UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSR
Investment Company Act file number: 811-02021
Deutsche DWS Securities Trust
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
| Date of fiscal year end: | 6/30 |
| Date of reporting period: | 6/30/2021 |
| ITEM 1. | REPORT TO STOCKHOLDERS |
| (a) |
June 30,
2021
Annual
Report
to Shareholders
DWS
Enhanced Commodity Strategy Fund
Contents
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 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 |
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. Investing in derivatives entails special risks
relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. 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
foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less
diverse and less mature economic structures and less stable political systems than those of developed countries. 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. The Fund may lend securities to approved institutions. Please read the prospectus for details.
War, terrorism, economic uncertainty, trade disputes,
public health crises (including the ongoing pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse
effects on the Fund and its investments.
| DWS Enhanced Commodity Strategy Fund | | 3 |
Letter to
Shareholders
Dear Shareholder:
The economic outlook remains positive overall, buoyed by
progress in the handling of the pandemic, good corporate earnings and support from central banks. While the U.S. and Asia are acting as growth engines, there is still some uncertainty whether the current momentum is sustainable.
Inflation has come back into focus sooner than expected as a
result of the combination of the growth upswing, stimulus packages, expansive central banks, and, most recently, sharply rising oil prices. These circumstances may, to a great extent, prove to be a temporary phenomenon driven by one-time,
pandemic-related effects. For example, the massive underutilization of productive capacity and labor in 2020 depressed prices last year. Normalization of commodity prices alone is providing a significant base effect. Together with pent-up demand for
many goods, especially in services, this is likely to increase inflationary pressure this year, before it then subsides as economic activity returns to a more typical level.
Whether central banks will be able to leave interest rates
at their current low levels is another critical question for the markets this year. Again, our CIO Office believes that government bond yields are likely to rise only temporarily this year.
The scope and pace of recovery is likely to remain uneven
among regions, asset classes and investment sectors. We believe that this underscores the value add of active portfolio management. We also believe that the strong partnership between our portfolio managers and our CIO Office — which
synthesizes the views of more than 900 DWS economists, analysts and investment professionals around the world — makes an important difference in making strategic and tactical decisions for the DWS Funds.
Thank you for your trust. We welcome the opportunity to help
you navigate these unusual times. For ongoing updates to our market and economic outlook, please visit the “Insights” section of dws.com.
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.
| 4 | | DWS Enhanced Commodity Strategy Fund |
| Portfolio Management Review | (Unaudited) |
Overview of Market and Fund
Performance
All performance information below is
historical and does not guarantee future results. Returns shown are for Class A shares, unadjusted for sales charges. 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 most recent month-end performance of all share classes. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower
if they had. Please refer to pages 11 through 13 for more complete performance information.
Investment Process
Portfolio management generally will
allocate the Fund’s commodity-linked investments among a variety of different commodity sectors. Portfolio management employs three main strategies with respect to its commodity-linked investments: a relative value strategy, a tactical
strategy, and a “roll enhancement” strategy.
In implementing the relative value
strategy, portfolio management will use a proprietary quantitative, rules-based methodology in determining the Fund’s commodity sector weightings relative to the Fund’s benchmark index, the Bloomberg Commodity Index. Portfolio management
normally will rebalance commodity sector positions when a sector undergoes a “trigger event,” reducing the Fund’s exposure to commodity sectors that are believed to be “expensive” and increasing its exposure
to sectors that are believed to be “cheap.” The tactical strategy focuses on the direction of commodity markets as a whole. Portfolio management will use a proprietary, momentum-driven, quantitative formula that seeks to anticipate
the direction of the commodity markets. Portfolio management may reduce the Fund’s exposure to all commodity sectors when commodities in general appear overvalued. In implementing the “roll enhancement” strategy, portfolio
management seeks to invest in commodity contracts whose expiration is further out on the “commodity curve” than the subsequent month so as to avoid continually paying premiums to replace expiring contracts.
With respect to the Fund’s fixed
income investments, management uses a relative value style to seek to construct a diversified portfolio of fixed-income securities.
The Fund’s Class A shares returned 42.59% during the
12-month period ended June 30, 2021, underperforming the 45.61% return of the Bloomberg Commodity Index.
The commodity market delivered strong, broad-based gains in
the annual period. Energy-related commodities, base metals, and the agricultural
| DWS Enhanced Commodity Strategy Fund | | 5 |
complex all moved higher as the
prospect of a reopening of the global economy led to an improving demand outlook. The precious metals category, while finishing in positive territory, lagged the market as a whole.
” The
commodity market delivered strong, broad-based gains in the annual period.”
The broader investment backdrop was highly supportive for
commodity prices. The U.S. Federal Reserve and other central banks reiterated their intention to maintain ultra-accommodative monetary policies for an extended period, even if it means letting inflation run above the longer-term averages. Economic
trends were also quite favorable, as the ongoing rollout of the COVID-19 vaccine gradually led to return to normal business conditions and fueled sharply rising demand. At the same time, supplies remained relatively stable — particularly for
crude oil and industrial metals — allowing the increase in demand to feed through to prices.
Energy was the top performer among the three major market
segments, led by crude oil. West Texas Intermediate crude finished June 2021 at $73.47 per barrel, up from $39.27 a year earlier. Oil benefited from anticipation that already-robust demand could rise still further as more economies re-open and
mobility increases. In addition, supply remained constrained due to production discipline by both OPEC + Russia and U.S. shale companies.
The improving economic outlook also led to strengthening
demand for industrial metals, which helped prices given that supplies remain constricted. The growth of the green-energy industry was a further positive by boosting demand for both copper and nickel. Additionally, Chinese environmental policies
provided a tailwind for aluminum. On the other end of the spectrum, gold and silver lagged due in part to rising bond yields and the growing use of cryptocurrencies as a way to hedge against inflation.
Agricultural commodities also rose in price as a group despite
losing some ground in the final two months of the period. Demand from China came in above expectations, and the prospect of strengthening economic growth
| 6 | | DWS Enhanced Commodity Strategy Fund |
led to increased confidence that this
trend will prove sustainable. The re-opening of restaurants and large-scale food providers provided support for demand, as well. Corn was the top performing commodity in the category.
Fund Performance
The Fund produced a strong absolute return and captured the
majority of the gain from commodities during its fiscal year ended June 30, 2021, but it finished behind the benchmark for that period. All of the Fund’s underperformance occurred in the first half of its fiscal year, when it did not fully
keep pace with the broader market in the early stages of the recovery. This shortfall was partially a reflection of the momentum-oriented segments of our strategy, which don’t react immediately to shifts in market trends. However, relative
performance improved in the final six months of the period and helped make up for some of the prior deficit.
We use a number of different strategies in an effort to
maximize returns and manage risk. While a number of the strategies contributed, the benefit was outweighed by the adverse impact of the Fund’s Tactical Strategy.
Tactical Strategy: All of the
negative effect occurred in the second half of 2020, during which the Fund was hurt by having less than 100% exposure to commodities in the rising market. Specifically, it had average exposures of 65% and 84% in the third and fourth quarters of
2020, respectively. The strategy ultimately moved to a 98% average weighting to commodities in the first calendar quarter of 2021 and a 100% weighting in the second quarter, helping the Fund fully capitalize on the market’s gain in this
time.
Roll Enhancement Strategy: This element of our approach helped results. As commodity prices recovered, several commodities moved from contango (higher prices for longer-dated contracts) to backwardation (higher prices for shorter-dated
contracts). The Fund was positioned to capture this trend, resulting in positive contribution from the curve strategy for the year.
Relative Value Strategy: This
strategy contributed to performance. The largest contributions came from the Fund’s overweight in crude oil relative to the rest of the market, which helped capitalize on the commodity’s outperformance.
| DWS Enhanced Commodity Strategy Fund | | 7 |
Fixed-Income Strategy: We invest in commodities using swaps and futures, and we invest the remainder of the Fund’s assets in a fixed-income portfolio. This part of the Fund, which has diversified exposure to corporate debt and other
yield-enhancing securities, made a modest contribution as the improving economy led to a continued compression of yield spreads in the credit markets.
During the Fund’s fiscal year, we also sought to adjust
the portfolio’s positioning to take advantage of short-term market dislocations. This segment of the Fund contributed to results, with the largest effects coming from a tactical overweight in oil and an overweight in base metals versus
precious metals. Conversely, tactical underweights in various agricultural commodities detracted.
Outlook and Positioning
Given the extent of the rally in commodities since the
beginning of November 2020, it’s reasonable to expect some renewed volatility in the months ahead. We would view any resulting price weakness as being largely transitory in nature, as we believe the longer-term pillars of price support remain
in place. We see continued strength from the demand side as the economy continues to recover. On the supply side, producers continue to direct free cash flow to dividends and share repurchases over new capital investment. We view this as an
important source of support for prices over time, as it is likely to lead to lower inventories and a larger number of commodities moving into a supply-and-demand deficit. With that said, we have been keeping a close eye on a number of possible risk
factors. China’s effort to contain metals prices in May could represent a new approach that potentially limits rallies in the future, and the possibility exists that OPEC + Russia might surprise the markets by announcing a supply increase. In
addition, questions remain as to the nature of what the normalized economic environment will look like following the COVID-related downturn and the dramatic recovery that has followed. We therefore expect a generally positive tone to the markets in
the second half of the year, but we remain prepared for any disruptions that may occur as these issues play out.
| 8 | | DWS Enhanced Commodity Strategy Fund |
Portfolio Management
Team
Darwei Kung, Head of Investment Strategy Liquid
Real Assets
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, Senior Portfolio Manager Liquid Real Assets
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, Senior Portfolio Manager Fixed Income
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.
The views expressed
reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be
construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.
Terms to Know
Contribution and
detraction incorporate both an investment’s total return and its weighting in the Fund.
Futures contracts are
contractual agreements to buy or sell a particular commodity or financial instrument at a predetermined price in the future.
The unmanaged Bloomberg
Commodity Index tracks a diversified group of commodities and commodities futures contracts traded on both U.S. and London exchanges. Index returns do not reflect fees or expenses and it is not possible to invest directly into an index.
Momentum is the rate of
acceleration or deceleration of a security’s price.
Overweight means the Fund
holds a higher weighting in a given sector, security, or commodity than the benchmark. Underweight means the Fund holds a lower weighting.
A swap is a
derivative in which two counterparties exchange cash flows of one party’s financial instrument for those of the other party’s financial instrument for a set period of
| DWS Enhanced Commodity Strategy Fund | | 9 |
time. Derivatives are contracts whose values can be based on a variety of instruments including indices, currencies or securities.
Credit quality is a measure
of a bond issuer’s ability to repay interest and principal in a timely manner. Rating agencies assign letter designations, such as AAA, AA and so forth. The lower the rating, the higher the probability of default.
| 10 | | DWS Enhanced Commodity Strategy Fund |
| Performance Summary | June 30, 2021 (Unaudited) |
| Class A | 1-Year | 5-Year | 10-Year |
| Average Annual Total Returns as of 6/30/21 | |||
| Unadjusted for Sales Charge | 42.59% | 1.73% | –2.54% |
| Adjusted
for the Maximum Sales Charge (max 5.75% load) |
34.39% | 0.53% | –3.11% |
| Bloomberg Commodity Index† | 45.61% | 2.40% | –4.44% |
| Class T | 1-Year | 5-Year | 10-Year |
| Average Annual Total Returns as of 6/30/21 | |||
| Unadjusted for Sales Charge | 42.55% | 1.75% | –2.55% |
| Adjusted
for the Maximum Sales Charge (max 2.50% load) |
38.98% | 1.23% | –2.80% |
| Bloomberg Commodity Index† | 45.61% | 2.40% | –4.44% |
| Class C | 1-Year | 5-Year | 10-Year |
| Average Annual Total Returns as of 6/30/21 | |||
| Unadjusted for Sales Charge | 41.55% | 0.97% | –3.28% |
| Adjusted
for the Maximum Sales Charge (max 1.00% CDSC) |
41.55% | 0.97% | –3.28% |
| Bloomberg Commodity Index† | 45.61% | 2.40% | –4.44% |
| Class R6 | 1-Year | 5-Year | Life
of Class* |
| Average Annual Total Returns as of 6/30/21 | |||
| No Sales Charges | 43.00% | 2.11% | 2.57% |
| Bloomberg Commodity Index† | 45.61% | 2.40% | 3.18% |
| Class S | 1-Year | 5-Year | 10-Year |
| Average Annual Total Returns as of 6/30/21 | |||
| No Sales Charges | 42.86% | 1.93% | –2.35% |
| Bloomberg Commodity Index† | 45.61% | 2.40% | –4.44% |
| Institutional Class | 1-Year | 5-Year | 10-Year |
| Average Annual Total Returns as of 6/30/21 | |||
| No Sales Charges | 42.94% | 2.09% | –2.21% |
| Bloomberg Commodity Index† | 45.61% | 2.40% | –4.44% |
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
| DWS Enhanced Commodity Strategy Fund | | 11 |
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, 2020 are 1.41%, 1.33%, 2.10%, 0.98%, 1.15% and 1.09% 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 and
applicable sales charges of Class T. 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)
Yearly periods ended June
30
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.
| 12 | | DWS Enhanced Commodity Strategy Fund |
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. |
| Class A | Class T | Class C | Class R6 | Class S | Institutional
Class | |
| Net Asset Value | ||||||
| 6/30/21 | $11.23 | $11.24 | $10.04 | $11.39 | $11.37 | $11.40 |
| 6/30/20 | $ 7.93 | $ 7.94 | $ 7.11 | $ 8.05 | $ 8.03 | $ 8.06 |
| Distribution Information as of 6/30/21 | ||||||
| Income Dividends, Twelve Months | $ .06 | $ .06 | $ .02 | $ .10 | $ .08 | $ .10 |
| DWS Enhanced Commodity Strategy Fund | | 13 |
| 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) | 6/30/21 | 6/30/20 |
| Energy | 39% | 24% |
| Agriculture | 25% | 21% |
| Industrial | 15% | 16% |
| Precious Metals | 15% | 16% |
| Livestock | 6% | 4% |
| 100% | 81% |
Fixed-Income Investments
| Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 6/30/21 | 6/30/20 |
| Government & Agency Obligations | 48% | 44% |
| Corporate Bonds | 21% | 26% |
| Cash Equivalents | 10% | 9% |
| Short-Term U.S. Treasury Obligations | 8% | 3% |
| Asset-Backed | 6% | 11% |
| Commercial Mortgage-Backed Securities | 5% | 5% |
| Exchange-Traded Funds | 1% | 0% |
| Collateralized Mortgage Obligations | 1% | 2% |
| Municipal Bonds and Notes | — | 0% |
| 100% | 100% |
| Quality (Excludes Securities Lending Collateral and Cash Equivalents) | 6/30/21 | 6/30/20 |
| AAA | 69% | 60% |
| AA | 8% | 11% |
| A | 8% | 10% |
| BBB | 12% | 16% |
| Below BBB | 2% | 3% |
| Not Rated | 1% | 0% |
| 100% | 100% |
The quality ratings represent the
higher of Moody’s Investors Service, Inc. (“Moody’s” ), Fitch Ratings, Inc. (“Fitch” ) or S&P Global Ratings (“S&P” ) credit ratings. The ratings of Moody’s, Fitch and
S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Ratings are relative and subjective and are not absolute
standards of quality. Credit quality does not remove market risk and is subject to change.
| 14 | | DWS Enhanced Commodity Strategy Fund |
| Interest Rate Sensitivity | 6/30/21 | 6/30/20 |
| Effective Maturity | 1.6 years | 1.9 years |
| Effective Duration | 0.8 years | 1.2 years |
Effective maturity is the
weighted average of the maturity date of bonds held by the Fund taking into consideration any available 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.
Consolidated portfolio holdings and characteristics are subject
to change.
For more complete details about the
Fund’s consolidated investment portfolio, see page 16. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 82 for contact information.
| DWS Enhanced Commodity Strategy Fund | | 15 |
Consolidated
Investment Portfolio
Investment Portfolio
as of June 30, 2021
| Principal
Amount ($) |
Value ($) | ||
| Corporate Bonds 21.3% | |||
| Communication Services 1.2% | |||
| AT&T, Inc., 0.9%, 3/25/2024 | 6,000,000 | 6,013,080 | |
| Baidu, Inc., 2.875%, 7/6/2022 | 2,000,000 | 2,042,521 | |
| Charter Communications Operating LLC, 4.908%, 7/23/2025 | 3,000,000 | 3,398,733 | |
| CommScope, Inc., 144A, 5.5%, 3/1/2024 | 1,500,000 | 1,543,125 | |
| Kenbourne Invest SA, 144A, 6.875%, 11/26/2024 | 425,000 | 450,377 | |
| Meituan, 144A, 2.125%, 10/28/2025 | 720,000 | 714,175 | |
| Oztel Holdings SPC Ltd., 144A, 5.625%, 10/24/2023 | 3,161,000 | 3,362,514 | |
| Sprint Spectrum Co., LLC, 144A, 3.36%, 3/20/2023 | 38,750 | 38,964 | |
| Tencent Holdings Ltd., 144A, 3.28%, 4/11/2024 | 6,000,000 | 6,390,000 | |
| Tencent Music Entertainment Group, 1.375%, 9/3/2025 | 1,000,000 | 990,050 | |
| TripAdvisor, Inc., 144A, 7.0%, 7/15/2025 | 205,000 | 220,580 | |
| 25,164,119 | |||
| Consumer Discretionary 2.8% | |||
| 7-Eleven, Inc., 144A, 0.8%, 2/10/2024 | 1,934,000 | 1,929,211 | |
| Daimler Finance North America LLC, 144A, 1.75%, 3/10/2023 | 5,000,000 | 5,102,961 | |
| Ford Motor Credit Co. LLC, 3.375%, 11/13/2025 | 1,360,000 | 1,410,252 | |
| General Motors Financial Co., Inc., 3-month USD-LIBOR + 0.99%, 1.184% (a), 1/5/2023 | 7,000,000 | 7,064,022 | |
| Harley-Davidson Financial Services, Inc., 144A, 4.05%, 2/4/2022 | 6,500,000 | 6,636,496 | |
| Hyundai Capital America: | |||
| 144A, 3-month USD-LIBOR + 0.94%, 1.137% (a), 7/8/2021 | 5,000,000 | 5,000,595 | |
| 144A, 1.25%, 9/18/2023 | 4,685,000 | 4,727,772 | |
| 144A, 2.375%, 2/10/2023 | 2,090,000 | 2,145,281 | |
| Hyundai Capital Services, Inc., 144A, 3.75%, 3/5/2023 | 2,000,000 | 2,098,669 | |
| Kia Corp.: | |||
| 144A, 1.0%, 4/16/2024 | 1,130,000 | 1,135,730 | |
| 144A, 3.0%, 4/25/2023 | 4,000,000 | 4,163,486 | |
| Meritor, Inc., 144A, 6.25%, 6/1/2025 | 310,000 | 330,203 | |
| Nissan Motor Acceptance Corp.: | |||
| 144A, 2.6%, 9/28/2022 | 4,000,000 | 4,082,448 | |
| 144A, 3.65%, 9/21/2021 | 2,612,000 | 2,629,331 | |
| Picasso Finance Sub, Inc., 144A, 6.125%, 6/15/2025 | 467,000 | 493,736 | |
The accompanying notes are an integral part of the consolidated financial
statements.
| 16 | | DWS Enhanced Commodity Strategy Fund |
| Principal
Amount ($) |
Value ($) | ||
| Volkswagen Group of America Finance LLC: | |||
| 144A, 0.75%, 11/23/2022 | 5,000,000 | 5,017,664 | |
| 144A, 2.7%, 9/26/2022 | 4,160,000 | 4,275,324 | |
| 58,243,181 | |||
| Energy 1.9% | |||
| Antero Midstream Partners LP, 144A, 7.875%, 5/15/2026 | 2,000,000 | 2,235,220 | |
| Bharat Petroleum Corp. Ltd., REG S, 4.625%, 10/25/2022 | 1,830,000 | 1,905,501 | |
| CNOOC Curtis Funding No. 1 Pty Ltd., 144A, 4.5%, 10/3/2023 | 1,000,000 | 1,074,764 | |
| Ecopetrol SA, 5.875%, 9/18/2023 | 2,000,000 | 2,159,900 | |
| Energy Transfer LP: | |||
| 3.6%, 2/1/2023 | 5,920,000 | 6,142,902 | |
| 4.25%, 3/15/2023 | 1,170,000 | 1,227,542 | |
| MarkWest Energy Partners LP, 4.875%, 6/1/2025 | 3,500,000 | 3,847,045 | |
| MPLX LP, 3.5%, 12/1/2022 | 605,000 | 628,389 | |
| ONGC Videsh Ltd., REG S, 3.75%, 5/7/2023 | 2,000,000 | 2,085,747 | |
| Pertamina Persero PT: | |||
| 144A, 4.3%, 5/20/2023 | 1,500,000 | 1,593,801 | |
| 144A, 4.875%, 5/3/2022 | 1,000,000 | 1,035,000 | |
| Petroleos Mexicanos, 3.5%, 1/30/2023 | 1,000,000 | 1,020,990 | |
| Petronas Capital Ltd., 144A, 7.875%, 5/22/2022 | 1,000,000 | 1,057,390 | |
| Phillips 66, 0.9%, 2/15/2024 | 2,020,000 | 2,022,653 | |
| SA Global Sukuk Ltd., 144A, 0.946%, 6/17/2024 | 1,220,000 | 1,218,438 | |
| Saudi Arabian Oil Co., 144A, 1.25%, 11/24/2023 | 887,000 | 895,941 | |
| Sinopec Group Overseas Development, Ltd., 144A, 2.15%, 5/13/2025 | 2,500,000 | 2,559,995 | |
| Tengizchevroil Finance Co. International Ltd., 144A, 2.625%, 8/15/2025 | 1,500,000 | 1,538,718 | |
| Western Midstream Operating LP, 3-month USD-LIBOR + 2.1%, 2.288% (a), 1/13/2023 | 2,000,000 | 1,990,018 | |
| Williams Companies, Inc., 4.55%, 6/24/2024 | 2,200,000 | 2,423,764 | |
| 38,663,718 | |||
| Financials 9.0% | |||
| AerCap Ireland Capital DAC, 4.875%, 1/16/2024 | 2,350,000 | 2,558,303 | |
| Aircastle Ltd.: | |||
| 4.4%, 9/25/2023 | 4,345,000 | 4,651,247 | |
| 5.5%, 2/15/2022 | 4,000,000 | 4,118,481 | |
| Ares Capital Corp., 3.5%, 2/10/2023 | 8,000,000 | 8,300,066 | |
| ASB Bank Ltd., 144A, 3.125%, 5/23/2024 | 5,290,000 | 5,644,151 | |
| Avolon Holdings Funding Ltd., 144A, 5.125%, 10/1/2023 | 1,675,000 | 1,810,851 | |
The accompanying notes are an integral part of the consolidated financial
statements.
| DWS Enhanced Commodity Strategy Fund | | 17 |
| Principal
Amount ($) |
Value ($) | ||
| Banco de Credito del Peru, 144A, 4.25%, 4/1/2023 | 1,000,000 | 1,047,510 | |
| Banco Santander SA, 3.125%, 2/23/2023 | 4,600,000 | 4,791,736 | |
| Banco Votorantim SA, 144A, 4.375%, 7/29/2025 | 1,000,000 | 1,049,500 | |
| Bancolombia SA, 3.0%, 1/29/2025 | 3,104,000 | 3,187,808 | |
| Barclays PLC, 4.61%, 2/15/2023 | 8,000,000 | 8,204,820 | |
| BBVA Bancomer SA, 144A, 1.875%, 9/18/2025 | 2,139,000 | 2,163,278 | |
| BOC Aviation Ltd., 144A, 3.25%, 4/29/2025 | 1,500,000 | 1,579,194 | |
| BPCE SA: | |||
| 144A, 2.375%, 1/14/2025 | 300,000 | 312,371 | |
| 144A, 3.0%, 5/22/2022 | 1,500,000 | 1,536,139 | |
| 144A, 5.7%, 10/22/2023 | 1,645,000 | 1,821,123 | |
| Canadian Imperial Bank of Commerce: | |||
| SOFR + 0.34%, 0.389% (a), 6/22/2023 | 3,900,000 | 3,903,666 | |
| 0.95%, 6/23/2023 | 4,800,000 | 4,842,684 | |
| CBQ Finance Ltd., REG S, 5.0%, 5/24/2023 | 3,000,000 | 3,232,620 | |
| Citizens Financial Group, Inc., 144A, 4.15%, 9/28/2022 | 2,000,000 | 2,079,359 | |
| Credicorp Ltd., 144A, 2.75%, 6/17/2025 | 1,000,000 | 1,014,720 | |
| Credit Suisse AG, 1.0%, 5/5/2023 | 4,000,000 | 4,043,155 | |
| Danske Bank AS, 144A, 3.001%, 9/20/2022 | 4,308,000 | 4,329,078 | |
| Discover Bank, 3.35%, 2/6/2023 | 3,085,000 | 3,213,816 | |
| Equitable Holdings, Inc., 3.9%, 4/20/2023 | 3,038,000 | 3,211,809 | |
| Global Bank Corp., 144A, 4.5%, 10/20/2021 | 4,125,000 | 4,155,676 | |
| ING Groep NV: | |||
| 3.15%, 3/29/2022 | 1,580,000 | 1,613,941 | |
| 3.55%, 4/9/2024 | 3,950,000 | 4,254,796 | |
| Intercontinental Exchange, Inc., 3.45%, 9/21/2023 | 2,825,000 | 2,999,302 | |
| Intesa Sanpaolo SpA, 144A, 3.125%, 7/14/2022 | 4,455,000 | 4,570,755 | |
| JPMorgan Chase & Co., SOFR + 0.58%, 0.63% (a), 6/23/2025 | 6,000,000 | 6,003,180 | |
| Kookmin Bank, 144A, 1.75%, 5/4/2025 | 805,000 | 818,679 | |
| LD Holdings Group LLC, 144A, 6.5%, 11/1/2025 | 766,000 | 786,529 | |
| Lloyds Banking Group PLC, 1.326%, 6/15/2023 | 3,500,000 | 3,528,092 | |
| Macquarie Group Ltd., 144A, SOFR + 0.92%, 0.97% (a), 9/23/2027 | 6,000,000 | 6,010,500 | |
| Metropolitan Life Global Funding I, 144A, 1.95%, 1/13/2023 | 5,000,000 | 5,119,884 | |
| Mizuho Financial Group, Inc., 1.241%, 7/10/2024 | 4,351,000 | 4,410,960 | |
| Morgan Stanley: | |||
| SOFR + 0.7%, 0.725% (a), 1/20/2023 | 2,000,000 | 2,005,680 | |
| 0.731%, 4/5/2024 | 5,000,000 | 5,010,475 | |
| National Bank of Canada, 2.1%, 2/1/2023 | 5,000,000 | 5,129,746 | |
| Nationwide Building Society, 144A, 3.622%, 4/26/2023 | 2,460,000 | 2,522,561 | |
The accompanying notes are an integral part of the consolidated financial
statements.
| 18 | | DWS Enhanced Commodity Strategy Fund |
| Principal
Amount ($) |
Value ($) | ||
| NatWest Markets PLC, 144A, SOFR + 1.66%, 1.712% (a), 9/29/2022 | 3,000,000 | 3,054,826 | |
| Nomura Holdings, Inc., 2.648%, 1/16/2025 | 2,495,000 | 2,621,160 | |
| Park Aerospace Holdings Ltd., 144A, 4.5%, 3/15/2023 | 2,450,000 | 2,575,384 | |
| REC Ltd., 144A, 4.75%, 5/19/2023 | 1,423,000 | 1,499,277 | |
| Santander Holdings U.S.A., Inc., 3.4%, 1/18/2023 | 6,150,000 | 6,402,958 | |
| Skandinaviska Enskilda Banken AB, 144A, 3.05%, 3/25/2022 | 2,750,000 | 2,803,047 | |
| Societe Generale SA, 144A, 2.625%, 1/22/2025 | 3,705,000 | 3,865,115 | |
| Standard Chartered PLC: | |||
| 144A, 1.319%, 10/14/2023 | 2,500,000 | 2,521,525 | |
| 144A, 4.247%, 1/20/2023 | 2,080,000 | 2,122,401 | |
| Synchrony Bank, 3.0%, 6/15/2022 | 4,310,000 | 4,407,151 | |
| Turkiye Vakiflar Bankasi TAO, REG S, 5.625%, 5/30/2022 | 1,000,000 | 1,021,500 | |
| UBS AG: | |||
| 144A, SOFR + 0.32%, 0.361% (a), 6/1/2023 | 7,000,000 | 7,017,710 | |
| 144A, 0.375%, 6/1/2023 | 3,000,000 | 2,996,888 | |
| 184,497,183 | |||
| Health Care 0.0% | |||
| Prime Healthcare Services, Inc., 144A, 7.25%, 11/1/2025 | 370,000 | 400,555 | |
| Industrials 1.0% | |||
| Bombardier, Inc., 144A, 7.125%, 6/15/2026 | 2,000,000 | 2,094,000 | |
| CNH Industrial Capital LLC, 3.875%, 10/15/2021 | 2,510,000 | 2,533,470 | |
| DAE Funding LLC, 144A, 5.25%, 11/15/2021 | 3,000,000 | 3,019,320 | |
| Delta Air Lines, Inc., 144A, 4.5%, 10/20/2025 | 520,000 | 558,803 | |
| Hillenbrand, Inc., 5.75%, 6/15/2025 | 1,120,000 | 1,202,208 | |
| Nielsen Finance LLC, 144A, 5.625%, 10/1/2028 | 1,235,000 | 1,304,271 | |
| Penske Truck Leasing Co. LP, 144A, 1.2%, 11/15/2025 | 3,155,000 | 3,124,924 | |
| Prime Security Services Borrower LLC, 144A, 5.25%, 4/15/2024 | 2,065,000 | 2,212,709 | |
| Southwest Airlines Co., 4.75%, 5/4/2023 (b) | 2,305,000 | 2,472,660 | |
| Spirit Loyalty Cayman Ltd., 144A, 8.0%, 9/20/2025 | 134,639 | 152,277 | |
| Transnet SOC Ltd., 144A, 4.0%, 7/26/2022 | 2,000,000 | 2,037,384 | |
| WESCO Distribution, Inc., 144A, 7.125%, 6/15/2025 | 375,000 | 405,262 | |
| 21,117,288 | |||
| Information Technology 1.4% | |||
| Hewlett Packard Enterprise Co., 3-month USD-LIBOR + 0.72%, 0.914% (a), 10/5/2021 | 2,090,000 | 2,090,486 | |
| HP, Inc., 2.2%, 6/17/2025 | 4,190,000 | 4,348,931 | |
| Microchip Technology, Inc.: | |||
| 144A, 0.972%, 2/15/2024 | 4,000,000 | 3,998,029 | |
The accompanying notes are an integral part of the consolidated financial
statements.
| DWS Enhanced Commodity Strategy Fund | | 19 |
| Principal
Amount ($) |
Value ($) | ||
| 144A, 0.983%, 9/1/2024 | 1,570,000 | 1,562,388 | |
| 2.67%, 9/1/2023 | 1,250,000 | 1,301,900 | |
| 4.25%, 9/1/2025 | 170,000 | 178,477 | |
| NXP BV, 144A, 4.625%, 6/1/2023 | 5,961,000 | 6,406,539 | |
| Seagate HDD Cayman, 4.875%, 3/1/2024 | 1,940,000 | 2,090,272 | |
| VMware, Inc., 2.95%, 8/21/2022 | 4,800,000 | 4,924,351 | |
| Xerox Holdings Corp., 144A, 5.0%, 8/15/2025 | 1,990,000 | 2,100,684 | |
| 29,002,057 | |||
| Materials 1.1% | |||
| Bluestar Finance Holdings Ltd., REG S, 3.375%, 7/16/2024 | 1,000,000 | 1,045,184 | |
| Celanese U.S. Holdings LLC, 3.5%, 5/8/2024 | 1,010,000 | 1,079,163 | |
| First Quantum Minerals Ltd., 144A, 7.25%, 4/1/2023 | 486,000 | 495,419 | |
| Glencore Funding LLC: | |||
| 144A, 1.625%, 9/1/2025 | 1,385,000 | 1,400,747 | |
| 144A, 4.125%, 3/12/2024 | 4,640,000 | 5,002,140 | |
| Indonesia Asahan Aluminium Persero PT, 144A, 4.75%, 5/15/2025 | 1,500,000 | 1,653,645 | |
| LYB International Finance III LLC, 1.25%, 10/1/2025 | 2,000,000 | 1,995,000 | |
| MEGlobal Canada ULC, 144A, 5.0%, 5/18/2025 | 2,419,000 | 2,711,941 | |
| NOVA Chemicals Corp., 144A, 4.875%, 6/1/2024 | 1,510,000 | 1,593,050 | |
| Nucor Corp., 2.0%, 6/1/2025 | 635,000 | 657,080 | |
| The Mosaic Co., 3.25%, 11/15/2022 | 4,190,000 | 4,337,401 | |
| 21,970,770 | |||
| Real Estate 0.4% | |||
| Equinix, Inc., (REIT), 1.25%, 7/15/2025 | 690,000 | 691,655 | |
| iStar, Inc., (REIT), 4.25%, 8/1/2025 | 450,000 | 462,937 | |
| MGM Growth Properties Operating Partnership LP, 144A, (REIT), 4.625%, 6/15/2025 | 330,000 | 352,562 | |
| Office Properties Income Trust, (REIT), 2.65%, 6/15/2026 | 1,340,000 | 1,359,585 | |
| Realogy Group LLC, 144A, 7.625%, 6/15/2025 | 800,000 | 867,760 | |
| RLJ Lodging Trust LP, 144A, 3.75%, 7/1/2026 | 240,000 | 242,400 | |
| Starwood Property Trust, Inc., 144A, 3.625%, 7/15/2026 (c) | 1,000,000 | 1,007,500 | |
| Ventas Realty LP, (REIT), 3.5%, 4/15/2024 | 2,800,000 | 2,996,401 | |
| VICI Properties LP, 144A, (REIT), 3.5%, 2/15/2025 | 140,000 | 142,764 | |
| 8,123,564 | |||
| Utilities 2.5% | |||
| Alexander Funding Trust, 144A, 1.841%, 11/15/2023 | 2,200,000 | 2,240,188 | |
| American Electric Power Co., Inc., 0.75%, 11/1/2023 | 2,255,000 | 2,256,174 | |
The accompanying notes are an integral part of the consolidated financial
statements.
| 20 | | DWS Enhanced Commodity Strategy Fund |
| Principal
Amount ($) |
Value ($) | ||
| CenterPoint Energy, Inc., SOFR + 0.65%, 0.684% (a), 5/13/2024 | 3,270,000 | 3,283,636 | |
| Dominion Energy, Inc., 3.071%, 8/15/2024 | 3,159,000 | 3,348,749 | |
| DTE Energy Co., 2.6%, 6/15/2022 | 4,100,000 | 4,188,560 | |
| Duke Energy Corp., SOFR + 0.25%, 0.297% (a), 6/10/2023 | 4,720,000 | 4,723,681 | |
| Edison International, 3.125%, 11/15/2022 | 2,000,000 | 2,059,953 | |
| Korea East-West Power Co., Ltd.: | |||
| 144A, 1.75%, 5/6/2025 | 940,000 | 959,496 | |
| 144A, 2.625%, 6/19/2022 | 4,740,000 | 4,834,610 | |
| NextEra Energy Capital Holdings Inc., 0.65%, 3/1/2023 | 5,000,000 | 5,020,405 | |
| NextEra Energy Operating Partners LP, 144A, 4.25%, 7/15/2024 | 1,330,000 | 1,403,150 | |
| Pacific Gas and Electric Co., 1.75%, 6/16/2022 | 9,000,000 | 8,995,036 | |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 144A, 5.5%, 11/22/2021 | 1,025,000 | 1,041,092 | |
| Southern California Edison Co., SOFR + 0.35%, 0.398% (a), 6/13/2022 | 6,210,000 | 6,212,981 | |
| State Grid Overseas Investment, Ltd., 144A, 2.75%, 5/4/2022 | 1,500,000 | 1,522,860 | |
| 52,090,571 | |||
| Total Corporate Bonds (Cost $428,303,771) | 439,273,006 | ||
| Asset-Backed 6.1% | |||
| Automobile Receivables 2.6% | |||
| AmeriCredit Automobile Receivables Trust: | |||
| “C” , Series 2020-2, 1.48%, 2/18/2026 | 1,100,000 | 1,115,602 | |
| “C” , Series 2019-2, 2.74%, 4/18/2025 | 2,760,000 | 2,857,420 | |
| Avis Budget Rental Car Funding LLC, “B” , Series 2017-2A, 144A, 3.33%, 3/20/2024 | 720,000 | 744,405 | |
| Canadian Pacer Auto Receivables Trust, “B” , Series 2018-2A, 144A, 3.63%, 1/19/2024 | 1,500,000 | 1,534,338 | |
| CarMax Auto Owner Trust, “C” , Series 2020-3, 1.69%, 4/15/2026 | 750,000 | 765,048 | |
| Chase Auto Credit Linked Notes: | |||
| “C” , Series 2021-1, 144A, 1.024%, 9/25/2028 | 1,250,000 | 1,250,267 | |
| “D” , Series 2020-2, 144A, 1.487%, 2/25/2028 | 959,654 | 963,957 | |
| “E” , Series 2021-1, 144A, 2.365%, 9/25/2028 | 662,000 | 662,143 | |
| “E” , Series 2020-2, 144A, 3.072%, 2/25/2028 | 1,599,967 | 1,609,662 | |
| “E” , Series 2020-1, 144A, 3.715%, 1/25/2028 | 795,058 | 806,249 | |
| CPS Auto Receivables Trust: | |||
| “B” , Series 2020-B, 144A, 2.11%, 4/15/2026 | 2,000,000 | 2,013,198 | |
The accompanying notes are an integral part of the consolidated financial
statements.
| DWS Enhanced Commodity Strategy Fund | | 21 |
| Principal
Amount ($) |
Value ($) | ||
| “B” , Series 2019-C, 144A, 2.63%, 8/15/2023 | 454,790 | 455,512 | |
| “D” , Series 2017-D, 144A, 3.73%, 9/15/2023 | 1,540,923 | 1,556,629 | |
| “C” , Series 2018-D, 144A, 3.83%, 9/15/2023 | 1,363,677 | 1,371,085 | |
| “E” , Series 2018-D, 144A, 5.82%, 6/16/2025 | 2,500,000 | 2,650,693 | |
| CPS Auto Trust, “D” , Series 2016-D, 144A, 4.53%, 1/17/2023 | 68,816 | 69,014 | |
| Flagship Credit Auto Trust: | |||
| “C” , Series 2021-1, 144A, 0.91%, 3/15/2027 | 700,000 | 694,591 | |
| “C” , Series 2020-4, 144A, 1.28%, 2/16/2027 | 763,000 | 766,694 | |
| “C” , Series 2020-3, 144A, 1.73%, 9/15/2026 | 2,150,000 | 2,189,618 | |
| “C” , Series 2020-1, 144A, 2.24%, 1/15/2026 | 2,240,000 | 2,301,825 | |
| “B” , Series 2020-2, 144A, 2.61%, 4/15/2026 | 3,348,000 | 3,424,603 | |
| “C” , Series 2019-3, 144A, 2.74%, 10/15/2025 | 3,000,000 | 3,097,519 | |
| “C” , Series 2019-4, 144A, 2.77%, 12/15/2025 | 165,000 | 170,773 | |
| “C” , Series 2020-2, 144A, 3.8%, 4/15/2026 | 500,000 | 524,786 | |
| Ford Credit Floorplan Master Owner Trust, “A1” , Series 2018-3, 3.52%, 10/15/2023 | 530,000 | 535,148 | |
| Foursight Capital Automobile Receivables Trust: | |||
| “B” , Series 2020-1, 144A, 2.27%, 2/18/2025 | 1,250,000 | 1,274,022 | |
| “A3” , Series 2019-1, 144A, 2.67%, 3/15/2024 | 1,728,501 | 1,739,380 | |
| “B” , Series 2018-2, 144A, 3.8%, 11/15/2023 | 1,706,887 | 1,718,447 | |
| GMF Floorplan Owner Revolving Trust: | |||
| “C” , Series 2020-2, 144A, 1.31%, 10/15/2025 | 700,000 | 705,459 | |
| “A” , Series 2019-1, 144A, 2.7%, 4/15/2024 | 510,000 | 519,926 | |
| Hertz Vehicle Financing II LP, “A” , Series 2016-2A, 144A, 2.95%, 3/25/2022 | 491,326 | 492,669 | |
| Hertz Vehicle Financing LLC: | |||
| “B” , Series 2021-1A, 144A, 1.56%, 12/26/2025 | 1,000,000 | 999,528 | |
| “C” , Series 2021-1A, 144A, 2.05%, 12/26/2025 | 1,750,000 | 1,748,837 | |
| Santander Consumer Auto Receivables Trust, “B” , Series 2020-AA, 144A, 2.26%, 12/15/2025 | 1,000,000 | 1,026,560 | |
| Santander Drive Auto Receivables Trust: | |||
| “C” , Series 2020-4, 1.01%, 1/15/2026 | 1,195,000 | 1,201,931 | |
| “C” , Series 2020-2, 1.46%, 9/15/2025 | 1,750,000 | 1,769,718 | |
| “C” , Series 2018-5, 3.81%, 12/16/2024 | 624,843 | 626,654 | |
| Tesla Auto Lease Trust, “C” , Series 2020-A, 144A, 1.68%, 2/20/2024 | 1,000,000 | 1,014,572 | |
| United Auto Credit Securitization Trust, “B” , Series 2020-1, 144A, 1.47%, 11/10/2022 | 3,000,000 | 3,005,572 | |
| World Omni Select Auto Trust, “C” , Series 2019-A, 2.38%, 12/15/2025 | 1,500,000 | 1,541,173 | |
| 53,515,227 | |||
The accompanying notes are an integral part of the consolidated financial
statements.
| 22 | | DWS Enhanced Commodity Strategy Fund |
| Principal
Amount ($) |
Value ($) | ||
| Credit Card Receivables 0.5% | |||
| Evergreen Credit Card Trust, “C” , Series 2019-2, 144A, 2.62%, 9/15/2024 | 1,000,000 | 1,021,022 | |
| First National Master Note Trust, “A” , Series 2018-1, 1-month USD-LIBOR + 0.46%, 0.533% (a), 10/15/2024 | 785,000 | 785,849 | |
| Genesis Sales Finance Master Trust: | |||
| “A” , Series 2021-AA, 144A, 1.2%, 12/21/2026 | 1,750,000 | 1,745,374 | |
| “A” , Series 2020-AA, 144A, 1.65%, 9/22/2025 | 500,000 | 503,458 | |
| Mercury Financial Credit Card Master Trust, “A” , Series 2021-1A, 144A, 1.54%, 3/20/2026 | 3,500,000 | 3,510,570 | |
| Synchrony Credit Card Master Note Trust, “C” , Series 2017-2, 3.01%, 10/15/2025 | 3,291,836 | 3,384,530 | |
| 10,950,803 | |||
| Miscellaneous 3.0% | |||
| Babson CLO Ltd.: | |||
| “BR” , Series 2015-IA, 144A, 3-month USD-LIBOR + 1.4%, 1.588% (a), 1/20/2031 | 2,000,000 | 1,979,372 | |
| “BR” , Series 2014-IA, 144A, 3-month USD-LIBOR + 2.2%, 2.388% (a), 7/20/2025 | 500,000 | 500,197 | |
| BlueMountain Fuji U.S. CLO II Ltd., “A1B” , Series 2017-2A, 144A, 3-month USD-LIBOR + 1.35%, 1.538% (a), 10/20/2030 | 4,000,000 | 4,000,056 | |
| CF Hippolyta LLC: | |||
| “B1” , Series 2021-1A, 144A, 1.98%, 3/15/2061 | 920,000 | 927,811 | |
| “B1” , Series 2020-1, 144A, 2.28%, 7/15/2060 | 2,545,010 | 2,586,917 | |
| Dell Equipment Finance Trust: | |||
| “C” , Series 2019-2, 144A, 2.18%, 10/22/2024 | 1,750,000 | 1,770,556 | |
| “D” , Series 2019-1, 144A, 3.45%, 3/24/2025 | 2,400,000 | 2,433,397 | |
| “C” , Series 2018-2, 144A, 3.72%, 10/22/2023 | 3,000,000 | 3,021,735 | |
| Hilton Grand Vacations Trust, “A” , Series 2019-AA, 144A, 2.34%, 7/25/2033 | 581,363 | 597,796 | |
| HPEFS Equipment Trust: | |||
| “C” , Series 2020-2A, 144A, 2.0%, 7/22/2030 | 1,890,000 | 1,928,196 | |
| “C” , Series 2019-1A, 144A, 2.49%, 9/20/2029 | 1,140,000 | 1,158,371 | |
| Madison Park Funding XXIX Ltd., “A2” , Series 2018-29A, 144A, 3-month USD-LIBOR + 1.45%, 1.64% (a), 10/18/2030 | 2,500,000 | 2,500,255 | |
| Madison Park Funding XXVI Ltd., “AR” , Series 2007-4A, 144A, 3-month USD-LIBOR + 1.2%, 1.377% (a), 7/29/2030 | 3,646,000 | 3,647,313 | |
| MVW LLC: | |||
| “B” , Series 2021-1WA, 144A, 1.44%, 1/22/2041 | 489,960 | 489,177 | |
| “A” , Series 2020-1A, 144A, 1.74%, 10/20/2037 | 383,870 | 391,188 | |
The accompanying notes are an integral part of the consolidated financial
statements.
| DWS Enhanced Commodity Strategy Fund | | 23 |
| Principal
Amount ($) |
Value ($) | ||
| “B” , Series 2019-2A, 144A, 2.44%, 10/20/2038 | 984,377 | 995,169 | |
| “B” , Series 2020-1A, 144A, 2.73%, 10/20/2037 | 383,870 | 395,827 | |
| MVW Owner Trust, “A” , Series 2019-1A, 144A, 2.89%, 11/20/2036 | 1,235,352 | 1,269,567 | |
| Neuberger Berman Loan Advisers CLO Ltd.: | |||
| “B” , Series 2018-27A, 144A, 3-month USD-LIBOR + 1.4%, 1.584% (a), 1/15/2030 | 5,250,000 | 5,250,073 | |
| “A2” , Series 2018-29A, 144A, 3-month USD-LIBOR + 1.4%, 1.59% (a), 10/19/2031 | 3,000,000 | 3,000,006 | |
| NRZ Excess Spread-Collateralized Notes, “A” , Series 2020-PLS1, 144A, 3.844%, 12/25/2025 | 836,710 | 844,591 | |
| Sierra Timeshare Receivables Funding LLC, “B” , Series 2020-2A, 144A, 2.32%, 7/20/2037 | 820,396 | 833,688 | |
| Transportation Finance Equipment Trust, “C” , Series 2019-1, 144A, 2.19%, 8/23/2024 | 1,250,000 | 1,274,960 | |
| Venture XXVIII CLO Ltd., “A2” , Series 2017-28A, 144A, 3-month USD-LIBOR + 1.11%, 1.298% (a), 7/20/2030 | 2,000,000 | 1,997,344 | |
| Venture XXX CLO Ltd., “A2” , Series 2017-30A, 144A, 3-month USD-LIBOR + 1.35%, 1.534% (a), 1/15/2031 | 10,000,000 | 10,000,100 | |
| Verizon Owner Trust, “C” , Series 2018-A, 3.55%, 4/20/2023 | 720,000 | 732,937 | |
| Voya CLO Ltd.: | |||
| “A1RR” , Series 2014-2A, 144A, 3-month USD-LIBOR + 1.02%, 1.21% (a), 4/17/2030 | 2,981,211 | 2,981,536 | |
| “A2AR” , Series 2012-4A, 144A, 3-month USD-LIBOR + 1.9%, 2.084% (a), 10/15/2030 | 3,000,000 | 2,998,554 | |
| 60,506,689 | |||
| Total Asset-Backed (Cost $123,950,252) | 124,972,719 | ||
| Commercial Mortgage-Backed Securities 4.6% | |||
| Atrium Hotel Portfolio Trust, “B” , Series 2018-ATRM, 144A, 1-month USD-LIBOR + 1.43%, 1.503% (a), 6/15/2035 | 6,000,000 | 5,996,140 | |
| BAMLL Commercial Mortgage Securities Trust: | |||
| “A” , Series 2018-DSNY, 144A, 1-month USD-LIBOR + 0.85%, 0.923% (a), 9/15/2034 | 950,000 | 950,298 | |
| “B” , Series 2018-DSNY, 144A, 1-month USD-LIBOR + 1.15%, 1.223% (a), 9/15/2034 | 9,200,000 | 9,197,250 | |
| “C” , Series 2018-DSNY, 144A, 1-month USD-LIBOR + 1.35%, 1.423% (a), 9/15/2034 | 130,000 | 129,844 | |
| BBCMS Trust, “D” , Series 2013-TYSN, 144A, 3.631%, 9/5/2032 | 2,150,000 | 2,144,358 | |
The accompanying notes are an integral part of the consolidated financial
statements.
| 24 | | DWS Enhanced Commodity Strategy Fund |
| Principal
Amount ($) |
Value ($) | ||
| BFLD TRUST, “B” , Series 2019-DPLO, 144A, 1-month USD-LIBOR + 1.34%, 1.413% (a), 10/15/2034 | 1,500,000 | 1,500,943 | |
| BPR Trust, “C” , Series 2021-KEN, 144A, 1-month USD-LIBOR + 2.55%, 2.623% (a), 2/15/2029 | 1,431,100 | 1,431,832 | |
| BX Commercial Mortgage Trust: | |||
| “B” , Series 2019-IMC, 144A, 1-month USD-LIBOR + 1.3%, 1.373% (a), 4/15/2034 | 6,500,000 | 6,496,090 | |
| “D” , Series 2020-VKNG, 144A, 1-month USD-LIBOR + 1.7%, 1.773% (a), 10/15/2037 | 1,920,000 | 1,919,999 | |
| BXP Trust: | |||
| “A” , Series 2017-CQHP, 144A, 1-month USD-LIBOR + 0.85%, 0.923% (a), 11/15/2034 | 730,000 | 723,457 | |
| “B” , Series 2017-CQHP, 144A, 1-month USD-LIBOR + 1.1%, 1.173% (a), 11/15/2034 | 6,210,000 | 6,025,277 | |
| CHT Mortgage Trust, “A” , Series 2017-CSMO, 144A, 1-month USD-LIBOR + 0.93%, 1.003% (a), 11/15/2036 | 1,800,000 | 1,801,674 | |
| Citigroup Commercial Mortgage Trust: | |||
| “AS” , Series 2013-GC11, 3.422%, 4/10/2046 | 1,500,000 | 1,556,917 | |
| “B” , Series 2013-GC11, 3.732%, 4/10/2046 | 500,000 | 520,108 | |
| “C” , Series 2019-PRM, 144A, 3.896%, 5/10/2036 | 1,614,506 | 1,708,182 | |
| COMM Mortgage Trust: | |||
| “AM” , Series 2013-CR6, 144A, 3.147%, 3/10/2046 | 2,200,000 | 2,257,872 | |
| “AM” , Series 2013-LC6, 3.282%, 1/10/2046 | 2,500,000 | 2,582,043 | |
| “B” , Series 2013-CR6, 144A, 3.397%, 3/10/2046 | 4,238,720 | 4,346,437 | |
| Credit Suisse Mortgage Trust: | |||
| “B” , Series 2020-FACT, 144A, 1-month USD-LIBOR + 2.0%, 2.073% (a), 10/15/2037 | 2,756,000 | 2,773,215 | |
| “A” , Series 2020-TMIC, 144A, 1-month USD-LIBOR + 3.0%, 3.25%, 12/15/2035 | 1,500,000 | 1,526,448 | |
| “C” , Series 2020-NET, 144A, 3.526%, 8/15/2037 | 1,000,000 | 1,056,881 | |
| FHLMC Multifamily Structured Pass-Through Certificates: | |||
| “X1” , Series K058, Interest Only, 1.051% (a), 8/25/2026 | 23,227,825 | 977,843 | |
| “X1” , Series K722, Interest Only, 1.439% (a), 3/25/2023 | 13,776,932 | 217,170 | |
| FREMF Mortgage Trust, “B” , Series 2012-K23, 144A, 3.782% (a), 10/25/2045 | 1,750,000 | 1,808,209 | |
| Hilton Orlando Trust, “A” , Series 2021-ORL, 144A, 1-month USD-LIBOR + 0.92%, 0.993% (a), 12/15/2034 | 3,500,000 | 3,502,074 | |
| Hospitality Mortgage Trust, “B” , Series 2019-HIT, 144A, 1-month USD-LIBOR + 1.35%, 1.423% (a), 11/15/2036 | 4,693,470 | 4,693,468 | |
The accompanying notes are an integral part of the consolidated financial
statements.
| DWS Enhanced Commodity Strategy Fund | | 25 |
| Principal
Amount ($) |
Value ($) | ||
| IMT Trust, “BFL” , Series 2017-APTS, 144A, 1-month USD-LIBOR + 0.95%, 1.023% (a), 6/15/2034 | 5,632,899 | 5,625,118 | |
| InTown Hotel Portfolio Trust, “C” , Series 2018-STAY, 144A, 1-month USD-LIBOR + 1.5%, 1.573% (a), 1/15/2033 | 2,200,000 | 2,204,983 | |
| KKR Industrial Portfolio Trust, “E” , Series 2021-KDIP, 144A, 1-month USD-LIBOR + 1.55%, 1.623% (a), 12/15/2037 | 625,000 | 624,037 | |
| Morgan Stanley Capital I Trust, “B” , Series 2018-SUN, 144A, 1-month USD-LIBOR + 1.2%, 1.273% (a), 7/15/2035 | 2,353,200 | 2,353,895 | |
| MTRO Commercial Mortgage Trust, “D” , Series 2019-TECH, 144A, 1-month USD-LIBOR + 1.8%, 1.873% (a), 12/15/2033 | 2,500,000 | 2,491,516 | |
| Natixis Commercial Mortgage Securities Trust: | |||
| “B” , Series 2018-850T, 144A, 1-month USD-LIBOR + 0.954%, 1.026% (a), 7/15/2033 | 6,500,000 | 6,463,005 | |
| “C” , Series 2018-285M, 144A, 3.917% (a), 11/15/2032 | 2,000,000 | 2,049,693 | |
| One New York Plaza Trust, “AJ” , Series 2020-1NYP, 144A, 1-month USD-LIBOR + 1.25%, 1.323% (a), 1/15/2026 | 2,378,000 | 2,392,786 | |
| UBS Commercial Mortgage Trust, “XA” , Series 2017-C1, Interest Only, 1.684% (a), 6/15/2050 | 33,491,452 | 2,281,116 | |
| Wells Fargo Commercial Mortgage Trust: | |||
| “A2” , Series 2016-C34, 2.603%, 6/15/2049 | 435,700 | 435,654 | |
| “ASB” , Series 2015-C31, 3.487%, 11/15/2048 | 183,843 | 194,746 | |
| Total Commercial Mortgage-Backed Securities (Cost $94,042,962) | 94,960,578 | ||
| Collateralized Mortgage Obligations 0.9% | |||
| Angel Oak Mortgage Trust, “A1” , Series 2019-3, 144A, 2.93%, 5/25/2059 | 1,235,875 | 1,241,597 | |
| Chase Mortgage Reference Notes, “M1” , Series 2020-CL1, 144A, 1-month USD-LIBOR + 2.25%, 2.342% (a), 10/25/2057 | 1,169,562 | 1,195,213 | |
| COLT Funding LLC: | |||
| “A2” , Series 2021-1, 144A, 1.167%, 6/25/2066 | 985,509 | 983,271 | |
| “A2” , Series 2021-3R, 144A, 1.257%, 12/25/2064 | 818,202 | 817,944 | |
| Federal National Mortgage Association, “FB” , Series 1996-44, 1-month USD-LIBOR + 0.8%, 0.892% (a), 9/25/2023 | 7,637 | 7,677 | |
| FWD Securitization Trust: | |||
| “A1” , Series 2020-INV1, 144A, 2.24%, 1/25/2050 | 1,561,201 | 1,582,440 | |
| “A1” , Series 2019-INV1, 144A, 2.81%, 6/25/2049 | 1,045,119 | 1,068,487 | |
The accompanying notes are an integral part of the consolidated financial
statements.
| 26 | | DWS Enhanced Commodity Strategy Fund |
| Principal
Amount ($) |
Value ($) | ||
| GCAT LLC: | |||
| “A2” , Series 2021-NQM2, 144A, 1.242%, 5/25/2066 | 1,283,000 | 1,280,372 | |
| “A1” , Series 2019-NQM1, 144A, 2.985%, 2/25/2059 | 2,113,122 | 2,120,489 | |
| GS Mortgage-Backed Securities Trust, “A2” , Series 2020-NQM1, 144A, 1.791%, 9/27/2060 | 307,359 | 308,942 | |
| Imperial Fund Mortgage Trust, “A2” , Series 2021-NQM1, 144A, 1.205%, 6/25/2056 | 2,321,592 | 2,319,363 | |
| MFA Trust, “A3” , Series 2019, 144A, 1.262%, 1/25/2056 | 680,378 | 677,401 | |
| Sequoia Mortgage Trust, “A10” , Series 2019-CH3, 144A, 4.0%, 9/25/2049 | 254,898 | 255,187 | |
| Starwood Mortgage Residential Trust, “A3” , Series 2020-INV1, 144A, 1.593% (a), 11/25/2055 | 1,235,869 | 1,235,823 | |
| Verus Securitization Trust: | |||
| “A2” , Series 2021-R3, 144A, 1.277%, 4/25/2064 | 1,172,596 | 1,171,304 | |
| “A2” , Series 2020-4, 144A, 1.912%, 5/25/2065 | 2,330,045 | 2,354,865 | |
| “A1” , Series 2020-INV1, 144A, 1.977%, 3/25/2060 | 410,390 | 415,569 | |
| “A1” , Series 2020-2, 144A, 2.226%, 5/25/2060 | 254,887 | 257,007 | |
| Total Collateralized Mortgage Obligations (Cost $19,232,954) | 19,292,951 | ||
| Government & Agency Obligations 48.0% | |||
| Other Government Related (d) 0.7% | |||
| Corp. Andina de Fomento: | |||
| 2.375%, 5/12/2023 | 4,000,000 | 4,130,840 | |
| 4.375%, 6/15/2022 | 2,000,000 | 2,071,840 | |
| Eastern & Southern African Trade & Development Bank, REG S, 5.375%, 3/14/2022 | 2,779,000 | 2,841,805 | |
| Eurasian Development Bank, 144A, 4.767%, 9/20/2022 | 3,000,000 | 3,124,152 | |
| Vnesheconombank, 144A, 6.025%, 7/5/2022 | 1,500,000 | 1,575,000 | |
| 13,743,637 | |||
| Sovereign Bonds 0.4% | |||
| Abu Dhabi Government International Bond, 144A, 2.5%, 4/16/2025 | 1,895,000 | 2,013,347 | |
| Government of Malaysia, 144A, 3.043%, 4/22/2025 | 1,000,000 | 1,074,300 | |
| Republic of Namibia, 144A, 5.5%, 11/3/2021 | 1,500,000 | 1,516,815 | |
| Republic of Paraguay, 144A, 4.625%, 1/25/2023 | 1,000,000 | 1,052,510 | |
| Republic of Turkey, 5.6%, 11/14/2024 | 1,000,000 | 1,027,024 | |
| Saudi Government International Bond, 144A, 4.0%, 4/17/2025 | 2,000,000 | 2,207,500 | |
| 8,891,496 | |||
The accompanying notes are an integral part of the consolidated financial
statements.
| DWS Enhanced Commodity Strategy Fund | | 27 |
| Principal
Amount ($) |
Value ($) | ||
| U.S. Treasury Obligations 46.9% | |||
| U.S. Treasury Floating Rate Notes: | |||
| 3-month U.S. Treasury Bill Money Market Yield + 0.003%, 0.084% (a), 4/30/2023 (e) | 115,000,000 | 115,003,254 | |
| 3-month U.S. Treasury Bill Money Market Yield + 0.049%, 0.099% (a), 1/31/2023 (e) | 105,000,000 | 105,036,879 | |
| 3-month U.S. Treasury Bill Money Market Yield + 0.06%, 0.105% (a), 7/31/2022 (e) | 65,000,000 | 65,036,126 | |
| 3-month U.S. Treasury Bill Money Market Yield + 0.055%, 0.105% (a), 10/31/2022 (e) | 65,000,000 | 65,035,723 | |
| 3-month U.S. Treasury Bill Money Market Yield + 0.11%, 0.164% (a), 4/30/2022 (e) | 50,000,000 | 50,046,280 | |
| U.S. Treasury Inflation-Indexed Notes: | |||
| 0.125%, 1/15/2022 | 35,387,700 | 36,183,923 | |
| 0.125%, 4/15/2022 | 32,934,300 | 33,782,530 | |
| 0.125%, 1/15/2023 | 46,266,000 | 48,338,030 | |
| 0.375%, 7/15/2023 | 45,889,200 | 48,815,533 | |
| U.S. Treasury Notes: | |||
| 0.125%, 4/30/2022 | 50,000,000 | 50,015,625 | |
| 0.125%, 9/15/2023 | 25,000,000 | 24,908,203 | |
| 0.125%, 10/15/2023 | 30,000,000 | 29,871,094 | |
| 0.5%, 3/15/2023 | 40,000,000 | 40,203,125 | |
| 0.5%, 3/31/2025 | 25,000,000 | 24,875,977 | |
| 1.625%, 4/30/2023 | 30,000,000 | 30,759,375 | |
| 1.75%, 11/30/2021 | 35,000,000 | 35,246,094 | |
| 1.75%, 6/15/2022 | 50,000,000 | 50,787,109 | |
| 2.125%, 9/30/2021 | 30,000,000 | 30,154,359 | |
| 2.125%, 5/15/2022 | 50,000,000 | 50,882,812 | |
| 2.75%, 5/31/2023 | 30,000,000 | 31,439,063 | |
| 966,421,114 | |||
| Total Government & Agency Obligations (Cost $979,716,240) | 989,056,247 | ||
| Short-Term U.S. Treasury Obligations 8.3% | |||
| U.S. Treasury Bills: | |||
| 0.011% (f), 8/5/2021 | 50,000,000 | 49,997,723 | |
| 0.017% (f), 8/10/2021 | 50,000,000 | 49,997,347 | |
| 0.019% (f), 8/12/2021 | 50,000,000 | 49,996,646 | |
| 0.053% (f), 5/19/2022 (g) | 640,000 | 639,605 | |
| 0.062% (f), 6/16/2022 | 640,000 | 639,533 | |
| 0.064% (f), 5/19/2022 (g) | 20,000,000 | 19,987,657 | |
| Total Short-Term U.S. Treasury Obligations (Cost $171,266,551) | 171,258,511 | ||
The
accompanying notes are an integral part of the consolidated financial statements.
| 28 | | DWS Enhanced Commodity Strategy Fund |
| Shares | Value ($) | ||
| Exchange-Traded Funds 1.3% | |||
| iShares 0-5 Year High Yield Corporate Bond ETF (b) | 200,000 | 9,212,000 | |
| SPDR Bloomberg Barclays Short Term High Yield Bond ETF | 600,000 | 16,548,000 | |
| Xtrackers Short Duration High Yield Bond ETF (b) (h) | 5,250 | 252,709 | |
| Total Exchange-Traded Funds (Cost $25,461,880) | 26,012,709 | ||
| Securities Lending Collateral 0.3% | |||
| DWS
Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.01% (i) (j) (Cost $7,384,467) |
7,384,467 | 7,384,467 | |
| Cash Equivalents 9.6% | |||
| DWS Central Cash Management Government Fund, 0.02% (i) | 166,221,762 | 166,221,762 | |
| DWS ESG Liquidity Fund “Capital Shares” , 0.09% (i) | 31,935,978 | 31,932,785 | |
| Total Cash Equivalents (Cost $198,155,194) | 198,154,547 | ||
| %
of Net Assets |
Value ($) | ||
| Total Consolidated Investment Portfolio (Cost $2,047,514,271) | 100.4 | 2,070,365,735 | |
| Other Assets and Liabilities, Net | (0.4) | (8,088,903) | |
| Net Assets | 100.0 | 2,062,276,832 |
A summary of the Fund’s
transactions with affiliated investments during the year ended June 30, 2021 are as follows:
| Value
($) at 6/30/2020 |
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 6/30/2021 |
Value
($) at 6/30/2021 |
| Exchange-Traded Funds 0.0% | ||||||||
| Xtrackers Short Duration High Yield Bond ETF (b) (h) | ||||||||
| — | 243,548 | — | — | 9,161 | 12,258 | — | 5,250 | 252,709 |
| Securities Lending Collateral 0.4% | ||||||||
| DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.02% (i) (j) | ||||||||
| — | 7,384,467 (k) | — | — | — | 3,565 | — | 7,384,467 | 7,384,467 |
The accompanying notes are an integral part of the consolidated financial
statements.
| DWS Enhanced Commodity Strategy Fund | | 29 |
| Value
($) at 6/30/2020 |
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 6/30/2021 |
Value
($) at 6/30/2021 |
| Cash Equivalents 9.6% | ||||||||
| DWS Central Cash Management Government Fund, 0.01% (i) | ||||||||
| 128,467,296 | 2,685,446,772 | 2,647,692,306 | — | — | 107,168 | — | 166,221,762 | 166,221,762 |
| DWS ESG Liquidity Fund “Capital Shares” (i) | ||||||||
| 6,918,373 | 45,023,183 | 20,004,000 | (2,000) | (2,771) | 19,545 | — | 31,935,978 | 31,932,785 |
| 135,385,669 | 2,738,097,970 | 2,667,696,306 | (2,000) | 6,390 | 142,536 | — | 205,547,457 | 205,791,723 |
| (a) | Variable or floating rate security. These securities are shown at their current rate as of June 30, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables. Securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. |
| (b) | 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 June 30, 2021 amounted to $7,196,921, which is 0.3% of net assets. |
| (c) | When-issued or delayed delivery securities included. |
| (d) | Government-backed debt issued by financial companies or government sponsored enterprises. |
| (e) | At June 30, 2021, this security has been pledged, in whole or in part, as collateral for open commodity-linked rate swap contracts. |
| (f) | Annualized yield at time of purchase; not a coupon rate. |
| (g) | At June 30, 2021, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
| (h) | Affiliated fund managed by DBX Advisors LLC, a subsidiary of Deutsche Bank AG. |
| (i) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (j) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| (k) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended June 30, 2021. |
| 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. |
| CLO: Collateralized Loan Obligation |
| COT: Commitment of Traders |
| 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. |
| LIBOR: London Interbank Offered Rate |
The accompanying notes are an integral part of the consolidated financial
statements.
| 30 | | DWS Enhanced Commodity Strategy Fund |
| 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 |
| SOC: State Owned Company |
| SOFR: Secured Overnight Financing Rate |
| SPDR: Standard & Poor’s Depositary Receipt |
| ULS: Ultra-Low Sulfur |
| WTI: West Texas Intermediate |
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 June 30, 2021, open futures contracts purchased were as
follows:
| Futures | Currency | Expiration
Date |
Contracts | Notional
Amount ($) |
Notional
Value ($) |
Unrealized
Appreciation ($) |
| Aluminum Futures | USD | 8/18/2021 | 200 | 12,485,000 | 12,612,500 | 127,500 |
| Copper Futures | USD | 12/15/2021 | 200 | 38,432,800 | 46,872,500 | 8,439,700 |
| LME Nickel Futures | USD | 12/13/2021 | 255 | 23,105,843 | 27,882,720 | 4,776,877 |
| Total unrealized appreciation | 13,344,077 | |||||
At June 30, 2021, open futures
contracts sold were as follows:
| Futures | Currency | Expiration
Date |
Contracts | Notional
Amount ($) |
Notional
Value ($) |
Unrealized
Appreciation/ (Depreciation) ($) |
| 5 Year U.S. Treasury Note | USD | 9/30/2021 | 241 | 29,836,929 | 29,746,554 | 90,375 |
| Brent Crude Oil Futures | USD | 10/29/2021 | 576 | 41,803,451 | 41,685,120 | 118,331 |
| Copper Futures | USD | 12/15/2021 | 200 | 34,109,684 | 46,872,500 | (12,762,816) |
| LME Nickel Futures | USD | 12/13/2021 | 255 | 22,391,062 | 27,882,720 | (5,491,658) |
| Zinc Futures | USD | 8/18/2021 | 155 | 11,919,500 | 11,521,344 | 398,156 |
| Total net unrealized depreciation | (17,647,612) | |||||
The accompanying notes are an integral part of the consolidated financial
statements.
| DWS Enhanced Commodity Strategy Fund | | 31 |
At June 30, 2021, open
futures options contracts purchased were as follows:
| Call Options | Contracts | Expiration
Date |
Strike
Price ($) |
Notional
Amount ($) |
Notional
Value ($) |
Unrealized
Appreciation ($) |
| Brent Crude Oil Futures, Expiration Date 12/31/2021 | 2,400 | 10/26/2021 | 85 | 1,995,288 | 2,640,000 | 644,712 |
At June 30, 2021, open futures
options contracts sold were as follows:
| Put Options | Contracts | Expiration
Date |
Strike
Price ($) |
Notional
Amount ($) |
Notional
Value ($) |
Unrealized
Appreciation ($) |
| Brent Crude Oil Futures, Expiration Date 12/31/2021 | 2,400 | 10/26/2021 | 55 | 2,036,712 | 1,776,000 | 260,712 |
Each commodity linked swap is a
commitment to receive the total return of the specified commodity linked index in exchange for a fixed financing rate. At June 30, 2021, open commodity-linked swap contracts were as follows:
| Pay/Receive
Return of the Reference Index |
Expiration
Date |
Counterparty | Notional
Amount ($) |
Fixed
Fee Received/ (Paid) by the Fund |
Frequency | Value ($)† |
| Long Positions | ||||||
| Barclays Commodity Strategy 1673 Excess Return Index/TRSTST25HP | 7/15/2021 | Barclays Bank PLC | 32,940,000 | (0.28) | At Expiration | (199,300) |
| Barclays EFS Custom Commodity Basket 08 Index/BEFSCB08 | 7/15/2021 | Barclays Bank PLC | 5,520,000 | — | At Expiration | 12,264 |
| Bloomberg Aluminum Subindex/BCOMAL | 7/15/2021 | Goldman Sachs & Co. | 20,000,000 | (0.10) | At Expiration | 245,700 |
| Bloomberg Commodity Index 3 Month Forward/BCOMF3 | 7/15/2021 | JPMorgan Chase Securities, Inc. | 67,480,000 | (0.11) | At Expiration | 83,660 |
| Bloomberg Commodity Index 6 Month Forward/BCOMF6 | 7/15/2021 | JPMorgan Chase Securities, Inc. | 33,740,000 | (0.13) | At Expiration | (51,446) |
| Bloomberg Commodity Index 6 Month Forward/BCOMF6 | 7/15/2021 | Macquarie Bank Ltd. | 63,263,000 | (0.17) | At Expiration | (97,641) |
| Bloomberg Commodity Index/BCOM | 7/15/2021 | Credit Suisse | 168,700,000 | (0.11) | At Expiration | 397,750 |
| Bloomberg Commodity Index/BCOM | 7/15/2021 | Morgan Stanley | 63,263,000 | (0.12) | At Expiration | 148,863 |
The accompanying notes are an integral part of the consolidated financial
statements.
| 32 | | DWS Enhanced Commodity Strategy Fund |
| Pay/Receive
Return of the Reference Index |
Expiration
Date |
Counterparty | Notional
Amount ($) |
Fixed
Fee Received/ (Paid) by the Fund |
Frequency | Value ($)† |
| Bloomberg Commodity Index/BCOM | 7/15/2021 | Macquarie Bank Ltd. | 63,263,000 | (0.12) | At Expiration | 148,863 |
| Bloomberg Commodity Index/BCOM | 7/15/2021 | JPMorgan Chase Securities, Inc. | 191,180,000 | (0.09) | At Expiration | 452,533 |
| Bloomberg Commodity Index/BCOM | 7/15/2021 | BNP Paribas | 147,613,000 | (0.12) | At Expiration | 347,345 |
| Bloomberg Commodity Index/BCOM | 7/15/2021 | Barclays Bank PLC | 126,525,000 | (0.11) | At Expiration | 298,313 |
| Bloomberg Commodity Index/BCOM | 7/15/2021 | Goldman Sachs & Co. | 101,220,000 | (0.10) | At Expiration | 239,122 |
| Bloomberg Commodity Index/BCOM | 7/15/2021 | Canadian Imperial Bank of Commerce | 63,263,000 | (0.13) | At Expiration | 148,569 |
| BofA Merrill Lynch Commodity Excess Return Strategy/MLCIHR6S | 7/15/2021 | Merrill Lynch International Ltd. | 14,239,000 | — | At Expiration | (37,798) |
| Citi Commodities Gold Call Ratio Index/CICXGCCR | 7/15/2021 | Citigroup, Inc. | 24,160,000 | — | At Expiration | (63,939) |
| Citi Custom CiVICS 7 Excess Return/CVICSER7 | 7/15/2021 | Citigroup, Inc. | 409,165,000 | (0.18) | At Expiration | 1,122,097 |
| Goldman Sachs Brent Vol Carry 05/GSVLBR05 | 7/15/2021 | Goldman Sachs & Co. | 18,000,000 | (0.35) | At Expiration | 121,783 |
| Goldman Sachs Commodity COT Strategy COT3/ABGSCOT3 | 7/15/2021 | Goldman Sachs & Co. | 6,150,000 | (0.35) | At Expiration | 35,043 |
| Macquarie Commodity Product 708E/MQCP708E | 7/15/2021 | Macquarie Bank Ltd. | 43,560,000 | (1.00) | At Expiration | (295,369) |
| Macquarie Vol Product 2CL2/VMAC2CL2 | 7/15/2021 | Macquarie Bank Ltd. | 15,000,000 | (0.15) | At Expiration | 401,643 |
| Macquarie Vol Product 3GC1/VMAC3GC1 | 7/15/2021 | Macquarie Bank Ltd. | 15,000,000 | (0.10) | At Expiration | (508,893) |
| Merrill Lynch Backwardation Momentum Long Only Excess Return Index/MLCXAKLE | 7/15/2021 | Merrill Lynch International Ltd. | 35,310,000 | (0.35) | At Expiration | 82,856 |
The accompanying notes are an integral part of the consolidated financial
statements.
| DWS Enhanced Commodity Strategy Fund | | 33 |
| Pay/Receive
Return of the Reference Index |
Expiration
Date |
Counterparty | Notional
Amount ($) |
Fixed
Fee Received/ (Paid) by the Fund |
Frequency | Value ($)† |
| Merrill Lynch Enhanced Benchmark - A Pre Roll Excess Return Index/MLCXAPRE | 7/15/2021 | Merrill Lynch International Ltd. | 147,613,000 | (0.14) | At Expiration | 345,785 |
| Modified Strategy D177 on the Bloomberg Commodity Index/ENHG177P | 7/15/2021 | Goldman Sachs & Co. | 151,830,000 | (0.35) | At Expiration | 134,303 |
| Morgan Stanley MSCBDF11 Index/MSCBDF11 | 7/15/2021 | Morgan Stanley | 20,000,000 | (0.05) | At Expiration | (178,294) |
| RBC Enhanced Commodity Basket 01 Excess Return Index/RBCAEC01 | 7/15/2021 | Royal Bank of Canada | 67,480,000 | (0.11) | At Expiration | (3,877) |
| RBC Enhanced Commodity CC3V Index/RBCSCC3V | 7/15/2021 | Royal Bank of Canada | 50,602,000 | (0.15) | At Expiration | (280,496) |
| RBC Enhanced Commodity D01 Excess Return Index/RBCADC01 | 7/15/2021 | Royal Bank of Canada | 67,480,000 | (0.20) | At Expiration | (76,343) |
| RBC Enhanced Commodity D03 Index/RBCADC03 | 7/15/2021 | Royal Bank of Canada | 33,740,000 | (0.15) | At Expiration | 9,062 |
| RBC Enhanced Commodity MSC4 Index/RBCAMSC4 | 7/15/2021 | Royal Bank of Canada | 16,518,000 | (0.35) | At Expiration | 109,429 |
| SGI Commodity Dynamic Alpha Index/SGICCODA | 7/15/2021 | Societe Generale | 67,270,000 | (0.25) | At Expiration | (309,422) |
| SGI WTI Intraday Trend Index/SGIDTWTI | 7/15/2021 | Societe Generale | 8,960,000 | (0.20) | At Expiration | (23,615) |
| Societe Generale Alpha 1 Custom Excess Return/SGCOA1CE | 7/15/2021 | Societe Generale | 94,030,000 | (0.17) | At Expiration | (145,997) |
| Societe Generale Commodity Index/SGCOM11S | 7/15/2021 | Societe Generale | 31,631,000 | (0.13) | At Expiration | 95,860 |
| Societe Generale M Po 3 U Index/SGCOL45E | 7/15/2021 | Societe Generale | 31,631,000 | (0.16) | At Expiration | 46,191 |
The accompanying notes are an integral part of the consolidated financial
statements.
| 34 | | 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 ($)† |
| Societe Generale M Po 4 U Index/SGCOM15E | 7/15/2021 | Societe Generale | 63,263,000 | (0.18) | At Expiration | (23,867) |
| UBS Custom Commodity Index/UBSIB163 | 7/15/2021 | UBS AG | 114,871,000 | (0.27) | At Expiration | 1,274,267 |
| Index Description | Ticker | Notional
Amount ($) |
Index
Weight (%) |
Value ($) |
| Bloomberg Commodity Index | BCOM | 73,806,000 | 32.1 | 174,566 |
| Bloomberg Gold Subindex | BCOMGC | (11,572,000) | 5.0 | 583,903 |
| Bloomberg Wheat Subindex | BCOMWH | (11,018,000) | 4.8 | (8,210) |
| Bloomberg Brent Crude Subindex | BCOMCO | 5,325,000 | 2.3 | 171,398 |
| Bloomberg Zinc Index | BCOMZS | (20,000,000) | 8.7 | 440,035 |
| Bloomberg Commodity Index 2-4-6 Forward Blend | BCOMF246 | 73,806,000 | 32.1 | (10,095) |
| Bloomberg Sugar Subindex | BCOMSB | (8,488,000) | 3.7 | (244,197) |
| Bloomberg Aluminum Subindex | BCOMAL | 1,845,000 | 0.8 | 22,653 |
| Bloomberg ULS Diesel Subindex | BCOMHO | 23,882,000 | 10.5 | 144,214 |
| UBS Custom Commodity Index | 1,274,267 | |||
| Pay/Receive
Return of the Reference Index |
Expiration
Date |
Counterparty | Notional
Amount ($) |
Fixed
Fee Received/ (Paid) by the Fund |
Frequency | Value ($)† |
| UBS Targeted Commodity Curve Carry Strategy Index/UBSTCCIS | 7/15/2021 | UBS AG | 74,680,000 | (0.10) | At Expiration | (869,566) |
| Total net unrealized appreciation | 3,135,438 | |||||
| † | There are no upfront payments on the commodity-linked swaps listed above, therefore unrealized appreciation (depreciation) is equal to their value. |
Currency Abbreviation(s)
| USD | United States Dollar |
For information on the Fund’s policy and additional
disclosures regarding futures contracts, futures options contracts and commodity-linked swap contracts, please refer to the Derivatives section of Note B in the accompanying Notes to Financial Statements.
The
accompanying notes are an integral part of the consolidated financial statements.
| DWS Enhanced Commodity Strategy Fund | | 35 |
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 June 30,
2021 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 |
| Corporate Bonds (a) | $ — | $ 439,273,006 | $— | $ 439,273,006 |
| Asset-Backed (a) | — | 124,972,719 | — | 124,972,719 |
| Commercial Mortgage-Backed Securities | — | 94,960,578 | — | 94,960,578 |
| Collateralized Mortgage Obligations | — | 19,292,951 | — | 19,292,951 |
| Government & Agency Obligations (a) | — | 989,056,247 | — | 989,056,247 |
| Short-Term U.S. Treasury Obligations | — | 171,258,511 | — | 171,258,511 |
| Exchange-Traded Funds | 26,012,709 | — | — | 26,012,709 |
| Short-Term Investments (a) | 205,539,014 | — | — | 205,539,014 |
| Derivatives (b) | ||||
| Futures and Futures Options Contracts | 14,856,363 | — | — | 14,856,363 |
| Commodity-Linked Swap Contracts | — | 6,301,301 | — | 6,301,301 |
| Total | $246,408,086 | $1,845,115,313 | $ — | $2,091,523,399 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
| Derivatives (b) | ||||
| Futures Contracts | $ (18,254,474) | $ — | $— | $ (18,254,474) |
| Commodity-Linked Swap Contracts | — | (3,165,863) | — | (3,165,863) |
| Total | $ (18,254,474) | $ (3,165,863) | $ — | $ (21,420,337) |
| (a) | See Consolidated Investment Portfolio for additional detailed categorizations. |
| (b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts, futures options contracts and commodity-linked swap contracts. |
The accompanying notes are an integral part of the consolidated financial
statements.
| 36 | | DWS Enhanced Commodity Strategy Fund |
Consolidated Statement of Assets and
Liabilities
as of June 30, 2021
| Assets | |
| Investments in non-affiliated securities, at value (cost $1,841,731,062) — including $7,196,921 of securities loaned | $ 1,864,574,012 |
| Investment in DWS Government & Agency Securities Portfolio (cost $7,384,467)* | 7,384,467 |
| Investment in affiliated securities, at value (cost $198,398,742) | 198,407,256 |
| Receivable for investments sold — when-issued/delayed delivery securities | 18,592,453 |
| Receivable for Fund shares sold | 5,137,791 |
| Interest receivable | 4,434,061 |
| Unrealized appreciation on bilateral swap contracts | 6,301,301 |
| Foreign taxes recoverable | 2,178 |
| Other assets | 64,630 |
| Total assets | 2,104,898,149 |
| Liabilities | |
| Cash overdraft | 510,806 |
| Payable upon return of securities loaned | 7,384,467 |
| Payable for investments purchased — when-issued/delayed delivery securities | 19,588,235 |
| Payable for Fund shares redeemed | 4,969,756 |
| Payable for variation margin on futures and options contracts | 4,340,383 |
| Unrealized depreciation on bilateral swap contracts | 3,165,863 |
| Net payable for pending swap contracts | 502,492 |
| Accrued management fee | 1,128,668 |
| Accrued Trustees' fees | 14,673 |
| Other accrued expenses and payables | 1,015,974 |
| Total liabilities | 42,621,317 |
| Net assets, at value | $ 2,062,276,832 |
| * | Represents collateral on securities loaned. |
The accompanying notes are an integral part of the
consolidated financial statements.
| DWS Enhanced Commodity Strategy Fund | | 37 |
Consolidated Statement of Assets and
Liabilities
as of June 30, 2021 (continued)
as of June 30, 2021 (continued)
| Net Assets Consist of | |
| Distributable earnings (loss) | 633,532,384 |
| Paid-in capital | 1,428,744,448 |
| Net assets, at value | $ 2,062,276,832 |
| Net Asset Value | |
| Class A | |
| Net
Asset Value and redemption price per share ($86,010,660 ÷ 7,658,676 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) |
$ 11.23 |
| Maximum offering price per share (100 ÷ 94.25 of $11.23) | $ 11.92 |
| Class T | |
| Net
Asset Value and redemption price per share ($11,818 ÷ 1,051 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) |
$ 11.24 |
| Maximum offering price per share (100 ÷ 97.50 of $11.24) | $ 11.53 |
| Class C | |
| Net
Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($13,044,507 ÷ 1,299,246 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) |
$ 10.04 |
| Class R6 | |
| Net
Asset Value, offering and redemption price per share ($45,643,795 ÷ 4,005,682 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) |
$ 11.39 |
| Class S | |
| Net
Asset Value, offering and redemption price per share ($69,992,792 ÷ 6,154,719 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) |
$ 11.37 |
| Institutional Class | |
| Net
Asset Value, offering and redemption price per share ($1,847,573,260 ÷ 162,000,618 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) |
$ 11.40 |
The accompanying notes are an integral part of the
consolidated financial statements.
| 38 | | DWS Enhanced Commodity Strategy Fund |
Consolidated Statement of
Operations
for the year ended June 30, 2021
| Investment Income | |
| Income: | |
| Interest (net of foreign taxes withheld of $12,658) | $ 27,781,937 |
| Dividends | 462,832 |
| Income distributions from affiliated securities | 138,971 |
| Securities lending income, net of borrower rebates | 3,565 |
| Total income | 28,387,305 |
| Expenses: | |
| Management fee | 14,241,601 |
| Administration fee | 1,700,505 |
| Services to shareholders | 2,291,619 |
| Distribution and service fees | 265,896 |
| Custodian fee | 105,062 |
| Professional fees | 102,900 |
| Reports to shareholders | 412,213 |
| Registration fees | 146,577 |
| Trustees' fees and expenses | 53,467 |
| Other | 93,683 |
| Total expenses before expense reductions | 19,413,523 |
| Expense reductions | (3,370,242) |
| Total expenses after expense reductions | 16,043,281 |
| Net investment income | 12,344,024 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss) from: | |
| Sale of affiliated Underlying Funds | (2,000) |
| Sale of non-affiliated investments | 838,503 |
| Swap contracts | 620,646,412 |
| Futures | 13,632,591 |
| Written options | 1,537,926 |
| Foreign currency | 3 |
| Payments by affiliates (see Note H) | 2,892 |
| 636,656,327 | |
| Change in net unrealized appreciation (depreciation) on: | |
| Affiliated investments | 6,390 |
| Non-affiliated investments | 12,455,663 |
| Swap contracts | (18,767,572) |
| Futures | (1,273,590) |
| Written options | (214,800) |
| (7,793,909) | |
| Net gain (loss) | 628,862,418 |
| Net increase (decrease) in net assets resulting from operations | $ 641,206,442 |
The accompanying notes are an integral part of the consolidated financial
statements.
| DWS Enhanced Commodity Strategy Fund | | 39 |
Consolidated Statements of Changes in
Net Assets
| Years Ended June 30, | ||
| Increase (Decrease) in Net Assets | 2021 | 2020 |
| Operations: | ||
| Net investment income | $ 12,344,024 | $ 27,307,546 |
| Net realized gain (loss) | 636,656,327 | (330,276,058) |
| Change
in net unrealized appreciation (depreciation) |
(7,793,909) | (15,747,848) |
| Net increase (decrease) in net assets resulting from operations | 641,206,442 | (318,716,360) |
| Distributions to shareholders: | ||
| Class A | (457,584) | (985,068) |
| Class T | (64) | (140) |
| Class C | (19,511) | (87,971) |
| Class R6 | (392,729) | (603,995) |
| Class S | (693,340) | (1,999,904) |
| Institutional Class | (15,435,292) | (30,899,176) |
| Total distributions | (16,998,520) | (34,576,254) |
| Fund share transactions: | ||
| Proceeds from shares sold | 871,894,839 | 971,270,795 |
| Reinvestment of distributions | 15,960,268 | 32,006,950 |
| Payments for shares redeemed | (1,001,555,365) | (1,863,611,943) |
| Net increase (decrease) in net assets from Fund share transactions | (113,700,258) | (860,334,198) |
| Increase (decrease) in net assets | 510,507,664 | (1,213,626,812) |
| Net assets at beginning of period | 1,551,769,168 | 2,765,395,980 |
| Net assets at end of period | $ 2,062,276,832 | $ 1,551,769,168 |
The accompanying notes are an integral part of the
consolidated financial statements.
| 40 | | DWS Enhanced Commodity Strategy Fund |
Consolidated Financial
Highlights
| DWS Enhanced Commodity Strategy Fund — Class A | |||||
| Years Ended June 30, | |||||
| 2021 | 2020 | 2019 | 2018 | 2017 | |
| Selected Per Share Data | |||||
| Net asset value, beginning of period | $7.93 | $9.47 | $11.71 | $10.88 | $12.60 |
| Income (loss) from investment operations: | |||||
| Net investment incomea | .04 | .09 | .15 | .08 | .03 |
| Net realized and unrealized gain (loss) | 3.32 | (1.50) | (1.27) | .78 | (.97) |
| Total from investment operations | 3.36 | (1.41) | (1.12) | .86 | (.94) |
| Less distributions from: | |||||
| Net investment income | (.06) | (.13) | (1.12) | (.03) | (.78) |
| Redemption fees | — | — | — | — | .00 * |
| Net asset value, end of period | $11.23 | $7.93 | $9.47 | $11.71 | $10.88 |
| Total Return (%)b,c | 42.59 | (14.96) | (9.77) | 7.87 | (7.70) |
| Ratios to Average Net Assets and Supplemental Data | |||||
| Net assets, end of period ($ millions) | 86 | 58 | 75 | 121 | 110 |
| Ratio of expenses before expense reductions (%) | 1.42 | 1.51 | 1.48 | 1.43 | 1.47 |
| Ratio of expenses after expense reductions (%) | 1.22 | 1.29 | 1.34 | 1.35 | 1.33 |
| Ratio of net investment income (%) | .39 | 1.05 | 1.43 | .73 | .28 |
| Portfolio turnover rate (%) | 81 | 68 | 65 | 79 | 52 |
| 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. |
| * | Amount is less than $.005. |
The accompanying notes are an integral part of the
consolidated financial statements.
| DWS Enhanced Commodity Strategy Fund | | 41 |
| DWS Enhanced Commodity Strategy Fund — Class T | |||||
| Years Ended June 30, | Period
Ended | ||||
| 2021 | 2020 | 2019 | 2018 | 6/30/17 a | |
| Selected Per Share Data | |||||
| Net asset value, beginning of period | $7.94 | $9.48 | $11.72 | $10.88 | $10.88 |
| Income (loss) from investment operations: | |||||
| Net investment incomeb | .04 | .09 | .14 | .09 | .00 * |
| Net realized and unrealized gain (loss) | 3.32 | (1.49) | (1.25) | .77 | (.00) * |
| Total from investment operations | 3.36 | (1.40) | (1.11) | .86 | .00 * |
| Less distributions from: | |||||
| Net investment income | (.06) | (.14) | (1.13) | (.02) | (.00) * |
| Net asset value, end of period | $11.24 | $7.94 | $9.48 | $11.72 | $10.88 |
| Total Return (%)c,d | 42.55 | (14.92) | (9.72) | 7.95 | .01 ** |
| Ratios to Average Net Assets and Supplemental Data | |||||
| Net assets, end of period ($ thousands) | 12 | 8 | 10 | 11 | 10 |
| Ratio of expenses before expense reductions (%) | 1.37 | 1.43 | 1.40 | 1.36 | 1.57 *** |
| Ratio of expenses after expense reductions (%) | 1.22 | 1.28 | 1.32 | 1.29 | 1.35 *** |
| Ratio of net investment income (%) | .39 | 1.07 | 1.42 | .80 | .47 *** |
| Portfolio turnover rate (%) | 81 | 68 | 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. |
| * | Amount is less than $.005. |
| ** | Not annualized |
| *** | Annualized |
The accompanying notes are an integral part of the
consolidated financial statements.
| 42 | | DWS Enhanced Commodity Strategy Fund |
| DWS Enhanced Commodity Strategy Fund — Class C | |||||
| Years Ended June 30, | |||||
| 2021 | 2020 | 2019 | 2018 | 2017 | |
| Selected Per Share Data | |||||
| Net asset value, beginning of period | $7.11 | $8.49 | $10.50 | $9.80 | $11.39 |
| Income (loss) from investment operations: | |||||
| Net investment income (loss)a | (.03) | .03 | .06 | (.00) * | (.05) |
| Net realized and unrealized gain (loss) | 2.98 | (1.35) | (1.13) | .70 | (.88) |
| Total from investment operations | 2.95 | (1.32) | (1.07) | .70 | (.93) |
| Less distributions from: | |||||
| Net investment income | (.02) | (.06) | (.94) | — | (.66) |
| Redemption fees | — | — | — | — | .00 * |
| Net asset value, end of period | $10.04 | $7.11 | $8.49 | $10.50 | $9.80 |
| Total Return (%)b,c | 41.55 | (15.59) | (10.48) | 7.14 | (8.42) |
| Ratios to Average Net Assets and Supplemental Data | |||||
| Net assets, end of period ($ millions) | 13 | 9 | 15 | 27 | 27 |
| Ratio of expenses before expense reductions (%) | 2.09 | 2.20 | 2.18 | 2.17 | 2.21 |
| Ratio of expenses after expense reductions (%) | 1.97 | 2.04 | 2.09 | 2.09 | 2.08 |
| Ratio of net investment income (loss) (%) | (.35) | .32 | .68 | (.02) | (.47) |
| Portfolio turnover rate (%) | 81 | 68 | 65 | 79 | 52 |
| 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. |
| * | Amount is less than $.005. |
The accompanying notes are an integral part of the
consolidated financial statements.
| DWS Enhanced Commodity Strategy Fund | | 43 |
| DWS Enhanced Commodity Strategy Fund — Class R6 | |||||
| Years Ended June 30, | |||||
| 2021 | 2020 | 2019 | 2018 | 2017 | |
| Selected Per Share Data | |||||
| Net asset value, beginning of period | $8.05 | $9.62 | $11.89 | $11.04 | $12.79 |
| Income (loss) from investment operations: | |||||
| Net investment incomea | .07 | .12 | .19 | .13 | .08 |
| Net realized and unrealized gain (loss) | 3.37 | (1.52) | (1.28) | .79 | (.99) |
| Total from investment operations | 3.44 | (1.40) | (1.09) | .92 | (.91) |
| Less distributions from: | |||||
| Net investment income | (.10) | (.17) | (1.18) | (.07) | (.84) |
| Redemption fees | — | — | — | — | .00 * |
| Net asset value, end of period | $11.39 | $8.05 | $9.62 | $11.89 | $11.04 |
| Total Return (%)b | 43.00 | (14.58) | (9.46) | 8.36 | (7.37) |
| Ratios to Average Net Assets and Supplemental Data | |||||
| Net assets, end of period ($ millions) | 46 | 31 | 30 | 22 | 13 |
| Ratio of expenses before expense reductions (%) | 1.02 | 1.08 | 1.06 | 1.07 | 1.09 |
| Ratio of expenses after expense reductions (%) | .89 | .89 | .95 | .95 | .96 |
| Ratio of net investment income (%) | .73 | 1.42 | 1.86 | 1.14 | .67 |
| Portfolio turnover rate (%) | 81 | 68 | 65 | 79 | 52 |
| a | Based on average shares outstanding during the period. |
| b | Total return would have been lower had certain expenses not been reduced. |
| * | Amount is less than $.005. |
The accompanying notes are an integral part of the
consolidated financial statements.
| 44 | | DWS Enhanced Commodity Strategy Fund |
| DWS Enhanced Commodity Strategy Fund — Class S | |||||
| Years Ended June 30, | |||||
| 2021 | 2020 | 2019 | 2018 | 2017 | |
| Selected Per Share Data | |||||
| Net asset value, beginning of period | $8.03 | $9.59 | $11.86 | $11.02 | $12.76 |
| Income (loss) from investment operations: | |||||
| Net investment incomea | .06 | .12 | .17 | .11 | .06 |
| Net realized and unrealized gain (loss) | 3.36 | (1.53) | (1.28) | .78 | (.99) |
| Total from investment operations | 3.42 | (1.41) | (1.11) | .89 | (.93) |
| Less distributions from: | |||||
| Net investment income | (.08) | (.15) | (1.16) | (.05) | (.81) |
| Redemption fees | — | — | — | — | .00 * |
| Net asset value, end of period | $11.37 | $8.03 | $9.59 | $11.86 | $11.02 |
| Total Return (%)b | 42.86 | (14.79) | (9.58) | 8.08 | (7.50) |
| Ratios to Average Net Assets and Supplemental Data | |||||
| Net assets, end of period ($ millions) | 70 | 83 | 195 | 520 | 349 |
| Ratio of expenses before expense reductions (%) | 1.19 | 1.25 | 1.21 | 1.19 | 1.24 |
| Ratio of expenses after expense reductions (%) | 1.03 | 1.09 | 1.14 | 1.12 | 1.13 |
| Ratio of net investment income (%) | .62 | 1.30 | 1.60 | .97 | .48 |
| Portfolio turnover rate (%) | 81 | 68 | 65 | 79 | 52 |
| a | Based on average shares outstanding during the period. |
| b | Total return would have been lower had certain expenses not been reduced. |
| * | Amount is less than $.005. |
The accompanying notes are an integral part of the
consolidated financial statements.
| DWS Enhanced Commodity Strategy Fund | | 45 |
| DWS Enhanced Commodity Strategy Fund — Institutional Class | |||||
| Years Ended June 30, | |||||
| 2021 | 2020 | 2019 | 2018 | 2017 | |
| Selected Per Share Data | |||||
| Net asset value, beginning of period | $8.06 | $9.62 | $11.90 | $11.05 | $12.80 |
| Income (loss) from investment operations: | |||||
| Net investment incomea | .07 | .13 | .19 | .13 | .07 |
| Net realized and unrealized gain (loss) | 3.37 | (1.52) | (1.29) | .79 | (.99) |
| Total from investment operations | 3.44 | (1.39) | (1.10) | .92 | (.92) |
| Less distributions from: | |||||
| Net investment income | (.10) | (.17) | (1.18) | (.07) | (.83) |
| Redemption fees | — | — | — | — | .00 * |
| Net asset value, end of period | $11.40 | $8.06 | $9.62 | $11.90 | $11.05 |
| Total Return (%)b | 42.94 | (14.58) | (9.47) | 8.31 | (7.40) |
| Ratios to Average Net Assets and Supplemental Data | |||||
| Net assets, end of period ($ millions) | 1,848 | 1,371 | 2,450 | 2,769 | 2,246 |
| Ratio of expenses before expense reductions (%) | 1.09 | 1.19 | 1.16 | 1.13 | 1.18 |
| Ratio of expenses after expense reductions (%) | .89 | .90 | .99 | .99 | .99 |
| Ratio of net investment income (%) | .73 | 1.46 | 1.79 | 1.09 | .62 |
| Portfolio turnover rate (%) | 81 | 68 | 65 | 79 | 52 |
| a | Based on average shares outstanding during the period. |
| b | Total return would have been lower had certain expenses not been reduced. |
| * | Amount is less than $.005. |
The accompanying notes are an integral part of the consolidated financial
statements.
| 46 | | DWS Enhanced Commodity Strategy Fund |
Notes to Consolidated
Financial Statements
| 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 8 years instead of 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 8 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 available through certain intermediary relationships with financial services firms, or can be purchased by establishing an account directly with
the Fund’s transfer agent. Institutional Class shares are not subject to initial or contingent deferred sales charges and are generally available only to qualified institutions.
Investment income, realized and unrealized gains and losses,
and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as distribution
and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to
voting subject to class-specific arrangements.
The
Fund’s 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
| DWS Enhanced Commodity Strategy Fund | | 47 |
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.
Principles of Consolidation. The Fund invests indirectly in commodities markets through a wholly owned subsidiary, Cayman Commodity Fund 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 June 30, 2021, the Fund’s investment in the Subsidiary was $408,297,392, representing 19.4% 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.
Exchange-traded funds (“ETFs” ) are valued
at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. ETFs for which no sales are reported are valued at the calculated mean between the most recent
bid
| 48 | | DWS Enhanced Commodity Strategy Fund |
and asked quotations on the relevant
market or, if a mean cannot be determined, at the most recent bid quotation. ETFs are generally categorized as Level 1 securities.
Debt securities 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
broker-dealers. These securities are generally categorized as Level 2.
Investments in open-end investment companies are valued at
their net asset value each business day and are categorized as Level 1.
Futures contracts are generally valued at the settlement
prices established each day on the exchange on which they are traded and are categorized as Level 1.
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
| DWS Enhanced Commodity Strategy Fund | | 49 |
that influence the issuer and the
market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined
under these procedures may differ from published values for the same securities.
Disclosure about the classification of fair value
measurements is included in a table following the Fund’s 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 year ended June 30, 2021, 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 (0.01% annualized effective rate as of June 30, 2021) 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 June 30, 2021, the Fund had securities on loan. The
value of the related collateral exceeded the value of the securities loaned at period end.
| 50 | | DWS Enhanced Commodity Strategy Fund |
Remaining Contractual
Maturity of the Agreements as of June 30, 2021
| Overnight
and Continuous |
<30 days | Between
30 & 90 days |
>90 days | Total | |
| Securities Lending Transactions | |||||
| Corporate Bonds | $ 2,509,217 | $ — | $ — | $ — | $ 2,509,217 |
| Exchange-Traded Funds | 4,875,250 | — | — | — | 4,875,250 |
| Total Borrowings | $ 7,384,467 | $ — | $ — | $ — | $ 7,384,467 |
| Gross amount of recognized liabilities for securities lending transactions: | $ 7,384,467 | ||||
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 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.
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, 2021, the Fund had net tax basis capital loss
carryforwards of approximately $23,677,000, including short-term losses ($3,930,000) and
| DWS Enhanced Commodity Strategy Fund | | 51 |
long-term losses ($19,747,000), which
may be applied against realized net taxable capital gains indefinitely.
The Fund has reviewed the tax positions for the open tax
years as of June 30, 2021 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, and investment in the Subsidiary. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during
such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.
At June 30, 2021, the Fund’s components of
distributable earnings (accumulated losses) on a net tax basis were as follows:
| Undistributed ordinary income* | $ 636,008,733 |
| Capital loss carryforwards | $ (23,677,000) |
| Net unrealized appreciation (depreciation) on investments | $ (492,083,540) |
At June 30, 2021, the aggregate
cost of investments for federal income tax purposes was $2,612,569,641. The net unrealized depreciation for all investments based on tax cost was $492,083,540. This consisted of aggregate gross unrealized appreciation for all investments for which
there was an excess of value over tax cost of $1,005,708,475 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $1,497,792,015.
| 52 | | DWS Enhanced Commodity Strategy Fund |
In addition, the tax
character of distributions paid to shareholders by the Fund is summarized as follows:
| Years Ended June 30, | ||
| 2021 | 2020 | |
| Distributions from ordinary income* | $ 16,998,520 | $ 34,576,254 |
| * | For tax purposes, short-term capital gain distributions, and income and net realized gains from certain commodity-linked derivative instruments are considered ordinary income distributions. |
Expenses. Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among
the funds in the Trust based upon the relative net assets or other appropriate measures.
Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these
arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.
Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions
are reported on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized
gain (loss) from investments. All premiums and discounts are amortized/accreted for 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,
| DWS Enhanced Commodity Strategy Fund | | 53 |
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 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 centrally 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 year ended June 30, 2021, 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
June 30, 2021 is included in a table following the Fund’s Consolidated Investment Portfolio. For the year ended June 30, 2021, the investment in long commodity-linked swap contracts had a total notional amount generally indicative of a range
from approximately $1,924,248,000 to $2,829,577,000, and the investment in short commodity-linked swap contracts had a total notional amount generally indicative of a range from $0 to approximately $138,000,000.
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 year ended June 30, 2021, the Fund entered into commodity futures contracts and futures options 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.
| 54 | | DWS Enhanced Commodity Strategy Fund |
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 is minimized as the exchange’s clearinghouse acts as the counterparty, and guarantees the futures against default.
Certain risks may arise upon entering into futures
contracts, including the risk that an illiquid market will limit the Fund’s ability to close out a futures contract prior to the settlement date and the risk that the futures contract is not well correlated with the security, index or currency
to which it relates. Risk of loss may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.
A summary of the open futures contracts and futures options
contracts as of June 30, 2021, is included in a table following the Fund’s Consolidated Investment Portfolio. For the year ended June 30, 2021, the investment in futures contracts purchased had a total notional value generally indicative of a
range from approximately $87,368,000 to $261,067,000, the investment in futures options contracts purchased had a total notional value generally indicative of a range from $0 to $2,640,000, the investment in futures contracts sold had a total
notional value generally indicative of a range from approximately $124,197,000 to $323,746,000, and the investment in futures options contracts sold had a total notional value generally indicative of a range from $0 to $4,536,000.
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. Certain options, including options on indices,
will require cash settlement by the Fund if exercised. For the year ended June 30, 2021,
| DWS Enhanced Commodity Strategy Fund | | 55 |
the Fund entered into options on
commodity futures contracts 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 June 30, 2021. For the year ended June 30, 2021, the investment in purchased options contracts had a total value generally indicative of a range from $0 to $540,000, and the investment in written options contracts had a total value generally
indicative of a range from $0 to $1,140,000.
The
following tables summarize the value of the Fund’s derivative instruments held as of June 30, 2021 and the related location in the accompanying Consolidated Statement of Assets and Liabilities, presented by primary underlying risk
exposure:
| Assets Derivative | Swap
Contracts |
Futures
Contracts |
Total |
| Interest Rate Contracts (a) | $ — | $ 90,375 | $ 90,375 |
| Commodity Contracts (a) (b) | 6,301,301 | 14,765,988 | 21,067,289 |
| $ 6,301,301 | $ 14,856,363 | $ 21,157,664 | |
| Each of the above derivatives is located in the following Consolidated Statement of Assets and Liabilities accounts: | |||
| (a) | Includes cumulative appreciation of futures and futures options 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 |
| 56 | | DWS Enhanced Commodity Strategy Fund |
| Liability Derivative | Swap
Contracts |
Futures
Contracts |
Total |
| Commodity Contracts (a) (b) | $ (3,165,863) | $ (18,254,474) | $ (21,420,337) |
| Each of the above derivatives is located in the following Consolidated Statement of Assets and Liabilities accounts: | |||
| (a) | 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. |
| (b) | Unrealized depreciation on bilateral swap contracts |
Additionally, the amount of unrealized and realized gains
and losses on derivative instruments recognized in Fund earnings during the year ended June 30, 2021 and the related location in the accompanying Consolidated Statement of Operations is summarized in the following tables by primary underlying risk
exposure:
| Realized Gain (Loss) | Purchased
Options |
Written
Options |
Swap
Contracts |
Futures
Contracts |
Total |
| Interest Rate Contracts (a) | $ — | $ — | $ — | $ 1,364,156 | $ 1,364,156 |
| Commodity Contracts (a) | (885,200) | 1,537,926 | 620,646,412 | 12,268,435 | 633,567,573 |
| $(885,200) | $1,537,926 | $620,646,412 | $13,632,591 | $634,931,729 | |
| Each of the above derivatives is located in the following Consolidated Statement of Operations accounts: | |||||
| (a) | Net realized gain (loss) from investments (includes purchased options), written options, swap contracts and futures and futures options contracts, respectively |
| Change in Net Unrealized Appreciation (Depreciation) | |||||
| Purchased
Options |
Written
Options |
Swap
Contracts |
Futures
Contracts |
Total | |
| Interest Rate Contracts (a) | $ — | $ — | $ — | $ 90,375 | $ 90,375 |
| Commodity Contracts (a) | 345,200 | (214,800) | (18,767,572) | (1,363,965) | (20,001,137) |
| $ 345,200 | $ (214,800) | $ (18,767,572) | $ (1,273,590) | $ (19,910,762) | |
| Each of the above derivatives is located in the following Consolidated Statement of Operations accounts: | |||||
| (a) | Change in net unrealized appreciation (depreciation) on investments (includes purchased options), written options, swap contracts and futures and futures options contracts, respectively |
As of June 30, 2021, 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
| DWS Enhanced Commodity Strategy Fund | | 57 |
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 Statement of Assets and Liabilities to the net amounts by a counterparty, including any collateral exposure, is included
in the following tables:
| Counterparty | Gross
Amount 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 |
Net
Amount of Derivative Assets |
| Barclays Bank PLC | $ 310,577 | $ (199,300) | $ — | $ — | $ 111,277 |
| BNP Paribas | 347,345 | — | — | — | 347,345 |
| Canadian Imperial Bank of Commerce | 148,569 | — | — | — | 148,569 |
| Citigroup, Inc. | 1,122,097 | (63,939) | — | — | 1,058,158 |
| Credit Suisse | 397,750 | — | — | — | 397,750 |
| Goldman Sachs & Co. | 775,951 | — | — | — | 775,951 |
| JPMorgan Chase Securities, Inc. | 536,193 | (51,446) | — | — | 484,747 |
| Macquarie Bank Ltd. | 550,506 | (550,506) | — | — | — |
| Merrill Lynch International Ltd. | 428,641 | (37,798) | — | — | 390,843 |
| Morgan Stanley | 148,863 | (148,863) | — | — | — |
| Royal Bank of Canada | 118,491 | (118,491) | — | — | — |
| Societe Generale | 142,051 | (142,051) | — | — | — |
| UBS AG | 1,274,267 | (869,566) | — | — | 404,701 |
| $ 6,301,301 | $ (2,181,960) | $ — | $ — | $ 4,119,341 |
| 58 | | DWS Enhanced Commodity Strategy Fund |
| Counterparty | Gross
Amount of Liabilities Presented in the Consolidated Statement of Assets and Liabilities |
Financial
Instruments and Derivatives Available for Offset |
Non-Cash
Collateral Pledged (a) |
Cash
Collateral Pledged |
Net
Amount of Derivative Liabilities |
| Barclays Bank PLC | $ 199,300 | $ (199,300) | $ — | $ — | $ — |
| Citigroup, Inc. | 63,939 | (63,939) | — | — | — |
| JPMorgan Chase Securities, Inc. | 51,446 | (51,446) | — | — | — |
| Macquarie Bank Ltd. | 901,903 | (550,506) | (351,397) | — | — |
| Merrill Lynch International Ltd. | 37,798 | (37,798) | — | — | — |
| Morgan Stanley | 178,294 | (148,863) | (29,431) | — | — |
| Royal Bank of Canada | 360,716 | (118,491) | (242,225) | — | — |
| Societe Generale | 502,901 | (142,051) | (360,850) | — | — |
| UBS AG | 869,566 | (869,566) | — | — | — |
| $ 3,165,863 | $ (2,181,960) | $ (983,903) | $ — | $ — |
| (a) | The actual collateral received and/or pledged may be more than the amounts shown. |
| C. | Purchases and Sales of Securities |
During the year ended
June 30, 2021, purchases and sales of investment securities, excluding short-term investments, were as follows:
| Purchases | Sales | |
| Non-U.S. Treasury Obligations | $660,052,876 | $640,704,919 |
| U.S. Treasury Obligations | $718,263,967 | $476,383,196 |
| 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.
Prior to October 1, 2020, under the Investment Management
Agreement with the Advisor, the Fund paid a monthly management fee based on the
| DWS Enhanced Commodity Strategy Fund | | 59 |
average daily net assets of the Fund,
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% |
Effective October 1, 2020, under
the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly, at the following annual rates:
| First $500 million of the Fund’s average daily net assets | .850% |
| Next $500 million of such net assets | .800% |
| Next $500 million of such net assets | .750% |
| Next $1 billion of such assets | .725% |
| Next $1 billion of such assets | .700% |
| Next $1.5 billion of such net assets | .675% |
| Over $5 billion of such net assets | .650% |
Accordingly, for the year ended
June 30, 2021, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.812% of the Fund’s average daily net assets.
For the period from July 1, 2020 through September 30, 2020
(through September 30, 2021 for Class R6 and Institutional Class shares), the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating
expenses (excluding certain expenses
| 60 | | DWS Enhanced Commodity Strategy Fund |
such as extraordinary expenses, taxes,
brokerage and interest expense) of each class as follows:
| Class A | 1.27% |
| Class T | 1.27% |
| Class C | 2.02% |
| Class R6 | .89% |
| Class S | 1.07% |
| Institutional Class | .89% |
Effective October 1, 2020 through
September 30, 2021, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as
extraordinary expenses, taxes, brokerage and interest expense) of certain classes as follows:
| Class A | 1.21% | |
| Class T | 1.21% | |
| Class C | 1.96% | |
| Class S | 1.01% |
For the year ended June 30, 2021,
fees waived and/or expenses reimbursed for each class are as follows:
| Class A | $ 136,848 |
| Class T | 14 |
| Class C | 10,569 |
| Class R6 | 50,062 |
| Class S | 126,408 |
| Institutional Class | 3,046,341 |
| $ 3,370,242 |
Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the
Fund pays the Advisor an annual fee (“Administration Fee” ) of 0.097% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the year ended June 30, 2021, the Administration Fee was
$1,700,505, of which $164,746 is unpaid.
Service Provider Fees. DWS Service Company (“DSC” ), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder
| DWS Enhanced Commodity Strategy Fund | | 61 |
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 year ended June 30, 2021, amounts charged to the Fund by DSC were as follows:
| Services to Shareholders | Total
Aggregated |
Unpaid
at June 30, 2021 |
| Class A | $ 9,122 | $ 1,527 |
| Class T | 25 | 4 |
| Class C | 833 | 139 |
| Class R6 | 22,040 | 4,508 |
| Class S | 8,776 | 1,448 |
| Institutional Class | 11,995 | 1,982 |
| $ 52,791 | $ 9,608 |
In addition, for the year ended
June 30, 2021, 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 | $ 138,955 |
| Class C | 10,916 |
| Class S | 165,129 |
| Institutional Class | 1,879,797 |
| $ 2,194,797 |
Distribution and Service Fees. Under the Fund’s Class C 12b-1 Plan, DWS Distributors, Inc. (“DDI” ), an affiliate of the Advisor, receives a fee (“Distribution Fee” ) of
0.75% of the average daily net assets of Class C shares. In accordance with the Fund’s Underwriting and Distribution Services Agreement, DDI enters into related selling group agreements with various firms at various rates for sales of Class C
shares. For the year ended June 30, 2021, the Distribution Fee was as follows:
| Distribution Fee | Total
Aggregated |
Unpaid
at June 30, 2021 |
| Class C | $ 70,487 | $ 7,812 |
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 0.25% of the average daily net assets for each such class. DDI in turn has various agreements with
financial services firms that provide these
| 62 | | DWS Enhanced Commodity Strategy Fund |
services and pays these fees based
upon the assets of shareholder accounts the firms service. For the year ended June 30, 2021, the Service Fee was as follows:
| Service Fee | Total
Aggregated |
Unpaid
at June 30, 2021 |
Annual
Rate |
| Class A | $ 171,913 | $ 35,471 | .24% |
| Class T | 15 | 7 | .15% |
| Class C | 23,481 | 5,283 | .25% |
| $ 195,409 | $ 40,761 |
Underwriting Agreement and Contingent Deferred Sales
Charge. DDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the year ended June 30, 2021
aggregated $13,394.
In addition, DDI receives
any contingent deferred sales charge (“CDSC” ) from Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is 1% of the
value of the shares redeemed for Class C. For the year ended June 30, 2021, the CDSC for Class C shares aggregated $1,049. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the year ended June 30, 2021,
DDI received $127 for Class A shares.
Other 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 year ended June 30, 2021, the
amount charged to the Fund by DIMA included in the Consolidated Statement of Operations under “Reports to shareholders” aggregated $4,015, of which $678 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 in which it invests.
DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent
| DWS Enhanced Commodity Strategy Fund | | 63 |
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 $350 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might
require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the
sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at June 30,
2021.
| 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.
| 64 | | DWS Enhanced Commodity Strategy Fund |
| G. | Fund Share Transactions |
The following table summarizes share
and dollar activity in the Fund:
| Year
Ended June 30, 2021 |
Year
Ended June 30, 2020 | |||
| Shares | Dollars | Shares | Dollars | |
| Shares sold | ||||
| Class A | 3,743,225 | $ 35,453,341 | 3,003,827 | $ 25,768,683 |
| Class C | 683,448 | 6,118,452 | 132,676 | 1,001,796 |
| Class R6 | 1,856,611 | 17,772,033 | 2,195,970 | 19,546,506 |
| Class S | 2,207,939 | 20,243,290 | 4,291,227 | 37,977,660 |
| Institutional Class | 84,137,849 | 792,307,723 | 104,404,005 | 886,976,150 |
| $ 871,894,839 | $ 971,270,795 | |||
| Shares issued to shareholders in reinvestment of distributions | ||||
| Class A | 24,425 | $ 214,879 | 55,864 | $ 481,934 |
| Class T | 7 | 64 | 16 | 140 |
| Class C | 2,079 | 15,779 | 8,516 | 66,833 |
| Class R6 | 27,602 | 252,011 | 42,751 | 369,682 |
| Class S | 72,895 | 650,545 | 197,381 | 1,736,109 |
| Institutional Class | 1,617,794 | 14,826,990 | 3,369,116 | 29,352,252 |
| $ 15,960,268 | $ 32,006,950 | |||
| Shares redeemed | ||||
| Class A | (3,439,340) | $ (32,732,827) | (3,646,248) | $ (31,607,613) |
| Class C | (590,023) | (4,929,291) | (722,230) | (5,721,740) |
| Class R6 | (1,752,888) | (16,969,749) | (1,488,691) | (13,279,141) |
| Class S | (6,455,206) | (59,310,163) | (14,466,831) | (132,412,485) |
| Institutional Class | (93,862,049) | (887,613,335) | (192,349,194) | (1,680,590,964) |
| $ (1,001,555,365) | $ (1,863,611,943) | |||
| DWS Enhanced Commodity Strategy Fund | | 65 |
| Year
Ended June 30, 2021 |
Year
Ended June 30, 2020 | |||
| Shares | Dollars | Shares | Dollars | |
| Net increase (decrease) | ||||
| Class A | 328,310 | $ 2,935,393 | (586,557) | $ (5,356,996) |
| Class T | 7 | 64 | 16 | 140 |
| Class C | 95,504 | 1,204,940 | (581,038) | (4,653,111) |
| Class R6 | 131,325 | 1,054,295 | 750,030 | 6,637,047 |
| Class S | (4,174,372) | (38,416,328) | (9,978,223) | (92,698,716) |
| Institutional Class | (8,106,406) | (80,478,622) | (84,576,073) | (764,262,562) |
| $ (113,700,258) | $ (860,334,198) | |||
| H. | Payments by Affiliates |
During the year ended June 30,
2021, the Advisor agreed to reimburse the Fund $2,892 for losses incurred on trades executed incorrectly. The amount reimbursed was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.
| I. | Other — COVID-19 Pandemic |
A novel coronavirus known as COVID-19, declared a pandemic by
the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects,
duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to low vaccination rates and/or the
lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing
economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and the pandemic may result in the Fund
and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on the Fund and reflect
the consequences as appropriate in the Fund’s accounting and financial reporting.
| 66 | | DWS Enhanced Commodity Strategy Fund |
Report of Independent
Registered Public Accounting Firm
To the Board of Trustees
of Deutsche DWS Securities Trust and Shareholders of DWS Enhanced Commodity Strategy Fund:
Opinion on the Financial Statements
We have audited the accompanying consolidated statement of
assets and liabilities of DWS Enhanced Commodity Strategy Fund (the “Fund” ) (one of the funds constituting Deutsche DWS Securities Trust) (the “Trust” ), including the consolidated investment portfolio, as of June
30, 2021, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the
three years in the period then ended and the related notes (collectively referred to as the “financial statements” ). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial
position of the Fund (one of the funds constituting Deutsche DWS Securities Trust) at June 30, 2021, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the
period then ended and its consolidated financial highlights for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles.
The consolidated financial highlights for the years ended June
30, 2017 and June 30, 2018, were audited by another independent registered public accounting firm whose report, dated August 24, 2018, expressed an unqualified opinion on those consolidated financial highlights.
Basis for Opinion
These financial statements are the responsibility of the
Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)
(“PCAOB” ) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of
the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were
we engaged to perform, an audit of the Trust’s
| DWS Enhanced Commodity Strategy Fund | | 67 |
internal control over financial
reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial
reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test
basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2021, by correspondence with the custodian and others or by other appropriate auditing
procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We
believe that our audits provide a reasonable basis for our opinion.
We have served as
the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.
Boston, Massachusetts
August 25, 2021
| 68 | | DWS Enhanced Commodity Strategy Fund |
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 (January 1, 2021 to June 30, 2021).
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.
| DWS Enhanced Commodity Strategy Fund | | 69 |
Expenses and Value
of a $1,000 Investment
for the six months ended June 30, 2021
(Unaudited)
| Actual Fund Return | Class A | Class T | Class C | Class R6 | Class S | Institutional
Class |
| Beginning Account Value 1/1/21 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
| Ending Account Value 6/30/21 | $1,234.90 | $1,234.70 | $1,230.40 | $1,237.00 | $1,236.60 | $1,236.80 |
| Expenses Paid per $1,000* | $ 6.71 | $ 6.70 | $ 10.84 | $ 4.94 | $ 5.60 | $ 4.94 |
| Hypothetical 5% Fund Return | Class A | Class T | Class C | Class R6 | Class S | Institutional
Class |
| Beginning Account Value 1/1/21 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
| Ending Account Value 6/30/21 | $1,018.79 | $1,018.79 | $1,015.08 | $1,020.38 | $1,019.79 | $1,020.38 |
| Expenses Paid per $1,000* | $ 6.06 | $ 6.06 | $ 9.79 | $ 4.46 | $ 5.06 | $ 4.46 |
| * | 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 181 (the number of days in the most recent six-month period), then divided by 365. |
| Annualized Expense Ratios | Class A | Class T | Class C | Class R6 | Class S | Institutional
Class |
| DWS Enhanced Commodity Strategy Fund | 1.21% | 1.21% | 1.96% | .89% | 1.01% | .89% |
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/.
| Tax Information | (Unaudited) |
A total of 11% of the dividends
distributed during the fiscal year was derived from interest on U.S. government securities, which is generally exempt from state income tax.
Please consult a tax advisor if you have questions about
federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please call (800) 728-3337.
| 70 | | DWS Enhanced Commodity Strategy Fund |
Liquidity Risk
Management
In accordance with Rule 22e-4 (the
“Liquidity Rule” ) under the Investment Company Act of 1940 (the “1940 Act” ), your Fund has adopted a liquidity risk management program (the “Program” ), and the Board has designated DWS Investment
Management Americas, Inc. (“DIMA” ) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund
without significant dilution of remaining investors’ interests in the Fund). DIMA has designated a committee (the “Committee” ) composed of personnel from multiple departments within DIMA and its affiliates that is responsible
for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is
classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s
market value.
In February 2021, as required by the
Program and the Liquidity Rule, DIMA provided the Board with an annual written report (the “Report” ) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from
December 1, 2019 through November 30, 2020 (the “Reporting Period” ). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within
three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in
the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market
conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, DIMA stated that
it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. DIMA also reported that there were no material changes made to the Program during the Reporting Period.
| DWS Enhanced Commodity Strategy Fund | | 71 |
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 2020.
In terms of the process that the Board followed prior to
approving the Agreement, shareholders should know that:
| — | During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees” ). |
| — | The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. 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” ). |
| — | 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 Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable,
conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA
(“DWS Group” ). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS
Group’s
| 72 | | DWS Enhanced Commodity Strategy Fund |
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.
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 also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic
impact to DIMA from such risks and DIMA’s approach to addressing such risks. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures,
including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar” ), an independent fund data service. The Board also noted that it has put into place a process of identifying
“Funds in Review” (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board
believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2019, the Fund’s
performance (Class A shares) was in the 4th quartile, 4th quartile and 3rd quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also
observed that the Fund has outperformed its benchmark in the five-year period and has underperformed its benchmark in the one- and three-year periods ended December 31, 2019. The Board noted the disappointing investment performance of the Fund in
recent 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
during the first eight months of 2020. The
| DWS Enhanced Commodity Strategy Fund | | 73 |
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 (3rd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2019). The Board noted that, effective March 1, 2020, the fee paid to DIMA under the Fund’s administrative
services agreement was reduced to 0.097%. The Board noted that, in connection with the 2018 contract renewal process, DIMA agreed to implement a new management fee breakpoint. The Board noted further that, in connection with the 2020 contract
renewal process, DIMA agreed to reduce the Fund’s contractual management fee at each breakpoint by 0.10%, effective October 1, 2020, and further reduce the Fund’s expense caps. The Board noted that the Fund’s Class A shares total
(net) operating expenses (excluding 12b-1 fees) were expected to be lower than the median (2nd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2019, 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 manages a DWS Europe Fund comparable to the Fund, but does not manage any comparable institutional accounts. The Board took note of the differences in services provided to DWS Funds as compared to
DWS Europe Funds and that such differences made comparison difficult.
| 74 | | DWS Enhanced Commodity Strategy Fund |
On the basis of the
information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.
Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by
DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with
respect to all fund services in totality and by fund. The Board 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.
| DWS Enhanced Commodity Strategy Fund | | 75 |
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 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.
The Board also
considered that on September 24, 2020, the SEC granted a temporary order permitting DIMA and its affiliates to continue providing investment advisory and underwriting services to the DWS Funds notwithstanding a consent order entered into by Deutsche
Bank AG on June 17, 2020 (the “Consent Order” ). The Board noted that the temporary order was granted effective as of the date of the Consent Order. The Board also noted various representations by DIMA to the Board relating to the
Consent Order, including that the conduct giving rise to the Consent Order (unintentional conduct that resulted from a system outage that prevented Deutsche Bank AG from reporting data in accordance with applicable CFTC requirements for five days in
April 2016) did not involve any DWS Fund or services DIMA and its affiliates provide to the DWS Funds, that DIMA and its personnel had no involvement in the alleged conduct giving rise to the Consent Order, and that the DWS Funds would not bear any
financial impact or costs relating to the Consent Order.
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.
| 76 | | DWS Enhanced Commodity Strategy Fund |
Board Members and
Officers
The following table presents certain
information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal
occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes
& Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner
dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.
The Board Members may also serve in similar capacities with
other funds in the fund complex. The number of funds in the DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an
investment advisor that is an affiliated person of the Advisor.
Independent Board Members
| Name,
Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 |
Business
Experience and Directorships During the Past Five Years |
Number
of Funds in DWS Fund Complex Overseen |
Other
Directorships Held by Board Member |
| Keith R. Fox, CFA (1954)Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) | 72 | — |
| DWS Enhanced Commodity Strategy Fund | | 77 |
| Name,
Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 |
Business
Experience and Directorships During the Past Five Years |
Number
of Funds in DWS Fund Complex Overseen |
Other
Directorships Held by Board Member |
| John W. Ballantine (1946)Board Member since 1999 | Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); Not-for-Profit Directorships: Palm Beach Civic Assn.; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; Former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population wellbeing and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company (2003–2021); and Prisma Energy International; Former Not-for-Profit Directorships: Public Radio International | 72 | — |
| Dawn-Marie Driscoll (1946)Board Member since 1987 | Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 72 | — |
| 78 | | DWS Enhanced Commodity Strategy Fund |
| Name,
Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 |
Business
Experience and Directorships During the Past Five Years |
Number
of Funds in DWS Fund Complex Overseen |
Other
Directorships Held by Board Member |
| Richard J. Herring (1946)Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (1994–2020); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018) | 72 | Director, Aberdeen Japan Fund (since 2007) |
| William McClayton (1944)Board Member since 2004 | Private equity investor (since October 2009); formerly: Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Former Directorships: Board of Managers, YMCA of Metropolitan Chicago; Trustee, Ravinia Festival | 72 | — |
| Rebecca W. Rimel (1951)Board Member since 1995 | Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); Director, The Bridgespan Group (nonprofit organization) (since October 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021) | 72 | Director,
Becton Dickinson and Company2 (medical technology company) (2012–present) |
| William N. Searcy, Jr. (1946)Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 72 | — |
| DWS Enhanced Commodity Strategy Fund | | 79 |
Officers3
| Name,
Year of Birth, Position with the Trust/Corporation and Length of Time Served4 |
Business
Experience and Directorships During the Past Five Years |
| Hepsen Uzcan5 (1974)President and Chief Executive Officer, 2017–present | Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present) |
| John Millette6 (1962)Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
| Ciara Crawford7 (1984)Assistant Secretary, (2019–present) | Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated Tax Solutions. |
| Diane Kenneally6 (1966)Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
| Paul Antosca6 (1957)Assistant Treasurer, 2007–present | Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
| Sheila Cadogan6 (1966)Assistant Treasurer, 2017–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
| Scott D. Hogan6 (1970)Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
| 80 | | DWS Enhanced Commodity Strategy Fund |
| Name,
Year of Birth, Position with the Trust/Corporation and Length of Time Served4 |
Business
Experience and Directorships During the Past Five Years |
| Caroline Pearson6 (1962)Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017) |
| Michelle
Goveia-Pine5 (1970)Interim Anti-Money Laundering Compliance Officer, since July 10, 2020 |
Anti-Financial Crime & Compliance US (Regional Head), DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); Interim AML Officer, DBX ETF Trust (since July 9, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020) |
| 1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
| 2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
| 3 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
| 4 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
| 5 | Address: 875 Third Avenue, New York, NY 10022. |
| 6 | Address: 100 Summer Street, Boston, MA 02110. |
| 7 | Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256. |
Certain officers hold similar positions for other investment companies for
which DIMA or an affiliate serves as the Advisor.
The
Fund’s Statement of Additional Information (“SAI” ) includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by
calling the following toll-free number: (800) 728-3337.
| DWS Enhanced Commodity Strategy Fund | | 81 |
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 posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information. |
| Principal Underwriter | If
you have questions, comments or complaints, contact:DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148 |
| 82 | | DWS Enhanced Commodity Strategy Fund |
| Investment Management | DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor” ), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group” ), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group. |
| DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles. |
| Class A | Class 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 Company222 South Riverside Plaza Chicago, IL 60606-5806 | |
| Class R6 | |
| Nasdaq Symbol | SKRRX |
| CUSIP Number | 25159L 448 |
| Fund Number | 1685 |
| DWS Enhanced Commodity Strategy Fund | | 83 |
| (b) Not applicable | |
| ITEM 2. | CODE OF ETHICS |
|
As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer.
There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.
A copy of the code of ethics is filed as an exhibit to this Form N-CSR. | |
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
| The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. William McClayton, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. | |
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
DWS Enhanced Commodity Strategy Fund
form n-csr disclosure re: AUDIT FEES
The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
| Fiscal Year Ended June 30, |
Audit Fees Billed to Fund | Audit-Related Fees Billed to Fund |
Tax Fees Billed to Fund | All Other Fees Billed to Fund |
| 2021 | $62,121 | $0 | $10,366 | $0 |
| 2020 | $62,121 | $0 | $11,267 | $0 |
The above “Tax Fees” were billed for professional services rendered for tax preparation.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers
The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.
| Fiscal Year Ended June 30, |
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers |
Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
| 2021 | $0 | $92,492 | $0 |
| 2020 | $0 | $625,431 | $0 |
The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.
Non-Audit Services
The following table shows the amount of fees that EY billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s independence.
| Fiscal Year Ended June 30, |
Total Non-Audit Fees Billed to Fund (A) |
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B) |
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C) |
Total of (A), (B) and (C) |
| 2021 | $10,366 | $92,492 | $0 | $102,858 |
| 2020 | $11,267 | $625,431 | $0 | $636,698 |
All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.
Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.
***
In connection with the audit of the 2020 and 2021 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.
***
Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund’s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue act as the Independent Registered Public Accounting Firm for the Fund.
| · | EY advised the Fund’s Audit Committee that various covered persons within EY and EY’s affiliates held investments in, or had other financial relationships with, entities within the DWS Funds “investment company complex” (as defined in Regulation S-X) (the “DWS Funds Complex”). EY informed the Audit Committee that these investments and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none of the breaches involved any professionals who were part of the audit engagement team for the Fund or in the position to influence the audit engagement team for the Fund. |
| 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 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) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. | |
| (a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
| (b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Registrant: | DWS Enhanced Commodity Strategy Fund, a series of Deutsche DWS Securities Trust |
| By: |
/s/Hepsen Uzcan Hepsen Uzcan President |
| Date: | 8/27/2021 |
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: | 8/27/2021 |
| By: |
/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
| Date: | 8/27/2021 |