consumer Discretionary 1.4% | |||
Ford Motor Credit Co. LLC: | |||
2.9%, 2/16/2028 | 686,000 | 610,262 | |
3.375%, 11/13/2025 | 750,000 | 720,010 | |
3.625%, 6/17/2031 | 410,000 | 346,251 | |
4.125%, 8/17/2027 | 635,000 | 596,416 | |
6.798%, 11/7/2028 | 350,000 | 357,839 | |
General Motors Financial Co., Inc.: | |||
2.35%, 1/8/2031 | 500,000 | 401,858 | |
5.55%, 7/15/2029 | 2,555,000 | 2,514,571 | |
5.95%, 4/4/2034 | 740,000 | 723,804 | |
Lowe’s Companies, Inc., 5.625%, 4/15/2053 | 300,000 | 286,167 | |
Melco Resorts Finance Ltd., 144A, 4.875%, 6/6/2025 | 1,745,000 | 1,699,171 | |
8,256,349 | |||
Consumer Staples 1.3% | |||
Anheuser-Busch Companies LLC, 4.9%, 2/1/2046 | 495,000 | 445,445 | |
Anheuser-Busch InBev Worldwide, Inc., 4.35%, 6/1/2040 | 270,000 | 233,017 | |
Campbell Soup Co., 5.4%, 3/21/2034 | 906,000 | 883,853 | |
Estee Lauder Companies, Inc., 5.0%, 2/14/2034 | 1,175,000 | 1,127,944 | |
JBS USA Holding Lux SARL: | |||
2.5%, 1/15/2027 | 1,470,000 | 1,347,060 | |
3.625%, 1/15/2032 | 470,000 | 391,425 | |
144A, 6.75%, 3/15/2034 | 410,000 | 418,294 | |
Philip Morris International, Inc.: | |||
5.125%, 2/15/2030 | 850,000 | 835,561 | |
5.625%, 11/17/2029 | 340,000 | 342,872 | |
5.75%, 11/17/2032 | 260,000 | 261,764 | |
The J M Smucker Co.: | |||
6.5%, 11/15/2043 | 460,000 | 479,222 |
DWS Global Income Builder Fund | | | 15 |
Principal Amount ($) (c) | Value ($) | ||
6.5%, 11/15/2053 | 270,000 | 283,788 | |
Viterra Finance BV, 144A, 5.25%, 4/21/2032 | 700,000 | 669,021 | |
7,719,266 | |||
Energy 2.8% | |||
BP Capital Markets PLC, 4.375%, Perpetual | 259,000 | 253,202 | |
Cheniere Energy Partners LP, 4.0%, 3/1/2031 | 1,250,000 | 1,115,322 | |
Cheniere Energy, Inc.: | |||
4.625%, 10/15/2028 | 1,765,000 | 1,687,176 | |
144A, 5.65%, 4/15/2034 | 560,000 | 548,059 | |
Columbia Pipelines Holding Co. LLC, 144A, 5.681%, 1/15/2034 | 550,000 | 528,939 | |
Columbia Pipelines Operating Co. LLC, 144A, 5.927%, 8/15/2030 | 430,000 | 430,735 | |
Ecopetrol SA: | |||
6.875%, 4/29/2030 | 1,700,000 | 1,621,756 | |
8.375%, 1/19/2036 | 1,250,000 | 1,215,183 | |
Energy Transfer LP: | |||
5.0%, 5/15/2050 | 1,159,000 | 960,700 | |
5.95%, 5/15/2054 | 210,000 | 197,919 | |
144A, 7.375%, 2/1/2031 | 500,000 | 515,606 | |
EnLink Midstream LLC, 144A, 6.5%, 9/1/2030 | 1,550,000 | 1,569,457 | |
EQT Corp., 5.75%, 2/1/2034 | 1,160,000 | 1,126,409 | |
Occidental Petroleum Corp., 8.875%, 7/15/2030 | 1,700,000 | 1,943,661 | |
Targa Resources Corp., 6.5%, 2/15/2053 | 450,000 | 460,578 | |
Targa Resources Partners LP, 5.0%, 1/15/2028 | 1,000,000 | 967,100 | |
TransCanada PipeLines Ltd., 2.5%, 10/12/2031 | 475,000 | 384,586 | |
Williams Companies, Inc.: | |||
4.65%, 8/15/2032 | 670,000 | 626,223 | |
5.65%, 3/15/2033 | 520,000 | 515,842 | |
16,668,453 | |||
Financials 7.3% | |||
AerCap Ireland Capital DAC, 1.75%, 1/30/2026 | 388,000 | 361,502 | |
Aircastle Ltd.: | |||
Series A, 144A, 5.25%, Perpetual | 690,000 | 651,932 | |
144A, 6.5%, 7/18/2028 | 530,000 | 533,783 | |
Ally Financial, Inc., Series B, 4.7%, Perpetual | 3,000,000 | 2,546,763 | |
Banco Santander SA, 5.538%, 3/14/2030 | 1,200,000 | 1,176,141 | |
Bank of America Corp.: | |||
2.972%, 2/4/2033 | 760,000 | 627,424 | |
Series RR, 4.375%, Perpetual (a) | 4,000,000 | 3,668,468 | |
Bank of New York Mellon Corp., Series I, 3.75%, Perpetual | 2,051,000 | 1,843,041 |
16 | | | DWS Global Income Builder Fund |
Principal Amount ($) (c) | Value ($) | ||
Barclays PLC, 5.69%, 3/12/2030 | 590,000 | 582,186 | |
Blackstone Private Credit Fund, 144A, 6.25%, 1/25/2031 (a) | 260,000 | 255,854 | |
BNP Paribas SA, 144A, 8.5%, Perpetual | 1,020,000 | 1,054,543 | |
Capital One Financial Corp.: | |||
Series M, 3.95%, Perpetual (a) | 1,520,000 | 1,309,757 | |
6.051%, 2/1/2035 | 370,000 | 363,924 | |
7.149%, 10/29/2027 | 850,000 | 874,721 | |
Charles Schwab Corp.: | |||
Series I, 4.0%, Perpetual | 1,000,000 | 921,368 | |
5.853%, 5/19/2034 | 950,000 | 945,932 | |
Citigroup, Inc.: | |||
3.057%, 1/25/2033 | 400,000 | 330,815 | |
Series Y, 4.15%, Perpetual (a) | 1,600,000 | 1,468,782 | |
Corebridge Financial, Inc., 5.75%, 1/15/2034 | 700,000 | 687,643 | |
HSBC Holdings PLC: | |||
5.546%, 3/4/2030 | 1,200,000 | 1,183,559 | |
7.39%, 11/3/2028 | 566,000 | 593,358 | |
Huntington Bancshares, Inc., 6.208%, 8/21/2029 | 625,000 | 627,648 | |
Jefferies Financial Group, Inc., 6.2%, 4/14/2034 | 470,000 | 464,632 | |
JPMorgan Chase & Co.: | |||
5.766%, 4/22/2035 | 950,000 | 950,635 | |
6.875%, Perpetual | 2,000,000 | 2,049,425 | |
KKR Group Finance Co., XII LLC, 144A, 4.85%, 5/17/2032 | 760,000 | 716,258 | |
Lloyds Banking Group PLC, 5.462%, 1/5/2028 | 400,000 | 396,502 | |
MDGH GMTN RSC Ltd., REG S, 3.7%, 11/7/2049 | 245,000 | 174,046 | |
Morgan Stanley, 5.466%, 1/18/2035 | 800,000 | 778,301 | |
Nippon Life Insurance Co., 144A, 2.75%, 1/21/2051 | 700,000 | 570,303 | |
PNC Financial Services Group, Inc.: | |||
5.676%, 1/22/2035 | 720,000 | 705,402 | |
Series W, 6.25%, Perpetual | 1,385,000 | 1,302,041 | |
Societe Generale SA: | |||
144A, 5.375%, Perpetual | 1,650,000 | 1,334,603 | |
144A, 6.221%, 6/15/2033 | 1,275,000 | 1,245,372 | |
144A, 9.375%, Perpetual | 660,000 | 671,757 | |
State Street Corp., Series I, 6.7%, Perpetual | 560,000 | 560,471 | |
Sumitomo Mitsui Financial Group, Inc., 6.6%, Perpetual | 350,000 | 336,576 | |
Synchrony Bank: | |||
5.4%, 8/22/2025 | 420,000 | 414,678 | |
5.625%, 8/23/2027 | 250,000 | 244,777 | |
The Goldman Sachs Group, Inc.: | |||
2.615%, 4/22/2032 | 930,000 | 761,428 | |
Series T, 3.8%, Perpetual (a) | 1,050,000 | 984,440 |
DWS Global Income Builder Fund | | | 17 |
Principal Amount ($) (c) | Value ($) | ||
Series W, 7.5%, Perpetual (a) | 1,200,000 | 1,241,849 | |
Truist Financial Corp.: | |||
Series N, 4.8%, Perpetual | 2,000,000 | 1,935,039 | |
5.711%, 1/24/2035 | 510,000 | 494,948 | |
U.S. Bancorp, 5.678%, 1/23/2035 | 1,010,000 | 986,679 | |
UBS Group AG: | |||
144A, 4.375%, Perpetual | 743,000 | 593,397 | |
144A, 9.25%, Perpetual | 340,000 | 362,858 | |
42,885,561 | |||
Health Care 1.5% | |||
Amgen, Inc.: | |||
5.25%, 3/2/2033 | 460,000 | 449,961 | |
5.65%, 3/2/2053 | 410,000 | 393,469 | |
Bayer U.S. Finance LLC, 144A, 6.125%, 11/21/2026 | 600,000 | 600,944 | |
Charles River Laboratories International, Inc., 144A, 3.75%, 3/15/2029 | 1,750,000 | 1,572,005 | |
CVS Health Corp., 5.05%, 3/25/2048 | 1,000,000 | 852,996 | |
HCA, Inc., 5.5%, 6/15/2047 | 280,000 | 251,714 | |
Humana, Inc., 5.875%, 3/1/2033 | 200,000 | 199,835 | |
ICON Investments Six DAC, 6.0%, 5/8/2034 (d) | 590,000 | 589,386 | |
Quest Diagnostics, Inc., 6.4%, 11/30/2033 | 490,000 | 513,178 | |
Solventum Corp., 144A, 5.6%, 3/23/2034 | 1,200,000 | 1,157,355 | |
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/1/2026 | 2,700,000 | 2,501,331 | |
9,082,174 | |||
Industrials 2.2% | |||
AGCO Corp., 5.8%, 3/21/2034 | 580,000 | 567,499 | |
American Airlines, Inc., 144A, 5.5%, 4/20/2026 | 413,333 | 408,538 | |
Block, Inc., 2.75%, 6/1/2026 | 200,000 | 187,912 | |
Boeing Co.: | |||
5.805%, 5/1/2050 | 635,000 | 561,926 | |
144A, 6.259%, 5/1/2027 (d) | 770,000 | 772,438 | |
144A, 6.858%, 5/1/2054 | 1,200,000 | 1,203,252 | |
Carrier Global Corp.: | |||
5.9%, 3/15/2034 | 350,000 | 357,589 | |
6.2%, 3/15/2054 | 110,000 | 114,676 | |
Delta Air Lines, Inc.: | |||
3.75%, 10/28/2029 | 865,000 | 779,412 | |
144A, 7.0%, 5/1/2025 | 2,300,000 | 2,317,125 | |
Empresa de los Ferrocarriles del Estado, 144A, 3.068%, 8/18/2050 | 239,000 | 138,896 | |
Howmet Aerospace, Inc., 5.95%, 2/1/2037 | 1,490,000 | 1,489,472 |
18 | | | DWS Global Income Builder Fund |
Principal Amount ($) (c) | Value ($) | ||
Mileage Plus Holdings LLC, 144A, 6.5%, 6/20/2027 | 2,015,000 | 2,018,403 | |
RTX Corp., 6.1%, 3/15/2034 | 735,000 | 759,777 | |
TransDigm, Inc., 144A, 6.375%, 3/1/2029 | 620,000 | 615,265 | |
United Rentals North America, Inc., 144A, 6.0%, 12/15/2029 | 620,000 | 613,771 | |
12,905,951 | |||
Information Technology 0.7% | |||
Broadcom, Inc., 144A, 2.6%, 2/15/2033 | 350,000 | 275,885 | |
Global Payments, Inc., 5.95%, 8/15/2052 | 200,000 | 191,145 | |
Hewlett Packard Enterprise Co., 5.9%, 10/1/2024 | 1,700,000 | 1,700,490 | |
Micron Technology, Inc., 6.75%, 11/1/2029 | 1,200,000 | 1,261,077 | |
Oracle Corp.: | |||
3.65%, 3/25/2041 | 675,000 | 502,988 | |
5.55%, 2/6/2053 | 270,000 | 248,143 | |
4,179,728 | |||
Materials 1.0% | |||
Celanese U.S. Holdings LLC: | |||
6.165%, 7/15/2027 | 550,000 | 553,228 | |
6.35%, 11/15/2028 | 270,000 | 274,221 | |
Corp. Nacional del Cobre de Chile, 144A, 5.95%, 1/8/2034 | 620,000 | 601,050 | |
Dow Chemical Co.: | |||
5.15%, 2/15/2034 | 890,000 | 855,904 | |
5.6%, 2/15/2054 | 865,000 | 818,386 | |
MEGlobal Canada ULC, 144A, 5.0%, 5/18/2025 | 1,511,000 | 1,488,622 | |
Olin Corp., 5.0%, 2/1/2030 | 1,050,000 | 979,975 | |
5,571,386 | |||
Real Estate 0.1% | |||
Kimco Realty OP LLC, 6.4%, 3/1/2034 | 360,000 | 372,491 | |
Utilities 3.5% | |||
CMS Energy Corp., 3.75%, 12/1/2050 | 2,600,000 | 2,106,586 | |
Constellation Energy Generation LLC, 5.75%, 3/15/2054 | 690,000 | 649,249 | |
Duke Energy Corp., 3.25%, 1/15/2082 | 1,350,000 | 1,179,326 | |
Entergy Louisiana LLC, 5.7%, 3/15/2054 | 820,000 | 791,059 | |
Eskom Holdings SOC Ltd., REG S, 6.35%, 8/10/2028 | 1,425,000 | 1,344,901 | |
Eversource Energy, 5.5%, 1/1/2034 | 1,210,000 | 1,164,703 | |
Jersey Central Power & Light Co., 144A, 2.75%, 3/1/2032 | 460,000 | 373,612 | |
Nevada Power Co., 6.0%, 3/15/2054 | 510,000 | 508,666 | |
NextEra Energy Operating Partners LP, 144A, 3.875%, 10/15/2026 | 1,035,000 | 968,248 | |
NRG Energy, Inc., 144A, 2.45%, 12/2/2027 | 1,370,000 | 1,222,074 |
DWS Global Income Builder Fund | | | 19 |
Principal Amount ($) (c) | Value ($) | ||
Ohio Edison Co., 144A, 5.5%, 1/15/2033 | 390,000 | 378,428 | |
Pacific Gas and Electric Co.: | |||
3.3%, 8/1/2040 | 370,000 | 257,842 | |
5.45%, 6/15/2027 | 550,000 | 546,497 | |
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 144A, 2.875%, 10/25/2025 | EUR | 1,505,000 | 1,573,853 |
RWE Finance U.S. LLC, 144A, 5.875%, 4/16/2034 | 1,600,000 | 1,569,603 | |
Sempra: | |||
4.125%, 4/1/2052 | 1,880,000 | 1,700,024 | |
5.5%, 8/1/2033 | 390,000 | 378,824 | |
Sierra Pacific Power Co., 144A, 5.9%, 3/15/2054 | 290,000 | 284,162 | |
Southern Co.: | |||
Series 21-A, 3.75%, 9/15/2051 | 1,241,000 | 1,137,392 | |
5.2%, 6/15/2033 | 460,000 | 443,156 | |
Vistra Operations Co. LLC, 144A, 6.95%, 10/15/2033 | 1,000,000 | 1,042,011 | |
Xcel Energy, Inc., 4.6%, 6/1/2032 | 780,000 | 715,685 | |
20,335,901 | |||
Total Corporate Bonds (Cost $146,480,858) | 138,679,935 | ||
Asset-Backed 5.8% | |||
Automobile Receivables 0.7% | |||
Bayview Opportunity Master Fund VII LLC, “B” , Series 2024-CAR1, 144A, 30-day average SOFR + 1.3%, 6.63% (e), 12/26/2031 | 241,413 | 242,167 | |
CPS Auto Receivables Trust, “C” , Series 2023-C, 144A, 6.27%, 10/15/2029 | 400,000 | 400,064 | |
Foursight Capital Automobile Receivables Trust, “C” , Series 2023-2, 144A, 6.21%, 4/16/2029 | 1,500,000 | 1,496,060 | |
Hertz Vehicle Financing III LLC, “C” , Series 2023-1A, 144A, 6.91%, 6/25/2027 | 1,720,000 | 1,712,805 | |
JPMorgan Chase Bank NA, “E” , Series 2021-1, 144A, 2.365%, 9/25/2028 | 107,740 | 107,042 | |
Santander Drive Auto Receivables Trust, “C” , Series 2023-3, 5.77%, 11/15/2030 | 400,000 | 399,368 | |
4,357,506 | |||
Credit Card Receivables 0.1% | |||
Brex Commercial Charge Card Master Trust, “A1” , Series 2024-1, 144A, 6.05%, 7/15/2027 | 400,000 | 397,721 | |
Miscellaneous 5.0% | |||
AGL Core CLO 8 Ltd., “AR” , Series 2020-8A, 144A, 90-day average SOFR + 1.352%, 6.676% (e), 10/20/2032 | 1,250,000 | 1,251,541 |
20 | | | DWS Global Income Builder Fund |
Principal Amount ($) (c) | Value ($) | ||
Apidos CLO XXIV Ltd., “A1AL” , Series 2016-24A, 144A, 90-day average SOFR + 1.212%, 6.536% (e), 10/20/2030 | 2,222,390 | 2,224,612 | |
ARES XLI CLO Ltd., “BR” , Series 2016-41A, 144A, 90-day average SOFR + 1.712%, 7.04% (e), 4/15/2034 | 2,000,000 | 1,996,420 | |
BlueMountain CLO XXXIV Ltd., “B1” , Series 2022-34A, 144A, 90-day average SOFR + 2.05%, 7.375% (e), 4/20/2035 | 750,000 | 750,406 | |
CF Hippolyta Issuer LLC, “B1” , Series 2021-1A, 144A, 1.98%, 3/15/2061 | 2,949,861 | 2,592,389 | |
DB Master Finance LLC, “A23” , Series 2021-1A, 144A, 2.791%, 11/20/2051 | 6,231,562 | 5,065,574 | |
Frontier Issuer LLC, “A2” , Series 2023-1, 144A, 6.6%, 8/20/2053 | 500,000 | 499,474 | |
HINNT LLC, “B” , Series 2024-A, 144A, 5.84%, 3/15/2043 | 391,115 | 388,036 | |
Madison Park Funding XXXVIII Ltd., “C” , Series 2021-38A, 144A, 90-day average SOFR + 2.162%, 7.479% (e), 7/17/2034 | 950,000 | 945,527 | |
Morgan Stanley Eaton Vance CLO Ltd., “A” , Series 2021-1A, 144A, 90-day average SOFR + 1.422%, 6.748% (e), 10/20/2034 | 3,000,000 | 3,005,550 | |
Mosaic Solar Loan Trust, “B” , Series 2023-1A, 144A, 6.92%, 6/20/2053 | 1,362,070 | 1,331,251 | |
Octagon 63 Ltd., “A2” , Series 2024-2A, 144A, 90-day average SOFR + 1.71%, 7.0% (e), 7/20/2037 (d) | 1,900,000 | 1,900,998 | |
Rad CLO 23 Ltd., “A1” , Series 2024-23A, 144A, 90-day average SOFR + 1.6%, 6.885% (e), 4/20/2037 | 3,500,000 | 3,516,135 | |
Voya CLO Ltd., “B” , Series 2021-1A, 144A, 90-day average SOFR + 1.912%, 7.24% (e), 7/15/2034 | 1,800,000 | 1,800,225 | |
Wendy’s Funding LLC, “A2II” , Series 2021-1A, 144A, 2.775%, 6/15/2051 | 2,495,431 | 2,040,090 | |
29,308,228 | |||
Total Asset-Backed (Cost $36,008,045) | 34,063,455 | ||
Mortgage-Backed Securities Pass-Throughs 7.0% | |||
Federal National Mortgage Association: | |||
4.5%, 5/1/2054 (d) | 4,800,000 | 4,423,502 | |
5.0%, 5/1/2054 (d) | 10,500,000 | 9,954,241 | |
5.5%, 5/1/2054 (d) | 10,000,000 | 9,708,060 | |
6.0%, 5/1/2054 (d) | 7,500,000 | 7,430,715 | |
Government National Mortgage Association: | |||
5.5%, 5/1/2054 (d) | 10,000,000 | 9,804,920 | |
6.5%, 8/20/2034 | 14,711 | 15,380 | |
Total Mortgage-Backed Securities Pass-Throughs (Cost $41,967,014) | 41,336,818 |
DWS Global Income Builder Fund | | | 21 |
Principal Amount ($) (c) | Value ($) | ||
Commercial Mortgage-Backed Securities 2.0% | |||
20 Times Square Trust, “C” , Series 2018-20TS, 144A, 3.203%, 5/15/2035 | 800,000 | 689,831 | |
2023-MIC Trust, “B” , Series 2023-MIC, 144A, 9.863%, 12/5/2038 | 2,400,000 | 2,527,285 | |
Benchmark Mortgage Trust, “A4” , Series 2020-IG3, 144A, 2.437%, 9/15/2048 | 400,000 | 316,547 | |
BX Trust, “D” , Series 2019-OC11, 144A, 4.075%, 12/9/2041 | 700,000 | 604,419 | |
BXP Trust, “B” , Series 2021-601L, 144A, 2.868%, 1/15/2044 | 750,000 | 548,272 | |
Citigroup Commercial Mortgage Trust: | |||
“A” , Series 2013-375P, 144A, 3.251%, 5/10/2035 | 804,246 | 781,174 | |
“F” , Series 2021-PRM2, 144A, 30-day average SOFR + 3.864%, 9.185% (e), 10/15/2038 | 1,400,000 | 1,369,692 | |
Cold Storage Trust, “D” , Series 2020-ICE5, 144A, 30-day average SOFR + 2.214%, 7.533% (e), 11/15/2037 | 737,243 | 736,414 | |
CSAIL Commercial Mortgage Trust, “AS” , Series 2016-C6, 3.346%, 1/15/2049 | 500,000 | 456,574 | |
Freddie Mac Multifamily Structured Credit Risk, “M2” , Series 2021-MN1, 144A, 30-day average SOFR + 3.75%, 9.08% (e), 1/25/2051 | 1,098,000 | 1,076,046 | |
JPMorgan Chase Commercial Mortgage Securities Trust: | |||
“A” , Series 2021-1MEM, 144A, 2.516%, 10/9/2042 | 1,000,000 | 754,431 | |
“A” , Series 2019-OSB, 144A, 3.397%, 6/5/2039 | 500,000 | 439,081 | |
Morgan Stanley Capital I Trust, “A” , Series 2019-MEAD, 144A, 3.17%, 11/10/2036 | 650,000 | 619,393 | |
Switch ABS Issuer LLC, “A2” , Series 2024-1A, 144A, 6.28%, 3/25/2054 | 800,000 | 778,449 | |
Total Commercial Mortgage-Backed Securities (Cost $11,508,579) | 11,697,608 | ||
Collateralized Mortgage Obligations 6.1% | |||
Chase Home Lending Mortgage Trust, “A4” , Series 2024-4, 144A, 6.0%, 3/25/2055 | 7,500,000 | 7,416,956 | |
COLT Mortgage Loan Trust, “M1” , Series 2024-1, 144A, 6.586%, 2/25/2069 | 1,500,000 | 1,464,603 | |
Federal National Mortgage Association: | |||
“I” , Series 2003-84, Interest Only, 6.0%, 9/25/2033 | 110,775 | 17,324 | |
“FG” , Series 2023-53, 30-day average SOFR + 1.9%, 7.0% (e), 11/25/2053 | 18,603,799 | 19,054,640 | |
Freddie Mac Structured Agency Credit Risk Debt Notes: | |||
“M1B” , Series 2022-DNA2, 144A, 30-day average SOFR + 2.4%, 7.73% (e), 2/25/2042 | 1,000,000 | 1,021,859 |
22 | | | DWS Global Income Builder Fund |
Principal Amount ($) (c) | Value ($) | ||
“M2” , Series 2019-DNA2, 144A, 30-day average SOFR + 2.564%, 7.895% (e), 3/25/2049 | 1,085,497 | 1,090,924 | |
Government National Mortgage Association, “HZ” , Series 2024-43, 5.0%, 3/20/2054 | 4,304,739 | 3,984,860 | |
JPMorgan Mortgage Trust, “AM” , Series 2016-3, 144A, 3.243% (e), 10/25/2046 | 738,713 | 651,739 | |
Western Alliance Bank, “M1” , Series 2021-CL2, 144A, 30-day average SOFR + 3.15%, 8.48% (e), 7/25/2059 | 947,821 | 975,022 | |
Total Collateralized Mortgage Obligations (Cost $35,535,799) | 35,677,927 | ||
Government & Agency Obligations 30.4% | |||
Sovereign Bonds 0.5% | |||
Brazilian Government International Bond, 3.875%, 6/12/2030 | 947,000 | 831,554 | |
Indonesia Government International Bond, 3.85%, 10/15/2030 | 1,700,000 | 1,545,298 | |
United Mexican States, 3.5%, 2/12/2034 | 260,000 | 208,163 | |
2,585,015 | |||
U.S. Treasury Obligations 29.9% | |||
U.S. Treasury Bills: | |||
5.121% (f), 9/5/2024 (g) | 15,000,000 | 14,724,040 | |
5.185% (f), 9/5/2024 (g) | 5,000,000 | 4,908,013 | |
U.S. Treasury Bonds, 3.625%, 2/15/2053 | 212,100 | 173,292 | |
U.S. Treasury Floating Rate Notes: | |||
3-month U.S. Treasury Bill Money Market Yield + 0.125%, 5.451% (e), 7/31/2025 | 33,618,000 | 33,632,695 | |
3-month U.S. Treasury Bill Money Market Yield + 0.245%, 5.566% (e), 1/31/2026 | 11,800,000 | 11,825,921 | |
U.S. Treasury Inflation-Indexed Notes, 0.125%, 4/15/2026 | 25,266,448 | 24,081,414 | |
U.S. Treasury Notes: | |||
2.75%, 5/31/2029 | 869,300 | 792,184 | |
4.0%, 2/15/2034 | 605,000 | 572,859 | |
4.25%, 1/31/2026 | 82,511,200 | 81,347,663 | |
4.625%, 9/30/2028 | 3,946,900 | 3,924,545 | |
175,982,626 | |||
Total Government & Agency Obligations (Cost $180,400,789) | 178,567,641 |
DWS Global Income Builder Fund | | | 23 |
Principal Amount ($) (c) | Value ($) | ||
Loan Participations and Assignments 0.4% | |||
Senior Loans (e) 0.4% | |||
Hilton Domestic Operating Co., Inc., Term Loan B4, 30-day average SOFR + 2.0%, 7.417%, 11/8/2030 | 1,389,235 | 1,393,896 | |
TransDigm, Inc., Term Loan I, 90-day average SOFR + 2.75%, 8.059%, 8/24/2028 | 1,044,043 | 1,050,448 | |
2,444,344 | |||
Total Loan Participations and Assignments (Cost $2,434,198) | 2,444,344 |
Shares | Value ($) | ||
Exchange-Traded Funds 3.0% | |||
SPDR Bloomberg Emerging Markets Local Bond ETF (Cost $18,690,902) | 901,205 | 17,915,955 | |
Securities Lending Collateral 1.2% | |||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 5.23% (h) (i) (Cost $6,882,326) | 6,882,326 | 6,882,326 | |
Cash Equivalents 5.9% | |||
DWS Central Cash Management Government Fund, 5.35% (h) (Cost $34,672,804) | 34,672,804 | 34,672,804 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $653,716,896) | 108.8 | 639,753,474 | |
Other Assets and Liabilities, Net | (8.8 ) | (51,766,998 ) | |
Net Assets | 100.0 | 587,986,476 |
24 | | | DWS Global Income Builder Fund |
Value ($) at 10/31/2023 | 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 4/30/2024 | Value ($) at 4/30/2024 |
Securities Lending Collateral 1.2% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 5.23% (h) (i) | ||||||||
2,061,155 | 4,821,171 (j) | — | — | — | 75,834 | — | 6,882,326 | 6,882,326 |
Cash Equivalents 5.9% | ||||||||
DWS Central Cash Management Government Fund, 5.35% (h) | ||||||||
30,372,543 | 426,807,636 | 422,507,375 | — | — | 1,170,635 | — | 34,672,804 | 34,672,804 |
32,433,698 | 431,628,807 | 422,507,375 | — | — | 1,246,469 | — | 41,555,130 | 41,555,130 |
* | 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, 2024 amounted to $5,750,698, 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) | When-issued or delayed delivery securities included. |
(e) | Variable or floating rate security. These securities are shown at their current rate as of April 30, 2024. 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 April 30, 2024, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(h) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(i) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(j) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended April 30, 2024. |
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 |
DWS Global Income Builder Fund | | | 25 |
Perpetual: Callable security with no stated maturity date. |
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 |
SOC: State Owned Company |
SOFR: Secured Overnight Financing Rate |
SPDR: Standard & Poor’s Depositary Receipt |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
5 Year U.S. Treasury Note | USD | 6/28/2024 | 141 | 15,082,708 | 14,768,649 | (314,059) |
Euro-Schatz | EUR | 6/6/2024 | 100 | 11,292,109 | 11,217,345 | (74,764) |
MSCI Emerging Market Index | USD | 6/21/2024 | 642 | 33,995,518 | 33,448,200 | (547,318) |
MSCI World Index | USD | 6/21/2024 | 1,924 | 207,414,934 | 202,231,640 | (5,183,294) |
TOPIX Index | JPY | 6/13/2024 | 13 | 2,217,124 | 2,264,274 | 47,150 |
Ultra Long U.S. Treasury Bond | USD | 6/18/2024 | 118 | 15,071,139 | 14,108,375 | (962,764) |
Total net unrealized depreciation | (7,035,049) |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation ($) |
10 Year U.S. Ultra Bond | USD | 6/18/2024 | 17 | 1,888,815 | 1,873,719 | 15,096 |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Appreciation ($) | Counterparty | ||
SEK | 13,200,000 | USD | 1,281,240 | 6/13/2024 | 81,247 | Barclays Bank PLC |
CAD | 3,700,000 | USD | 2,737,692 | 6/13/2024 | 48,183 | Morgan Stanley |
EUR | 15,800,000 | USD | 17,256,303 | 6/13/2024 | 366,222 | State Street Bank and Trust |
26 | | | DWS Global Income Builder Fund |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Appreciation ($) | Counterparty | ||
GBP | 2,900,000 | USD | 3,697,860 | 6/13/2024 | 73,379 | State Street Bank and Trust |
CHF | 1,200,000 | USD | 1,370,391 | 6/13/2024 | 58,944 | State Street Bank and Trust |
JPY | 380,380,000 | USD | 2,541,557 | 6/13/2024 | 114,386 | Australia and New Zealand Banking Group Ltd. |
USD | 3,609,948 | GBP | 2,900,000 | 6/13/2024 | 14,533 | Morgan Stanley |
USD | 16,866,320 | EUR | 15,800,000 | 6/13/2024 | 23,761 | Citigroup, Inc. |
JPY | 349,620,000 | USD | 2,279,917 | 6/13/2024 | 49,022 | Citigroup, Inc. |
CNH | 16,493,000 | USD | 2,320,314 | 9/19/2024 | 29,192 | BNP Paribas SA |
Total unrealized appreciation | 858,869 |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Depreciation ($) | Counterparty | ||
USD | 5,032,340 | JPY | 730,000,000 | 6/13/2024 | (374,273) | Australia and New Zealand Banking Group Ltd. |
USD | 1,207,823 | SEK | 13,200,000 | 6/13/2024 | (7,830) | Morgan Stanley |
USD | 1,324,124 | CHF | 1,200,000 | 6/13/2024 | (12,677) | State Street Bank and Trust |
USD | 2,689,850 | CAD | 3,700,000 | 6/13/2024 | (341) | Bank of America |
Total unrealized depreciation | (395,121) |
CAD | Canadian Dollar |
CHF | Swiss Franc |
CNH | Chinese Yuan |
EUR | Euro |
GBP | British Pound |
JPY | Japanese Yen |
SEK | Swedish Krona |
USD | United States Dollar |
DWS Global Income Builder Fund | | | 27 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Communication Services | $7,942,052 | $3,559,365 | $— | $11,501,417 |
Consumer Discretionary | 6,953,864 | 6,614,770 | — | 13,568,634 |
Consumer Staples | 4,110,645 | 1,238,678 | — | 5,349,323 |
Energy | 3,166,495 | — | — | 3,166,495 |
Financials | 18,329,072 | 3,884,933 | — | 22,214,005 |
Health Care | 9,550,858 | 1,877,828 | — | 11,428,686 |
Industrials | 7,353,326 | 6,248,017 | — | 13,601,343 |
Information Technology | 24,605,279 | 1,380,206 | — | 25,985,485 |
Materials | 357,357 | 7,485,475 | — | 7,842,832 |
Real Estate | 5,037,552 | — | — | 5,037,552 |
Utilities | 353,286 | 223,675 | — | 576,961 |
Preferred Stocks (a) | 17,517,403 | — | — | 17,517,403 |
Rights | — | — | 1,122 | 1,122 |
Warrants | — | — | 23,403 | 23,403 |
Corporate Bonds (a) | — | 138,679,935 | — | 138,679,935 |
Asset-Backed (a) | — | 34,063,455 | — | 34,063,455 |
Mortgage-Backed Securities Pass-Throughs | — | 41,336,818 | — | 41,336,818 |
Commercial Mortgage-Backed Securities | — | 11,697,608 | — | 11,697,608 |
Collateralized Mortgage Obligations | — | 35,677,927 | — | 35,677,927 |
Government & Agency Obligations (a) | — | 178,567,641 | — | 178,567,641 |
Loan Participations and Assignments | — | 2,444,344 | — | 2,444,344 |
Exchange-Traded Funds | 17,915,955 | — | — | 17,915,955 |
Short-Term Investments (a) | 41,555,130 | — | — | 41,555,130 |
Derivatives (b) | ||||
Futures Contracts | 62,246 | — | — | 62,246 |
Forward Foreign Currency Contracts | — | 858,869 | — | 858,869 |
Total | $164,810,520 | $475,839,544 | $24,525 | $640,674,589 |
28 | | | DWS Global Income Builder Fund |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | ||||
Futures Contracts | $(7,082,199 ) | $— | $— | $(7,082,199 ) |
Forward Foreign Currency Contracts | — | (395,121 ) | — | (395,121 ) |
Total | $(7,082,199 ) | $(395,121 ) | $— | $(7,477,320 ) |
(a) | See Investment Portfolio for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
DWS Global Income Builder Fund | | | 29 |
Assets | |
Investments in non-affiliated securities, at value (cost $612,161,766) — including $5,750,698 of securities loaned | $598,198,344 |
Investment in DWS Government & Agency Securities Portfolio (cost $6,882,326)* | 6,882,326 |
Investment in DWS Central Cash Management Government Fund (cost $34,672,804) | 34,672,804 |
Cash | 351,760 |
Foreign currency, at value (cost $157,553) | 148,245 |
Receivable for investments sold | 2,690,657 |
Receivable for investments sold —TBA sale commitments | 7,460,508 |
Receivable for Fund shares sold | 285,625 |
Dividends receivable | 415,545 |
Interest receivable | 3,004,646 |
Affiliated securities lending income receivable | 1,196 |
Unrealized appreciation on forward foreign currency contracts | 858,869 |
Foreign taxes recoverable | 670,683 |
Other assets | 739,216 |
Total assets | 656,380,424 |
Liabilities | |
Payable upon return of securities loaned | 6,882,326 |
Payable for investments purchased | 3,743,593 |
Payable for investments purchased — when-issued/delayed-delivery securities | 4,459,386 |
Payable for investments purchased — TBA purchase commitments | 49,588,753 |
Payable for Fund shares redeemed | 698,340 |
Payable for variation margin on futures contracts | 1,891,458 |
Unrealized depreciation on forward foreign currency contracts | 395,121 |
Accrued management fee | 180,690 |
Accrued Trustees' fees | 5,464 |
Other accrued expenses and payables | 548,817 |
Total liabilities | 68,393,948 |
Net assets, at value | $587,986,476 |
Net Assets Consist of | |
Distributable earnings (loss) | 53,045,114 |
Paid-in capital | 534,941,362 |
Net assets, at value | $587,986,476 |
30 | | | DWS Global Income Builder Fund |
Net Asset Value | |
Class A | |
Net Asset Value and redemption price per share ($419,029,608 ÷ 44,290,785 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $9.46 |
Maximum offering price per share (100 ÷ 94.25 of $9.46) | $10.04 |
Class C | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($3,555,273 ÷ 375,790 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $9.46 |
Class R6 | |
Net Asset Value, offering and redemption price per share ($10,451,963 ÷ 1,106,851 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $9.44 |
Class S | |
Net Asset Value, offering and redemption price per share ($132,881,816 ÷ 14,046,424 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $9.46 |
Institutional Class | |
Net Asset Value, offering and redemption price per share ($22,067,816 ÷ 2,335,603 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $9.45 |
DWS Global Income Builder Fund | | | 31 |
Investment Income | |
Income: | |
Interest | $9,242,433 |
Dividends (net of foreign taxes withheld of $180,384) | 3,616,309 |
Income distributions — DWS Central Cash Management Government Fund | 1,170,635 |
Affiliated securities lending income | 75,834 |
Total income | 14,105,211 |
Expenses: | |
Management fee | 1,089,175 |
Administration fee | 285,541 |
Services to shareholders | 431,306 |
Distribution and service fees | 494,807 |
Custodian fee | 22,150 |
Professional fees | 60,336 |
Reports to shareholders | 42,666 |
Registration fees | 37,994 |
Trustees' fees and expenses | 13,171 |
Other | 33,668 |
Total expenses | 2,510,814 |
Net investment income | 11,594,397 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 70,435,959 |
Futures | 17,344,630 |
Forward foreign currency contracts | 15,767 |
Foreign currency | 59,319 |
87,855,675 | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | (25,952,746 ) |
Futures | 1,807,258 |
Forward foreign currency contracts | 788,495 |
Foreign currency | (98,102 ) |
(23,455,095 ) | |
Net gain (loss) | 64,400,580 |
Net increase (decrease) in net assets resulting from operations | $75,994,977 |
32 | | | DWS Global Income Builder Fund |
Six Months Ended April 30, 2024 | Year Ended October 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2023 |
Operations: | ||
Net investment income | $11,594,397 | $18,669,487 |
Net realized gain (loss) | 87,855,675 | 3,544,276 |
Change in net unrealized appreciation (depreciation) | (23,455,095 ) | 13,506,288 |
Net increase (decrease) in net assets resulting from operations | 75,994,977 | 35,720,051 |
Distributions to shareholders: | ||
Class A | (6,570,969 ) | (12,163,273 ) |
Class C | (40,283 ) | (75,521 ) |
Class R6 | (180,793 ) | (324,707 ) |
Class S | (2,210,678 ) | (4,095,922 ) |
Institutional Class | (366,344 ) | (617,570 ) |
Total distributions | (9,369,067 ) | (17,276,993 ) |
Fund share transactions: | ||
Proceeds from shares sold | 7,911,863 | 15,637,755 |
Reinvestment of distributions | 8,994,207 | 16,594,566 |
Payments for shares redeemed | (39,139,247 ) | (73,285,033 ) |
Net increase (decrease) in net assets from Fund share transactions | (22,233,177 ) | (41,052,712 ) |
Increase (decrease) in net assets | 44,392,733 | (22,609,654 ) |
Net assets at beginning of period | 543,593,743 | 566,203,397 |
Net assets at end of period | $587,986,476 | $543,593,743 |
DWS Global Income Builder Fund | | | 33 |
DWS Global Income Builder Fund — Class A | ||||||
Six Months Ended 4/30/24 | Years Ended October 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $8.42 | $8.17 | $11.01 | $9.26 | $9.55 | $8.97 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .18 | .28 | .23 | .23 | .22 | .28 |
Net realized and unrealized gain (loss) | 1.01 | .23 | (2.04 ) | 1.74 | (.23 ) | .73 |
Total from investment operations | 1.19 | .51 | (1.81 ) | 1.97 | (.01 ) | 1.01 |
Less distributions from: | ||||||
Net investment income | (.15 ) | (.26 ) | (.23 ) | (.22 ) | (.28 ) | (.36 ) |
Net realized gains | — | — | (.80 ) | — | — | (.07 ) |
Total distributions | (.15 ) | (.26 ) | (1.03 ) | (.22 ) | (.28 ) | (.43 ) |
Net asset value, end of period | $9.46 | $8.42 | $8.17 | $11.01 | $9.26 | $9.55 |
Total Return (%)b | 14.08 * | 6.01 | (17.80 ) | 21.39 | .07 | 11.57 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 419 | 388 | 404 | 543 | 487 | 538 |
Ratio of expenses (%) | .90 ** | .91 | .89 | .88 | .89 | .91 |
Ratio of net investment income (%) | 3.89 ** | 3.16 | 2.40 | 2.13 | 2.38 | 3.02 |
Portfolio turnover rate (%) | 168 * | 164 | 88 | 124 | 131 | 161 |
a | Based on average shares outstanding during the period. |
b | Total return does not reflect the effect of any sales charges. |
* | Not annualized |
** | Annualized |
34 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund — Class C | ||||||
Six Months Ended 4/30/24 | Years Ended October 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $8.42 | $8.17 | $11.01 | $9.25 | $9.55 | $8.96 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .14 | .20 | .15 | .14 | .15 | .21 |
Net realized and unrealized gain (loss) | 1.01 | .23 | (2.04 ) | 1.76 | (.24 ) | .73 |
Total from investment operations | 1.15 | .43 | (1.89 ) | 1.90 | (.09 ) | .94 |
Less distributions from: | ||||||
Net investment income | (.11 ) | (.18 ) | (.15 ) | (.14 ) | (.21 ) | (.28 ) |
Net realized gains | — | — | (.80 ) | — | — | (.07 ) |
Total distributions | (.11 ) | (.18 ) | (.95 ) | (.14 ) | (.21 ) | (.35 ) |
Net asset value, end of period | $9.46 | $8.42 | $8.17 | $11.01 | $9.25 | $9.55 |
Total Return (%)b | 13.60 * | 5.24 | (18.58 ) | 20.54 | (.82 ) | 10.83 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 4 | 3 | 4 | 7 | 8 | 9 |
Ratio of expenses (%) | 1.75 ** | 1.76 | 1.72 | 1.70 | 1.69 | 1.68 |
Ratio of net investment income (%) | 3.05 ** | 2.30 | 1.54 | 1.32 | 1.58 | 2.26 |
Portfolio turnover rate (%) | 168 * | 164 | 88 | 124 | 131 | 161 |
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 | | | 35 |
DWS Global Income Builder Fund — Class R6 | ||||||
Six Months Ended 4/30/24 | Years Ended October 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $8.41 | $8.16 | $10.99 | $9.24 | $9.54 | $8.95 |
Income (loss) from investment operations: | �� | |||||
Net investment incomea | .20 | .31 | .26 | .26 | .25 | .29 |
Net realized and unrealized gain (loss) | .99 | .23 | (2.03 ) | 1.75 | (.24 ) | .76 |
Total from investment operations | 1.19 | .54 | (1.77 ) | 2.01 | .01 | 1.05 |
Less distributions from: | ||||||
Net investment income | (.16 ) | (.29 ) | (.26 ) | (.26 ) | (.31 ) | (.39 ) |
Net realized gains | — | — | (.80 ) | — | — | (.07 ) |
Total distributions | (.16 ) | (.29 ) | (1.06 ) | (.26 ) | (.31 ) | (.46 ) |
Net asset value, end of period | $9.44 | $8.41 | $8.16 | $10.99 | $9.24 | $9.54 |
Total Return (%) | 14.17 * | 6.50 | (17.56 ) | 21.83 | .30 | 12.09 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 10 | 9 | 9 | 11 | 7 | 7 |
Ratio of expenses (%) | .57 ** | .58 | .56 | .55 | .56 | .58 |
Ratio of net investment income (%) | 4.22 ** | 3.50 | 2.75 | 2.48 | 2.70 | 3.15 |
Portfolio turnover rate (%) | 168 * | 164 | 88 | 124 | 131 | 161 |
a | Based on average shares outstanding during the period. |
* | Not annualized |
** | Annualized |
36 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund — Class S | ||||||
Six Months Ended 4/30/24 | Years Ended October 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $8.42 | $8.17 | $11.01 | $9.25 | $9.55 | $8.97 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .19 | .29 | .24 | .25 | .24 | .29 |
Net realized and unrealized gain (loss) | 1.01 | .23 | (2.03 ) | 1.75 | (.24 ) | .74 |
Total from investment operations | 1.20 | .52 | (1.79 ) | 2.00 | (.00 )* | 1.03 |
Less distributions from: | ||||||
Net investment income | (.16 ) | (.27 ) | (.25 ) | (.24 ) | (.30 ) | (.38 ) |
Net realized gains | — | — | (.80 ) | — | — | (.07 ) |
Total distributions | (.16 ) | (.27 ) | (1.05 ) | (.24 ) | (.30 ) | (.45 ) |
Net asset value, end of period | $9.46 | $8.42 | $8.17 | $11.01 | $9.25 | $9.55 |
Total Return (%) | 14.19 ** | 6.33 | (17.74 ) | 21.76 | .17 | 11.81 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 133 | 123 | 130 | 178 | 163 | 186 |
Ratio of expenses (%) | .72 *** | .73 | .71 | .69 | .69 | .71 |
Ratio of net investment income (%) | 4.07 *** | 3.34 | 2.59 | 2.32 | 2.58 | 3.21 |
Portfolio turnover rate (%) | 168 ** | 164 | 88 | 124 | 131 | 161 |
a | Based on average shares outstanding during the period. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
DWS Global Income Builder Fund | | | 37 |
DWS Global Income Builder Fund — Institutional Class | ||||||
Six Months Ended 4/30/24 | Years Ended October 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $8.41 | $8.16 | $11.00 | $9.24 | $9.54 | $8.95 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .19 | .30 | .25 | .25 | .24 | .30 |
Net realized and unrealized gain (loss) | 1.01 | .23 | (2.04 ) | 1.76 | (.24 ) | .74 |
Total from investment operations | 1.20 | .53 | (1.79 ) | 2.01 | (.00 )* | 1.04 |
Less distributions from: | ||||||
Net investment income | (.16 ) | (.28 ) | (.25 ) | (.25 ) | (.30 ) | (.38 ) |
Net realized gains | — | — | (.80 ) | — | — | (.07 ) |
Total distributions | (.16 ) | (.28 ) | (1.05 ) | (.25 ) | (.30 ) | (.45 ) |
Net asset value, end of period | $9.45 | $8.41 | $8.16 | $11.00 | $9.24 | $9.54 |
Total Return (%) | 14.23 ** | 6.39 | (17.72 ) | 21.84 | .20 | 11.97 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 22 | 20 | 19 | 25 | 17 | 9 |
Ratio of expenses (%) | .67 *** | .67 | .66 | .65 | .66 | .68 |
Ratio of net investment income (%) | 4.13 *** | 3.40 | 2.64 | 2.37 | 2.59 | 3.32 |
Portfolio turnover rate (%) | 168 ** | 164 | 88 | 124 | 131 | 161 |
a | Based on average shares outstanding during the period. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
38 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 39 |
40 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 41 |
42 | | | DWS Global Income Builder Fund |
Overnight and Continuous | ˂30 days | Between 30 & 90 days | ˃90 days | Total | |
Securities Lending Transactions | |||||
Common Stocks | $1,013,725 | $— | $— | $— | $1,013,725 |
Corporate Bonds | 5,868,601 | — | — | — | 5,868,601 |
Total Borrowings | $6,882,326 | $— | $— | $— | $6,882,326 |
Gross amount of recognized liabilities for securities lending transactions: | $6,882,326 |
DWS Global Income Builder Fund | | | 43 |
44 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 45 |
46 | | | DWS Global Income Builder Fund |
Asset Derivatives | Forward Contracts | Futures Contracts | Total |
Equity Contracts (a) | $— | $47,150 | $47,150 |
Interest Rate Contracts (a) | — | 15,096 | 15,096 |
Foreign Exchange Contracts (b) | 858,869 | — | 858,869 |
$858,869 | $62,246 | $921,115 | |
Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: |
(a) | Futures contracts are reported in the table above using cumulative appreciation of futures contracts, as reported in the futures contracts table following the Fund’s Investment Portfolio; within the Statement of Assets and Liabilities, the variation margin at period end is reported as Receivable (Payable) for variation margin on futures contracts. |
(b) | Unrealized appreciation on forward foreign currency contracts |
Liability Derivatives | Forward Contracts | Futures Contracts | Total |
Equity Contracts (a) | $— | $(5,730,612 ) | $(5,730,612 ) |
Interest Rate Contracts (a) | — | (1,351,587 ) | (1,351,587 ) |
Foreign Exchange Contracts (b) | (395,121 ) | — | (395,121 ) |
$(395,121 ) | $(7,082,199 ) | $(7,477,320 ) | |
Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: |
(a) | Futures contracts are reported in the table above using cumulative depreciation of futures contracts, as reported in the futures contracts table following the Fund’s Investment Portfolio; within the Statement of Assets and Liabilities, the variation margin at period end is reported as Receivable (Payable) for variation margin on futures contracts. |
(b) | Unrealized depreciation on forward foreign currency contracts |
DWS Global Income Builder Fund | | | 47 |
Realized Gain (Loss) | Forward Contracts | Futures Contracts | Total |
Equity Contracts (a) | $— | $18,079,881 | $18,079,881 |
Interest Rate Contracts (a) | — | (735,251 ) | (735,251 ) |
Foreign Exchange Contracts (a) | 15,767 | — | 15,767 |
$15,767 | $17,344,630 | $17,360,397 | |
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 | Futures Contracts | Total |
Equity Contracts (a) | $— | $995,596 | $995,596 |
Interest Rate Contracts (a) | — | 811,662 | 811,662 |
Foreign Exchange Contracts (a) | 788,495 | — | 788,495 |
$788,495 | $1,807,258 | $2,595,753 | |
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 |
48 | | | 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 |
Australia and New Zealand Banking Group Ltd. | $114,386 | $(114,386 ) | $— | $— |
Barclays Bank PLC | 81,247 | — | — | 81,247 |
BNP Paribas SA | 29,192 | — | — | 29,192 |
Citigroup, Inc. | 72,783 | — | — | 72,783 |
Morgan Stanley | 62,716 | (7,830 ) | — | 54,886 |
State Street Bank and Trust | 498,545 | (12,677 ) | — | 485,868 |
$858,869 | $(134,893 ) | $— | $723,976 |
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 |
Australia and New Zealand Banking Group Ltd. | $374,273 | $(114,386 ) | $— | $259,887 |
Bank of America | 341 | — | — | 341 |
Morgan Stanley | 7,830 | (7,830 ) | — | — |
State Street Bank and Trust | 12,677 | (12,677 ) | — | — |
$395,121 | $(134,893 ) | $— | $260,228 |
Purchases | Sales | |
Non-U.S. Treasury Obligations | $663,919,357 | $803,489,271 |
U.S. Treasury Obligations | $295,101,668 | $190,196,625 |
DWS Global Income Builder Fund | | | 49 |
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 | 1.03% | |
Class C | 1.78% | |
Class R6 | .78% | |
Class S | .78% | |
Institutional Class | .78% |
50 | | | DWS Global Income Builder Fund |
Services to Shareholders | Total Aggregated | Unpaid at April 30, 2024 |
Class A | $136,504 | $46,594 |
Class C | 1,056 | 388 |
Class R6 | 472 | 222 |
Class S | 78,713 | 27,079 |
Institutional Class | 225 | 39 |
$216,970 | $74,322 |
Sub-Recordkeeping | Total Aggregated |
Class A | $105,320 |
Class C | 2,524 |
Class S | 24,641 |
Institutional Class | 10,973 |
$143,458 |
Distribution Fee | Total Aggregated | Unpaid at April 30, 2024 |
Class C | $13,359 | $2,269 |
DWS Global Income Builder Fund | | | 51 |
Service Fee | Total Aggregated | Unpaid at April 30, 2024 | Annualized Rate |
Class A | $477,174 | $183,616 | .23% |
Class C | 4,274 | 2,008 | .24% |
$481,448 | $185,624 |
52 | | | DWS Global Income Builder Fund |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 385,329 | $3,595,655 | 712,479 | $6,239,484 |
Class C | 31,038 | 286,782 | 30,428 | 268,156 |
Class R6 | 34,748 | 324,903 | 126,749 | 1,108,512 |
Class S | 127,354 | 1,208,163 | 344,235 | 3,014,121 |
Institutional Class | 268,911 | 2,496,360 | 574,012 | 5,007,482 |
$7,911,863 | $15,637,755 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 663,879 | $6,339,983 | 1,349,715 | $11,736,038 |
Class C | 4,203 | 40,226 | 8,666 | 75,422 |
Class R6 | 18,975 | 180,793 | 37,414 | 324,707 |
Class S | 217,084 | 2,072,449 | 442,641 | 3,848,347 |
Institutional Class | 37,819 | 360,756 | 70,259 | 610,052 |
$8,994,207 | $16,594,566 |
DWS Global Income Builder Fund | | | 53 |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares redeemed | ||||
Class A | (2,859,688 ) | $(26,679,295 ) | (5,344,098 ) | $(46,600,429 ) |
Class C | (28,081 ) | (262,856 ) | (171,980 ) | (1,500,492 ) |
Class R6 | (67,966 ) | (639,093 ) | (141,777 ) | (1,227,658 ) |
Class S | (941,446 ) | (8,833,890 ) | (2,067,693 ) | (17,999,809 ) |
Institutional Class | (291,123 ) | (2,724,113 ) | (688,642 ) | (5,956,645 ) |
$(39,139,247 ) | $(73,285,033 ) | |||
Net increase (decrease) | ||||
Class A | (1,810,480 ) | $(16,743,657 ) | (3,281,904 ) | $(28,624,907 ) |
Class C | 7,160 | 64,152 | (132,886 ) | (1,156,914 ) |
Class R6 | (14,243 ) | (133,397 ) | 22,386 | 205,561 |
Class S | (597,008 ) | (5,553,278 ) | (1,280,817 ) | (11,137,341 ) |
Institutional Class | 15,607 | 133,003 | (44,371 ) | (339,111 ) |
$(22,233,177 ) | $(41,052,712 ) |
54 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 55 |
56 | | | DWS Global Income Builder Fund |
Actual Fund Return | Class A | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 11/1/23 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/24 | $1,140.80 | $1,136.00 | $1,141.70 | $1,141.90 | $1,142.30 |
Expenses Paid per $1,000* | $4.79 | $9.29 | $3.04 | $3.83 | $3.57 |
Hypothetical 5% Fund Return | Class A | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 11/1/23 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 4/30/24 | $1,020.39 | $1,016.16 | $1,022.03 | $1,021.28 | $1,021.53 |
Expenses Paid per $1,000* | $4.52 | $8.77 | $2.87 | $3.62 | $3.37 |
* | 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 182 (the number of days in the most recent six-month period), then divided by 366. |
Annualized Expense Ratios | Class A | Class C | Class R6 | Class S | Institutional Class |
DWS Global Income Builder Fund | .90% | 1.75% | .57% | .72% | .67% |
DWS Global Income Builder Fund | | | 57 |
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DWS Global Income Builder Fund | | | 59 |
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DWS Global Income Builder Fund | | | 61 |
62 | | | DWS Global Income Builder Fund |
DWS Global Income Builder Fund | | | 63 |
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 |
64 | | | 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 | | | 65 |
(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. | 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 Principal Executive Officer |
Date: | 6/28/2024 |
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 Principal Executive Officer |
Date: | 6/28/2024 |
By: | /s/Diane Kenneally Diane Kenneally Principal Financial Officer |
Date: | 6/28/2024 |