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) |
2 | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | 3 |
4 | | DWS Enhanced Commodity Strategy Fund |
Portfolio Management Review | (Unaudited) |
DWS Enhanced Commodity Strategy Fund | | 5 |
6 | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | 7 |
8 | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | 9 |
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% |
DWS Enhanced Commodity Strategy Fund | | 11 |
12 | | DWS Enhanced Commodity Strategy Fund |
* | 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) |
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% |
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% |
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 |
DWS Enhanced Commodity Strategy Fund | | 15 |
Investment Portfolio
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 |
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 |
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 |
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 |
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 |
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 $428,303,771) | 439,273,006 | ||
Asset-Backed 6.1% | |||
Automobile Receivables 2.6% | |||
AmeriCredit Automobile Receivables Trust: | |||
“C” , Series 2020-2, 1.48%, 2/18/2026 | 1,100,000 | 1,115,602 | |
“C” , Series 2019-2, 2.74%, 4/18/2025 | 2,760,000 | 2,857,420 | |
Avis Budget Rental Car Funding LLC, “B” , Series 2017-2A, 144A, 3.33%, 3/20/2024 | 720,000 | 744,405 | |
Canadian Pacer Auto Receivables Trust, “B” , Series 2018-2A, 144A, 3.63%, 1/19/2024 | 1,500,000 | 1,534,338 | |
CarMax Auto Owner Trust, “C” , Series 2020-3, 1.69%, 4/15/2026 | 750,000 | 765,048 | |
Chase Auto Credit Linked Notes: | |||
“C” , Series 2021-1, 144A, 1.024%, 9/25/2028 | 1,250,000 | 1,250,267 | |
“D” , Series 2020-2, 144A, 1.487%, 2/25/2028 | 959,654 | 963,957 | |
“E” , Series 2021-1, 144A, 2.365%, 9/25/2028 | 662,000 | 662,143 | |
“E” , Series 2020-2, 144A, 3.072%, 2/25/2028 | 1,599,967 | 1,609,662 | |
“E” , Series 2020-1, 144A, 3.715%, 1/25/2028 | 795,058 | 806,249 | |
CPS Auto Receivables Trust: | |||
“B” , Series 2020-B, 144A, 2.11%, 4/15/2026 | 2,000,000 | 2,013,198 |
DWS Enhanced Commodity Strategy Fund | | 21 |
Principal Amount ($) | 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 |
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 |
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 $123,950,252) | 124,972,719 | ||
Commercial Mortgage-Backed Securities 4.6% | |||
Atrium Hotel Portfolio Trust, “B” , Series 2018-ATRM, 144A, 1-month USD-LIBOR + 1.43%, 1.503% (a), 6/15/2035 | 6,000,000 | 5,996,140 | |
BAMLL Commercial Mortgage Securities Trust: | |||
“A” , Series 2018-DSNY, 144A, 1-month USD-LIBOR + 0.85%, 0.923% (a), 9/15/2034 | 950,000 | 950,298 | |
“B” , Series 2018-DSNY, 144A, 1-month USD-LIBOR + 1.15%, 1.223% (a), 9/15/2034 | 9,200,000 | 9,197,250 | |
“C” , Series 2018-DSNY, 144A, 1-month USD-LIBOR + 1.35%, 1.423% (a), 9/15/2034 | 130,000 | 129,844 | |
BBCMS Trust, “D” , Series 2013-TYSN, 144A, 3.631%, 9/5/2032 | 2,150,000 | 2,144,358 |
24 | | DWS Enhanced Commodity Strategy Fund |
Principal Amount ($) | 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 |
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 $94,042,962) | 94,960,578 | ||
Collateralized Mortgage Obligations 0.9% | |||
Angel Oak Mortgage Trust, “A1” , Series 2019-3, 144A, 2.93%, 5/25/2059 | 1,235,875 | 1,241,597 | |
Chase Mortgage Reference Notes, “M1” , Series 2020-CL1, 144A, 1-month USD-LIBOR + 2.25%, 2.342% (a), 10/25/2057 | 1,169,562 | 1,195,213 | |
COLT Funding LLC: | |||
“A2” , Series 2021-1, 144A, 1.167%, 6/25/2066 | 985,509 | 983,271 | |
“A2” , Series 2021-3R, 144A, 1.257%, 12/25/2064 | 818,202 | 817,944 | |
Federal National Mortgage Association, “FB” , Series 1996-44, 1-month USD-LIBOR + 0.8%, 0.892% (a), 9/25/2023 | 7,637 | 7,677 | |
FWD Securitization Trust: | |||
“A1” , Series 2020-INV1, 144A, 2.24%, 1/25/2050 | 1,561,201 | 1,582,440 | |
“A1” , Series 2019-INV1, 144A, 2.81%, 6/25/2049 | 1,045,119 | 1,068,487 |
26 | | DWS Enhanced Commodity Strategy Fund |
Principal Amount ($) | 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 $19,232,954) | 19,292,951 | ||
Government & Agency Obligations 48.0% | |||
Other Government Related (d) 0.7% | |||
Corp. Andina de Fomento: | |||
2.375%, 5/12/2023 | 4,000,000 | 4,130,840 | |
4.375%, 6/15/2022 | 2,000,000 | 2,071,840 | |
Eastern & Southern African Trade & Development Bank, REG S, 5.375%, 3/14/2022 | 2,779,000 | 2,841,805 | |
Eurasian Development Bank, 144A, 4.767%, 9/20/2022 | 3,000,000 | 3,124,152 | |
Vnesheconombank, 144A, 6.025%, 7/5/2022 | 1,500,000 | 1,575,000 | |
13,743,637 | |||
Sovereign Bonds 0.4% | |||
Abu Dhabi Government International Bond, 144A, 2.5%, 4/16/2025 | 1,895,000 | 2,013,347 | |
Government of Malaysia, 144A, 3.043%, 4/22/2025 | 1,000,000 | 1,074,300 | |
Republic of Namibia, 144A, 5.5%, 11/3/2021 | 1,500,000 | 1,516,815 | |
Republic of Paraguay, 144A, 4.625%, 1/25/2023 | 1,000,000 | 1,052,510 | |
Republic of Turkey, 5.6%, 11/14/2024 | 1,000,000 | 1,027,024 | |
Saudi Government International Bond, 144A, 4.0%, 4/17/2025 | 2,000,000 | 2,207,500 | |
8,891,496 |
DWS Enhanced Commodity Strategy Fund | | 27 |
Principal Amount ($) | 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 $171,266,551) | 171,258,511 |
28 | | DWS Enhanced Commodity Strategy Fund |
Shares | Value ($) | ||
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 $2,047,514,271) | 100.4 | 2,070,365,735 | |
Other Assets and Liabilities, Net | (0.4) | (8,088,903) | |
Net Assets | 100.0 | 2,062,276,832 |
Value ($) 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 ($) at 6/30/2021 |
Exchange-Traded Funds 0.0% | ||||||||
Xtrackers Short Duration High Yield Bond ETF (b) (h) | ||||||||
— | 243,548 | — | — | 9,161 | 12,258 | — | 5,250 | 252,709 |
Securities Lending Collateral 0.4% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.02% (i) (j) | ||||||||
— | 7,384,467 (k) | — | — | — | 3,565 | — | 7,384,467 | 7,384,467 |
DWS Enhanced Commodity Strategy Fund | | 29 |
Value ($) 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 |
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 |
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 |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
5 Year U.S. Treasury Note | USD | 9/30/2021 | 241 | 29,836,929 | 29,746,554 | 90,375 |
Brent Crude Oil Futures | USD | 10/29/2021 | 576 | 41,803,451 | 41,685,120 | 118,331 |
Copper Futures | USD | 12/15/2021 | 200 | 34,109,684 | 46,872,500 | (12,762,816) |
LME Nickel Futures | USD | 12/13/2021 | 255 | 22,391,062 | 27,882,720 | (5,491,658) |
Zinc Futures | USD | 8/18/2021 | 155 | 11,919,500 | 11,521,344 | 398,156 |
Total net unrealized depreciation | (17,647,612) |
DWS Enhanced Commodity Strategy Fund | | 31 |
Call Options | Contracts | Expiration Date | Strike Price ($) | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation ($) |
Brent Crude Oil Futures, Expiration Date 12/31/2021 | 2,400 | 10/26/2021 | 85 | 1,995,288 | 2,640,000 | 644,712 |
Put Options | Contracts | Expiration Date | Strike Price ($) | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation ($) |
Brent Crude Oil Futures, Expiration Date 12/31/2021 | 2,400 | 10/26/2021 | 55 | 2,036,712 | 1,776,000 | 260,712 |
Pay/Receive Return of the Reference Index | Expiration Date | Counterparty | Notional Amount ($) | Fixed Fee Received/ (Paid) by the Fund | Frequency | Value ($)† |
Long Positions | ||||||
Barclays Commodity Strategy 1673 Excess Return Index/TRSTST25HP | 7/15/2021 | Barclays Bank PLC | 32,940,000 | (0.28) | At Expiration | (199,300) |
Barclays EFS Custom Commodity Basket 08 Index/BEFSCB08 | 7/15/2021 | Barclays Bank PLC | 5,520,000 | — | At Expiration | 12,264 |
Bloomberg Aluminum Subindex/BCOMAL | 7/15/2021 | Goldman Sachs & Co. | 20,000,000 | (0.10) | At Expiration | 245,700 |
Bloomberg Commodity Index 3 Month Forward/BCOMF3 | 7/15/2021 | JPMorgan Chase Securities, Inc. | 67,480,000 | (0.11) | At Expiration | 83,660 |
Bloomberg Commodity Index 6 Month Forward/BCOMF6 | 7/15/2021 | JPMorgan Chase Securities, Inc. | 33,740,000 | (0.13) | At Expiration | (51,446) |
Bloomberg Commodity Index 6 Month Forward/BCOMF6 | 7/15/2021 | Macquarie Bank Ltd. | 63,263,000 | (0.17) | At Expiration | (97,641) |
Bloomberg Commodity Index/BCOM | 7/15/2021 | Credit Suisse | 168,700,000 | (0.11) | At Expiration | 397,750 |
Bloomberg Commodity Index/BCOM | 7/15/2021 | Morgan Stanley | 63,263,000 | (0.12) | At Expiration | 148,863 |
32 | | DWS Enhanced Commodity Strategy Fund |
Pay/Receive Return of the Reference Index | Expiration Date | Counterparty | Notional Amount ($) | 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 |
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 ($)† |
Merrill Lynch Enhanced Benchmark - A Pre Roll Excess Return Index/MLCXAPRE | 7/15/2021 | Merrill Lynch International Ltd. | 147,613,000 | (0.14) | At Expiration | 345,785 |
Modified Strategy D177 on the Bloomberg Commodity Index/ENHG177P | 7/15/2021 | Goldman Sachs & Co. | 151,830,000 | (0.35) | At Expiration | 134,303 |
Morgan Stanley MSCBDF11 Index/MSCBDF11 | 7/15/2021 | Morgan Stanley | 20,000,000 | (0.05) | At Expiration | (178,294) |
RBC Enhanced Commodity Basket 01 Excess Return Index/RBCAEC01 | 7/15/2021 | Royal Bank of Canada | 67,480,000 | (0.11) | At Expiration | (3,877) |
RBC Enhanced Commodity CC3V Index/RBCSCC3V | 7/15/2021 | Royal Bank of Canada | 50,602,000 | (0.15) | At Expiration | (280,496) |
RBC Enhanced Commodity D01 Excess Return Index/RBCADC01 | 7/15/2021 | Royal Bank of Canada | 67,480,000 | (0.20) | At Expiration | (76,343) |
RBC Enhanced Commodity D03 Index/RBCADC03 | 7/15/2021 | Royal Bank of Canada | 33,740,000 | (0.15) | At Expiration | 9,062 |
RBC Enhanced Commodity MSC4 Index/RBCAMSC4 | 7/15/2021 | Royal Bank of Canada | 16,518,000 | (0.35) | At Expiration | 109,429 |
SGI Commodity Dynamic Alpha Index/SGICCODA | 7/15/2021 | Societe Generale | 67,270,000 | (0.25) | At Expiration | (309,422) |
SGI WTI Intraday Trend Index/SGIDTWTI | 7/15/2021 | Societe Generale | 8,960,000 | (0.20) | At Expiration | (23,615) |
Societe Generale Alpha 1 Custom Excess Return/SGCOA1CE | 7/15/2021 | Societe Generale | 94,030,000 | (0.17) | At Expiration | (145,997) |
Societe Generale Commodity Index/SGCOM11S | 7/15/2021 | Societe Generale | 31,631,000 | (0.13) | At Expiration | 95,860 |
Societe Generale M Po 3 U Index/SGCOL45E | 7/15/2021 | Societe Generale | 31,631,000 | (0.16) | At Expiration | 46,191 |
34 | | DWS Enhanced Commodity Strategy Fund |
Pay/Receive Return of the Reference Index | Expiration Date | Counterparty | Notional Amount ($) | 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. |
USD | United States Dollar |
DWS Enhanced Commodity Strategy Fund | | 35 |
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. |
36 | | DWS Enhanced Commodity Strategy Fund |
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. |
DWS Enhanced Commodity Strategy Fund | | 37 |
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 |
38 | | DWS Enhanced Commodity Strategy Fund |
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 |
DWS Enhanced Commodity Strategy Fund | | 39 |
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 |
40 | | DWS Enhanced Commodity Strategy Fund |
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. |
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 |
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. |
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. |
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. |
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. |
46 | | DWS Enhanced Commodity Strategy Fund |
A. | Organization and Significant Accounting Policies |
DWS Enhanced Commodity Strategy Fund | | 47 |
48 | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | 49 |
50 | | DWS Enhanced Commodity Strategy Fund |
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 |
DWS Enhanced Commodity Strategy Fund | | 51 |
Undistributed ordinary income* | $ 636,008,733 |
Capital loss carryforwards | $ (23,677,000) |
Net unrealized appreciation (depreciation) on investments | $ (492,083,540) |
52 | | DWS Enhanced Commodity Strategy Fund |
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. |
B. | Derivative Instruments |
DWS Enhanced Commodity Strategy Fund | | 53 |
54 | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | 55 |
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 |
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 |
DWS Enhanced Commodity Strategy Fund | | 57 |
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 |
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 |
DWS Enhanced Commodity Strategy Fund | | 59 |
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% |
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% |
60 | | DWS Enhanced Commodity Strategy Fund |
Class A | 1.27% |
Class T | 1.27% |
Class C | 2.02% |
Class R6 | .89% |
Class S | 1.07% |
Institutional Class | .89% |
Class A | 1.21% | |
Class T | 1.21% | |
Class C | 1.96% | |
Class S | 1.01% |
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 |
DWS Enhanced Commodity Strategy Fund | | 61 |
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 |
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 Fee | Total Aggregated | Unpaid at June 30, 2021 |
Class C | $ 70,487 | $ 7,812 |
62 | | DWS Enhanced Commodity Strategy Fund |
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 |
DWS Enhanced Commodity Strategy Fund | | 63 |
E. | Line of Credit |
F. | Investing in Commodities-Related Investments |
64 | | DWS Enhanced Commodity Strategy Fund |
G. | Fund Share Transactions |
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 |
I. | Other — COVID-19 Pandemic |
66 | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | 67 |
68 | | DWS Enhanced Commodity Strategy Fund |
— | 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. |
DWS Enhanced Commodity Strategy Fund | | 69 |
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% |
Tax Information | (Unaudited) |
70 | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | 71 |
— | 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. |
72 | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | 73 |
74 | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | 75 |
76 | | 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 |
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 |
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. |
DWS Enhanced Commodity Strategy Fund | | 81 |
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 | DWSPO 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 |