EDGAR HTML
 
Statement of Additional Information
February 1, 2023
DEUTSCHE DWS INCOME TRUST  
DWS GNMA Fund
CLASS/TICKER
A
GGGGX
C
GCGGX
R
GRGGX
R6
GRRGX
INST
GIGGX
S
SGINX
 
 
 
 
DWS High Income Fund
CLASS/TICKER
A
KHYAX
C
KHYCX
R
KHYRX
R6
KHYQX
INST
KHYIX
S
KHYSX
 
 
 
 
 
DWS Global High Income Fund
CLASS/TICKER
A
SGHAX
C
SGHCX
R6
SGHRX
INST
MGHYX
S
SGHSX
 
 
 
 
 
DWS Short Duration Fund
CLASS/TICKER
A
PPIAX
C
PPLCX
R6
PPLZX
INST
PPILX
S
DBPIX
 
This combined Statement of Additional Information (“SAI”) is not a prospectus and should be read in conjunction with the prospectus for each fund dated February 1, 2023, as supplemented, a copy of which may be obtained without charge by calling (800) 728-3337; by visiting dws.com (the Web site does not form a part of this SAI); or from the firm from which this SAI was obtained. This SAI is incorporated by reference into the prospectus.
Portions of the Annual Report to Shareholders of each fund are incorporated herein by reference, and are hereby deemed to be part of this SAI. Reports to Shareholders may also be obtained without charge by calling the number provided in the preceding paragraph.
This SAI is divided into two Parts—Part I and Part II. Part I contains information that is specific to each fund, while Part II contains information that generally applies to each of the funds in the DWS funds.
Statement of Additional Information (SAI)—Part I
 
 
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Part II
II-1
Detailed Part II table of contents precedes page II-1
 
Part I
Definitions
“1933 Act” – the Securities Act of 1933, as amended
“1934 Act” – the Securities Exchange Act of 1934, as amended
“1940 Act” – the Investment Company Act of 1940, as amended
“Code” – the Internal Revenue Code of 1986, as amended
“SEC” – the Securities and Exchange Commission
“DIMA” or “Advisor” or “Administrator” – DWS Investment Management Americas, Inc., 875 Third Avenue, New York, New York 10022
“DDI” or “Distributor” – DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, Illinois 60606
“DSC” or “Transfer Agent” – DWS Service Company, 222 South Riverside Plaza, Chicago, Illinois 60606
“DWS” – refers to the asset management activities conducted by DWS Group GmbH & Co. KGaA or any of its subsidiaries, including the Advisor and other affiliated investment advisors
“DWS funds” – the US registered investment companies advised by DIMA
“DWS Group” – DWS Group GmbH & Co. KGaA, a separate, publicly-listed financial services firm that is an indirect, majority-owned subsidiary of Deutsche Bank AG
“Board Members” – Members of the Board of Trustees of the Trust
“Board” – Board of Trustees of the Trust
“Independent Board Members”– Board Members who are not interested persons (as defined in the 1940 Act) of the fund, the investment advisor or the distributor
“Advisory Board Members” – Members of the Advisory Board of the Trust
“Advisory Board” – Advisory Board of the Trust
“Independent Advisory Board Members” – Advisory Board Members who are not interested persons (as defined in the 1940 Act) of the fund, the investment advisor or the distributor
“fund” or “series” – DWS GNMA Fund, DWS High Income Fund, DWS Global High Income Fund and/or DWS Short Duration Fund as the context may require
“Custodian” – State Street Bank and Trust Company, State Street Financial Center, One Lincoln Street, Boston, Massachusetts 02111
“Fund Legal Counsel” – Vedder Price P.C., 222 North LaSalle Street, Chicago, Illinois 60601
“Trustee/Director Legal Counsel” – Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, Massachusetts 02199
“Trust” - Deutsche DWS Income Trust
“Business Day” – Monday through Friday except holidays
“Independent Registered Public Accounting Firm” – Ernst & Young LLP, 200 Clarendon Street, Boston, Massachusetts 02116
“NRSRO” – a nationally recognized statistical rating organization
“Moody’s” – Moody’s Investors Service, Inc., a NRSRO
“Fitch” – Fitch Ratings, a NRSRO
Fund Organization
Each fund is a series of Deutsche DWS Income Trust, a Massachusetts business trust established under a Declaration of Trust dated June 8, 1984, as amended from time to time. On February 6, 2006, Scudder Income Trust was renamed DWS Income Trust and Scudder GNMA Fund was renamed DWS GNMA Fund. On August 11, 2014, DWS Income Trust was renamed Deutsche Income Trust and DWS GNMA Fund was renamed Deutsche GNMA Fund. On July 2, 2018, Deutsche Income Trust was renamed Deutsche DWS Income Trust and Deutsche GNMA Fund was renamed DWS GNMA Fund.
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On February 6, 2006, Scudder High Income Fund was renamed DWS High Income Fund. On February 1, 2011, the predecessor of DWS High Income Fund transferred all of its assets and liabilities from DWS High Income Series, a Massachusetts business trust, to DWS Income Trust, while retaining the same fund name. On August 11, 2014, DWS High Income Fund was renamed Deutsche High Income Fund. On July 2, 2018, Deutsche High Income Fund was renamed DWS High Income Fund.
On February 6, 2006, Scudder High Income Plus Fund was renamed DWS High Income Plus Fund. On February 1, 2011, the predecessor of DWS High Income Plus Fund transferred all of its assets and liabilities from DWS Advisor Funds, a Massachusetts business trust, to DWS Income Trust, while retaining the same fund name. On August 21, 2006, the predecessor of the predecessor fund of DWS High Income Plus Fund transferred all of its assets and liabilities from DWS Investments Trust, a Delaware statutory trust, to DWS Advisor Funds, while retaining the same fund name. On February 1, 2012, DWS High Income Plus Fund was renamed DWS Global High Income Fund. On August 11, 2014, DWS Global High Income Fund was renamed Deutsche Global High Income Fund. On July 2, 2018, Deutsche Global High Income Fund was renamed DWS Global High Income Fund.
On June 1, 2005, Scudder PreservationPlus Income Fund was renamed Scudder Limited-Duration Plus Fund and on February 6, 2006, was renamed DWS Short Duration Plus Fund. On February 1, 2011, the predecessor of DWS Short Duration Plus Fund transferred all of its assets and liabilities from DWS Advisor Funds, a Massachusetts business trust, to DWS Income Trust, while retaining the same fund name. On October 1, 2011, DWS Short Duration Plus Fund was renamed DWS Short Duration Fund. On August 11, 2014, DWS Short Duration Fund was renamed Deutsche Short Duration Fund. On July 2, 2018, Deutsche Short Duration Fund was renamed DWS Short Duration Fund.
The predecessor fund of each of DWS High Income Fund, DWS Global High Income Fund and DWS Short Duration Fund is referred to herein as a “Predecessor Fund.” All historical financial information and other information contained in the fund's prospectus and SAI for periods prior to February 1, 2011 relating to a fund (or any class thereof) is that of the applicable Predecessor Fund (or corresponding class thereof).
The Trust is governed by an Amended and Restated Declaration of Trust dated June 2, 2008, as may be further amended from time to time (the “Declaration of Trust”).
The Declaration of Trust was last approved by shareholders in 2006. Additional information about the Trust is set forth in Part II under “Fund Organization.”
Management of each Fund
Board Members, Advisory Board Members, and Officers’ Identification and Background
The identification and background of the Board Members, Advisory Board Members and officers are set forth in Part II—Appendix II-A.
Board Committees and Compensation
Compensation paid to the Independent Board Members  and Advisory Board Members for certain specified periods is set forth in Part I—Appendix I-C. Information regarding the committees of the Board is set forth in Part I—Appendix I-B.
Board Member/Advisory Board Member Share Ownership and Control Persons
Information concerning the ownership of fund shares by Board Members, Advisory Board Members and officers, as a group, as well as the dollar range value of each Board Member’s share ownership in each fund and, on an aggregate basis, in all DWS funds overseen, by investors who control the fund, if any, and by investors who own 5% or more of any class of fund shares, if any, is set forth in Part I—Appendix I-A.
Portfolio Management
Information regarding each fund’s portfolio manager(s), including other accounts managed, compensation, ownership of fund shares and possible conflicts of interest, is set forth in Part I—Appendix I-D and Part II – Appendix II-B. This section does not apply to money market funds.
Service Provider Compensation
Compensation paid by each fund to certain of its service providers for various services, including investment advisory, administrative, transfer agency, and, for certain funds, fund accounting services and subadvisory services, is set forth in Part I—Appendix I-E. For information regarding payments made to DDI, see Part I—
Appendix I-F. The service provider compensation and underwriting and sales commission information is not applicable to new funds that have not completed a fiscal
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reporting period. Fee rates for services of the above-referenced service providers are included in Part II – Appendix II-C.
Sales Charges and Distribution Plan Payments
Sales Charges
Initial sales charges and any contingent deferred sales charges (CDSC) paid in connection with the purchase and sale of fund shares for the three most recent fiscal years are set forth in Part I—Appendix I-F. This information is not applicable to funds/classes that do not impose sales charges, or to new funds/classes that have not completed a fiscal reporting period.
Distribution Plan Payments
Payments made by each fund for the most recent fiscal year under each fund’s Rule 12b-1 Plans are set forth in Part I—Appendix I-G. This information is not applicable to funds/classes that do not incur expenses paid in connection with Rule 12b-1 Plans, or to new funds/classes that have not completed a fiscal reporting period.
Portfolio Transactions, Brokerage Commissions and Securities Lending Activities
Portfolio Turnover
The portfolio turnover rates for the two most recent fiscal years are set forth in Part I—Appendix I-H. This section does not apply to money market funds or to new funds that have not completed a fiscal reporting period.
Brokerage Commissions
Total brokerage commissions paid by each fund for the three most recent fiscal years are set forth in Part I—
Appendix I-H. This section does not apply to new funds that have not completed a fiscal reporting period.
Each fund's policy with respect to portfolio transactions and brokerage is set forth under “Portfolio Transactions” in Part II of this SAI.
Securities Lending Activities
Information regarding securities lending activities of each fund, if any, during its most recent fiscal year is set forth in Part I—Appendix I-J.
Additional information regarding securities lending in general is set forth under “Lending of Portfolio Securities” in Part II of this SAI.
Investments
Investments, Practices and Techniques, and Risks
Part I—Appendix I-I includes a list of the investments, practices and techniques, and risks which each fund may employ (or be subject to) in pursuing its investment objective. Part II—Appendix II-G includes a description of these investments, practices and techniques, and risks.
Investment Restrictions
Unless otherwise stated, the policies below apply to each fund.
Except as otherwise indicated, each fund’s investment objective and policies are not fundamental and may be changed without a vote of shareholders. There can be no assurance that each fund’s investment objective will be met.
Any investment restrictions herein which involve a maximum percentage of securities or assets shall not be considered to be violated unless an excess over the percentage occurs immediately after, and is caused by, an acquisition or encumbrance of securities or assets of, or borrowings by, a fund, except as described below with respect to asset coverage for fund borrowings.
Each fund has elected to be classified as a diversified series of an open-end management investment company. A diversified fund may not, with respect to 75% of total assets, invest more than 5% of total assets in the securities of a single issuer (other than cash and cash items, US government securities or securities of other investment companies) or invest in more than 10% of the outstanding voting securities of such issuer. A fund's election to be classified as diversified under the 1940 Act may not be changed without the vote of a majority of the outstanding voting securities (as defined herein) of the fund.
The following fundamental policies may not be changed without the approval of a majority of the outstanding voting securities of a fund which, under the 1940 Act and the rules thereunder and as used in this SAI, means the lesser of (1) 67% or more of the voting securities present at
I-3
such meeting, if the holders of more than 50% of the outstanding voting securities of a fund are present or represented by proxy, or (2) more than 50% of the outstanding voting securities of a fund.
As a matter of fundamental policy, a fund may not do any of the following:
(1)
borrow money, except as permitted under the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time.
(2)
issue senior securities, except as permitted under the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time.
(3)
purchase or sell commodities, except as permitted by the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time.
(4)
engage in the business of underwriting securities issued by others, except to the extent that the fund may be deemed to be an underwriter in connection with the disposition of portfolio securities.
(5)
purchase or sell real estate, which term does not include securities of companies which deal in real estate or mortgages or investments secured by real estate or interests therein, except that the fund reserves freedom of action to hold and to sell real estate acquired as a result of the fund’s ownership of securities.
(6)
make loans except as permitted under the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time.
(7)
concentrate its investments in a particular industry, as that term is used in the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time.
For purposes of fundamental policy (5), DWS High Income Fund has no current intention to hold and sell real estate acquired as a result of a fund's ownership of securities.
For purposes of fundamental policy (7), with respect to DWS GNMA Fund and DWS High Income Fund only, when determining the percentage of the fund’s total assets invested in securities of issuers having their principal business activities in a particular industry, asset-backed securities will be classified based on the nature
of the underlying assets, according to the following categories: captive auto, diversified, retail and consumer loans, captive equipment and business, business trade receivables, nuclear fuel and capital and mortgage lending.
The following is intended to help investors better understand the meaning of a fund’s fundamental policies by briefly describing limitations, if any, imposed by the 1940 Act. References to the 1940 Act below may encompass rules, regulations or orders issued by the SEC and, to the extent deemed appropriate by the fund, interpretations and guidance provided by the SEC staff. These descriptions are intended as brief summaries of such limitations as of the date of this SAI; they are not comprehensive and they are qualified in all cases by reference to the 1940 Act (including any rules, regulations or orders issued by the SEC and any relevant interpretations and guidance provided by the SEC staff). These descriptions are subject to change based on evolving guidance by the appropriate regulatory authority and are not part of a fund’s fundamental policies.
The 1940 Act generally permits a fund to borrow money in amounts of up to 33 1∕3% of its total assets from banks for any purpose. The 1940 Act requires that after any borrowing from a bank, a fund shall maintain an asset coverage of at least 300% for all of the fund’s borrowings, and, in the event that such asset coverage shall at any time fall below 300%, a fund must, within three days thereafter (not including Sundays and holidays), reduce the amount of its borrowings to an extent that the asset coverage of all of a fund’s borrowings shall be at least 300%. In addition, a fund may borrow up to 5% of its total assets from banks or other lenders for temporary purposes (a loan is presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed). For additional information, see “Borrowing” in Part II — Appendix II-G.
At present, the 1940 Act does not set forth a maximum percentage of a fund’s assets that may be invested in commodities.
Under the 1940 Act, a fund generally may not lend portfolio securities representing more than one-third of its total asset value (including the value of collateral received for loans of portfolio securities).
The SEC staff currently interprets concentration to mean investing more than 25% of a fund’s assets in a particular industry or group of industries (excluding US government securities).
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Other Investment Policies. The Board has adopted certain additional non-fundamental policies and restrictions which are observed in the conduct of a fund’s affairs. They differ from fundamental investment policies in that they may be changed or amended by action of the Board without requiring prior notice to, or approval of, the shareholders.
As a matter of non-fundamental policy:
(1)
the fund may not purchase illiquid securities if, as a result, more than 15% of the fund's net assets would be invested in such securities.
(2)
(for each fund) the fund may not acquire securities of registered open-end investment companies or registered unit investment trusts in reliance on Sections 12(d)(1)(F) or 12(d)(1)(G) of the 1940 Act.
(3)
the fund may not acquire securities of other investment companies, except as permitted by the 1940 Act and the rules, regulations and any applicable exemptive order issued thereunder.
(4)
the fund may not purchase warrants if, as a result, such securities, taken at the lower of cost or market value, would represent more than (1) 5% of the value of the fund's total (DWS GNMA Fund and DWS High Income Fund) and (2) 20% of the value of the fund's net (DWS Global High Income Fund and DWS Short Duration Fund) assets (for this purpose, warrants acquired in units or attached to securities will be deemed to have no value).
(5)
(for DWS GNMA Fund, DWS High Income Fund and DWS Short Duration Fund) the Board has the discretion to retain the current distribution arrangement for the fund while investing in a master fund in a master-feeder structure (this policy would permit the Board, without shareholder approval to convert the fund to a master-feeder structure).
(6)
(for DWS GNMA Fund only) when purchasing asset-backed securities, the fund will not pay any additional or separate fees for credit enhancement.
(7)
(for DWS GNMA Fund only) the fund may invest in certificates of deposit issued by banks and savings and loan institutions which had, at the time of their most recent financial statements, total assets of less than $1 billion, provided that (i) the principal amounts of such certificates of deposit are insured by an agency of the US Government, (ii) at no time will the fund hold more than $100,000 principal
amount of certificates of deposit of any one such bank, and (iii) at the time of acquisition, no more than 10% of the fund's assets (taken at current value) are invested in certificates of deposit of such banks having total assets not in excess of $1 billion.
(8)
(for DWS Short Duration Fund only) the fund may invest up to 10% of its total assets in debt securities rated in the 5th and 6th long-term rating categories by S&P, Moody's and Fitch or comparably rated by another NRSRO, or if unrated, of comparable quality as determined by the Advisor.
(9)
(for DWS GNMA Fund and DWS High Income Fund only) the fund may not purchase options, unless the aggregate premiums paid on all such options held by the fund at any time do not exceed 20% of its total assets; or sell put options, if, as a result, the aggregate value of the obligations underlying such put options would exceed 50% of its total assets.
(10)
(for DWS Global High Income Fund only) the fund may not invest more than 25% of its total assets in purchased protective put options.
(11)
(for DWS Short Duration Fund only) the fund will only write put options involving securities for which a determination is made at the time the option is written that the fund wishes to acquire the securities at the exercise price.
(12)
(for DWS Short Duration Fund only) no more than 5% of the fund's total assets may be invested in credit default swaps for purposes of buying credit protection for non-hedging purposes.
(13)
(for each fund except DWS GNMA Fund) the fund will not sell interest rate caps or floors where it does not own securities or other instruments providing the income stream the fund may be obligated to pay.
(14)
(for DWS Global High Income Fund and DWS High Income Fund only) the fund may invest up to 15% of its total assets in credit default swaps (measured by the notional amount of the credit default swap).
(15)
(for DWS Short Duration Fund only) the fund may invest up to 15% of its total assets in credit default swaps.
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(16)
(for DWS Global High Income Fund and DWS High Income Fund only) no more than 5% of the fund’s total assets may be invested in credit default swaps for purposes of buying credit protection on individual securities if the fund does not own the underlying security or securities at the time of investment.
(17)
(for each fund except DWS GNMA Fund) the fund will only sell credit protection with respect to securities in which it would be authorized to invest directly.
(18)
(for DWS High Income Fund only) the fund may not exceed 25% of the value of its assets in securities purchased on a when-issued or forward delayed-delivery basis.
(19)
(for DWS High Income Fund only) the fund currently does not intend to invest more than 20% of its total assets in collateralized obligations that are collateralized by a pool of credit card or automobile receivables or other types of assets.
(20)
(for DWS High Income Fund only) the fund currently does not intend to invest more than 20% of its net assets in zero coupon US government securities.
(21)
(for DWS High Income Fund only) the fund may invest up to 50% of its total assets in bonds denominated in US dollars or foreign currencies from foreign issuers.
For purposes of non-fundamental policy (1), an illiquid security is any investment that the fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days without the sale or disposition significantly changing the market value of the investment.
Taxes
Important information concerning the tax consequences of an investment in each fund is contained in Part II—
Appendix II-H.
Independent Registered Public Accounting Firm, Reports to Shareholders and Financial Statements
Ernst & Young LLP, 200 Clarendon Street, Boston, Massachusetts 02116, an independent registered public accounting firm, audits the financial statements of each
fund and provides other audit, tax and related services. Shareholders will receive annual audited financial statements and semi-annual unaudited financial statements.
The financial statements, together with the report of the Independent Registered Public Accounting Firm, financial highlights and notes to financial statements in the Annual Report to the Shareholders of each fund, dated as shown below, are incorporated herein by reference and are hereby deemed to be a part of this combined SAI. 
Additional Information
For information on CUSIP numbers and fund fiscal year end information, see Part I—Appendix I-K.
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Part I: Appendix I-A—Board Member/Advisory Board Member Share Ownership and Control Persons
Board Member/Advisory Board Member Share Ownership in each fund
The following tables show the dollar range of equity securities beneficially owned by each current Board Member or Advisory Board Member in each fund and in DWS funds as of December 31, 2022.
Dollar Range of Beneficial Ownership(1) 
Board Member
DWS Global High
Income Fund
DWS GNMA Fund
DWS High Income
Fund
DWS Short
Duration Fund
Independent Board Member:
John W. Ballantine
None
None
None
None
Dawn-Marie
Driscoll
$1 - $10,000
$1 - $10,000
None
$1 - $10,000
Keith R. Fox
None
None
None
None
Richard J. Herring
None
None
None
None
Rebecca W. Rimel
None
None
$10,001 - $50,000
None
William N. Searcy,
Jr.
None
None
None
None
Catherine Schrand
None
None
None
None
 
 
DWS Global High
Income Fund
DWS GNMA Fund
DWS High Income
Fund
DWS Short
Duration Fund
Independent Advisory Board Member:
 
 
Chad D. Perry
None
None
None
None
Aggregate Dollar Range of Beneficial Ownership(1) 
 
Funds Overseen by
Board Member in the
DWS Funds
Independent Board Member:
John W. Ballantine
Over $100,000
Dawn-Marie Driscoll
Over $100,000
Keith R. Fox
Over $100,000
Richard J. Herring
Over $100,000
Rebecca W. Rimel
Over $100,000
William N. Searcy, Jr.
Over $100,000
Catherine Schrand
$50,001 – $100,000
Independent Advisory Board Member:
Chad D. Perry
None
(1)The dollar ranges are: None, $1 – $10,000, $10,001 – $50,000, $50,001 – $100,000, or over $100,000.
Ownership in Securities of the Advisor and Related Companies
As reported to each fund, the information in the table below reflects ownership by the current Independent Board Members or Independent Advisory Board Members and their immediate family members of certain securities as of December 31, 2022. An immediate family member can be a spouse, children residing in the same household, including
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step and adoptive children, and any dependents. The securities represent ownership in the Advisor or Distributor and any persons (other than a registered investment company) directly or indirectly controlling, controlled by, or under common control with the Advisor or Distributor (including Deutsche Bank AG and DWS Group). 
Independent
Board Member
Owner and
Relationship to
Board Member
Company
Title of
Class
Value of
Securities on an
Aggregate Basis
Percent of
Class on an
Aggregate Basis
John W. Ballantine
 
None
 
 
 
Dawn-Marie Driscoll
 
None
 
 
 
Keith R. Fox
 
None
 
 
 
Richard J. Herring
 
None
 
 
 
Rebecca W. Rimel
 
None
 
 
 
William N. Searcy, Jr.
 
None
 
 
 
Catherine Schrand
 
None
 
 
 
 
Independent
Advisory Board
Member
Owner and
Relationship to
Advisory Board
Member
Company
Title of
Class
Value of
Securities on an
Aggregate Basis
Percent of
Class on an
Aggregate Basis
Chad D. Perry
 
None
 
 
 
As of January 4, 2023, all Board Members, Advisory Board Members and officers owned, as a group, less than 1% of the outstanding shares of a fund.
25% or Greater Ownership
Shareholders who beneficially own 25% or more of a fund's shares may have a significant impact on any shareholder vote of the fund. Although each fund does not have information concerning the beneficial ownership of shares, no investor owned of record 25% or more of a fund’s shares as of January 4, 2023.
5% or Greater Ownership of Share Classes
The following table identifies those investors who owned 5% or more of a fund share class as of January 4, 2023. All holdings are of record, unless otherwise indicated.
DWS GNMA Fund 
Name and Address of Investor
Shares
Class
Percentage
FIRST CLEARING LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
ST LOUIS MO 63103-2523
2,345,985.09
A
7.09%
NATIONAL FINANCIAL SERVICES LLC
FOR EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
1,813,531.92
A
5.48%
FIRST CLEARING LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
ST LOUIS MO 63103-2523
130,552.24
C
34.23%
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Name and Address of Investor
Shares
Class
Percentage
MORGAN STANLEY SMITH BARNEY
HARBORSIDE FINANCIAL CENTER
PLAZA II 3RD FLOOR
JERSEY CITY NJ 07311
80,340.41
C
21.06%
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
35,784.05
C
9.38%
ASCENSUS TRUST COMPANY FBO
LAHAYE EYE CLINIC XXXXXX
PO BOX 10758
FARGO ND 58106-0758
26,365.54
C
6.91%
AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN 55402-2405
25,466.25
C
6.68%
LPL FINANCIAL
9785 TOWNE CENTRE DR
SAN DIEGO CA 92121-1968
345,684.57
Institutional
22.69%
AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN 55402-2405
271,913.94
Institutional
17.85%
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM XXXXXXXX
ATTN COURTNEY WALLER
880 CARILLON PARKWAY
ST PETERSBURG FL 33716-1100
246,848.71
Institutional
16.20%
NATIONAL FINANCIAL SERVICES LLC
FOR EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
157,512.88
Institutional
10.34%
FIRST CLEARING LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
ST LOUIS MO 63103-2523
129,280.73
Institutional
8.49%
MORGAN STANLEY SMITH BARNEY
HARBORSIDE FINANCIAL CENTER
PLAZA II 3RD FLOOR
JERSEY CITY NJ 07311
107,430.54
Institutional
7.05%
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
81,592.89
Institutional
5.36%
SAMMONS FINANCIAL NETWORK LLC
8300 MILLS CIVIC PKWY
WEST DES MOINES IA 50266-3833
28,872.03
R
99.13%
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Name and Address of Investor
Shares
Class
Percentage
EMPOWER TRUST FBO
EMPLOYEE BENEFITS CLIENTS 401K
8515 E ORCHARD RD 2T2
GREENWOOD VLG CO 80111-5002
58,240.09
R6
97.78%
DWS High Income Fund 
Name and Address of Investor
Shares
Class
Percentage
NATIONAL FINANCIAL SERVICES LLC
FOR EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
8,295,279.33
A
7.72%
FIRST CLEARING LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
ST LOUIS MO 63103-2523
7,344,698.43
A
6.84%
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCT FBO CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1901
6,030,414.44
A
5.61%
FIRST CLEARING LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
ST LOUIS MO 63103-2523
262,262.59
C
19.13%
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
191,973.66
C
14.00%
LPL FINANCIAL
9785 TOWNE CENTRE DR
SAN DIEGO CA 92121-1968
190,948.70
C
13.93%
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM XXXXXXXX
ATTN COURTNEY WALLER
880 CARILLON PARKWAY
ST PETERSBURG FL 33716-1100
167,703.53
C
12.23%
MORGAN STANLEY SMITH BARNEY
HARBORSIDE FINANCIAL CENTER
PLAZA II 3RD FLOOR
JERSEY CITY NJ 07311
90,070.65
C
6.57%
NATIONAL FINANCIAL SERVICES LLC
FOR EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
89,303.76
C
6.51%
I-10
Name and Address of Investor
Shares
Class
Percentage
AMERICAN ENTERPRISE INVESTMENT SVC
FBO #41999970
707 2ND AVE S
MINNEAPOLIS MN 55402-2405
75,923.28
C
5.54%
NATIONAL FINANCIAL SERVICES LLC
FOR EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
5,357,185.96
Institutional
27.67%
MORGAN STANLEY SMITH BARNEY
HARBORSIDE FINANCIAL CENTER
PLAZA II 3RD FLOOR
JERSEY CITY NJ 07311
4,006,519.47
Institutional
20.69%
AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN 55402-2405
3,499,886.87
Institutional
18.08%
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM XXXXXXXX
ATTN COURTNEY WALLER
880 CARILLON PARKWAY
ST PETERSBURG FL 33716-1100
1,154,142.38
Institutional
5.96%
SAMMONS FINANCIAL NETWORK LLC
8300 MILLS CIVIC PKWY
WEST DES MOINES IA 50266-3833
340,100.18
R
63.23%
VOYA INSTITUTIONAL TRUST CO
1 ORANGE WAY
WINDSOR CT 06095-4773
196,429.79
R
36.52%
RELIANCE TRUST CO TTEE
FBO ADP ACCESS LARGE MARKET 401K
201 17TH ST NW STE 1000
ATLANTA GA 30363-1195
83,483.37
R6
50.28%
VOYA INSTITUTIONAL TRUST CO
1 ORANGE WAY
WINDSOR CT 06095-4773
32,590.66
R6
19.63%
JOHN HANCOCK TR CO LLC
690 CANTON ST STE 100
WESTWOOD MA 02090-2324
25,038.35
R6
15.08%
MATRIX TR CO CUST FBO
OHIO INSURANCE CENTER AGENCY
717 17TH ST STE 1300
DENVER CO 80202-3304
8,730.19
R6
5.26%
CHARLES SCHWAB & CO INC
ATTN MUTUAL FUNDS DEPARTMENT
101 MONTGOMERY ST
SAN FRANCISCO CA 94104-4151
2,365,664.25
S
36.01%
I-11
Name and Address of Investor
Shares
Class
Percentage
UBS WM USA
OMNI ACCOUNT M/F
SPEC CDY A/C EXCL BEN CUST UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
1,190,610.07
S
18.12%
DWS Global High Income Fund 
Name and Address of Investor
Shares
Class
Percentage
TD AMERITRADE INC FOR THE
EXCLUSIVE BENEFIT OF OUR CLIENTS
PO BOX 2226
OMAHA NE 68103-2226
1,084,856.92
A
18.88%
NATIONAL FINANCIAL SERVICES LLC
FOR EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
553,120.67
A
9.63%
AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN 55402-2405
520,837.09
A
9.07%
MLPF&S FOR THE SOLE BENEFIT OF
ITS CUSTOMERS
ATTN FUND ADMINISTRATION XXXXX
4800 DEER LAKE DR EAST 2ND FL
JACKSONVILLE FL 32246-6484
440,509.63
A
7.67%
MORGAN STANLEY SMITH BARNEY
HARBORSIDE FINANCIAL CENTER
PLAZA II 3RD FLOOR
JERSEY CITY NJ 07311
407,663.95
A
7.10%
FIRST CLEARING LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
ST LOUIS MO 63103-2523
384,781.60
A
6.70%
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
351,469.74
A
6.12%
MORGAN STANLEY SMITH BARNEY
HARBORSIDE FINANCIAL CENTER
PLAZA II 3RD FLOOR
JERSEY CITY NJ 07311
491,233.75
C
25.38%
AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN 55402-2405
411,273.38
C
21.25%
LPL FINANCIAL
9785 TOWNE CENTRE DR
SAN DIEGO CA 92121-1968
231,844.00
C
11.98%
I-12
Name and Address of Investor
Shares
Class
Percentage
NATIONAL FINANCIAL SERVICES LLC
FOR EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
193,036.61
C
9.97%
FIRST CLEARING LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
ST LOUIS MO 63103-2523
152,408.31
C
7.88%
RBC CAPITAL MARKETS LLC
MUTUAL FUND OMNIBUS PROCESSING
OMNIBUS
510 MARQUETTE AVE
MINNEAPOLIS MN 55402-1110
128,714.86
C
6.65%
UBS WM USA
OMNI ACCOUNT M/F
SPEC CDY A/C EXCL BEN CUST UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
127,172.03
C
6.57%
AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN 55402-2405
5,246,304.31
Institutional
20.16%
MLPF&S FOR THE SOLE BENEFIT OF
ITS CUSTOMERS
ATTN FUND ADM (XXXXX)
4800 DEER LAKE DR E FL 2
JACKSONVILLE FL 32246-6484
4,432,160.75
Institutional
17.03%
MORGAN STANLEY SMITH BARNEY
HARBORSIDE FINANCIAL CENTER
PLAZA II 3RD FLOOR
JERSEY CITY NJ 07311
3,927,230.82
Institutional
15.09%
NATIONAL FINANCIAL SERVICES LLC
FOR EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
3,836,354.48
Institutional
14.74%
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM XXXXXXXX
ATTN COURTNEY WALLER
880 CARILLON PARKWAY
ST PETERSBURG FL 33716-1100
2,084,004.59
Institutional
8.01%
STATE STREET BANK & TR TTEE
AND/OR CUST
FBO ADP ACCESS PRODUCT
1 LINCOLN ST
BOSTON MA 02111-2901
93,328.66
R6
40.27%
I-13
Name and Address of Investor
Shares
Class
Percentage
MLPF&S FOR THE SOLE BENEFIT OF
ITS CUSTOMERS
ATTN FUND ADM (XXXXX)
4800 DEER LAKE DR E FL 2
JACKSONVILLE FL 32246-6484
62,725.18
R6
27.06%
RELIANCE TRUST COMPANY TRUSTEE
FBO A C LEGG PACKING CO 401(K) PR
CALERA AL 350400000
46,885.76
R6
20.23%
STATE STREET BANK & TR TTEE
AND/OR CUST
FBO ADP ACCESS PRODUCT
1 LINCOLN ST
BOSTON MA 02111-2901
6,750,086.50
S
27.82%
CHARLES SCHWAB & CO INC
REINVEST ACCOUNT
ATTN MUTUAL FUND DEPT
101 MONTGOMERY ST
SAN FRANCISCO CA 94104-4151
2,635,326.91
S
10.86%
DWS Short Duration Fund 
Name and Address of Investor
Shares
Class
Percentage
FIRST CLEARING LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
ST LOUIS MO 63103-2523
290,854.84
C
24.28%
LPL FINANCIAL
9785 TOWNE CENTRE DR
SAN DIEGO CA 92121-1968
217,149.87
C
18.13%
MORGAN STANLEY SMITH BARNEY
HARBORSIDE FINANCIAL CENTER
PLAZA II 3RD FLOOR
JERSEY CITY NJ 07311
116,580.61
C
9.73%
ASCENSUS TRUST COMPANY FBO
WESTERN TIMBER INC XXXXXX
PO BOX 10758
FARGO ND 58106-0758
79,530.24
C
6.64%
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM XXXXXXXX
ATTN COURTNEY WALLER
880 CARILLON PARKWAY
ST PETERSBURG FL 33716-1100
72,497.89
C
6.05%
AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN 55402-2405
66,021.47
C
5.51%
I-14
Name and Address of Investor
Shares
Class
Percentage
MLPF&S FOR THE SOLE BENEFIT OF
ITS CUSTOMERS
ATTN FUND ADMINISTRATION XXXXX
4800 DEER LAKE DR EAST 2RD FL
JACKSONVILLE FL 32246-6484
64,397.28
C
5.38%
MLPF&S FOR THE SOLE BENEFIT OF
ITS CUSTOMERS
ATTN FUND ADM (XXXXX)
4800 DEER LAKE DR E FL 2
JACKSONVILLE FL 32246-6484
16,759,240.26
Institutional
26.74%
AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN 55402-2405
10,802,283.65
Institutional
17.23%
NATIONAL FINANCIAL SERVICES LLC
FOR EXCLUSIVE BENE OF OUR
CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
9,263,547.29
Institutional
14.78%
MORGAN STANLEY SMITH BARNEY
HARBORSIDE FINANCIAL CENTER
PLAZA II 3RD FLOOR
JERSEY CITY NJ 07311
9,055,233.08
Institutional
14.45%
LPL FINANCIAL
9785 TOWNE CENTRE DR
SAN DIEGO CA 92121-1968
4,415,682.12
Institutional
7.04%
RELIANCE TRUST CO TTEE
FBO ADP ACCESS LARGE MARKET 401K
201 17TH ST NW STE 1000
ATLANTA GA 30363-1195
279,294.65
R6
92.89%
UBS WM USA
OMNI ACCOUNT M/F
SPEC CDY A/C EXCL BEN CUST UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
16,504.14
R6
5.49%
UBS WM USA
OMNI ACCOUNT M/F
SPEC CDY A/C EXCL BEN CUST UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
3,652,022.74
S
10.94%
NATIONAL FINANCIAL SERVICES LLC
FOR EXCLUSIVE BENE OF OUR
CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
3,584,089.20
S
10.74%
I-15
Name and Address of Investor
Shares
Class
Percentage
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
3,028,443.13
S
9.07%
CHARLES SCHWAB & CO
OMNIBUS ACCOUNT REINVEST
ATTN: MUTUAL FUND ACCT MGMT TEAM
101 MONTEGOMERY STREET
SAN FRANCISCO CA 94104-4151
2,719,119.82
S
8.15%
I-16
Part I: Appendix I-B—Board Committees and Meetings
Information Concerning Committees and Meetings of the Board
The Board oversees the operations of the DWS funds and meets periodically to oversee fund activities, and to review fund performance and contractual arrangements with fund service providers. The Board met six times during the most recently completed calendar year.
Board Leadership Structure
A fund’s Board is responsible for the general oversight of a fund’s affairs and for assuring that the fund is managed in the best interests of its shareholders. The Board regularly reviews a fund’s investment performance as well as the quality of other services provided to a fund and its shareholders by DIMA and its affiliates, including administration and shareholder servicing. At least annually, the Board reviews and evaluates the fees and operating expenses paid by a fund for these services and negotiates changes that it deems appropriate. In carrying out these responsibilities, the Board is assisted by the Advisory Board and a fund’s auditors, independent counsel and other experts, as appropriate, selected by and responsible to the Board.
Independent Board Members are not considered “interested persons” (as defined in the 1940 Act) of the fund or its investment adviser. These Independent Board Members must vote separately to approve all financial arrangements and other agreements with a fund’s investment adviser and other affiliated parties. The role of the Independent Board Members has been characterized as that of a “watchdog” charged with oversight to protect shareholders’ interests against overreaching and abuse by those who are in a position to control or influence a fund. A fund’s Independent Board Members meet regularly as a group in executive session without representatives of the Advisor present. An Independent Board Member currently serves as chairman of the Board.
Taking into account the number, diversity and complexity of the funds overseen by the Board Members and the aggregate amount of assets under management in the DWS funds, the Board has determined that the efficient conduct of its affairs makes it desirable to delegate responsibility for certain specific matters to committees of the Board. These committees, which are described in more detail below, review and evaluate matters specified in their charters and/or enabling resolutions, and take actions on those matters and/or make recommendations to the Board, as appropriate. Each committee may confer with the Advisory Board Members and utilize the resources of counsel and auditors as well as other experts. The committees meet as often as necessary, either in conjunction with regular meetings of the Board or otherwise. The membership and chair of each committee are appointed by the Board upon recommendation of the Nominating and Governance Committee. The membership and chair of each committee consist exclusively of Independent Board Members.
The Board has determined that this committee structure also allows the Board to focus more effectively on the oversight of risk as part of its broader oversight of a fund’s affairs. While risk management is the primary responsibility of the Advisor, the Board regularly receives reports regarding investment risks and compliance risks. The Board’s committee structure allows separate committees to focus on different aspects of these risks and their potential impact on some or all of the DWS funds and to discuss with the Advisor how it monitors and controls such risks.
Advisory Board
The Board has established an Advisory Board to confer with and provide non-binding advice to the Board regarding the oversight of the affairs of the funds. Advisory Board Members do not vote or otherwise have decision-making authority on matters affecting the funds. The Board remains solely responsible for the oversight of a fund’s affairs and for assuring the fund is managed in the best interests of its shareholders. There is currently one Advisory Board Member, Chad D. Perry. Advisory Board Members attend all Board Meetings.
I-17
Board Committees. The Board has established the following standing committees: Audit Committee, Nominating and Governance Committee, Operations Committee and Dividend Committee. 
Name of Committee
Number of
Meetings in Last
Calendar Year
Functions
Current Members
AUDIT COMMITTEE
5
Assists the Board in fulfilling its responsibility
for oversight of (1) the integrity of the financial
statements, (2) a fund’s accounting and
financial reporting policies and procedures, (3)
a fund’s compliance with legal and regulatory
requirements related to accounting and
financial reporting, (4) valuation of fund assets
and securities and (5) the qualifications,
independence and performance of the
independent registered public accounting firm
for a fund. Oversees a fund’s valuation
designee, who is responsible for valuing the
fund’s securities and other assets. The Audit
Committee also approves and recommends to
the Board the appointment, retention or
termination of the independent registered
public accounting firm for a fund, reviews the
scope of audit and internal controls, considers
and reports to the Board on matters relating to
a fund’s accounting and financial reporting
practices, and performs such other tasks as
the full Board deems necessary or appropriate.
Catherine Schrand (Chair),
Richard J. Herring (Vice
Chair) and John W.
Ballantine
I-18
Name of Committee
Number of
Meetings in Last
Calendar Year
Functions
Current Members
NOMINATING AND
GOVERNANCE
COMMITTEE
5
Recommends individuals for membership on
the Board, nominates officers, Board and
committee chairs, vice chairs and committee
members, and oversees the operations of the
Board. The Nominating and Governance
Committee has not established specific,
minimum qualifications that must be met by an
individual to be considered by the Nominating
and Governance Committee for nomination as
a Board Member. The Nominating and
Governance Committee may take into account
a wide variety of factors in considering Board
Member candidates, including, but not limited
to: (i) availability and commitment of a
candidate to attend meetings and perform his
or her responsibilities to the Board, (ii) relevant
industry and related experience, (iii)
educational background, (iv) financial expertise,
(v) an assessment of the candidate's ability,
judgment and expertise, and (vi) the current
composition of the Board. The Committee
generally believes that the Board benefits from
diversity of background, experience and views
among its members, and considers this as a
factor in evaluating the composition of the
Board, but has not adopted any specific policy
in this regard. The Nominating and Governance
Committee reviews recommendations by
shareholders for candidates for Board positions
on the same basis as candidates
recommended by other sources. Shareholders
may recommend candidates for Board
positions by forwarding their correspondence
by US 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.
Rebecca W. Rimel (Chair),
John W. Ballantine (Vice
Chair) and Keith R. Fox
OPERATIONS
COMMITTEE
5
Reviews the administrative operations and
general compliance matters of the funds.
Reviews administrative matters related to the
operations of the funds, policies and
procedures relating to portfolio transactions,
custody arrangements, fidelity bond and
insurance arrangements and such other tasks
as the full Board deems necessary or
appropriate.
William N. Searcy, Jr.
(Chair), Dawn-Marie Driscoll
(Vice Chair), and Rebecca W.
Rimel
DIVIDEND COMMITTEE
0
Authorizes dividends and other distributions for
those funds that are organized as Maryland
corporations or as series of a Maryland
corporation. The Committee meets on an as-
needed basis. The Committee applies only to
the following corporations: Deutsche DWS
Global/International Fund, Inc. and Deutsche
DWS International Fund, Inc.
Dawn-Marie Driscoll, Keith
R. Fox, John W. Ballantine
(Alternate), Richard J.
Herring (Alternate), Rebecca
W. Rimel (Alternate) and
William N. Searcy, Jr.
(Alternate)
Ad Hoc Committees. In addition to the standing committees described above, from time to time the Board may also form ad hoc committees to consider specific issues.
I-19
Part I: Appendix I-C—Board Member Compensation
Each Independent Board Member and Independent Advisory Board Member receives compensation from each fund for his or her services, which includes retainer fees and specified amounts for various committee services and for the Board Chairperson and Vice Chairperson, if any. No additional compensation is paid to any Independent Board Member or Independent Advisory Board Member for travel time to meetings, attendance at directors’ educational seminars or conferences, service on industry or association committees, participation as speakers at directors’ conferences or service on special fund industry director task forces or subcommittees. Independent Board Members and Independent Advisory Board Members do not receive any employee benefits such as pension or retirement benefits or health insurance from a fund or any fund in the DWS fund complex.
Board Members or Advisory Board Members who are officers, directors, employees or stockholders of DWS or its affiliates receive no direct compensation from the fund, although they are compensated as employees of DWS, or its affiliates, and as a result may be deemed to participate in fees paid by a fund. The following tables show, for each current Independent Board Member and Independent Advisory Board Member, compensation from each fund during its most recently completed fiscal year, and aggregate compensation from all of the funds in the DWS fund complex during calendar year 2022.
Aggregate Compensation from each fund 
Board Member
DWS GNMA Fund
DWS High Income
Fund
DWS Short
Duration Fund
DWS Global High
Income Fund
Independent Board Member:
John W. Ballantine
$4,576
$2,948
$4,844
$2,231
Dawn-Marie
Driscoll
$4,576
$2,948
$4,844
$2,231
Keith R. Fox
$6,400
$4,090
$6,781
$3,073
Richard J. Herring
$4,576
$2,948
$4,844
$2,231
Rebecca W. Rimel
$4,941
$3,177
$5,232
$2,399
Catherine Schrand
$5,800
$3,717
$5,992
$2,866
William N. Searcy,
Jr.
$4,941
$3,177
$5,232
$2,399
 
 
DWS GNMA Fund
DWS High Income
Fund
DWS Short
Duration Fund
DWS Global High
Income Fund
Independent Advisory Board Member:
 
 
 
Chad D. Perry
$5,800
$3,717
$5,992
$2,866
I-20
Total Compensation from DWS Fund Complex 
Board Member
Total Compensation
from each fund and
DWS Fund Complex(1)
Independent Board Member:
John W. Ballantine
$315,000
Dawn-Marie Driscoll
$315,000
Keith R. Fox(2)
$440,000
Richard J. Herring
$315,000
Rebecca W. Rimel(3)
$340,000
Catherine Schrand
$315,000
William N. Searcy, Jr.(3)
$340,000
Independent Advisory Board Member:
Chad D. Perry
$315,000
(1)
For each Independent Board Member and Independent Advisory Board Member, total compensation from the DWS fund complex represents compensation from 69 funds as of December 31, 2022.
(2)
Includes $125,000 in annual retainer fees received by Mr. Fox as Chairperson of the DWS funds.
(3)
Includes $25,000 in annual retainer fees for serving as Chairperson of a Board committee (other than the Audit Committee) of the DWS funds.
I-21
Part I: Appendix I-D—Portfolio Management
Fund Ownership of Portfolio Managers
The following table shows the dollar range of fund shares owned beneficially and of record by the portfolio management team as well as in all US registered DWS funds advised by the Advisor as a group, including investments by their immediate family members sharing the same household and amounts invested through retirement and deferred compensation plans. This information is provided as of the most recent fiscal year for each fund.
DWS GNMA Fund 
Name of Portfolio Manager
Dollar Range of
Fund Shares Owned
Dollar Range of All DWS
Fund Shares Owned
Gregory M. Staples
$100,001 - $500,000
Over $1,000,000
Thomas J. Sweeney
$0
$100,001 - $500,000
Hyun Lee
$0
$0
DWS High Income Fund 
Name of Portfolio Manager
Dollar Range of
Fund Shares Owned
Dollar Range of All DWS
Fund Shares Owned
Gary Russell
$100,001 - $500,000
Over $1,000,000
Thomas R. Bouchard
$1 - $10,000
$10,001 - $50,000
Lonnie Fox
$50,001 - $100,000
$100,001 - $500,000
Sarah Rowin
$0
$0
DWS Global High Income Fund 
Name of Portfolio Manager
Dollar Range of
Fund Shares Owned
Dollar Range of All DWS
Fund Shares Owned
Gary Russell
$50,001 - $100,000
Over $1,000,000
Thomas R. Bouchard
$1 - $10,000
$10,001 - $50,000
Lonnie Fox
$10,001 - $50,000
$100,001 - $500,000
Sarah Rowin
$0
$0
DWS Short Duration Fund 
Name of Portfolio Manager
Dollar Range of
Fund Shares Owned
Dollar Range of All DWS
Fund Shares Owned
Thomas J. Sweeney
$10,001 - $50,000
$50,001 - $100,000
Jeff Morton
$10,001 - $50,000
$10,001 - $50,000
Lonnie Fox
$10,001 - $50,000
$100,001 - $500,000
Conflicts of Interest
In addition to managing the assets of each fund, a portfolio manager may have responsibility for managing other client accounts of the Advisor or its affiliates. The tables below show, per portfolio manager, the number and asset size of: (1) SEC registered investment companies (or series thereof) other than each fund, (2) pooled investment vehicles that are not registered investment companies and (3) other accounts (e.g., accounts managed for individuals or organizations) managed by a portfolio manager. Total assets attributed to a portfolio manager in the tables below include total assets of each account managed, although a portfolio manager may only manage a portion of such account’s assets. For a fund subadvised by subadvisors unaffiliated with the Advisor, total assets of funds managed may only include assets
I-22
allocated to the portfolio manager and not the total assets of a fund managed. The tables also show the number of performance-based fee accounts, as well as the total assets of the accounts for which the advisory fee is based on the performance of the account. This information is provided as of the most recent fiscal year for each fund.
DWS GNMA Fund
Other SEC Registered Investment Companies Managed: 
Name of
Portfolio Manager
Number of
Registered
Investment
Companies
Total Assets of
Registered
Investment
Companies
Number of Investment
Company Accounts
with Performance-
Based Fee
Total Assets of
Performance-Based
Fee Accounts
Gregory M. Staples
1
$293,062,753
0
$0
Thomas J. Sweeney
1
$1,052,602,422
0
$0
Hyun Lee
0
$0
0
$0
DWS High Income Fund
Other SEC Registered Investment Companies Managed: 
Name of
Portfolio Manager
Number of
Registered
Investment
Companies
Total Assets of
Registered
Investment
Companies
Number of Investment
Company Accounts
with Performance-
Based Fee
Total Assets of
Performance-Based
Fee Accounts
Gary Russell
3
$543,694,565
0
$0
Thomas R. Bouchard
3
$543,694,565
0
$0
Lonnie Fox
4
$1,596,296,987
0
$0
Sarah Rowin
0
$0
0
$0
DWS Global High Income Fund
Other SEC Registered Investment Companies Managed: 
Name of
Portfolio Manager
Number of
Registered
Investment
Companies
Total Assets of
Registered
Investment
Companies
Number of Investment
Company Accounts
with Performance-
Based Fee
Total Assets of
Performance-Based
Fee Accounts
Gary Russell
3
$765,110,957
0
$0
Thomas R. Bouchard
3
$765,110,957
0
$0
Lonnie Fox
4
$1,796,527,234
0
$0
Sarah Rowin
0
$0
0
$0
DWS Short Duration Fund
Other SEC Registered Investment Companies Managed: 
Name of
Portfolio Manager
Number of
Registered
Investment
Companies
Total Assets of
Registered
Investment
Companies
Number of Investment
Company Accounts
with Performance-
Based Fee
Total Assets of
Performance-Based
Fee Accounts
Thomas J. Sweeney
0
$0
0
$0
Jeff Morton
1
$1,848,860,977
0
$0
Lonnie Fox
4
$1,116,729,546
0
$0
I-23
DWS GNMA Fund
Other Pooled Investment Vehicles Managed: 
Name of
Portfolio Manager
Number of
Pooled
Investment
Vehicles
Total Assets of
Pooled Investment
Vehicles
Number of Pooled
Investment Vehicle
Accounts with
Performance-
Based Fee
Total Assets of
Performance-
Based Fee
Accounts
Gregory M. Staples
0
$0
0
$0
Thomas J. Sweeney
0
$0
0
$0
Hyun Lee
0
$0
0
$0
DWS High Income Fund
Other Pooled Investment Vehicles Managed: 
Name of
Portfolio Manager
Number of
Pooled
Investment
Vehicles
Total Assets of
Pooled Investment
Vehicles
Number of Pooled
Investment Vehicle
Accounts with
Performance-
Based Fee
Total Assets of
Performance-
Based Fee
Accounts
Gary Russell
0
$0
0
$0
Thomas R. Bouchard
0
$0
0
$0
Lonnie Fox
0
$0
0
$0
Sarah Rowin
0
$0
0
$0
DWS Global High Income Fund
Other Pooled Investment Vehicles Managed: 
Name of
Portfolio Manager
Number of
Pooled
Investment
Vehicles
Total Assets of
Pooled Investment
Vehicles
Number of Pooled
Investment Vehicle
Accounts with
Performance-
Based Fee
Total Assets of
Performance-
Based Fee
Accounts
Gary Russell
1
$95,665,384
0
$0
Thomas R. Bouchard
0
$0
0
$0
Lonnie Fox
0
$0
0
$0
Sarah Rowin
0
$0
0
$0
DWS Short Duration Fund
Other Pooled Investment Vehicles Managed: 
Name of
Portfolio Manager
Number of
Pooled
Investment
Vehicles
Total Assets of
Pooled Investment
Vehicles
Number of Pooled
Investment Vehicle
Accounts with
Performance-
Based Fee
Total Assets of
Performance-
Based Fee
Accounts
Thomas J. Sweeney
0
$0
0
$0
Jeff Morton
0
$0
0
$0
Lonnie Fox
0
$0
0
$0
I-24
DWS GNMA Fund
Other Accounts Managed: 
Name of
Portfolio Manager
Number of
Other Accounts
Total Assets
of Other
Accounts
Number of Other
Accounts with
Performance-
Based Fee
Total Assets of
Performance-
Based Fee
Accounts
Gregory M. Staples
140
$26,194,244,736
0
$0
Thomas J. Sweeney
28
$3,768,917,850
0
$0
Hyun Lee
0
$0
0
$0
DWS High Income Fund
Other Accounts Managed: 
Name of
Portfolio Manager
Number of
Other Accounts
Total Assets
of Other
Accounts
Number of Other
Accounts with
Performance-
Based Fee
Total Assets of
Performance-
Based Fee
Accounts
Gary Russell
10
$750,603,037
0
$0
Thomas R. Bouchard
7
$434,867,108
0
$0
Lonnie Fox
25
$1,131,328,921
0
$0
Sarah Rowin
0
$0
0
$0
DWS Global High Income Fund
Other Accounts Managed: 
Name of
Portfolio Manager
Number of
Other Accounts
Total Assets
of Other
Accounts
Number of Other
Accounts with
Performance-
Based Fee
Total Assets of
Performance-
Based Fee
Accounts
Gary Russell
10
$678,377,294
0
$0
Thomas R. Bouchard
7
$421,094,133
0
$0
Lonnie Fox
25
$1,163,109,787
0
$0
Sarah Rowin
0
$0
0
$0
DWS Short Duration Fund
Other Accounts Managed: 
Name of
Portfolio Manager
Number of
Other Accounts
Total Assets
of Other
Accounts
Number of Other
Accounts with
Performance-
Based Fee
Total Assets of
Performance-
Based Fee
Accounts
Thomas J. Sweeney
28
$3,768,917,850
0
$0
Jeff Morton
7
$5,225,035,771
0
$0
Lonnie Fox
25
$1,131,328,921
0
$0
I-25
In addition to the accounts above, an investment professional may manage accounts in a personal capacity that may include holdings that are similar to, or the same as, those of each fund. The Advisor or Subadvisor, as applicable, has in place a Code of Ethics that is designed to address conflicts of interest and that, among other things, imposes restrictions on the ability of portfolio managers and other “access persons” to invest in securities that may be recommended or traded in each fund and other client accounts.
I-26
Part I: Appendix I-E—Service Provider Compensation
DWS GNMA Fund 
Fiscal Year Ended
Gross Amount
Paid to DIMA
for Advisory
Services
Amount Waived
by DIMA for
Advisory
Services
Gross Amount Paid to
DIMA for General
Administrative
Services(1)
Amount Waived by
DIMA for General
Administrative
Services
2022
$3,540,379
$0
$1,092,186
$0
2021
$4,324,846
$0
$1,337,613
$0
2020
$4,612,955
$0
$1,446,179
$0
 
Fiscal Year Ended
Gross Amount Paid to
DSC for Transfer
Agency Services
Amount Waived by
DSC for Transfer
Agency Services
2022
$772,593
$50
2021
$866,178
$23
2020
$760,047
$54
(1)Effective March 1, 2020, the fund pays the Advisor an administrative services fee, calculated daily and paid monthly, at the annual rate of 0.097% of the fund’s average daily net assets. Prior to March 1, 2020, the fund paid the Advisor an administrative services fee, calculated daily and paid monthly, at the annual rate of 0.10% of the fund’s average daily net assets.
DWS High Income Fund 
Fiscal Year Ended
Gross Amount
Paid to DIMA
for Advisory
Services
Amount Waived
by DIMA for
Advisory
Services
Gross Amount Paid to
DIMA for General
Administrative
Services(1)
Amount Waived by
DIMA for General
Administrative
Services
2022
$3,260,667
$0
$686,688
$0
2021
$3,709,173
$0
$783,366
$0
2020
$3,500,187
$0
$748,227
$0
 
Fiscal Year Ended
Gross Amount Paid to
DSC for Transfer
Agency Services
Amount Waived by
DSC for Transfer
Agency Services
2022
$212,282
$7,519
2021
$225,747
$4,272
2020
$219,974
$84
(1)Effective March 1, 2020, the fund pays the Advisor an administrative services fee, calculated daily and paid monthly, at the annual rate of 0.097% of the fund’s average daily net assets. Prior to March 1, 2020, the fund paid the Advisor an administrative services fee, calculated daily and paid monthly, at the annual rate of 0.10% of the fund’s average daily net assets.
I-27
DWS Global High Income Fund 
Fiscal Year Ended
Gross Amount
Paid to DIMA
for Advisory
Services
Amount Waived
by DIMA for
Advisory
Services
Gross Amount Paid to
DIMA for General
Administrative
Services(1)
Amount Waived by
DIMA for General
Administrative
Services
2022
$1,972,670
$119,015
$478,373
$0
2021
$2,616,506
$45,019
$634,503
$0
2020
$2,126,256
$145,637
$520,803
$0
 
Fiscal Year Ended
Gross Amount Paid to
DSC for Transfer
Agency Services
Amount Waived by
DSC for Transfer
Agency Services
2022
$57,984
$57,968
2021
$60,610
$60,592
2020
$76,818
$76,801
(1)Effective March 1, 2020, the fund pays the Advisor an administrative services fee, calculated daily and paid monthly, at the annual rate of 0.097% of the fund’s average daily net assets. Prior to March 1, 2020, the fund paid the Advisor an administrative services fee, calculated daily and paid monthly, at the annual rate of 0.10% of the fund’s average daily net assets.
DWS Short Duration Fund 
Fiscal Year Ended
Gross Amount
Paid to DIMA
for Advisory
Services
Amount Waived
by DIMA for
Advisory
Services
Gross Amount Paid to
DIMA for General
Administrative
Services(1)
Amount Waived by
DIMA for General
Administrative
Services
2022
$4,375,288
$510,697
$1,162,748
$0
2021
$4,382,709
$0
$1,164,720
$0
2020
$3,946,392
$0
$1,062,574
$0
 
Fiscal Year Ended
Gross Amount Paid to
DSC for Transfer
Agency Services
Amount Waived by
DSC for Transfer
Agency Services
2022
$216,406
$216,389
2021
$229,382
$229,272
2020
$228,358
$228,204
(1)Effective March 1, 2020, the fund pays the Advisor an administrative services fee, calculated daily and paid monthly, at the annual rate of 0.097% of the fund’s average daily net assets. Prior to March 1, 2020, the fund paid the Advisor an administrative services fee, calculated daily and paid monthly, at the annual rate of 0.10% of the fund’s average daily net assets.
The following waivers are currently in effect:
For DWS GNMA Fund, the Advisor has contractually agreed through September 30, 2023 to waive its fees and/or reimburse fund expenses to the extent necessary to maintain the fund’s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) at 0.87%, 1.62%, and 0.62% for Class A, Class C, and Class S, respectively. In addition, the Advisor has contractually agreed through January 31, 2024 to waive its fees and/or reimburse fund expenses to the extent necessary to maintain the fund’s total annual operating expenses (excluding certain expenses such as extraordinary expenses,
I-28
taxes, brokerage, interest expense and acquired fund fees and expenses) at ratios no higher than 1.12%, 0.56% and 0.56% for Class R, Class R6 and Institutional Class, respectively. The agreements may only be terminated with the consent of the fund’s Board.
For DWS High Income Fund, the Advisor has contractually agreed through September 30, 2023 to waive its fees and/or reimburse fund expenses to the extent necessary to maintain the fund’s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) at 1.00%, 0.75% and 0.75% for Class A, Class R6 and Institutional Class, respectively. In addition, the Advisor has contractually agreed through January 31, 2024 to waive its fees and/or reimburse fund expenses to the extent necessary to maintain the fund’s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) at ratios no higher than 1.75%, 1.25% and 0.75% for Class C, Class R and Class S, respectively. The agreements may only be terminated with the consent of the fund’s Board.
For DWS Global High Income Fund, the Advisor has contractually agreed through January 31, 2024 to waive its fees and/or reimburse fund expenses to the extent necessary to maintain the fund’s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) at ratios no higher than 0.85%, 1.60%, 0.55%, 0.60% and 0.65% for Class A, Class C, Class R6, Institutional Class and Class S, respectively. The agreement may only be terminated with the consent of the fund’s Board.
For DWS Short Duration Fund, the Advisor has contractually agreed through January 31, 2024 to waive its fees and/or reimburse fund expenses to the extent necessary to maintain the fund’s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) at ratios no higher than 0.75%, 1.50%, 0.38%, 0.38% and 0.50% for Class A, Class C, Class R6, Institutional Class and Class S, respectively. The agreement may only be terminated with the consent of the fund’s Board.
I-29
Part I: Appendix I-F—Sales Charges
The following tables show the aggregate amount of underwriting commissions paid, the amount of underwriting commissions retained by DDI and any CDSCs paid to DDI for the noted fiscal period(s). Any commissions not retained by DDI were paid out to unaffiliated brokers.
Class A Initial Sales Charge: 
 
Fiscal
Year
Aggregate
Sales
Commissions
Aggregate
Commissions
Retained
by DDI
DWS GNMA Fund
2022
$7,195
$1,822
 
2021
$12,473
$6,653
 
2020
$16,098
$5,902
DWS High Income Fund
2022
$34,072
$8,130
 
2021
$54,742
$11,219
 
2020
$51,656
$15,321
DWS Global High Income Fund
2022
$3,625
$2,433
 
2021
$11,606
$5,961
 
2020
$9,603
$8,019
DWS Short Duration Fund(1)
2022
$5,120
$3,914
 
2021
$18,186
$14,168
 
2020
$3,866
$3,704
(1) Effective July 15, 2020, the fund imposes a sales charge of up to 2.25% on new fund share purchases of Class A shares. From February 11, 2019 until July 14, 2020, the front-end sales charge was 0.00%.
CDSC Paid to DDI on: 
 
Fiscal
Year
Class A Shares
Class C Shares
DWS GNMA Fund
2022
$12,776
$399
 
2021
$3,660
$2,827
 
2020
$484
$8,747
DWS High Income Fund
2022
$784
$2,737
 
2021
$0
$242
 
2020
$3,074
$778
DWS Global High Income Fund
2022
$124
$226
 
2021
$0
$5,062
 
2020
$0
$5,207
DWS Short Duration Fund
2022
$28,833
$8,702
 
2021
$15,809
$2,692
 
2020
$0
$2,510
I-30

Part I: Appendix I-G—Distribution Plan Payments
Expenses of each fund paid in connection with the Rule 12b-1 Plans for each class of shares that has adopted a Rule 12b-1 Plan are set forth below for the most recent fiscal year.
12b-1 Compensation to Underwriter and Firms: 
 
 
12b-1 Distribution
Fees
12b-1 Shareholder
Services Fees
12b-1 Shareholder
Services Fees Waived
DWS GNMA Fund
Class A
N/A
$1,073,073
$0
 
Class C
$39,524
$13,104
$0
 
Class R
$1,517
$1,514
$418
DWS High Income Fund
Class A
N/A
$1,209,591
$0
 
Class C
$55,192
$18,351
$0
 
Class R
$3,906
$3,904
$1,927
DWS Global High Income Fund
Class A
N/A
$78,842
$15,159
 
Class C
$117,890
$39,266
$6,769
DWS Short Duration Fund
Class A
N/A
$620,476
$123,422
 
Class C
$105,760
$35,250
$8,240
I-31
Part I: Appendix I-H—Portfolio Transactions and Brokerage Commissions
Variations to a fund’s portfolio turnover rate may be due to, among other things, a fluctuating volume of shareholder purchase and redemption orders, market conditions, and/or changes in the Advisor's investment outlook. The amount of brokerage commissions paid by a fund may change from year to year because of, among other things, changing asset levels, shareholder activity and/or portfolio turnover.
Portfolio Turnover Rates 
Fund
2022
2021
DWS GNMA Fund
532%
539%
DWS High Income Fund
37%
68%
DWS Global High Income Fund
25%
59%
DWS Short Duration Fund
41%
62%
Brokerage Commissions 
 
Fiscal
Year
Brokerage Commissions
Paid by Fund
DWS GNMA Fund
2022
$37,334
 
2021
$44,399
 
2020
$67,906
DWS High Income Fund
2022
$0
 
2021
$0
 
2020
$2
DWS Global High Income Fund
2022
$0
 
2021
$0
 
2020
$1
DWS Short Duration Fund
2022
$17,336
 
2021
$16,421
 
2020
$28,972
Brokerage Commissions Paid to Affiliated Brokers 
 
Fiscal
Year
Name of
Affiliated
Broker
Affiliation
Aggregate
Brokerage
Commissions
Paid by Fund
to Affiliated
Brokers
% of the
Total
Brokerage
Commissions
% of the
Aggregate
Dollar
Value of all
Portfolio
Transactions
DWS GNMA Fund
2022
None
—
None
—
—
 
2021
None
—
None
—
—
 
2020
None
—
None
—
—
DWS High Income Fund
2022
None
—
None
—
—
 
2021
None