UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

Investment Company Act file number: 811-02021

Deutsche DWS Securities Trust

(Exact Name of Registrant as Specified in Charter)

345 Park Avenue

New York, NY 10154-0004

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (212) 250-2500

Diane Kenneally

One International Place

Boston, MA 02110

(Name and Address of Agent for Service)

Date of fiscal year end:	6/30
Date of reporting period:	12/31/2019

ITEM 1. REPORT TO STOCKHOLDERS

December 31, 2019

Semiannual Report

to Shareholders

DWS Enhanced Commodity Strategy Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s Web site (dws.com), and you will be notified by mail each time a report is posted and provided with a Web site link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank), or if you are a direct investor, by calling (800) 728-3337 or sending an email request to service@dws.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 728-3337 or send an email request to service@dws.com to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with DWS if you invest directly with the Fund.

Contents

3	Letter to Shareholders
4	Performance Summary
7	Portfolio Management Team
8	Consolidated Portfolio Summary
10	Consolidated Investment Portfolio
28	Consolidated Statement of Assets and Liabilities
30	Consolidated Statement of Operations
31	Consolidated Statements of Changes in Net Assets

32	Consolidated Financial Highlights
38	Notes to Consolidated Financial Statements
56	Information About Your Fund’s Expenses
58	Advisory Agreement Board Considerations and Fee Evaluation
63	Account Management Resources
65	Privacy Statement

This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.

The Fund invests in commodity-linked derivatives which may subject the Fund to special risks. Market price movements or regulatory and economic changes will have a significant impact on the Fund’s performance. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. A counterparty with whom the Fund does business may decline in financial health and become unable to honor its commitments, which could cause losses for the Fund. 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. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. 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 foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. The Fund may lend securities to approved institutions. Please read the prospectus for details.

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.

NOT FDIC/NCUA INSURED     NO BANK GUARANTEE     MAY LOSE VALUE NOT A DEPOSIT     NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

2 | DWS Enhanced Commodity Strategy Fund

Letter to Shareholders

Dear Shareholder:

Following a very strong year for investors, the outlook remains generally positive for 2020. Continued economic growth along with other healthy macroeconomic conditions, such as employment levels, provide reasons to be confident despite certain potential risks for short-term setbacks. We however do not see greater than usual risk probabilities for a recession or bear-market losses.

Our Americas Chief Investment Officer (“CIO”), David Bianco, says that an economic or a market slump, while not expected, cannot be completely ruled out. We expect monetary policy to remain on hold in both the Eurozone and the U.S., with no further interest rate cuts by either the European Central Bank or the U.S. Federal Reserve. Concerns about economic slowing, soft capital expenditures and manufacturing, excess oil production, technological and geopolitical conflicts, and low interest rates are likely to remain in 2020, with the potential for unexpected flare-ups. Election concerns and political uncertainty will rise in 2020, in our opinion, but will likely be relieved post elections.

Basically, while it would be hard to match the strong returns seen in 2019, our economists are cautiously optimistic. The current cycle has demonstrated unusual staying power.

As always, we encourage you to visit the “Insights” section of our Web site, dws.com. There you will find our Global CIO View and Americas CIO View, which integrate the on-the-ground views of our worldwide network of economists, research analysts and investment professionals. This global perspective guides our strategic investment approach.

Thank you for trusting DWS to help serve your investment needs.

Best regards,

Hepsen Uzcan   President, DWS Funds

Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.

DWS Enhanced Commodity Strategy Fund | 3

Performance Summary December 31, 2019 (Unaudited)

Class A	6-Month‡		1-Year		5-Year		10-Year
Average Annual Total Returns as of 12/31/19
Unadjusted for Sales Charge		0.21%		2.34%		–3.53%		–2.58%
Adjusted for the Maximum Sales Charge (max 5.75% load)		–5.55%		–3.55%		–4.66%		–3.16%
Bloomberg Commodity Index†		2.50%		7.69%		–3.92%		–4.73%
Class T	6-Month‡		1-Year		5-Year		10-Year
Average Annual Total Returns as of 12/31/19
Unadjusted for Sales Charge		0.22%		2.35%		–3.53%		–2.57%
Adjusted for the Maximum Sales Charge (max 2.50% load)		–2.29%		–0.21%		–4.01%		–2.82%
Bloomberg Commodity Index†		2.50%		7.69%		–3.92%		–4.73%
Class C	6-Month‡		1-Year		5-Year		10-Year
Average Annual Total Returns as of 12/31/19
Unadjusted for Sales Charge		–0.12%		1.57%		–4.24%		–3.32%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)		–1.12%		1.57%		–4.24%		–3.32%
Bloomberg Commodity Index†		2.50%		7.69%		–3.92%		–4.73%
Class R6			6-Month‡		1-Year		Life of Class*
Average Annual Total Returns as of 12/31/19
No Sales Charges				0.43%		2.74%		–1.85%
Bloomberg Commodity Index†				2.50%		7.69%		–0.03%
Class S	6-Month‡		1-Year		5-Year		10-Year
Average Annual Total Returns as of 12/31/19
No Sales Charges		0.32%		2.53%		–3.32%		–2.39%
Bloomberg Commodity Index†		2.50%		7.69%		–3.92%		–4.73%
Institutional Class	6-Month‡		1-Year		5-Year		10-Year
Average Annual Total Returns as of 12/31/19
No Sales Charges		0.42%		2.71%		–3.19%		–2.23%
Bloomberg Commodity Index†		2.50%		7.69%		–3.92%		–4.73%

4 | DWS Enhanced Commodity Strategy Fund

Performance in the Average Annual Total Returns table above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws.com 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.

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated October 1, 2019 are 1.48%, 1.40%, 2.18%, 1.06%, 1.21% and 1.16% for Class A, Class T, Class C, Class R6, Class S and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

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

Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Returns shown for Class T shares for the period prior to its inception on June 5, 2017 are derived from the historical performance of Institutional Class shares of DWS Enhanced Commodity Strategy Fund during such periods and have been adjusted to reflect the higher total annual operating expenses. Any difference in expenses will affect performance.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Growth of an Assumed $10,000 Investment
(Adjusted for Maximum Sales Charge)

The Fund’s growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 5.75%. This results in a net initial investment of $9,425.

The growth of $10,000 is cumulative.

DWS Enhanced Commodity Strategy Fund | 5

Performance of other share classes will vary based on the sales charges and the fee structure of those classes.

* Class R6 shares commenced operations on June 1, 2016.

^†  The Bloomberg Commodity Index is an unmanaged index that tracks a diversified group of commodities and commodities futures contracts traded on both U.S. and London exchanges.

^‡  Total returns shown for periods less than one year are not annualized.

	Class A		Class T		Class C		Class R6		Class S		Institutional Class
Net Asset Value
12/31/19	$	9.41	$	9.42	$	8.44	$	9.55	$	9.53	$	9.56
6/30/19	$	9.47	$	9.48	$	8.49	$	9.62	$	9.59	$	9.62
Distribution Information as of 12/31/19
Six Months: Income Dividends	$	.08	$	.08	$	.04	$	.10	$	.09	$	.10

6 | DWS Enhanced Commodity Strategy Fund

Portfolio Management Team

Darwei Kung, Managing Director

Portfolio Manager of the Fund. Began managing the Fund in 2010.

– Joined DWS in 2006; previously has worked as a Director, Engineering and Business Development at Calpoint LLC from 2001–2004.

– Portfolio Manager: New York.

– BS and MS, University of Washington, Seattle; MS and MBA, Carnegie Mellon University.

Sonali Kapoor, Director

Portfolio Manager of the Fund. Began managing the Fund in 2015.

– Joined DWS in 2013 with three years of industry experience. Prior to joining, served in Foreign Exchange Sales covering Institutional Clients at BNP Paribas. Prior to that, provided Fixed Income Coverage and Execution to Energy, Utility and Real Estate Companies in the Debt Capital Markets Group at UBS Securities. Started her career in Mathematical Modeling and Quantitative Analysis of Cash CLOs in the Credit Structuring Group at UBS Securities.

– Portfolio Analyst for Fixed Income, Multi-Asset and Commodities: New York.

– BS in Electrical and Computer Engineering, Carnegie Mellon University; MS in Computational Finance, Carnegie Mellon University.

Rick Smith, CFA, Managing Director

Portfolio Manager of the Fund. Began managing the Fund in 2016.

– Joined DWS in 2004 with 21 years of industry experience. Prior to joining, he served 11 years as a Fixed Income Investment Grade Portfolio Manager at MFS Investments. Previously, he worked as a Research Analyst at Salomon Brothers.

– Senior Portfolio Manager: New York.

– BA in Economics, Vassar College; MBA in Finance, Vanderbilt University.

DWS Enhanced Commodity Strategy Fund | 7

Consolidated Portfolio Summary (Unaudited)

The Fund invests in commodity-linked derivative instruments backed by a portfolio of fixed-income instruments.

Commodity-Linked Investments

Commodity Sector Allocation (Commodity Exposure from Commodity-Linked Derivative Instruments as a % of Net Assets)	12/31/19		6/30/19
Agriculture		28%		28%
Energy		27%		21%
Precious Metals		17%		15%
Industrial		13%		15%
Livestock		5%		3%
		90%		82%

Fixed-Income Investments

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	12/31/19		6/30/19
Government & Agency Obligations		44%		43%
Corporate Bonds		26%		29%
Cash Equivalents		11%		9%
Asset-Backed		10%		8%
Commercial Mortgage-Backed Securities		5%		4%
Short-Term U.S. Treasury Obligations		2%		3%
Collateralized Mortgage Obligations		2%		2%
Mortgage-Backed Securities Pass-Throughs		0%		1%
Loan Participations and Assignments		0%		1%
		100%		100%
Quality (Excludes Cash Equivalents)	12/31/19		6/30/19
AAA		63%		61%
AA		9%		9%
A		10%		11%
BBB		15%		15%
Below BBB		3%		4%
Not Rated		0%		0%
		100%		100%

The quality ratings represent the higher of Moody’s Investors Service, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or Standard & Poor’s Corporation (“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.

8 | DWS Enhanced Commodity Strategy Fund

Interest Rate Sensitivity	12/31/19		6/30/19
Effective Maturity		1.9 years		2.2 years
Effective Duration		1.1 years		1.2 years

Effective maturity is the weighted average of the maturity date of bonds held by the Fund taking into consideration any maturity shortening features.

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

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s consolidated investment portfolio, see page 10. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 63 for contact information.

DWS Enhanced Commodity Strategy Fund | 9

Consolidated Investment Portfolio as of December 31, 2019 (Unaudited)

	Principal Amount ($)		Value ($)
Corporate Bonds 25.7%
Communication Services 1.4%
Charter Communications Operating LLC, 3.579%, 7/23/2020		1,240,000		1,247,902
Clear Channel Worldwide Holdings, Inc., 144A, 9.25%, 2/15/2024		298,000		330,035
Interpublic Group of Companies, Inc., 3.5%, 10/1/2020		2,540,000		2,567,209
Oztel Holdings SPC Ltd., 144A, 5.625%, 10/24/2023		3,161,000		3,370,416
Sirius XM Radio, Inc., 144A, 4.625%, 7/15/2024		1,370,000		1,438,500
Sprint Spectrum Co., LLC, 144A, 3.36%, 3/20/2023		271,250		273,664
Tencent Holdings Ltd.:
144A, 3-month USD-LIBOR + 0.605%, 2.571%*, 1/19/2023		1,650,000		1,643,169
144A, 3.28%, 4/11/2024		14,000,000		14,407,044
VEON Holdings BV, 144A, 3.95%, 6/16/2021		1,910,000		1,939,032
				27,216,971
Consumer Discretionary 3.5%
D.R. Horton, Inc., 2.55%, 12/1/2020		2,755,000		2,767,143
Daimler Finance North America LLC, 144A, 3.35%, 5/4/2021		5,958,000		6,050,945
Ford Motor Credit Co., LLC:
2.343%, 11/2/2020		4,000,000		3,992,652
2.425%, 6/12/2020		3,750,000		3,747,705
General Motors Financial Co., Inc.:
3-month USD-LIBOR + 0.990%, 3.033%*, 1/5/2023		7,000,000		6,958,144
3.2%, 7/13/2020		4,000,000		4,018,322
3.7%, 11/24/2020		4,000,000		4,047,400
Harley-Davidson Financial Services, Inc., 144A, 4.05%, 2/4/2022		6,500,000		6,711,059
Hyundai Capital America:
144A, 3-month USD-LIBOR + 0.940%, 2.967%*, 7/8/2021		5,000,000		5,012,663
144A, 3.45%, 3/12/2021		3,333,000		3,374,001
Hyundai Capital Services, Inc., 144A, 2.625%, 9/29/2020		4,000,000		4,006,937
NCL Corp. Ltd., 144A, 3.625%, 12/15/2024		1,090,000		1,104,988
Nissan Motor Acceptance Corp.:
144A, 2.6%, 9/28/2022		4,000,000		4,005,644
144A, 3.65%, 9/21/2021		2,612,000		2,666,445
Prime Security Services Borrower LLC, 144A, 5.25%, 4/15/2024		2,065,000		2,184,770
Royal Caribbean Cruises Ltd., 2.65%, 11/28/2020		3,020,000		3,035,468
TRI Pointe Group, Inc., 4.875%, 7/1/2021		1,695,000		1,737,375

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

10 | DWS Enhanced Commodity Strategy Fund

	Principal Amount ($)		Value ($)
Volkswagen Group of America Finance LLC, 144A, 2.7%, 9/26/2022		4,160,000		4,207,536
				69,629,197
Consumer Staples 1.3%
Altria Group, Inc., 3.49%, 2/14/2022		3,130,000		3,221,480
BAT Capital Corp., 2.764%, 8/15/2022		7,890,000		8,006,307
Conagra Brands, Inc., 3-month USD-LIBOR + 0.750%, 2.703%*, 10/22/2020		1,670,000		1,670,151
Constellation Brands, Inc., 3-month USD-LIBOR + 0.700%, 2.61%*, 11/15/2021		3,140,000		3,140,548
General Mills, Inc., 3-month USD-LIBOR + 0.540%, 2.541%*, 4/16/2021		1,418,000		1,422,578
Kraft Heinz Foods Co., 2.8%, 7/2/2020		526,000		526,841
MARB BondCo PLC, 144A, 6.875%, 1/19/2025		3,000,000		3,184,890
Natura Cosmeticos SA, 144A, 5.375%, 2/1/2023		3,625,000		3,779,062
				24,951,857
Energy 1.9%
Bharat Petroleum Corp. Ltd., REG S, 4.625%, 10/25/2022		1,830,000		1,900,363
Energy Transfer Operating LP, 4.25%, 3/15/2023		1,170,000		1,222,082
EQT Corp., 2.5%, 10/1/2020		7,715,000		7,713,582
MarkWest Energy Partners LP, 4.875%, 6/1/2025		3,500,000		3,744,872
MPLX LP, 144A, 3.5%, 12/1/2022		605,000		622,910
Occidental Petroleum Corp., 2.9%, 8/15/2024		4,683,000		4,759,518
ONGC Videsh Ltd., REG S, 3.75%, 5/7/2023		2,000,000		2,049,148
Petrobras Global Finance BV, 4.375%, 5/20/2023		1,000,000		1,041,000
Precision Drilling Corp., 6.5%, 12/15/2021		749,812		747,938
Range Resources Corp., 5.0%, 8/15/2022		2,800,000		2,744,000
Shelf Drilling Holdings Ltd., 144A, 8.25%, 2/15/2025		4,000,000		3,810,000
Sunoco LP, 4.875%, 1/15/2023		1,220,000		1,247,474
Whiting Petroleum Corp., 5.75%, 3/15/2021		3,000,000		2,838,000
Williams Companies, Inc., 4.55%, 6/24/2024		2,200,000		2,375,257
				36,816,144
Financials 11.3%
ABN AMRO Bank NV, 144A, 3.4%, 8/27/2021		5,635,000		5,758,846
AerCap Ireland Capital DAC:
3.95%, 2/1/2022		3,485,000		3,600,854
4.875%, 1/16/2024		2,350,000		2,547,687
Air Lease Corp.:
2.125%, 1/15/2020		4,070,000		4,069,767
4.625%, 10/1/2028		3,551,000		3,916,370
Aircastle Ltd.:
4.4%, 9/25/2023		4,345,000		4,594,197
5.5%, 2/15/2022		4,000,000		4,255,394

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

DWS Enhanced Commodity Strategy Fund | 11

	Principal Amount ($)		Value ($)
Ares Capital Corp., 3.5%, 2/10/2023		8,000,000		8,120,411
ASB Bank Ltd., 144A, 3.125%, 5/23/2024		10,290,000		10,629,789
AXA Equitable Holdings, Inc., 3.9%, 4/20/2023		9,680,000		10,144,504
Banco BTG Pactual SA, 144A, 5.5%, 1/31/2023		1,365,000		1,424,732
Banco del Estado de Chile, 144A, 2.668%, 1/8/2021		1,640,000		1,640,999
Banco Santander SA, 3.125%, 2/23/2023		7,600,000		7,757,754
Barclays PLC, 4.61%, 2/15/2023		8,000,000		8,356,020
BBVA USA:
3-month USD-LIBOR + 0.730%, 2.618%*, 6/11/2021		5,000,000		5,011,749
3.5%, 6/11/2021		2,000,000		2,034,686
BPCE SA, 144A, 3.0%, 5/22/2022		1,500,000		1,526,394
Capital One Financial Corp., 3.9%, 1/29/2024		5,000,000		5,303,435
CBQ Finance Ltd., REG S, 5.0%, 5/24/2023		3,000,000		3,218,100
Citibank NA, 2.844%, 5/20/2022		8,000,000		8,097,158
Credit Agricole SA, 144A, 3.375%, 1/10/2022		5,000,000		5,116,588
Credit Suisse Group AG, 144A, 3.574%, 1/9/2023		5,000,000		5,137,752
Danske Bank AS, 144A, 3.001%, 9/20/2022		4,308,000		4,346,187
Discover Bank:
3.35%, 2/6/2023		3,085,000		3,181,621
4.682%, 8/9/2028		4,500,000		4,702,500
Global Bank Corp., 144A, 4.5%, 10/20/2021		5,125,000		5,276,239
HSBC Holdings PLC:
3-month USD-LIBOR + 0.600%, 2.504%*, 5/18/2021		4,111,000		4,115,186
2.95%, 5/25/2021		5,000,000		5,063,513
Huarong Finance 2017 Co., Ltd., REG S, 3.375%, 1/24/2020		3,500,000		3,501,085
Huntington National Bank, 3.125%, 4/1/2022		1,840,000		1,881,246
ICICI Bank Ltd., 144A, 3.5%, 3/18/2020		3,000,000		3,005,432
ING Groep NV:
3-month USD-LIBOR + 1.000%, 2.909%*, 10/2/2023		6,000,000		6,054,231
3.15%, 3/29/2022		1,580,000		1,615,479
3.55%, 4/9/2024		3,950,000		4,134,290
Intercontinental Exchange, Inc., 3.45%, 9/21/2023		2,825,000		2,958,871
Intesa Sanpaolo SpA, 144A, 3.125%, 7/14/2022		4,455,000		4,514,670
JPMorgan Chase & Co., 3-month USD-LIBOR + 0.610%, 2.509%*, 6/18/2022		6,000,000		6,023,070
Morgan Stanley, 2.72%, 7/22/2025		2,120,000		2,146,802
Nationwide Building Society, 144A, 3.622%, 4/26/2023		2,460,000		2,530,525
NatWest Markets PLC:
144A, 3-month USD-LIBOR + 1.400%, 3.361%*, 9/29/2022		8,000,000		8,116,679
5.625%, 8/24/2020		5,000,000		5,111,576
Santander Holdings U.S.A., Inc., 3.4%, 1/18/2023		6,150,000		6,305,877
Santander UK PLC, 2.125%, 11/3/2020		6,545,000		6,552,806
Skandinaviska Enskilda Banken AB, 144A, 3-month USD-LIBOR + 0.430%, 2.334%*, 5/17/2021		5,000,000		5,010,850

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

12 | DWS Enhanced Commodity Strategy Fund

	Principal Amount ($)		Value ($)
Standard Chartered PLC:
144A, 2.25%, 4/17/2020		6,000,000		6,001,985
144A, 4.247%, 1/20/2023		2,080,000		2,152,408
Synchrony Bank:
3.0%, 6/15/2022		4,310,000		4,394,546
3.65%, 5/24/2021		4,234,000		4,323,209
				225,284,069
Health Care 0.5%
AbbVie, Inc., 144A, 2.3%, 11/21/2022		3,690,000		3,708,651
Bausch Health Companies, Inc., 144A, 7.0%, 3/15/2024		3,200,000		3,328,000
Becton, Dickinson & Co., 3-month USD-LIBOR + 0.875%, 2.836%*, 12/29/2020		2,121,000		2,122,042
				9,158,693
Industrials 1.5%
Adani Ports & Special Economic Zone Ltd., 144A, 3.95%, 1/19/2022		2,267,000		2,321,657
Avolon Holdings Funding Ltd., 144A, 5.125%, 10/1/2023		1,675,000		1,805,449
Bombardier, Inc., 144A, 6.0%, 10/15/2022		3,000,000		2,999,100
CNH Industrial Capital LLC, 3.875%, 10/15/2021		2,510,000		2,575,613
Colfax Corp., 144A, 6.0%, 2/15/2024		775,000		823,437
DAE Funding LLC, 144A, 5.25%, 11/15/2021		3,000,000		3,112,500
Delta Air Lines, Inc., 3.4%, 4/19/2021		3,636,000		3,686,376
Park Aerospace Holdings Ltd., 144A, 4.5%, 3/15/2023		2,450,000		2,565,150
Spirit AeroSystems, Inc., 3-month USD-LIBOR + 0.800%, 2.694%*, 6/15/2021		4,390,000		4,379,215
Transnet SOC Ltd., 144A, 4.0%, 7/26/2022		3,500,000		3,549,000
Waste Management, Inc., 2.95%, 6/15/2024		1,450,000		1,496,978
Westinghouse Air Brake Technologies Corp., 3-month USD-LIBOR + 1.300%, 3.194%*, 9/15/2021		1,470,000		1,470,223
				30,784,698
Information Technology 1.2%
Broadcom Corp., 3.625%, 1/15/2024		5,000,000		5,182,123
Broadcom, Inc., 144A, 3.125%, 4/15/2021		5,613,000		5,681,144
Hewlett Packard Enterprise Co., 3-month USD-LIBOR + 0.720%, 2.763%*, 10/5/2021		2,090,000		2,090,276
NXP BV, 144A, 4.625%, 6/1/2023		5,961,000		6,372,909
Seagate HDD Cayman, 4.25%, 3/1/2022		436,000		451,312
VMware, Inc., 2.95%, 8/21/2022		4,800,000		4,891,000
				24,668,764
Materials 1.5%
Bluestar Finance Holdings Ltd., REG S, 3.375%, 7/16/2024		1,000,000		1,014,068
Celanese U.S. Holdings LLC, 3.5%, 5/8/2024		1,010,000		1,044,472

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

DWS Enhanced Commodity Strategy Fund | 13

	Principal Amount ($)		Value ($)
CF Industries, Inc., 144A, 3.4%, 12/1/2021		340,000		348,683
Chemours Co., 6.625%, 5/15/2023		2,069,000		2,076,924
CNAC HK Finbridge Co., Ltd., REG S, 4.125%, 3/14/2021		3,000,000		3,049,260
Glencore Funding LLC, 144A, 4.125%, 3/12/2024		4,640,000		4,859,918
Hudbay Minerals, Inc., 144A, 7.25%, 1/15/2023		300,000		311,063
International Flavors & Fragrances, Inc., 3.4%, 9/25/2020		2,050,000		2,067,551
NOVA Chemicals Corp., 144A, 4.875%, 6/1/2024		1,510,000		1,559,075
Novelis Corp., 144A, 6.25%, 8/15/2024		3,800,000		3,985,250
Severstal OAO Via Steel Capital SA, 144A, 5.9%, 10/17/2022		2,000,000		2,165,000
Syngenta Finance NV, 144A, 3.698%, 4/24/2020		2,571,000		2,579,089
The Mosaic Co., 3.25%, 11/15/2022		4,190,000		4,299,378
				29,359,731
Real Estate 0.6%
Iron Mountain, Inc., 144A, (REIT), 4.375%, 6/1/2021		455,000		459,573
iStar, Inc., (REIT), 4.25%, 8/1/2025		450,000		454,932
Office Properties Income Trust, (REIT), 3.6%, 2/1/2020		8,686,000		8,686,000
Ventas Realty LP, (REIT), 3.5%, 4/15/2024		2,800,000		2,925,053
				12,525,558
Utilities 1.0%
CenterPoint Energy, Inc., 3.6%, 11/1/2021		2,030,000		2,083,186
Dominion Energy, Inc., 3.07% to 08/15/2024, 3.071%, 8/15/2024		3,159,000		3,254,297
DTE Energy Co., Series B, 2.6%, 6/15/2022		4,100,000		4,128,750
Korea East-West Power Co., Ltd., 144A, 2.625%, 6/19/2022		4,740,000		4,791,520
NextEra Energy Capital Holdings, Inc., Series H, 3.342%, 9/1/2020		4,966,000		5,009,471
NextEra Energy Operating Partners LP, 144A, 4.25%, 7/15/2024		1,330,000		1,384,863
				20,652,087
Total Corporate Bonds (Cost $500,985,880)				511,047,769
Mortgage-Backed Securities Pass-Throughs 0.3%
Federal Home Loan Mortgage Corp., 12-month USD-LIBOR + 1.750%, 4.625%*, 6/1/2042		2,953,561		3,077,208
Federal National Mortgage Association, 12-month USD-LIBOR + 1.709%, 4.248%*, 9/1/2042		3,075,007		3,213,055
Total Mortgage-Backed Securities Pass-Throughs (Cost $6,194,777)				6,290,263

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

14 | DWS Enhanced Commodity Strategy Fund

	Principal Amount ($)		Value ($)
Asset-Backed 9.2%
Automobile Receivables 2.9%
AmeriCredit Automobile Receivables Trust:
“A3”, Series 2017-2, 1.98%, 12/20/2021		1,221,208		1,221,005
“C”, Series 2019-2, 2.74%, 4/18/2025		2,760,000		2,784,411
“C”, Series 2016-2, 2.87%, 11/8/2021		1,040,473		1,042,382
“D”, Series 2017-1, 3.13%, 1/18/2023		6,830,000		6,908,751
Avis Budget Rental Car Funding AESOP LLC, “B”, Series 2014-2A, 144A, 3.29%, 2/20/2021		500,000		500,256
Canadian Pacer Auto Receivables Trust:
“A3”, Series 2019-1A, 144A, 2.8%, 10/19/2023		7,170,000		7,255,040
“A2A”, Series 2018-2A, 144A, 3.0%, 6/21/2021		774,516		776,018
“B”, Series 2018-2A, 144A, 3.63%, 1/19/2024		1,500,000		1,535,450
Capital Auto Receivables Asset Trust, “A4”, Series 2017-1, 144A, 2.22%, 3/21/2022		1,280,000		1,281,188
CPS Auto Receivables Trust:
“B”, Series 2019-C, 144A, 2.63%, 8/15/2023		2,000,000		2,005,823
“B”, Series 2019-B, 144A, 3.09%, 4/17/2023		1,950,000		1,970,152
“C”, Series 2016-B, 144A, 4.22%, 3/15/2022		4,868,110		4,885,175
“D”, Series 2016-A, 144A, 5.0%, 12/15/2021		6,000,000		6,049,283
“D”, Series 2014-D, 144A, 5.33%, 11/16/2020		1,300,000		1,299,798
CPS Auto Trust, “C”, Series 2016-D, 144A, 2.9%, 1/17/2023		1,249,182		1,250,658
Foursight Capital Automobile Receivables Trust, “B”, Series 2018-2, 144A, 3.8%, 11/15/2023		2,110,000		2,156,703
Hertz Vehicle Financing II LP, “A”, Series 2017-2A, 144A, 3.29%, 10/25/2023		5,000,000		5,111,017
Santander Drive Auto Receivables Trust:
“B”, Series 2018-2, 3.03%, 9/15/2022		2,270,007		2,274,028
“C”, Series 2018-5, 3.81%, 12/16/2024		4,000,000		4,059,706
World Omni Select Auto Trust:
“C”, Series 2019-A, 2.38%, 12/15/2025		1,500,000		1,487,835
“B”, Series 2018-1A, 144A, 3.68%, 7/15/2023		1,630,000		1,652,483
				57,507,162
Credit Card Receivables 0.7%
Evergreen Credit Card Trust, “C”, Series 2019-2, 144A, 2.62%, 9/15/2024		1,000,000		992,982
Master Credit Card Trust II, “C”, Series 2017-1A, 144A, 3.06%, 7/21/2021		4,370,000		4,358,899
Synchrony Credit Card Master Note Trust, “C”, Series 2017-2, 3.01%, 10/15/2025		3,291,836		3,327,033
World Financial Network Credit Card Master Trust, “M”, Series 2016-A, 2.33%, 4/15/2025		6,000,000		5,982,879
				14,661,793

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

DWS Enhanced Commodity Strategy Fund | 15

	Principal Amount ($)		Value ($)
Miscellaneous 5.5%
Apidos CLO XXIV, “A1BR”, Series 2016-24A, 144A, 3-month USD-LIBOR + 1.450%, 3.416%*, 10/20/2030		5,100,000		5,053,600
Applebee’s Funding LLC, “A2I”, Series 2019-1A, 144A, 4.194%, 6/7/2049		3,700,000		3,750,912
Babson CLO Ltd., “BR”, Series 2015-IA, 144A, 3-month USD-LIBOR + 1.400%, 3.366%*, 1/20/2031		2,000,000		1,969,656
BlueMountain Fuji U.S. CLO II Ltd., “A1B”, Series 2017-2A, 144A, 3-month USD-LIBOR + 1.350%, 3.316%*, 10/20/2030		4,000,000		3,919,992
Carlyle Global Market Strategies CLO Ltd., “BR2”, Series 2014-1A, 144A, 3-month USD-LIBOR + 1.400%, 3.402%*, 4/17/2031		6,000,000		5,948,238
DB Master Finance LLC, “A2I”, Series 2019-1A, 144A, 3.787%, 5/20/2049		3,164,100		3,231,654
Dell Equipment Finance Trust:
“C”, Series 2019-2, 144A, 2.18%, 10/22/2024		1,750,000		1,739,158
“C”, Series 2017-2, 144A, 2.73%, 10/24/2022		2,000,000		2,007,203
“D”, Series 2019-1, 144A, 3.45%, 3/24/2025		2,400,000		2,434,435
“C”, Series 2018-1, 144A, 3.53%, 6/22/2023		2,000,000		2,030,250
“C”, Series 2018-2, 144A, 3.72%, 10/22/2023		3,000,000		3,078,154
Flatiron CLO Ltd., “B”, Series 2018-1A, 144A, 3-month USD-LIBOR + 1.350%, 3.352%*, 4/17/2031		4,500,000		4,397,116
HPEFS Equipment Trust, “C”, Series 2019-1A, 144A, 2.49%, 9/20/2029		1,140,000		1,139,791
LCM LP, “BR2”, Series 2016-A, 144A, 3-month USD-LIBOR + 1.750%, 3.751%*, 10/15/2031		2,960,000		2,931,827
Madison Park Funding XII Ltd., “AR”, Series 2014-12A, 144A, 3-month USD-LIBOR + 1.260%, 3.226%*, 7/20/2026		1,968,436		1,969,438
Milos CLO Ltd., “A”, Series 2017-1A, 144A, 3-month USD-LIBOR + 1.250%, 3.216%*, 10/20/2030		3,500,000		3,489,875
MVW Owner Trust, “A”, Series 2019-1A, 144A, 2.89%, 11/20/2036		2,371,130		2,400,929
Neuberger Berman CLO XVII Ltd., “A2R2”, Series 2014-18A, 144A, 3-month USD-LIBOR + 1.700%, 3.666%*, 10/21/2030		2,700,000		2,686,049
Neuberger Berman Loan Advisers CLO Ltd.:
“A2”, Series 2018-29A, 144A, 3-month USD-LIBOR + 1.400%, 3.366%*, 10/19/2031		3,000,000		2,955,198
“B”, Series 2018-27A, 144A, 3-month USD-LIBOR + 1.400%, 3.401%*, 1/15/2030		5,250,000		5,183,031
NRZ Excess Spread-Collateralized Notes, “B”, Series 2018-PLS1, 144A, 3.588%, 1/25/2023		2,016,477		2,025,960
Octagon Investment Partners XVI Ltd., “BR”, Series 2013-1A, 144A, 3-month USD-LIBOR + 1.600%, 3.602%*, 7/17/2030		6,000,000		5,936,586

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

16 | DWS Enhanced Commodity Strategy Fund

	Principal Amount ($)		Value ($)
Taco Bell Funding LLC, “A2I”, Series 2018-1A, 144A, 4.318%, 11/25/2048		5,910,300		6,047,301
Transportation Finance Equipment Trust, “C”, Series 2019-1, 144A, 2.19%, 8/23/2024		1,250,000		1,236,704
Venture XXX CLO Ltd., “A2”, Series 2017-30A, 144A, 3-month USD-LIBOR + 1.350%, 3.351%*, 1/15/2031		10,000,000		9,814,720
Voya CLO Ltd.:
“A1R”, Series 2015-1A, 144A, 3-month USD-LIBOR + 0.900%, 2.903%*, 1/18/2029		4,170,000		4,153,187
“A1R”, Series 2014-2A, 144A, 3-month USD-LIBOR + 1.250%, 3.252%*, 4/17/2030		3,000,000		2,992,641
“A2AR”, Series 2014-2A, 144A, 3-month USD-LIBOR + 1.650%, 3.652%*, 4/17/2030		5,000,000		4,957,095
“A3R”, Series 2016-3A, 144A, 3-month USD-LIBOR + 1.750%, 3.753%*, 10/18/2031		7,500,000		7,447,327
“A2AR”, Series 2012-A, 144A, 3-month USD-LIBOR + 1.900%, 3.791%*, 10/15/2030		3,000,000		3,001,239
				109,929,266
Student Loans 0.1%
SLM Student Loan Trust, “A4”, Series 2008-5, 3-month USD-LIBOR + 1.700%, 3.64%*, 7/25/2023		1,212,035		1,220,130
Total Asset-Backed (Cost $183,220,103)				183,318,351
Commercial Mortgage-Backed Securities 4.3%
20 Times Square Trust, “B”, Series 2018-20TS, 144A, 3.1%*, 5/15/2035		2,000,000		2,030,145
Atrium Hotel Portfolio Trust, “B”, Series 2018-ATRM,144A, 1-month USD-LIBOR + 1.430%, 3.17%*, 6/15/2035		6,000,000		5,990,522
BAMLL Commercial Mortgage Securities Trust, “B”, Series 2018-DSNY, 144A, 1-month USD-LIBOR + 1.150%, 2.89%*, 9/15/2034		9,200,000		9,189,420
BX Commercial Mortgage Trust:
“C”, Series 2018-IND, 144A, 1-month USD-LIBOR + 1.100%, 2.84%*, 11/15/2035		1,823,684		1,822,593
“B”, Series 2019-IMC, 144A, 1-month USD-LIBOR + 1.300%, 3.04%*, 4/15/2034		6,500,000		6,494,164
BXP Trust, “B”, Series 2017-CQHP, 144A, 1-month USD-LIBOR + 1.100%, 2.84%*, 11/15/2034		6,210,000		6,190,123
Citigroup Commercial Mortgage Trust:
“C”, Series 2019-PRM, 144A, 3.896%, 5/10/2036		1,614,506		1,668,411
“M”, Series 2005-EMG, 144A, 5.5%, 9/20/2051 (a)		102,044		99,296
COMM Mortgage Trust:
“AM”, Series 2013-CR6, 144A, 3.147%, 3/10/2046		2,200,000		2,239,291
“AM”, Series 2013-LC6, 3.282%, 1/10/2046		2,500,000		2,557,730

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

DWS Enhanced Commodity Strategy Fund | 17

	Principal Amount ($)		Value ($)
“B”, Series 2013-CR6, 144A, 3.397%, 3/10/2046		4,238,720		4,328,050
DBGS Mortgage Trust, “B”, Series 2018-5BP,144A, 1-month USD-LIBOR + 0.830%, 2.57%*, 6/15/2033		4,500,000		4,473,498
FHLMC Multifamily Structured Pass-Through Certificates:
“X1”, Series K058, Interest Only, 0.927%*, 8/25/2026		23,539,147		1,240,068
“X1”, Series K722, Interest Only, 1.308%*, 3/25/2023		15,009,857		505,568
GE Capital Commercial Mortgage Corp., “J”, Series 2005-C2, 144A, 5.691%*, 5/10/2043		92		92
Hospitality Mortgage Trust, “B”, Series 2019-HIT, 144A, 1-month USD-LIBOR + 1.350%, 3.09%*, 11/15/2036		5,373,808		5,360,409
IMT Trust, “BFL”, Series 2017-APTS, 144A, 1-month USD-LIBOR + 0.950%, 2.69%*, 6/15/2034		8,000,000		7,977,711
InTown Hotel Portfolio Trust, “C”, Series 2018-STAY, 144A, 1-month USD-LIBOR + 1.250%, 2.99%*, 1/15/2033		2,200,000		2,193,312
LSTAR Commercial Mortgage Trust, “A1”, Series 2016-4, 144A, 1.823%, 3/10/2049		2,611,493		2,602,035
Morgan Stanley Capital I Trust:
“B”, Series 2018-SUN, 144A, 1-month USD-LIBOR + 1.200%, 2.94%*, 7/15/2035		2,353,200		2,347,290
“B”, Series 2019-BPR, 144A, 1-month USD-LIBOR + 2.100%, 3.84%*, 5/15/2036		1,500,000		1,497,159
“E”, Series 2005-IQ10, 144A, 5.719%*, 9/15/2042		2,347,451		2,376,410
Natixis Commercial Mortgage Securities Trust, “B”, Series 2018-850T, 144A, 1-month USD-LIBOR + 0.954%, 2.693%*, 7/15/2033		6,500,000		6,475,525
UBS Commercial Mortgage Trust:
“XA”, Series 2017-C7, Interest Only, 1.058%*, 12/15/2050		40,388,593		2,550,164
“XA”, Series 2017-C1, Interest Only, 1.566%*, 6/15/2050		37,197,292		3,240,502
Total Commercial Mortgage-Backed Securities (Cost $85,125,968)				85,449,488
Collateralized Mortgage Obligations 1.8%
Angel Oak Mortgage Trust, “A1”, Series 2019-3, 144A, 2.93%, 5/25/2059		3,347,499		3,355,301
Ellington Financial Mortgage Trust, “A1FX”, Series 2018-1, 144A, 4.14%, 10/25/2058		1,675,609		1,699,700
Fannie Mae Connecticut Avenue Securities:
“1M1”, Series 2016-C04, 1-month USD-LIBOR + 1.450%, 3.242%*, 1/25/2029		10,146		10,150
“1M1”, Series 2016-C03, 1-month USD-LIBOR + 2.000%, 3.792%*, 10/25/2028		100,637		100,771
Federal National Mortgage Association, “FB”, Series 1996-44, 1-month USD-LIBOR + 0.800%, 2.508%*, 9/25/2023		25,196		25,353
Flagstar Mortgage Trust, “A4”, Series 2018-4, 144A, 4.0%, 7/25/2048		1,871,907		1,871,759

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

18 | DWS Enhanced Commodity Strategy Fund

	Principal Amount ($)		Value ($)
Freddie Mac Structured Agency Credit Risk Debt Notes:
“M1”, Series 2017-DNA1, 1-month USD-LIBOR + 1.200%, 2.992%*, 7/25/2029		950,152		951,889
“M2”, Series 2016-DNA4, 1-month USD-LIBOR + 1.300%, 3.092%*, 3/25/2029		1,696,467		1,699,857
“M2”, Series 2016-DNA3, 1-month USD-LIBOR + 2.000%, 3.792%*, 12/25/2028		375,030		375,579
“M2”, Series 2015-DNA3, 1-month USD-LIBOR + 2.850%, 4.642%*, 4/25/2028		1,333,133		1,345,933
“M2”, Series 2016-DNA1, 1-month USD-LIBOR + 2.900%, 4.692%*, 7/25/2028		1,117,082		1,121,723
FWDSecuritization Trust, “A1”, Series 2019-INV1, 144A, 2.81%, 6/25/2049		1,818,756		1,816,242
JPMorgan Mortgage Trust:
“A15”, Series 2018-9, 144A, 4.0%, 2/25/2049		931,813		929,827
“A15”, Series 2018-LTV1, 144A, 4.5%, 4/25/2049		591,862		598,096
New Residential Mortgage Loan:
“A1”, Series 2019-NQM3, 144A, 2.802%, 7/25/2049		2,702,014		2,705,461
“A1”, Series 2019-NQM2, 144A, 3.6%, 4/25/2049		2,171,076		2,187,737
PSMC Trust, “A3”, Series 2018-1, 144A, 3.5%, 2/25/2048		1,203,380		1,221,525
Sequoia Mortgage Trust:
“A10”, Series 2018-CH1, 144A, 4.0%, 2/25/2048		2,409,894		2,430,115
“A10”, Series 2019-CH3, 144A, 4.0%, 9/25/2049		2,962,902		3,011,212
Verus Securitization Trust:
“A1”, Series 2019-INV2, 144A, 2.913%, 7/25/2059		2,740,351		2,742,182
“A1”, Series 2019-INV1, 144A, 3.402%, 12/25/2059		3,389,550		3,410,045
“A1”, Series 2018-INV1, 144A, 3.626%, 3/25/2058		2,572,913		2,590,984
Total Collateralized Mortgage Obligations (Cost $36,098,693)				36,201,441
Government & Agency Obligations 43.1%
Other Government Related (b) 1.3%
Banque Ouest Africaine de Developpement, 144A, 5.5%, 5/6/2021		3,200,000		3,314,624
Eastern & Southern African Trade & Development Bank, REG S, 5.375%, 3/14/2022		2,779,000		2,888,770
Eurasian Development Bank:
144A, 4.767%, 9/20/2022		3,000,000		3,135,000
144A, 5.0%, 9/26/2020		2,163,000		2,199,261
Qatari Diar Finance QSC, 144A, 5.0%, 7/21/2020		3,000,000		3,045,000
Southern Gas Corridor CJSC, 144A, 6.875%, 3/24/2026		1,770,000		2,096,105
Vnesheconombank, 144A, 6.902%, 7/9/2020 (c)		9,913,000		10,131,185
				26,809,945

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

DWS Enhanced Commodity Strategy Fund | 19

	Principal Amount ($)		Value ($)
Sovereign Bonds 0.2%
Egypt Government International Bond, 144A, 4.55%, 11/20/2023		1,000,000		1,020,938
Export-Import Bank of Korea, 3.5%, 11/27/2021		1,455,000		1,496,322
Oman Government International Bond, 144A, 3.875%, 3/8/2022		1,000,000		1,012,958
				3,530,218
U.S. Treasury Obligations 41.6%
U.S. Treasury Floating Rate Notes:
3-month U.S. Treasury Bill Money Market Yield + 0.045%, 1.571%*, 10/31/2020 (d)		60,000,000		59,971,160
3-month U.S. Treasury Bill Money Market Yield + 0.115%, 1.641%*, 1/31/2021 (d)		60,000,000		59,976,872
3-month U.S. Treasury Bill Money Market Yield + 0.139%, 1.665%*, 4/30/2021 (d)		60,000,000		59,967,079
3-month U.S. Treasury Bill Money Market Yield + 0.220%, 1.746%*, 7/31/2021 (d)		60,000,000		60,025,677
3-month U.S. Treasury Bill Money Market Yield + 0.300%, 1.826%*, 10/31/2021 (d)		60,000,000		60,100,804
U.S. Treasury Notes:
1.125%, 3/31/2020		20,000,000		19,973,438
1.25%, 3/31/2021		40,000,000		39,817,188
1.375%, 4/30/2020		50,000,000		49,953,023
1.375%, 5/31/2020		50,000,000		49,941,406
1.5%, 7/15/2020		40,000,000		39,975,000
1.625%, 4/30/2023		50,000,000		49,996,094
1.75%, 11/30/2021		75,000,000		75,231,445
2.0%, 2/28/2021		40,000,000		40,164,062
2.25%, 2/15/2021		50,000,000		50,335,937
2.5%, 1/31/2021		35,000,000		35,321,289
2.5%, 1/31/2024		25,000,000		25,823,242
2.75%, 5/31/2023		50,000,000		51,843,750
				828,417,466
Total Government & Agency Obligations (Cost $853,829,560)				858,757,629
Loan Participations and Assignments 0.1%
Senior Loans *
Berry Global, Inc., Term Loan U, 3-month USD LIBOR + 2.500%, 4.215%, 7/1/2026		169,150		169,844
Brand Energy & Infrastructure Services, Inc.:
Term Loan, 3-month USD-LIBOR + 4.250%, 6.184%, 6/21/2024		38,957		38,908
Term Loan, 3-month USD-LIBOR + 4.250%, 6.293%, 6/21/2024		34,538		34,494

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

20 | DWS Enhanced Commodity Strategy Fund

	Principal Amount ($)		Value ($)
BWAY Holding Co., Term Loan B, 3-month USD LIBOR + 3.250%, 5.234%, 4/3/2024		132,747		132,540
Covia Holdings Corp., Term Loan, 3-month USD LIBOR + 4.000%, 6.043%, 6/1/2025		125,505		97,434
Gulf Finance LLC:
Term Loan B, 1-month USD-LIBOR + 5.250%, 6.95%, 8/25/2023		29,756		23,435
Term Loan B, 3-month USD-LIBOR + 5.250%, 7.2%, 8/25/2023		17,838		14,049
HCA, Inc., Term Loan B12, 1-month USD LIBOR + 1.750%, 3.549%, 3/13/2025		294,869		296,916
Univar, Inc., Term Loan B, 1-month USD LIBOR + 2.250%, 4.049%, 7/1/2024		350,000		351,881
Vistra Operations Co. LLC:
First Lien Term Loan B3, 1-month USD-LIBOR + 2.000%, 3.487%, 12/31/2025		36,619		36,889
First Lien Term Loan B3, 1-month USD-LIBOR + 2.000%, 3.549%, 12/31/2025		153,519		154,652
Total Loan Participations and Assignments (Cost $1,382,146)				1,351,042
Short-Term U.S. Treasury Obligation 2.0%
U.S. Treasury Bill, 1.762% **, 7/16/2020 (e) (Cost $39,614,318)		40,000,000		39,665,439
	Shares		Value ($)
Securities Lending Collateral 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (g) (f) (Cost $1,327,480)		1,327,480		1,327,480
Cash Equivalents 11.0%
DWS Central Cash Management Government Fund, 1.62% (f)		125,507,745		125,507,745
DWS ESG Liquidity Fund “Capital Shares”, 1.76% (f)		94,444,103		94,453,548
Total Cash Equivalents (Cost $219,957,011)				219,961,293
	% of Net Assets		Value ($)
Total Consolidated Investment Portfolio (Cost $1,927,735,936)		97.6		1,943,370,195
Other Assets and Liabilities, Net		2.4		47,082,801
Net Assets		100.0		1,990,452,996

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

DWS Enhanced Commodity Strategy Fund | 21

A summary of the Fund’s transactions with affiliated investments during the period ended December 31, 2019 are as follows:

Value ($) at 6/30/2019		Pur- chases Cost ($)		Sales Proceeds ($)			Net Real- ized Gain/ (Loss) ($)		Net Change in Unreal- ized Appreci- ation (Depreci- ation) ($)		Income ($)		Capital Gain Distri- butions ($)		Number of Shares at 12/31/2019		Value ($) at 12/31/2019
	Securities Lending Collateral 0.1%
	DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (g) (f)
	12,064,797		—		10,737,317	(h)		—		—		8,337		—		1,327,480		1,327,480
	Cash Equivalents 11.1%
	DWS Central Cash Management Government Fund, 1.62% (f)
	73,209,011		1,462,682,059		1,410,383,325			—		—		1,741,450		—		125,507,745		125,507,745
	DWS ESG Liquidity Fund “Capital Shares”, 1.76% (f)
	143,164,257		21,298,392		70,014,500			4,681		718		1,143,073		—		94,444,103		94,453,548
	228,438,065		1,483,980,451		1,491,135,142			4,681		718		2,892,860		—		221,279,328		221,288,773

* Variable or floating rate security. These securities are shown at their current rate as of December 31, 2019. 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.

** Annualized yield at time of purchase; not a coupon rate.

(a) Investment was valued using significant unobservable inputs.

(b) Government-backed debt issued by financial companies or government sponsored enterprises.

(c) 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 December 31, 2019 amounted to $1,259,116, which is 0.1% of net assets.

(d) At December 31, 2019, this security has been pledged, in whole or in part, as collateral for open commodity-linked rate swap contracts.

(e) At December 31, 2019, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.

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

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

(h) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended December 31, 2019.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

CJSC: Closed Joint Stock Company

CLO: Collateralized Loan Obligation

ULSD: Ultra-Low Sulfur Diesel

Interest Only: Interest Only (IO) bonds represent the “interest only” portion of payments on a pool of underlying mortgages or mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages.

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

22 | DWS Enhanced Commodity Strategy Fund

LIBOR: London Interbank Offered Rate

LME: London Metal Exchange

REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

REIT: Real Estate Investment Trust

S&P GSCI: Standard & Poor’s Goldman Sachs Commodity Index

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.

At December 31, 2019, open futures contracts purchased were as follows:

Futures	Currency		Expiration Date		Contracts		Notional Amount ($)		Notional Value ($)		Unrealized Appreciation (Depreciation) ($)
Brent Crude Oil Futures		USD		1/31/2020		620		38,667,709		40,920,000		2,252,291
Copper Futures		USD		1/23/2020		250		36,424,019		38,486,438		2,062,419
Natural Gas Future		USD		2/26/2020		4,200		96,378,816		90,636,000		(5,742,816	)
Nickel Futures		USD		12/16/2020		675		68,743,930		57,501,900		(11,242,030	)
NY Harbor ULSD Futures		USD		2/28/2020		480		40,815,298		40,652,640		(162,658	)
Soybean Futures		USD		3/13/2020		750		35,498,552		35,831,250		332,698
Zinc Futures		USD		1/23/2020		585		35,115,495		33,337,686		(1,777,809	)
Total net unrealized depreciation												(14,277,905	)

At December 31, 2019, open futures contracts sold were as follows:

Futures	Currency		Expiration Date		Contracts		Notional Amount ($)		Notional Value ($)		Unrealized Appreciation (Depreciation) ($)
Coffee ‘C’ Futures		USD		3/19/2020		300		14,595,969		14,591,250		4,719
Copper Futures		USD		1/23/2020		250		36,430,669		38,486,438		(2,055,769	)
LME Nickel Futures		USD		12/13/2021		175		15,421,534		15,175,650		245,884
Natural Gas Futures		USD		3/27/2020		4,200		92,397,057		90,258,000		2,139,057
Natural Gas Futures		USD		6/26/2020		3,800		88,171,994		87,514,000		657,994
Nickel Futures		USD		12/16/2020		500		48,450,300		42,594,000		5,856,300
Zinc Futures		USD		1/23/2020		585		36,107,620		33,337,687		2,769,933
Total net unrealized appreciation												9,618,118

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

DWS Enhanced Commodity Strategy Fund | 23

Each commodity linked swap is a commitment to receive the total return of the specified commodity linked index in exchange for a fixed financing rate. At December 31, 2019, open commodity-linked swap contracts were as follows:

Pay/Receive Return of the Reference Index	Expiration Date	Counterparty	Notional Amount		Fixed Fee Received/ (Paid) by the Fund			Frequency	Value ($) (i)
Long Positions
Barclays EFS Custom Commodity Basket 08 Index/BEFSCB08	1/15/2020	Barclays Bank PLC		80,000,000		—		At Expiration		356,502
Bloomberg Commodity Index 6 Month Forward/BCOMF6	1/15/2020	Macquarie Bank Ltd.		67,294,000		(0.17	%)	At Expiration		1,369,972
Bloomberg Commodity Index/BCOM	1/15/2020	Merrill Lynch International Ltd.		116,646,000		(0.10	%)	At Expiration		2,159,558
Bloomberg Commodity Index/BCOM	1/15/2020	BNP Paribas		117,764,000		(0.12	%)	At Expiration		2,179,291
Bloomberg Commodity Index/BCOM	1/15/2020	Goldman Sachs & Co.		67,294,000		(0.10	%)	At Expiration		1,245,866
Bloomberg Commodity Index/BCOM	1/15/2020	Barclays Bank PLC		84,117,000		(0.11	%)	At Expiration		1,556,979
Bloomberg Commodity Index/BCOM	1/15/2020	Morgan Stanley		67,294,000		(0.12	%)	At Expiration		1,245,314
Bloomberg Commodity Index/BCOM	1/15/2020	Credit Suisse		66,621,000		(0.11	%)	At Expiration		1,233,134
Bloomberg Commodity Index/BCOM	1/15/2020	JPMorgan Chase Securities, Inc.		168,235,000		(0.09	%)	At Expiration		3,115,355
Bloomberg Commodity Index/BCOM	1/15/2020	Canadian Imperial Bank of Commerce		67,294,000		(0.13	%)	At Expiration		1,245,039
BNP Paribas 03 Alpha Index/BNPIFMN3	1/15/2020	BNP Paribas		76,407,000		(0.12	%)	At Expiration		187,476
Citi Custom CiVICS 7 Excess Return/CVICSER7	1/15/2020	Citigroup, Inc.		236,068,000		(0.13	%)	At Expiration		4,008,555
Credit Suisse Custom 10 Excess Return Index/CSCUS10E	1/15/2020	Credit Suisse		34,320,000		(0.18	%)	At Expiration		634,258

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

24 | DWS Enhanced Commodity Strategy Fund

Pay/Receive Return of the Reference Index	Expiration Date	Counterparty	Notional Amount		Fixed Fee Received/ (Paid) by the Fund			Frequency	Value ($) (i)
Goldman Sachs Brent Vol Carry 05/GSVLBR05	2/18/2020	Goldman Sachs & Co.		24,100,000		(0.35	%)	At Expiration		701,698
Goldman Sachs Brent Vol Carry 05/GSVLBR05	2/19/2020	Goldman Sachs & Co.		24,100,000		(0.35	%)	At Expiration		401,606
Goldman Sachs Commodity Commitment of Traders Strategy COT3/ABGSCOT3	1/15/2020	Goldman Sachs & Co.		38,135,000		(0.35	%)	At Expiration		(374,630	)
Macquarie Commodity Index 677E/MQCP677E	1/15/2020	Macquarie Bank Ltd.		92,450,000		(0.15	%)	At Expiration		(311,971	)
Macquarie Commond Product 706E/MQCP706E	1/15/2020	Macquarie Bank Ltd.		300,000,000		(0.25	%)	At Expiration		(130,677	)
Macquarie Vol Product 2CO2/VMAC2CO2	2/17/2020	Macquarie Bank Ltd.		25,000,000		(0.20	%)	At Expiration		1,232,415
Macquarie Vol Product 2CO2/VMAC2CO2	2/18/2020	Macquarie Bank Ltd.		25,000,000		(0.20	%)	At Expiration		1,116,799
Merrill Lynch Enhanced Benchmark — A Pre Roll Excess Return Index/MLCXAPRE	1/15/2020	Merrill Lynch International Ltd.		75,706,000		(0.14	%)	At Expiration		1,400,329
Modified Strategy D177 on the Bloomberg Commodity Index/ENHG177P	1/15/2020	Goldman Sachs & Co.		100,941,000		(0.43	%)	At Expiration		2,145,615
Morgan Stanley Value B2R/MSCBVB2R	1/15/2020	Morgan Stanley		58,586,000		(0.45	%)	At Expiration		(985,820	)
RBC Enhanced Commodity Basket 01 Excess Return Index/RBCAEC01	1/15/2020	Royal Bank of Canada		74,023,000		(0.11	%)	At Expiration		1,520,258
RBC Enhanced Commodity D01 Excess Return Index/RBCADC01	1/15/2020	Royal Bank of Canada		111,035,000		(0.20	%)	At Expiration		2,241,734

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

DWS Enhanced Commodity Strategy Fund | 25

Pay/Receive Return of the Reference Index	Expiration Date	Counterparty	Notional Amount		Fixed Fee Received/ (Paid) by the Fund			Frequency	Value ($) (i)
RBC Enhanced Commodity MSC4 Index/RBCAMSC4	1/15/2020	Royal Bank of Canada		36,476,000		(0.35	%)	At Expiration		(393,319	)
S&P GSCI Palladium Index Excess Return/SPGCPAP	1/15/2020	Morgan Stanley		60,000,000		(0.16	%)	At Expiration		557,510
Societe Generale Commodity Index/SGCOM11S	1/15/2020	Societe Generale		35,329,000		(0.05	%)	At Expiration		652,978
Societe Generale M Po 3 U Index/SGCOL45E	1/15/2020	Societe Generale		47,106,000		(0.16	%)	At Expiration		972,992
Societe Generale M Po 4 U Index/SGCOM15E	1/15/2020	Societe Generale		35,329,000		(0.18	%)	At Expiration		750,679
UBS Custom Commodity Index/UBSIB163	1/15/2020	UBS AG		108,810,500		(0.16	)%	At Expiration		2,293,317

Index Description	Ticker	Notional Amount ($)	Index Weight (%)	Value ($)
Bloomberg Zinc Subindex	BCOMZS	(60,000,000)	27.6		(633,048	)
Bloomberg Commodity Index	BCOM	117,764,000	54.1		2,177,883
Bloomberg Gold Subindex	BCOMGC	(6,779,000)	3.1		(191,763	)
Bloomberg Wheat Subindex	BCOMWH	17,219,000	7.9		849,002
Bloomberg Copper Subindex	BCOMHG	15,859,000	7.3		91,243
Total UBS Custom Commodity Index					2,293,317

UBS Targeted Commodity Curve Carry Weekly D/UBSIDTCW	1/15/2020	UBS AG	450,000,000	(0.12	%)	At Expiration	541,967
Total net unrealized appreciation							34,870,779

(i) There are no upfront payments on the commodity-linked swaps listed above, therefore unrealized appreciation (depreciation) is equal to their value.

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

26 | DWS Enhanced Commodity Strategy Fund

Currency Abbreviation

USD United States Dollar

For information on the Fund’s policy and additional disclosures regarding futures contracts and commodity-linked swap contracts please refer to the Derivatives section of Note B in the accompanying Notes to Consolidated Financial Statements.

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 December 31, 2019 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 Consolidated Financial Statements.

Assets	Level 1			Level 2			Level 3		Total
Fixed Income Investments (j)
Corporate Bonds	$	—		$	511,047,769		$	—	$	511,047,769
Mortgage-Backed Securities Pass-Throughs		—			6,290,263			—		6,290,263
Asset-Backed		—			183,318,351			—		183,318,351
Commercial Mortgage-Backed Securities		—			85,350,192			99,296		85,449,488
Collateralized Mortgage Obligations		—			36,201,441			—		36,201,441
Government & Agency Obligations		—			858,757,629			—		858,757,629
Loan Participations and Assignments		—			1,351,042			—		1,351,042
Short-Term U.S. Treasury Obligation		—			39,665,439			—		39,665,439
Short-Term Investments (j)		221,288,773			—			—		221,288,773
Derivatives (k)
Futures Contracts		16,321,295			—			—		16,321,295
Commodity-Linked Swap Contracts		—			37,067,196			—		37,067,196
Total	$	237,610,068		$	1,759,049,322		$	99,296	$	1,996,758,686
Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (k)
Futures Contracts	$	(20,981,082	)	$	—		$	—	$	(20,981,082	)
Commodity-Linked Swap Contracts		—			(2,196,417	)		—		(2,196,417	)
Total	$	(20,981,082	)	$	(2,196,417	)	$	—	$	(23,177,499	)

(j) See Consolidated Investment Portfolio for additional detailed categorizations.

(k) Derivatives include unrealized appreciation (depreciation) on open futures contracts and commodity-linked swap contracts.

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

DWS Enhanced Commodity Strategy Fund | 27

Consolidated Statement of Assets and Liabilities

as of December 31, 2019 (Unaudited)
Assets
Investments in non-affiliated securities, at value (cost $1,706,451,445) — including $1,259,116 of securities loaned	$	1,722,081,422
Investment in DWS Government & Agency Securities Portfolio (cost $1,327,480)*		1,327,480
Investment in affiliated securities, at value (cost $219,957,011)		219,961,293
Cash		3,031,791
Cash held as collateral for over-the-counter derivatives		7,670,000
Receivable for investments sold		4,782,234
Receivable for Fund shares sold		6,152,044
Interest receivable		11,361,584
Unrealized appreciation on bilateral swap contracts		37,067,196
Other assets		86,952
Total assets		2,013,521,996
Liabilities
Payable upon return of securities loaned		1,327,480
Payable for Fund shares redeemed		4,630,048
Payable for variation margin on futures contracts		4,599,564
Payable upon return of collateral for over-the-counter derivatives		7,670,000
Unrealized depreciation on bilateral swap contracts		2,196,417
Accrued management fee		963,170
Accrued Trustees’ fees		71,441
Other accrued expenses and payables		1,610,880
Total liabilities		23,069,000
Net assets, at value	$	1,990,452,996

* Represents collateral on securities loaned

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

28 | DWS Enhanced Commodity Strategy Fund

Consolidated Statement of Assets and Liabilities
as of December 31, 2019 (Unaudited) (continued)

Net Assets Consist of
Distributable earnings (loss)	$	(256,107	)
Paid-in capital		1,990,709,103
Net assets, at value	$	1,990,452,996
Net Asset Value
Class A
Net Asset Value and redemption price per share ($68,688,895 ÷ 7,298,530 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	9.41
Maximum offering price per share (100 ÷ 94.25 of $9.41)	$	9.98
Class T
Net Asset Value, offering and redemption price per share ($9,770 ÷ 1,037 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	9.42
Maximum offering price per share (100 ÷ 97.50 of $9.42)	$	9.66
Class C
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($12,217,779 ÷ 1,447,707 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	8.44
Class R6
Net Asset Value, offering and redemption price per share ($33,203,933 ÷ 3,475,528 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	9.55
Class S
Net Asset Value, offering and redemption price per share ($108,314,091 ÷ 11,365,162 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	9.53
Institutional Class
Net Asset Value, offering and redemption price per share ($1,768,018,528 ÷ 184,942,139 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	9.56

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

DWS Enhanced Commodity Strategy Fund | 29

Consolidated Statement of Operations

for the six months ended December 31, 2019 (Unaudited)
Investment Income
Income:
Interest	$	24,959,178
Income distributions from affiliated securities		2,884,523
Securities lending income, net of borrower rebates		8,337
Total income		27,852,038
Expenses:
Management fee		9,500,642
Administration fee		1,083,653
Services to shareholders		1,917,987
Distribution and service fees		155,200
Custodian fee		143,264
Professional fees		83,449
Reports to shareholders		270,964
Registration fees		66,417
Trustees’ fees and expenses		67,990
Other		110,048
Total expenses before expense reductions		13,399,614
Expense reductions		(3,193,085	)
Total expenses after expense reductions		10,206,529
Net investment income		17,645,509
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Affiliated investments		4,681
Non-affiliated Investments		6,862,386
Swap contracts		(31,972,816	)
Futures		(4,243,918	)
Foreign currency		60
		(29,349,607	)
Change in net unrealized appreciation (depreciation) on:
Affiliated investments		718
Non-affiliated investments		(766,637	)
Swap contracts		4,642,500
Futures		(4,161,878	)
		(285,297	)
Net gain (loss)		(29,634,904	)
Net increase (decrease) in net assets resulting from operations	$	(11,989,395	)

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

30 | DWS Enhanced Commodity Strategy Fund

Consolidated Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended December 31, 2019 (Unaudited)			Year Ended June 30, 2019
Operations:
Net investment income (loss)	$	17,645,509		$	52,553,168
Net realized gain (loss)		(29,349,607	)		(497,831,200	)
Change in net unrealized appreciation (depreciation)		(285,297	)		120,844,130
Net increase (decrease) in net assets resulting from operations		(11,989,395	)		(324,433,902	)
Distributions to shareholders:
Class A		(586,193	)		(9,911,048	)
Class T		(82	)		(1,069	)
Class C		(59,634	)		(2,068,358	)
Class R6		(341,498	)		(3,182,911	)
Class S		(1,353,943	)		(34,677,287	)
Institutional Class		(18,515,688	)		(279,282,977	)
Total distributions		(20,857,038	)		(329,123,650	)
Fund share transactions:
Proceeds from shares sold		380,810,627			1,201,864,248
Reinvestment of distributions		19,016,583			312,998,059
Payments for shares redeemed		(1,141,923,761	)		(1,554,951,420	)
Net increase (decrease) in net assets from Fund share transactions		(742,096,551	)		(40,089,113	)
Increase (decrease) in net assets		(774,942,984	)		(693,646,665	)
Net assets at beginning of period		2,765,395,980			3,459,042,645
Net assets at end of period	$	1,990,452,996		$	2,765,395,980

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

DWS Enhanced Commodity Strategy Fund | 31

Consolidated Financial Highlights

	Six Months Ended 12/31/19				Years Ended June 30,
Class A	(Unaudited)				2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period		$	9.47		$	11.71		$	10.88		$	12.60		$	13.42		$	15.86
Income (loss) from investment operations:
Net investment income (loss)a			.06			.15			.08			.03			.02			.02
Net realized and unrealized gain (loss)			(.04	)		(1.27	)		.78			(.97	)		(.83	)		(2.01	)
Total from investment operations			.02			(1.12	)		.86			(.94	)		(.81	)		(1.99	)
Less distributions from:
Net investment income			(.08	)		(1.12	)		(.03	)		(.78	)		(.01	)		(.45	)
Redemption fees			—			—			—			.00	***		.00	***		.00	***
Net asset value, end of period		$	9.41		$	9.47		$	11.71		$	10.88		$	12.60		$	13.42
Total Return (%)b,c			.21	**		(9.77	)		7.87			(7.70	)		(6.00	)		(12.65	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)			69			75			121			110			129			130
Ratio of expenses before expense reductions (%)			1.52	*		1.48			1.43			1.47			1.44			1.52
Ratio of expenses after expense reductions (%)			1.30	*		1.34			1.35			1.33			1.36			1.49
Ratio of net investment income (loss) (%)			1.26	*		1.43			.73			.28			.19			.13
Portfolio turnover rate (%)			24	**		65			79			52			92			95

^a  Based on average shares outstanding during the period.

^b  Total return does not reflect the effect of any sales charges.

^c  Total return would have been lower had certain expenses not been reduced.

^*  Annualized

^**  Not annualized

^***  Amount is less than $.005.

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

32 | DWS Enhanced Commodity Strategy Fund

	Six Months Ended 12/31/19			Years Ended June 30,						Period Ended
Class T	(Unaudited)			2019			2018			6/30/17a
Selected Per Share Data
Net asset value, beginning of period		$9.48			$11.72			$10.88			$10.88
Income (loss) from investment operations:
Net investment income (loss)b		.06			.14			.09			.00	***
Net realized and unrealized gain (loss)		(.04	)		(1.25	)		.77			(.00	)***
Total from investment operations		.02			(1.11	)		.86			.00	***
Less distributions from:
Net investment income		(.08	)		(1.13	)		(.02	)		(.00	)***
Net asset value, end of period		$9.42			$9.48			$11.72			$10.88
Total Return (%)c,d		.22	**		(9.72	)		7.95			.01	**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ thousands)		10			10			11			10
Ratio of expenses before expense reductions (%)		1.42	*		1.40			1.36			1.57	*
Ratio of expenses after expense reductions (%)		1.27	*		1.32			1.29			1.35	*
Ratio of net investment income (loss) (%)		1.24	*		1.42			.80			.47	*
Portfolio turnover rate (%)		24	**		65			79			52	e

^a  For the period from June 5, 2017 (commencement of operations) to June 30, 2017.

^b  Based on average shares outstanding during the period.

^c  Total return does not reflect the effect of any sales charges.

^d  Total return would have been lower had certain expenses not been reduced.

^e  Represents the Fund’s portfolio turnover rate for the year ended June 30, 2017.

^*  Annualized

^**  Not annualized

^***  Amount is less than $.005.

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

DWS Enhanced Commodity Strategy Fund | 33

	Six Months Ended 12/31/19				Years Ended June 30,
Class C	(Unaudited)				2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period		$	8.49		$	10.50		$	9.80		$	11.39		$	12.21		$	14.48
Income (loss) from investment operations:
Net investment income (loss)a			.02			.06			(.00	)***		(.05	)		(.06	)		(.08	)
Net realized and unrealized gain (loss)			(.03	)		(1.13	)		.70			(.88	)		(.76	)		(1.83	)
Total from investment operations			(.01	)		(1.07	)		.70			(.93	)		(.82	)		(1.91	)
Less distributions from:
Net investment income			(.04	)		(.94	)		—			(.66	)		—			(.36	)
Redemption fees			—			—			—			.00	***		.00	***		.00	***
Net asset value, end of period		$	8.44		$	8.49		$	10.50		$	9.80		$	11.39		$	12.21
Total Return (%)b,c			(.12	)**		(10.48	)		7.14			(8.42	)		(6.72	)		(13.30	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)			12			15			27			27			29			32
Ratio of expenses before expense reductions (%)			2.22	*		2.18			2.17			2.21			2.22			2.29
Ratio of expenses after expense reductions (%)			2.05	*		2.09			2.09			2.08			2.11			2.24
Ratio of net investment income (loss) (%)			.51	*		.68			(.02	)		(.47	)		(.56	)		(.61	)
Portfolio turnover rate (%)			24	**		65			79			52			92			95

^a  Based on average shares outstanding during the period.

^b  Total return does not reflect the effect of any sales charges.

^c  Total return would have been lower had certain expenses not been reduced.

^*  Annualized

^**  Not annualized

^***  Amount is less than $.005.

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

34 | DWS Enhanced Commodity Strategy Fund

	Six Months Ended 12/31/19				Years Ended June 30,									Period Ended
Class R6	(Unaudited)				2019			2018			2017			6/30/16a
Selected Per Share Data
Net asset value, beginning of period		$	9.62		$	11.89		$	11.04		$	12.79		$	12.50
Income (loss) from investment operations:
Net investment incomeb			.08			.19			.13			.08			.01
Net realized and unrealized gain (loss)			(.05	)		(1.28	)		.79			(.99	)		.30
Total from investment operations			.03			(1.09	)		.92			(.91	)		.31
Less distributions from:
Net investment income			(.10	)		(1.18	)		(.07	)		(.84	)		(.02	)
Redemption fees			—			—			—			.00	***		.00	***
Net asset value, end of period		$	9.55		$	9.62		$	11.89		$	11.04		$	12.79
Total Return (%)c			.43	**		(9.46	)		8.36			(7.37	)		2.46	**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)			33			30			22			13			5
Ratio of expenses before expense reductions (%)			1.09	*		1.06			1.07			1.09			1.27	*
Ratio of expenses after expense reductions (%)			.90	*		.95			.95			.96			.95	*
Ratio of net investment income (%)			1.64	*		1.86			1.14			.67			.68	*
Portfolio turnover rate (%)			24	**		65			79			52			92	d

^a  For the period from June 1, 2016 (commencement of operations) to June 30, 2016.

^b  Based on average shares outstanding during the period.

^c  Total return would have been lower had certain expenses not been reduced.

^d  Represents the Fund’s portfolio turnover rate for the year ended June 30, 2016.

^*  Annualized

^**  Not annualized

^***  Amount is less than $.005.

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

DWS Enhanced Commodity Strategy Fund | 35

	Six Months Ended 12/31/19			Years Ended June 30,
Class S	(Unaudited)			2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period		$9.59			$11.86			$11.02			$12.76			$13.58			$16.05
Income (loss) from investment operations:
Net investment income (loss)a		.07			.17			.11			.06			.05			.04
Net realized and unrealized gain (loss)		(.04	)		(1.28	)		.78			(.99	)		(.84	)		(2.03	)
Total from investment operations		.03			(1.11	)		.89			(.93	)		(.79	)		(1.99	)
Less distributions from:
Net investment income		(.09	)		(1.16	)		(.05	)		(.81	)		(.03	)		(.48	)
Redemption fees		—			—			—			.00	***		.00	***		.00	***
Net asset value, end of period		$9.53			$9.59			$11.86			$11.02			$12.76			$13.58
Total Return (%)b		.32	**		(9.58	)		8.08			(7.50	)		(5.77	)		(12.51	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		108			195			520			349			298			283
Ratio of expenses before expense reductions (%)		1.28	*		1.21			1.19			1.24			1.25			1.30
Ratio of expenses after expense reductions (%)		1.10	*		1.14			1.12			1.13			1.17			1.28
Ratio of net investment income (loss) (%)		1.48	*		1.60			.97			.48			.39			.32
Portfolio turnover rate (%)		24	**		65			79			52			92			95

^a  Based on average shares outstanding during the period.

^b  Total return would have been lower had certain expenses not been reduced.

^*  Annualized

^**  Not annualized

^***  Amount is less than $.005.

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

36 | DWS Enhanced Commodity Strategy Fund

	Six Months Ended 12/31/19			Years Ended June 30,
Institutional Class	(Unaudited)			2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period		$9.62			$11.90			$11.05			$12.80			$13.63			$16.10
Income (loss) from investment operations:
Net investment income (loss)a		.08			.19			.13			.07			.06			.06
Net realized and unrealized gain (loss)		(.04	)		(1.29	)		.79			(.99	)		(.84	)		(2.03	)
Total from investment operations		.04			(1.10	)		.92			(.92	)		(.78	)		(1.97	)
Less distributions from:
Net investment income		(.10	)		(1.18	)		(.07	)		(.83	)		(.05	)		(.50	)
Redemption fees		—			—			—			.00	***		.00	***		.00	***
Net asset value, end of period		$9.56			$9.62			$11.90			$11.05			$12.80			$13.63
Total Return (%)		.42	b**		(9.47	)b		8.31	b		(7.40	)b		(5.70	)b		(12.36	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		1,768			2,450			2,769			2,246			2,127			358
Ratio of expenses before expense reductions (%)		1.22	*		1.16			1.13			1.18			1.16			1.17
Ratio of expenses after expense reductions (%)		.91	*		.99			.99			.99			1.01			1.17
Ratio of net investment income (loss) (%)		1.66	*		1.79			1.09			.62			.53			.44
Portfolio turnover rate (%)		24	**		65			79			52			92			95

^a  Based on average shares outstanding during the period.

^b  Total return would have been lower had certain expenses not been reduced.

^*  Annualized

^**  Not annualized

^***  Amount is less than $.005.

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

DWS Enhanced Commodity Strategy Fund | 37

Notes to Consolidated Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

DWS Enhanced Commodity Strategy Fund (the “Fund”) is a diversified series of Deutsche DWS Securities 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 T shares are subject to an initial sales charge and are only available through certain financial intermediaries. Class T shares are closed to new purchases, except in connection with the reinvestment of dividends or other distributions. 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 10 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 10 years. Class R6 shares are not subject to initial or contingent deferred sales charges and are generally available only to certain retirement plans. Class S shares are not subject to initial or contingent deferred sales charges and are only available to a limited group of investors. 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 consolidated 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. 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 consolidated financial statements.

38 | DWS Enhanced Commodity Strategy Fund

Principles of Consolidation. The Fund invests indirectly in commodities markets through a wholly owned subsidiary, Cayman Commodity II, Ltd., organized under the laws of the Cayman Islands (the “Subsidiary”). The Fund and the Subsidiary are each a commodity pool and are subject to the requirements of the Commodity Exchange Act (“CEA”), as amended, and the rules of the Commodity Futures Trading Commission (“CFTC”) promulgated thereunder. DWS Investment Management Americas, Inc. (the “Advisor”) acts as a commodity pool operator with respect to the operation of the Fund and the Subsidiary as commodity pools under and pursuant to the CEA. The Advisor, the Fund and the Subsidiary are subject to dual regulation by the CFTC and the Securities and Exchange Commission. Among other investments, the Subsidiary may invest in commodity-linked derivative instruments, such as futures and options contracts and commodity-linked swaps. The Subsidiary may also invest in debt securities, some of which are intended to serve as margin or collateral for the Subsidiary’s derivatives positions. The Subsidiary may also invest available cash in affiliated money market funds. The Subsidiary is managed by the same portfolio managers that manage the Fund. As of December 31, 2019, the Fund’s investment in the Subsidiary was $391,786,868, representing 19% of the Fund’s total assets.

The Fund’s Investment Portfolio has been consolidated and includes the portfolio holdings of the Fund and the Subsidiary. The consolidated financial statements include the accounts of the Fund and the Subsidiary. All inter-company transactions and balances have been eliminated.

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.

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.

Debt securities and loan participations and assignments are valued at prices supplied by independent pricing services approved by the Fund’s Board. 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

DWS Enhanced Commodity Strategy Fund | 39

broker-dealers and loan participations and assignments are valued at the mean of the most recent bid and ask quotations or evaluated prices, as applicable, obtained from one or more broker-dealers. Certain securities may be valued on the basis of a price provided by a single source or broker-dealer. No active trading market may exist for some senior loans and they may be subject to restrictions on resale. The inability to dispose of senior loans in a timely fashion could result in losses. 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.

Swap contracts are valued daily based upon prices supplied by a Board approved pricing vendor, if available, and otherwise are valued at the price provided by the broker-dealer. Swap contracts are generally categorized as Level 2.

Exchange-traded options are valued at the last sale price or, in the absence of a sale, the mean between the closing bid and asked prices or at the most recent asked price (bid for purchased options) if no bid or asked price are available. Exchange-traded options are generally categorized as Level 1. Over-the-counter written or purchased options are valued at prices supplied by a Board approved pricing vendor, if available, and otherwise are valued at the price provided by the broker-dealer with which the option was traded. Over-the-counter written or purchased options are generally categorized as Level 2.

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 Board 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

40 | DWS Enhanced Commodity Strategy Fund

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 Consolidated Investment Portfolio.

Securities Lending. Brown Brothers Harriman & Co., as 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 either cash and/or U.S. Treasury Securities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the 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 six months ended December 31, 2019, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.12% annualized effective rate as of December 31, 2019) 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 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 December 31, 2019, the Fund had securities on loan, which were classified as government and agency obligations in the Consolidated Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.

When-Issued/Delayed Delivery Securities. The Fund may purchase or sell securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time the Fund enters into a commitment

DWS Enhanced Commodity Strategy Fund | 41

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. At the time the Fund enters into a purchase transaction it is required to segregate cash or other liquid assets at least equal to the amount of the commitment. Additionally, the Fund may be required to post securities and/or cash collateral in accordance with the terms of the commitment.

Certain risks may arise upon entering into when-issued or delayed delivery 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. Additionally, losses may arise due to changes in the value of the underlying securities.

Loan Participations and Assignments. Loan Participations and Assignments are portions of loans originated by banks and sold in pieces to investors. These floating rate loans (“Loans”) in which the Fund invests, are arranged between the borrower and one or more financial institutions (“Lenders”). These Loans may take the form of Senior Loans, which are corporate obligations often issued in connection with recapitalizations, acquisitions, leveraged buy-outs and refinancing. The Fund invests in such Loans in the form of participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). Participations typically result in the Fund having a contractual relationship only with the Lender, not with the borrower. The Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, the Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, or any rights of set-off against the borrower, and the Fund will not benefit directly from any collateral supporting the Loan in which it has purchased the Participation. As a result, the Fund assumes the credit risk of both the borrower and the Lender that is selling the Participation. Assignments typically result in the Fund having a direct contractual relationship with the borrower, and the Fund may enforce compliance by the borrower with the terms of the loan agreement. Loans held by the Fund are generally in the form of Assignments but the Fund may also invest in Participations. All Loans involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower.

42 | DWS Enhanced Commodity Strategy Fund

Federal Income Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable income to its shareholders.

Income from certain commodity-linked derivatives does not constitute “qualifying income” to the Fund. Receipt of such income could cause the Fund to be subject to tax at the Fund level. The IRS has issued a private letter ruling to the Fund stating that such income earned through its wholly owned Subsidiary constitutes qualifying income. The Fund is required to increase its taxable income by its share of the Subsidiary’s income, including net gains from commodity-linked transactions. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income for future periods.

At June 30, 2019, the Fund had net tax basis capital loss carryforwards of approximately $31,717,000, including short-term losses ($15,994,000) and long-term losses ($15,723,000), which may be applied against realized net taxable capital gains indefinitely.

At December 31, 2019, the aggregate cost of investments for federal income tax purposes was $2,176,441,248. The net unrealized depreciation for all investments based on tax cost was $234,584,585. This consisted of aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost of $569,580,039 and aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value of $804,164,624.

The Fund has reviewed the tax positions for the open tax years as of June 30, 2019 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s consolidated financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders quarterly. 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 investments in futures, swap contracts, expired capital loss carryforwards, and investment in the Subsidiary. As a result, net

DWS Enhanced Commodity Strategy Fund | 43

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.

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. 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 discounts and premiums are accreted/amortized for both tax and financial reporting purposes.

B. Derivative Instruments

Swaps. A swap is a contract between two parties to exchange future cash flows at periodic intervals based on the notional amount of the swap. A bilateral swap is a transaction between the fund and a counterparty where cash flows are exchanged between the two parties. A centrally cleared swap is a transaction executed between the fund and a counterparty, then cleared by a clearing member through a central clearinghouse. The central clearinghouse serves as the counterparty, with whom the fund exchanges cash flows.

The value of a swap is adjusted daily, and the change in value, if any, is recorded as unrealized appreciation or depreciation in the Consolidated Statement of Assets and Liabilities. Gains or losses are realized when the swap expires or is closed. Certain risks may arise when entering into swap transactions including counterparty default; liquidity; or unfavorable changes in interest rates or the value of the underlying reference security, commodity or index. In connection with bilateral swaps, securities and/or cash may be identified as collateral in accordance with the terms of the swap agreement to provide assets of value and recourse in the event of default. The maximum counterparty credit risk is the net present value of the cash flows

44 | DWS Enhanced Commodity Strategy Fund

to be received from or paid to the counterparty over the term of the swap, to the extent that this amount is beneficial to the Fund, in addition to any related collateral posted to the counterparty by the Fund. This risk may be partially reduced by a master netting arrangement between the Fund and the counterparty. Upon entering into a centrally cleared swap, 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 notional amount of the swap. Subsequent payments (“variation margin”) are made or received by the Fund dependent upon the daily fluctuations in the value of the swap. In a cleared swap transaction, counterparty risk is minimized as the central clearinghouse acts as the counterparty.

Commodity-linked swap agreements involve a commitment to pay interest in exchange for a commodity-linked return based on a notional amount. To the extent the return of the reference commodity or commodity index underlying the commodity-linked swap exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment or make a payment to the counterparty, respectively. For the six months ended December 31, 2019, the Fund entered into commodity-linked swap agreements to gain exposure to the investment return of assets that trade in the commodity markets, without investing directly in physical commodities.

A summary of the open commodity-linked swap contracts as of December 31, 2019 is included in a table following the Fund’s Consolidated Investment Portfolio. For the six months ended December 31, 2019, the investment in long commodity-linked swap contracts had a total notional amount generally indicative of a range from approximately $1,707,980,000 to $3,028,167,000, and the investment in short commodity-linked swap contracts had a total notional amount generally indicative of a range from $0 to approximately $168,396,000.

Options. An option contract is a contract in which the writer (seller) of the option grants the buyer of the option, upon payment of a premium, the right to purchase from (call option), or sell to (put option), the writer a designated instrument at a specified price within a specified period of time. The Fund may write or purchase interest rate swaption agreements which are options to enter into a pre-defined swap agreement. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise. The Fund may also purchase options on exchange-traded futures contracts where 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 underlying futures contract. Subsequent payments (“variation margin”) are made or received 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.

DWS Enhanced Commodity Strategy Fund | 45

Certain options, including options on indices, will require cash settlement by the Fund if exercised. For the six months ended December 31, 2019, the Fund entered into options on commodity futures contracts and commodity indices to gain exposure to the investment return of assets that trade in the commodity markets, without investing directly in physical commodities.

If the Fund writes a covered call option, the Fund foregoes, in exchange for the premium, the opportunity to profit during the option period from an increase in the market value of the underlying security above the exercise price. If the Fund writes a put option it accepts the risk of a decline in the value of the underlying security below the exercise price. Over-the-counter options have the risk of the potential inability of counterparties to meet the terms of their contracts. The Fund’s maximum exposure to purchased options is limited to the premium initially paid. There is no premium paid at the time of purchase on certain options on exchange-traded futures. At the expiration of these options on exchange-traded futures, the accumulated variation margin made or received is recorded as realized gains or losses. Certain risks may arise upon entering into option contracts including the risk that an illiquid secondary market will limit the Fund’s ability to close out an option contract prior to the expiration date and that a change in the value of the option contract may not correlate exactly with changes in the value of the securities or currencies hedged.

There were no open purchased and written option contracts as of December 31, 2019. For the six months ended December 31, 2019, the investment in purchased options contracts had a total value generally indicative of a range from $0 to approximately $512,000.

Futures Contracts. 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 six months ended December 31, 2019, the Fund entered into commodity futures contracts to gain exposure to the investment return of assets that trade in the commodity markets, without investing directly in physical commodities, and 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 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

46 | DWS Enhanced Commodity Strategy Fund

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 disclosed in the Consolidated Statement of Assets and Liabilities.

A summary of the open futures contracts as of December 31, 2019 is included in the table following the Fund’s Consolidated Investment Portfolio. There were no open futures options contracts as of December 31, 2019. For the six months ended December 31, 2019, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $206,858,000 to $428,239,000, the investment in futures options contracts purchased had a total notional value generally indicative of a range from $0 to $3,700,000, and the investment in futures contracts sold had a total notional value generally indicative of a range from approximately $114,021,000 to $362,377,000.

The following tables summarize the value of the Fund’s derivative instruments held as of December 31, 2019 and the related location in the accompanying Consolidated Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Asset Derivatives	Swap Contracts		Futures Contracts		Total
Commodity Contracts (a) (b)		$37,067,196	$	16,321,295		$53,388,491

Each of the above derivatives is located in the following Consolidated Statement of Assets and Liabilities accounts:

(a) Includes cumulative appreciation of futures contracts as disclosed in the Consolidated Investment Portfolio. Unsettled variation margin is disclosed separately within the Consolidated Statement of Assets and Liabilities.

(b) Unrealized appreciation on bilateral swap contracts

Liability Derivatives	Swap Contracts		Futures Contracts		Total
Commodity Contracts (c) (d)		$(2,196,417)		$(20,981,082)		$(23,177,499)

Each of the above derivatives is located in the following Consolidated Statement of Assets and Liabilities accounts:

(c) Includes cumulative depreciation of futures contracts as disclosed in the Consolidated Investment Portfolio. Unsettled variation margin is disclosed separately within the Consolidated Statement of Assets and Liabilities.

(d) Unrealized depreciation on bilateral swap contracts

DWS Enhanced Commodity Strategy Fund | 47

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the six months ended December 31, 2019 and the related location on the accompanying Consolidated Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Realized Gain (Loss)	Purchased Options			Swap Contracts			Futures Contracts			Total
Interest Rate Contracts (e)	$	—		$	—		$	(90,084	)	$	(90,084	)
Commodity Contracts (e)		(512,082	)		(31,972,816	)		(4,153,834	)		(36,638,732	)
	$	(512,082	)	$	(31,972,816	)	$	(4,243,918	)	$	(36,728,816	)

Each of the above derivatives is located in the following Consolidated Statement of Operations accounts:

(e) Net realized gain (loss) from investments (includes purchased options), swap contracts and futures, respectively

Change in Net Unrealized Appreciation (Depreciation)
	Swap Contracts		Futures Contracts			Total
Interest Rate Contracts (f)	$	—	$	128,511		$	128,511
Commodity Contracts (f)		4,642,500		(4,290,389	)		352,111
	$	4,642,500	$	(4,161,878	)	$	480,622

Each of the above derivatives is located in the following Consolidated Statement of Operations accounts:

(f) Change in net unrealized appreciation (depreciation) on swap contracts and futures contracts, respectively

As of December 31, 2019, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Fund may have collateral agreements with certain counterparties to mitigate risk. For financial reporting purposes the Consolidated Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Consolidated

48 | DWS Enhanced Commodity Strategy Fund

Statement of Assets and Liabilities to the net amounts by a counterparty, including any collateral exposure, is included in the following tables:

Counterparty	Gross Amounts of Assets Presented in the Consolidated Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Non-Cash Collateral Received		Cash Collateral Received (g)			Net Amount of Derivative Assets
Barclays Bank PLC	$	1,913,481	$	—		$	—	$	—		$	1,913,481
BNP Paribas		2,366,767		—			—		—			2,366,767
Canadian Imperial Bank of Commerce		1,245,039		—			—		—			1,245,039
Citigroup, Inc.		4,008,555		—			—		—			4,008,555
Credit Suisse		1,867,392		—			—		(1,867,392	)		—
Goldman Sachs & Co.		4,494,785		(374,630	)		—		(4,120,155	)		—
JPMorgan Chase Securities, Inc.		3,115,355		—			—		—			3,115,355
Macquarie Bank Ltd.		3,719,186		(442,648	)		—		—			3,276,538
Merrill Lynch International Ltd.		3,559,887		—			—		—			3,559,887
Morgan Stanley		1,802,824		(985,820	)		—		—			817,004
Royal Bank of Canada		3,761,992		(393,319	)		—		—			3,368,673
Societe Generale		2,376,649		—			—		—			2,376,649
UBS AG		2,835,284		—			—		—			2,835,284
	$	37,067,196	$	(2,196,417	)	$	—	$	(5,987,547	)	$	28,883,232

Counterparty	Gross Amounts of Liabilities Presented in the Consolidated Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities
Goldman Sachs & Co.	$	374,630	$	(374,630	)	$	—	$	—	$	—
Macquarie Bank Ltd.		442,648		(442,648	)		—		—		—
Morgan Stanley		985,820		(985,820	)		—		—		—
Royal Bank of Canada		393,319		(393,319	)		—		—		—
	$	2,196,417	$	(2,196,417	)	$	—	$	—	$	—

(g) The actual collateral received and/or pledged may be more than the amounts shown.

DWS Enhanced Commodity Strategy Fund | 49

C. Purchases and Sales of Securities

During the six months ended December 31, 2019, purchases and sales of investment securities, excluding short-term investments, were as follows:

	Purchases		Sales
Non-U.S. Treasury Obligations	$	233,487,969	$	870,759,423
U.S. Treasury Obligations	$	271,882,897	$	649,866,594

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 Fund’s average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $500 million of the Fund’s average daily net assets	.950%
Next $500 million of such net assets	.900%
Next $500 million of such net assets	.850%
Next $1 billion of such assets	.825%
Next $1 billion of such assets	.800%
Next $1.5 billion of such net assets	.775%
Over $5 billion of such net assets	.750%

Accordingly, for the six months ended December 31, 2019, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.88% of the Fund’s average daily net assets.

For the period from July 1,2019 through September 30, 2019 (through July 25, 2019 for Class R6 and Institutional Class), the Advisor had contractually agreed to waive all or a portion of 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 and interest) of each class as follows:

Class A	1.33%
Class T	1.33%

50 | DWS Enhanced Commodity Strategy Fund

Class C	2.08%
Class R6	.95%
Class S	1.13%
Institutional Class	.99%

Effective July 26, 2019 through September 30, 2020, 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 and interest) of certain classes as follows:

Class R6	.89	%
Institutional Class	.89	%

Effective October 1, 2019 through September 30, 2020, the Advisor has contractually agreed to waive all or a portion of 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 and interest) of each class as follows:

Class A	1.27%
Class T	1.27%
Class C	2.02%
Class S	1.07%

For the six months ended December 31, 2019, fees waived and/or expenses reimbursed for each class are as follows:

Class A	$	78,454
Class T		7
Class C		11,206
Class R6		29,305
Class S		138,366
Institutional Class		2,935,747
	$	3,193,085

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 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the six months ended December 31, 2019, the Administration Fee was $1,083,653, of which $167,269 is unpaid.

DWS Enhanced Commodity Strategy Fund | 51

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 DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended December 31, 2019, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at December 31, 2019
Class A	$	5,091	$	1,826
Class T		10		4
Class C		675		277
Class R6		4,906		1,611
Class S		6,688		2,695
Institutional Class		31,668		13,163
	$	49,038	$	19,576

In addition, for the six months ended December 31, 2019, the amounts charged to the Fund for recordkeeping and other administrative services provided by unaffiliated third parties, included in the Consolidated Statement of Operations under “Services to shareholders,” were as follows:

Sub-Recordkeeping	Total Aggregated
Class A	$	72,515
Class C		10,323
Class S		169,475
Institutional Class		1,512,743
	$	1,765,056

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 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 C shares. For the six months ended December 31, 2019, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated		Unpaid at December 31, 2019
Class C	$	50,036	$	7,807

In addition, DDI provides information and administrative services for a fee (“Service Fee”) to Class A, T and C shareholders at an annual rate of up to

52 | DWS Enhanced Commodity Strategy Fund

0.25% of 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 six months ended December 31, 2019, the Service Fee was as follows:

Service Fee	Total Aggregated		Unpaid at December 31, 2019		Annualized Rate
Class A	$	88,502	$	27,490		.25	%
Class T		7		5		.15	%
Class C		16,655		5,370		.25	%
	$	105,164	$	32,865

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 six months ended December 31, 2019 aggregated $1,907.

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 six months ended December 31, 2019, the CDSC for the Fund’s Class C shares was $935. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the six months ended December 31, 2019, DDI received $1,957 for Class A shares.

Typesetting and Filing Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the six months ended December 31, 2019, the amount charged to the Fund by DIMA included in the Consolidated Statement of Operations under “Reports to shareholders” aggregated $12,396, all of which 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 and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market 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. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund

DWS Enhanced Commodity Strategy Fund | 53

in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund’s assets invested in DWS ESG Liquidity Fund.

E. Line of Credit

The Fund and other affiliated funds (the “Participants”) share in a $400 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 rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if the one-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. 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 December 31, 2019.

F. Investing in Commodities-Related Investments

The Fund invests in commodity-linked derivative instruments such as commodity-linked swaps, commodity-linked structured notes and options and futures contracts that are designed to provide exposure to the investment return of assets that trade in the commodity markets, without investing directly in physical commodities. The commodities-linked derivatives instruments in which the Fund invests are more volatile than many other types of securities and may subject the Fund to special risks that do not apply to all derivatives transactions. The value of a commodity-linked derivative investment generally is based upon the price movements of a physical commodity (such as energy, minerals, or agricultural products), a futures contract, swap or commodity index, or other economic variables based upon changes in the value of commodities or the commodities markets. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, changes in storage costs, embargoes, tariffs, policies of commodity cartels and international economic, political and regulatory developments. Also, a liquid secondary market may not exist for the types of commodity-linked derivative instruments the Fund buys, which may make it difficult for the Fund to sell them at an acceptable price.

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G. Fund Share Transactions

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

	Six Months Ended December 31, 2019						Year Ended June 30, 2019
	Shares			Dollars			Shares			Dollars
Shares sold
Class A		1,215,576		$	11,284,072			3,324,103		$	33,722,112
Class C		46,121			381,543			279,539			2,593,285
Class R6		1,182,034			11,057,557			2,289,583			23,703,106
Class S		1,871,273			17,530,990			13,430,978			139,374,349
Institutional Class		36,349,955			340,556,465			96,936,899			1,002,471,396
				$	380,810,627					$	1,201,864,248
Shares issued to shareholders in reinvestment of distributions
Class A		32,028		$	298,038			608,923		$	6,111,991
Class T		9			82			107			1,069
Class C		5,446			45,480			189,037			1,702,847
Class R6		21,527			203,340			225,931			2,283,073
Class S		120,458			1,135,294			2,775,228			28,192,187
Institutional Class		1,833,186			17,334,349			27,037,466			274,706,892
				$	19,016,583					$	312,998,059
Shares redeemed
Class A		(1,865,997	)	$	(17,224,961	)		(6,365,569	)	$	(65,245,246	)
Class C		(388,640	)		(3,235,721	)		(1,246,158	)		(11,429,606	)
Class R6		(852,360	)		(7,956,168	)		(1,266,367	)		(12,462,460	)
Class S		(10,933,883	)		(102,165,190	)		(39,749,670	)		(416,188,265	)
Institutional Class		(107,924,099	)		(1,011,341,721	)		(102,027,072	)		(1,049,625,843	)
				$	(1,141,923,761	)				$	(1,554,951,420	)
Net increase (decrease)
Class A		(618,393	)	$	(5,642,851	)		(2,432,543	)	$	(25,411,143	)
Class T		9			82			107			1,069
Class C		(337,073	)		(2,808,698	)		(777,582	)		(7,133,474	)
Class R6		351,201			3,304,729			1,249,147			13,523,719
Class S		(8,942,152	)		(83,498,906	)		(23,543,464	)		(248,621,729	)
Institutional Class		(69,740,958	)		(653,450,907	)		21,947,293			227,552,445
				$	(742,096,551	)				$	(40,089,113	)

DWS Enhanced Commodity Strategy Fund | 55

Information About Your Fund’s Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads) and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2019 to December 31, 2019).

The tables illustrate your Fund’s expenses in two ways:

– Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold.

– Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000” line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. Subject to certain exceptions, an account maintenance fee of $20.00 assessed once per calendar year for Classes A, C and S shares may apply for accounts with balances less than $10,000. This fee is not included in these tables. If it was, the estimate of expenses paid for Classes A, C and S shares during the period would be higher, and account value during the period would be lower, by this amount.

56 | DWS Enhanced Commodity Strategy Fund

Expenses and Value of a $1,000 Investment for the six months ended December 31, 2019 (Unaudited)
Actual Fund Return	Class A		Class T		Class C		Class R6		Class S		Institutional Class
Beginning Account Value 7/1/19	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 12/31/19	$	1,002.10	$	1,002.20	$	998.80	$	1,004.30	$	1,003.20	$	1,004.20
Expenses Paid per $1,000*	$	6.54	$	6.39	$	10.30	$	4.53	$	5.54	$	4.58
Hypothetical 5% Fund Return	Class A		Class T		Class C		Class R6		Class S		Institutional Class
Beginning Account Value 7/1/19	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 12/31/19	$	1,018.60	$	1,018.75	$	1,014.83	$	1,020.61	$	1,019.61	$	1,020.56
Expenses Paid per $1,000*	$	6.60	$	6.44	$	10.38	$	4.57	$	5.58	$	4.62

* Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 366.

Annualized Expense Ratios	Class A			Class T			Class C			Class R6			Class S			Institutional Class
DWS Enhanced Commodity Strategy Fund		1.30	%		1.27	%		2.05	%		.90	%		1.10	%		.91	%

For more information, please refer to the Fund’s prospectus.

For an analysis of the fees associated with an investment in the Fund or

similar funds, please refer to tools.finra.org/fund_analyzer/.

DWS Enhanced Commodity Strategy Fund | 57

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWS Enhanced Commodity Strategy Fund’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) in September 2019.

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’s Contract Committee reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant”). Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

–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 addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

–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 other material service agreements.

In connection with the contract review process, the Contract Committee and 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

58 | DWS Enhanced Commodity Strategy Fund

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. In 2018, approximately 20% of DWS Group’s shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

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. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Fund’s 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 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, 2018, the Fund’s performance (Class A shares) was in the 2nd quartile, 3rd quartile and 1st 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 five-year period and has underperformed its benchmark in the one- and

DWS Enhanced Commodity Strategy Fund | 59

three-year periods ended December 31, 2018. The Board noted the disappointing investment performance of the Fund in some past periods and continued to discuss with senior management of DIMA the factors contributing to such underperformance and actions being taken to improve performance. The Board observed that the Fund had experienced improved relative performance in 2018. The Board recognized the efforts by DIMA in recent years to enhance its investment platform and improve long-term performance across the DWS fund complex.

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”) and the Fee Consultant 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 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were higher than the median (4th quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2018). 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, 2018, 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. The Board noted that, in connection with the 2017 and 2018 contract renewal process, DIMA agreed to implement a new management fee breakpoint.

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.

60 | DWS Enhanced Commodity Strategy Fund

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 and the Fee Consultant 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 lower than the overall profitability levels of most comparable firms for which such data was available.

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 in recent years. The Board noted in particular (i) the experience, seniority and time

DWS Enhanced Commodity Strategy Fund | 61

commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

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. 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. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

62 | DWS Enhanced Commodity Strategy Fund

Account Management Resources

For More Information	The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, T, C and S also have the ability to purchase, exchange or redeem shares using this system. For more information, contact your financial representative. You may also access our automated telephone system or speak with a Shareholder Service representative by calling: (800) 728-3337
Web Site	dws.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information.
Written Correspondence	DWS PO Box 219151 Kansas City, MO 64121-9151
Proxy Voting	The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337.
Portfolio Holdings	Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-PORT. This Fund’s Form N-PORT will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information.
Principal Underwriter	If you have questions, comments or complaints, contact: DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148

DWS Enhanced Commodity Strategy Fund | 63

Investment Management	DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group”) is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group. DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles.
	Class A	Class T	Class C	Class S	Institutional Class
Nasdaq Symbol	SKNRX	SKSTX	SKCRX	SKSRX	SKIRX
CUSIP Number	25159L 877	25159L 380	25159L 851	25159L 844	25159L 836
Fund Number	485	1785	785	2085	817
For shareholders of Class R6
Automated Information Line	DWS/Ascensus Plan Access (800) 728-3337 24-hour access to your retirement plan account.
Web Site	dws.com Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. Log in/register to manage retirement account assets at https://www.mykplan.com/participantsecure_net/login.aspx.
For More Information	(800) 728-3337 To speak with a service representative.
Written Correspondence	DWS Service Company 222 South Riverside Plaza Chicago, IL 60606-5806
	Class R6
Nasdaq Symbol	SKRRX
CUSIP Number	25159L 448
Fund Number	1685

64 | DWS Enhanced Commodity Strategy Fund

Privacy Statement

FACTS	What Does DWS Do With Your Personal Information?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share can include: – Social Security number – Account balances – Purchase and transaction history – Bank account information – Contact information such as mailing address, e-mail address and telephone number
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons DWS chooses to share and whether you can limit this sharing.

Reasons we can share your personal information	Does DWS share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We do not share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We do not share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We do not share
For non-affiliates to market to you	No	We do not share

Questions? Call (800) 728-3337 or e-mail us at service@dws.com

DWS Enhanced Commodity Strategy Fund | 65

Who we are
Who is providing this notice?	DWS Distributors, Inc; DWS Investment Management Americas, Inc.; DWS Trust Company; the DWS Funds
What we do
How does DWS protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards, secured files, and secured buildings.
How does DWS collect my personal information?	We collect your personal information, for example, when you: – open an account – give us your contact information – provide bank account information for ACH or wire transactions – tell us where to send money – seek advice about your investments
Why can’t I limit all sharing?	Federal law gives you the right to limit only – sharing for affiliates’ everyday business purposes – information about your creditworthiness – affiliates from using your information to market to you – sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank (“DB”) name, such as DB AG Frankfurt.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. DWS does not jointly market.

California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.

Rev. 12/2019

66 | DWS Enhanced Commodity Strategy Fund

Notes

Notes

Notes

Notes

Notes

DECSF-3

(R-025782-9 2/20)

ITEM 2.	CODE OF ETHICS
	Not applicable.
ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT
	Not applicable
ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES
	Not applicable
ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS
	Not applicable
ITEM 6.	SCHEDULE OF INVESTMENTS
	Not applicable
ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
	Not applicable
ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
	Not applicable
ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
	Not applicable
ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
	There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board.  The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600.
ITEM 11.	CONTROLS AND PROCEDURES
	(a)	The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
	(b)	There have been no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
ITEM 12.	Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
	Not applicable
ITEM 13.	EXHIBITS
	(a)(1)	Not applicable
	(a)(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
	(a)(3)	Not applicable
	(a)(4)	Not applicable
	(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:	DWS Enhanced Commodity Strategy Fund, a series of Deutsche DWS Securities Trust
By:	/s/Hepsen Uzcan Hepsen Uzcan President
Date:	2/28/2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/Hepsen Uzcan Hepsen Uzcan President
Date:	2/28/2020
By:	/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer
Date:	2/28/2020