# EDGAR Filing Document

**Accession Number:** 0000088063
**File Stem:** 0000088053-26-000255
**Filing Date:** 2026-4
**Character Count:** 246387
**Document Hash:** d923588e19937cf73e88a64835dc6e1d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000088053-26-000255.hdr.sgml**: 20260401

**ACCESSION NUMBER**: 0000088053-26-000255

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260401

**DATE AS OF CHANGE**: 20260401

**EFFECTIVENESS DATE**: 20260401

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEUTSCHE DWS PORTFOLIO TRUST
- **CENTRAL INDEX KEY:** 0000088063

**ORGANIZATION NAME:**
- **EIN:** 046013018
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00042
- **FILM NUMBER:** 26825283

**BUSINESS ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225
- **BUSINESS PHONE:** 212-454-4500

**MAIL ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DEUTSCHE PORTFOLIO TRUST
- **DATE OF NAME CHANGE:** 20140811

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DWS PORTFOLIO TRUST
- **DATE OF NAME CHANGE:** 20060207

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCUDDER PORTFOLIO TRUST/
- **DATE OF NAME CHANGE:** 19930305

## Series and Classes Contracts Data

### DWS Total Return Bond Fund (Series ID: S000006101)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000016770 | Class A             | SZIAX           |
| C000016773 | Class C             | SZICX           |
| C000016774 | Class S             | SCSBX           |
| C000016775 | Institutional Class | SZIIX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-00042

<u>Deutsche DWS Portfolio Trust</u>

(Exact Name of Registrant as Specified in Charter)

875 Third Avenue

<u>New York, NY 10022-6225</u>

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: <u>(212) 454-4500</u>

Diane Kenneally

100 Summer Street

<u>Boston, MA 02110</u>

(Name and Address of Agent for Service)

Date of fiscal year end: 1/31 <br>Date of reporting period: 1/31/2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Item 1.** | &nbsp;&nbsp;**Reports to Stockholders.** |
|  | &nbsp;&nbsp;(a) |

---

# DWS Total Return Bond Fund

# Class A: SZIAX

## Annual Shareholder Report — January 31, 2026
![Image](ic03a6beb42846f3f37d59ad6.jpg)

This annual shareholder report contains important information about DWS Total Return Bond Fund (the "Fund") for the period February 1, 2025 to January 31, 2026. You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 728-3337.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $82 | 0.79% |

---

Gross expense ratio as of the latest prospectus: 0.99%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

## How did the Fund perform last year and what affected its performance?
Class A shares of the Fund returned 6.78% (unadjusted for sales charges) for the period ended January 31, 2026. The Bloomberg U.S. Aggregate Bond Index returned 6.85% for the same period.

The Fund's strong total and absolute return for the 12 months ending January 31, 2026, in part reflects positive performance from overweights to credit-sensitive sectors and positioning with respect to interest rates.

The Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index was supported by both overall security selection and asset allocation. Overweight exposure to risk assets that trade at a higher yield relative to Treasuries was motivated by a relatively stable economic backdrop featuring continued growth and low unemployment. In addition to a sound fundamental picture, the technical environment was also supportive of performance for credit-based assets as attractive all-in yields drove inflows into those sectors. In view of uncertainties around tariffs and inflation, the Fund tactically reduced risk at times to protect against downside outcomes or spread widening. In terms of specific exposures, positive contributions came from risk positioning in investment grade corporate bonds, most notably overweights to the banking/finance, energy, utility and communication subsectors. In addition, within financials, energy and utilities, performance benefited from holdings of securities that were lower in the capital structure or subordinated. An overweight to BBB-rated securities (the lowest investment grade category) across financials, industrials and utilities also proved additive. Overweight exposure to other credit-oriented sectors including collateralized loan obligations, asset-backed securities and commercial mortgage-backed securities contributed as well. Finally, the Fund was positioned to benefit as the Treasury yield curve steepened over the period, while tactical positioning with respect to duration and corresponding interest rate sensitivity allowed the Fund to take advantage as Treasury yields periodically declined. As the yield curve steepened, trades were implemented to take advantage of bonds experiencing price gains as they approach maturity and gravitate towards par value.

There were no material detractors in terms of sector or interest rate positioning.

## Fund Performance

### **Cumulative Growth of an Assumed $10,000 Investment** 

### (Adjusted for Maximum Sales Charge)
Bloomberg U.S. Aggregate Bond Index is a required broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, fixed rate agency MBS, ABS and CMBS (agency and non-agency).

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

![Growth of 10K Chart](i7e312f3226b6b1e4454a0733.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A** | **Bloomberg U.S. Aggregate Bond Index** |
| **'16** | $9725 | $10000 |
| **'16** | $9771 | $10071 |
| **'16** | $9854 | $10163 |
| **'16** | $9909 | $10202 |
| **'16** | $9899 | $10205 |
| **'16** | $10076 | $10388 |
| **'16** | $10197 | $10454 |
| **'16** | $10207 | $10442 |
| **'16** | $10188 | $10436 |
| **'16** | $10124 | $10356 |
| **'16** | $9890 | $10111 |
| **'16** | $9968 | $10125 |
| **'17** | $10055 | $10145 |
| **'17** | $10152 | $10213 |
| **'17** | $10156 | $10208 |
| **'17** | $10265 | $10287 |
| **'17** | $10347 | $10366 |
| **'17** | $10344 | $10356 |
| **'17** | $10400 | $10400 |
| **'17** | $10476 | $10494 |
| **'17** | $10465 | $10444 |
| **'17** | $10511 | $10450 |
| **'17** | $10481 | $10436 |
| **'17** | $10528 | $10484 |
| **'18** | $10498 | $10363 |
| **'18** | $10360 | $10265 |
| **'18** | $10360 | $10331 |
| **'18** | $10291 | $10254 |
| **'18** | $10271 | $10327 |
| **'18** | $10242 | $10315 |
| **'18** | $10282 | $10317 |
| **'18** | $10342 | $10383 |
| **'18** | $10293 | $10317 |
| **'18** | $10164 | $10235 |
| **'18** | $10155 | $10296 |
| **'18** | $10217 | $10485 |
| **'19** | $10470 | $10597 |
| **'19** | $10512 | $10590 |
| **'19** | $10726 | $10794 |
| **'19** | $10781 | $10797 |
| **'19** | $10948 | $10988 |
| **'19** | $11126 | $11126 |
| **'19** | $11170 | $11151 |
| **'19** | $11412 | $11440 |
| **'19** | $11325 | $11379 |
| **'19** | $11321 | $11413 |
| **'19** | $11323 | $11407 |
| **'19** | $11313 | $11399 |
| **'20** | $11533 | $11619 |
| **'20** | $11629 | $11828 |
| **'20** | $11191 | $11758 |
| **'20** | $11526 | $11967 |
| **'20** | $11704 | $12023 |
| **'20** | $11840 | $12099 |
| **'20** | $12103 | $12279 |
| **'20** | $12060 | $12180 |
| **'20** | $12017 | $12173 |
| **'20** | $11984 | $12119 |
| **'20** | $12195 | $12238 |
| **'20** | $12280 | $12255 |
| **'21** | $12183 | $12167 |
| **'21** | $12023 | $11991 |
| **'21** | $11938 | $11842 |
| **'21** | $12068 | $11935 |
| **'21** | $12100 | $11974 |
| **'21** | $12241 | $12058 |
| **'21** | $12361 | $12193 |
| **'21** | $12351 | $12170 |
| **'21** | $12244 | $12065 |
| **'21** | $12224 | $12061 |
| **'21** | $12182 | $12097 |
| **'21** | $12237 | $12066 |
| **'22** | $11890 | $11806 |
| **'22** | $11706 | $11674 |
| **'22** | $11380 | $11350 |
| **'22** | $10944 | $10919 |
| **'22** | $10945 | $10990 |
| **'22** | $10694 | $10817 |
| **'22** | $10971 | $11082 |
| **'22** | $10686 | $10768 |
| **'22** | $10202 | $10303 |
| **'22** | $10051 | $10170 |
| **'22** | $10423 | $10544 |
| **'22** | $10360 | $10496 |
| **'23** | $10767 | $10819 |
| **'23** | $10482 | $10539 |
| **'23** | $10658 | $10807 |
| **'23** | $10713 | $10872 |
| **'23** | $10587 | $10754 |
| **'23** | $10574 | $10716 |
| **'23** | $10596 | $10708 |
| **'23** | $10517 | $10640 |
| **'23** | $10243 | $10369 |
| **'23** | $10049 | $10206 |
| **'23** | $10558 | $10668 |
| **'23** | $10989 | $11076 |
| **'24** | $10993 | $11046 |
| **'24** | $10844 | $10890 |
| **'24** | $10987 | $10990 |
| **'24** | $10696 | $10713 |
| **'24** | $10876 | $10894 |
| **'24** | $10974 | $10998 |
| **'24** | $11191 | $11255 |
| **'24** | $11350 | $11416 |
| **'24** | $11533 | $11569 |
| **'24** | $11263 | $11282 |
| **'24** | $11376 | $11401 |
| **'24** | $11212 | $11215 |
| **'25** | $11279 | $11274 |
| **'25** | $11470 | $11522 |
| **'25** | $11442 | $11527 |
| **'25** | $11452 | $11572 |
| **'25** | $11427 | $11489 |
| **'25** | $11623 | $11666 |
| **'25** | $11611 | $11635 |
| **'25** | $11773 | $11774 |
| **'25** | $11912 | $11903 |
| **'25** | $11975 | $11977 |
| **'25** | $12050 | $12052 |
| **'25** | $12023 | $12034 |
| **'26** | $12044 | $12047 |

---

Yearly periods ended January 31

The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 2.75%. This results in a net initial investment of $9,725.

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index**  | **1-Year** | **5-Year** | **10-Year** |
| Class A Unadjusted for Sales Charge | 6.78% | -0.23% | 2.16% |
| Class A Adjusted for the Maximum Sales Charge (max 2.75% load) | 3.85% | -0.78% | 1.88% |
| Bloomberg U.S. Aggregate Bond Index | 6.85% | -0.20% | 1.88% |

---

**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Please visit dws.com/en-us/products/mutual-funds for the Fund's most recent month-end performance. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had reflected sales charges.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 234238901 |
| Number of Portfolio Holdings | 340 |
| Portfolio Turnover Rate (%) | 181 |
| Total Net Advisory Fees Paid ($) | 721189 |
| Effective Duration | 6.5 years |

---

Effective duration is an approximate measure of the Fund's sensitivity to interest rate changes taking into consideration any maturity shortening features.

## What did the Fund invest in?
Holdings-based data is subject to change.

The quality ratings represent the highest of Moody's Investors Service, Inc. ("Moody's"), Fitch Ratings, Inc. ("Fitch") or S&P Global Ratings ("S&P") credit ratings. The ratings of Moody's, Fitch and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer's ability to repay interest and principal in a timely manner. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Corporate Bonds | 38% |
| Mortgage-Backed Securities Pass-Throughs | 22% |
| Asset-Backed | 13% |
| Commercial Mortgage-Backed Securities | 11% |
| Collateralized Mortgage Obligations | 7% |
| Government & Agency Obligations | 7% |
| Warrants | 0% |
| Cash Equivalents and Other Assets and Liabilities, Net | 2% |
| Total | 100% |

---

### **Credit Quality** 

---

| | |
|:---|:---|
| **Credit Rating** | **% of Net Assets** |
| AAA | 10% |
| AA | 41% |
| A | 10% |
| BBB | 32% |
| BB | 4% |
| B | 0% |
| CCC | 1% |
| Not Rated | 2% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since February 1, 2025. For more information, review the Fund's current prospectus at dws.com/mutualreports, or call (800) 728-3337.

Effective May 1, 2025, the Fund's contractual cap on total annual operating expense for Class A shares changed from 0.75% to 0.80%. The cap excludes certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses.

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 728-3337.

The securities markets are volatile, and the market prices of the Fund's securities may decline. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline. Bond investments are subject to interest-rate, credit, liquidity, and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investments in lower-quality ("junk bonds") and non-rated securities present greater risk of loss than investments in higher-quality securities. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The Fund may lend securities to approved institutions. Please read the prospectus for details.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/mutualreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2026 DWS Group GmbH&Co. KGaA. All rights reserved

## **DTRBF** - **TSRA** - **A** 

## R-104498-2 (03/26)

# DWS Total Return Bond Fund

# Class C: SZICX

## Annual Shareholder Report — January 31, 2026
![Image](ic03a6beb42846f3f37d59ad6.jpg)

This annual shareholder report contains important information about DWS Total Return Bond Fund (the "Fund") for the period February 1, 2025 to January 31, 2026. You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 728-3337.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $159 | 1.54% |

---

Gross expense ratio as of the latest prospectus: 1.79%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

## How did the Fund perform last year and what affected its performance?
Class C shares of the Fund returned 5.99% (unadjusted for sales charges) for the period ended January 31, 2026. The Bloomberg U.S. Aggregate Bond Index returned 6.85% for the same period.

The Fund's strong total and absolute return for the 12 months ending January 31, 2026, in part reflects positive performance from overweights to credit-sensitive sectors and positioning with respect to interest rates.

The Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index was supported by both overall security selection and asset allocation. Overweight exposure to risk assets that trade at a higher yield relative to Treasuries was motivated by a relatively stable economic backdrop featuring continued growth and low unemployment. In addition to a sound fundamental picture, the technical environment was also supportive of performance for credit-based assets as attractive all-in yields drove inflows into those sectors. In view of uncertainties around tariffs and inflation, the Fund tactically reduced risk at times to protect against downside outcomes or spread widening. In terms of specific exposures, positive contributions came from risk positioning in investment grade corporate bonds, most notably overweights to the banking/finance, energy, utility and communication subsectors. In addition, within financials, energy and utilities, performance benefited from holdings of securities that were lower in the capital structure or subordinated. An overweight to BBB-rated securities (the lowest investment grade category) across financials, industrials and utilities also proved additive. Overweight exposure to other credit-oriented sectors including collateralized loan obligations, asset-backed securities and commercial mortgage-backed securities contributed as well. Finally, the Fund was positioned to benefit as the Treasury yield curve steepened over the period, while tactical positioning with respect to duration and corresponding interest rate sensitivity allowed the Fund to take advantage as Treasury yields periodically declined. As the yield curve steepened, trades were implemented to take advantage of bonds experiencing price gains as they approach maturity and gravitate towards par value.

There were no material detractors in terms of sector or interest rate positioning.

## Fund Performance

### **Cumulative Growth of an Assumed $10,000 Investment** 
Bloomberg U.S. Aggregate Bond Index is a required broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, fixed rate agency MBS, ABS and CMBS (agency and non-agency).

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

![Growth of 10K Chart](i7f466a3abc6fe4d151b9b9a2.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **Bloomberg U.S. Aggregate Bond Index** |
| **'16** | $10000 | $10000 |
| **'16** | $10041 | $10071 |
| **'16** | $10120 | $10163 |
| **'16** | $10180 | $10202 |
| **'16** | $10164 | $10205 |
| **'16** | $10338 | $10388 |
| **'16** | $10456 | $10454 |
| **'16** | $10459 | $10442 |
| **'16** | $10424 | $10436 |
| **'16** | $10361 | $10356 |
| **'16** | $10116 | $10111 |
| **'16** | $10179 | $10125 |
| **'17** | $10272 | $10145 |
| **'17** | $10355 | $10213 |
| **'17** | $10362 | $10208 |
| **'17** | $10467 | $10287 |
| **'17** | $10543 | $10366 |
| **'17** | $10534 | $10356 |
| **'17** | $10585 | $10400 |
| **'17** | $10654 | $10494 |
| **'17** | $10627 | $10444 |
| **'17** | $10677 | $10450 |
| **'17** | $10640 | $10436 |
| **'17** | $10681 | $10484 |
| **'18** | $10633 | $10363 |
| **'18** | $10488 | $10265 |
| **'18** | $10491 | $10331 |
| **'18** | $10405 | $10254 |
| **'18** | $10388 | $10327 |
| **'18** | $10353 | $10315 |
| **'18** | $10387 | $10317 |
| **'18** | $10431 | $10383 |
| **'18** | $10385 | $10317 |
| **'18** | $10238 | $10235 |
| **'18** | $10223 | $10296 |
| **'18** | $10288 | $10485 |
| **'19** | $10526 | $10597 |
| **'19** | $10562 | $10590 |
| **'19** | $10771 | $10794 |
| **'19** | $10819 | $10797 |
| **'19** | $10990 | $10988 |
| **'19** | $11161 | $11126 |
| **'19** | $11189 | $11151 |
| **'19** | $11433 | $11440 |
| **'19** | $11340 | $11379 |
| **'19** | $11329 | $11413 |
| **'19** | $11323 | $11407 |
| **'19** | $11307 | $11399 |
| **'20** | $11519 | $11619 |
| **'20** | $11607 | $11828 |
| **'20** | $11164 | $11758 |
| **'20** | $11491 | $11967 |
| **'20** | $11660 | $12023 |
| **'20** | $11789 | $12099 |
| **'20** | $12042 | $12279 |
| **'20** | $11992 | $12180 |
| **'20** | $11942 | $12173 |
| **'20** | $11902 | $12119 |
| **'20** | $12104 | $12238 |
| **'20** | $12180 | $12255 |
| **'21** | $12076 | $12167 |
| **'21** | $11911 | $11991 |
| **'21** | $11820 | $11842 |
| **'21** | $11940 | $11935 |
| **'21** | $11976 | $11974 |
| **'21** | $12097 | $12058 |
| **'21** | $12207 | $12193 |
| **'21** | $12201 | $12170 |
| **'21** | $12077 | $12065 |
| **'21** | $12049 | $12061 |
| **'21** | $12000 | $12097 |
| **'21** | $12058 | $12066 |
| **'22** | $11709 | $11806 |
| **'22** | $11511 | $11674 |
| **'22** | $11183 | $11350 |
| **'22** | $10748 | $10919 |
| **'22** | $10743 | $10990 |
| **'22** | $10490 | $10817 |
| **'22** | $10755 | $11082 |
| **'22** | $10469 | $10768 |
| **'22** | $9990 | $10303 |
| **'22** | $9835 | $10170 |
| **'22** | $10193 | $10544 |
| **'22** | $10125 | $10496 |
| **'23** | $10515 | $10819 |
| **'23** | $10231 | $10539 |
| **'23** | $10397 | $10807 |
| **'23** | $10443 | $10872 |
| **'23** | $10314 | $10754 |
| **'23** | $10296 | $10716 |
| **'23** | $10310 | $10708 |
| **'23** | $10227 | $10640 |
| **'23** | $9955 | $10369 |
| **'23** | $9760 | $10206 |
| **'23** | $10247 | $10668 |
| **'23** | $10659 | $11076 |
| **'24** | $10666 | $11046 |
| **'24** | $10505 | $10890 |
| **'24** | $10636 | $10990 |
| **'24** | $10360 | $10713 |
| **'24** | $10516 | $10894 |
| **'24** | $10604 | $10998 |
| **'24** | $10807 | $11255 |
| **'24** | $10965 | $11416 |
| **'24** | $11123 | $11569 |
| **'24** | $10856 | $11282 |
| **'24** | $10971 | $11401 |
| **'24** | $10794 | $11215 |
| **'25** | $10851 | $11274 |
| **'25** | $11040 | $11522 |
| **'25** | $10995 | $11527 |
| **'25** | $10998 | $11572 |
| **'25** | $10966 | $11489 |
| **'25** | $11160 | $11666 |
| **'25** | $11129 | $11635 |
| **'25** | $11277 | $11774 |
| **'25** | $11402 | $11903 |
| **'25** | $11456 | $11977 |
| **'25** | $11521 | $12052 |
| **'25** | $11487 | $12034 |
| **'26** | $11501 | $12047 |

---

Yearly periods ended January 31

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index**  | **1-Year** | **5-Year** | **10-Year** |
| Class C Unadjusted for Sales Charge | 5.99% | -0.97% | 1.41% |
| Class C Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 4.99% | -0.97% | 1.41% |
| Bloomberg U.S. Aggregate Bond Index | 6.85% | -0.20% | 1.88% |

---

**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Please visit dws.com/en-us/products/mutual-funds for the Fund's most recent month-end performance. Fund performance includes reinvestment of all distributions.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 234238901 |
| Number of Portfolio Holdings | 340 |
| Portfolio Turnover Rate (%) | 181 |
| Total Net Advisory Fees Paid ($) | 721189 |
| Effective Duration | 6.5 years |

---

Effective duration is an approximate measure of the Fund's sensitivity to interest rate changes taking into consideration any maturity shortening features.

## What did the Fund invest in?
Holdings-based data is subject to change.

The quality ratings represent the highest of Moody's Investors Service, Inc. ("Moody's"), Fitch Ratings, Inc. ("Fitch") or S&P Global Ratings ("S&P") credit ratings. The ratings of Moody's, Fitch and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer's ability to repay interest and principal in a timely manner. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Corporate Bonds | 38% |
| Mortgage-Backed Securities Pass-Throughs | 22% |
| Asset-Backed | 13% |
| Commercial Mortgage-Backed Securities | 11% |
| Collateralized Mortgage Obligations | 7% |
| Government & Agency Obligations | 7% |
| Warrants | 0% |
| Cash Equivalents and Other Assets and Liabilities, Net | 2% |
| Total | 100% |

---

### **Credit Quality** 

---

| | |
|:---|:---|
| **Credit Rating** | **% of Net Assets** |
| AAA | 10% |
| AA | 41% |
| A | 10% |
| BBB | 32% |
| BB | 4% |
| B | 0% |
| CCC | 1% |
| Not Rated | 2% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since February 1, 2025. For more information, review the Fund's current prospectus at dws.com/mutualreports, or call (800) 728-3337.

Effective May 1, 2025, the Fund's contractual cap on total annual operating expense for Class C shares changed from 1.50% to 1.55%. The cap excludes certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses.

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 728-3337.

The securities markets are volatile, and the market prices of the Fund's securities may decline. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline. Bond investments are subject to interest-rate, credit, liquidity, and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investments in lower-quality ("junk bonds") and non-rated securities present greater risk of loss than investments in higher-quality securities. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The Fund may lend securities to approved institutions. Please read the prospectus for details.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/mutualreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2026 DWS Group GmbH&Co. KGaA. All rights reserved

## **DTRBF** - **TSRA** - **C** 

## R-104498-2 (03/26)

# DWS Total Return Bond Fund

# Class S: SCSBX

## Annual Shareholder Report — January 31, 2026
![Image](ic03a6beb42846f3f37d59ad6.jpg)

This annual shareholder report contains important information about DWS Total Return Bond Fund (the "Fund") for the period February 1, 2025 to January 31, 2026. You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 728-3337.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class S | $56 | 0.54% |

---

Gross expense ratio as of the latest prospectus: 0.74%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

## How did the Fund perform last year and what affected its performance?
Class S shares of the Fund returned 7.06% for the period ended January 31, 2026. The Bloomberg U.S. Aggregate Bond Index returned 6.85% for the same period.

The Fund's strong total and absolute return for the 12 months ending January 31, 2026, in part reflects positive performance from overweights to credit-sensitive sectors and positioning with respect to interest rates.

The Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index was supported by both overall security selection and asset allocation. Overweight exposure to risk assets that trade at a higher yield relative to Treasuries was motivated by a relatively stable economic backdrop featuring continued growth and low unemployment. In addition to a sound fundamental picture, the technical environment was also supportive of performance for credit-based assets as attractive all-in yields drove inflows into those sectors. In view of uncertainties around tariffs and inflation, the Fund tactically reduced risk at times to protect against downside outcomes or spread widening. In terms of specific exposures, positive contributions came from risk positioning in investment grade corporate bonds, most notably overweights to the banking/finance, energy, utility and communication subsectors. In addition, within financials, energy and utilities, performance benefited from holdings of securities that were lower in the capital structure or subordinated. An overweight to BBB-rated securities (the lowest investment grade category) across financials, industrials and utilities also proved additive. Overweight exposure to other credit-oriented sectors including collateralized loan obligations, asset-backed securities and commercial mortgage-backed securities contributed as well. Finally, the Fund was positioned to benefit as the Treasury yield curve steepened over the period, while tactical positioning with respect to duration and corresponding interest rate sensitivity allowed the Fund to take advantage as Treasury yields periodically declined. As the yield curve steepened, trades were implemented to take advantage of bonds experiencing price gains as they approach maturity and gravitate towards par value.

There were no material detractors in terms of sector or interest rate positioning.

## Fund Performance

### **Cumulative Growth of an Assumed $10,000 Investment** 
Bloomberg U.S. Aggregate Bond Index is a required broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, fixed rate agency MBS, ABS and CMBS (agency and non-agency).

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

![Growth of 10K Chart](i411ad94af76bb16b56bc11b3.jpg)

---

| | | |
|:---|:---|:---|
| | **Class S** | **Bloomberg U.S. Aggregate Bond Index** |
| **'16** | $10000 | $10000 |
| **'16** | $10049 | $10071 |
| **'16** | $10137 | $10163 |
| **'16** | $10196 | $10202 |
| **'16** | $10188 | $10205 |
| **'16** | $10372 | $10388 |
| **'16** | $10498 | $10454 |
| **'16** | $10510 | $10442 |
| **'16** | $10494 | $10436 |
| **'16** | $10430 | $10356 |
| **'16** | $10191 | $10111 |
| **'16** | $10273 | $10125 |
| **'17** | $10365 | $10145 |
| **'17** | $10468 | $10213 |
| **'17** | $10473 | $10208 |
| **'17** | $10589 | $10287 |
| **'17** | $10675 | $10366 |
| **'17** | $10675 | $10356 |
| **'17** | $10735 | $10400 |
| **'17** | $10815 | $10494 |
| **'17** | $10796 | $10444 |
| **'17** | $10856 | $10450 |
| **'17** | $10837 | $10436 |
| **'17** | $10878 | $10484 |
| **'18** | $10849 | $10363 |
| **'18** | $10709 | $10265 |
| **'18** | $10711 | $10331 |
| **'18** | $10641 | $10254 |
| **'18** | $10623 | $10327 |
| **'18** | $10595 | $10315 |
| **'18** | $10639 | $10317 |
| **'18** | $10704 | $10383 |
| **'18** | $10655 | $10317 |
| **'18** | $10524 | $10235 |
| **'18** | $10517 | $10296 |
| **'18** | $10583 | $10485 |
| **'19** | $10847 | $10597 |
| **'19** | $10893 | $10590 |
| **'19** | $11117 | $10794 |
| **'19** | $11176 | $10797 |
| **'19** | $11352 | $10988 |
| **'19** | $11539 | $11126 |
| **'19** | $11587 | $11151 |
| **'19** | $11840 | $11440 |
| **'19** | $11753 | $11379 |
| **'19** | $11751 | $11413 |
| **'19** | $11755 | $11407 |
| **'19** | $11748 | $11399 |
| **'20** | $11979 | $11619 |
| **'20** | $12080 | $11828 |
| **'20** | $11629 | $11758 |
| **'20** | $11979 | $11967 |
| **'20** | $12166 | $12023 |
| **'20** | $12310 | $12099 |
| **'20** | $12586 | $12279 |
| **'20** | $12544 | $12180 |
| **'20** | $12502 | $12173 |
| **'20** | $12470 | $12119 |
| **'20** | $12693 | $12238 |
| **'20** | $12783 | $12255 |
| **'21** | $12685 | $12167 |
| **'21** | $12521 | $11991 |
| **'21** | $12436 | $11842 |
| **'21** | $12573 | $11935 |
| **'21** | $12621 | $11974 |
| **'21** | $12759 | $12058 |
| **'21** | $12887 | $12193 |
| **'21** | $12879 | $12170 |
| **'21** | $12770 | $12065 |
| **'21** | $12752 | $12061 |
| **'21** | $12711 | $12097 |
| **'21** | $12771 | $12066 |
| **'22** | $12412 | $11806 |
| **'22** | $12222 | $11674 |
| **'22** | $11884 | $11350 |
| **'22** | $11431 | $10919 |
| **'22** | $11435 | $10990 |
| **'22** | $11174 | $10817 |
| **'22** | $11466 | $11082 |
| **'22** | $11171 | $10768 |
| **'22** | $10668 | $10303 |
| **'22** | $10512 | $10170 |
| **'22** | $10903 | $10544 |
| **'22** | $10839 | $10496 |
| **'23** | $11268 | $10819 |
| **'23** | $10971 | $10539 |
| **'23** | $11158 | $10807 |
| **'23** | $11218 | $10872 |
| **'23** | $11088 | $10754 |
| **'23** | $11077 | $10716 |
| **'23** | $11103 | $10708 |
| **'23** | $11022 | $10640 |
| **'23** | $10737 | $10369 |
| **'23** | $10536 | $10206 |
| **'23** | $11072 | $10668 |
| **'23** | $11527 | $11076 |
| **'24** | $11532 | $11046 |
| **'24** | $11379 | $10890 |
| **'24** | $11531 | $10990 |
| **'24** | $11228 | $10713 |
| **'24** | $11420 | $10894 |
| **'24** | $11525 | $10998 |
| **'24** | $11756 | $11255 |
| **'24** | $11925 | $11416 |
| **'24** | $12120 | $11569 |
| **'24** | $11838 | $11282 |
| **'24** | $11960 | $11401 |
| **'24** | $11790 | $11215 |
| **'25** | $11862 | $11274 |
| **'25** | $12066 | $11522 |
| **'25** | $12039 | $11527 |
| **'25** | $12053 | $11572 |
| **'25** | $12028 | $11489 |
| **'25** | $12238 | $11666 |
| **'25** | $12227 | $11635 |
| **'25** | $12388 | $11774 |
| **'25** | $12550 | $11903 |
| **'25** | $12618 | $11977 |
| **'25** | $12701 | $12052 |
| **'25** | $12661 | $12034 |
| **'26** | $12699 | $12047 |

---

Yearly periods ended January 31

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index**  | **1-Year** | **5-Year** | **10-Year** |
| Class S No Sales Charge | 7.06% | 0.02% | 2.42% |
| Bloomberg U.S. Aggregate Bond Index | 6.85% | -0.20% | 1.88% |

---

**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Please visit dws.com/en-us/products/mutual-funds for the Fund's most recent month-end performance. Fund performance includes reinvestment of all distributions.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 234238901 |
| Number of Portfolio Holdings | 340 |
| Portfolio Turnover Rate (%) | 181 |
| Total Net Advisory Fees Paid ($) | 721189 |
| Effective Duration | 6.5 years |

---

Effective duration is an approximate measure of the Fund's sensitivity to interest rate changes taking into consideration any maturity shortening features.

## What did the Fund invest in?
Holdings-based data is subject to change.

The quality ratings represent the highest of Moody's Investors Service, Inc. ("Moody's"), Fitch Ratings, Inc. ("Fitch") or S&P Global Ratings ("S&P") credit ratings. The ratings of Moody's, Fitch and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer's ability to repay interest and principal in a timely manner. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Corporate Bonds | 38% |
| Mortgage-Backed Securities Pass-Throughs | 22% |
| Asset-Backed | 13% |
| Commercial Mortgage-Backed Securities | 11% |
| Collateralized Mortgage Obligations | 7% |
| Government & Agency Obligations | 7% |
| Warrants | 0% |
| Cash Equivalents and Other Assets and Liabilities, Net | 2% |
| Total | 100% |

---

### **Credit Quality** 

---

| | |
|:---|:---|
| **Credit Rating** | **% of Net Assets** |
| AAA | 10% |
| AA | 41% |
| A | 10% |
| BBB | 32% |
| BB | 4% |
| B | 0% |
| CCC | 1% |
| Not Rated | 2% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since February 1, 2025. For more information, review the Fund's current prospectus at dws.com/mutualreports, or call (800) 728-3337.

Effective May 1, 2025, the Fund's contractual cap on total annual operating expense for Class S shares changed from 0.50% to 0.55%. The cap excludes certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses.

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 728-3337.

The securities markets are volatile, and the market prices of the Fund's securities may decline. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline. Bond investments are subject to interest-rate, credit, liquidity, and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investments in lower-quality ("junk bonds") and non-rated securities present greater risk of loss than investments in higher-quality securities. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The Fund may lend securities to approved institutions. Please read the prospectus for details.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/mutualreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2026 DWS Group GmbH&Co. KGaA. All rights reserved

## **DTRBF** - **TSRA** - **S** 

## R-104498-2 (03/26)

# DWS Total Return Bond Fund

# Institutional Class: SZIIX

## Annual Shareholder Report — January 31, 2026
![Image](ic03a6beb42846f3f37d59ad6.jpg)

This annual shareholder report contains important information about DWS Total Return Bond Fund (the "Fund") for the period February 1, 2025 to January 31, 2026. You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 728-3337.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $56 | 0.54% |

---

Gross expense ratio as of the latest prospectus: 0.73%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

## How did the Fund perform last year and what affected its performance?
Institutional Class shares of the Fund returned 6.98% for the period ended January 31, 2026. The Bloomberg U.S. Aggregate Bond Index returned 6.85% for the same period.

The Fund's strong total and absolute return for the 12 months ending January 31, 2026, in part reflects positive performance from overweights to credit-sensitive sectors and positioning with respect to interest rates.

The Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index was supported by both overall security selection and asset allocation. Overweight exposure to risk assets that trade at a higher yield relative to Treasuries was motivated by a relatively stable economic backdrop featuring continued growth and low unemployment. In addition to a sound fundamental picture, the technical environment was also supportive of performance for credit-based assets as attractive all-in yields drove inflows into those sectors. In view of uncertainties around tariffs and inflation, the Fund tactically reduced risk at times to protect against downside outcomes or spread widening. In terms of specific exposures, positive contributions came from risk positioning in investment grade corporate bonds, most notably overweights to the banking/finance, energy, utility and communication subsectors. In addition, within financials, energy and utilities, performance benefited from holdings of securities that were lower in the capital structure or subordinated. An overweight to BBB-rated securities (the lowest investment grade category) across financials, industrials and utilities also proved additive. Overweight exposure to other credit-oriented sectors including collateralized loan obligations, asset-backed securities and commercial mortgage-backed securities contributed as well. Finally, the Fund was positioned to benefit as the Treasury yield curve steepened over the period, while tactical positioning with respect to duration and corresponding interest rate sensitivity allowed the Fund to take advantage as Treasury yields periodically declined. As the yield curve steepened, trades were implemented to take advantage of bonds experiencing price gains as they approach maturity and gravitate towards par value.

There were no material detractors in terms of sector or interest rate positioning.

## Fund Performance

### **Cumulative Growth of an Assumed $1,000,000 Investment** 
Bloomberg U.S. Aggregate Bond Index is a required broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, fixed rate agency MBS, ABS and CMBS (agency and non-agency).

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

![Growth of 10K Chart](i3463425c3f194eb422a7abcd.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **'16** | $1000000 | $1000000 |
| **'16** | $1004929 | $1007094 |
| **'16** | $1013714 | $1016334 |
| **'16** | $1020598 | $1020235 |
| **'16** | $1019793 | $1020497 |
| **'16** | $1037308 | $1038833 |
| **'16** | $1050024 | $1045401 |
| **'16** | $1052211 | $1044206 |
| **'16** | $1049556 | $1043594 |
| **'16** | $1044064 | $1035612 |
| **'16** | $1020056 | $1011116 |
| **'16** | $1027340 | $1012542 |
| **'17** | $1036603 | $1014529 |
| **'17** | $1046862 | $1021348 |
| **'17** | $1047420 | $1020812 |
| **'17** | $1059000 | $1028690 |
| **'17** | $1067662 | $1036608 |
| **'17** | $1067601 | $1035565 |
| **'17** | $1074616 | $1040021 |
| **'17** | $1081648 | $1049350 |
| **'17** | $1080699 | $1044352 |
| **'17** | $1086775 | $1044957 |
| **'17** | $1083836 | $1043616 |
| **'17** | $1088959 | $1048406 |
| **'18** | $1086009 | $1036332 |
| **'18** | $1070893 | $1026508 |
| **'18** | $1072107 | $1033091 |
| **'18** | $1064135 | $1025407 |
| **'18** | $1063312 | $1032725 |
| **'18** | $1060530 | $1031455 |
| **'18** | $1064939 | $1031700 |
| **'18** | $1070370 | $1038339 |
| **'18** | $1066516 | $1031653 |
| **'18** | $1053276 | $1023500 |
| **'18** | $1052560 | $1029610 |
| **'18** | $1059159 | $1048525 |
| **'19** | $1084686 | $1059660 |
| **'19** | $1090280 | $1059046 |
| **'19** | $1111789 | $1079382 |
| **'19** | $1117691 | $1079658 |
| **'19** | $1136380 | $1098824 |
| **'19** | $1155127 | $1112623 |
| **'19** | $1158949 | $1115070 |
| **'19** | $1184321 | $1143963 |
| **'19** | $1176604 | $1137870 |
| **'19** | $1176445 | $1141297 |
| **'19** | $1175725 | $1140716 |
| **'19** | $1175009 | $1139921 |
| **'20** | $1199308 | $1161858 |
| **'20** | $1209478 | $1182770 |
| **'20** | $1162992 | $1175810 |
| **'20** | $1199249 | $1196711 |
| **'20** | $1218077 | $1202283 |
| **'20** | $1232536 | $1209856 |
| **'20** | $1260234 | $1227928 |
| **'20** | $1255998 | $1218016 |
| **'20** | $1251752 | $1217348 |
| **'20** | $1248600 | $1211912 |
| **'20** | $1270949 | $1223804 |
| **'20** | $1280031 | $1225490 |
| **'21** | $1270187 | $1216703 |
| **'21** | $1253703 | $1199133 |
| **'21** | $1245097 | $1184160 |
| **'21** | $1258867 | $1193515 |
| **'21** | $1263689 | $1197414 |
| **'21** | $1277572 | $1205827 |
| **'21** | $1290352 | $1219309 |
| **'21** | $1289612 | $1216987 |
| **'21** | $1278663 | $1206450 |
| **'21** | $1276791 | $1206117 |
| **'21** | $1272624 | $1209685 |
| **'21** | $1279853 | $1206590 |
| **'22** | $1243727 | $1180595 |
| **'22** | $1223521 | $1167424 |
| **'22** | $1190687 | $1134991 |
| **'22** | $1145121 | $1091920 |
| **'22** | $1145513 | $1098960 |
| **'22** | $1119344 | $1081719 |
| **'22** | $1148639 | $1108150 |
| **'22** | $1118981 | $1076837 |
| **'22** | $1068403 | $1030311 |
| **'22** | $1052712 | $1016966 |
| **'22** | $1091993 | $1054366 |
| **'22** | $1084431 | $1049610 |
| **'23** | $1127448 | $1081900 |
| **'23** | $1098830 | $1053927 |
| **'23** | $1117624 | $1080699 |
| **'23** | $1123593 | $1087249 |
| **'23** | $1110537 | $1075410 |
| **'23** | $1109455 | $1071574 |
| **'23** | $1111969 | $1070827 |
| **'23** | $1103841 | $1063987 |
| **'23** | $1075237 | $1036949 |
| **'23** | $1056227 | $1020585 |
| **'23** | $1108831 | $1066803 |
| **'23** | $1154524 | $1107639 |
| **'24** | $1155072 | $1104597 |
| **'24** | $1139607 | $1088991 |
| **'24** | $1154911 | $1099047 |
| **'24** | $1124474 | $1071287 |
| **'24** | $1143724 | $1089449 |
| **'24** | $1154291 | $1099763 |
| **'24** | $1177483 | $1125450 |
| **'24** | $1194482 | $1141623 |
| **'24** | $1214078 | $1156909 |
| **'24** | $1185735 | $1128219 |
| **'24** | $1197986 | $1140147 |
| **'24** | $1180888 | $1121488 |
| **'25** | $1188137 | $1127438 |
| **'25** | $1208622 | $1152244 |
| **'25** | $1205942 | $1152678 |
| **'25** | $1207274 | $1157208 |
| **'25** | $1203534 | $1148922 |
| **'25** | $1225900 | $1166588 |
| **'25** | $1224861 | $1163511 |
| **'25** | $1240873 | $1177427 |
| **'25** | $1257308 | $1190271 |
| **'25** | $1264231 | $1197707 |
| **'25** | $1271184 | $1205150 |
| **'25** | $1268530 | $1203367 |
| **'26** | $1271010 | $1204652 |

---

Yearly periods ended January 31

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index**  | **1-Year** | **5-Year** | **10-Year** |
| Institutional Class No Sales Charge | 6.98% | 0.01% | 2.43% |
| Bloomberg U.S. Aggregate Bond Index | 6.85% | -0.20% | 1.88% |

---

**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Please visit dws.com/en-us/products/mutual-funds for the Fund's most recent month-end performance. Fund performance includes reinvestment of all distributions.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 234238901 |
| Number of Portfolio Holdings | 340 |
| Portfolio Turnover Rate (%) | 181 |
| Total Net Advisory Fees Paid ($) | 721189 |
| Effective Duration | 6.5 years |

---

Effective duration is an approximate measure of the Fund's sensitivity to interest rate changes taking into consideration any maturity shortening features.

## What did the Fund invest in?
Holdings-based data is subject to change.

The quality ratings represent the highest of Moody's Investors Service, Inc. ("Moody's"), Fitch Ratings, Inc. ("Fitch") or S&P Global Ratings ("S&P") credit ratings. The ratings of Moody's, Fitch and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer's ability to repay interest and principal in a timely manner. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Corporate Bonds | 38% |
| Mortgage-Backed Securities Pass-Throughs | 22% |
| Asset-Backed | 13% |
| Commercial Mortgage-Backed Securities | 11% |
| Collateralized Mortgage Obligations | 7% |
| Government & Agency Obligations | 7% |
| Warrants | 0% |
| Cash Equivalents and Other Assets and Liabilities, Net | 2% |
| Total | 100% |

---

### **Credit Quality** 

---

| | |
|:---|:---|
| **Credit Rating** | **% of Net Assets** |
| AAA | 10% |
| AA | 41% |
| A | 10% |
| BBB | 32% |
| BB | 4% |
| B | 0% |
| CCC | 1% |
| Not Rated | 2% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since February 1, 2025. For more information, review the Fund's current prospectus at dws.com/mutualreports, or call (800) 728-3337.

Effective May 1, 2025, the Fund's contractual cap on total annual operating expense for Institutional Class shares changed from 0.50% to 0.55%. The cap excludes certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses.

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

## Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 728-3337.

The securities markets are volatile, and the market prices of the Fund's securities may decline. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline. Bond investments are subject to interest-rate, credit, liquidity, and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investments in lower-quality ("junk bonds") and non-rated securities present greater risk of loss than investments in higher-quality securities. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The Fund may lend securities to approved institutions. Please read the prospectus for details.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/mutualreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2026 DWS Group GmbH&Co. KGaA. All rights reserved

## **DTRBF** - **TSRA** - **I** 

## R-104498-2 (03/26)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;(b) Not applicable |
| &nbsp;&nbsp;**Item 2.** | &nbsp;&nbsp;**Code of Ethics.** |
|  | &nbsp;&nbsp; As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer.<br>There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.<br>A copy of the code of ethics is filed as an exhibit to this Form N-CSR. |
| &nbsp;&nbsp;**Item 3.** | &nbsp;&nbsp;**Audit Committee Financial Expert.** |
|  | &nbsp;&nbsp;The fund's audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund's Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund's audit committee including Ms. Catherine Schrand, the chair of the fund's audit committee. An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an "audit committee financial expert" does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. |
| &nbsp;&nbsp;**Item 4.** | &nbsp;&nbsp;**Principal Accountant Fees and Services.** |

---

**DWS Total Return Bond Fund**

**form n-csr disclosure re: AUDIT FEES**

The following table shows the amount of fees that Ernst & Young LLP ("EY"), the Fund's Independent Registered Public Accounting Firm, billed to the Fund during the Fund's last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.

**Services that the Fund's Independent Registered Public Accounting Firm Billed to the Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Fiscal Year<br> Ended<br> January 31, | &nbsp;&nbsp;Audit Fees Billed to Fund | &nbsp;&nbsp;Audit-Related<br> Fees Billed to Fund | &nbsp;&nbsp;Tax Fees Billed to Fund | &nbsp;&nbsp;All<br> Other Fees Billed to Fund |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;$100531 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$8948 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;2025 | &nbsp;&nbsp;$100531 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$8948 | &nbsp;&nbsp;$0 |

---

The above "Tax Fees" were billed for professional services rendered for tax preparation.

**Services that the Fund's Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers**

The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. ("DIMA" or the "Adviser"), and any entity controlling, controlled by or under common control with DIMA ("Control Affiliate") that provides ongoing services to the Fund ("Affiliated Fund Service Provider"), for engagements directly related to the Fund's operations and financial reporting, during the Fund's last two fiscal years.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Fiscal Year<br> Ended<br> January 31, | &nbsp;&nbsp;Audit-Related<br> Fees Billed to Adviser and Affiliated Fund Service Providers | &nbsp;&nbsp;Tax Fees Billed to Adviser and Affiliated Fund Service Providers | &nbsp;&nbsp;All<br> Other Fees Billed to Adviser and Affiliated Fund Service Providers |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$588231 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;2025 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$1359569 | &nbsp;&nbsp;$0 |

---

The above "Tax Fees" were billed in connection with tax compliance services and agreed upon procedures.

**Non-Audit Services**

The following table shows the amount of fees that EY billed during the Fund's last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund's operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY's independence.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Fiscal Year<br> Ended<br> January 31, | &nbsp;&nbsp;Total <br> Non-Audit Fees Billed to Fund<br> (A) | &nbsp;&nbsp;Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)<br> (B) | &nbsp;&nbsp;Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)<br> (C) | &nbsp;&nbsp;Total of <br> (A), (B) and (C) |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;$8948 | &nbsp;&nbsp;$588231 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$597179 |
| &nbsp;&nbsp;2025 | &nbsp;&nbsp;$8948 | &nbsp;&nbsp;$1359569 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$1378517 |

---

All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.

Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund's Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund's Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund's Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund's Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund's Audit Committee no later than the next Audit Committee meeting.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

According to the registrant's principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm and (i) and (j) are not applicable.

\*\*\*

In connection with the audit of the 2025 and 2026 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.

\*\*\*

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Item 5.** | &nbsp;&nbsp;**Audit Committee of Listed Registrants** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 6.** | &nbsp;&nbsp;**Investments.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 7.** | &nbsp;&nbsp;**Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;(a) |

---

![](imga1a398411.jpg)

January 31, 2026

**Annual Financial Statements and Other Information**

**DWS Total Return Bond Fund**

![](img33dfb4bc2.jpg)

------

**Contents** 

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_3bc9f38b-f711-4f95-b48b-e27a04de4321_SOI-CC-Financial-RunningFooter-364_1) |
| **19** | [Statement of Assets and Liabilities](#xx_3bc9f38b-f711-4f95-b48b-e27a04de4321_FS-CC-Financial-RunningFooter-364_1) |
| **21** | [Statement of Operations](#xx_3bc9f38b-f711-4f95-b48b-e27a04de4321_FS-CC-Financial-RunningFooter-364_3) |
| **22** | [Statements of Changes in Net Assets](#xx_3bc9f38b-f711-4f95-b48b-e27a04de4321_FS-CC-Financial-RunningFooter-364_4) |
| **23** | [Financial Highlights](#xx_3bc9f38b-f711-4f95-b48b-e27a04de4321_FIHI-CC-Financial-RunningFooter-364_1) |
| **27** | [Notes to Financial Statements](#xx_3bc9f38b-f711-4f95-b48b-e27a04de4321_NTF-CC-Financial-RunningFooter-364_1) |
| **42** | [Report of Independent Registered Public Accounting Firm](#xx_3bc9f38b-f711-4f95-b48b-e27a04de4321_AUD-CC-Financial-RunningFooter-364_1) |
| **44** | [Tax Information](#xx_3bc9f38b-f711-4f95-b48b-e27a04de4321_FEXPTI-CC-Financial-RunningFooter-364_1) |
| **45** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_3bc9f38b-f711-4f95-b48b-e27a04de4321_AABCF-CC-Financial-RunningFooter-364_1) |

---

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **2**  | \|  | DWS Total Return Bond Fund  |

---

------

**Investment Portfolioas of January 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount ($)** | **Value ($)** |
| **Corporate Bonds 38.1%** | **Corporate Bonds 38.1%** |  |
| **Communication Services 3.9%** | **Communication Services 3.9%** |  |
| Alphabet, Inc., 5.25%, 5/15/2055 | 425000 | &nbsp;&nbsp; 404928 |
| AT&T, Inc.: |  |  |
| 3.55%, 9/15/2055 | 220000 | &nbsp;&nbsp; 146119 |
| 4.9%, 11/1/2035 | 600000 | &nbsp;&nbsp; 590736 |
| CCO Holdings LLC, 144A, 5.125%, 5/1/2027 | 1500000 | &nbsp;&nbsp; 1500614 |
| Charter Communications Operating LLC: |  |  |
| 5.85%, 12/1/2035 (a) | 571000 | &nbsp;&nbsp; 568285 |
| 6.384%, 10/23/2035 | 300000 | &nbsp;&nbsp; 310072 |
| Comcast Corp., 5.5%, 5/15/2064 (a) | 250000 | &nbsp;&nbsp; 224283 |
| Meta Platforms, Inc.: |  |  |
| 5.4%, 8/15/2054 | 291000 | &nbsp;&nbsp; 268184 |
| 5.625%, 11/15/2055 | 300000 | &nbsp;&nbsp; 285445 |
| Orange SA, 144A, 5.0%, 1/13/2036 | 750000 | &nbsp;&nbsp; 743844 |
| Paramount Global, 4.2%, 6/1/2029 | 725000 | &nbsp;&nbsp; 705529 |
| TELUS Corp., 6.625%, 6/9/2056 | 600000 | &nbsp;&nbsp; 602681 |
| T-Mobile U.S.A., Inc.: |  |  |
| 5.3%, 5/15/2035 | 390000 | &nbsp;&nbsp; 397658 |
| 5.875%, 11/15/2055 | 500000 | &nbsp;&nbsp; 496697 |
| Verizon Communications, Inc.: |  |  |
| 2.65%, 11/20/2040 (a) | 117000 | &nbsp;&nbsp; 83370 |
| 2.85%, 9/3/2041 | 150000 | &nbsp;&nbsp; 107916 |
| 3.7%, 3/22/2061 | 132000 | &nbsp;&nbsp; 88954 |
| 5.875%, 11/30/2055 | 220000 | &nbsp;&nbsp; 217165 |
| Videotron Ltd., 144A, 5.7%, 1/15/2035 | 555000 | &nbsp;&nbsp; 565147 |
| Vodafone Group PLC, 4.375%, 2/19/2043 | 375000 | &nbsp;&nbsp; 321489 |
| Warnermedia Holdings, Inc.: |  |  |
| Series WI, 4.054%, 3/15/2029 | 500000 | &nbsp;&nbsp; 485023 |
| 4.279%, 3/15/2032 | 146000 | &nbsp;&nbsp; 128480 |
|  |  | &nbsp;&nbsp; **9242619** |
| **Consumer Discretionary 2.2%** | **Consumer Discretionary 2.2%** |  |
| American Honda Finance Corp., 5.1%, 1/8/2036 (a) | 592000 | &nbsp;&nbsp; 589680 |
| Carnival Corp.: |  |  |
| 144A, 5.125%, 5/1/2029 | 1500000 | &nbsp;&nbsp; 1517581 |
| 144A, 6.125%, 2/15/2033 | 144000 | &nbsp;&nbsp; 148134 |
| Ford Motor Credit Co. LLC: |  |  |
| 4.97%, 4/6/2029 | 439000 | &nbsp;&nbsp; 441350 |
| 5.753%, 4/6/2033 | 600000 | &nbsp;&nbsp; 605594 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| DWS Total Return Bond Fund  | \|<sub>3</sub> |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| 7.35%, 3/6/2030 | 500000 | &nbsp;&nbsp; 539846 |
| General Motors Financial Co., Inc.: |  |  |
| 4.6%, 1/8/2031 | 503000 | &nbsp;&nbsp; 503160 |
| 5.45%, 1/8/2036 (a) | 128000 | &nbsp;&nbsp; 128553 |
| Marriott International, Inc., 5.5%, 4/15/2037 | 610000 | &nbsp;&nbsp; 622556 |
| Viking Cruises Ltd., 144A, 5.875%, 10/15/2033 | 116000 | &nbsp;&nbsp; 117600 |
|  |  | &nbsp;&nbsp; **5214054** |
| **Consumer Staples 1.2%** | **Consumer Staples 1.2%** |  |
| BAT Capital Corp., 4.625%, 3/22/2033 | 500000 | &nbsp;&nbsp; 495421 |
| Bunge Ltd. Finance Corp., 5.25%, 4/21/2032 | 330000 | &nbsp;&nbsp; 340801 |
| Coty, Inc., 144A, 5.6%, 1/15/2031 | 150000 | &nbsp;&nbsp; 151828 |
| JBS NV: |  |  |
| 6.375%, 4/15/2066 | 305000 | &nbsp;&nbsp; 308306 |
| 6.75%, 3/15/2034 | 331000 | &nbsp;&nbsp; 364925 |
| Kraft Heinz Foods Co., 4.375%, 6/1/2046 | 395000 | &nbsp;&nbsp; 324153 |
| Mars, Inc.: |  |  |
| 144A, 5.2%, 3/1/2035 | 572000 | &nbsp;&nbsp; 585640 |
| 144A, 5.7%, 5/1/2055 | 334000 | &nbsp;&nbsp; 332890 |
|  |  | &nbsp;&nbsp; **2903964** |
| **Energy 6.2%** | **Energy 6.2%** |  |
| BP Capital Markets PLC, 6.125%, Perpetual | 750000 | &nbsp;&nbsp; 771505 |
| DT Midstream, Inc.: |  |  |
| 144A, 4.125%, 6/15/2029 | 850000 | &nbsp;&nbsp; 840290 |
| 144A, 5.8%, 12/15/2034 | 257000 | &nbsp;&nbsp; 266567 |
| Eastern Energy Gas Holdings LLC, 5.8%, 1/15/2035 | 340000 | &nbsp;&nbsp; 359174 |
| Enbridge, Inc., Series 20-A, 5.75%, 7/15/2080 | 300000 | &nbsp;&nbsp; 303657 |
| Energy Transfer LP: |  |  |
| 5.7%, 4/1/2035 | 657000 | &nbsp;&nbsp; 680319 |
| 6.5%, 2/15/2056 | 820000 | &nbsp;&nbsp; 820039 |
| EQT Corp., 5.75%, 2/1/2034 | 745000 | &nbsp;&nbsp; 777484 |
| Expand Energy Corp., 5.375%, 2/1/2029 | 585000 | &nbsp;&nbsp; 585352 |
| Hess Midstream Operations LP: |  |  |
| 144A, 5.875%, 3/1/2028 | 298000 | &nbsp;&nbsp; 303654 |
| 144A, 6.5%, 6/1/2029 | 1000000 | &nbsp;&nbsp; 1035004 |
| HF Sinclair Corp.: |  |  |
| 5.5%, 9/1/2032 | 468000 | &nbsp;&nbsp; 478549 |
| 5.75%, 1/15/2031 | 453000 | &nbsp;&nbsp; 469596 |
| Kinetik Holdings LP, 144A, 6.625%, 12/15/2028 | 536000 | &nbsp;&nbsp; 551929 |
| Occidental Petroleum Corp., 8.875%, 7/15/2030 | 500000 | &nbsp;&nbsp; 576975 |
| Petrobras Global Finance BV: |  |  |
| 5.125%, 9/10/2030 | 675000 | &nbsp;&nbsp; 667710 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **4**  | \|  | DWS Total Return Bond Fund  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| 6.25%, 1/10/2036 | 506000 | &nbsp;&nbsp; 497145 |
| Phillips 66 Co., Series A, 5.875%, 3/15/2056 | 714000 | &nbsp;&nbsp; 711235 |
| Santos Finance Ltd., 144A, 5.75%, 11/13/2035 | 318000 | &nbsp;&nbsp; 318897 |
| Saudi Arabian Oil Co.: |  |  |
| 144A, 5.0%, 2/2/2036 (b) | 750000 | &nbsp;&nbsp; 738141 |
| 144A, 6.375%, 6/2/2055 | 210000 | &nbsp;&nbsp; 215227 |
| Sunoco LP: |  |  |
| 144A, 5.625%, 3/15/2031 | 72000 | &nbsp;&nbsp; 72441 |
| 144A, 6.25%, 7/1/2033 | 235000 | &nbsp;&nbsp; 241068 |
| Targa Resources Partners LP, 5.0%, 1/15/2028 | 400000 | &nbsp;&nbsp; 400519 |
| Venture Global Calcasieu Pass LLC, 144A, 3.875%, <br> 11/1/2033<br>| 560000 | &nbsp;&nbsp; 485937 |
| Western Midstream Operating LP: |  |  |
| 4.8%, 3/1/2031 | 150000 | &nbsp;&nbsp; 150072 |
| 5.45%, 11/15/2034 | 320000 | &nbsp;&nbsp; 322139 |
| Williams Companies, Inc., 5.15%, 3/15/2036 | 850000 | &nbsp;&nbsp; 846235 |
|  |  | &nbsp;&nbsp; **14486860** |
| **Financials 13.5%** | **Financials 13.5%** |  |
| AerCap Ireland Capital DAC, 4.75%, 1/15/2033 | 423000 | &nbsp;&nbsp; 418903 |
| Affiliated Managers Group, Inc., 5.5%, 2/15/2036 | 750000 | &nbsp;&nbsp; 750399 |
| Apollo Debt Solutions BDC, 144A, 5.7%, 1/23/2031 | 398000 | &nbsp;&nbsp; 395859 |
| Avolon Holdings Funding Ltd., 144A, 4.7%, 1/30/2031 | 213000 | &nbsp;&nbsp; 211865 |
| Bain Capital Specialty Finance, Inc., 5.95%, 3/1/2031 | 500000 | &nbsp;&nbsp; 491552 |
| Banco BTG Pactual SA, 144A, 5.5%, 1/27/2031 | 611000 | &nbsp;&nbsp; 611611 |
| Bank of America Corp.: |  |  |
| 5.464%, 5/9/2036 | 633000 | &nbsp;&nbsp; 654825 |
| Series UU, 6.25%, Perpetual (a) | 1000000 | &nbsp;&nbsp; 1017851 |
| Bank of Montreal, Series 6, 6.875%, 11/26/2085 | 400000 | &nbsp;&nbsp; 411841 |
| Banque Federative du Credit Mutuel SA, 144A, 4.541%, <br> 1/15/2031<br>| 1000000 | &nbsp;&nbsp; 997689 |
| Barclays PLC, 5.335%, 9/10/2035 | 347000 | &nbsp;&nbsp; 351507 |
| Beacon Funding Trust, 144A, 6.266%, 8/15/2054 | 165000 | &nbsp;&nbsp; 167711 |
| Blackstone Private Credit Fund: |  |  |
| 5.25%, 4/1/2030 | 500000 | &nbsp;&nbsp; 493706 |
| 5.95%, 7/16/2029 | 500000 | &nbsp;&nbsp; 508411 |
| Block, Inc., 144A, 6.0%, 8/15/2033 | 895000 | &nbsp;&nbsp; 914227 |
| BNP Paribas SA: |  |  |
| 144A, 4.916%, 1/15/2034 | 465000 | &nbsp;&nbsp; 462652 |
| 144A, 6.875%, Perpetual | 600000 | &nbsp;&nbsp; 605431 |
| Capital One Financial Corp.: |  |  |
| 4.722%, 1/30/2032 (b) | 666000 | &nbsp;&nbsp; 666199 |
| 5.399%, 1/30/2037 (b) | 403000 | &nbsp;&nbsp; 402264 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| DWS Total Return Bond Fund  | \|<sub>5</sub> |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| Carlyle Group, Inc., 5.05%, 9/19/2035 | 300000 | &nbsp;&nbsp; 295279 |
| Carlyle Secured Lending, Inc., 5.75%, 2/15/2031 | 750000 | &nbsp;&nbsp; 737305 |
| Charles Schwab Corp., Series H, 4.0%, Perpetual | 750000 | &nbsp;&nbsp; 703605 |
| Citigroup, Inc.: |  |  |
| 5.174%, 9/11/2036 | 535000 | &nbsp;&nbsp; 537274 |
| 6.02%, 1/24/2036 | 640000 | &nbsp;&nbsp; 667202 |
| Series HH, 6.625%, Perpetual | 300000 | &nbsp;&nbsp; 305482 |
| Series FF, 6.95%, Perpetual | 525000 | &nbsp;&nbsp; 540817 |
| Citizens Financial Group, Inc., 5.299%, 1/29/2036 | 116000 | &nbsp;&nbsp; 116552 |
| Fair Isaac Corp., 144A, 6.0%, 5/15/2033 | 500000 | &nbsp;&nbsp; 509468 |
| First Citizens BancShares, Inc., 5.6%, 9/5/2035 | 900000 | &nbsp;&nbsp; 900897 |
| Fiserv, Inc.: |  |  |
| 3.5%, 7/1/2029 | 500000 | &nbsp;&nbsp; 485898 |
| 5.25%, 8/11/2035 (a) | 500000 | &nbsp;&nbsp; 496450 |
| Global Payments, Inc., 5.55%, 11/15/2035 | 660000 | &nbsp;&nbsp; 654467 |
| Goldman Sachs BDC, Inc.: |  |  |
| 5.1%, 1/28/2029 | 377000 | &nbsp;&nbsp; 374547 |
| 5.65%, 9/9/2030 | 525000 | &nbsp;&nbsp; 523550 |
| Goldman Sachs Group, Inc., 5.541%, 1/21/2047 | 221000 | &nbsp;&nbsp; 217697 |
| HSBC Holdings PLC, 6.95% (a), Perpetual | 750000 | &nbsp;&nbsp; 780499 |
| Jane Street Group, 144A, 6.125%, 11/1/2032 | 460000 | &nbsp;&nbsp; 468513 |
| Jefferies Financial Group, Inc., 5.5%, 2/15/2036 | 750000 | &nbsp;&nbsp; 740338 |
| JPMorgan Chase & Co.: |  |  |
| 4.898%, 1/22/2037 | 283000 | &nbsp;&nbsp; 280847 |
| 5.572%, 4/22/2036 | 500000 | &nbsp;&nbsp; 521677 |
| Series OO, 6.5%, Perpetual | 941000 | &nbsp;&nbsp; 979130 |
| Series NN, 6.875%, Perpetual (a) | 400000 | &nbsp;&nbsp; 421983 |
| KeyCorp, 5.305%, 1/28/2037 | 167000 | &nbsp;&nbsp; 167190 |
| Liberty Mutual Group, Inc., 144A, 4.125%, 12/15/2051 | 830000 | &nbsp;&nbsp; 821426 |
| M&T Bank Corp., 5.385%, 1/16/2036 | 500000 | &nbsp;&nbsp; 507006 |
| Marsh & McLennan Companies, Inc., 5.45%, 3/15/2053 | 240000 | &nbsp;&nbsp; 232542 |
| Morgan Stanley: |  |  |
| 5.314%, 1/18/2041 | 136000 | &nbsp;&nbsp; 134333 |
| 5.664%, 4/17/2036 | 438000 | &nbsp;&nbsp; 457573 |
| 5.831%, 4/19/2035 | 500000 | &nbsp;&nbsp; 528877 |
| Old National Bancorp, 5.768%, 2/15/2036 | 600000 | &nbsp;&nbsp; 603392 |
| PNC Financial Services Group, Inc., 5.423%, 1/25/2041 | 240000 | &nbsp;&nbsp; 239777 |
| Raymond James Financial, Inc., 5.65%, 9/11/2055 | 165000 | &nbsp;&nbsp; 161422 |
| Royal Bank of Canada, 6.35%, 11/24/2084 | 750000 | &nbsp;&nbsp; 737566 |
| Standard Chartered PLC, 144A, 5.243%, 1/13/2037 | 750000 | &nbsp;&nbsp; 747172 |
| Starwood Property Trust, Inc., 144A, (REIT), 5.25%, <br> 10/15/2028<br>| 346000 | &nbsp;&nbsp; 347815 |
| State Street Corp., Series K, 6.45%, Perpetual | 544000 | &nbsp;&nbsp; 562308 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **6**  | \|  | DWS Total Return Bond Fund  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| Sumitomo Mitsui Financial Group, Inc.: |  |  |
| 5.57%, 1/15/2047 | 200000 | &nbsp;&nbsp; 199830 |
| 6.45%, Perpetual | 350000 | &nbsp;&nbsp; 356587 |
| The Goldman Sachs Group, Inc., 4.939%, 10/21/2036 | 288000 | &nbsp;&nbsp; 283984 |
| UBS Group AG, 144A, 4.375%, Perpetual | 301000 | &nbsp;&nbsp; 274906 |
| Wells Fargo & Co.: |  |  |
| 5.433%, 1/23/2047 | 450000 | &nbsp;&nbsp; 441050 |
| 5.605%, 4/23/2036 | 550000 | &nbsp;&nbsp; 573344 |
| Willis North America, Inc., 4.55%, 3/15/2031 | 373000 | &nbsp;&nbsp; 372750 |
|  |  | &nbsp;&nbsp; **31544830** |
| **Health Care 0.9%** | **Health Care 0.9%** |  |
| 180 Medical, Inc., 144A, 5.3%, 10/8/2035 | 350000 | &nbsp;&nbsp; 346798 |
| CVS Health Corp.: |  |  |
| 5.45%, 9/15/2035 | 299000 | &nbsp;&nbsp; 304225 |
| 6.2%, 9/15/2055 | 280000 | &nbsp;&nbsp; 282786 |
| Eli Lilly & Co.: |  |  |
| 5.0%, 2/9/2054 | 320000 | &nbsp;&nbsp; 295788 |
| 5.2%, 8/14/2064 | 120000 | &nbsp;&nbsp; 111945 |
| HCA, Inc., 5.75%, 3/1/2035 | 475000 | &nbsp;&nbsp; 496734 |
| UnitedHealth Group, Inc., 5.15%, 7/15/2034 | 368000 | &nbsp;&nbsp; 375443 |
|  |  | &nbsp;&nbsp; **2213719** |
| **Industrials 2.1%** | **Industrials 2.1%** |  |
| Block Financial LLC, 5.375%, 9/15/2032 | 480000 | &nbsp;&nbsp; 480852 |
| Boeing Co., 6.858%, 5/1/2054 | 330000 | &nbsp;&nbsp; 372105 |
| Burlington Northern Santa Fe LLC, 5.55%, 3/15/2056 | 500000 | &nbsp;&nbsp; 494620 |
| Carrier Global Corp., 5.9%, 3/15/2034 | 320000 | &nbsp;&nbsp; 342451 |
| Daimler Truck Finance North America LLC, 144A, 5.0%, <br> 10/12/2032<br>| 441000 | &nbsp;&nbsp; 446737 |
| Fedex Freight Holding Co., Inc., 144A, 4.95%, <br> 3/15/2033 (b)<br>| 542000 | &nbsp;&nbsp; 540490 |
| GFL Environmental Holdings U.S., Inc., 144A, 5.5%, <br> 2/1/2034<br>| 750000 | &nbsp;&nbsp; 751727 |
| Norfolk Southern Corp., 5.95%, 3/15/2064 | 500000 | &nbsp;&nbsp; 509350 |
| Southwest Airlines Co., 4.375%, 11/15/2028 | 500000 | &nbsp;&nbsp; 502680 |
| Tyco Electronics Group SA, 4.875%, 2/9/2036 (b) | 354000 | &nbsp;&nbsp; 352395 |
| United Airlines Holdings, Inc., 5.375%, 3/1/2031 (b) | 41000 | &nbsp;&nbsp; 41407 |
|  |  | &nbsp;&nbsp; **4834814** |
| **Information Technology 2.4%** | **Information Technology 2.4%** |  |
| AppLovin Corp., 5.95%, 12/1/2054 | 257000 | &nbsp;&nbsp; 254177 |
| Broadcom, Inc.: |  |  |
| 4.9%, 2/15/2038 | 833000 | &nbsp;&nbsp; 815324 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| DWS Total Return Bond Fund  | \|<sub>7</sub> |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| 5.7%, 1/15/2056 | 350000 | &nbsp;&nbsp; 352699 |
| Dell International LLC, 5.1%, 2/15/2036 | 683000 | &nbsp;&nbsp; 671094 |
| Flex Ltd., 5.375%, 11/13/2035 | 559000 | &nbsp;&nbsp; 558452 |
| Foundry JV Holdco LLC, 144A, 6.1%, 1/25/2036 | 363000 | &nbsp;&nbsp; 381979 |
| HP, Inc., 6.1%, 4/25/2035 (a) | 440000 | &nbsp;&nbsp; 463129 |
| Jabil, Inc.: |  |  |
| 4.2%, 2/1/2029 | 296000 | &nbsp;&nbsp; 295890 |
| 4.75%, 2/1/2033 | 180000 | &nbsp;&nbsp; 177303 |
| Kyndryl Holdings, Inc., 3.15%, 10/15/2031 | 480000 | &nbsp;&nbsp; 437372 |
| Microsoft Corp., 2.921%, 3/17/2052 | 465000 | &nbsp;&nbsp; 302890 |
| Oracle Corp.: |  |  |
| 5.375%, 9/27/2054 | 460000 | &nbsp;&nbsp; 369590 |
| 5.5%, 9/27/2064 | 220000 | &nbsp;&nbsp; 174367 |
| 5.95%, 9/26/2055 | 297000 | &nbsp;&nbsp; 261887 |
|  |  | &nbsp;&nbsp; **5516153** |
| **Materials 0.9%** | **Materials 0.9%** |  |
| Celanese U.S. Holdings LLC, 6.5%, 4/15/2030 | 318000 | &nbsp;&nbsp; 323537 |
| Corp. Nacional del Cobre de Chile, 144A, 5.529%, <br> 1/30/2037<br>| 750000 | &nbsp;&nbsp; 753750 |
| Dow Chemical Co.: |  |  |
| 5.65%, 3/15/2036 (a) | 310000 | &nbsp;&nbsp; 309748 |
| 5.95%, 3/15/2055 (a) | 285000 | &nbsp;&nbsp; 260988 |
| Olin Corp., 144A, 6.625%, 4/1/2033 | 159000 | &nbsp;&nbsp; 155806 |
| Rio Tinto Finance USA PLC, 5.875%, 3/14/2065 | 326000 | &nbsp;&nbsp; 333620 |
|  |  | &nbsp;&nbsp; **2137449** |
| **Real Estate 0.7%** | **Real Estate 0.7%** |  |
| CBRE Services, Inc., 4.9%, 1/15/2033 | 249000 | &nbsp;&nbsp; 249977 |
| Ventas Realty LP, (REIT), 5.0%, 2/15/2036 | 587000 | &nbsp;&nbsp; 581098 |
| Vornado Realty LP, (REIT), 5.75%, 2/1/2033 | 700000 | &nbsp;&nbsp; 708002 |
|  |  | &nbsp;&nbsp; **1539077** |
| **Utilities 4.1%** | **Utilities 4.1%** |  |
| AEP Texas, Inc., 5.85%, 10/15/2055 | 250000 | &nbsp;&nbsp; 245795 |
| Dominion Energy, Inc., 6.625%, 5/15/2055 | 250000 | &nbsp;&nbsp; 257034 |
| Enel Finance International NV, 144A, 5.75%, 9/30/2055 | 490000 | &nbsp;&nbsp; 476929 |
| Entergy Arkansas LLC, 5.75%, 6/1/2054 | 470000 | &nbsp;&nbsp; 469339 |
| Entergy Louisiana LLC, 5.8%, 3/15/2055 | 350000 | &nbsp;&nbsp; 352046 |
| Exelon Corp., 6.5%, 3/15/2055 | 400000 | &nbsp;&nbsp; 415241 |
| Florida Power & Light Co., 5.6%, 2/15/2066 | 450000 | &nbsp;&nbsp; 442174 |
| NextEra Energy Capital Holdings, Inc.: |  |  |
| 5.45%, 3/15/2035 | 525000 | &nbsp;&nbsp; 540910 |
| 6.375%, 8/15/2055 | 500000 | &nbsp;&nbsp; 516404 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **8**  | \|  | DWS Total Return Bond Fund  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| NRG Energy, Inc.: |  |  |
| 144A, 4.734%, 10/15/2030 | 750000 | &nbsp;&nbsp; 749858 |
| 144A, 5.407%, 10/15/2035 | 313000 | &nbsp;&nbsp; 311552 |
| Pacific Gas and Electric Co.: |  |  |
| 3.95%, 12/1/2047 | 350000 | &nbsp;&nbsp; 260943 |
| 5.9%, 10/1/2054 | 163000 | &nbsp;&nbsp; 156725 |
| PG&E Corp., 7.375%, 3/15/2055 | 375000 | &nbsp;&nbsp; 387018 |
| Public Service Co. of Colorado, 5.15%, 9/15/2035 | 1000000 | &nbsp;&nbsp; 1009945 |
| Sempra, 4.125%, 4/1/2052 | 1000000 | &nbsp;&nbsp; 990727 |
| Sierra Pacific Power Co., 5.9%, 3/15/2054 | 240000 | &nbsp;&nbsp; 241376 |
| Southwestern Public Service Co., 6.0%, 6/1/2054 | 435000 | &nbsp;&nbsp; 443784 |
| Vistra Operations Co. LLC, 144A, 4.7%, 1/31/2031 | 1250000 | &nbsp;&nbsp; 1248249 |
|  |  | &nbsp;&nbsp; **9516049** |
| **Total Corporate Bonds** (Cost $88,716,068) | **Total Corporate Bonds** (Cost $88,716,068) | &nbsp;&nbsp; **89149588** |
| **Mortgage-Backed Securities Pass-Throughs 22.4%** | **Mortgage-Backed Securities Pass-Throughs 22.4%** |  |
| Federal Home Loan Mortgage Corp.: |  |  |
| 3.0%, 4/1/2052 | 1583760 | &nbsp;&nbsp; 1413986 |
| 3.5%, with various maturities from 6/1/2028 until <br> 9/1/2052<br>| 6076223 | &nbsp;&nbsp; 5687652 |
| 4.5%, 12/1/2040 | 22007 | &nbsp;&nbsp; 22125 |
| 5.5%, with various maturities from 6/1/2039 until <br> 12/1/2054<br>| 1932193 | &nbsp;&nbsp; 1984664 |
| 6.0%, 1/1/2055 | 4131098 | &nbsp;&nbsp; 4266407 |
| Federal National Mortgage Association: |  |  |
| 2.5%, with various maturities from 10/1/2051 until <br> 3/1/2052<br>| 3036138 | &nbsp;&nbsp; 2598571 |
| 3.0%, 5/1/2052 | 1975798 | &nbsp;&nbsp; 1769298 |
| 3.5%, with various maturities from 1/1/2046 until <br> 12/1/2046<br>| 1195283 | &nbsp;&nbsp; 1130597 |
| 4.5%, 11/1/2043 | 128092 | &nbsp;&nbsp; 127865 |
| 5.5%, with various maturities from 2/1/2031 until <br> 11/1/2055<br>| 9872164 | &nbsp;&nbsp; 10139558 |
| 6.0%, with various maturities from 7/1/2054 until <br> 7/1/2055<br>| 22659751 | &nbsp;&nbsp; 23369709 |
| Government National Mortgage Association, 4.5%, <br> 7/15/2040<br>| 19965 | &nbsp;&nbsp; 20035 |
| **Total Mortgage-Backed Securities Pass-Throughs** (Cost $51,891,405) | **Total Mortgage-Backed Securities Pass-Throughs** (Cost $51,891,405) | &nbsp;&nbsp; **52530467** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| DWS Total Return Bond Fund  | \|<sub>9</sub> |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| **Asset-Backed 12.9%** | **Asset-Backed 12.9%** |  |
| **Automobile Receivables 2.9%** | **Automobile Receivables 2.9%** |  |
| Avis Budget Rental Car Funding AESOP LLC: |  |  |
| "D" , Series 2024-2A, 144A, 7.43%, 10/20/2028 | 400000 | &nbsp;&nbsp; 410351 |
| "D" , Series 2023-8A, 144A, 7.52%, 2/20/2030 | 650000 | &nbsp;&nbsp; 672096 |
| Bayview Opportunity Master Fund VII LLC, "B" , <br> Series 2024-CAR1, 144A, 30 day USD SOFR Average + <br> 1.3%, 4.997% (c), 12/26/2031<br>| 92613 | &nbsp;&nbsp; 92994 |
| Foursight Capital Automobile Receivables Trust, "C" , <br> Series 2023-2, 144A, 6.21%, 4/16/2029<br>| 750000 | &nbsp;&nbsp; 764537 |
| Hertz Vehicle Financing III LLC, "A" , Series 2025-6A, 144A, <br> 4.89%, 5/25/2032<br>| 1875000 | &nbsp;&nbsp; 1890349 |
| Santander Drive Auto Receivables Trust, "D" , <br> Series 2025-4, 4.95%, 1/15/2032<br>| 3000000 | &nbsp;&nbsp; 3011017 |
|  |  | &nbsp;&nbsp; **6841344** |
| **Home Equity Loans 0.2%** | **Home Equity Loans 0.2%** |  |
| CIT Home Equity Loan Trust, "AF6" , Series 2002-1, 6.2%, <br> 2/25/2030<br>| 97 | &nbsp;&nbsp; 97 |
| Towd Point Mortgage Trust, "A1" , Series 2025-CRM1, <br> 144A, 5.799%, 1/25/2065<br>| 391581 | &nbsp;&nbsp; 396312 |
|  |  | &nbsp;&nbsp; **396409** |
| **Miscellaneous 9.8%** | **Miscellaneous 9.8%** |  |
| Apidos CLO XL Ltd., "AR" , Series 2022-40A, 144A, 3 mo. <br> USD Term SOFR + 1.35%, 5.022% (c), 7/15/2037<br>| 500000 | &nbsp;&nbsp; 501707 |
| Apidos CLO XLVII Ltd., "C" , Series 2024-47A, 144A, 3 mo. <br> USD Term SOFR + 2.35%, 6.018% (c), 4/26/2037<br>| 625000 | &nbsp;&nbsp; 626832 |
| Apidos CLO XVIII-R, "A2R2" , Series 2018-18A, 144A, <br> 3 mo. USD Term SOFR + 1.58%, 5.249% (c), 1/22/2038<br>| 500000 | &nbsp;&nbsp; 501131 |
| ARES LIX CLO Ltd., "C2" , Series 2021-59A, 144A, 3.35%, <br> 4/25/2034<br>| 500000 | &nbsp;&nbsp; 458118 |
| Bryant Park Funding Ltd., "AR" , Series 2023-21A, 144A, <br> 3 mo. USD Term SOFR + 1.27%, 4.938% (c), <br> 10/18/2038<br>| 1500000 | &nbsp;&nbsp; 1505088 |
| CIFC Funding Ltd., "BR" , Series 2022-7A, 144A, 3 mo. <br> USD Term SOFR + 1.7%, 5.369% (c), 1/22/2038<br>| 442000 | &nbsp;&nbsp; 444007 |
| Cloud Capital Holdco LP, "A2" , Series 2024-1A, 144A, <br> 5.781%, 11/22/2049<br>| 450000 | &nbsp;&nbsp; 452547 |
| CyrusOne Data Centers Issuer I LLC, "A2" , <br> Series 2024-2A, 144A, 4.5%, 5/20/2049<br>| 1000000 | &nbsp;&nbsp; 980595 |
| DB Master Finance LLC, "A2II" , Series 2025-1A, 144A, <br> 5.165%, 8/20/2055<br>| 1000000 | &nbsp;&nbsp; 997739 |
| Dryden 64 CLO Ltd., "C" , Series 2018-64A, 144A, 3 mo. <br> USD Term SOFR + 2.012%, 5.679% (c), 4/18/2031<br>| 1200000 | &nbsp;&nbsp; 1204420 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **10**  | \|  | DWS Total Return Bond Fund  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| Galaxy 34 CLO Ltd., "A" , Series 2024-34A, 144A, 3 mo. <br> USD Term SOFR + 1.37%, 5.038% (c), 10/20/2037<br>| 500000 | &nbsp;&nbsp; 501643 |
| Garnet CLO 3 Ltd., "B" , Series 2025-3A, 144A, 3 mo. USD <br> Term SOFR + 1.6%, 5.383% (c), 10/20/2038<br>| 1000000 | &nbsp;&nbsp; 1001183 |
| Jersey Mike's Funding LLC: |  |  |
| "A2" , Series 2025-1A, 144A, 5.61%, 8/16/2055 | 1795500 | &nbsp;&nbsp; 1828799 |
| "A2" , Series 2024-1A, 144A, 5.636%, 2/15/2055 | 327525 | &nbsp;&nbsp; 334234 |
| Lewey Park CLO Ltd., "A2" , Series 2024-1A, 144A, 3 mo. <br> USD Term SOFR + 1.56%, 5.23% (c), 10/21/2037<br>| 500000 | &nbsp;&nbsp; 501001 |
| Mosaic Solar Loan Trust: |  |  |
| "B" , Series 2023-1A, 144A, 6.92%, 6/20/2053 | 219457 | &nbsp;&nbsp; 170383 |
| "C" , Series 2023-1A, 144A, 8.48%, 6/20/2053 | 520000 | &nbsp;&nbsp; 168899 |
| "C" , Series 2022-3A, 144A, 8.56%, 6/20/2053 | 1703000 | &nbsp;&nbsp; 157187 |
| NRZ Excess Spread-Collateralized Notes, "A" , <br> Series 2021-GNT1, 144A, 3.474%, 11/25/2026<br>| 311060 | &nbsp;&nbsp; 306342 |
| OCP CLO Ltd., "B1" , Series 2024-36A, 144A, 3 mo. USD <br> Term SOFR + 1.7%, 5.371% (c), 10/16/2037<br>| 500000 | &nbsp;&nbsp; 501321 |
| OZLM XXIV Ltd., "A1AR" , Series 2019-24A, 144A, 3 mo. <br> USD Term SOFR + 1.422%, 5.089% (c), 7/20/2032<br>| 82690 | &nbsp;&nbsp; 82723 |
| Race Point X CLO Ltd., "C2R" , Series 2016-10A, 144A, <br> 3 mo. USD Term SOFR + 2.262%, 5.93% (c), 7/25/2031<br>| 759634 | &nbsp;&nbsp; 762367 |
| RR 35 Ltd., "A2" , Series 2024-35A, 144A, 3 mo. USD Term <br> SOFR + 1.7%, 5.372% (c), 1/15/2040<br>| 600000 | &nbsp;&nbsp; 602535 |
| SERVPRO Master Issuer LLC, "A2" , Series 2025-1A, <br> 144A, 5.525%, 10/25/2055<br>| 2992500 | &nbsp;&nbsp; 2995675 |
| Sixth Street CLO XIV Ltd., "A2R2" , Series 2019-14A, <br> 144A, 3 mo. USD Term SOFR + 1.4%, 5.07% (c), <br> 1/20/2038<br>| 1000000 | &nbsp;&nbsp; 1000703 |
| Switch ABS Issuer LLC, "A2" , Series 2024-2A, 144A, <br> 5.436%, 6/25/2054<br>| 500000 | &nbsp;&nbsp; 499389 |
| Taco Bell Funding LLC, "A2II" , Series 2025-1A, 144A, <br> 5.049%, 8/25/2055<br>| 1875000 | &nbsp;&nbsp; 1870778 |
| TICP CLO XI Ltd., "AR" , Series 2018-11A, 144A, 3 mo. <br> USD Term SOFR + 1.53%, 5.198% (c), 4/25/2037<br>| 500000 | &nbsp;&nbsp; 501006 |
| Wendy's Funding LLC, "A2I" , Series 2025-1A, 144A, <br> 5.422%, 12/15/2055<br>| 1500000 | &nbsp;&nbsp; 1501621 |
|  |  | &nbsp;&nbsp; **22959973** |
| **Total Asset-Backed** (Cost $31,800,920) | **Total Asset-Backed** (Cost $31,800,920) | &nbsp;&nbsp; **30197726** |
| **Commercial Mortgage-Backed Securities 11.2%** | **Commercial Mortgage-Backed Securities 11.2%** |  |
| 20 Times Square Trust: |  |  |
| "B" , Series 2018-20TS, 144A, 3.1% (c), 5/15/2035 | 500000 | &nbsp;&nbsp; 471250 |
| "C" , Series 2018-20TS, 144A, 3.1% (c), 5/15/2035 | 500000 | &nbsp;&nbsp; 468750 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| DWS Total Return Bond Fund  | \|<sub>11</sub> |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| BAHA Trust: |  |  |
| "A" , Series 2024-MAR, 144A, 6.171% (c), 12/10/2041 | 836000 | &nbsp;&nbsp; 867405 |
| "B" , Series 2024-MAR, 144A, 7.069% (c), 12/10/2041 | 650000 | &nbsp;&nbsp; 681312 |
| Benchmark Mortgage Trust, "A4" , Series 2020-IG3, 144A, <br> 2.437%, 9/15/2048<br>| 500000 | &nbsp;&nbsp; 428973 |
| BPR Trust, "B" , Series 2021-TY, 144A, 1 mo. USD Term <br> SOFR + 1.264%, 4.945% (c), 9/15/2038<br>| 300000 | &nbsp;&nbsp; 299810 |
| BRCK Trust, "A" , Series 2025-830B, 144A, 4.956%, <br> 12/10/2042<br>| 2000000 | &nbsp;&nbsp; 2007728 |
| BX Trust: |  |  |
| "A" , Series 2019-OC11, 144A, 3.202%, 12/9/2041 | 1000000 | &nbsp;&nbsp; 952450 |
| "D" , Series 2019-OC11, 144A, 3.944% (c), 12/9/2041 | 750000 | &nbsp;&nbsp; 717193 |
| CENT Trust, "A" , Series 2025-CITY, 144A, 4.92% (c), <br> 7/10/2040<br>| 1000000 | &nbsp;&nbsp; 1014375 |
| CSAIL Commercial Mortgage Trust, "AS" , Series 2016-C6, <br> 3.346%, 1/15/2049<br>| 500000 | &nbsp;&nbsp; 496927 |
| FREMF Mortgage Trust: |  |  |
| "B" , Series 2018-K75, 144A, 3.975% (c), 4/25/2051 | 1000000 | &nbsp;&nbsp; 988966 |
| "B" , Series 2018-K77, 144A, 4.16% (c), 5/25/2051 | 1832000 | &nbsp;&nbsp; 1818265 |
| Hawaii Hotel Trust, "B" , Series 2025-MAUI, 144A, 1 mo. <br> USD Term SOFR + 1.742%, 5.423% (c), 3/15/2042<br>| 250000 | &nbsp;&nbsp; 250547 |
| Hudson Yards Mortgage Trust: |  |  |
| "A" , Series 2025-SPRL, 144A, 5.467% (c), 1/13/2040 | 190000 | &nbsp;&nbsp; 196933 |
| "B" , Series 2025-SPRL, 144A, 5.758%, 1/13/2040 | 225000 | &nbsp;&nbsp; 233263 |
| "C" , Series 2025-SPRL, 144A, 5.952% (c), 1/13/2040 | 1135000 | &nbsp;&nbsp; 1176480 |
| ILPT Commercial Mortgage Trust, "D" , Series 2025-LPF2, <br> 144A, 6.508%, 7/13/2042<br>| 1000000 | &nbsp;&nbsp; 1023836 |
| JPMorgan Chase Commercial Mortgage Securities Trust: |  |  |
| "A" , Series 2021-1MEM, 144A, 2.516%, 10/9/2042 | 1750000 | &nbsp;&nbsp; 1481393 |
| "A" , Series 2016-NINE, 144A, 2.854% (c), 9/6/2038 | 500000 | &nbsp;&nbsp; 495405 |
| "A" , Series 2018-PHH, 144A, 1 mo. USD Term SOFR + <br> 1.257%, 4.937% (c), 6/15/2035<br>| 1938171 | &nbsp;&nbsp; 1637787 |
| KIND Trust, "A" , Series 2021-KIND, 144A, 1 mo. USD Term <br> SOFR + 1.064%, 4.75% (c), 8/15/2038<br>| 495860 | &nbsp;&nbsp; 494935 |
| Manhattan West Mortgage Trust, "A" , Series 2020-1MW, <br> 144A, 2.13%, 9/10/2039<br>| 2000000 | &nbsp;&nbsp; 1929560 |
| MRCD Mortgage Trust, "B" , Series 2019-PARK, 144A, <br> 2.718%, 12/15/2036<br>| 155000 | &nbsp;&nbsp; 133300 |
| Natixis Commercial Mortgage Securities Trust, "A" , <br> Series 2018-OSS, 144A, 4.177%, 12/15/2037<br>| 750000 | &nbsp;&nbsp; 708152 |
| ROCK Trust: |  |  |
| "B" , Series 2024-CNTR, 144A, 5.93%, 11/13/2041 | 1000000 | &nbsp;&nbsp; 1033124 |
| "C" , Series 2024-CNTR, 144A, 6.471%, 11/13/2041 | 450000 | &nbsp;&nbsp; 468244 |
| "E" , Series 2024-CNTR, 144A, 8.819%, 11/13/2041 | 300000 | &nbsp;&nbsp; 318924 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **12**  | \|  | DWS Total Return Bond Fund  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| SLG Office Trust, "A" , Series 2021-OVA, 144A, 2.585%, <br> 7/15/2041<br>| 1000000 | &nbsp;&nbsp; 896907 |
| SWCH Commercial Mortgage Trust, "A" , <br> Series 2025-DATA, 144A, 1 mo. USD Term SOFR + <br> 1.443%, 5.123% (c), 2/15/2042<br>| 500000 | &nbsp;&nbsp; 496406 |
| SYCA Commercial Mortgage Trust: |  |  |
| "A" , Series 2025-WAG, 144A, 5.433% (c), 11/10/2042 | 1000000 | &nbsp;&nbsp; 1013528 |
| "B" , Series 2025-WAG, 144A, 5.884% (c), 11/10/2042 | 1000000 | &nbsp;&nbsp; 1011283 |
| UBS Commercial Mortgage Trust, "A3" , Series 2017-C4, <br> 3.301%, 10/15/2050<br>| 91011 | &nbsp;&nbsp; 90058 |
| **Total Commercial Mortgage-Backed Securities** (Cost $26,007,863) | **Total Commercial Mortgage-Backed Securities** (Cost $26,007,863) | &nbsp;&nbsp; **26303469** |
| **Collateralized Mortgage Obligations 7.4%** | **Collateralized Mortgage Obligations 7.4%** |  |
| Alternative Loan Trust, "1A4" , Series 2006-43CB, <br> 6.0%, 2/25/2037<br>| 95893 | &nbsp;&nbsp; 46622 |
| Arroyo Mortgage Trust, "A1" , Series 2021-1R, 144A, <br> 1.175%, 10/25/2048<br>| 1295123 | &nbsp;&nbsp; 1174179 |
| Banc of America Mortgage Trust, "2A2" , Series 2004-A, <br> 5.534% (c), 2/25/2034<br>| 28369 | &nbsp;&nbsp; 27928 |
| Bear Stearns Adjustable Rate Mortgage Trust, "2A1" , <br> Series 2005-11, 7.135% (c), 12/25/2035<br>| 41726 | &nbsp;&nbsp; 42925 |
| CHL Mortgage Pass Through Trust, "2A5" , Series 2004-13, <br> 5.75%, 8/25/2034<br>| 91889 | &nbsp;&nbsp; 90646 |
| CSFB Mortgage-Backed Pass-Through Certificates, <br> "10A3" , Series 2005-10, 6.0%, 11/25/2035<br>| 191345 | &nbsp;&nbsp; 40879 |
| Federal Home Loan Mortgage Corp.: |  |  |
| "DI" , Series 5011, Interest Only, 2.0%, 7/25/2050 | 4598069 | &nbsp;&nbsp; 633530 |
| "MI" , Series 5034, Interest Only, 2.0%, 11/25/2050 | 2975424 | &nbsp;&nbsp; 399878 |
| "MI" , Series 5135, Interest Only, 2.5%, 8/25/2051 | 7710545 | &nbsp;&nbsp; 832907 |
| "P" , Series 4916, 3.0%, 9/25/2049 | 1335079 | &nbsp;&nbsp; 1223257 |
| "JI" , Series 5236, Interest Only, 4.0%, 2/25/2052 | 4145954 | &nbsp;&nbsp; 444191 |
| "6" , Series 233, Interest Only, 4.5%, 8/15/2035 | 46285 | &nbsp;&nbsp; 5781 |
| Federal National Mortgage Association: |  |  |
| "AO" , Series 2023-53, Principal Only, Zero <br> Coupon, 11/25/2053<br>| 949480 | &nbsp;&nbsp; 851284 |
| "C2" , Series 432, Interest Only, 2.0%, 7/25/2037 | 4630685 | &nbsp;&nbsp; 302191 |
| "MS" , Series 2025-35, 82.915% minus (16.75 x 30 day <br> USD SOFR Average), 10.05% (c), 5/25/2055<br>| 171022 | &nbsp;&nbsp; 181791 |
| Government National Mortgage Association: |  |  |
| "GA" , Series 2021-122, 1.0%, 11/20/2047 | 994639 | &nbsp;&nbsp; 813608 |
| Series 2021-19, Interest Only, 2.0%, 1/20/2051 | 11492109 | &nbsp;&nbsp; 1379541 |
| "ID" , Series 2023-151, Interest Only, 2.0%, 8/20/2051 | 7486528 | &nbsp;&nbsp; 923069 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| DWS Total Return Bond Fund  | \|<sub>13</sub> |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| "SA" , Series 2014-10, Interest Only, 5.936% minus <br> 1 mo. USD Term SOFR, 2.258% (c), 1/16/2044<br>| 1184307 | &nbsp;&nbsp; 121196 |
| "QI" , Series 2021-225, Interest Only, 2.5%, 12/20/2051 | 7964364 | &nbsp;&nbsp; 1064400 |
| "DI" , Series 2014-102, Interest Only, 3.5%, 7/16/2029 | 29325 | &nbsp;&nbsp; 405 |
| "HI" , Series 2015-77, Interest Only, 4.0%, 5/20/2045 | 650603 | &nbsp;&nbsp; 130294 |
| "WI" , Series 2020-191, Interest Only, 4.5%, 12/20/2050 | 2834036 | &nbsp;&nbsp; 512633 |
| "ZT" , Series 2025-2, 4.5%, 5/20/2064 | 1045940 | &nbsp;&nbsp; 1007401 |
| "AZ" , Series 2023-120, 5.5%, 8/20/2053 | 2283616 | &nbsp;&nbsp; 2310816 |
| "SL" , Series 2025-98, 21.083% minus (3.667 x 30 day <br> USD SOFR Average), 7.506% (c), 6/20/2055<br>| 148984 | &nbsp;&nbsp; 152304 |
| JPMorgan Mortgage Trust: |  |  |
| "A11" , Series 2024-6, 144A, 30 day USD SOFR Average <br> + 1.25%, 4.947% (c), 12/25/2054<br>| 496655 | &nbsp;&nbsp; 498606 |
| "2A1" , Series 2006-A2, 5.178% (c), 4/25/2036 | 162701 | &nbsp;&nbsp; 139138 |
| Merrill Lynch Mortgage Investors Trust, "2A" , <br> Series 2003-A6, 6.732% (c), 10/25/2033<br>| 55093 | &nbsp;&nbsp; 54335 |
| RCKT Mortgage Trust, "A2" , Series 2024-INV2, 144A, <br> 5.5%, 9/25/2054<br>| 902303 | &nbsp;&nbsp; 910727 |
| Western Alliance Bank, "M1" , Series 2021-CL2, 144A, <br> 30 day USD SOFR Average + 3.15%, <br> 6.847% (c), 7/25/2059<br>| 1038843 | &nbsp;&nbsp; 1096049 |
| **Total Collateralized Mortgage Obligations** (Cost $17,468,427) | **Total Collateralized Mortgage Obligations** (Cost $17,468,427) | &nbsp;&nbsp; **17412511** |
| **Government & Agency Obligations 6.6%** | **Government & Agency Obligations 6.6%** |  |
| **Sovereign Bonds 1.0%** | **Sovereign Bonds 1.0%** |  |
| African Development Bank, 5.875%, Perpetual | 400000 | &nbsp;&nbsp; 399123 |
| Eagle Funding Luxco SARL, 144A, 5.5%, 8/17/2030 | 621000 | &nbsp;&nbsp; 630824 |
| Mexico Government International Bond: |  |  |
| 5.375%, 3/22/2033 | 384000 | &nbsp;&nbsp; 378144 |
| 5.625%, 2/9/2034 | 431000 | &nbsp;&nbsp; 429423 |
| 6.0%, 5/7/2036 | 440000 | &nbsp;&nbsp; 441650 |
|  |  | &nbsp;&nbsp; **2279164** |
| **U.S. Treasury Obligations 5.6%** | **U.S. Treasury Obligations 5.6%** |  |
| U.S. Treasury Bills: |  |  |
| 3.521% (d), 8/6/2026 (e) | 1380000 | &nbsp;&nbsp; 1355062 |
| 3.529% (d), 8/6/2026 (e) | 50000 | &nbsp;&nbsp; 49097 |
| U.S. Treasury Bonds: |  |  |
| 4.625%, 11/15/2045 | 3063200 | &nbsp;&nbsp; 2979441 |
| 4.625%, 11/15/2055 | 2074800 | &nbsp;&nbsp; 1988566 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **14**  | \|  | DWS Total Return Bond Fund  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount ($)** | **Value ($)** |
| U.S. Treasury Notes: |  |  |
| 3.625%, 12/31/2030 | 4500000 | &nbsp;&nbsp; 4464492 |
| 4.25%, 8/15/2035 | 2360800 | &nbsp;&nbsp; 2363013 |
|  |  | &nbsp;&nbsp; **13199671** |
| **Total Government & Agency Obligations** (Cost 15,547,126) | **Total Government & Agency Obligations** (Cost 15,547,126) | &nbsp;&nbsp; **15478835** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Warrants 0.0%** | **Warrants 0.0%** |  |
| **Materials** | **Materials** |  |
| Hercules Trust II, Expiration Date 3/31/2029\* (f) <br> (Cost $70,220)<br>| 315 | &nbsp;&nbsp; **2965** |
| **Securities Lending Collateral 1.3%** | **Securities Lending Collateral 1.3%** |  |
| DWS Government & Agency Securities Portfolio "DWS <br> Government Cash Institutional Shares" , 3.56% (g) (h) <br> (Cost $3,123,270)<br>| 3123270 | &nbsp;&nbsp; **3123270** |
| **Cash Equivalents 2.0%** | **Cash Equivalents 2.0%** |  |
| DWS Central Cash Management Government Fund, <br> 3.67% (g) (Cost $4,529,834)<br>| 4529834 | &nbsp;&nbsp; **4529834** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **% of Net**<br> **Assets** | **% of Net**<br> **Assets** | **Value ($)** |
| **Total Investment Portfolio** (Cost $239,155,133) | 101.9 | &nbsp;&nbsp; **238728665** |
| **Other Assets and Liabilities, Net** | (1.9)<br>| &nbsp;&nbsp; **(4489764)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **234238901** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Total Return Bond Fund  | \|  | **15**  |

---

------

A summary of the Fund's transactions with affiliated investments during the year ended January 31, 2026 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($)** <br>**at** <br>**1/31/2025**<br>| **Pur-** <br>**chases** <br>**Cost** <br>**($)**<br>| **Sales** <br>**Proceeds** <br>**($)**<br>| **Net** <br>**Real-** <br>**ized** <br>**Gain/** <br>**(Loss)** <br>**($)**<br>| **Net** <br>**Change** <br>**in** <br>**Unreal-** <br>**ized** <br>**Appreci-** <br>**ation** <br>**(Depreci-** <br>**ation)** <br>**($)**<br>| **Income** <br>**($)**<br>| **Capital** <br>**Gain** <br>**Distri-** <br>**butions** <br>**($)**<br>| **Number of** <br>**Shares at** <br>**1/31/2026**<br>| **Value ($)** <br>**at** <br>**1/31/2026**<br>|
| **Securities Lending Collateral 1.3%** | **Securities Lending Collateral 1.3%** | **Securities Lending Collateral 1.3%** | **Securities Lending Collateral 1.3%** | **Securities Lending Collateral 1.3%** | **Securities Lending Collateral 1.3%** | **Securities Lending Collateral 1.3%** | **Securities Lending Collateral 1.3%** | **Securities Lending Collateral 1.3%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br>3.56% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br>3.56% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br>3.56% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br>3.56% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br>3.56% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br>3.56% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br>3.56% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br>3.56% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br>3.56% (g) (h) |
| 1626895 | 1,496,375 (i) |  |  |  | 5582 |  | 3123270 | 3123270 |
| **Cash Equivalents 2.0%** | **Cash Equivalents 2.0%** | **Cash Equivalents 2.0%** | **Cash Equivalents 2.0%** | **Cash Equivalents 2.0%** | **Cash Equivalents 2.0%** | **Cash Equivalents 2.0%** | **Cash Equivalents 2.0%** | **Cash Equivalents 2.0%** |
| DWS Central Cash Management Government Fund, 3.67% (g) | DWS Central Cash Management Government Fund, 3.67% (g) | DWS Central Cash Management Government Fund, 3.67% (g) | DWS Central Cash Management Government Fund, 3.67% (g) | DWS Central Cash Management Government Fund, 3.67% (g) | DWS Central Cash Management Government Fund, 3.67% (g) | DWS Central Cash Management Government Fund, 3.67% (g) | DWS Central Cash Management Government Fund, 3.67% (g) | DWS Central Cash Management Government Fund, 3.67% (g) |
| 6420767 | 187193950 | 189084883 |  |  | 329677 |  | 4529834 | 4529834 |
| **8047662** | **188690325** | **189084883** |  |  | **335259** |  | **7653104** | **7653104** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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 January 31, 2026 amounted to $3,003,733, which is 1.3% of net assets. 

(b) When-issued or delayed delivery securities included.

(c) Variable or floating rate security. These securities are shown at their current rate as of January 31, 2026. 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. 

(d) Annualized yield at time of purchase; not a coupon rate.

(e) At January 31, 2026, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. 

(f) Investment was valued using significant unobservable inputs.

(g) Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. 

(h) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. 

(i) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended January 31, 2026. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| 144A: Security exempt from registration under Rule 144A under the Securities Act of 1933. <br> These securities may be resold in transactions exempt from registration, normally to <br> qualified institutional buyers.<br>|
| CLO: Collateralized Loan Obligation |
| Interest Only: Interest Only (IO) bonds represent the "interest only" portion of payments on <br> a pool of underlying mortgages or mortgage-backed securities. IO securities are subject to <br> prepayment risk of the pool of underlying mortgages.<br>|
| Perpetual: Callable security with no stated maturity date. |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **16**  | \|  | DWS Total Return Bond Fund  |

---

------

Principal Only: Principal Only (PO) bonds represent the "principal only" portion of payments on a pool of underlying mortgages or mortgage-backed securities. <br> REIT: Real Estate Investment Trust <br> SOFR: Secured Overnight Financing Rate

Included in the portfolio are investments in mortgage or asset-backed securities which are interests in separate pools of mortgages or assets. Effective maturities of these investments may be shorter than stated maturities due to prepayments. Some separate investments in the Federal Home Loan Mortgage Corp. and Federal National Mortgage Association issues which have similar coupon rates have been aggregated for presentation purposes in this investment portfolio.

At January 31, 2026, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures** | **Currency** | **Expiration** <br>**Date**<br>| **Contracts** | **Notional** <br>**Amount ($)**<br>| **Notional** <br>**Value ($)**<br>| **Unrealized** <br>**Depreciation ($)**<br>|
| 10 Year U.S. <br> Treasury Note<br>| USD | 3/20/2026 | 239 | 27012025 | 26726922 | (285103) |
| 2 Year U.S. <br> Treasury Note<br>| USD | 3/31/2026 | 141 | 29451145 | 29397399 | (53746) |
| 5 Year U.S. <br> Treasury Note<br>| USD | 3/31/2026 | 178 | 19515283 | 19389484 | (125799) |
| Ultra Long U.S. <br> Treasury Bond<br>| USD | 3/20/2026 | 81 | 9766626 | 9512437 | (254189) |
| **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **(718837)** |

---

At January 31, 2026, open futures contracts sold were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures** | **Currency** | **Expiration** <br>**Date**<br>| **Contracts** | **Notional** <br>**Amount ($)**<br>| **Notional** <br>**Value ($)**<br>| **Unrealized** <br>**Appreciation ($)**<br>|
| Ultra 10 Year U.S. <br> Treasury Note<br>| USD | 3/20/2026 | 4 | 463990 | 456625 | **7365** |

---

**Currency Abbreviation(s)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

USD United States Dollar

For information on the Fund's policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note B in the accompanying Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Total Return Bond Fund  | \|  | **17**  |

---

------

**Fair Value Measurements**

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of January 31, 2026 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds (a) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $89149588 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $89149588 |
| Mortgage-Backed Securities <br> Pass-Throughs<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 52530467 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52530467 |
| Asset-Backed (a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 30197726 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30197726 |
| Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 26303469 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26303469 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 17412511 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17412511 |
| Government & Agency <br> Obligations (a)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 15478835 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15478835 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2965 | &nbsp;&nbsp; 2965 |
| Short-Term Investments (a) | &nbsp;&nbsp; 7653104 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7653104 |
| Derivatives (b) |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; 7365 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7365 |
| **Total** | &nbsp;&nbsp; **$7660469** | &nbsp;&nbsp; **$231072596** | &nbsp;&nbsp; **$2965** | &nbsp;&nbsp; **$238736030** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Derivatives (b) |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(718837)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(718837)<br>|
| **Total** | &nbsp;&nbsp; **$(718837)**<br>| &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$(718837)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) See Investment Portfolio for additional detailed categorizations.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Derivatives include unrealized appreciation (depreciation) on open futures contracts.

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **18**  | \|  | DWS Total Return Bond Fund  |

---

------

**Statement of Assets and Liabilities**

as of January 31, 2026

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value (cost $231,502,029) — <br> including $3,003,733 of securities loaned<br>| $231075561 |
| Investment in DWS Government & Agency Securities Portfolio <br> (cost $3,123,270)\* <br>| 3123270 |
| Investment in DWS Central Cash Management Government Fund <br> (cost $4,529,834)<br>| 4529834 |
| Foreign currency, at value (cost $837) | 907 |
| Receivable for investments sold | 53385 |
| Receivable for Fund shares sold | 188966 |
| Interest receivable | 1809776 |
| Affiliated securities lending income receivable | 1393 |
| Other assets | 37969 |
| Total assets | 240821061 |
| **Liabilities** |  |
| Cash overdraft | 53385 |
| Payable upon return of securities loaned | 3123270 |
| Payable for investments purchased — when-issued securities | 2744157 |
| Payable for Fund shares redeemed | 307305 |
| Payable for variation margin on futures contracts | 12569 |
| Accrued management fee | 32362 |
| Accrued Trustees' fees | 2025 |
| Other accrued expenses and payables | 307087 |
| Total liabilities | 6582160 |
| **Net assets, at value** | **$234238901** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | (105202235)<br>|
| Paid-in capital | 339441136 |
| **Net assets, at value** | **$234238901** |

---

\*

Represents collateral on securities loaned.

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Total Return Bond Fund  | \|  | **19**  |

---

------

**Statement of Assets and Liabilities** as of January 31, 2026 (continued)

------

---

| | |
|:---|:---|
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value** and redemption price per share <br>($125,197,335 ÷ 13,278,832 outstanding shares of beneficial interest, <br>$.01 par value, unlimited number of shares authorized)<br>| **$9.43** |
| Maximum offering price per share (100 ÷ 97.25 of $9.43) | **$9.70** |
| **Class C** |  |
| **Net Asset Value,** offering and redemption price <br>(subject to contingent deferred sales charge) per share <br>($1,294,714 ÷ 137,163 outstanding shares of beneficial interest, <br>$.01 par value, unlimited number of shares authorized)<br>| **$9.44** |
| **Class S** |  |
| **Net Asset Value,** offering and redemption price per share <br>($83,773,031 ÷ 8,885,909 outstanding shares of beneficial interest, <br>$.01 par value, unlimited number of shares authorized)<br>| **$9.43** |
| **Institutional Class** |  |
| **Net Asset Value,** offering and redemption price per share <br>($23,973,821 ÷ 2,552,078 outstanding shares of beneficial interest, <br>$.01 par value, unlimited number of shares authorized)<br>| **$9.39** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **20**  | \|  | DWS Total Return Bond Fund  |

---

------

**Statement of Operations**

for the year ended January 31, 2026

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Interest | $12699799 |
| Income distributions — DWS Central Cash Management Government Fund | 329677 |
| Affiliated securities lending income | 5582 |
| Total income | 13035058 |
| Expenses: |  |
| Management fee | 845134 |
| Administration fee | 234223 |
| Services to shareholders | 428530 |
| Distribution and service fees | 305797 |
| Custodian fee | 9179 |
| Professional fees | 130958 |
| Reports to shareholders | 40691 |
| Registration fees | 73025 |
| Trustees' fees and expenses | 8754 |
| Other | 34422 |
| Total expenses before expense reductions | 2110713 |
| Expense reductions | (459476)<br>|
| Total expenses after expense reductions | 1651237 |
| **Net investment income** | **11383821** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| Investments | (2066511)<br>|
| Futures | (105046)<br>|
|  | (2171557)<br>|
| Change in net unrealized appreciation (depreciation) on: |  |
| Investments | 6711687 |
| Futures | 7613 |
| Foreign currency | 106 |
|  | 6719406 |
| **Net gain (loss)** | **4547849** |
| **Net increase (decrease) in net assets resulting from operations** | **$15931670** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Total Return Bond Fund  | \|  | **21**  |

---

------

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Years Ended January 31,** | **Years Ended January 31,** |
| **Increase (Decrease) in Net Assets** | **2026** | **2025** |
| Operations: |  |  |
| Net investment income | $11383821 | $12035251 |
| Net realized gain (loss) | (2171557)<br>| (4048206)<br>|
| Change in net unrealized appreciation <br>(depreciation)<br>| 6719406 | (361052)<br>|
| Net increase (decrease) in net assets resulting <br> from operations<br>| 15931670 | 7625993 |
| Distributions to shareholders: |  |  |
| Class A | (6413012)<br>| (6099922)<br>|
| Class C | (52908)<br>| (51143)<br>|
| Class R |  | (846 )<sup>\*</sup><br>|
| Class R6 |  | (376 )<sup>\*</sup><br>|
| Class S | (4492102)<br>| (4217656)<br>|
| Institutional Class | (1280015)<br>| (1441318)<br>|
| Total distributions | (12238037)<br>| (11811261)<br>|
| Fund share transactions: |  |  |
| Proceeds from shares sold | 27904851 | 36760252 |
| Reinvestment of distributions | 11415418 | 10996688 |
| Payments for shares redeemed | (57189742)<br>| (79109259)<br>|
| Net increase (decrease) in net assets from Fund <br> share transactions<br>| (17869473)<br>| (31352319)<br>|
| **Increase (decrease) in net assets** | (14175840)<br>| (35537587)<br>|
| Net assets at beginning of period | 248414741 | 283952328 |
| **Net assets at end of period** | **$234238901** | **$248414741** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>\*</sup> For the period from February 1, 2024 to March 25, 2024 (Class R and Class R6 liquidation date).

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **22**  | \|  | DWS Total Return Bond Fund  |

---

------

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Total Return Bond Fund** — **Class A** | **DWS Total Return Bond Fund** — **Class A** | **DWS Total Return Bond Fund** — **Class A** | **DWS Total Return Bond Fund** — **Class A** | **DWS Total Return Bond Fund** — **Class A** | **DWS Total Return Bond Fund** — **Class A** |
|  | **Years Ended January 31,** | **Years Ended January 31,** | **Years Ended January 31,** | **Years Ended January 31,** | **Years Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | **$9.28** | **$9.44** | **$9.61** | **$10.91** | **$11.43** |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| .43 | .41 | .36 | .26 | .24 |
| Net realized and unrealized gain (loss) | .19 | (.17)<br>| (.17)<br>| (1.29)<br>| (.51)<br>|
| **Total from investment operations** | .62 | .24 | .19 | (1.03)<br>| (.27)<br>|
| Less distributions from: |  |  |  |  |  |
| Net investment income | (.47)<br>| (.40)<br>| (.36)<br>| (.27)<br>| (.25)<br>|
| **Net asset value, end of period** | **$9.43** | **$9.28** | **$9.44** | **$9.61** | **$10.91** |
| Total Return (%)<sup>b,c</sup> <br>| 6.78 | 2.60 | 2.10 | (9.45)<br>| (2.40)<br>|
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | 125 | 136 | 150 | 165 | 209 |
| Ratio of expenses before expense reductions (%) | .98 | 1.02 | 1.03 | 1.00 | .97 |
| Ratio of expenses after expense reductions (%) | .79 | .76 | .79 | .80 | .83 |
| Ratio of net investment income (%) | 4.61 | 4.34 | 3.88 | 2.68 | 2.14 |
| Portfolio turnover rate (%) | 181 | 301 | 256 | 228 | 182 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Total return does not reflect the effect of any sales charges.

<sup>c</sup> Total return would have been lower had certain expenses not been reduced.

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Total Return Bond Fund  | \|  | **23**  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Total Return Bond Fund** — **Class C** | **DWS Total Return Bond Fund** — **Class C** | **DWS Total Return Bond Fund** — **Class C** | **DWS Total Return Bond Fund** — **Class C** | **DWS Total Return Bond Fund** — **Class C** | **DWS Total Return Bond Fund** — **Class C** |
|  | **Years Ended January 31,** | **Years Ended January 31,** | **Years Ended January 31,** | **Years Ended January 31,** | **Years Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | **$9.29** | **$9.46** | **$9.62** | **$10.93** | **$11.44** |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| .36 | .34 | .29 | .18 | .16 |
| Net realized and unrealized gain (loss) | .19 | (.18)<br>| (.16)<br>| (1.29)<br>| (.50)<br>|
| **Total from investment operations** | .55 | .16 | .13 | (1.11)<br>| (.34)<br>|
| Less distributions from: |  |  |  |  |  |
| Net investment income | (.40)<br>| (.33)<br>| (.29)<br>| (.20)<br>| (.17)<br>|
| **Net asset value, end of period** | **$9.44** | **$9.29** | **$9.46** | **$9.62** | **$10.93** |
| Total Return (%)<sup>b,c</sup> <br>| 5.99 | 1.73 | 1.44 | (10.20)<br>| (3.04)<br>|
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | 1 | 1 | 2 | 3 | 6 |
| Ratio of expenses before expense reductions (%) | 1.81 | 1.82 | 1.83 | 1.77 | 1.71 |
| Ratio of expenses after expense reductions (%) | 1.54 | 1.51 | 1.54 | 1.55 | 1.58 |
| Ratio of net investment income (%) | 3.85 | 3.59 | 3.10 | 1.81 | 1.42 |
| Portfolio turnover rate (%) | 181 | 301 | 256 | 228 | 182 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Total return does not reflect the effect of any sales charges.

<sup>c</sup> Total return would have been lower had certain expenses not been reduced.

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **24**  | \|  | DWS Total Return Bond Fund  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Total Return Bond Fund** — **Class S** | **DWS Total Return Bond Fund** — **Class S** | **DWS Total Return Bond Fund** — **Class S** | **DWS Total Return Bond Fund** — **Class S** | **DWS Total Return Bond Fund** — **Class S** | **DWS Total Return Bond Fund** — **Class S** |
|  | **Years Ended January 31,** | **Years Ended January 31,** | **Years Ended January 31,** | **Years Ended January 31,** | **Years Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | **$9.28** | **$9.44** | **$9.61** | **$10.91** | **$11.43** |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| .46 | .43 | .38 | .29 | .27 |
| Net realized and unrealized gain (loss) | .18 | (.17)<br>| (.17)<br>| (1.30)<br>| (.51)<br>|
| **Total from investment operations** | .64 | .26 | .21 | (1.01)<br>| (.24)<br>|
| Less distributions from: |  |  |  |  |  |
| Net investment income | (.49)<br>| (.42)<br>| (.38)<br>| (.29)<br>| (.28)<br>|
| **Net asset value, end of period** | **$9.43** | **$9.28** | **$9.44** | **$9.61** | **$10.91** |
| Total Return (%)<sup>b</sup> <br>| 7.06 | 2.86 | 2.35 | (9.22)<br>| (2.16)<br>|
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | 84 | 88 | 97 | 106 | 134 |
| Ratio of expenses before expense reductions (%) | .75 | .77 | .79 | .76 | .72 |
| Ratio of expenses after expense reductions (%) | .54 | .51 | .54 | .55 | .58 |
| Ratio of net investment income (%) | 4.85 | 4.59 | 4.13 | 2.93 | 2.39 |
| Portfolio turnover rate (%) | 181 | 301 | 256 | 228 | 182 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Total return would have been lower had certain expenses not been reduced.

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Total Return Bond Fund  | \|  | **25**  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Total Return Bond Fund** — **Institutional Class** | **DWS Total Return Bond Fund** — **Institutional Class** | **DWS Total Return Bond Fund** — **Institutional Class** | **DWS Total Return Bond Fund** — **Institutional Class** | **DWS Total Return Bond Fund** — **Institutional Class** | **DWS Total Return Bond Fund** — **Institutional Class** |
|  | **Years Ended January 31,** | **Years Ended January 31,** | **Years Ended January 31,** | **Years Ended January 31,** | **Years Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | **$9.25** | **$9.41** | **$9.58** | **$10.88** | **$11.39** |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| .45 | .43 | .38 | .28 | .27 |
| Net realized and unrealized gain (loss) | .18 | (.17)<br>| (.17)<br>| (1.29)<br>| (.50)<br>|
| **Total from investment operations** | .63 | .26 | .21 | (1.01)<br>| (.23)<br>|
| Less distributions from: |  |  |  |  |  |
| Net investment income | (.49)<br>| (.42)<br>| (.38)<br>| (.29)<br>| (.28)<br>|
| **Net asset value, end of period** | **$9.39** | **$9.25** | **$9.41** | **$9.58** | **$10.88** |
| Total Return (%)<sup>b</sup> <br>| 6.98 | 2.86 | 2.45 | (9.35)<br>| (2.08)<br>|
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | 24 | 23 | 35 | 30 | 33 |
| Ratio of expenses before expense reductions (%) | .70 | .76 | .74 | .70 | .70 |
| Ratio of expenses after expense reductions (%) | .54 | .51 | .53 | .55 | .58 |
| Ratio of net investment income (%) | 4.85 | 4.59 | 4.15 | 2.91 | 2.39 |
| Portfolio turnover rate (%) | 181 | 301 | 256 | 228 | 182 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Total return would have been lower had certain expenses not been reduced.

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **26**  | \|  | DWS Total Return Bond Fund  |

---

------

**Notes to Financial Statements** 

**A.** **Organization and Significant Accounting Policies**

DWS Total Return Bond Fund (the "Fund") is a diversified series of Deutsche DWS Portfolio Trust (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust.

The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are subject to an initial sales charge. Class C shares are not subject to an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class C shares automatically convert to Class A shares in the same fund after 8 years, provided that the Fund or the financial intermediary through which the shareholder purchased the Class C shares has records verifying that the Class C shares have been held for at least 8 years. Class S shares are not subject to initial or contingent deferred sales charges and are available through certain intermediary relationships with financial services firms, or can be purchased by establishing an account directly with the Fund's transfer agent. Institutional Class shares are not subject to initial or contingent deferred sales charges and are generally available only to qualified institutions.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

**Operating Segment.** The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Total Return Bond Fund  | \|  | **27**  |

---

------

financial statement disclosures only and does not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole, and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy that is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

**Security Valuation.** Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

The Fund's Board has designated DWS Investment Management Americas, Inc. (the "Advisor") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor's Pricing Committee (the "Pricing Committee") typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **28**  | \|  | DWS Total Return Bond Fund  |

---

------

Debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Fund's valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

**Securities Lending.** National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Total Return Bond Fund  | \|  | **29**  |

---

------

instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended January 31, 2026, the Fund invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.13% annualized effective rate as of January 31, 2026) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a securities lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of January 31, 2026, the Fund had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

**Remaining Contractual Maturity of the Agreements** as of January 31, 2026

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Overnight** <br>**and** <br>**Continuous**<br>| **˂30 days** | **Between 30** <br>**& 90 days**<br>| **˃90 days** | **Total** |
| **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** |
| Corporate Bonds | &nbsp;&nbsp; $3123270 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; **$3123270** |
| Gross amount of recognized liabilities and cash collateral for securities <br> lending transactions: | Gross amount of recognized liabilities and cash collateral for securities <br> lending transactions: | Gross amount of recognized liabilities and cash collateral for securities <br> lending transactions: | Gross amount of recognized liabilities and cash collateral for securities <br> lending transactions: | Gross amount of recognized liabilities and cash collateral for securities <br> lending transactions: | &nbsp;&nbsp; $3123270 |

---

**Foreign Currency Translations.** The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **30**  | \|  | DWS Total Return Bond Fund  |

---

------

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

**When-Issued, Delayed-Delivery Securities and Forward-Commitment** 

**Transactions.** The Fund may purchase or sell securities on a when-issued, delayed-delivery or forward- commitment basis, including To Be Announced (TBA) purchase and sell commitments, with delivery or payment to occur at a later date beyond the normal settlement period. At the time the Fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the transaction is reflected in the net asset value. The price of such security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. The Fund may sell a TBA purchase commitment before the settlement date or enter into a new commitment to extend the delivery date into the future. Additionally, the Fund or the counterparty may be required to post securities and/or cash collateral in accordance with the terms of the TBA purchase or sell commitment.

Certain risks may arise upon entering into when-issued, delayed-delivery or forward-commitment transactions from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due to political, economic or other factors. Such transactions may also have the effect of leverage on the Fund and may cause the Fund to be more volatile. Additionally, losses may arise due to changes in the value of the underlying securities.

**Tax Information.** The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

Additionally, the Fund may be subject to taxes imposed by the governments of countries in which it invests and are generally based on income and/or capital gains earned or repatriated, a portion of which may be recoverable. Based upon current interpretation of tax rules and regulations, estimated tax liabilities and recoveries on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized gain/loss on investments. Tax liabilities realized as a result of security sales are reflected as a component of net realized gain/loss on investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Total Return Bond Fund  | \|  | **31**  |

---

------

At January 31, 2026, the Fund had net tax basis capital loss carryforwards of $105,695,073, including short-term losses ($44,956,374) and long-term losses ($60,738,699), which may be applied against realized net taxable capital gains indefinitely. Capital Loss Carryforwards from this Fund may be subject to certain limitations under Section 382–384 of the Internal Revenue Code.

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended January 31, 2026, remains subject to examination by taxing authorities. Specific to foreign countries in which the Fund invests, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which the Fund invests.

**Distribution of Income and Gains.** Distributions from net investment income of the Fund are declared and distributed to shareholders monthly. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss, investments in derivatives, premium amortization on debt securities and additional income recognition on debt securities classified as equity. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

At January 31, 2026, the Fund's components of distributable earnings (accumulated losses) on a net tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income\* | &nbsp;&nbsp; $884633 |
| Capital loss carryforwards | &nbsp;&nbsp; $(105695073)<br>|
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; $(391865)<br>|

---

At January 31, 2026, the aggregate cost of investments for federal income tax purposes was $239,120,530. The net unrealized depreciation for all investments based on tax cost was $391,865. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $5,028,383 and aggregate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **32**  | \|  | DWS Total Return Bond Fund  |

---

------

gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $5,420,248.

In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **Years Ended January 31,** | **Years Ended January 31,** |
|  | **2026** | **2025** |
| Distributions from ordinary income\* | &nbsp;&nbsp; $12238037 | &nbsp;&nbsp; $11811261 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

**Expenses.** Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

**Contingencies.** In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

**Other.** Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis, net of foreign withholding taxes. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments. All premiums and discounts are amortized/accreted for financial reporting purposes.

**B.** **Derivative Instruments**

A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). For the year ended January 31, 2026, the Fund entered into interest rate futures to gain exposure to different parts of the yield curve while managing overall duration.

Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary cash or securities ("initial margin") in an amount equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments ("variation margin") are made or received

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Total Return Bond Fund  | \|  | **33**  |

---

------

by the Fund dependent upon the daily fluctuations in the value and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. Gains or losses are realized when the contract expires or is closed. Since all futures contracts are exchange-traded, counterparty risk is minimized as the exchange's clearinghouse acts as the counterparty, and guarantees the futures against default.

Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund's ability to close out a futures contract prior to the settlement date and the risk that the futures contract is not well correlated with the security, index or currency to which it relates. Risk of loss may exceed amounts recognized in the Statement of Assets and Liabilities.

A summary of the open futures contracts as of January 31, 2026, is included in a table following the Fund's Investment Portfolio. For the year ended January 31, 2026, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $74,068,000 to $128,595,000, and the investment in futures contracts sold had a total notional value generally indicative of a range from approximately $457,000 to $19,046,000.

The following tables summarize the value of the Fund's derivative instruments held as of January 31, 2026 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

---

| | |
|:---|:---|
| **Asset Derivatives** | **Futures** <br>**Contracts**<br>|
| Interest Rate Contracts (a) | &nbsp;&nbsp; $7365 |
| The above derivative is located in the following Statement of Assets and Liabilities account: | The above derivative is located in the following Statement of Assets and Liabilities account: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Liability Derivatives**  | **Futures** <br>**Contracts**<br>|
| Interest Rate Contracts (a) | &nbsp;&nbsp; $(718837)<br>|
| The above derivative is located in the following Statement of Assets and Liabilities account: | The above derivative is located in the following Statement of Assets and Liabilities account: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **34**  | \|  | DWS Total Return Bond Fund  |

---

------

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the year ended January 31, 2026 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

---

| | |
|:---|:---|
| **Realized Gain (Loss)** | **Futures** <br>**Contracts**<br>|
| Interest Rate Contracts (a) | &nbsp;&nbsp; $(105046)<br>|
| The above derivative is located in the following Statement of Operations account: | The above derivative is located in the following Statement of Operations account: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net realized gain (loss) from futures contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Change in Net Unrealized Appreciation (Depreciation)** | **Futures** <br>**Contracts**<br>|
| Interest Rate Contracts (a) | &nbsp;&nbsp; $7613 |
| The above derivative is located in the following Statement of Operations account: | The above derivative is located in the following Statement of Operations account: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Change in net unrealized appreciation (depreciation) on futures contracts

**C.** **Purchases and Sales of Securities**

During the year ended January 31, 2026, purchases and sales of investment securities, excluding short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Non-U.S. Treasury Obligations | &nbsp;&nbsp; $367745665 | &nbsp;&nbsp; $368293891 |
| U.S. Treasury Obligations | &nbsp;&nbsp; $69269968 | &nbsp;&nbsp; $103825778 |

---

**D.** **Related Parties**

**Management Agreement.** Under the Investment Management Agreement with DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group"), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Total Return Bond Fund  | \|  | **35**  |

---

------

assets of the Fund, computed and accrued daily and payable monthly, at the following annual rates:

---

| | |
|:---|:---|
| First $1.5 billion of the Fund's average daily net assets | &nbsp;&nbsp; .350% |
| Next $1.75 billion of such net assets | &nbsp;&nbsp; .335% |
| Next $1.75 billion of such net assets | &nbsp;&nbsp; .320% |
| Next $2.5 billion of such net assets | &nbsp;&nbsp; .305% |
| Next $2.5 billion of such net assets | &nbsp;&nbsp; .295% |
| Next $2.5 billion of such net assets | &nbsp;&nbsp; .275% |
| Over $12.5 billion of such net assets | &nbsp;&nbsp; .265% |

---

Accordingly, for the year ended January 31, 2026, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.35% of the Fund's average daily net assets.

For the period from February 1, 2025 through April 30, 2025, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of each class as follows:

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp; .75% |
| Class C | &nbsp;&nbsp; 1.50% |
| Class S | &nbsp;&nbsp; .50% |
| Institutional Class | &nbsp;&nbsp; .50% |

---

Effective May 1, 2025 through September 30, 2026, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of each class as follows:

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp; .80% |
| Class C | &nbsp;&nbsp; 1.55% |
| Class S | &nbsp;&nbsp; .55% |
| Institutional Class | &nbsp;&nbsp; .55% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **36**  | \|  | DWS Total Return Bond Fund  |

---

------

For the year ended January 31, 2026, fees waived and/or expenses reimbursed for each class are as follows:

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp; $245428 |
| Class C | &nbsp;&nbsp; 3287 |
| Class S | &nbsp;&nbsp; 173434 |
| Institutional Class | &nbsp;&nbsp; 37327 |
|  | &nbsp;&nbsp; **$459476** |

---

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended January 31, 2026, the Administration Fee was $234,223, of which $19,366 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the year ended January 31, 2026, the amounts charged to the Fund by DSC were as follows:

---

| | | |
|:---|:---|:---|
| **Services to Shareholders** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**January 31, 2026**<br>|
| Class A | &nbsp;&nbsp; $83842 | &nbsp;&nbsp; $13614 |
| Class C | &nbsp;&nbsp; 1691 | &nbsp;&nbsp; 281 |
| Class S | &nbsp;&nbsp; 83654 | &nbsp;&nbsp; 13690 |
| Institutional Class | &nbsp;&nbsp; 811 | &nbsp;&nbsp; 118 |
|  | &nbsp;&nbsp; **$169998** | &nbsp;&nbsp; **$27703** |

---

In addition, for the year ended January 31, 2026, the amounts charged to the Fund for recordkeeping and other administrative services provided by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Total Return Bond Fund  | \|  | **37**  |

---

------

unaffiliated third parties, included in the Statement of Operations under "Services to shareholders," were as follows:

---

| | |
|:---|:---|
| **Sub-Recordkeeping** | **Total** <br>**Aggregated**<br>|
| Class A | &nbsp;&nbsp; $125555 |
| Class C | &nbsp;&nbsp; 1237 |
| Class S | &nbsp;&nbsp; 45422 |
| Institutional Class | &nbsp;&nbsp; 24365 |
|  | &nbsp;&nbsp; **$196579** |

---

**Distribution and Service Fees.** Under the Fund's Class C 12b-1 Plan, DWS Distributors, Inc. ("DDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee") of 0.75% of the average daily net assets of Class C shares. In accordance with the Fund's Underwriting and Distribution Services Agreement, DDI enters into related selling group agreements with various firms at various rates for sales of Class C shares. For the year ended January 31, 2026, the Distribution Fee was as follows:

---

| | | |
|:---|:---|:---|
| **Distribution Fee** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**January 31, 2026**<br>|
| Class C | &nbsp;&nbsp; $9447 | &nbsp;&nbsp; $833 |

---

In addition, DDI provides information and administrative services for a fee ("Service Fee") to Class A and C shareholders at an annual rate of up to 0.25% of the average daily net assets for each such class. DDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the year ended January 31, 2026, the Service Fee was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Service Fee** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**January 31, 2026**<br>| **Annual** <br>**Rate**<br>|
| Class A | &nbsp;&nbsp; $293488 | &nbsp;&nbsp; $54341 | &nbsp;&nbsp; .23% |
| Class C | &nbsp;&nbsp; 2862 | &nbsp;&nbsp; 1206 | &nbsp;&nbsp; .23% |
|  | &nbsp;&nbsp; **$296350** | &nbsp;&nbsp; **$55547** |  |

---

**Underwriting Agreement and Contingent Deferred Sales Charge.** DDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the year ended January 31, 2026 aggregated $1,043.

In addition, DDI receives any contingent deferred sales charge ("CDSC") from Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is 1% of the value of the shares redeemed for Class C. For the year ended January 31, 2026, there was no

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **38**  | \|  | DWS Total Return Bond Fund  |

---

------

CDSC for Class C Shares. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the year ended January 31, 2026, DDI received $20 for Class A shares.

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended January 31, 2026, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $1,954, of which $265 is unpaid.

**Trustees' Fees and Expenses.** The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

**Affiliated Cash Management Vehicles.** The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund, an affiliated money market fund which is managed by the Advisor. DWS Central Cash Management Government Fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest and seeks to maintain a stable net asset value. The Fund indirectly bears its proportionate share of the expenses of its investment in DWS Central Cash Management Government Fund. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee.

**E.** **Line of Credit**

The Fund and other affiliated funds (the "Participants") share in a $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at January 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Total Return Bond Fund  | \|  | **39**  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**F.** **Fund Share Transactions**

The following table summarizes share and dollar activity in the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**January 31, 2026** | **Year Ended** <br>**January 31, 2026** | **Year Ended** <br>**January 31, 2025** | **Year Ended** <br>**January 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Shares sold** | **Shares sold** | **Shares sold** | **Shares sold** | **Shares sold** |
| Class A | &nbsp;&nbsp; 765561 | &nbsp;&nbsp; $7192938 | &nbsp;&nbsp; 618213 | &nbsp;&nbsp; $5794017 |
| Class C | &nbsp;&nbsp; 35339 | &nbsp;&nbsp; 332085 | &nbsp;&nbsp; 14337 | &nbsp;&nbsp; 134342 |
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 255 <br><sup>\*</sup><br>| &nbsp;&nbsp; 2366 <br><sup>\*</sup><br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 47 <br><sup>\*</sup><br>| &nbsp;&nbsp; 446 <br><sup>\*</sup><br>|
| Class S | &nbsp;&nbsp; 584037 | &nbsp;&nbsp; 5483719 | &nbsp;&nbsp; 757225 | &nbsp;&nbsp; 7072136 |
| Institutional Class | &nbsp;&nbsp; 1574836 | &nbsp;&nbsp; 14896109 | &nbsp;&nbsp; 2555080 | &nbsp;&nbsp; 23756945 |
|  |  | &nbsp;&nbsp; **$27904851** |  | &nbsp;&nbsp; **$36760252** |
| **Shares issued to shareholders in reinvestment of distributions** | **Shares issued to shareholders in reinvestment of distributions** | **Shares issued to shareholders in reinvestment of distributions** | **Shares issued to shareholders in reinvestment of distributions** | **Shares issued to shareholders in reinvestment of distributions** |
| Class A | &nbsp;&nbsp; 636652 | &nbsp;&nbsp; $5956799 | &nbsp;&nbsp; 605625 | &nbsp;&nbsp; $5655938 |
| Class C | &nbsp;&nbsp; 5636 | &nbsp;&nbsp; 52801 | &nbsp;&nbsp; 5471 | &nbsp;&nbsp; 51143 |
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 91 <br><sup>\*</sup><br>| &nbsp;&nbsp; 846 <br><sup>\*</sup><br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41 <br><sup>\*</sup><br>| &nbsp;&nbsp; 376 <br><sup>\*</sup><br>|
| Class S | &nbsp;&nbsp; 441445 | &nbsp;&nbsp; 4130240 | &nbsp;&nbsp; 412564 | &nbsp;&nbsp; 3853400 |
| Institutional Class | &nbsp;&nbsp; 136704 | &nbsp;&nbsp; 1275578 | &nbsp;&nbsp; 154223 | &nbsp;&nbsp; 1434985 |
|  |  | &nbsp;&nbsp; **$11415418** |  | &nbsp;&nbsp; **$10996688** |
| **Shares redeemed** | **Shares redeemed** | **Shares redeemed** | **Shares redeemed** | **Shares redeemed** |
| Class A | &nbsp;&nbsp; (2735968)<br>| &nbsp;&nbsp; $(25598032)<br>| &nbsp;&nbsp; (2516379)<br>| &nbsp;&nbsp; $(23560864)<br>|
| Class C | &nbsp;&nbsp; (40352)<br>| &nbsp;&nbsp; (377774)<br>| &nbsp;&nbsp; (73155)<br>| &nbsp;&nbsp; (683726)<br>|
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (19939 )<sup>\*</sup><br>| &nbsp;&nbsp; (185857 )<sup>\*</sup><br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5616 )<sup>\*</sup><br>| &nbsp;&nbsp; (52180 )<sup>\*</sup><br>|
| Class S | &nbsp;&nbsp; (1638850)<br>| &nbsp;&nbsp; (15383264)<br>| &nbsp;&nbsp; (1900121)<br>| &nbsp;&nbsp; (17784558)<br>|
| Institutional Class | &nbsp;&nbsp; (1691113)<br>| &nbsp;&nbsp; (15830672)<br>| &nbsp;&nbsp; (3905660)<br>| &nbsp;&nbsp; (36842074)<br>|
|  |  | &nbsp;&nbsp; **$(57189742)**<br>|  | &nbsp;&nbsp; **$(79109259)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **40**  | \|  | DWS Total Return Bond Fund  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br> **January 31, 2026** | **Year Ended**<br> **January 31, 2026** | **Year Ended**<br> **January 31, 2025** | **Year Ended**<br> **January 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Net increase (decrease)** | **Net increase (decrease)** | **Net increase (decrease)** | **Net increase (decrease)** | **Net increase (decrease)** |
| Class A | &nbsp;&nbsp; (1333755)<br>| &nbsp;&nbsp; $(12448295)<br>| &nbsp;&nbsp; (1292541)<br>| &nbsp;&nbsp; $(12110909)<br>|
| Class C | &nbsp;&nbsp; 623 | &nbsp;&nbsp; 7112 | &nbsp;&nbsp; (53347)<br>| &nbsp;&nbsp; (498241)<br>|
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (19593 )<sup>\*</sup><br>| &nbsp;&nbsp; (182645 )<sup>\*</sup><br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5528 )<sup>\*</sup><br>| &nbsp;&nbsp; (51358 )<sup>\*</sup><br>|
| Class S | &nbsp;&nbsp; (613368)<br>| &nbsp;&nbsp; (5769305)<br>| &nbsp;&nbsp; (730332)<br>| &nbsp;&nbsp; (6859022)<br>|
| Institutional Class | &nbsp;&nbsp; 20427 | &nbsp;&nbsp; 341015 | &nbsp;&nbsp; (1196357)<br>| &nbsp;&nbsp; (11650144)<br>|
|  |  | &nbsp;&nbsp; **$(17869473)**<br>|  | &nbsp;&nbsp; **$(31352319)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* For the period from February 1, 2024 to March 25, 2024 (Class R and Class R6 liquidation date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Total Return Bond Fund  | \|  | **41**  |

---

------

**Report of Independent Registered Public Accounting Firm**

**To the Board of Trustees of Deutsche DWS Portfolio Trust and Shareholders of DWS Total Return Bond Fund**

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of DWS Total Return Bond Fund (the "Fund") (one of the funds constituting Deutsche DWS Portfolio Trust (the "Trust")), including the investment portfolio, as of January 31, 2026, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Portfolio Trust) at January 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **42**  | \|  | DWS Total Return Bond Fund  |

---

------

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of January 31, 2026, by correspondence with the custodian, brokers, and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img577d04943.jpg)

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

March 19, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| DWS Total Return Bond Fund  | \|  | **43**  |

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------

**Tax Information (Unaudited)**

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please call (800) 728-3337.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **44**  | \|  | DWS Total Return Bond Fund  |

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------

**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS Total Return Bond Fund's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") in September 2025.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

—

During the entire process, all of the Fund's Trustees were independent of DIMA and its affiliates (the "Independent Trustees").

—

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel, including materials containing information on the Fund's performance, fees and expenses, profitability, economies of scale and fall-out benefits.

—

The Board also received extensive information throughout the year regarding performance of the Fund.

—

The Independent Trustees regularly met privately with counsel to discuss contract review and other matters.

—

In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement, and certain other material service agreements.

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA ("DWS Group"). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. DWS Group is majority-owned by Deutsche Bank AG, with approximately 20% of its shares publicly traded.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to the negotiation and implementation of expense caps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| DWS Total Return Bond Fund  | \|  | **45**  |

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------

While shareholders may focus primarily on fund performance and fees, the Board considers these and many other factors, including the quality and integrity of DIMA's personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

**Nature, Quality and Extent of Services.** The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2024, the Fund's performance (Class A shares) was in the 3rd quartile, 4th quartile and 3rd quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the one- and five-year periods and has underperformed its benchmark in the three-year period ended December 31, 2024.

**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were lower than the median (2nd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **46**  | \|  | DWS Total Return Bond Fund  |

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------

December 31, 2024). The Board noted that, effective October 1, 2024, in connection with the 2024 contract renewal process, DIMA agreed to reduce the Fund's contractual management fee at each breakpoint by 0.05%. The Board noted that the Fund's Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2024, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) ("Broadridge Universe Expenses"). The Board also reviewed data comparing each other operational share class's total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds ("DWS Funds"), noting that DIMA indicated that it does not provide services to any other comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

**Profitability.** The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was in line with the overall profitability levels of most comparable firms for which such data was available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| DWS Total Return Bond Fund  | \|  | **47**  |

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------

**Economies of Scale.** The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund's investment management fee schedule includes fee breakpoints. The Board concluded that the Fund's fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

**Other Benefits to DIMA and Its Affiliates.** The Board also considered the character and amount of other incidental or "fall-out" benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund's management fees were reasonable.

**Compliance.** The Board considered the significant attention and resources dedicated by DIMA to its compliance processes. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters; and (iii) ongoing efforts to enhance the compliance program.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above and individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present.

DTRBF-BFE2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **48**  | \|  | DWS Total Return Bond Fund  |

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------

![](img33dfb4bc2.jpg)

DTRBF-NCSRA

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;(b) The Financial Highlights are included with the Financial Statements under Item 7(a). |
| &nbsp;&nbsp;**Item 8.** | &nbsp;&nbsp;**Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 9.** | &nbsp;&nbsp;**Proxy Disclosures for Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 10.** | &nbsp;&nbsp;**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;See Item 7(a) |
| &nbsp;&nbsp;**Item 11.** | &nbsp;&nbsp;**Statement Regarding Basis for Approval of Investment Advisory Contract.** |
|  | &nbsp;&nbsp;See Item 7(a) |
| &nbsp;&nbsp;**Item 12.** | &nbsp;&nbsp;**Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 13.** | &nbsp;&nbsp;**Portfolio Managers of Closed-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 14.** | &nbsp;&nbsp;**Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 15.** | &nbsp;&nbsp;**Submission of Matters to a Vote of Security Holders.** |
|  | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;**Item 16.** | &nbsp;&nbsp;**Controls and Procedures.** |
| &nbsp;&nbsp; &nbsp;&nbsp;(a) | &nbsp;&nbsp;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. |
| &nbsp;&nbsp; &nbsp;&nbsp;(b) | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;**Item 17.** | &nbsp;&nbsp;**Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 18.** | &nbsp;&nbsp;**Recovery of Erroneously Awarded Compensation.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 19.** | &nbsp;&nbsp;**Exhibits** |
| &nbsp;&nbsp; &nbsp;&nbsp;(a)(1) | &nbsp;&nbsp;[Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](codeofethics.htm) |
| &nbsp;&nbsp; &nbsp;&nbsp;(a)(2) | &nbsp;&nbsp;[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.](ex99cert.htm) |
| &nbsp;&nbsp; &nbsp;&nbsp;(b) | &nbsp;&nbsp;[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.](ex99906cert.htm) |

---

**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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Registrant: | &nbsp;&nbsp;DWS Total Return Bond Fund, a series of Deutsche DWS Portfolio Trust |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Hepsen Uzcan</u><br> Hepsen Uzcan<br> Principal Executive Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;4/1/2026 |

---

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Hepsen Uzcan</u><br> Hepsen Uzcan<br> Principal Executive Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;4/1/2026 |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Diane Kenneally</u><br> Diane Kenneally<br> Principal Financial Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;4/1/2026 |

---

## Ex-99.Code

**DWS Funds and Germany Funds** 

**Code of Ethics**

**Last reviewed April 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.**  **<u>General</u>** 

While affirming its confidence in the integrity and good faith of all of its officers and directors (references to a "director" apply to a trustee if the Fund is a business trust), the Fund recognizes that the knowledge of present or future portfolio transactions and/or, in certain instances, the power to influence portfolio transactions which may be possessed by certain of its officers or directors, could place such individuals, if they engage in personal securities transactions, in a position where their personal interests may conflict with that of the Fund. In view of this and of the provisions of Rule 17j-1(b) under the Investment Company Act of 1940, as amended ("1940 Act"), the Fund has determined to adopt this Code of Ethics (the "Code") to specify and prohibit certain types of personal securities transactions that may create conflicts of interest and to establish reporting requirements and enforcement procedures.

This Code is divided into six parts. The first part contains definitions. The second part contains provisions applicable to any officer, director, trustee or employee of the Funds, Adviser, Sub-Advisers or Distributor. The third part contains provisions applicable to any officer, director, trustee or employee of the Funds, Adviser, Sub-Advisers or Distributor, but excluding Distributor employees and other employees who do not make investment recommendations. The fourth part contains provisions applicable to the Adviser, Sub-Adviser, and Distributor. The fifth part contains provisions relating to the review of reports. The final part contains record-keeping and other provisions.

The Adviser imposes stringent reporting requirements and restrictions on the personal securities transactions of its personnel. The Fund has determined that the high standards established by the Adviser may be appropriately applied by the Fund to its officers and those of its directors who are affiliated with the Adviser and, accordingly, may have frequent opportunities for knowledge of and, in some cases, influence over Fund portfolio transactions.

All parts of the Code of Ethics – DWS Group (U.S. Registered Entities) are hereby incorporated by reference as the "Adviser's Code of Ethics" applicable to officers and directors of the Fund who are officers, directors or employees of DWS or an affiliate thereof.

Rule 17j-1 (c)(1)(ii) requires that a majority of the board of directors, including a majority of the independent directors, must approve the written Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.**  **<u>Definitions</u>** 

For purposes of this Code, the following terms have the meanings set forth as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. " <u>Access Person</u> " means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All of a Fund's directors, officers, and general partners, and any Advisory Person of a Fund or of a Fund's Adviser or Sub-Adviser. If an investment adviser's primary business is advising Funds or other advisory clients, all of the investment adviser's directors, officers, and general partners are presumed to be Access Persons of any Fund advised by the investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) If an investment adviser is primarily engaged in a business or businesses other than advising Funds or other advisory clients, the term Access Person means any director, officer, general partner or Advisory Person of the investment adviser who, with respect to any Fund, makes any recommendation, participates in the determination of which recommendation will be made, or whose principal function or duties relate to the determination of which recommendation will be made, or who, in connection with his or her duties, obtains any information concerning recommendations on Covered Securities being made by the investment adviser to any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) An investment adviser is "primarily engaged in a business or businesses other than advising Funds or other advisory clients" if, for each of its most recent three fiscal years or for the period of time since its organization, whichever is less, the investment adviser derived, on an unconsolidated basis, more than 50 percent of its total sales and revenues and more than 50 percent of its income (or loss), before income taxes and extraordinary items, from the other business or businesses.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any director, officer or general partner of a principal underwriter who, in the ordinary course of business, makes, participates in or obtains information regarding, the purchase or sale of Securities by the Fund for which the principal underwriter acts, or whose functions or duties in the ordinary course of business relate to the making of any recommendation to the Fund regarding the purchase or sale of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. " <u>Adviser</u> " means DWS Investment Management Americas, Inc. or, in the case of the Germany Funds, DWS International GmbH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. " <u>Advisory Person</u> " is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. any employee, director, general partner, (or any company in a controlled relationship to the Fund or Adviser or Sub-Adviser), trustee or officer of a Fund, Adviser or Sub-Adviser who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the Purchase or Sale of a Security by a Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. any natural person in a Control relationship to a Fund, Adviser or Sub-Adviser who obtains information concerning recommendations made to the Fund with regard to the Purchase or Sale of a Security by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. " <u>Automatic Investment Plan</u> " means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. " <u>Beneficial Ownership</u> " of a Security is to be determined in the same manner as it is for purposes of Rule 16a-1(a)(2) of the Securities Exchange Act of 1934. This means that a person should generally consider himself or herself the beneficial owner of any securities of which he or she shares in the profits, even if he or she has no influence on voting or disposition of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. " <u>Control</u> " shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act. Section 2(a)(9) defines "control" as the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. Ownership of 25% or more of a company's outstanding voting securities is presumed to give the holder thereof control over the company. Such presumption may be countered by the facts and circumstances of a given situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. " <u>Covered Persons</u> " means any officer, director, trustee or employee of the Funds, Adviser, Sub-Advisers or Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. " <u>Derivative</u> " means options, futures contracts, options on futures contracts, swaps, caps and the like, where the underlying instrument is a Security, a securities index, a financial indicator, or a precious metal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. " <u>Distributor</u> " means DWS Distributors, Inc. for the DWS Funds (excluding closed-end funds) only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. " <u>DWS</u> " means the Advisor and the Distributor, which are indirect subsidiaries of DWS Group GmbH & Co. KGaA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. " <u>Compliance Department</u> " means the DWS Compliance Department and/or Deutsche Bank's Employee Compliance Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. " <u>Fund</u> " means any fund overseen by any of the Board of Directors for any DWS Fund or Germany Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. " <u>Independent Director</u> " means a director or trustee of a Fund who is not an "interested person" of the Fund within the meaning of Section 2 (a)(19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. " <u>Investment Personnel</u> " means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. any employee of the Fund or Adviser or Sub-Adviser (or of any company in a control relationship to the Fund or Adviser or Sub-Adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the Purchase or Sale of Securities by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. any natural person who controls the Fund or Adviser and who obtains information concerning recommendations made to the Fund regarding the Purchase or Sale of Securities by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. " <u>Initial Public Offering</u> " or " <u>IPO</u> " means an offering of securities registered under the Securities Act of 1933 [15 U.S.C. 77a], the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934 [15 U.S.C. 78m or 78o(d)].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. " <u>Limited Offering</u> " means an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or section 4(6) [15 U.S.C. 77d (2) or 77d(6)] or pursuant to rule 504, rule 505, or rule 506 [ 17 CFR 230.504 , 230.505 , or 230.506 ] under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. " <u>Purchase or Sale of a Security</u> " means obtaining or disposing of "Beneficial Ownership" of that Security and includes, among other things, the writing of an option to purchase or sell a Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. " <u>Review Officer</u> " means the person responsible for receiving and reviewing quarterly and annual reports submitted by the Independent Directors as designated on  **<u>Appendices A, B and C</u>** , respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. " <u>Security</u> " shall have the same meaning as that set forth in Section 2(a)(36) of the 1940 Act, except that it shall not include direct obligations of the Government of the United States, bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments (including repurchase agreements) and shares issued by registered, open-end investment companies not advised by DWS or its affiliates. The term "Security" includes any separate security which is convertible into, exchangeable for or which carries a right to purchase a security and also includes derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. " <u>Sub-Adviser</u> " means any registered investment adviser to any of the DWS Funds, to whom the Adviser delegates certain investment management responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.**  **<u>General Principles Applicable to Covered Persons</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Introduction</u>.

Although certain provisions of this Code apply only to Access Persons, all Covered Persons are subject to the prohibitions of Rule 17j-1 against fraudulent, deceptive and manipulative practices and to the general fiduciary principles as set forth in III.B., III.C., and III.D. below.

Every Covered Person should appreciate the need to behave in an ethical manner with respect to the Funds. In particular, all Covered Persons who are involved in any way with the activities of a Fund should be wary of any potential conflicts between their duty of loyalty to a Fund and their own financial interests, particularly with respect to their own securities trading activities. Covered Persons should take care to preserve the confidentiality of the Funds' business affairs. Covered Persons who are not "Access Persons" but who become aware of proposed fund securities transactions should not engage in transactions in those same securities without the permission of the Chief Compliance Officer of the Fund (or his designee). Otherwise, Covered Persons who are not Access Persons are not limited in their personal securities transactions by this Code, but such Covered Persons are encouraged to consult with the Compliance Department if they have any doubts about the applicability of the Code to any proposed transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The provisions of this Code applies to Independent Directors or other Covered Persons who are not subject to the Adviser's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Statement of General Fiduciary Principles</u>.

The following principles are the policy of the Fund and are the obligations of all Covered Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. It is the duty of all Covered Persons at all times to place the interests of Fund shareholders first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All personal securities transactions must be conducted in such manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Covered Persons must not take inappropriate advantage of their positions or the information they acquire, with or on behalf of a Fund, Adviser, Sub-Adviser and/or Distributor, to the detriment of shareholders of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Fraudulent Practices</u>.

Rule 17j-1(b) makes it unlawful for any Covered Person, in connection with the purchase or sale, directly or indirectly, by the person of a Security held or to be acquired by the Fund, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. employ any device, scheme or artifice to defraud a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. make to a Fund any untrue statement of a material fact or omit to state to the Fund a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon a Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. engage in any manipulative practice with respect to a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.**  **<u>Reporting Requirement for All Access Persons</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Unless exempted by paragraph B of this section, every Access Person (other than a person covered by a code of ethics pursuant to Section V below) of a Fund (other than a money market fund or a Fund that does not invest in Securities), must file the reports detailed in paragraphs C, D, and E of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Investments in IPOs and Limited Offerings (i.e., Private Placements)</u>.

Investment Personnel of a Fund or its Adviser are prohibited from purchasing or subscribing for Securities pursuant to an initial public offering. Prior to effecting a transaction in Limited Offerings (i.e., Securities not requiring registration with the Securities and Exchange Commission and sold directly to the investor), all employees must first, in accordance with DWS policy, obtain the approval of his/her supervisor and then pre-clear the transaction with Employee Compliance, including completing the Conflicts Questionnaire. Any person who has previously purchased Limited Offerings must disclose such purchases to the Compliance Department before he or she participates in a fund's or an advisory client's subsequent consideration of an investment in the Securities of the same or a related issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Exemptions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A person need not make a report under paragraph A of this section with respect to transactions effected for, and Securities held in, any account over which the person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. An Independent Director of the Fund who would be required to make a report solely by reason of being a Fund director, need not make:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) An Initial Holdings Report under paragraph C of this section and an Annual Holdings Report under paragraph D of this section; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) A Quarterly Transaction Report under paragraph E of this section, unless the director knew or, in the ordinary course of fulfilling his or her official duties as a Fund director, should have known that during the 15-day period immediately before or after the director's transaction in a Security, the Fund purchased or sold the Security, or the Fund or its investment adviser considered purchasing or selling the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All Access Persons shall not be required to make a quarterly transaction report under paragraph D of this section with respect to purchases that are part of an Automatic Investment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Initial Holdings Reports</u>. Within ten (10) days of commencing service as an Access Person, each Access Person must report all holdings of securities in which he/she has beneficial ownership (use **Appendix B**). These Access Persons must file such reports even if they have no holdings. The information in the initial holding report must be current to forty-five (45) days of the date the person becomes an Access Person. The initial holding report must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The title, number of shares and principal amount of each Security in which the Access Person had any direct or indirect beneficial ownership when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Annual Holdings Reports</u>. Annually, all Access Persons shall also submit an Annual Holdings Report which includes an acknowledgement of obligations under the Code (use **Appendix C**) within forty-five (45) days of such report being requested from an Access Person by the Review Officer or his/her alternate. The Annual Holdings Report must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The title, number of shares and principal amount of each covered Security in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Quarterly Transaction Reports</u>. Every quarterly transaction report shall indicate the date it was submitted and be made not later than thirty (30) days after the end of the calendar quarter in which the transaction to which the report relates was effected. **Appendix A** shall be used to report transactions required to be reported pursuant hereto. The quarterly transaction report must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. With respect to any transaction during the quarter in a covered Security in which the Access Person had any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The price of the covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. With respect to any account established by the Access Person in which any securities were held during the quarter for the direct or indirect benefit of the Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The name of the broker, dealer or bank with whom the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.**  **<u>Requirements Applicable to Adviser, Sub-Adviser, and Distributor</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The requirements of this Code are not applicable to any Covered Person or Access Person to the Fund who is subject to a code of ethics adopted by an Adviser, Sub-Adviser, or Distributor of the Fund (as such terms are defined in **Section II**), provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such code of ethics complies with the requirements of Rule 17j-1 and has been approved by the Board of Directors/Trustees of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. such Adviser, Sub-Adviser, or Distributor has certified to the Board of Directors/Trustees of the Fund that it has adopted procedures reasonably necessary to prevent Access Persons from violating such code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each Adviser, Sub-Adviser, and Distributor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. submit to the Fund a copy of the code of ethics adopted pursuant to Rule 17j-1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. promptly report to the Fund in writing any material amendments to such code of ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. furnish to the Fund upon request (and in any event no less than quarterly) written reports which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) describe any issues arising under the code of ethics or procedures during the period specified including (but not limited to) information about material violations of the code of ethics or procedures and sanctions imposed in response to material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) certify that it has adopted procedures reasonably necessary to prevent an Access Persons from violating the code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Exception for Distributor</u>.

Pursuant to Rule 17j-1; the requirements set forth in V.A. and V.B. do not apply to the Distributor unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Distributor is an affiliated person of the Fund or of the Fund's investment adviser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. an officer, director or general partner of the Distributor serves as an officer, director or general partner of the Fund or of the Fund's investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.**  **<u>Review of Reports and Sanctions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Review</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Review Officer shall compare the reported personal holdings and personal securities transactions with completed and contemplated portfolio transactions of the Fund to determine whether a violation of this Code may have occurred. Before making any determination that a violation has been committed by any person, the Review Officer shall give such person an opportunity to supply additional explanatory material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the Review Officer determines that a violation of this Code has or may have occurred, he/she shall submit his/her written determination, together with the reports and any additional explanatory material provided by the individual to the Compliance Department, who shall make an independent determination of whether a violation has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Review Officer may appoint an alternate to act as Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Sanctions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Directors. If the Compliance Department determines that a violation of this Code has occurred by a Director, the Compliance Department shall so advise a committee consisting of the Independent Directors, other than the person whose transaction is under consideration, and shall provide the committee with the report, the record of pertinent actual or contemplated portfolio transactions of the Fund and any additional material supplied by such person. The committee, at its option, shall either impose such sanction as it deems appropriate or refer the matter to the entire Board of Directors, which shall impose such sanctions as are deemed appropriate. The sanctions that may be imposed hereunder include, without limitation, reversing the improper personal securities transaction and/or disgorging any profit realized, censure, imposition of restrictions on personal trading and fines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Non-Directors. If the Compliance Department determines that a violation of this Code has occurred by any Access Person other than a Director, the procedures of the Adviser's Code of Ethics or the relevant Sub-Adviser's code of ethics should be used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.**  **<u>Miscellaneous</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Annual Report</u>.

The Review Officer or the Review Officer's alternate shall report annually to the Board of Directors concerning issues arising under this Code or existing procedures and any material changes to those procedures, as well as any material violations and sanctions imposed during the past year which related to the Fund. Such report shall be in writing and include any certification required by law. Such report may be made jointly with the report provided by the Adviser pursuant to the Adviser's Code of Ethics or, if made separately, need not duplicate information provided in the Adviser's report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Records</u>.

The Fund shall maintain records in the manner and to the extent set forth below, which records may be maintained on microfilm or such other medium permitted under Rule 31a-2(f) of the 1940 Act and shall be made available for examination by representatives of the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of this Code and any other Code which is, or at any time within the past five years has been, in effect shall be preserved in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A record of any violation of such Code(s) and of any action taken as a result of such violation shall be preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A copy of each report made by an Access Person pursuant to such Code(s), including any information provided in lieu of such reports, shall be preserved for a period of not less than five years from the end of the fiscal year in which it is made or the information is provided, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A list of all persons who are, or within the past five years have been, required to make reports pursuant to such Code(s) shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A list of names of all persons who are, or within the past five years, have been responsible for reviewing any transaction or holdings reports filed pursuant to such code(s) shall be maintained in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A copy of each report made to the Board of Directors pursuant to such Code(s) shall be maintained for at least five (5) years after the end of the fiscal year in which it was made, the first two (2) years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Amendments to the Code</u>.

Any material amendments to this Code shall be approved by the Board of Directors of the Fund, including a majority of Independent Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Confidentiality</u>.

All reports of securities transactions and any other information filed with the Fund pursuant to this Code shall be treated as confidential, except as otherwise provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Interpretation of Provisions</u>.

The Board of Directors may from time to time adopt such interpretations of this Code as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Reports Are Not Admissions</u>.

Any transaction or holdings report may contain a statement that the report shall not be construed as an admission by the person making such report that he/she has any direct or indirect beneficial ownership in the security to which the report relates.

**<u>APPENDIX A</u>**

**QUARTERLY PERSONAL SECURTIES TRANSACTIONS REPORT FOR INDEPENDENT DIRECTORS**

*An Independent Director is required to complete this report ONLY if the Director knew or, in the ordinary course of fulfilling his/her official duties as a Fund Director or Trustee should have known, that during the 15-day period immediately before or after the director's or trustee's transaction, such Security is or was Purchased or Sold, or considered for Purchase or Sale, by a Fund. Reports are due within 30 calendar days after the end of the calendar quarter.* 

Name of Reporting Person:

Calendar Quarter Ended:

<u>Securities Transactions</u>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Date of Transaction | &nbsp;&nbsp;Name of Issuer and Title of Security | &nbsp;&nbsp;CUSIP / Ticker Symbol | &nbsp;&nbsp;Number of Shares, Principal Amount, Maturity Date and Interest Rate (if applicable) | &nbsp;&nbsp;Type of Transaction | &nbsp;&nbsp;Price | &nbsp;&nbsp;Principal Amount | &nbsp;&nbsp;Name of Broker, Dealer or Bank Effecting Transaction | &nbsp;&nbsp;Disclaim Beneficial Ownership? (indicate by "X")<sup>\*</sup> | &nbsp;&nbsp; <br>Broker Who Established Account | &nbsp;&nbsp; <br>Date Account Established |

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**I certify that I have included on this report all securities transactions required to be reported pursuant to the Code of Ethics.**

**Signature Date**

Please return this form to: Scott Hogan or Eddie Chenea via email at scott-d.hogan@dws.com or eddie.chenea@dws.com or mail at DWS Compliance, 100 Summer Street, 8<sup>th</sup> Floor, Boston, MA 02110, USA.

Questions should be directed to Scott Hogan at (617) 295-3986 or Eddie Chenea at (617) 295-1714.

**NOTE:** Use additional forms if necessary to report all transactions.

**SALES OR OTHER DISPOSITIONS**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Security Type | &nbsp;&nbsp;Units | &nbsp;&nbsp; Ticker/<br> Cusip | &nbsp;&nbsp;Issuer/ Company | &nbsp;&nbsp;Trade Date | &nbsp;&nbsp;Price | &nbsp;&nbsp; Principal<br> Amount | &nbsp;&nbsp; Broker/<br> Dealer/Bank(1) | &nbsp;&nbsp;Acct # | &nbsp;&nbsp; Interest<br> Rate(2) | &nbsp;&nbsp;Maturity<br> Date(2) | &nbsp;&nbsp; Gift/<br> AIP/NBI(3) |

---

**PURCHASES OR OTHER ACQUISITIONS**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Security Type | &nbsp;&nbsp;Units | &nbsp;&nbsp; Ticker/<br> Cusip | &nbsp;&nbsp; Issuer/<br> Company | &nbsp;&nbsp;Trade Date | &nbsp;&nbsp;Price | &nbsp;&nbsp; Principal<br> Amount | &nbsp;&nbsp; Broker/<br> Dealer/Bank(1) | &nbsp;&nbsp;Acct # | &nbsp;&nbsp; Interest<br> Rate(2) | &nbsp;&nbsp;Maturity<br> Date(2) | &nbsp;&nbsp; Gift/<br> AIP/NBI(3) |

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**DID YOU ESTABLISH ANY INVESTMENT ACCOUNTS (I.E., BROKER/DEALER/BANK) THIS QUARTER? IF SO INSERT THE FOLLOWING** 

**INFORMATION BELOW:**

**Name of Broker, Dealer or Bank where account was established** 

**Account Number** 

**Date Account was opened** 

FOOTNOTES

<sup>(</sup>1<sup>)</sup> If you have made a direct issuer trade (i.e. traded directly with the company) enter N/A in this column.

<sup>(</sup>2<sup>)</sup> For Fixed Income securities only.

<sup>(</sup>3<sup>)</sup> Indicate here if transaction is a Gift, Automatic Investment Plan (AIP), or No Beneficial Ownership (NBI-you claim that you do not have any direct or indirect beneficial ownership in such transactions).

**APPENDIX B**

**PERSONAL SECURITIES HOLDINGS REPORT** 

**Return To:** 

**Scott Hogan or Eddie Chenea via email at scott-d.hogan@dws.com or eddie.chenea@dws.com or mail at DWS Compliance, 100 Summer Street, 8<sup>th</sup> Floor, Boston, MA 02110, USA**

&nbsp;&nbsp;&nbsp; <br> Name____________________________________________ <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(print) <br>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Symbol**<br> **(or CUSIP)** | &nbsp;&nbsp;**Issuer/Company** | &nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Principal Amt.** | &nbsp;&nbsp; **Number of**<br> **Shares** <br>| &nbsp;&nbsp; **Name of**<br> **Broker/Dealer**<br> **or Bank** | &nbsp;&nbsp;**Account Number** | &nbsp;&nbsp; **Name in which**<br> **Security/Acct.**<br> **is held** |

---

The undersigned does not by this report admit that he/she has any direct or indirect beneficial ownership in the securities listed.

□ I certify that the securities listed above and/or the holdings statements attached reflect <u>all</u> my reportable securities holdings as of a date not earlier than 45 days prior to the date of my submission of this Report.

□ I currently have no reportable securities holdings to report.

Not all securities are required to be reported. Please see Section II.R. for a definition of securities.

 **__________________________ _____________**

**Signature Date**

**APPENDIX C**

**Return Completed Form to: Scott Hogan or Eddie Chenea via email at scott-d.hogan@dws.com or eddie.chenea@dws.com or mail at DWS Compliance, 100 Summer Street, 8<sup>th</sup> Floor, Boston, MA 02110, USA.**

**Annual Holdings Under the Code**

___________________________________________

Name (print clearly)

**I.CODE OF ETHICS**

I understand that my signature below means that I *have read/reread* and understand the Code. Further, I have reported all personal holdings and transactions required to be reported pursuant to the requirements of the Code and have complied with the provisions of the Code applicable to me over the past year and will continue to comply with such provisions.

**II.CHECK THE APPROPRIATE STATEMENTS:**

(a) [ ] I am an Affiliated Director:

(b) [ ] I am an Unaffiliated but not an Independent Director:

(1) The following is a complete list of all broker, dealer or bank accounts that contain holdings wherein I have beneficial ownership:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Account Number** | &nbsp;&nbsp;**Broker Name** |

---

*and*

(2) [ ] I have arranged for provision of a complete report of all my holdings information in the form of duplicate account statements for all of my covered accounts. (Only those securities meeting the definition set in Section II.R. need to be reported); *or*

(3) [ ] I have not arranged for provision of all of my holdings, so I have submitted a supplemental report of all current holdings concurrently herewith (Use Appendix B to list additional holdings not on file).

Signature Date

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<sup>\*</sup> If you do not want this report to be construed as an admission that you have Beneficial Ownership of a particular security, please indicate this by marking an "X" in the box.

## Ex-99.Cert

**Principal Executive Officer**

**Form N-CSR Certification under Sarbanes Oxley Act**

I, Hepsen Uzcan, certify that:

1. I have reviewed this report, filed on behalf of DWS Total Return Bond Fund, a series of Deutsche DWS Portfolio Trust, on Form N-CSR;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days of the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change 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 control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;<u>/s/Hepsen Uzcan</u> |
|  | &nbsp;&nbsp;Hepsen Uzcan |
|  | &nbsp;&nbsp;Principal Executive Officer |

---

**Principal Financial Officer**

**Form N-CSR Certification under Sarbanes Oxley Act**

I, Diane Kenneally, certify that:

1. I have reviewed this report, filed on behalf of DWS Total Return Bond Fund, a series of Deutsche DWS Portfolio Trust, on Form N-CSR;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days of the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change 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 control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;<u>/s/ Diane Kenneally</u> |
|  | &nbsp;&nbsp;Diane Kenneally |
|  | &nbsp;&nbsp;Principal Financial Officer |

---

## Exhibit 99.906

**Principal Executive Officer**

**Section 906 Certification under Sarbanes Oxley Act**

I, Hepsen Uzcan, certify that:

1. I have reviewed this report, filed on behalf of DWS Total Return Bond Fund, a series of Deutsche DWS Portfolio Trust, on Form N-CSR;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the "Report") fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;<u>/s/Hepsen Uzcan</u> |
|  | &nbsp;&nbsp;Hepsen Uzcan |
|  | &nbsp;&nbsp;Principal Executive Officer |

---

**Principal Financial Officer**

**Section 906 Certification under Sarbanes Oxley Act**

I, Diane Kenneally, certify that:

1. I have reviewed this report, filed on behalf of DWS Total Return Bond Fund, a series of Deutsche DWS Portfolio Trust, on Form N-CSR;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the "Report") fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;<u>/s/Diane Kenneally</u> |
|  | &nbsp;&nbsp;Diane Kenneally |
|  | &nbsp;&nbsp;Principal Financial Officer |

---