DWS High Income Fund
Data updated: 2026-08-27
C000177606 — DWS High Income Fund. Short Corporate Bond · $474.53M AUM · 0.97% expense ratio. Holdings, fees, performance and SEC filings.
C000177606 Fund Overview
DWS High Income Fund is a US mutual fund managed by Deutsche Dws Income Trust, categorised as Short Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Deutsche Dws Income Trust
- Category: Short Corporate Bond
- Assets under management: $474.53M
- 1-year return: -12.4%
- SEC CIK: 0000747677
- SEC series ID: S000031154
- Share class ID: C000177606
C000177606 Investment Objective and Strategy
DWS High Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Deutsche Dws Income Trust.
Investment objective
The fund seeks the highest level of current income obtainable from a diversified portfolio of fixed-income securities which portfolio management considers consistent with reasonable risk.
Principal investment strategy
Main investments. Under normal circumstances, the fund generally invests at least 65% of net assets, plus the amount of any borrowings for investment purposes, in junk bonds, which are those rated below the fourth highest credit rating category (that is, grade BB/Ba and below). The fund may invest up to 50% of total assets in bonds denominated in US dollars or foreign currencies from foreign issuers, including issuers in emerging markets. The fund invests in securities of varying maturities and intends to maintain a dollar-weighted effective average portfolio maturity that will not exceed ten years. Subject to its portfolio maturity policy, the fund may purchase individual securities with any stated maturity. Because the fund may invest in fixed income securities of varying maturities, the fund's dollar-weighted average effective portfolio maturity will vary.
As of December 31, 2017, the fund had a dollar-weighted average effective portfolio maturity of 4.81 years. Management process. Portfolio management focuses on cash flow and total return analysis, and broad diversification among countries, sectors, industries and individual issuers and maturities. Portfolio management uses an active process that emphasizes relative value in a global environment, managing on a total return basis, and using intensive research to identify stable to improving credit situations that may provide yield compensation for the risk of investing in junk bonds. The investment process involves a bottom-up approach, where relative value and fundamental analysis are used to select the best securities within each industry, and a top-down approach to assess the overall risk and return in the market and which considers macro trends in the economy.
To select securities or investments, portfolio management: analyzes economic conditions for improving or undervalued sectors and industries; uses independent credit research to evaluate individual issuers' debt service, growth rate, and both downgrade and upgrade potential; assesses new offerings versus secondary market opportunities; and seeks issuers within attractive industry sectors and with strong long-term fundamentals and improving credits. Derivatives. Portfolio management generally may use credit default swaps, which are a type of derivative (a contract whose value is based on, for example, indices, currencies or securities) to seek to increase the fund's income, to gain exposure to a bond issuer's credit quality characteristics without directly investing in the bond, or to hedge the risk of default on bonds held in the fund's portfolio.
In addition, portfolio management generally may use forward currency contracts to hedge exposure to changes in foreign currency exchange rates on foreign currency denominated portfolio holdings or to facilitate transactions in foreign currency denominated securities. The fund may also use other types of derivatives (i) for hedging purposes; (ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions. Securities Lending. The fund may lend securities (up to one-third of total assets) to approved institutions.
C000177606 Holdings
Top 10 holdings of DWS High Income Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Dws | 7.16% |
| Alpha Generation LLC | 2.01% |
| State Street SPDR Portfolio High Yield Bond ETF | 2.01% |
| Post Holdings, Inc. | 1.99% |
| iShares Broad USD High Yield Corporate Bond ETF | 1.51% |
| Carnival Corp. Ltd. | 1.51% |
| Charles River Laboratori | 1.36% |
| Cco Hldgs Llc/cap Corp. | 1.28% |
| Carnival Corp. Ltd. | 1.28% |
| Xhr LP | 1.24% |
C000177606 Portfolio Allocation
Asset-class allocation of DWS High Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 92.0% |
| Cash & Equivalents | 8.3% |
| Equity | 4.0% |
| Loans | 2.5% |
C000177606 Performance
Total returns for C000177606 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -12.4% |
| 3 years (annualised) | -0.7% |
C000177606 Risk Information
Risk metrics for C000177606, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 10.5%
C000177606 Costs and Fees
C000177606 costs about $97 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.97%
- Gross expense ratio: 0.97%
- Portfolio turnover: 158%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000177606 Cashflows
Over the 12 months to 2026-06, DWS High Income Fund had net outflows of $16.13M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$3.34M |
| 2026-05 | −$896.63K |
| 2026-04 | −$4.87M |
| 2026-03 | −$1.31M |
| 2026-02 | −$1.78M |
| 2026-01 | −$1.86M |
C000177606 Debt Constituents
Largest debt holdings of DWS High Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Alpha Generation LLC | 2.01% |
| Post Holdings, Inc. | 1.99% |
| Carnival Corp. Ltd. | 1.51% |
| Charles River Laboratori | 1.36% |
| Cco Hldgs Llc/cap Corp. | 1.28% |
| Carnival Corp. Ltd. | 1.28% |
| Xhr LP | 1.24% |
| Park Intermed Holdings | 1.02% |
| Insight Enterprs | 1.02% |
| Ezcorp, Inc. | 1.01% |
C000177606 Prospectus and SEC Filings
Official DWS High Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-01-27
- Prospectus (485BPOS) — filed 2025-01-28
- Prospectus (485BPOS) — filed 2024-01-26
- Portfolio holdings (N-PORT) — filed 2026-08-27
- Portfolio holdings (N-PORT) — filed 2026-05-28
- Portfolio holdings (N-PORT) — filed 2026-02-26
- Annual census (N-CEN) — filed 2025-12-12
- Annual census (N-CEN) — filed 2024-12-10
Related Funds
Other Short Corporate Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.