UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSRS
Investment Company Act file number: 811-02021
Deutsche DWS Securities Trust
(Exact Name of Registrant as Specified in Charter)
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: | 12/31/2021 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) | |
2 | | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | | 3 |
4 | | | DWS Enhanced Commodity Strategy Fund |
Performance Summary | December 31, 2021 (Unaudited) |
Class A | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 12/31/21 | ||||
Unadjusted for Sales Charge | 4.78% | 29.40% | 2.96% | –1.03% |
Adjusted for the Maximum Sales Charge (max 5.75% load) | –1.25% | 21.96% | 1.75% | –1.61% |
Bloomberg Commodity Index† | 4.92% | 27.11% | 3.66% | –2.85% |
Class T | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 12/31/21 | ||||
Unadjusted for Sales Charge | 4.67% | 29.24% | 2.95% | –1.04% |
Adjusted for the Maximum Sales Charge (max 2.50% load) | 2.06% | 26.01% | 2.43% | –1.29% |
Bloomberg Commodity Index† | 4.92% | 27.11% | 3.66% | –2.85% |
Class C | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 12/31/21 | ||||
Unadjusted for Sales Charge | 4.28% | 28.31% | 2.17% | –1.80% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 3.55% | 28.31% | 2.17% | –1.80% |
Bloomberg Commodity Index† | 4.92% | 27.11% | 3.66% | –2.85% |
Class R6 | 6-Month ‡ | 1-Year | 5-Year | Life of Class* |
Average Annual Total Returns as of 12/31/21 | ||||
No Sales Charges | 5.02% | 29.91% | 3.35% | 3.24% |
Bloomberg Commodity Index† | 4.92% | 27.11% | 3.66% | 3.78% |
Class S | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 12/31/21 | ||||
No Sales Charges | 4.90% | 29.72% | 3.17% | –0.82% |
Bloomberg Commodity Index† | 4.92% | 27.11% | 3.66% | –2.85% |
Institutional Class | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 12/31/21 | ||||
No Sales Charges | 4.92% | 29.76% | 3.31% | –0.70% |
Bloomberg Commodity Index† | 4.92% | 27.11% | 3.66% | –2.85% |
DWS Enhanced Commodity Strategy Fund | | | 5 |
6 | | | 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. |
‡ | Total returns shown for periods less than one year are not annualized. |
Class A | Class T | Class C | Class R6 | Class S | Institutional Class | |
Net Asset Value | ||||||
12/31/21 | $ 8.20 | $ 8.20 | $ 7.32 | $ 8.32 | $ 8.30 | $ 8.32 |
6/30/21 | $11.23 | $11.24 | $10.04 | $11.39 | $11.37 | $11.40 |
Distribution Information as of 12/31/21 | ||||||
Income Dividends, Six Months | $ 3.55 | $ 3.55 | $ 3.15 | $ 3.62 | $ 3.61 | $ 3.63 |
DWS Enhanced Commodity Strategy Fund | | | 7 |
— | Joined DWS in 2006; previously has worked as a Director, Engineering and Business Development at Calpoint LLC from 2001–2004. |
— | Portfolio Manager: New York. |
— | BS and MS, University of Washington, Seattle; MS and MBA, Carnegie Mellon University. |
— | Joined DWS in 2004 with 21 years of industry experience. Prior to joining, he served 11 years as a Fixed Income Investment Grade Portfolio Manager at MFS Investments. Previously, he worked as a Research Analyst at Salomon Brothers. |
— | Senior Portfolio Manager: New York. |
— | BA in Economics, Vassar College; MBA in Finance, Vanderbilt University. |
8 | | | DWS Enhanced Commodity Strategy Fund |
Consolidated Portfolio Summary | (Unaudited) |
Commodity Sector Allocation (Commodity Exposure from Commodity-Linked Derivative Instruments as a % of Net Assets) | 12/31/21 | 6/30/21 |
Energy | 37% | 39% |
Agriculture | 24% | 25% |
Industrial | 13% | 15% |
Precious Metals | 11% | 15% |
Livestock | 5% | 6% |
90% | 100% |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 12/31/21 | 6/30/21 |
Government & Agency Obligations | 47% | 48% |
Corporate Bonds | 28% | 21% |
Cash Equivalents | 10% | 10% |
Asset-Backed | 6% | 6% |
Commercial Mortgage-Backed Securities | 5% | 5% |
Exchange-Traded Funds | 2% | 1% |
Collateralized Mortgage Obligations | 1% | 1% |
Short-Term U.S. Treasury Obligations | 1% | 8% |
100% | 100% |
Quality (Excludes Securities Lending Collateral and Cash Equivalents) | 12/31/21 | 6/30/21 |
AAA | 72% | 69% |
AA | 7% | 8% |
A | 7% | 8% |
BBB | 11% | 12% |
Below BBB | 2% | 2% |
Not Rated | 1% | 1% |
100% | 100% |
DWS Enhanced Commodity Strategy Fund | | | 9 |
Interest Rate Sensitivity | 12/31/21 | 6/30/21 |
Effective Maturity | 1.5 years | 1.6 years |
Effective Duration | 0.8 years | 0.8 years |
10 | | | DWS Enhanced Commodity Strategy Fund |
Principal Amount ($) | Value ($) | ||
Corporate Bonds 26.8% | |||
Communication Services 1.3% | |||
AT&T, Inc., 0.9%, 3/25/2024 | 6,000,000 | 5,972,895 | |
Baidu, Inc., 2.875%, 7/6/2022 | 2,000,000 | 2,016,950 | |
Charter Communications Operating LLC, 4.908%, 7/23/2025 | 3,000,000 | 3,303,325 | |
Empresa Nacional de Telecomunicaciones SA, 144A, 4.875%, 10/30/2024 | 1,000,000 | 1,053,760 | |
Kenbourne Invest SA, 144A, 6.875%, 11/26/2024 | 425,000 | 442,000 | |
Meituan, 144A, 2.125%, 10/28/2025 | 720,000 | 693,696 | |
Oztel Holdings SPC Ltd., 144A, 5.625%, 10/24/2023 | 3,161,000 | 3,275,106 | |
Sirius XM Radio, Inc., 144A, 3.125%, 9/1/2026 | 1,080,000 | 1,080,313 | |
Tencent Holdings Ltd., 144A, 3.28%, 4/11/2024 | 6,000,000 | 6,261,916 | |
Tencent Music Entertainment Group, 1.375%, 9/3/2025 | 1,000,000 | 972,899 | |
TripAdvisor, Inc., 144A, 7.0%, 7/15/2025 | 205,000 | 216,275 | |
25,289,135 | |||
Consumer Discretionary 3.0% | |||
7-Eleven, Inc., 144A, 0.8%, 2/10/2024 | 1,934,000 | 1,911,916 | |
Daimler Finance North America LLC: | |||
144A, 1.75%, 3/10/2023 | 5,000,000 | 5,049,983 | |
144A, 3.35%, 2/22/2023 | 3,000,000 | 3,083,245 | |
Ford Motor Credit Co. LLC, 3.375%, 11/13/2025 | 1,360,000 | 1,412,931 | |
General Motors Financial Co., Inc., 3-month USD-LIBOR + 0.99%, 1.123% (a), 1/5/2023 | 7,000,000 | 7,028,976 | |
Harley-Davidson Financial Services, Inc., 144A, 4.05%, 2/4/2022 | 6,500,000 | 6,517,922 | |
Hyundai Capital America: | |||
144A, 1.0%, 9/17/2024 | 5,000,000 | 4,913,591 | |
144A, 1.25%, 9/18/2023 | 4,685,000 | 4,681,107 | |
144A, 2.375%, 2/10/2023 | 2,090,000 | 2,118,930 | |
Hyundai Capital Services, Inc., 144A, 3.75%, 3/5/2023 | 2,000,000 | 2,058,215 | |
Kia Corp.: | |||
144A, 1.0%, 4/16/2024 | 1,130,000 | 1,125,520 | |
144A, 3.0%, 4/25/2023 | 4,000,000 | 4,109,193 | |
Meritor, Inc., 144A, 6.25%, 6/1/2025 | 310,000 | 323,175 | |
Nissan Motor Acceptance Corp., 144A, 2.6%, 9/28/2022 | 4,000,000 | 4,041,804 | |
Picasso Finance Sub, Inc., 144A, 6.125%, 6/15/2025 | 467,000 | 488,015 | |
Royal Caribbean Cruises Ltd., 144A, 5.5%, 8/31/2026 | 2,450,000 | 2,491,160 |
DWS Enhanced Commodity Strategy Fund | | | 11 |
Principal Amount ($) | Value ($) | ||
Volkswagen Group of America Finance LLC: | |||
144A, 0.75%, 11/23/2022 | 5,000,000 | 4,999,174 | |
144A, 2.7%, 9/26/2022 | 4,160,000 | 4,220,167 | |
60,575,024 | |||
Consumer Staples 0.1% | |||
JBS Finance Luxembourg Sarl, 144A, 2.5%, 1/15/2027 | 960,000 | 949,209 | |
JDE Peet’s NV, 144A, 0.8%, 9/24/2024 | 1,740,000 | 1,704,924 | |
2,654,133 | |||
Energy 2.5% | |||
Antero Midstream Partners LP, 144A, 7.875%, 5/15/2026 | 2,000,000 | 2,204,080 | |
Bharat Petroleum Corp. Ltd., REG S, 4.625%, 10/25/2022 | 1,830,000 | 1,876,921 | |
Canadian Natural Resources Ltd., 3.8%, 4/15/2024 | 750,000 | 786,616 | |
CNOOC Curtis Funding No. 1 Pty Ltd., 144A, 4.5%, 10/3/2023 | 1,000,000 | 1,052,853 | |
Ecopetrol SA, 5.875%, 9/18/2023 | 2,000,000 | 2,120,020 | |
Energy Transfer LP: | |||
3.6%, 2/1/2023 | 5,920,000 | 6,034,842 | |
4.25%, 3/15/2023 | 1,170,000 | 1,202,283 | |
Lukoil International Finance BV, REG S, 4.75%, 11/2/2026 | 1,000,000 | 1,068,280 | |
MarkWest Energy Partners LP, 4.875%, 6/1/2025 | 3,500,000 | 3,757,147 | |
MPLX LP: | |||
3.5%, 12/1/2022 | 605,000 | 617,805 | |
4.875%, 12/1/2024 | 2,000,000 | 2,170,791 | |
ONGC Videsh Ltd., REG S, 3.75%, 5/7/2023 | 2,000,000 | 2,057,772 | |
Pertamina Persero PT: | |||
144A, 4.3%, 5/20/2023 | 2,000,000 | 2,078,865 | |
144A, 4.875%, 5/3/2022 | 1,000,000 | 1,013,213 | |
Petroleos Mexicanos: | |||
3.5%, 1/30/2023 | 1,000,000 | 1,010,000 | |
4.625%, 9/21/2023 | 1,000,000 | 1,025,010 | |
4.875%, 1/18/2024 | 1,000,000 | 1,035,000 | |
Petronas Capital Ltd., 144A, 7.875%, 5/22/2022 | 1,000,000 | 1,025,980 | |
Phillips 66, 0.9%, 2/15/2024 | 2,020,000 | 2,005,006 | |
Plains All American Pipeline LP, 3.85%, 10/15/2023 | 4,000,000 | 4,148,031 | |
SA Global Sukuk Ltd., 144A, 0.946%, 6/17/2024 | 1,220,000 | 1,201,153 | |
Saudi Arabian Oil Co., 144A, 1.25%, 11/24/2023 | 887,000 | 887,000 | |
Sinopec Group Overseas Development, Ltd., 144A, 2.15%, 5/13/2025 | 2,500,000 | 2,537,877 | |
Sunnova Energy Corp., 144A, 5.875%, 9/1/2026 | 1,180,000 | 1,203,600 |
12 | | | DWS Enhanced Commodity Strategy Fund |
Principal Amount ($) | Value ($) | ||
Tengizchevroil Finance Co. International Ltd., 144A, 2.625%, 8/15/2025 | 1,500,000 | 1,502,688 | |
Western Midstream Operating LP, 3-month USD-LIBOR + 1.85%, 1.972% (a), 1/13/2023 | 2,000,000 | 1,997,060 | |
Williams Companies, Inc., 4.55%, 6/24/2024 | 2,200,000 | 2,354,226 | |
49,974,119 | |||
Financials 11.7% | |||
AerCap Ireland Capital DAC: | |||
2.45%, 10/29/2026 | 2,110,000 | 2,127,302 | |
4.875%, 1/16/2024 | 2,350,000 | 2,499,125 | |
Aircastle Ltd.: | |||
4.4%, 9/25/2023 | 4,345,000 | 4,552,596 | |
144A, 5.25%, 8/11/2025 | 2,000,000 | 2,199,211 | |
Alfa SAB de CV, REG S, 5.25%, 3/25/2024 | 1,250,000 | 1,323,450 | |
Ally Financial Inc., 1.45%, 10/2/2023 | 2,500,000 | 2,511,472 | |
Ares Capital Corp., 3.5%, 2/10/2023 | 8,000,000 | 8,183,823 | |
ASB Bank Ltd., 144A, 3.125%, 5/23/2024 | 5,290,000 | 5,532,983 | |
Avolon Holdings Funding Ltd., 144A, 5.125%, 10/1/2023 | 1,675,000 | 1,764,071 | |
Banco de Credito del Peru: | |||
REG S, 2.7%, 1/11/2025 | 1,000,000 | 1,018,760 | |
144A, 4.25%, 4/1/2023 | 1,000,000 | 1,033,510 | |
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander, REG S, 4.125%, 11/9/2022 | 1,000,000 | 1,023,760 | |
Banco Santander SA, 3.125%, 2/23/2023 | 4,600,000 | 4,708,226 | |
Banco Votorantim SA, 144A, 4.375%, 7/29/2025 | 1,000,000 | 1,022,510 | |
Bancolombia SA, 3.0%, 1/29/2025 | 3,104,000 | 3,115,619 | |
Barclays PLC: | |||
1.007%, 12/10/2024 | 5,000,000 | 4,963,520 | |
4.61%, 2/15/2023 | 8,000,000 | 8,034,215 | |
BBVA Bancomer SA, 144A, 1.875%, 9/18/2025 | 2,139,000 | 2,120,818 | |
BOC Aviation Ltd., 144A, 3.25%, 4/29/2025 | 1,500,000 | 1,557,539 | |
BPCE SA: | |||
144A, 2.375%, 1/14/2025 | 300,000 | 305,210 | |
144A, 3.0%, 5/22/2022 | 1,500,000 | 1,514,242 | |
144A, 5.7%, 10/22/2023 | 1,645,000 | 1,768,287 | |
Canadian Imperial Bank of Commerce: | |||
SOFR + 0.34%, 0.39% (a), 6/22/2023 | 3,900,000 | 3,901,152 | |
0.95%, 6/23/2023 | 4,800,000 | 4,805,851 | |
CBQ Finance Ltd., REG S, 5.0%, 5/24/2023 | 3,000,000 | 3,158,244 | |
Citigroup, Inc., 4.4%, 6/10/2025 | 5,000,000 | 5,445,137 | |
Citizens Financial Group, Inc., 144A, 4.15%, 9/28/2022 | 2,000,000 | 2,051,961 |
DWS Enhanced Commodity Strategy Fund | | | 13 |
Principal Amount ($) | Value ($) | ||
Credicorp Ltd., 144A, 2.75%, 6/17/2025 | 1,000,000 | 1,009,574 | |
Credit Agricole SA, 144A, 3.75%, 4/24/2023 | 5,000,000 | 5,180,314 | |
Credit Suisse AG, 1.0%, 5/5/2023 | 4,000,000 | 4,010,473 | |
Discover Bank, 3.35%, 2/6/2023 | 3,085,000 | 3,158,792 | |
Equitable Holdings, Inc., 3.9%, 4/20/2023 | 3,038,000 | 3,143,701 | |
Goldman Sachs Group, Inc.: | |||
0.925%, 10/21/2024 | 3,780,000 | 3,763,740 | |
1.217%, 12/6/2023 | 6,000,000 | 6,015,325 | |
HSBC Holdings PLC: | |||
3.6%, 5/25/2023 | 5,000,000 | 5,184,997 | |
4.25%, 3/14/2024 | 5,600,000 | 5,913,159 | |
ING Groep NV: | |||
3.15%, 3/29/2022 | 1,580,000 | 1,590,328 | |
3.55%, 4/9/2024 | 3,950,000 | 4,140,550 | |
Intercontinental Exchange, Inc., 3.45%, 9/21/2023 | 2,825,000 | 2,937,746 | |
Intesa Sanpaolo SpA, 144A, 3.125%, 7/14/2022 | 4,455,000 | 4,505,720 | |
JPMorgan Chase & Co., SOFR + 0.58%, 0.63% (a), 6/23/2025 | 6,000,000 | 6,001,499 | |
Kookmin Bank, 144A, 1.75%, 5/4/2025 | 805,000 | 811,658 | |
LD Holdings Group LLC, 144A, 6.5%, 11/1/2025 | 766,000 | 755,774 | |
Lloyds Banking Group PLC, 1.326%, 6/15/2023 | 3,500,000 | 3,505,879 | |
Macquarie Group Ltd., 144A, SOFR + 0.92%, 0.97% (a), 9/23/2027 | 6,000,000 | 5,992,839 | |
Metropolitan Life Global Funding I, 144A, 1.95%, 1/13/2023 | 5,000,000 | 5,064,116 | |
Mitsubishi UFJ Financial Group, Inc., 0.962%, 10/11/2025 | 3,200,000 | 3,155,487 | |
Mizuho Financial Group, Inc., 1.241%, 7/10/2024 | 4,351,000 | 4,361,536 | |
Morgan Stanley: | |||
0.731%, 4/5/2024 | 5,000,000 | 4,984,493 | |
SOFR + 0.7%, 0.749% (a), 1/20/2023 | 2,000,000 | 2,000,311 | |
0.791%, 1/22/2025 | 6,000,000 | 5,939,214 | |
National Bank of Canada, 2.1%, 2/1/2023 | 5,000,000 | 5,067,376 | |
Nationwide Building Society, 144A, 3.622%, 4/26/2023 | 2,460,000 | 2,480,011 | |
NatWest Markets PLC: | |||
144A, 0.8%, 8/12/2024 | 1,000,000 | 983,469 | |
144A, SOFR + 1.662%, 1.712% (a), 9/29/2022 | 3,000,000 | 3,029,172 | |
Nomura Holdings, Inc., 2.648%, 1/16/2025 | 2,495,000 | 2,565,799 | |
Park Aerospace Holdings Ltd., 144A, 4.5%, 3/15/2023 | 2,450,000 | 2,528,399 | |
REC Ltd., 144A, 4.75%, 5/19/2023 | 1,423,000 | 1,478,058 | |
Samba Funding Ltd., REG S, 2.75%, 10/2/2024 | 1,000,000 | 1,025,720 | |
Santander Holdings U.S.A., Inc., 3.4%, 1/18/2023 | 6,150,000 | 6,285,487 |
14 | | | DWS Enhanced Commodity Strategy Fund |
Principal Amount ($) | Value ($) | ||
Skandinaviska Enskilda Banken AB, 144A, 3.05%, 3/25/2022 | 2,750,000 | 2,764,465 | |
Societe Generale SA, 144A, 2.625%, 1/22/2025 | 3,705,000 | 3,798,356 | |
Standard Chartered PLC: | |||
144A, 1.319%, 10/14/2023 | 2,500,000 | 2,502,040 | |
144A, 1.822%, 11/23/2025 | 1,010,000 | 1,008,757 | |
144A, 4.247%, 1/20/2023 | 2,080,000 | 2,082,980 | |
Sumitomo Mitsui Trust Bank Ltd., 144A, SOFR + 0.44%, 0.49% (a), 9/16/2024 | 2,240,000 | 2,238,163 | |
Synchrony Bank, 3.0%, 6/15/2022 | 4,310,000 | 4,347,539 | |
Synchrony Financial, 4.25%, 8/15/2024 | 1,000,000 | 1,059,131 | |
Turkiye Vakiflar Bankasi TAO, REG S, 5.625%, 5/30/2022 | 1,000,000 | 998,360 | |
UBS AG: | |||
144A, SOFR + 0.32%, 0.37% (a), 6/1/2023 | 7,000,000 | 6,997,013 | |
144A, 0.375%, 6/1/2023 | 3,000,000 | 2,976,496 | |
231,586,610 | |||
Health Care 0.6% | |||
Bayer U.S. Finance II LLC, 144A, 3.875%, 12/15/2023 | 1,000,000 | 1,045,026 | |
Mylan, Inc., 4.2%, 11/29/2023 | 5,500,000 | 5,763,474 | |
Prime Healthcare Services, Inc., 144A, 7.25%, 11/1/2025 | 370,000 | 392,200 | |
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/2024 | 4,720,000 | 4,706,486 | |
11,907,186 | |||
Industrials 1.1% | |||
Boeing Co., 1.95%, 2/1/2024 | 2,000,000 | 2,022,695 | |
Bombardier, Inc., 144A, 7.125%, 6/15/2026 | 2,000,000 | 2,074,820 | |
Delta Air Lines, Inc., 144A, 4.5%, 10/20/2025 | 520,000 | 546,526 | |
Global Payments, Inc., 1.5%, 11/15/2024 | 4,290,000 | 4,290,599 | |
Hillenbrand, Inc., 5.75%, 6/15/2025 | 1,120,000 | 1,170,400 | |
Nielsen Finance LLC, 144A, 5.625%, 10/1/2028 | 1,235,000 | 1,275,137 | |
Penske Truck Leasing Co. LP, 144A, 1.2%, 11/15/2025 | 3,155,000 | 3,073,874 | |
Prime Security Services Borrower LLC, 144A, 5.25%, 4/15/2024 | 2,065,000 | 2,197,459 | |
Southwest Airlines Co., 4.75%, 5/4/2023 | 2,305,000 | 2,413,895 | |
Spirit Loyalty Cayman Ltd., 144A, 8.0%, 9/20/2025 | 134,639 | 148,653 | |
Transnet SOC Ltd., 144A, 4.0%, 7/26/2022 | 2,000,000 | 1,989,280 | |
WESCO Distribution, Inc., 144A, 7.125%, 6/15/2025 | 375,000 | 397,500 | |
21,600,838 | |||
Information Technology 1.9% | |||
DXC Technology Co., 1.8%, 9/15/2026 | 4,520,000 | 4,466,418 | |
HP, Inc., 2.2%, 6/17/2025 | 4,190,000 | 4,276,581 |
DWS Enhanced Commodity Strategy Fund | | | 15 |
Principal Amount ($) | Value ($) | ||
Microchip Technology, Inc.: | |||
0.972%, 2/15/2024 | 4,000,000 | 3,964,818 | |
144A, 0.983%, 9/1/2024 | 1,570,000 | 1,541,155 | |
2.67%, 9/1/2023 | 1,250,000 | 1,276,618 | |
4.25%, 9/1/2025 | 170,000 | 176,558 | |
NXP BV, 144A, 4.625%, 6/1/2023 | 5,961,000 | 6,238,404 | |
Qorvo, Inc., 144A, 1.75%, 12/15/2024 | 2,500,000 | 2,501,607 | |
Seagate HDD Cayman, 4.875%, 3/1/2024 | 1,940,000 | 2,057,176 | |
VMware, Inc.: | |||
1.0%, 8/15/2024 | 4,270,000 | 4,228,777 | |
2.95%, 8/21/2022 | 4,800,000 | 4,856,395 | |
Xerox Holdings Corp., 144A, 5.0%, 8/15/2025 | 1,990,000 | 2,109,400 | |
37,693,907 | |||
Materials 1.3% | |||
Bluestar Finance Holdings Ltd., REG S, 3.375%, 7/16/2024 | 1,000,000 | 1,034,182 | |
Celanese U.S. Holdings LLC, 3.5%, 5/8/2024 | 1,010,000 | 1,054,911 | |
CNAC HK Finbridge Co., Ltd., REG S, 3.375%, 6/19/2024 | 1,000,000 | 1,035,549 | |
First Quantum Minerals Ltd., 144A, 7.25%, 4/1/2023 | 299,000 | 302,438 | |
Glencore Funding LLC: | |||
144A, 1.625%, 9/1/2025 | 1,385,000 | 1,370,770 | |
144A, 4.125%, 3/12/2024 | 4,640,000 | 4,878,960 | |
Indonesia Asahan Aluminium Persero PT: | |||
144A, 4.75%, 5/15/2025 | 1,500,000 | 1,595,010 | |
REG S, 4.75%, 5/15/2025 | 500,000 | 531,670 | |
LYB International Finance III LLC, 1.25%, 10/1/2025 | 1,962,000 | 1,928,788 | |
MEGlobal Canada ULC, 144A, 5.0%, 5/18/2025 | 2,419,000 | 2,637,828 | |
NOVA Chemicals Corp., 144A, 4.875%, 6/1/2024 | 1,510,000 | 1,559,075 | |
Nucor Corp., 2.0%, 6/1/2025 | 635,000 | 647,463 | |
POSCO, 144A, 4.0%, 8/1/2023 | 2,000,000 | 2,082,206 | |
The Mosaic Co., 3.25%, 11/15/2022 | 4,190,000 | 4,270,975 | |
24,929,825 | |||
Real Estate 0.5% | |||
Equinix, Inc., (REIT), 1.25%, 7/15/2025 | 690,000 | 677,674 | |
iStar, Inc., (REIT), 4.25%, 8/1/2025 | 450,000 | 460,125 | |
MGM Growth Properties Operating Partnership LP, 144A, (REIT), 4.625%, 6/15/2025 | 330,000 | 351,810 | |
Office Properties Income Trust, (REIT), 2.65%, 6/15/2026 | 1,340,000 | 1,329,527 | |
Realogy Group LLC, 144A, 7.625%, 6/15/2025 | 800,000 | 848,000 | |
RLJ Lodging Trust LP, 144A, (REIT), 3.75%, 7/1/2026 | 240,000 | 241,320 |
16 | | | DWS Enhanced Commodity Strategy Fund |
Principal Amount ($) | Value ($) | ||
Starwood Property Trust, Inc., 144A, (REIT), 3.625%, 7/15/2026 | 1,000,000 | 995,000 | |
Trust Fibra Uno: | |||
144A, (REIT), 5.25%, 12/15/2024 | 1,000,000 | 1,087,000 | |
REG S, (REIT), 5.25%, 12/15/2024 | 1,000,000 | 1,087,000 | |
Ventas Realty LP, (REIT), 3.5%, 4/15/2024 | 2,800,000 | 2,927,688 | |
VICI Properties LP, 144A, (REIT), 3.5%, 2/15/2025 | 140,000 | 142,100 | |
10,147,244 | |||
Utilities 2.8% | |||
Alexander Funding Trust, 144A, 1.841%, 11/15/2023 | 2,200,000 | 2,207,470 | |
American Electric Power Co., Inc., 0.75%, 11/1/2023 | 2,255,000 | 2,239,460 | |
CenterPoint Energy, Inc., SOFR + 0.65%, 0.7% (a), 5/13/2024 | 3,270,000 | 3,271,210 | |
Dominion Energy, Inc., 3.071%8/15/2024 | 3,159,000 | 3,269,872 | |
Duke Energy Corp., SOFR + 0.25%, 0.3% (a), 6/10/2023 | 4,720,000 | 4,714,832 | |
Edison International, 3.125%, 11/15/2022 | 2,000,000 | 2,031,223 | |
Korea East-West Power Co., Ltd.: | |||
144A, 1.75%, 5/6/2025 | 940,000 | 946,657 | |
144A, 2.625%, 6/19/2022 | 4,740,000 | 4,774,602 | |
NextEra Energy Capital Holdings Inc., 0.65%, 3/1/2023 | 5,000,000 | 4,989,882 | |
NextEra Energy Operating Partners LP, 144A, 4.25%, 7/15/2024 | 1,330,000 | 1,381,538 | |
Pacific Gas and Electric Co.: | |||
1.7%, 11/15/2023 | 1,620,000 | 1,624,184 | |
1.75%, 6/16/2022 | 9,000,000 | 9,000,029 | |
Southern California Edison Co.: | |||
SOFR + 0.35%, 0.4% (a), 6/13/2022 | 6,210,000 | 6,211,377 | |
0.7%, 8/1/2023 | 3,850,000 | 3,825,852 | |
State Grid Overseas Investment, Ltd., 144A, 2.75%, 5/4/2022 | 1,500,000 | 1,508,595 | |
Vistra Operations Co. LLC, 144A, 3.55%, 7/15/2024 | 3,000,000 | 3,089,328 | |
55,086,111 | |||
Total Corporate Bonds (Cost $526,720,798) | 531,444,132 | ||
Asset-Backed 5.6% | |||
Automobile Receivables 2.3% | |||
AmeriCredit Automobile Receivables Trust: | |||
“C” , Series 2020-2, 1.48%, 2/18/2026 | 1,100,000 | 1,106,451 | |
“C” , Series 2019-2, 2.74%, 4/18/2025 | 2,760,000 | 2,816,087 |
DWS Enhanced Commodity Strategy Fund | | | 17 |
Principal Amount ($) | Value ($) | ||
Avis Budget Rental Car Funding AESOP LLC, “B” , Series 2017-2A, 144A, 3.33%, 3/20/2024 | 720,000 | 733,994 | |
Canadian Pacer Auto Receivables Trust, “B” , Series 2018-2A, 144A, 3.63%, 1/19/2024 | 1,500,000 | 1,512,458 | |
CarMax Auto Owner Trust, “C” , Series 2020-3, 1.69%, 4/15/2026 | 750,000 | 754,855 | |
Chase Auto Credit Linked Notes: | |||
“C” , Series 2021-1, 144A, 1.024%, 9/25/2028 | 921,479 | 917,909 | |
“D” , Series 2020-2, 144A, 1.487%, 2/25/2028 | 674,410 | 674,004 | |
“E” , Series 2020-2, 144A, 3.072%, 2/25/2028 | 1,124,400 | 1,130,146 | |
“E” , Series 2020-1, 144A, 3.715%, 1/25/2028 | 533,092 | 537,824 | |
CPS Auto Receivables Trust: | |||
“B” , Series 2020-B, 144A, 2.11%, 4/15/2026 | 599,940 | 600,520 | |
“D” , Series 2017-D, 144A, 3.73%, 9/15/2023 | 584,084 | 586,697 | |
“E” , Series 2018-D, 144A, 5.82%, 6/16/2025 | 2,500,000 | 2,595,302 | |
Flagship Credit Auto Trust: | |||
“C” , Series 2021-1, 144A, 0.91%, 3/15/2027 | 700,000 | 688,433 | |
“C” , Series 2020-4, 144A, 1.28%, 2/16/2027 | 763,000 | 761,593 | |
“C” , Series 2020-3, 144A, 1.73%, 9/15/2026 | 2,150,000 | 2,160,424 | |
“C” , Series 2020-1, 144A, 2.24%, 1/15/2026 | 2,240,000 | 2,262,491 | |
“B” , Series 2020-2, 144A, 2.61%, 4/15/2026 | 3,348,000 | 3,377,988 | |
“C” , Series 2019-3, 144A, 2.74%, 10/15/2025 | 3,000,000 | 3,055,142 | |
“C” , Series 2019-4, 144A, 2.77%, 12/15/2025 | 165,000 | 168,481 | |
“C” , Series 2020-2, 144A, 3.8%, 4/15/2026 | 500,000 | 513,024 | |
Foursight Capital Automobile Receivables Trust: | |||
“B” , Series 2020-1, 144A, 2.27%, 2/18/2025 | 1,250,000 | 1,261,025 | |
“A3” , Series 2019-1, 144A, 2.67%, 3/15/2024 | 201,720 | 201,874 | |
GMF Floorplan Owner Revolving Trust: | |||
“C” , Series 2020-2, 144A, 1.31%, 10/15/2025 | 700,000 | 697,688 | |
“A” , Series 2019-1, 144A, 2.7%, 4/15/2024 | 510,000 | 513,401 | |
Hertz Vehicle Financing LLC: | |||
“B” , Series 2021-1A, 144A, 1.56%, 12/26/2025 | 1,000,000 | 989,975 | |
“C” , Series 2021-1A, 144A, 2.05%, 12/26/2025 | 1,750,000 | 1,731,833 | |
JPMorgan Chase Bank NA: | |||
“C” , Series 2021-3, 144A, 0.86%, 2/26/2029 | 685,991 | 681,698 | |
“D” , Series 2021-3, 144A, 1.009%, 2/26/2029 | 514,493 | 510,219 | |
“D” , Series 2021-2, 144A, 1.138%, 12/26/2028 | 429,993 | 428,220 | |
“E” , Series 2021-2, 144A, 2.28%, 12/26/2028 | 752,489 | 749,406 | |
“E” , Series 2021-1, 144A, 2.365%, 9/25/2028 | 488,015 | 486,139 | |
Santander Bank NA: | |||
“B” , Series 2021-1A, 144A, 1.833%, 12/15/2031 | 1,000,000 | 998,807 | |
“C” , Series 2021-1A, 144A, 3.268%, 12/15/2031 | 675,000 | 674,185 |
18 | | | DWS Enhanced Commodity Strategy Fund |
Principal Amount ($) | Value ($) | ||
Santander Consumer Auto Receivables Trust: | |||
“B” , Series 2021-CA, 144A, 1.44%, 4/17/2028 | 465,976 | 466,587 | |
“B” , Series 2021-BA, 144A, 1.45%, 10/16/2028 | 327,005 | 327,907 | |
“B” , Series 2020-AA, 144A, 2.26%, 12/15/2025 | 1,000,000 | 1,013,461 | |
Santander Drive Auto Receivables Trust: | |||
“C” , Series 2020-4, 1.01%, 1/15/2026 | 1,195,000 | 1,196,594 | |
“C” , Series 2020-2, 1.46%, 9/15/2025 | 1,750,000 | 1,758,178 | |
Skopos Auto Receivables Trust, “C” , Series 2019-1A, 144A, 3.63%, 9/16/2024 | 1,088,660 | 1,098,714 | |
Tesla Auto Lease Trust, “C” , Series 2020-A, 144A, 1.68%, 2/20/2024 | 1,000,000 | 1,006,673 | |
World Omni Select Auto Trust, “C” , Series 2019-A, 2.38%, 12/15/2025 | 1,500,000 | 1,521,380 | |
45,267,787 | |||
Credit Card Receivables 0.6% | |||
Continental Finance Credit Card ABS Master Trust, “A” , Series 2021-A, 144A, 2.55%, 12/17/2029 | 3,000,000 | 2,999,430 | |
Evergreen Credit Card Trust, “C” , Series 2019-2, 144A, 2.62%, 9/15/2024 | 1,000,000 | 1,011,853 | |
Genesis Sales Finance Master Trust: | |||
“A” , Series 2021-AA, 144A, 1.2%, 12/21/2026 | 1,750,000 | 1,726,587 | |
“A” , Series 2020-AA, 144A, 1.65%, 9/22/2025 | 500,000 | 501,519 | |
Mercury Financial Credit Card Master Trust, “A” , Series 2021-1A, 144A, 1.54%, 3/20/2026 | 3,500,000 | 3,496,748 | |
Synchrony Credit Card Master Note Trust, “C” , Series 2017-2, 3.01%, 10/15/2025 | 3,291,836 | 3,347,024 | |
13,083,161 | |||
Miscellaneous 2.7% | |||
Babson CLO Ltd.: | |||
“BR” , Series 2015-IA, 144A, 3-month USD-LIBOR + 1.4%, 1.532% (a), 1/20/2031 | 2,000,000 | 1,983,690 | |
“BR” , Series 2014-IA, 144A, 3-month USD-LIBOR + 2.2%, 2.332% (a), 7/20/2025 | 109,209 | 109,250 | |
BlueMountain Fuji U.S. CLO II Ltd., “A1B” , Series 2017-2A, 144A, 3-month USD-LIBOR + 1.35%, 1.482% (a), 10/20/2030 | 4,000,000 | 3,999,988 | |
CF Hippolyta LLC: | |||
“B1” , Series 2021-1A, 144A, 1.98%, 3/15/2061 | 887,345 | 874,117 | |
“B1” , Series 2020-1, 144A, 2.28%, 7/15/2060 | 2,454,676 | 2,451,999 | |
Dell Equipment Finance Trust: | |||
“C” , Series 2019-2, 144A, 2.18%, 10/22/2024 | 1,750,000 | 1,761,397 | |
“D” , Series 2019-1, 144A, 3.45%, 3/24/2025 | 2,400,000 | 2,403,786 |
DWS Enhanced Commodity Strategy Fund | | | 19 |
Principal Amount ($) | Value ($) | ||
Hilton Grand Vacations Trust, “A” , Series 2019-AA, 144A, 2.34%, 7/25/2033 | 477,511 | 483,674 | |
HPEFS Equipment Trust: | |||
“C” , Series 2020-2A, 144A, 2.0%, 7/22/2030 | 1,890,000 | 1,910,552 | |
“C” , Series 2019-1A, 144A, 2.49%, 9/20/2029 | 1,140,000 | 1,148,371 | |
Madison Park Funding XXIX Ltd., “A2” , Series 2018-29A, 144A, 3-month USD-LIBOR + 1.45%, 1.572% (a), 10/18/2030 | 2,500,000 | 2,500,105 | |
Madison Park Funding XXVI Ltd., “AR” , Series 2007-4A, 144A, 3-month USD-LIBOR + 1.2%, 1.329% (a), 7/29/2030 | 3,646,000 | 3,646,853 | |
MVW LLC: | |||
“B” , Series 2021-1WA, 144A, 1.44%, 1/22/2041 | 425,702 | 419,397 | |
“A” , Series 2020-1A, 144A, 1.74%, 10/20/2037 | 293,142 | 293,336 | |
“B” , Series 2019-2A, 144A, 2.44%, 10/20/2038 | 785,297 | 791,993 | |
“B” , Series 2020-1A, 144A, 2.73%, 10/20/2037 | 293,142 | 296,641 | |
MVW Owner Trust, “A” , Series 2019-1A, 144A, 2.89%, 11/20/2036 | 999,210 | 1,013,004 | |
Neuberger Berman Loan Advisers CLO Ltd.: | |||
“B” , Series 2018-27A, 144A, 3-month USD-LIBOR + 1.4%, 1.524% (a), 1/15/2030 | 5,250,000 | 5,250,089 | |
“A2” , Series 2018-29A, 144A, 3-month USD-LIBOR + 1.4%, 1.524% (a), 10/19/2031 | 3,000,000 | 3,000,135 | |
New Economy Assets Phase 1 Sponsor LLC, “B1” , Series 2021-1, 144A, 2.41%, 10/20/2061 | 1,125,000 | 1,127,592 | |
NRZ Excess Spread-Collateralized Notes: | |||
“A” , Series 2021-GNT1, 144A, 3.474%, 11/25/2026 | 1,917,765 | 1,915,784 | |
“A” , Series 2020-PLS1, 144A, 3.844%, 12/25/2025 | 709,198 | 712,220 | |
Sierra Timeshare Receivables Funding LLC, “B” , Series 2020-2A, 144A, 2.32%, 7/20/2037 | 631,206 | 632,858 | |
Transportation Finance Equipment Trust, “C” , Series 2019-1, 144A, 2.19%, 8/23/2024 | 1,250,000 | 1,260,558 | |
Venture XXX CLO Ltd., “A2” , Series 2017-30A, 144A, 3-month USD-LIBOR + 1.35%, 1.474% (a), 1/15/2031 | 10,000,000 | 9,995,750 | |
Verizon Owner Trust, “C” , Series 2018-A, 3.55%, 4/20/2023 | 720,000 | 721,164 | |
Voya CLO Ltd., “A1RR” , Series 2014-2A, 144A, 3-month USD-LIBOR + 1.02%, 1.142% (a), 4/17/2030 | 2,981,211 | 2,981,548 | |
53,685,851 | |||
Total Asset-Backed (Cost $111,877,280) | 112,036,799 |
20 | | | DWS Enhanced Commodity Strategy Fund |
Principal Amount ($) | Value ($) | ||
Commercial Mortgage-Backed Securities 4.5% | |||
Atrium Hotel Portfolio Trust, “B” , Series 2018-ATRM, 144A, 1-month USD-LIBOR + 1.43%, 1.54% (a), 6/15/2035 | 6,000,000 | ���5,939,705 | |
BAMLL Commercial Mortgage Securities Trust: | |||
“A” , Series 2018-DSNY, 144A, 1-month USD-LIBOR + 0.85%, 0.96% (a), 9/15/2034 | 950,000 | 948,703 | |
“B” , Series 2018-DSNY, 144A, 1-month USD-LIBOR + 1.15%, 1.26% (a), 9/15/2034 | 9,200,000 | 9,119,126 | |
“C” , Series 2018-DSNY, 144A, 1-month USD-LIBOR + 1.35%, 1.46% (a), 9/15/2034 | 130,000 | 128,368 | |
BFLD TRUST, “B” , Series 2019-DPLO, 144A, 1-month USD-LIBOR + 1.34%, 1.45% (a), 10/15/2034 | 1,500,000 | 1,492,469 | |
BPR Trust: | |||
“B” , Series 2021-TY, 144A, 1-month USD-LIBOR + 1.15%, 1.26% (a), 9/15/2038 | 506,000 | 504,731 | |
“C” , Series 2021-TY, 144A, 1-month USD-LIBOR + 1.7%, 1.81% (a), 9/15/2038 | 340,000 | 339,148 | |
“C” , Series 2021-KEN, 144A, 1-month USD-LIBOR + 2.55%, 2.66% (a), 2/15/2029 | 1,431,100 | 1,430,503 | |
BX Commercial Mortgage Trust: | |||
“B” , Series 2019-IMC, 144A, 1-month USD-LIBOR + 1.3%, 1.41% (a), 4/15/2034 | 6,500,000 | 6,459,560 | |
“D” , Series 2020-VKNG, 144A, 1-month USD-LIBOR + 1.7%, 1.81% (a), 10/15/2037 | 1,579,061 | 1,573,194 | |
BX Trust, “D” , Series 2021-ARIA, 144A, 1-month USD-LIBOR + 1.895%, 2.005% (a), 10/15/2036 | 1,725,000 | 1,717,438 | |
BXP Trust: | |||
“A” , Series 2017-CQHP, 144A, 1-month USD-LIBOR + 0.85%, 0.96% (a), 11/15/2034 | 730,000 | 725,302 | |
“B” , Series 2017-CQHP, 144A, 1-month USD-LIBOR + 1.1%, 1.21% (a), 11/15/2034 | 6,210,000 | 6,079,433 | |
CHT Mortgage Trust, “A” , Series 2017-CSMO, 144A, 1-month USD-LIBOR + 0.93%, 1.04% (a), 11/15/2036 | 1,800,000 | 1,798,895 | |
Citigroup Commercial Mortgage Trust: | |||
“AS” , Series 2013-GC11, 3.422%, 4/10/2046 | 1,500,000 | 1,530,163 | |
“B” , Series 2013-GC11, 3.732%, 4/10/2046 | 500,000 | 509,256 | |
“C” , Series 2019-PRM, 144A, 3.896%, 5/10/2036 | 1,614,506 | 1,668,900 | |
COMM Mortgage Trust: | |||
“AM” , Series 2013-CR6, 144A, 3.147%, 3/10/2046 | 2,200,000 | 2,239,610 | |
“AM” , Series 2013-LC6, 3.282%, 1/10/2046 | 2,500,000 | 2,544,468 | |
“B” , Series 2013-CR6, 144A, 3.397%, 3/10/2046 | 4,238,720 | 4,291,403 |
DWS Enhanced Commodity Strategy Fund | | | 21 |
Principal Amount ($) | Value ($) | ||
Credit Suisse Mortgage Trust: | |||
“B” , Series 2020-FACT, 144A, 1-month USD-LIBOR + 2.0%, 2.11% (a), 10/15/2037 | 2,756,000 | 2,767,005 | |
“A” , Series 2020-TMIC, 144A, 1-month USD-LIBOR + 3.0%, 3.25% (a), 12/15/2035 | 1,500,000 | 1,506,808 | |
“C” , Series 2020-NET, 144A, 3.526%, 8/15/2037 | 1,000,000 | 1,023,710 | |
FHLMC Multifamily Structured Pass-Through Certificates: | |||
“X1” , Series K058, Interest Only, 0.921% (a), 8/25/2026 | 23,048,745 | 865,644 | |
“X1” , Series K722, Interest Only, 1.309% (a), 3/25/2023 | 13,021,238 | 134,080 | |
FREMF Mortgage Trust, “B” , Series 2012-K23, 144A, 3.656% (a), 10/25/2045 | 1,750,000 | 1,778,552 | |
Hilton Orlando Trust, “A” , Series 2021-ORL, 144A, 1-month USD-LIBOR + 0.92%, 1.03% (a), 12/15/2034 | 3,500,000 | 3,495,876 | |
Hospitality Mortgage Trust, “B” , Series 2019-HIT, 144A, 1-month USD-LIBOR + 1.35%, 1.46% (a), 11/15/2036 | 4,693,470 | 4,664,253 | |
IMT Trust, “BFL” , Series 2017-APTS, 144A, 1-month USD-LIBOR + 0.95%, 1.06% (a), 6/15/2034 | 5,632,899 | 5,625,998 | |
InTown Hotel Portfolio Trust, “C” , Series 2018-STAY, 144A, 1-month USD-LIBOR + 1.5%, 1.61% (a), 1/15/2033 | 2,200,000 | 2,195,720 | |
KKR Industrial Portfolio Trust, “E” , Series 2021-KDIP, 144A, 1-month USD-LIBOR + 1.55%, 1.66% (a), 12/15/2037 | 468,750 | 462,285 | |
Morgan Stanley Capital I Trust, “B” , Series 2018-SUN, 144A, 1-month USD-LIBOR + 1.2%, 1.31% (a), 7/15/2035 | 2,353,200 | 2,341,362 | |
MTRO Commercial Mortgage Trust, “D” , Series 2019-TECH, 144A, 1-month USD-LIBOR + 1.8%, 1.91% (a), 12/15/2033 | 2,500,000 | 2,432,320 | |
Natixis Commercial Mortgage Securities Trust, “C” , Series 2018-285M, 144A, 3.79% (a), 11/15/2032 | 2,000,000 | 2,024,182 | |
One New York Plaza Trust, “AJ” , Series 2020-1NYP, 144A, 1-month USD-LIBOR + 1.25%, 1.36% (a), 1/15/2036 | 2,378,000 | 2,373,951 | |
PKHL Commercial Mortgage Trust, “D” , Series 2021-MF, 144A, 1-month USD-LIBOR + 2.0%, 2.11% (a), 7/15/2038 | 2,363,000 | 2,359,591 | |
STWD Mortgage Trust, “B” , Series 2021-LIH, 144A, 1-month USD-LIBOR + 1.656%, 1.766% (a), 11/15/2036 | 500,000 | 497,642 | |
UBS Commercial Mortgage Trust, “XA” , Series 2017-C1, Interest Only, 1.527% (a), 6/15/2050 | 29,520,353 | 1,943,626 |
22 | | | DWS Enhanced Commodity Strategy Fund |
Principal Amount ($) | Value ($) | ||
Wells Fargo Commercial Mortgage Trust: | |||
“A2” , Series 2016-C34, 2.603%, 6/15/2049 | 327,874 | 327,802 | |
“ASB” , Series 2015-C31, 3.487%, 11/15/2048 | 163,828 | 170,149 | |
Total Commercial Mortgage-Backed Securities (Cost $89,367,500) | 90,030,931 | ||
Collateralized Mortgage Obligations 1.3% | |||
Barclays Mortgage Loan Trust, “A2” , Series 2021-NQM1, 144A, 1.984%, 9/25/2051 | 1,880,334 | 1,873,770 | |
Chase Mortgage Reference Notes, “M1” , Series 2020-CL1, 144A, 1-month USD-LIBOR + 2.25%, 2.352% (a), 10/25/2057 | 981,695 | 1,002,925 | |
COLT Funding LLC: | |||
“A2” , Series 2021-1, 144A, 1.167%, 6/25/2066 | 857,627 | 845,381 | |
“A2” , Series 2021-3R, 144A, 1.257%, 12/25/2064 | 506,294 | 503,561 | |
COLT Mortgage Loan Trust: | |||
“A1” , Series 2021-2R, 144A, 0.798%, 7/27/2054 | 459,922 | 458,270 | |
“A3” , Series 2021-2, 144A, 1.335%, 8/25/2066 | 2,421,010 | 2,386,417 | |
“A2” , Series 2021-HX1, 144A, 1.348%, 10/25/2066 | 1,770,235 | 1,744,847 | |
Connecticut Avenue Securities Trust, “1M2” , Series 2021-R03, 144A, 30-day average SOFR + 1.65%, 1.7% (a), 12/25/2041 | 500,000 | 500,626 | |
Ellington Financial Mortgage Trust, “A2” , Series 2021-3, 144A, 1.396%, 9/25/2066 | 3,047,797 | 2,990,068 | |
Federal National Mortgage Association, “FB” , Series 1996-44, 1-month USD-LIBOR + 0.8%, 0.892% (a), 9/25/2023 | 4,542 | 4,542 | |
Freddie Mac Structured Agency Credit Risk Debt Notes, “M2” , Series 2021-DNA7, 144A, 30-day average SOFR + 1.8%, 1.85% (a), 11/25/2041 | 1,200,000 | 1,203,008 | |
FWD Securitization Trust: | |||
“A1” , Series 2020-INV1, 144A, 2.24%, 1/25/2050 | 1,105,452 | 1,111,012 | |
��A1” , Series 2019-INV1, 144A, 2.81%, 6/25/2049 | 742,408 | 746,639 | |
GCAT LLC, “A2” , Series 2021-NQM2, 144A, 1.242%, 5/25/2066 | 1,053,338 | 1,046,672 | |
GS Mortgage-Backed Securities Trust, “A2” , Series 2020-NQM1, 144A, 1.791%, 9/27/2060 | 217,841 | 216,485 | |
Imperial Fund Mortgage Trust: | |||
“A2” , Series 2021-NQM1, 144A, 1.205%, 6/25/2056 | 1,995,612 | 1,966,294 | |
“A2” , Series 2021-NQM2, 144A, 1.362%, 9/25/2056 | 1,912,882 | 1,889,823 | |
MFA Trust: | |||
“A3” , Series 2021-INV1, 144A, 1.262%, 1/25/2056 | 501,775 | 498,758 | |
“A3” , Series 2021-NQM2, 144A, 1.472%, 11/25/2064 | 718,526 | 713,090 |
DWS Enhanced Commodity Strategy Fund | | | 23 |
Principal Amount ($) | Value ($) | ||
Starwood Mortgage Residential Trust, “A3” , Series 2020-INV1, 144A, 1.593%, 11/25/2055 | 834,358 | 830,782 | |
Verus Securitization Trust: | |||
“A2” , Series 2021-R3, 144A, 1.277%, 4/25/2064 | 819,315 | 817,234 | |
“A2” , Series 2020-4, 144A, 1.912%, 5/25/2065 | 1,626,424 | 1,624,634 | |
“A1” , Series 2020-INV1, 144A, 1.977%, 3/25/2060 | 257,332 | 257,991 | |
“A1” , Series 2020-2, 144A, 2.226%, 5/25/2060 | 127,199 | 127,340 | |
Total Collateralized Mortgage Obligations (Cost $25,569,258) | 25,360,169 | ||
Government & Agency Obligations 45.8% | |||
Other Government Related (b) 0.7% | |||
Corp. Andina de Fomento: | |||
2.375%, 5/12/2023 | 4,000,000 | 4,074,033 | |
4.375%, 6/15/2022 | 2,000,000 | 2,033,525 | |
Eastern & Southern African Trade & Development Bank, REG S, 5.375%, 3/14/2022 | 2,779,000 | 2,791,005 | |
Eurasian Development Bank, 144A, 4.767%, 9/20/2022 | 3,000,000 | 3,079,494 | |
Korea National Oil Corp., 144A, 3.25%, 7/10/2024 | 500,000 | 526,142 | |
Vnesheconombank, 144A, 6.025%, 7/5/2022 | 1,500,000 | 1,526,400 | |
14,030,599 | |||
Sovereign Bonds 0.4% | |||
Abu Dhabi Government International Bond, 144A, 2.5%, 4/16/2025 (c) | 1,895,000 | 1,966,347 | |
Government of Malaysia, 144A, 3.043%, 4/22/2025 | 1,000,000 | 1,047,907 | |
Republic of Paraguay, 144A, 4.625%, 1/25/2023 | 1,000,000 | 1,032,510 | |
Republic of Turkey, 5.6%, 11/14/2024 | 1,000,000 | 962,500 | |
Saudi Government International Bond, 144A, 4.0%, 4/17/2025 | 2,000,000 | 2,154,108 | |
7,163,372 | |||
U.S. Treasury Obligations 44.7% | |||
U.S. Treasury Floating Rate Notes: | |||
3-month U.S. Treasury Bill Money Market Yield + 0.029%, 0.114% (a), 7/31/2023 (d) | 85,000,000 | 85,012,315 | |
3-month U.S. Treasury Bill Money Market Yield + 0.034%, 0.119% (a), 4/30/2023 (d) | 70,000,000 | 70,002,577 | |
3-month U.S. Treasury Bill Money Market Yield + 0.035%, 0.12% (a), 10/31/2023 (d) | 85,000,000 | 85,015,969 | |
3-month U.S. Treasury Bill Money Market Yield + 0.049%, 0.134% (a), 1/31/2023 (d) | 70,000,000 | 70,027,016 | |
U.S. Treasury Inflation-Indexed Notes: | |||
0.125%, 1/15/2022 | 36,651,300 | 36,727,090 |
24 | | | DWS Enhanced Commodity Strategy Fund |
Principal Amount ($) | Value ($) | ||
0.125%, 4/15/2022 | 34,110,300 | 34,608,630 | |
0.375%, 7/15/2023 | 35,646,000 | 37,477,869 | |
U.S. Treasury Notes: | |||
0.125%, 4/30/2022 | 10,000,000 | 10,000,258 | |
0.125%, 11/30/2022 | 50,000,000 | 49,886,719 | |
0.125%, 12/31/2022 | 25,000,000 | 24,922,847 | |
0.125%, 9/15/2023 | 25,000,000 | 24,771,485 | |
0.125%, 10/15/2023 | 30,000,000 | 29,700,000 | |
0.5%, 3/15/2023 | 40,000,000 | 40,015,625 | |
0.5%, 3/31/2025 | 25,000,000 | 24,584,961 | |
1.625%, 4/30/2023 | 30,000,000 | 30,432,422 | |
1.75%, 6/15/2022 | 50,000,000 | 50,361,328 | |
2.125%, 5/15/2022 | 50,000,000 | 50,361,328 | |
2.125%, 3/31/2024 | 50,000,000 | 51,460,937 | |
2.75%, 4/30/2023 | 50,000,000 | 51,460,937 | |
2.75%, 5/31/2023 | 30,000,000 | 30,925,781 | |
887,756,094 | |||
Total Government & Agency Obligations (Cost $906,540,399) | 908,950,065 | ||
Short-Term U.S. Treasury Obligations 1.1% | |||
U.S. Treasury Bills: | |||
0.058% (e), 5/19/2022 (f) | 640,000 | 639,764 | |
0.058% (e), 5/19/2022 | 15,000,000 | 14,994,461 | |
0.058% (e), 5/19/2022 | 5,000,000 | 4,998,153 | |
0.062% (e), 6/16/2022 (f) | 640,000 | 639,617 | |
Total Short-Term U.S. Treasury Obligations (Cost $21,275,113) | 21,271,995 |
Shares | Value ($) | ||
Exchange-Traded Funds 1.5% | |||
iShares 0-5 Year High Yield Corporate Bond ETF (c) | 200,000 | 9,060,000 | |
SPDR Bloomberg Short Term High Yield Bond ETF (c) | 750,000 | 20,362,500 | |
Xtrackers Short Duration High Yield Bond ETF (c) (g) | 5,250 | 249,060 | |
Total Exchange-Traded Funds (Cost $29,517,880) | 29,671,560 | ||
Securities Lending Collateral 0.7% | |||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.01% (h) (i) (Cost $13,643,275) | 13,643,275 | 13,643,275 |
DWS Enhanced Commodity Strategy Fund | | | 25 |
Shares | Value ($) | ||
Cash Equivalents 9.8% | |||
DWS Central Cash Management Government Fund, 0.05% (h) | 138,562,082 | 138,562,082 | |
DWS ESG Liquidity Fund “Capital Shares” , 0.09% (h) | 56,959,345 | 56,942,257 | |
Total Cash Equivalents (Cost $195,516,377) | 195,504,339 |
% of Net Assets | Value ($) | ||
Total Consolidated Investment Portfolio (Cost $1,920,027,880) | 97.1 | 1,927,913,265 | |
Other Assets and Liabilities, Net | 2.9 | 56,828,623 | |
Net Assets | 100.0 | 1,984,741,888 |
Value ($) at 6/30/2021 | Pur- chases Cost ($) | Sales Proceeds ($) | Net Real- ized Gain/ (Loss) ($) | Net Change in Unreal- ized Appreci- ation (Depreci- ation) ($) | Income ($) | Capital Gain Distri- butions ($) | Number of Shares at 12/31/2021 | Value ($) at 12/31/2021 |
Exchange-Traded Funds 0.0% | ||||||||
Xtrackers Short Duration High Yield Bond ETF (c) (g) | ||||||||
252,709 | — | — | — | (3,649) | 6,249 | — | 5,250 | 249,060 |
Securities Lending Collateral 0.7% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.01% (h) (i) | ||||||||
7,384,467 | 6,258,808 (j) | — | — | — | 4,512 | — | 13,643,275 | 13,643,275 |
Cash Equivalents 9.8% | ||||||||
DWS Central Cash Management Government Fund, 0.05% (h) | ||||||||
166,221,762 | 1,903,544,419 | 1,931,204,099 | — | — | 33,583 | — | 138,562,082 | 138,562,082 |
DWS ESG Liquidity Fund “Capital Shares” , 0.09% (h) | ||||||||
31,932,785 | 25,020,863 | — | — | (11,391) | 21,365 | — | 56,959,345 | 56,942,257 |
205,791,723 | 1,934,824,090 | 1,931,204,099 | — | (15,040) | 65,709 | — | 209,169,952 | 209,396,674 |
(a) | Variable or floating rate security. These securities are shown at their current rate as of December 31, 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) | Government-backed debt issued by financial companies or government sponsored enterprises. |
26 | | | DWS Enhanced Commodity Strategy Fund |
(c) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at December 31, 2021 amounted to $13,350,026, which is 0.7% of net assets. |
(d) | At December 31, 2021, this security has been pledged, in whole or in part, as collateral for open commodity-linked rate swap contracts. |
(e) | Annualized yield at time of purchase; not a coupon rate. |
(f) | At December 31, 2021, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(g) | Affiliated fund managed by DBX Advisors LLC. |
(h) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(i) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(j) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended December 31, 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. |
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 |
UFJ: United Financial of Japan |
ULS: Ultra-Low Sulfur |
WTI: West Texas Intermediate |
DWS Enhanced Commodity Strategy Fund | | | 27 |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
LME Primary Aluminium Futures | USD | 12/18/2023 | 300 | 20,095,995 | 19,402,500 | (693,495) |
LME Primary Aluminium Futures | USD | 12/19/2022 | 270 | 17,840,250 | 18,677,250 | 837,000 |
Total net unrealized appreciation | 143,505 |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Depreciation ($) |
LME Primary Aluminium Futures | USD | 12/19/2022 | 570 | 39,039,495 | 39,429,750 | (390,255) |
Pay/Receive Return of the Reference Index | Expiration Date | Counterparty | Notional Amount ($) | Fixed Fee Received/ (Paid) by the Fund | Frequency | Value ($)† |
Long Positions | ||||||
BACXISUS Excess Return Index/BACXISUS | 1/18/2022 | Merrill Lynch International Ltd. | 79,260,000 | (0.10%) | At Expiration | (40,518) |
Barclays Commodity Strategy 1673 Excess Return Index/TRSTST24HP | 1/18/2022 | Barclays Bank PLC | 38,400,000 | — | At Expiration | 133,276 |
Barclays Commodity Strategy 1673 Excess Return Index/TRSTST25HP | 1/18/2022 | Barclays Bank PLC | 6,080,000 | (0.28%) | At Expiration | 37,022 |
Barclays EFS Custom Commodity Basket 08 Index/BEFSCB08 | 1/18/2022 | Barclays Bank PLC | 6,190,000 | — | At Expiration | 52,820 |
Bloomberg Commodity Index 3 Month Forward/BCOMF3 | 1/18/2022 | Merrill Lynch International Ltd. | 23,991,000 | (0.14%) | At Expiration | 759,584 |
Bloomberg Commodity Index 3 Month Forward/BCOMF3 | 1/18/2022 | BNP Paribas | 47,982,000 | (0.14%) | At Expiration | 1,519,167 |
28 | | | DWS Enhanced Commodity Strategy Fund |
Pay/Receive Return of the Reference Index | Expiration Date | Counterparty | Notional Amount ($) | Fixed Fee Received/ (Paid) by the Fund | Frequency | Value ($)† |
Bloomberg Commodity Index 3 Month Forward/BCOMF3 | 1/18/2022 | JPMorgan Chase Securities, Inc. | 77,115,000 | (0.11%) | At Expiration | 2,442,694 |
Bloomberg Commodity Index 3 Month Forward/BCOMF3 | 1/18/2022 | Goldman Sachs & Co. | 59,978,000 | (0.12%) | At Expiration | 1,899,567 |
Bloomberg Commodity Index 6 Month Forward/BCOMF6 | 1/18/2022 | Macquarie Bank Ltd. | 25,705,000 | (0.17%) | At Expiration | 668,295 |
Bloomberg Commodity Index 6 Month Forward/BCOMF6 | 1/18/2022 | JPMorgan Chase Securities, Inc. | 77,115,000 | (0.13%) | At Expiration | 2,006,406 |
Bloomberg Commodity Index/BCOM | 1/18/2022 | Credit Suisse | 94,251,000 | (0.11%) | At Expiration | 3,123,180 |
Bloomberg Commodity Index/BCOM | 1/18/2022 | Macquarie Bank Ltd. | 59,978,000 | (0.12%) | At Expiration | 1,987,186 |
Bloomberg Commodity Index/BCOM | 1/18/2022 | Barclays Bank PLC | 85,683,000 | (0.11%) | At Expiration | 2,839,264 |
Bloomberg Commodity Index/BCOM | 1/18/2022 | Morgan Stanley | 51,410,000 | (0.12%) | At Expiration | 1,703,312 |
Bloomberg Commodity Index/BCOM | 1/18/2022 | JPMorgan Chase Securities, Inc. | 154,229,000 | (0.09%) | At Expiration | 5,112,184 |
Bloomberg Commodity Index/BCOM | 1/18/2022 | Goldman Sachs & Co. | 131,952,000 | (0.10%) | At Expiration | 4,373,124 |
Bloomberg Commodity Index/BCOM | 1/18/2022 | Canadian Imperial Bank of Commerce | 42,841,000 | (0.13%) | At Expiration | 1,419,192 |
Bloomberg Commodity Index/BCOM | 1/18/2022 | BNP Paribas | 71,974,000 | (0.12%) | At Expiration | 2,384,637 |
BNP Paribas 03 Alpha Index/BNPIFMN3 | 1/18/2022 | BNP Paribas | 69,750,000 | (0.12%) | At Expiration | (131,847) |
BofA Merrill Lynch Commodity Excess Return Strategy/MLCIHR6S | 1/18/2022 | Merrill Lynch International Ltd. | 64,900,000 | — | At Expiration | 93,769 |
DWS Enhanced Commodity Strategy Fund | | | 29 |
Pay/Receive Return of the Reference Index | Expiration Date | Counterparty | Notional Amount ($) | Fixed Fee Received/ (Paid) by the Fund | Frequency | Value ($)† |
Citi Commodities Gold Call Ratio Index/CICXGCCR | 1/18/2022 | Citigroup, Inc. | 53,160,000 | — | At Expiration | 589,109 |
Citi Custom CiVICS 7 Excess Return/CVICSER7 | 1/18/2022 | Citigroup, Inc. | 358,114,000 | (0.16%) | At Expiration | 9,897,864 |
Goldman Sachs Brent Vol Carry 05/GSVLBR05 | 1/18/2022 | Goldman Sachs & Co. | 10,000,000 | (0.35%) | At Expiration | 108,554 |
Goldman Sachs Commodity COT Strategy COT3/ABGSCOT3 | 1/18/2022 | Goldman Sachs & Co. | 22,130,000 | (0.35%) | At Expiration | 93,143 |
Goldman Sachs Gold Intraday Seasonality Dynamic Series 1 Excess Return Strategy/GSISGID1 | 1/18/2022 | Goldman Sachs & Co. | 58,450,000 | (0.35%) | At Expiration | 233,052 |
JPMorgan NEO Commodity Curve Alpha Index/JMABNEO1 | 1/18/2022 | JPMorgan Chase Securities, Inc. | 120,830,000 | (0.35%) | At Expiration | (188,549) |
Macquarie Commodity Product 708E/MQCP708E | 1/18/2022 | Macquarie Bank Ltd. | 43,420,000 | (1.00%) | At Expiration | 23,545 |
Macquarie Vol Product 2CL2/VMAC2CL2 | 1/18/2022 | Macquarie Bank Ltd. | 10,000,000 | (0.10%) | At Expiration | 236,883 |
Macquarie Vol Product 3GC1/VMAC3GC1 | 1/18/2022 | Macquarie Bank Ltd. | 10,000,000 | (0.10%) | At Expiration | 329,093 |
Merrill Lynch Backwardation Momentum Long Only Excess Return Index/MLCXAKLE | 1/18/2022 | Merrill Lynch International Ltd. | 3,450,000 | (0.35%) | At Expiration | 62,647 |
Merrill Lynch Enhanced Benchmark - A Pre Roll Excess Return Index/MLCXAPRE | 1/18/2022 | Merrill Lynch International Ltd. | 95,965,000 | (0.14%) | At Expiration | 3,178,511 |
Modified Strategy D177 on the Bloomberg Commodity Index/ENHG177P | 1/18/2022 | Goldman Sachs & Co. | 47,982,000 | (0.35%) | At Expiration | 1,625,188 |
Morgan Stanley MSCBDF11 Index/MSCBDF11 | 1/18/2022 | Morgan Stanley | 5,000,000 | (0.79%) | At Expiration | 103,223 |
30 | | | DWS Enhanced Commodity Strategy Fund |
Pay/Receive Return of the Reference Index | Expiration Date | Counterparty | Notional Amount ($) | Fixed Fee Received/ (Paid) by the Fund | Frequency | Value ($)† |
Morgan Stanley MSCBVB20 Index | 1/18/2022 | Morgan Stanley | 10,000,000 | (0.45%) | At Expiration | 201,258 |
RBC Enhanced Commodity Basket 01 Excess Return Index/RBCAEC01 | 1/18/2022 | Royal Bank of Canada | 54,837,000 | (0.11%) | At Expiration | 1,753,927 |
RBC Enhanced Commodity CC3V Index/RBCSCC3V | 1/18/2022 | Royal Bank of Canada | 106,622,000 | (0.15%) | At Expiration | (60,974) |
RBC Enhanced Commodity D01 Excess Return Index/RBCADC01 | 1/18/2022 | Royal Bank of Canada | 54,837,000 | (0.20%) | At Expiration | 1,720,769 |
RBC Enhanced Commodity D03 Index/RBCADC03 | 1/18/2022 | Royal Bank of Canada | 27,419,000 | (0.15%) | At Expiration | 882,852 |
RBC Enhanced Commodity MSC4 Index/RBCAMSC4 | 1/18/2022 | Royal Bank of Canada | 24,764,000 | (0.35%) | At Expiration | 542,322 |
SGI Commodity Dynamic Alpha Index/SGICCODA | 1/18/2022 | Societe Generale | 74,720,000 | (0.25%) | At Expiration | (269,365) |
SGI WTI Intraday Trend Index/SGIDTWTI | 1/18/2022 | Societe Generale | 10,350,000 | (0.20%) | At Expiration | (180,388) |
Societe Generale Alpha 1 Custom Excess Return/SGCOA1CE | 1/18/2022 | Societe Generale | 104,970,000 | (0.17%) | At Expiration | (14,187) |
Societe Generale Commodity Index/SGCOM11S | 1/18/2022 | Societe Generale | 25,705,000 | (0.13%) | At Expiration | 855,853 |
Societe Generale M Po 3 U Index/SGCOL45E | 1/18/2022 | Societe Generale | 25,705,000 | (0.16%) | At Expiration | 817,260 |
Societe Generale M Po 4 U Index/SGCOM15E | 1/18/2022 | Societe Generale | 51,410,000 | (0.18%) | At Expiration | 1,598,014 |
DWS Enhanced Commodity Strategy Fund | | | 31 |
Pay/Receive Return of the Reference Index | Expiration Date | Counterparty | Notional Amount ($) | Fixed Fee Received/ (Paid) by the Fund | Frequency | Value ($)† |
UBS Custom Commodity Index/UBSIB163 | 1/18/2022 | UBS AG | 118,270,000 | (0.26%) | At Expiration | 5,848,157 |
Index Description | Ticker | Notional Amount ($) | Index Weight (%) | Value ($) |
Bloomberg Commodity Index | BCOM | 68,546,000 | 29.0 | 2,271,892 |
Bloomberg Commodity Index 2-4-6 Forward Blend | BCOMF246 | 68,546,000 | 29.0 | 2,036,395 |
Bloomberg Gold Subindex | BCOMGC | (6,716,000) | 2.8 | (213,407) |
Bloomberg Wheat Subindex | BCOMWH | (18,908,000) | 8.0 | 390,237 |
Bloomberg Nickel Subindex | BCOMNI | (20,116,000) | 8.5 | (1,365,119) |
Bloomberg ULS Diesel Subindex | BCOMHO | 37,940,000 | 16.0 | 1,840,163 |
Bloomberg Brent Crude Subindex | BCOMCO | 15,768,000 | 6.7 | 887,996 |
UBS Custom Commodity Index | 5,848,157 |
Pay/Receive Return of the Reference Index | Expiration Date | Counterparty | Notional Amount ($) | Fixed Fee Received/ (Paid) by the Fund | Frequency | Value ($)† |
UBS Custom Commodity Index/UBSIB165 | 1/18/2022 | UBS AG | 2,500,000 | (0.14%) | At Expiration | 51,487 |
UBS Targeted Commodity Curve Carry Strategy Index/UBSTCCIS | 1/18/2022 | UBS AG | 40,290,000 | (0.10%) | At Expiration | (396,229) |
Short Positions | ||||||
CIBC Milling Wheat Index/CIBZCA | 1/18/2022 | Canadian Imperial Bank of Commerce | 18,908,000 | (0.23%) | At Expiration | 380,163 |
Total net unrealized appreciation | 62,405,496 |
† | 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 |
32 | | | DWS Enhanced Commodity Strategy Fund |
Assets | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds (a) | $ — | $ 531,444,132 | $— | $ 531,444,132 |
Asset-Backed (a) | — | 112,036,799 | — | 112,036,799 |
Commercial Mortgage-Backed Securities | — | 90,030,931 | — | 90,030,931 |
Collateralized Mortgage Obligations | — | 25,360,169 | — | 25,360,169 |
Government & Agency Obligations (a) | — | 908,950,065 | — | 908,950,065 |
Short-Term U.S. Treasury Obligations | — | 21,271,995 | — | 21,271,995 |
Exchange-Traded Funds | 29,671,560 | — | — | 29,671,560 |
Short-Term Investments (a) | 209,147,614 | — | — | 209,147,614 |
Derivatives (b) | ||||
Futures Contracts | 837,000 | — | — | 837,000 |
Commodity-Linked Swap Contracts | — | 63,687,553 | — | 63,687,553 |
Total | $239,656,174 | $1,752,781,644 | $ — | $1,992,437,818 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | ||||
Futures Contracts | $ (1,083,750) | $ — | $— | $ (1,083,750) |
Commodity-Linked Swap Contracts | — | (1,282,057) | — | (1,282,057) |
Total | $ (1,083,750) | $ (1,282,057) | $ — | $ (2,365,807) |
(a) | See Consolidated Investment Portfolio for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and commodity-linked swap contracts. |
DWS Enhanced Commodity Strategy Fund | | | 33 |
Assets | |
Investments in non-affiliated securities, at value (cost $1,710,624,680) — including $13,350,026 of securities loaned | $ 1,718,516,591 |
Investment in DWS Government & Agency Securities Portfolio (cost $13,643,275)* | 13,643,275 |
Investment in affiliated securities, at value (cost $195,759,925) | 195,753,399 |
Cash held as collateral for over-the-counter derivatives | 12,330,000 |
Receivable for Fund shares sold | 9,482,194 |
Interest receivable | 5,124,057 |
Unrealized appreciation on bilateral swap contracts | 63,687,553 |
Foreign taxes recoverable | 2,178 |
Other assets | 115,610 |
Total assets | 2,018,654,857 |
Liabilities | |
Cash overdraft | 59,981 |
Payable upon return of securities loaned | 13,643,275 |
Payable for Fund shares redeemed | 4,383,480 |
Payable for variation margin on futures contracts | 246,764 |
Payable upon return of collateral for over-the-counter derivatives | 12,330,000 |
Unrealized depreciation on bilateral swap contracts | 1,282,057 |
Accrued management fee | 1,032,909 |
Accrued Trustees' fees | 24,926 |
Other accrued expenses and payables | 909,577 |
Total liabilities | 33,912,969 |
Net assets, at value | $ 1,984,741,888 |
Net Assets Consist of | |
Distributable earnings (loss) | 92,037,250 |
Paid-in capital | 1,892,704,638 |
Net assets, at value | $ 1,984,741,888 |
* | Represents collateral on securities loaned. |
34 | | | DWS Enhanced Commodity Strategy Fund |
as of December 31, 2021 (Unaudited) (continued)
Net Asset Value | |
Class A | |
Net Asset Value and redemption price per share ($78,584,797 ÷ 9,588,461 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 8.20 |
Maximum offering price per share (100 ÷ 94.25 of $8.20) | $ 8.70 |
Class T | |
Net Asset Value and redemption price per share ($12,377 ÷ 1,509 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 8.20 |
Maximum offering price per share (100 ÷ 97.50 of $8.20) | $ 8.41 |
Class C | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($14,501,518 ÷ 1,980,053 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 7.32 |
Class R6 | |
Net Asset Value, offering and redemption price per share ($38,804,084 ÷ 4,666,449 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 8.32 |
Class S | |
Net Asset Value, offering and redemption price per share ($68,897,369 ÷ 8,304,449 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 8.30 |
Institutional Class | |
Net Asset Value, offering and redemption price per share ($1,783,941,743 ÷ 214,342,319 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 8.32 |
DWS Enhanced Commodity Strategy Fund | | | 35 |
Investment Income | |
Income: | |
Interest (net of foreign taxes withheld of $8,145) | $ 13,804,679 |
Dividends | 649,657 |
Income distributions from affiliated securities | 61,197 |
Securities lending income, net of borrower rebates | 4,512 |
Total income | 14,520,045 |
Expenses: | |
Management fee | 8,055,620 |
Administration fee | 1,001,909 |
Services to shareholders | 1,409,740 |
Distribution and service fees | 179,199 |
Custodian fee | 61,060 |
Professional fees | 66,102 |
Reports to shareholders | 111,768 |
Registration fees | 62,640 |
Trustees' fees and expenses | 30,096 |
Other | 46,959 |
Total expenses before expense reductions | 11,025,093 |
Expense reductions | (1,545,381) |
Total expenses after expense reductions | 9,479,712 |
Net investment income | 5,040,333 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 2,768,042 |
Swap contracts | 50,568,003 |
Futures | (6,907,907) |
Foreign currency | 138 |
46,428,276 | |
Change in net unrealized appreciation (depreciation) on: | |
Affiliated investments | (15,040) |
Non-affiliated investments | (14,951,039) |
Swap contracts | 59,270,058 |
Futures | 3,151,361 |
47,455,340 | |
Net gain (loss) | 93,883,616 |
Net increase (decrease) in net assets resulting from operations | $ 98,923,949 |
36 | | | DWS Enhanced Commodity Strategy Fund |
Six Months Ended December 31, 2021 | Year Ended June 30, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2021 |
Operations: | ||
Net investment income | $ 5,040,333 | $ 12,344,024 |
Net realized gain (loss) | 46,428,276 | 636,656,327 |
Change in net unrealized appreciation (depreciation) | 47,455,340 | (7,793,909) |
Net increase (decrease) in net assets resulting from operations | 98,923,949 | 641,206,442 |
Distributions to shareholders: | ||
Class A | (25,039,584) | (457,584) |
Class T | (3,740) | (64) |
Class C | (4,552,255) | (19,511) |
Class R6 | (12,009,095) | (392,729) |
Class S | (21,552,423) | (693,340) |
Institutional Class | (577,261,986) | (15,435,292) |
Total distributions | (640,419,083) | (16,998,520) |
Fund share transactions: | ||
Proceeds from shares sold | 523,633,881 | 871,894,839 |
Reinvestment of distributions | 583,667,996 | 15,960,268 |
Payments for shares redeemed | (643,341,687) | (1,001,555,365) |
Net increase (decrease) in net assets from Fund share transactions | 463,960,190 | (113,700,258) |
Increase (decrease) in net assets | (77,534,944) | 510,507,664 |
Net assets at beginning of period | 2,062,276,832 | 1,551,769,168 |
Net assets at end of period | $1,984,741,888 | $ 2,062,276,832 |
DWS Enhanced Commodity Strategy Fund | | | 37 |
DWS Enhanced Commodity Strategy Fund — Class A | ||||||
Six Months Ended 12/31/21 | Years Ended June 30, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $11.23 | $7.93 | $9.47 | $11.71 | $10.88 | $12.60 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .01 | .04 | .09 | .15 | .08 | .03 |
Net realized and unrealized gain (loss) | .51 | 3.32 | (1.50) | (1.27) | .78 | (.97) |
Total from investment operations | .52 | 3.36 | (1.41) | (1.12) | .86 | (.94) |
Less distributions from: | ||||||
Net investment income | (3.55) | (.06) | (.13) | (1.12) | (.03) | (.78) |
Redemption fees | — | — | — | — | — | .00 * |
Net asset value, end of period | $8.20 | $11.23 | $7.93 | $9.47 | $11.71 | $10.88 |
Total Return (%)b,c | 4.78 ** | 42.59 | (14.96) | (9.77) | 7.87 | (7.70) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 79 | 86 | 58 | 75 | 121 | 110 |
Ratio of expenses before expense reductions (%) | 1.37 *** | 1.42 | 1.51 | 1.48 | 1.43 | 1.47 |
Ratio of expenses after expense reductions (%) | 1.25 *** | 1.22 | 1.29 | 1.34 | 1.35 | 1.33 |
Ratio of net investment income (%) | .16 *** | .39 | 1.05 | 1.43 | .73 | .28 |
Portfolio turnover rate (%) | 51 ** | 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. |
** | Not annualized |
*** | Annualized |
38 | | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund — Class T | ||||||
Six Months Ended 12/31/21 | Years Ended June 30, | Period Ended | ||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 6/30/17 a | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $11.24 | $7.94 | $9.48 | $11.72 | $10.88 | $10.88 |
Income (loss) from investment operations: | ||||||
Net investment incomeb | .01 | .04 | .09 | .14 | .09 | .00 * |
Net realized and unrealized gain (loss) | .50 | 3.32 | (1.49) | (1.25) | .77 | (.00) * |
Total from investment operations | .51 | 3.36 | (1.40) | (1.11) | .86 | .00 * |
Less distributions from: | ||||||
Net investment income | (3.55) | (.06) | (.14) | (1.13) | (.02) | (.00) * |
Net asset value, end of period | $8.20 | $11.24 | $7.94 | $9.48 | $11.72 | $10.88 |
Total Return (%)c,d | 4.67 ** | 42.55 | (14.92) | (9.72) | 7.95 | .01 ** |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ thousands) | 12 | 12 | 8 | 10 | 11 | 10 |
Ratio of expenses before expense reductions (%) | 1.27 *** | 1.37 | 1.43 | 1.40 | 1.36 | 1.57 *** |
Ratio of expenses after expense reductions (%) | 1.24 *** | 1.22 | 1.28 | 1.32 | 1.29 | 1.35 *** |
Ratio of net investment income (%) | .17 *** | .39 | 1.07 | 1.42 | .80 | .47 *** |
Portfolio turnover rate (%) | 51 ** | 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 |
DWS Enhanced Commodity Strategy Fund | | | 39 |
DWS Enhanced Commodity Strategy Fund — Class C | ||||||
Six Months Ended 12/31/21 | Years Ended June 30, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $10.04 | $7.11 | $8.49 | $10.50 | $9.80 | $11.39 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | (.02) | (.03) | .03 | .06 | (.00) * | (.05) |
Net realized and unrealized gain (loss) | .45 | 2.98 | (1.35) | (1.13) | .70 | (.88) |
Total from investment operations | .43 | 2.95 | (1.32) | (1.07) | .70 | (.93) |
Less distributions from: | ||||||
Net investment income | (3.15) | (.02) | (.06) | (.94) | — | (.66) |
Redemption fees | — | — | — | — | — | .00 * |
Net asset value, end of period | $7.32 | $10.04 | $7.11 | $8.49 | $10.50 | $9.80 |
Total Return (%)b,c | 4.28 ** | 41.55 | (15.59) | (10.48) | 7.14 | (8.42) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 15 | 13 | 9 | 15 | 27 | 27 |
Ratio of expenses before expense reductions (%) | 2.00 *** | 2.09 | 2.20 | 2.18 | 2.17 | 2.21 |
Ratio of expenses after expense reductions (%) | 1.97 *** | 1.97 | 2.04 | 2.09 | 2.09 | 2.08 |
Ratio of net investment income (loss) (%) | (.59) *** | (.35) | .32 | .68 | (.02) | (.47) |
Portfolio turnover rate (%) | 51 ** | 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. |
** | Not annualized |
*** | Annualized |
40 | | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund — Class R6 | ||||||
Six Months Ended 12/31/21 | Years Ended June 30, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $11.39 | $8.05 | $9.62 | $11.89 | $11.04 | $12.79 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .03 | .07 | .12 | .19 | .13 | .08 |
Net realized and unrealized gain (loss) | .52 | 3.37 | (1.52) | (1.28) | .79 | (.99) |
Total from investment operations | .55 | 3.44 | (1.40) | (1.09) | .92 | (.91) |
Less distributions from: | ||||||
Net investment income | (3.62) | (.10) | (.17) | (1.18) | (.07) | (.84) |
Redemption fees | — | — | — | — | — | .00 * |
Net asset value, end of period | $8.32 | $11.39 | $8.05 | $9.62 | $11.89 | $11.04 |
Total Return (%)b | 5.02 ** | 43.00 | (14.58) | (9.46) | 8.36 | (7.37) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 39 | 46 | 31 | 30 | 22 | 13 |
Ratio of expenses before expense reductions (%) | .98 *** | 1.02 | 1.08 | 1.06 | 1.07 | 1.09 |
Ratio of expenses after expense reductions (%) | .89 *** | .89 | .89 | .95 | .95 | .96 |
Ratio of net investment income (%) | .52 *** | .73 | 1.42 | 1.86 | 1.14 | .67 |
Portfolio turnover rate (%) | 51 ** | 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. |
** | Not annualized |
*** | Annualized |
DWS Enhanced Commodity Strategy Fund | | | 41 |
DWS Enhanced Commodity Strategy Fund — Class S | ||||||
Six Months Ended 12/31/21 | Years Ended June 30, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $11.37 | $8.03 | $9.59 | $11.86 | $11.02 | $12.76 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .02 | .06 | .12 | .17 | .11 | .06 |
Net realized and unrealized gain (loss) | .52 | 3.36 | (1.53) | (1.28) | .78 | (.99) |
Total from investment operations | .54 | 3.42 | (1.41) | (1.11) | .89 | (.93) |
Less distributions from: | ||||||
Net investment income | (3.61) | (.08) | (.15) | (1.16) | (.05) | (.81) |
Redemption fees | — | — | — | — | — | .00 * |
Net asset value, end of period | $8.30 | $11.37 | $8.03 | $9.59 | $11.86 | $11.02 |
Total Return (%)b | 4.90 ** | 42.86 | (14.79) | (9.58) | 8.08 | (7.50) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 69 | 70 | 83 | 195 | 520 | 349 |
Ratio of expenses before expense reductions (%) | 1.16 *** | 1.19 | 1.25 | 1.21 | 1.19 | 1.24 |
Ratio of expenses after expense reductions (%) | 1.05 *** | 1.03 | 1.09 | 1.14 | 1.12 | 1.13 |
Ratio of net investment income (%) | .35 *** | .62 | 1.30 | 1.60 | .97 | .48 |
Portfolio turnover rate (%) | 51 ** | 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. |
** | Not annualized |
*** | Annualized |
42 | | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund — Institutional Class | ||||||
Six Months Ended 12/31/21 | Years Ended June 30, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $11.40 | $8.06 | $9.62 | $11.90 | $11.05 | $12.80 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .03 | .07 | .13 | .19 | .13 | .07 |
Net realized and unrealized gain (loss) | .52 | 3.37 | (1.52) | (1.29) | .79 | (.99) |
Total from investment operations | .55 | 3.44 | (1.39) | (1.10) | .92 | (.92) |
Less distributions from: | ||||||
Net investment income | (3.63) | (.10) | (.17) | (1.18) | (.07) | (.83) |
Redemption fees | — | — | — | — | — | .00 * |
Net asset value, end of period | $8.32 | $11.40 | $8.06 | $9.62 | $11.90 | $11.05 |
Total Return (%)b | 4.92 ** | 42.94 | (14.58) | (9.47) | 8.31 | (7.40) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 1,784 | 1,848 | 1,371 | 2,450 | 2,769 | 2,246 |
Ratio of expenses before expense reductions (%) | 1.04 *** | 1.09 | 1.19 | 1.16 | 1.13 | 1.18 |
Ratio of expenses after expense reductions (%) | .89 *** | .89 | .90 | .99 | .99 | .99 |
Ratio of net investment income (%) | .52 *** | .73 | 1.46 | 1.79 | 1.09 | .62 |
Portfolio turnover rate (%) | 51 ** | 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. |
** | Not annualized |
*** | Annualized |
DWS Enhanced Commodity Strategy Fund | | | 43 |
A. | Organization and Significant Accounting Policies |
44 | | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | | 45 |
46 | | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | | 47 |
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | |
Securities Lending Transactions | |||||
Government & Agency Obligations | $ 1,917,000 | $ — | $ — | $ — | $ 1,917,000 |
Exchange-Traded Funds | 11,726,275 | — | — | — | 11,726,275 |
Total Borrowings | $ 13,643,275 | $ — | $ — | $ — | $ 13,643,275 |
Gross amount of recognized liabilities for securities lending transactions: | $ 13,643,275 |
48 | | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | | 49 |
B. | Derivative Instruments |
50 | | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | | 51 |
Assets Derivative | Swap Contracts | Futures Contracts | Total |
Commodity Contracts (a) (b) | $ 63,687,553 | $ 837,000 | $ 64,524,553 |
Each of the above derivatives is located in the following Consolidated Statement of Assets and Liabilities accounts: |
(a) | Includes cumulative appreciation of futures contracts as disclosed in the Consolidated Investment Portfolio. Unsettled variation margin is disclosed separately within the Consolidated Statement of Assets and Liabilities. |
(b) | Unrealized appreciation on bilateral swap contracts |
Liability Derivative | Swap Contracts | Futures Contracts | Total |
Commodity Contracts (a) (b) | $ (1,282,057) | $ (1,083,750) | $ (2,365,807) |
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 |
52 | | | DWS Enhanced Commodity Strategy Fund |
Realized Gain (Loss) | Swap Contracts | Futures Contracts | Total |
Interest Rate Contracts (a) | $ — | $ (117,116) | $ (117,116) |
Commodity Contracts (a) | 50,568,003 | (6,790,791) | 43,777,212 |
$50,568,003 | $(6,907,907) | $43,660,096 | |
Each of the above derivatives is located in the following Consolidated Statement of Operations accounts: |
(a) | Net realized gain (loss) from swap contracts and futures and futures options contracts, respectively |
Change in Net Unrealized Appreciation (Depreciation) | |||
Swap Contracts | Futures Contracts | Total | |
Interest Rate Contracts (a) | $ — | $ (90,375) | $ (90,375) |
Commodity Contracts (a) | 59,270,058 | 3,241,736 | 62,511,794 |
$ 59,270,058 | $ 3,151,361 | $ 62,421,419 | |
Each of the above derivatives is located in the following Consolidated Statement of Operations accounts: |
(a) | Change in net unrealized appreciation (depreciation) on swap contracts and futures and futures options contracts, respectively |
DWS Enhanced Commodity Strategy Fund | | | 53 |
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 (a) | Net Amount of Derivative Assets |
Barclays Bank PLC | $ 3,062,382 | $ — | $ — | $ — | $ 3,062,382 |
BNP Paribas | 3,903,804 | (131,847) | — | — | 3,771,957 |
Canadian Imperial Bank of Commerce | 1,799,355 | — | — | — | 1,799,355 |
Citigroup, Inc. | 10,486,973 | — | — | — | 10,486,973 |
Credit Suisse | 3,123,180 | — | — | (3,123,180) | — |
Goldman Sachs & Co. | 8,332,628 | — | — | (8,332,628) | — |
JPMorgan Chase Securities, Inc. | 9,561,284 | (188,549) | — | — | 9,372,735 |
Macquarie Bank Ltd. | 3,245,002 | — | — | — | 3,245,002 |
Merrill Lynch International Ltd. | 4,094,511 | (40,518) | — | — | 4,053,993 |
Morgan Stanley | 2,007,793 | — | — | — | 2,007,793 |
Royal Bank of Canada | 4,899,870 | (60,974) | — | — | 4,838,896 |
Societe Generale | 3,271,127 | (463,940) | — | — | 2,807,187 |
UBS AG | 5,899,644 | (396,229) | — | — | 5,503,415 |
$ 63,687,553 | $ (1,282,057) | $ — | $ (11,455,808) | $ 50,949,688 |
54 | | | 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 | Cash Collateral Pledged | Net Amount of Derivative Liabilities |
BNP Paribas | $ 131,847 | $ (131,847) | $ — | $ — | $ — |
JPMorgan Chase Securities, Inc. | 188,549 | (188,549) | — | — | — |
Merrill Lynch International Ltd. | 40,518 | (40,518) | — | — | — |
Royal Bank of Canada | 60,974 | (60,974) | — | — | — |
Societe Generale | 463,940 | (463,940) | — | — | — |
UBS AG | 396,229 | (396,229) | — | — | — |
$ 1,282,057 | $ (1,282,057) | $ — | $ — | $ — |
(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 | $177,709,471 | $ 85,936,759 |
U.S. Treasury Obligations | $638,468,258 | $725,901,793 |
D. | Related Parties |
DWS Enhanced Commodity Strategy Fund | | | 55 |
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% |
Class A | 1.21% |
Class T | 1.21% |
Class C | 1.96% |
Class R6 | .89% |
Class S | 1.01% |
Institutional Class | .89% |
Class A | 1.29% | |
Class T | 1.29% | |
Class C | 2.04% | |
Class S | 1.09% |
56 | | | DWS Enhanced Commodity Strategy Fund |
Class A | $ 49,801 |
Class T | 2 |
Class C | 1,893 |
Class R6 | 18,146 |
Class S | 37,033 |
Institutional Class | 1,438,506 |
$ 1,545,381 |
Services to Shareholders | Total Aggregated | Unpaid at December 31, 2021 |
Class A | $ 4,541 | $ 1,678 |
Class T | 13 | 4 |
Class C | 320 | 194 |
Class R6 | 13,012 | 4,596 |
Class S | 4,534 | 1,379 |
Institutional Class | 6,013 | 1,991 |
$ 28,433 | $ 9,842 |
DWS Enhanced Commodity Strategy Fund | | | 57 |
Sub-Recordkeeping | Total Aggregated |
Class A | $ 80,261 |
Class C | 6,110 |
Class S | 79,318 |
Institutional Class | 1,198,200 |
$ 1,363,889 |
Distribution Fee | Total Aggregated | Unpaid at December 31, 2021 |
Class C | $ 56,155 | $ 9,627 |
Service Fee | Total Aggregated | Unpaid at December 31, 2021 | Annualized Rate |
Class A | $ 104,448 | $ 33,543 | .25% |
Class T | 9 | 7 | .15% |
Class C | 18,587 | 6,585 | .25% |
$ 123,044 | $ 40,135 |
58 | | | DWS Enhanced Commodity Strategy Fund |
E. | Line of Credit |
DWS Enhanced Commodity Strategy Fund | | | 59 |
F. | Investing in Commodities-Related Investments |
G. | Fund Share Transactions |
Six Months Ended December 31, 2021 | Year Ended June 30, 2021 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 3,089,977 | $ 27,267,102 | 3,743,225 | $ 35,453,341 |
Class C | 611,701 | 5,271,918 | 683,448 | 6,118,452 |
Class R6 | 990,389 | 8,943,030 | 1,856,611 | 17,772,033 |
Class S | 1,185,479 | 10,431,888 | 2,207,939 | 20,243,290 |
Institutional Class | 52,472,093 | 471,719,943 | 84,137,849 | 792,307,723 |
$ 523,633,881 | $ 871,894,839 |
60 | | | DWS Enhanced Commodity Strategy Fund |
Six Months Ended December 31, 2021 | Year Ended June 30, 2021 | |||
Shares | Dollars | Shares | Dollars | |
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 1,526,925 | $ 12,474,077 | 24,425 | $ 214,879 |
Class T | 458 | 3,740 | 7 | 64 |
Class C | 575,224 | 4,204,886 | 2,079 | 15,779 |
Class R6 | 1,022,688 | 8,476,725 | 27,602 | 252,011 |
Class S | 2,490,200 | 20,591,556 | 72,895 | 650,545 |
Institutional Class | 64,819,545 | 537,917,012 | 1,617,794 | 14,826,990 |
$ 583,667,996 | $ 15,960,268 | |||
Shares redeemed | ||||
Class A | (2,687,117) | $ (26,198,235) | (3,439,340) | $ (32,732,827) |
Class C | (506,118) | (4,020,543) | (590,023) | (4,929,291) |
Class R6 | (1,352,310) | (14,300,442) | (1,752,888) | (16,969,749) |
Class S | (1,525,949) | (13,834,850) | (6,455,206) | (59,310,163) |
Institutional Class | (64,949,937) | (584,987,617) | (93,862,049) | (887,613,335) |
$ (643,341,687) | $ (1,001,555,365) | |||
Net increase (decrease) | ||||
Class A | 1,929,785 | $ 13,542,944 | 328,310 | $ 2,935,393 |
Class T | 458 | 3,740 | 7 | 64 |
Class C | 680,807 | 5,456,261 | 95,504 | 1,204,940 |
Class R6 | 660,767 | 3,119,313 | 131,325 | 1,054,295 |
Class S | 2,149,730 | 17,188,594 | (4,174,372) | (38,416,328) |
Institutional Class | 52,341,701 | 424,649,338 | (8,106,406) | (80,478,622) |
$ 463,960,190 | $ (113,700,258) |
H. | Other — COVID-19 Pandemic |
DWS Enhanced Commodity Strategy Fund | | | 61 |
62 | | | 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 | | | 63 |
Actual Fund Return | Class A | Class T | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 7/1/21 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 12/31/21 | $1,047.80 | $1,046.70 | $1,042.80 | $1,050.20 | $1,049.00 | $1,049.20 |
Expenses Paid per $1,000* | $ 6.45 | $ 6.40 | $ 10.14 | $ 4.60 | $ 5.42 | $ 4.60 |
Hypothetical 5% Fund Return | Class A | Class T | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 7/1/21 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 12/31/21 | $1,018.90 | $1,018.95 | $1,015.27 | $1,020.72 | $1,019.91 | $1,020.72 |
Expenses Paid per $1,000* | $ 6.36 | $ 6.31 | $ 10.01 | $ 4.53 | $ 5.35 | $ 4.53 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class T | Class C | Class R6 | Class S | Institutional Class |
DWS Enhanced Commodity Strategy Fund | 1.25% | 1.24% | 1.97% | .89% | 1.05% | .89% |
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— | 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. |
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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 |
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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 |
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FACTS | What Does DWS Do With Your Personal Information? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share can include: — Social Security number — Account balances — Purchase and transaction history — Bank account information — Contact information such as mailing address, e-mail address and telephone number |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons DWS chooses to share and whether you can limit this sharing. |
Reasons we can share your personal information | Does DWS share? | Can you limit this sharing? |
For our everyday business purposes —such as to process your transactions, maintain your account(s), respond to court orders or legal investigations | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We do not share |
For our affiliates’ everyday business purposes — information about your transactions and experiences | No | We do not share |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We do not share |
For non-affiliates to market to you | No | We do not share |
Questions? | Call (800) 728-3337 or e-mail us at service@dws.com |
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Who we are | |
Who is providing this notice? | DWS Distributors, Inc; DWS Investment Management Americas, Inc.; DWS Trust Company; the DWS Funds |
What we do | |
How does DWS protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards, secured files, and secured buildings. |
How does DWS collect my personal information? | We collect your personal information, for example, when you: — open an account — give us your contact information — provide bank account information for ACH or wire transactions — tell us where to send money — seek advice about your investments |
Why can’t I limit all sharing? | Federal law gives you the right to limit only — sharing for affiliates’ everyday business purposes — information about your creditworthiness — affiliates from using your information to market to you — sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank (“DB” ) name, such as DB AG Frankfurt. |
Non-affiliates | Companies not related by common ownership or control. They can be financial and non-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud. |
Joint marketing | A formal agreement between non-affiliated financial companies that together market financial products or services to you. DWS does not jointly market. |
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(b) Not applicable | ||
ITEM 2. | CODE OF ETHICS | |
Not applicable. | ||
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT | |
Not applicable | ||
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES | |
Not applicable | ||
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | SCHEDULE OF INVESTMENTS | |
Not applicable | ||
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
Not applicable | ||
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. | ||
ITEM 11. | CONTROLS AND PROCEDURES | |
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. | |
(b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. | |
ITEM 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. | |
Not applicable | ||
ITEM 13. | EXHIBITS | |
(a)(1) | Not applicable | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(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: | 3/1/2022 |
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: | 3/1/2022 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 3/1/2022 |