UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSR
Investment Company Act file number: 811-02021
Deutsche DWS Securities Trust
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 6/30 |
Date of reporting period: | 6/30/2023 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) |
Contents
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NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
2 | | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | | 3 |
4 | | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | | 5 |
6 | | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | | 7 |
8 | | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | | 9 |
Class A | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 6/30/23 | |||
Unadjusted for Sales Charge | –9.49% | 3.44% | 0.28% |
Adjusted for the Maximum Sales Charge (max 5.75% load) | –14.70% | 2.23% | –0.31% |
Bloomberg Commodity Index† | –9.61% | 4.73% | –0.99% |
Class C | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 6/30/23 | |||
Unadjusted for Sales Charge | –10.29% | 2.66% | –0.48% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | –10.29% | 2.66% | –0.48% |
Bloomberg Commodity Index† | –9.61% | 4.73% | –0.99% |
Class R6 | 1-Year | 5-Year | Life of Class* |
Average Annual Total Returns as of 6/30/23 | |||
No Sales Charges | –9.27% | 3.82% | 3.09% |
Bloomberg Commodity Index† | –9.61% | 4.73% | 3.96% |
Class S | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 6/30/23 | |||
No Sales Charges | –9.30% | 3.66% | 0.49% |
Bloomberg Commodity Index† | –9.61% | 4.73% | –0.99% |
Institutional Class | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 6/30/23 | |||
No Sales Charges | –9.24% | 3.80% | 0.62% |
Bloomberg Commodity Index† | –9.61% | 4.73% | –0.99% |
10 | | | 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. |
DWS Enhanced Commodity Strategy Fund | | | 11 |
Class A | Class C | Class R6 | Class S | Institutional Class | |
Net Asset Value | |||||
6/30/23 | $5.61 | $4.99 | $5.69 | $5.68 | $5.69 |
6/30/22 | $9.36 | $8.33 | $9.50 | $9.48 | $9.51 |
Distribution Information as of 6/30/23 | |||||
Income Dividends, Twelve Months | $3.04 | $2.66 | $3.11 | $3.09 | $3.11 |
12 | | | DWS Enhanced Commodity Strategy Fund |
Commodity Sector Allocation (Commodity Exposure from Commodity-Linked Derivative Instruments as a % of Net Assets) | 6/30/23 | 6/30/22 |
Agriculture | 21% | 26% |
Energy | 16% | 33% |
Precious Metals | 12% | 21% |
Industrials | 11% | 12% |
Livestock | 3% | 5% |
63% | 97% |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 6/30/23 | 6/30/22 |
Government & Agency Obligations | 33% | 55% |
Corporate Bonds | 27% | 21% |
Cash Equivalents | 22% | 11% |
Asset-Backed | 9% | 5% |
Commercial Mortgage-Backed Securities | 5% | 3% |
Short-Term U.S. Treasury Obligations | 2% | 4% |
Collateralized Mortgage Obligations | 2% | 1% |
Call Options Purchased | 0% | 0% |
100% | 100% |
Quality (Excludes Securities Lending Collateral and Cash Equivalents) | 6/30/23 | 6/30/22 |
AAA | 61% | 70% |
AA | 6% | 5% |
A | 12% | 9% |
BBB | 18% | 13% |
Below BBB | 2% | 2% |
Not Rated | 1% | 1% |
100% | 100% |
Interest Rate Sensitivity | 6/30/23 | 6/30/22 |
Effective Maturity | 1.3 years | 1.5 years |
Effective Duration | 0.7 years | 0.8 years |
DWS Enhanced Commodity Strategy Fund | | | 13 |
14 | | | DWS Enhanced Commodity Strategy Fund |
Investment Portfolioas of June 30, 2023
Principal Amount ($) | Value ($) | ||
Corporate Bonds 27.2% | |||
Communication Services 1.2% | |||
Charter Communications Operating LLC, 4.908%, 7/23/2025 | 3,000,000 | 2,941,941 | |
Discovery Communications LLC, 3.45%, 3/15/2025 | 2,000,000 | 1,914,616 | |
Empresa Nacional de Telecomunicaciones SA, 144A, 4.875%, 10/30/2024 | 666,667 | 658,000 | |
Kenbourne Invest SA, 144A, 6.875%, 11/26/2024 | 264,000 | 229,677 | |
Meituan, 144A, 2.125%, 10/28/2025 | 720,000 | 657,475 | |
Sirius XM Radio, Inc., 144A, 3.125%, 9/1/2026 | 1,080,000 | 966,867 | |
Sprint LLC, 7.625%, 3/1/2026 | 1,670,000 | 1,734,753 | |
Tencent Music Entertainment Group, 1.375%, 9/3/2025 | 1,000,000 | 907,405 | |
T-Mobile U.S.A., Inc., 3.5%, 4/15/2025 | 5,000,000 | 4,807,182 | |
14,817,916 | |||
Consumer Discretionary 2.2% | |||
7-Eleven, Inc., 144A, 0.8%, 2/10/2024 | 1,934,000 | 1,874,443 | |
Aptiv PLC, 2.396%, 2/18/2025 | 2,780,000 | 2,638,198 | |
AutoZone, Inc., 4.5%, 2/1/2028 | 2,610,000 | 2,542,943 | |
Daimler Truck Finance North America LLC, 144A, 5.15%, 1/16/2026 | 1,600,000 | 1,592,513 | |
Dollar General Corp., 4.25%, 9/20/2024 | 1,580,000 | 1,549,540 | |
Ford Motor Credit Co. LLC, 3.375%, 11/13/2025 | 1,360,000 | 1,264,629 | |
General Motors Financial Co., Inc., 1.7%, 8/18/2023 | 1,000,000 | 994,810 | |
Hyundai Capital America: | |||
144A, 1.0%, 9/17/2024 | 5,000,000 | 4,702,057 | |
144A, 1.25%, 9/18/2023 | 4,685,000 | 4,640,393 | |
KFC Holding Co., 144A, 4.75%, 6/1/2027 | 540,000 | 521,219 | |
Kia Corp., 144A, 1.0%, 4/16/2024 | 1,130,000 | 1,087,425 | |
Royal Caribbean Cruises Ltd.: | |||
144A, 5.5%, 8/31/2026 | 2,450,000 | 2,322,874 | |
144A, 11.5%, 6/1/2025 | 370,000 | 392,570 | |
Warnermedia Holdings, Inc., 3.428%, 3/15/2024 | 1,730,000 | 1,698,543 | |
27,822,157 | |||
Consumer Staples 0.9% | |||
Constellation Brands, Inc., 5.0%, 2/2/2026 | 1,600,000 | 1,594,012 | |
Coty, Inc., 144A, 5.0%, 4/15/2026 | 2,390,000 | 2,290,383 | |
GSK Consumer Healthcare Capital UK PLC, 3.125%, 3/24/2025 | 4,000,000 | 3,821,808 |
DWS Enhanced Commodity Strategy Fund | | | 15 |
Principal Amount ($) | Value ($) | ||
JBS U.S.A. Lux SA, 144A, 2.5%, 1/15/2027 | 960,000 | 841,056 | |
JDE Peet’s NV, 144A, 0.8%, 9/24/2024 | 1,740,000 | 1,631,758 | |
Mondelez International, Inc., 2.125%, 3/17/2024 | 1,360,000 | 1,326,729 | |
11,505,746 | |||
Energy 2.1% | |||
Antero Midstream Partners LP, 144A, 7.875%, 5/15/2026 | 2,000,000 | 2,028,362 | |
Canadian Natural Resources Ltd.: | |||
3.8%, 4/15/2024 | 750,000 | 737,745 | |
3.9%, 2/1/2025 | 2,150,000 | 2,078,324 | |
DCP Midstream Operating LP, 5.375%, 7/15/2025 | 2,440,000 | 2,415,599 | |
Endeavor Energy Resources LP, 144A, 5.75%, 1/30/2028 | 2,270,000 | 2,220,469 | |
MarkWest Energy Partners LP, 4.875%, 6/1/2025 | 3,500,000 | 3,406,617 | |
MPLX LP, 4.875%, 12/1/2024 | 2,000,000 | 1,971,116 | |
Petroleos Mexicanos: | |||
4.625%, 9/21/2023 | 1,000,000 | 990,650 | |
4.875%, 1/18/2024 (a) | 1,000,000 | 982,756 | |
Phillips 66, 0.9%, 2/15/2024 | 2,020,000 | 1,959,979 | |
Plains All American Pipeline LP, 3.85%, 10/15/2023 (a) | 4,000,000 | 3,977,858 | |
SA Global Sukuk Ltd., 144A, 0.946%, 6/17/2024 | 1,220,000 | 1,160,891 | |
Saudi Arabian Oil Co., 144A, 1.25%, 11/24/2023 | 887,000 | 869,492 | |
Williams Companies, Inc., 4.55%, 6/24/2024 | 2,200,000 | 2,170,212 | |
26,970,070 | |||
Financials 10.7% | |||
AerCap Ireland Capital DAC: | |||
2.45%, 10/29/2026 | 2,110,000 | 1,884,548 | |
4.875%, 1/16/2024 | 2,350,000 | 2,333,487 | |
Aircastle Ltd.: | |||
4.4%, 9/25/2023 | 4,345,000 | 4,322,823 | |
144A, 5.25%, 8/11/2025 | 2,000,000 | 1,932,706 | |
Ally Financial, Inc., 1.45%, 10/2/2023 | 2,500,000 | 2,466,427 | |
American Express Co., 3.375%, 5/3/2024 | 2,740,000 | 2,686,526 | |
ASB Bank Ltd., 144A, 3.125%, 5/23/2024 | 5,290,000 | 5,168,431 | |
Avolon Holdings Funding Ltd., 144A, 5.125%, 10/1/2023 | 1,675,000 | 1,668,223 | |
Banco Votorantim SA, 144A, 4.375%, 7/29/2025 | 1,000,000 | 959,876 | |
Bancolombia SA, 3.0%, 1/29/2025 | 3,104,000 | 2,948,718 | |
Barclays PLC, 1.007%, 12/10/2024 | 5,000,000 | 4,874,526 | |
BBVA Bancomer SA, 144A, 1.875%, 9/18/2025 | 2,139,000 | 1,967,876 | |
BPCE SA: | |||
144A, 2.375%, 1/14/2025 | 300,000 | 281,253 |
16 | | | DWS Enhanced Commodity Strategy Fund |
Principal Amount ($) | Value ($) | ||
144A, 5.7%, 10/22/2023 | 1,645,000 | 1,637,814 | |
Capital One Financial Corp., 4.985%, 7/24/2026 | 3,230,000 | 3,130,680 | |
Citizens Bank NA, 4.119%, 5/23/2025 | 2,000,000 | 1,894,073 | |
Corebridge Financial, Inc., 3.5%, 4/4/2025 | 2,050,000 | 1,952,994 | |
Credicorp Ltd., 144A, 2.75%, 6/17/2025 | 1,000,000 | 945,035 | |
Credit Agricole SA, 144A, 5.589%, 7/5/2026 (b) | 3,330,000 | 3,325,131 | |
Danske Bank AS, 144A, 6.466%, 1/9/2026 | 5,000,000 | 4,988,077 | |
Equitable Financial Life Global Funding, 144A, 0.5%, 11/17/2023 | 1,000,000 | 980,448 | |
HSBC Holdings PLC: | |||
4.25%, 3/14/2024 | 5,600,000 | 5,528,493 | |
7.336%, 11/3/2026 | 3,000,000 | 3,088,056 | |
ING Groep NV, 3.55%, 4/9/2024 | 3,950,000 | 3,877,217 | |
Intesa Sanpaolo SpA, 144A, 7.0%, 11/21/2025 | 890,000 | 898,150 | |
KeyBank NA, 3.4%, 5/20/2026 | 4,000,000 | 3,445,727 | |
KeyCorp., 3.878%, 5/23/2025 | 2,850,000 | 2,635,509 | |
Lloyds Banking Group PLC, 4.716%, 8/11/2026 | 1,440,000 | 1,399,073 | |
Macquarie Group Ltd., 144A, SOFR + 0.92%, 6.011% (c), 9/23/2027 | 6,000,000 | 5,899,987 | |
Mitsubishi UFJ Financial Group, Inc.: | |||
0.962%, 10/11/2025 | 3,200,000 | 2,985,696 | |
5.719%, 2/20/2026 | 7,000,000 | 6,962,393 | |
Mizuho Financial Group, Inc., 1.241%, 7/10/2024 | 4,351,000 | 4,348,323 | |
Morgan Stanley: | |||
0.791%, 1/22/2025 | 6,000,000 | 5,814,404 | |
3.62%, 4/17/2025 | 6,000,000 | 5,880,770 | |
Nasdaq, Inc., 5.65%, 6/28/2025 | 670,000 | 671,934 | |
NatWest Markets PLC, 144A, 0.8%, 8/12/2024 | 1,000,000 | 941,642 | |
Nomura Holdings, Inc.: | |||
2.648%, 1/16/2025 (a) | 2,495,000 | 2,361,993 | |
5.099%, 7/3/2025 | 3,000,000 | 2,944,154 | |
Pacific Life Global Funding II, 144A, 5.951% (c), 6/16/2025 | 2,000,000 | 2,003,468 | |
SNB Funding Ltd., REG S, 2.75%, 10/2/2024 | 1,000,000 | 962,500 | |
Societe Generale SA, 144A, 2.625%, 1/22/2025 | 3,705,000 | 3,481,418 | |
Standard Chartered PLC: | |||
144A, 1.822%, 11/23/2025 | 1,010,000 | 944,322 | |
144A, 6.17%, 1/9/2027 | 2,120,000 | 2,117,846 | |
144A, 7.776%, 11/16/2025 | 1,560,000 | 1,595,607 | |
Sumitomo Mitsui Trust Bank Ltd., 144A, SOFR + 0.44%, 5.531% (c), 9/16/2024 | 2,240,000 | 2,230,076 | |
Synchrony Bank, 5.4%, 8/22/2025 | 1,000,000 | 956,987 | |
Synchrony Financial, 4.875%, 6/13/2025 | 5,000,000 | 4,750,964 |
DWS Enhanced Commodity Strategy Fund | | | 17 |
Principal Amount ($) | Value ($) | ||
Truist Financial Corp., 6.047%, 6/8/2027 | 5,000,000 | 5,002,076 | |
UBS Group AG, 144A, 2.193%, 6/5/2026 | 1,390,000 | 1,274,586 | |
137,353,043 | |||
Health Care 1.3% | |||
Bayer U.S. Finance II LLC, 144A, 3.875%, 12/15/2023 | 1,000,000 | 990,338 | |
CVS Health Corp., 3.875%, 7/20/2025 | 2,858,000 | 2,777,668 | |
Humana, Inc., 5.7%, 3/13/2026 | 6,000,000 | 6,002,876 | |
Prime Healthcare Services, Inc., 144A, 7.25%, 11/1/2025 | 370,000 | 350,579 | |
Teva Pharmaceutical Finance Netherlands III BV: | |||
4.75%, 5/9/2027 | 1,205,000 | 1,114,712 | |
6.0%, 4/15/2024 | 1,525,000 | 1,515,069 | |
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/2024 | 4,720,000 | 4,444,566 | |
17,195,808 | |||
Industrials 1.5% | |||
Albemarle Corp., 4.65%, 6/1/2027 (a) | 2,220,000 | 2,161,900 | |
Boeing Co., 1.95%, 2/1/2024 | 2,000,000 | 1,954,366 | |
Clean Harbors, Inc., 144A, 4.875%, 7/15/2027 | 1,205,000 | 1,153,821 | |
Delta Air Lines, Inc., 144A, 4.5%, 10/20/2025 | 433,334 | 423,883 | |
Global Payments, Inc.: | |||
1.5%, 11/15/2024 | 4,290,000 | 4,031,368 | |
4.95%, 8/15/2027 | 920,000 | 896,390 | |
Hillenbrand, Inc., 5.75%, 6/15/2025 | 1,120,000 | 1,109,360 | |
Howmet Aerospace, Inc., 6.875%, 5/1/2025 | 1,160,000 | 1,178,445 | |
Penske Truck Leasing Co., 144A, 4.4%, 7/1/2027 | 1,960,000 | 1,849,953 | |
Penske Truck Leasing Co., LP, 144A, 1.2%, 11/15/2025 | 3,155,000 | 2,806,057 | |
Prime Security Services Borrower LLC, 144A, 5.25%, 4/15/2024 | 1,651,000 | 1,637,383 | |
Spirit Loyalty Cayman Ltd., 144A, 8.0%, 9/20/2025 | 134,639 | 135,656 | |
WESCO Distribution, Inc., 144A, 7.125%, 6/15/2025 | 375,000 | 378,951 | |
19,717,533 | |||
Information Technology 1.7% | |||
Dell International LLC, 5.25%, 2/1/2028 | 2,060,000 | 2,055,728 | |
DXC Technology Co., 1.8%, 9/15/2026 | 4,520,000 | 3,928,475 | |
HP, Inc., 2.2%, 6/17/2025 | 4,190,000 | 3,941,032 | |
Microchip Technology, Inc.: | |||
0.972%, 2/15/2024 | 4,000,000 | 3,875,395 | |
0.983%, 9/1/2024 | 1,570,000 | 1,482,977 | |
2.67%, 9/1/2023 | 1,250,000 | 1,244,847 | |
4.25%, 9/1/2025 | 170,000 | 164,689 | |
NXP BV, 4.4%, 6/1/2027 | 1,370,000 | 1,324,366 |
18 | | | DWS Enhanced Commodity Strategy Fund |
Principal Amount ($) | Value ($) | ||
Qorvo, Inc., 144A, 1.75%, 12/15/2024 | 2,500,000 | 2,324,619 | |
Take-Two Interactive Software, Inc., 3.3%, 3/28/2024 | 71,000 | 69,609 | |
Workday, Inc., 3.5%, 4/1/2027 | 1,430,000 | 1,355,424 | |
21,767,161 | |||
Materials 2.0% | |||
Celanese U.S. Holdings LLC: | |||
3.5%, 5/8/2024 | 1,010,000 | 988,443 | |
5.9%, 7/5/2024 | 3,410,000 | 3,402,751 | |
Chemours Co., 5.375%, 5/15/2027 | 1,250,000 | 1,177,498 | |
First Quantum Minerals Ltd., 144A, 6.875%, 3/1/2026 | 3,545,000 | 3,489,709 | |
Glencore Funding LLC: | |||
144A, 1.625%, 9/1/2025 | 1,385,000 | 1,271,341 | |
144A, 4.125%, 3/12/2024 | 4,640,000 | 4,583,994 | |
Indonesia Asahan Aluminium Persero PT: | |||
144A, 4.75%, 5/15/2025 | 1,500,000 | 1,460,280 | |
REG S, 4.75%, 5/15/2025 | 500,000 | 486,760 | |
LYB International Finance III LLC, 1.25%, 10/1/2025 | 1,962,000 | 1,774,108 | |
MEGlobal Canada ULC, 144A, 5.0%, 5/18/2025 | 2,419,000 | 2,368,951 | |
NOVA Chemicals Corp., 144A, 4.875%, 6/1/2024 | 1,510,000 | 1,475,240 | |
Nucor Corp., 2.0%, 6/1/2025 | 635,000 | 593,789 | |
POSCO, 144A, 4.0%, 8/1/2023 | 2,000,000 | 1,997,299 | |
25,070,163 | |||
Real Estate 1.6% | |||
American Tower Corp., (REIT), 2.4%, 3/15/2025 | 2,770,000 | 2,608,103 | |
Equinix, Inc.: | |||
(REIT), 1.0%, 9/15/2025 | 3,600,000 | 3,250,058 | |
(REIT), 1.25%, 7/15/2025 | 690,000 | 629,373 | |
Office Properties Income Trust, (REIT), 2.65%, 6/15/2026 | 1,340,000 | 987,527 | |
Realty Income Corp., 5.05%, 1/13/2026 | 2,580,000 | 2,557,244 | |
RLJ Lodging Trust LP, 144A, (REIT), 3.75%, 7/1/2026 | 240,000 | 220,200 | |
Starwood Property Trust, Inc., 144A, (REIT), 3.625%, 7/15/2026 | 1,000,000 | 860,271 | |
Trust Fibra Uno: | |||
144A, (REIT), 5.25%, 12/15/2024 | 1,000,000 | 977,400 | |
REG S, (REIT), 5.25%, 12/15/2024 | 1,000,000 | 977,400 | |
Ventas Realty LP, (REIT), 3.5%, 4/15/2024 | 2,800,000 | 2,737,180 | |
VICI Properties LP: | |||
144A, (REIT), 3.5%, 2/15/2025 | 140,000 | 133,770 |
DWS Enhanced Commodity Strategy Fund | | | 19 |
Principal Amount ($) | Value ($) | ||
144A, (REIT), 4.625%, 6/15/2025 | 330,000 | 318,861 | |
Welltower OP LLC, (REIT), 3.625%, 3/15/2024 | 4,500,000 | 4,424,635 | |
20,682,022 | |||
Utilities 2.0% | |||
Alexander Funding Trust, 144A, 1.841%, 11/15/2023 | 2,200,000 | 2,151,764 | |
American Electric Power Co., Inc.: | |||
Series M, 0.75%, 11/1/2023 | 2,255,000 | 2,217,401 | |
5.699%, 8/15/2025 | 4,280,000 | 4,251,067 | |
CenterPoint Energy, Inc., SOFR + 0.65%, 5.739% (c), 5/13/2024 | 3,270,000 | 3,266,621 | |
Dominion Energy, Inc., 3.071%, 8/15/2024 | 3,159,000 | 3,050,968 | |
Korea East-West Power Co., Ltd., 144A, 1.75%, 5/6/2025 | 940,000 | 875,912 | |
NextEra Energy Capital Holdings, Inc., 6.051%, 3/1/2025 | 810,000 | 813,046 | |
NextEra Energy Operating Partners LP, 144A, 4.25%, 7/15/2024 | 1,330,000 | 1,300,786 | |
Pacific Gas and Electric Co., 1.7%, 11/15/2023 | 1,620,000 | 1,592,168 | |
Southern California Edison Co., Series J, 0.7%, 8/1/2023 | 3,850,000 | 3,835,191 | |
Vistra Operations Co. LLC, 144A, 3.55%, 7/15/2024 | 3,000,000 | 2,897,420 | |
26,252,344 | |||
Total Corporate Bonds (Cost $360,669,829) | 349,153,963 | ||
Asset-Backed 8.7% | |||
Automobile Receivables 3.8% | |||
AmeriCredit Automobile Receivables Trust: | |||
“C” , Series 2020-2, 1.48%, 2/18/2026 | 1,100,000 | 1,060,368 | |
“C” , Series 2019-2, 2.74%, 4/18/2025 | 842,118 | 838,550 | |
CarMax Auto Owner Trust, “C” , Series 2020-3, 1.69%, 4/15/2026 | 750,000 | 718,347 | |
Carvana Auto Receivables Trust: | |||
“A3” , Series 2022-P2, 4.13%, 4/12/2027 | 1,500,000 | 1,458,832 | |
“B” , Series 2022-P3, 5.04%, 10/10/2028 | 1,350,000 | 1,291,436 | |
Chase Auto Owner Trust, “C” , Series 2022-AA, 144A, 4.64%, 7/25/2028 | 1,040,000 | 1,008,353 | |
CPS Auto Receivables Trust: | |||
“C” , Series 2022-A, 144A, 2.17%, 4/16/2029 | 1,668,000 | 1,573,420 | |
“C” , Series 2022-B, 144A, 4.33%, 8/15/2028 | 3,000,000 | 2,891,891 | |
“B” , Series 2022-C, 144A, 4.88%, 4/15/2030 | 420,000 | 413,007 | |
“E” , Series 2019-B, 144A, 5.0%, 3/17/2025 | 1,203,428 | 1,196,953 |
20 | | | DWS Enhanced Commodity Strategy Fund |
Principal Amount ($) | Value ($) | ||
“E” , Series 2019-A, 144A, 5.81%, 3/16/2026 | 2,281,455 | 2,280,513 | |
“E” , Series 2018-D, 144A, 5.82%, 6/16/2025 | 1,526,880 | 1,525,629 | |
“E” , Series 2020-B, 144A, 7.38%, 6/15/2027 | 1,500,000 | 1,502,429 | |
Exeter Automobile Receivables Trust, “D” , Series 2020-2A, 144A, 4.73%, 4/15/2026 | 2,049,171 | 2,035,440 | |
Flagship Credit Auto Trust: | |||
“C” , Series 2021-1, 144A, 0.91%, 3/15/2027 | 700,000 | 663,444 | |
“C” , Series 2020-4, 144A, 1.28%, 2/16/2027 | 763,000 | 734,124 | |
“C” , Series 2020-3, 144A, 1.73%, 9/15/2026 | 2,150,000 | 2,074,556 | |
“C” , Series 2019-3, 144A, 2.74%, 10/15/2025 | 419,015 | 418,079 | |
“C” , Series 2019-4, 144A, 2.77%, 12/15/2025 | 63,574 | 63,166 | |
“C” , Series 2020-2, 144A, 3.8%, 4/15/2026 | 154,193 | 153,646 | |
GLS Auto Receivables Trust, “B” , Series 2022-2A, 144A, 4.7%, 9/15/2026 | 3,370,000 | 3,304,212 | |
GMF Floorplan Owner Revolving Trust, “C” , Series 2020-2, 144A, 1.31%, 10/15/2025 | 700,000 | 689,168 | |
Hertz Vehicle Financing III LLC: | |||
“C” , Series 2022-1A, 144A, 2.63%, 6/25/2026 | 548,000 | 501,431 | |
“C” , Series 2022-3A, 144A, 4.35%, 3/25/2025 | 500,000 | 492,002 | |
Hertz Vehicle Financing LLC: | |||
“B” , Series 2021-1A, 144A, 1.56%, 12/26/2025 | 2,000,000 | 1,870,090 | |
“C” , Series 2021-1A, 144A, 2.05%, 12/26/2025 | 4,500,000 | 4,183,452 | |
JPMorgan Chase Bank NA: | |||
“B” , Series 2021-3, 144A, 0.76%, 2/26/2029 | 272,495 | 259,475 | |
“C” , Series 2021-3, 144A, 0.86%, 2/26/2029 | 1,226,228 | 1,165,949 | |
“D” , Series 2021-3, 144A, 1.009%, 2/26/2029 | 217,996 | 206,292 | |
“C” , Series 2021-1, 144A, 1.024%, 9/25/2028 | 364,415 | 353,370 | |
“D” , Series 2021-2, 144A, 1.138%, 12/26/2028 | 208,020 | 200,910 | |
“D” , Series 2021-1, 144A, 1.174%, 9/25/2028 | 597,868 | 579,460 | |
“D” , Series 2020-2, 144A, 1.487%, 2/25/2028 | 131,914 | 129,903 | |
“E” , Series 2021-2, 144A, 2.28%, 12/26/2028 | 242,690 | 235,657 | |
“E” , Series 2021-1, 144A, 2.365%, 9/25/2028 | 150,777 | 146,726 | |
“E” , Series 2020-2, 144A, 3.072%, 2/25/2028 | 219,932 | 217,490 | |
“E” , Series 2020-1, 144A, 3.715%, 1/25/2028 | 42,898 | 42,735 | |
OneMain Direct Auto Receivables Trust, “A1” , Series 2022-1A, 144A, 4.65%, 3/14/2029 | 1,565,000 | 1,524,520 | |
PenFed Auto Receivables Owner Trust: | |||
“B” , Series 2022-A, 144A, 4.6%, 12/15/2028 | 1,350,000 | 1,308,052 | |
“C” , Series 2022-A, 144A, 4.83%, 12/15/2028 | 1,300,000 | 1,254,174 | |
Santander Bank Auto Credit Linked Notes, “B” , Series 2022-A, 144A, 5.281%, 5/15/2032 | 1,275,936 | 1,254,766 | |
Santander Bank NA: | |||
“B” , Series 2021-1A, 144A, 1.833%, 12/15/2031 | 357,699 | 345,903 |
DWS Enhanced Commodity Strategy Fund | | | 21 |
Principal Amount ($) | Value ($) | ||
“C” , Series 2021-1A, 144A, 3.268%, 12/15/2031 | 241,447 | 233,384 | |
Santander Consumer Auto Receivables Trust, “B” , Series 2021-BA, 144A, 1.45%, 10/16/2028 | 82,921 | 81,706 | |
Santander Drive Auto Receivables Trust: | |||
“C” , Series 2020-4, 1.01%, 1/15/2026 | 175,286 | 174,590 | |
“C” , Series 2022-1, 2.56%, 4/17/2028 | 1,200,000 | 1,146,097 | |
“C” , Series 2022-5, 4.74%, 10/16/2028 | 875,000 | 847,305 | |
Westlake Automobile Receivables Trust, “C” , Series 2022-3A, 144A, 6.44%, 12/15/2027 | 2,500,000 | 2,494,545 | |
49,145,547 | |||
Credit Card Receivables 0.9% | |||
Brex, Inc., “A” , Series 2022-1, 144A, 4.63%, 7/15/2025 | 2,000,000 | 1,946,989 | |
Continental Finance Credit Card ABS Master Trust: | |||
“A” , Series 2021-A, 144A, 2.55%, 12/17/2029 | 3,000,000 | 2,754,572 | |
“A” , Series 2022-A, 144A, 6.19%, 10/15/2030 | 2,000,000 | 1,919,104 | |
Genesis Sales Finance Master Trust, “A” , Series 2021-AA, 144A, 1.2%, 12/21/2026 | 1,750,000 | 1,648,360 | |
Master Credit Card Trust II, “C” , Series 2022-1A, 144A, 2.27%, 7/21/2026 | 875,000 | 812,969 | |
Mercury Financial Credit Card Master Trust, “A” , Series 2022-1A, 144A, 2.5%, 9/21/2026 | 2,500,000 | 2,361,688 | |
11,443,682 | |||
Miscellaneous 4.0% | |||
American Homes 4 Rent Trust: | |||
“D” , Series 2015-SFR1, 144A, 4.407%, 4/17/2052 | 400,000 | 385,432 | |
“C” , Series 2014-SFR3, 144A, 4.596%, 12/17/2036 | 1,348,000 | 1,311,192 | |
Babson CLO Ltd., “BR” , Series 2015-IA, 144A, 3-month USD-LIBOR + 1.4%, 6.65% (c), 1/20/2031 | 2,000,000 | 1,951,252 | |
BlueMountain Fuji U.S. CLO II Ltd., “A1B” , Series 2017-2A, 144A, 3-month USD-LIBOR + 1.35%, 6.6% (c), 10/20/2030 | 4,000,000 | 3,860,772 | |
CF Hippolyta Issuer LLC: | |||
“B1” , Series 2021-1A, 144A, 1.98%, 3/15/2061 | 2,751,947 | 2,328,688 | |
“B1” , Series 2020-1, 144A, 2.28%, 7/15/2060 | 3,747,717 | 3,347,190 | |
DB Master Finance LLC, “A2II” , Series 2019-1A, 144A, 4.021%, 5/20/2049 | 2,406,250 | 2,243,138 | |
Domino’s Pizza Master Issuer LLC, “A2I” , Series 2018-1A, 144A, 4.116%, 7/25/2048 | 3,820,000 | 3,617,681 | |
Hilton Grand Vacations Trust, “A” , Series 2019-AA, 144A, 2.34%, 7/25/2033 | 267,423 | 249,275 | |
Madison Park Funding XXIX Ltd., “A2” , Series 2018-29A, 144A, 3-month USD-LIBOR + 1.45%, 6.712% (c), 10/18/2030 | 2,500,000 | 2,456,475 |
22 | | | DWS Enhanced Commodity Strategy Fund |
Principal Amount ($) | Value ($) | ||
Madison Park Funding XXVI Ltd., “AR” , Series 2017-26A, 144A, 3-month USD-LIBOR + 1.2%, 6.499% (c), 7/29/2030 | 3,601,571 | 3,581,240 | |
MVW LLC: | |||
“B” , Series 2021-1WA, 144A, 1.44%, 1/22/2041 | 227,612 | 204,062 | |
“A” , Series 2020-1A, 144A, 1.74%, 10/20/2037 | 160,788 | 146,659 | |
“B” , Series 2019-2A, 144A, 2.44%, 10/20/2038 | 451,047 | 415,499 | |
“B” , Series 2020-1A, 144A, 2.73%, 10/20/2037 | 160,788 | 149,362 | |
MVW Owner Trust, “A” , Series 2019-1A, 144A, 2.89%, 11/20/2036 | 562,981 | 534,736 | |
Neuberger Berman Loan Advisers CLO Ltd.: | |||
“B” , Series 2018-27A, 144A, 3-month USD-LIBOR + 1.4%, 6.66% (c), 1/15/2030 | 5,250,000 | 5,130,332 | |
“A2” , Series 2018-29A, 144A, 3-month USD-LIBOR + 1.4%, 6.665% (c), 10/19/2031 | 3,000,000 | 2,931,342 | |
New Economy Assets Phase 1 Sponsor LLC, “B1” , Series 2021-1, 144A, 2.41%, 10/20/2061 | 1,125,000 | 936,828 | |
NRZ Excess Spread-Collateralized Notes: | |||
“A” , Series 2021-GNT1, 144A, 3.474%, 11/25/2026 | 2,289,823 | 2,060,394 | |
“A” , Series 2020-PLS1, 144A, 3.844%, 12/25/2025 | 430,483 | 399,646 | |
Progress Residential Trust, “E” , Series 2020-SFR2, 144A, 5.115%, 6/17/2037 | 500,000 | 482,447 | |
Sierra Timeshare Receivables Funding LLC, “B” , Series 2020-2A, 144A, 2.32%, 7/20/2037 | 306,509 | 286,429 | |
Venture XXX CLO Ltd., “A2” , Series 2017-30A, 144A, 3-month USD-LIBOR + 1.35%, 6.61% (c), 1/15/2031 | 10,000,000 | 9,640,970 | |
Voya CLO Ltd., “A1RR” , Series 2014-2A, 144A, 3-month USD-LIBOR + 1.02%, 6.28% (c), 4/17/2030 | 2,497,052 | 2,472,681 | |
51,123,722 | |||
Total Asset-Backed (Cost $116,450,411) | 111,712,951 | ||
Commercial Mortgage-Backed Securities 5.2% | |||
Atrium Hotel Portfolio Trust, “B” , Series 2018-ATRM, 144A, 1-month USD-LIBOR + 1.43%, 6.873% (c), 6/15/2035 | 6,000,000 | 5,728,265 | |
BAMLL Commercial Mortgage Securities Trust: | |||
“A” , Series 2018-DSNY, 144A, 1-month USD-LIBOR + 0.85%, 6.044% (c), 9/15/2034 | 950,000 | 943,713 | |
“B” , Series 2018-DSNY, 144A, 1-month USD-LIBOR + 1.15%, 6.344% (c), 9/15/2034 | 9,200,000 | 9,122,423 | |
“C” , Series 2018-DSNY, 144A, 1-month USD-LIBOR + 1.35%, 6.544% (c), 9/15/2034 | 130,000 | 128,477 |
DWS Enhanced Commodity Strategy Fund | | | 23 |
Principal Amount ($) | Value ($) | ||
BFLD TRUST, “B” , Series 2019-DPLO, 144A, 30-day average SOFR + 1.454%, 6.601% (c), 10/15/2034 | 1,500,000 | 1,480,367 | |
BPR Trust: | |||
“B” , Series 2021-TY, 144A, 1-month USD-LIBOR + 1.15%, 6.343% (c), 9/15/2038 | 506,000 | 470,318 | |
“C” , Series 2021-TY, 144A, 1-month USD-LIBOR + 1.7%, 6.893% (c), 9/15/2038 | 340,000 | 314,852 | |
“C” , Series 2021-KEN, 144A, 30-day average SOFR + 2.664%, 7.811% (c), 2/15/2029 | 1,431,100 | 1,398,150 | |
BX Commercial Mortgage Trust: | |||
“B” , Series 2019-IMC, 144A, 1-month USD-LIBOR + 1.3%, 6.493% (c), 4/15/2034 | 6,500,000 | 6,371,922 | |
“D” , Series 2020-VKNG, 144A, 30-day average SOFR + 1.814%, 6.961% (c), 10/15/2037 | 1,344,000 | 1,299,238 | |
BX Trust, “D” , Series 2021-ARIA, 144A, 1-month USD-LIBOR + 1.895%, 7.088% (c), 10/15/2036 | 1,725,000 | 1,647,096 | |
BXP Trust: | |||
“A” , Series 2017-CQHP, 144A, 1-month USD-LIBOR + 0.85%, 6.043% (c), 11/15/2034 | 730,000 | 705,900 | |
“B” , Series 2017-CQHP, 144A, 1-month USD-LIBOR + 1.1%, 6.293% (c), 11/15/2034 | 6,210,000 | 5,861,777 | |
COMM Mortgage Trust, “B” , Series 2013-CR6, 144A, 3.397%, 3/10/2046 | 1,987,057 | 1,753,578 | |
Credit Suisse Mortgage Trust: | |||
“C” , Series 2020-NET, 144A, 3.526%, 8/15/2037 | 1,000,000 | 876,673 | |
“B” , Series 2020-FACT, 144A, 1-month USD-LIBOR + 2.0%, 7.193% (c), 10/15/2037 | 2,756,000 | 2,611,301 | |
“A” , Series 2020-TMIC, 144A, 1-month USD-LIBOR + 3.5%, 8.693% (c), 12/15/2035 | 1,500,000 | 1,496,772 | |
CSAIL Commercial Mortgage Trust, “AS” , Series 2016-C6, 3.346%, 1/15/2049 | 1,000,000 | 901,356 | |
FHLMC Multifamily Structured Pass-Through Certificates, “X1” , Series K058, Interest Only, 1.04% (c), 8/25/2026 | 22,344,450 | 523,043 | |
Hilton Orlando Trust, “A” , Series 2018-ORL, 144A, 1-month USD-LIBOR + 1.02%, 6.213% (c), 12/15/2034 | 3,500,000 | 3,455,855 | |
Hospitality Mortgage Trust, “B” , Series 2019-HIT, 144A, 1-month USD-LIBOR + 1.35%, 6.543% (c), 11/15/2036 | 4,417,400 | 4,339,357 | |
JPMDB Commercial Mortgage Securities Trust, “AS” , Series 2016-C4, 3.385%, 12/15/2049 | 1,000,000 | 872,663 | |
JPMorgan Chase Commercial Mortgage Securities Trust, “A” , Series 2018-PHH, 144A, 1-month USD-LIBOR + 1.21%, 6.403% (c), 6/15/2035 | 4,380,267 | 4,060,849 |
24 | | | DWS Enhanced Commodity Strategy Fund |
Principal Amount ($) | Value ($) | ||
KKR Industrial Portfolio Trust, “E” , Series 2021-KDIP, 144A, 30-day average SOFR + 1.664%, 6.811% (c), 12/15/2037 | 468,750 | 450,495 | |
Morgan Stanley Capital I Trust, “B” , Series 2018-SUN, 144A, 1-month USD-LIBOR + 1.2%, 6.393% (c), 7/15/2035 | 2,353,200 | 2,317,599 | |
Natixis Commercial Mortgage Securities Trust, “C” , Series 2018-285M, 144A, 3.917% (c), 11/15/2032 | 2,000,000 | 1,657,251 | |
One New York Plaza Trust, “AJ” , Series 2020-1NYP, 144A, 1-month USD-LIBOR + 1.25%, 6.443% (c), 1/15/2036 | 2,378,000 | 2,217,108 | |
PKHL Commercial Mortgage Trust, “D” , Series 2021-MF, 144A, 1-month USD-LIBOR + 2.0%, 7.194% (c), 7/15/2038 | 2,363,000 | 2,129,703 | |
Starwood Mortgage Trust, “B” , Series 2021-LIH, 144A, 1-month USD-LIBOR + 1.656%, 6.849% (c), 11/15/2036 | 500,000 | 488,318 | |
UBS Commercial Mortgage Trust, “XA” , Series 2017-C1, Interest Only, 1.686% (c), 6/15/2050 | 27,957,843 | 1,251,443 | |
Wells Fargo Commercial Mortgage Trust: | |||
“A2” , Series 2016-C34, 2.603%, 6/15/2049 | 97,325 | 95,233 | |
“ASB” , Series 2015-C31, 3.487%, 11/15/2048 | 100,063 | 96,659 | |
Total Commercial Mortgage-Backed Securities (Cost $68,839,471) | 67,067,754 | ||
Collateralized Mortgage Obligations 1.6% | |||
Barclays Mortgage Loan Trust, “A2” , Series 2021-NQM1, 144A, 1.984%, 9/25/2051 | 1,305,283 | 1,085,875 | |
COLT Funding LLC, “A2” , Series 2021-3R, 144A, 1.257%, 12/25/2064 | 272,283 | 231,934 | |
COLT Mortgage Loan Trust: | |||
“A1” , Series 2021-2R, 144A, 0.798%, 7/27/2054 | 201,260 | 171,062 | |
“A2” , Series 2021-1, 144A, 1.167%, 6/25/2066 | 620,354 | 493,339 | |
“A3” , Series 2021-2, 144A, 1.335%, 8/25/2066 | 1,972,582 | 1,507,622 | |
“A2” , Series 2021-HX1, 144A, 1.348%, 10/25/2066 | 1,338,825 | 1,076,001 | |
Connecticut Avenue Securities Trust: | |||
“1M2” , Series 2021-R03, 144A, 30-day average SOFR + 1.65%, 6.717% (c), 12/25/2041 | 500,000 | 483,792 | |
“1M2” , Series 2022-R04, 144A, 30-day average SOFR + 3.1%, 8.167% (c), 3/25/2042 | 250,000 | 252,468 | |
Ellington Financial Mortgage Trust, “A2” , Series 2021-3, 144A, 1.396%, 9/25/2066 | 2,455,276 | 1,878,002 | |
Fontainebleau Miami Beach Trust, “A” , Series 2019-FBLU, 144A, 3.144%, 12/10/2036 | 2,000,000 | 1,892,457 |
DWS Enhanced Commodity Strategy Fund | | | 25 |
Principal Amount ($) | Value ($) | ||
Freddie Mac Structured Agency Credit Risk Debt Notes, “M2” , Series 2021-DNA7, 144A, 30-day average SOFR + 1.8%, 6.867% (c), 11/25/2041 | 1,200,000 | 1,156,204 | |
FWD Securitization Trust, “A1” , Series 2020-INV1, 144A, 2.24%, 1/25/2050 | 611,310 | 552,740 | |
GCAT Trust, “A2” , Series 2021-NQM2, 144A, 1.242%, 5/25/2066 | 724,372 | 597,196 | |
GS Mortgage-Backed Securities Trust, “A2” , Series 2020-NQM1, 144A, 1.791%, 9/27/2060 | 107,944 | 97,586 | |
Imperial Fund Mortgage Trust: | |||
“A2” , Series 2021-NQM1, 144A, 1.205%, 6/25/2056 | 1,277,411 | 1,048,878 | |
“A2” , Series 2021-NQM2, 144A, 1.362%, 9/25/2056 | 1,455,900 | 1,133,636 | |
JPMorgan Chase Bank NA, “M1” , Series 2020-CL1, 144A, 1-month USD-LIBOR + 2.25%, 7.4% (c), 10/25/2057 | 1,446,945 | 1,419,447 | |
JPMorgan Mortgage Trust, “A5” , Series 2020-LTV2, 144A, 3.0%, 11/25/2050 | 945,632 | 846,939 | |
MFA Trust: | |||
“A3” , Series 2021-INV1, 144A, 1.262%, 1/25/2056 | 246,580 | 216,219 | |
“A2” , Series 2021-NQM2, 144A, 1.317%, 11/25/2064 | 545,951 | 451,366 | |
“A3” , Series 2021-NQM2, 144A, 1.472%, 11/25/2064 | 442,321 | 365,470 | |
Starwood Mortgage Residential Trust, “A3” , Series 2020-INV1, 144A, 1.593%, 11/25/2055 | 415,647 | 369,932 | |
Towd Point Mortgage Trust, “M1” , Series 2022-SJ1, 144A, 4.5%, 3/25/2062 | 2,500,000 | 2,184,910 | |
Verus Securitization Trust: | |||
“A2” , Series 2021-R3, 144A, 1.277%, 4/25/2064 | 392,051 | 344,531 | |
“A2” , Series 2020-4, 144A, 1.912%, 5/25/2065 | 789,694 | 722,047 | |
“A1” , Series 2020-INV1, 144A, 1.977%, 3/25/2060 | 62,702 | 60,931 | |
“A1” , Series 2020-2, 144A, 2.226%, 5/25/2060 | 37,822 | 36,833 | |
Total Collateralized Mortgage Obligations (Cost $24,010,037) | 20,677,417 | ||
Government & Agency Obligations 32.8% | |||
Other Government Related (d) 0.2% | |||
Central American Bank for Economic Integration, 144A, 5.0%, 2/9/2026 | 2,500,000 | 2,471,491 | |
Korea National Oil Corp., 144A, 3.25%, 7/10/2024 | 500,000 | 486,754 | |
Vnesheconombank, 144A, 6.025%, 7/5/2022* | 1,500,000 | 94,005 | |
3,052,250 |
26 | | | DWS Enhanced Commodity Strategy Fund |
Principal Amount ($) | Value ($) | ||
Sovereign Bonds 0.2% | |||
Abu Dhabi Government International Bond, 144A, 2.5%, 4/16/2025 | 1,895,000 | 1,808,773 | |
U.S. Treasury Obligations 32.4% | |||
U.S. Treasury Floating Rate Notes: | |||
3-month U.S. Treasury Bill Money Market Yield + 0.14%, 5.389% (c), 10/31/2024 (e) | 60,000,000 | 60,052,087 | |
3-month U.S. Treasury Bill Money Market Yield + 0.169%, 5.418% (c), 4/30/2025 (e) | 60,000,000 | 60,044,021 | |
3-month U.S. Treasury Bill Money Market Yield + 0.2%, 5.449% (c), 1/31/2025 (e) | 60,000,000 | 60,102,563 | |
U.S. Treasury Inflation-Indexed Notes, 0.375%, 7/15/2023 | 19,550,250 | 19,536,504 | |
U.S. Treasury Notes: | |||
0.375%, 7/15/2024 | 50,000,000 | 47,486,328 | |
0.375%, 9/15/2024 | 50,000,000 | 47,126,953 | |
0.5%, 3/31/2025 | 25,000,000 | 23,125,000 | |
2.125%, 3/31/2024 | 50,000,000 | 48,804,688 | |
2.5%, 5/31/2024 | 50,000,000 | 48,697,266 | |
414,975,410 | |||
Total Government & Agency Obligations (Cost $428,240,434) | 419,836,433 | ||
Short-Term U.S. Treasury Obligations 2.5% | |||
U.S. Treasury Bills: | |||
4.85% (f), 8/17/2023 (e) (g) | 15,000,000 | 14,903,213 | |
4.91% (f), 8/17/2023 (e) (g) | 10,000,000 | 9,935,475 | |
5.25% (f), 10/26/2023 | 7,000,000 | 6,883,722 | |
Total Short-Term U.S. Treasury Obligations (Cost $31,721,471) | 31,722,410 |
Contracts/ Notional Amount | Value ($) | ||
Call Options Purchased 0.1% | |||
Options on Exchange-Traded Futures Contracts | |||
Natural Gas Futures, Expiration Date 03/25/2024, Strike Price $4.5 (Cost $1,080,000) | 600 6,000,000 | 1,209,000 |
DWS Enhanced Commodity Strategy Fund | | | 27 |
Shares | Value ($) | ||
Securities Lending Collateral 0.1% | |||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 5.03% (h) (i) (Cost $1,764,716) | 1,764,716 | 1,764,716 | |
Cash Equivalents 22.5% | |||
DWS Central Cash Management Government Fund, 5.13% (h) | 228,703,308 | 228,703,308 | |
DWS ESG Liquidity Fund “Capital Shares” , 5.23% (h) | 59,389,596 | 59,371,779 | |
Total Cash Equivalents (Cost $288,087,104) | 288,075,087 |
% of Net Assets | Value ($) | ||
Total Consolidated Investment Portfolio (Cost $1,320,863,473) | 100.7 | 1,291,219,731 | |
Other Assets and Liabilities, Net | (0.7 ) | (8,814,080 ) | |
Net Assets | 100.0 | 1,282,405,651 |
Value ($) at 6/30/2022 | Pur- chases Cost ($) | Sales Proceeds ($) | Net Real- ized Gain/ (Loss) ($) | Net Change in Unreal- ized Appreci- ation (Depreci- ation) ($) | Income ($) | Capital Gain Distri- butions ($) | Number of Shares at 6/30/2023 | Value ($) at 6/30/2023 |
Securities Lending Collateral 0.1% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 5.03% (h) (i) | ||||||||
1,012,000 | 752,716 (j) | — | — | — | 13,196 | — | 1,764,716 | 1,764,716 |
Cash Equivalents 22.5% | ||||||||
DWS Central Cash Management Government Fund, 5.13% (h) | ||||||||
223,478,153 | 3,671,353,113 | 3,666,127,958 | — | — | 5,426,205 | — | 228,703,308 | 228,703,308 |
DWS ESG Liquidity Fund “Capital Shares” , 5.23% (h) | ||||||||
57,050,428 | 2,298,542 | — | — | 22,809 | 2,273,098 | — | 59,389,596 | 59,371,779 |
281,540,581 | 3,674,404,371 | 3,666,127,958 | — | 22,809 | 7,712,499 | — | 289,857,620 | 289,839,803 |
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at June 30, 2023 amounted to $1,703,835, which is 0.1% of net assets. |
28 | | | DWS Enhanced Commodity Strategy Fund |
(b) | When-issued security. |
(c) | Variable or floating rate security. These securities are shown at their current rate as of June 30, 2023. 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. |
(d) | Government-backed debt issued by financial companies or government sponsored enterprises. |
(e) | At June 30, 2023, this security has been pledged, in whole or in part, as collateral for open commodity-linked rate swap contracts. |
(f) | Annualized yield at time of purchase; not a coupon rate. |
(g) | At June 30, 2023, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(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 year ended June 30, 2023. |
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 |
SOFR: Secured Overnight Financing Rate |
UFJ: United Financial of Japan |
ULS: Ultra-Low Sulfur |
ULSD: Ultra-Low Sulfur Diesel |
WTI: West Texas Intermediate |
DWS Enhanced Commodity Strategy Fund | | | 29 |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
LME Nickel Futures | USD | 12/18/2023 | 440 | 74,989,596 | 54,706,080 | (20,283,516) |
LME Primary Aluminium Futures | USD | 12/18/2023 | 300 | 20,095,995 | 16,380,000 | (3,715,995) |
LME Primary Aluminium Futures | USD | 8/14/2023 | 275 | 15,303,750 | 14,676,406 | (627,344) |
Natural Gas Futures | USD | 3/26/2024 | 138 | 4,183,928 | 4,395,300 | 211,372 |
Total net unrealized depreciation | (24,415,483) |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
LME Copper Futures | USD | 8/14/2023 | 75 | 14,956,619 | 15,603,750 | (647,131) |
LME Nickel Futures | USD | 12/16/2024 | 440 | 77,261,262 | 57,034,560 | 20,226,702 |
LME Primary Aluminium Futures | USD | 12/18/2023 | 300 | 18,753,750 | 16,380,000 | 2,373,750 |
Natural Gas Futures | USD | 3/25/2024 | 138 | 4,236,142 | 4,395,300 | (159,158) |
Total net unrealized appreciation | 21,794,163 |
Call Options | Contracts | Expiration Date | Strike Price ($) | Notional Amount ($) | Notional Value ($) | Unrealized Depreciation ($) |
Brent Crude Oil Futures, Expiration Date 12/31/2023 | 1,600 | 10/26/2023 | 90.0 | 5,482,192 | 1,760,000 | (3,722,192) |
30 | | | DWS Enhanced Commodity Strategy Fund |
Call Options | Contracts | Expiration Date | Strike Price ($) | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation ($) |
Brent Crude Oil Futures, Expiration Date 12/31/2023 | 1,600 | 10/26/2023 | 110.0 | 1,669,808 | 336,000 | 1,333,808 |
Put Options | Contracts | Expiration Date | Strike Price ($) | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation ($) |
Brent Crude Oil Futures, Expiration Date 12/31/2023 | 1,600 | 10/26/2023 | 57.0 | 4,917,808 | 1,184,000 | 3,733,808 |
Options on Exchange-Traded Futures Contracts | |||||||
Contracts | Expiration Date | Strike Price ($) | Notional Amount ($) | Premiums Received ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Call Options | |||||||
Natural Gas Futures | 600 | 3/25/2024 | 5.5 | 6,000,000 | 540,000 | (592,800) | (52,800) |
Put Options | |||||||
Natural Gas Futures | 600 | 3/25/2024 | 2.0 | 6,000,000 | 660,000 | (650,400) | 9,600 |
Pay/Receive Return of the Reference Index | Expiration Date | Counterparty | Notional Amount ($) | Fixed Fee Received/ (Paid) by the Fund | Frequency | Value ($)† |
Long Positions | ||||||
Barclays Commodity Strategy 1673/BXCS1673 | 7/17/2023 | Barclays Bank PLC | 11,170,000 | (0.28%) | At Expiration | 33,703 |
Barclays Commodity Strategy 1721/BXCS1721 | 7/17/2023 | Barclays Bank PLC | 79,580,000 | (0.40%) | At Expiration | (156,357) |
Barclays Commodity Strategy 1750/BXCS1750 | 7/17/2023 | Barclays Bank PLC | 26,470,000 | — | At Expiration | 14,917 |
Barclays EFS Custom Commodity Basket 08 Index/BEFSCB08 | 7/17/2023 | Barclays Bank PLC | 14,856,000 | — | At Expiration | 177,318 |
Bloomberg Wheat Subindex/BCOMWH | 7/17/2023 | UBS AG | 13,000,000 | (0.12%) | At Expiration | (892,833) |
DWS Enhanced Commodity Strategy Fund | | | 31 |
Pay/Receive Return of the Reference Index | Expiration Date | Counterparty | Notional Amount ($) | Fixed Fee Received/ (Paid) by the Fund | Frequency | Value ($)† |
Bloomberg Commodity Index 3 Month Forward/BCOMF3 | 7/17/2023 | JPMorgan Chase Securities, Inc. | 26,021,000 | (0.11%) | At Expiration | (40,209) |
Bloomberg Commodity Index 6 Month Forward/BCOMF6 | 7/17/2023 | JPMorgan Chase Securities, Inc. | 26,021,000 | (0.13%) | At Expiration | (121,481) |
Bloomberg Commodity Index/BCOM | 7/17/2023 | BNP Paribas | 36,140,000 | (0.12%) | At Expiration | 68,745 |
Bloomberg Commodity Index/BCOM | 7/17/2023 | Barclays Bank PLC | 36,140,000 | (0.11%) | At Expiration | 68,914 |
Bloomberg Commodity Index/BCOM | 7/17/2023 | Royal Bank of Canada | 21,684,000 | (0.14%) | At Expiration | 41,046 |
Bloomberg Commodity Index/BCOM | 7/17/2023 | Goldman Sachs & Co. | 69,390,000 | (0.09%) | At Expiration | 132,960 |
Bloomberg Commodity Index/BCOM | 7/17/2023 | Societe Generale | 65,776,000 | (0.09%) | At Expiration | 126,035 |
Bloomberg Commodity Index/BCOM | 7/17/2023 | Canadian Imperial Bank of Commerce | 28,912,000 | (0.13%) | At Expiration | 54,862 |
Bloomberg Commodity Index/BCOM | 7/17/2023 | JPMorgan Chase Securities, Inc. | 78,063,000 | (0.09%) | At Expiration | 149,579 |
Bloomberg Commodity Index/BCOM | 7/17/2023 | Macquarie Bank Ltd. | 36,140,000 | (0.12%) | At Expiration | 68,746 |
Bloomberg Commodity Index/BCOM | 7/17/2023 | Morgan Stanley | 36,140,000 | (0.12%) | At Expiration | 68,746 |
Bloomberg Commodity Kansas Wheat Index/BCOMKW | 7/17/2023 | UBS AG | 13,000,000 | (0.12%) | At Expiration | (611,839) |
Bloomberg Corn Index/BCOMCN | 7/17/2023 | Citigroup, Inc. | 26,000,000 | (0.09%) | At Expiration | (4,252,006) |
Bloomberg Platinum Subindex/BCOMPL | 7/17/2023 | Goldman Sachs & Co. | 13,000,000 | (0.12%) | At Expiration | (939,770) |
Bloomberg Soybean Meal Subindex/BCOMSM | 7/17/2023 | Royal Bank of Canada | 13,000,000 | (0.14%) | At Expiration | 401,201 |
32 | | | DWS Enhanced Commodity Strategy Fund |
Pay/Receive Return of the Reference Index | Expiration Date | Counterparty | Notional Amount ($) | Fixed Fee Received/ (Paid) by the Fund | Frequency | Value ($)† |
Bloomberg Soybeans Index/BCOMSY | 7/17/2023 | Royal Bank of Canada | 13,000,000 | (0.11%) | At Expiration | 492,021 |
BNP Paribas 03 Alpha Index/BNPXFMP3 | 7/17/2023 | BNP Paribas | 47,340,000 | (0.15%) | At Expiration | (220,153) |
BofA Merrill Lynch Commodity Excess Return Strategy/MLCIHR6S | 7/17/2023 | Merrill Lynch International Ltd. | 98,480,000 | — | At Expiration | 21,049 |
Citi Commodities Gold Call Ratio Index/CICXGCCR | 7/17/2023 | Citigroup, Inc. | 29,512,000 | — | At Expiration | (47,484) |
Index Description | Ticker | Notional Amount ($) | Index Weight (%) |
OCT23 GCV3 C @ 2075 | GCV3C | (483,704) | (1.6) |
OCT23 GCV3 C @ 2080 | GCV3C | (460,813) | (1.6) |
OCT23 GCV3 C @ 2090 | GCV3C | (825,461) | (2.8) |
OCT23 GCV3 C @ 2120 | GCV3C | (311,002) | (1.1) |
OCT23 GCV3 C @ 2125 | GCV3C | (297,689) | (1.0) |
OCT23 GCV3 C @ 2130 | GCV3C | (569,849) | (1.9) |
OCT23 GCV3 C @ 2140 | GCV3C | (519,596) | (1.8) |
OCT23 GCV3 C @ 2150 | GCV3C | (953,804) | (3.2) |
OCT23 GCV3 C @ 2160 | GCV3C | (213,686) | (0.7) |
OCT23 GCV3 C @ 2170 | GCV3C | (395,447) | (1.3) |
OCT23 GCV3 C @ 2180 | GCV3C | (183,811) | (0.6) |
OCT23 GCV3 C @ 2190 | GCV3C | (336,036) | (1.1) |
AUG23 GCQ3 C @ 1980 | GCQ3C | 159,208 | 0.5 |
AUG23 GCQ3 C @ 1990 | GCQ3C | 250,891 | 0.9 |
AUG23 GCQ3 C @ 2000 | GCQ3C | 198,182 | 0.7 |
AUG23 GCQ3 C @ 2010 | GCQ3C | 542,392 | 1.8 |
AUG23 GCQ3 C @ 2020 | GCQ3C | 180,409 | 0.6 |
AUG23 GCQ3 C @ 2025 | GCQ3C | 158,133 | 0.5 |
AUG23 GCQ3 C @ 2030 | GCQ3C | 138,218 | 0.5 |
AUG23 GCQ3 C @ 2040 | GCQ3C | 282,957 | 1.0 |
AUG23 GCQ3 C @ 2050 | GCQ3C | 181,039 | 0.6 |
AUG23 GCQ3 C @ 2060 | GCQ3C | 115,631 | 0.4 |
AUG23 GCQ3 C @ 2080 | GCQ3C | 30,653 | 0.1 |
AUG23 GCQ3 C @ 2100 | GCQ3C | (34,370) | (0.1) |
AUG23 GCQ3 C @ 2110 | GCQ3C | (33,078) | (0.1) |
AUG23 GCQ3 C @ 2120 | GCQ3C | (46,061) | (0.2) |
AUG23 GCQ3 C @ 2130 | GCQ3C | (22,378) | (0.1) |
AUG23 GCQ3 C @ 2140 | GCQ3C | (21,229) | (0.1) |
AUG23 GCQ3 C @ 2160 | GCQ3C | (22,313) | (0.1) |
AUG23 GCQ3 C @ 2170 | GCQ3C | (21,715) | (0.1) |
AUG23 GCQ3 C @ 2175 | GCQ3C | (21,443) | (0.1) |
AUG23 GCQ3 C @ 2180 | GCQ3C | (15,329) | (0.1) |
AUG23 GCQ3 C @ 2190 | GCQ3C | (25,816) | (0.1) |
AUG23 GCQ3 C @ 2200 | GCQ3C | (68,673) | (0.2) |
AUG23 GCQ3 C @ 2210 | GCQ3C | (24,430) | (0.1) |
AUG23 GCQ3 C @ 2220 | GCQ3C | (23,785) | (0.1) |
DWS Enhanced Commodity Strategy Fund | | | 33 |
Index Description | Ticker | Notional Amount ($) | Index Weight (%) |
AUG23 GCQ3 C @ 2225 | GCQ3C | (45,753) | (0.2) |
AUG23 GCQ3 C @ 2240 | GCQ3C | (17,834) | (0.1) |
AUG23 GCQ3 C @ 2250 | GCQ3C | (25,854) | (0.1) |
AUG23 GCQ3 C @ 2260 | GCQ3C | (8,549) | 0.0 |
AUG23 GCQ3 C @ 2270 | GCQ3C | (16,466) | (0.1) |
GOLD 100 OZ AUG 23 | GCQ3C | (1,571,950) | (5.3) |
GOLD 100 OZ OCT 23 | GCQ3 | (967,916) | (3.3) |
OCT23 GCV3 C @ 1940 | GCV3 | 1,578,515 | 5.3 |
OCT23 GCV3 C @ 1950 | GCV3C | 972,694 | 3.3 |
OCT23 GCV3 C @ 1960 | GCV3C | 450,990 | 1.5 |
OCT23 GCV3 C @ 1970 | GCV3C | 820,077 | 2.8 |
OCT23 GCV3 C @ 1980 | GCV3C | 375,369 | 1.3 |
OCT23 GCV3 C @ 1990 | GCV3C | 2,409,359 | 8.2 |
OCT23 GCV3 C @ 2000 | GCV3C | 1,889,766 | 6.4 |
OCT23 GCV3 C @ 2010 | GCV3C | 287,422 | 1.0 |
OCT23 GCV3 C @ 2020 | GCV3C | 261,540 | 0.9 |
OCT23 GCV3 C @ 2050 | GCV3C | (611,573) | (2.1) |
OCT23 GCV3 C @ 2060 | GCV3C | (1,112,349) | (3.8) |
OCT23 GCV3 C @ 2070 | GCV3C | (502,597) | (1.7) |
Pay/Receive Return of the Reference Index | Expiration Date | Counterparty | Notional Amount ($) | Fixed Fee Received/ (Paid) by the Fund | Frequency | Value ($)† |
Citi Custom CiVICS 7 Excess Return/CVICSER7 | 7/17/2023 | Citigroup, Inc. | 210,267,000 | (0.183%) | At Expiration | (1,646,271) |
Goldman Sachs Brent Vol Carry 05/GSVLBR05 | 7/17/2023 | Goldman Sachs & Co. | 10,000,000 | (0.35%) | At Expiration | 334,517 |
Goldman Sachs Commodity COT Strategy 1193/ABGS1193 | 7/17/2023 | Goldman Sachs & Co. | 23,130,000 | (0.855%) | At Expiration | 9,765 |
Goldman Sachs Gold Vol Carry Index 04/GSVLGC04 | 7/17/2023 | Goldman Sachs & Co. | 10,000,000 | (0.35%) | At Expiration | 147,343 |
JPMorgan JPDRXBA1 Index/JPDRXBA1 | 7/17/2023 | JPMorgan Chase Securities, Inc. | 76,000,000 | (0.10%) | At Expiration | (67,033) |
JPMorgan JPDRXDA1 Index/JPDRXDA1 | 7/17/2023 | JPMorgan Chase Securities, Inc. | 76,000,000 | (0.10%) | At Expiration | 74,731 |
JPMorgan Liquid Commodity Curve Value Long Only Index/JMABCCVL | 7/17/2023 | JPMorgan Chase Securities, Inc. | 38,200,000 | (0.35%) | At Expiration | 40,108 |
JPMorgan NEO Commodity Curve Alpha Index/JMABNEO1 | 7/17/2023 | JPMorgan Chase Securities, Inc. | 71,250,000 | (0.35%) | At Expiration | (49,118) |
34 | | | DWS Enhanced Commodity Strategy Fund |
Pay/Receive Return of the Reference Index | Expiration Date | Counterparty | Notional Amount ($) | Fixed Fee Received/ (Paid) by the Fund | Frequency | Value ($)† |
Macquarie Commodity Product 708E/MQCP708E | 7/17/2023 | Macquarie Bank Ltd. | 10,000,000 | (1.00%) | At Expiration | (19,966) |
Macquarie Vol Product 2CL2/VMAC2CL2 | 7/17/2023 | Macquarie Bank Ltd. | 12,000,000 | (0.10%) | At Expiration | 268,468 |
Merrill Lynch Backwardation Momentum Long Only Excess Return Index/MLCXAKLE | 7/17/2023 | Merrill Lynch International Ltd. | 5,140,000 | (0.35%) | At Expiration | 14,878 |
Merrill Lynch Enhanced Benchmark - A Pre Roll Excess Return Index/MLCXAPRE | 7/17/2023 | Merrill Lynch International Ltd. | 36,140,000 | (0.14%) | At Expiration | 68,405 |
Modified Strategy D177 on the Bloomberg Commodity Index/ENHG177P | 7/17/2023 | Goldman Sachs & Co. | 23,130,000 | (0.35%) | At Expiration | (36,750) |
Morgan Stanley MSCBDF11 Index/MSCBDF11 | 7/17/2023 | Morgan Stanley | 5,000,000 | (0.08%) | At Expiration | 0 |
Morgan Stanley MSCBVB20 Index | 7/17/2023 | Morgan Stanley | 24,580,000 | (0.45%) | At Expiration | (188,534) |
Index Description | Ticker | Notional Amount ($) | Index Weight (%) |
CORN SEP 23 | C U3 | 1,486,607 | 6.0 |
GOLD 100 OZ AUG 23 | GCQ3 | (3,115,207) | 12.7 |
LME LEAD AUG 23 | LLQ3 | (2,258,346) | 9.2 |
LME NICKEL AUG 23 | LNQ3 | 3,811,353 | 15.5 |
LME ALUMINIUM AUG 23 | LAQ23 | (1,553,007) | 6.3 |
NY HARBOR ULSD AUG 23 | HOQ3 | 2,347,902 | 9.6 |
PLATINUM OCT 23 | PLV3 | 2,334,685 | 9.5 |
SILVER SEP 23 | SIU3 | 780,522 | 3.2 |
SOYBEAN MEAL (CBT) DEC 23 | SMZ3 | 759,578 | 3.1 |
SOYBEAN NOV 23 | S X3 | (759,578) | 3.1 |
SUGAR #11 OCT 23 | SBV3 | (769,353) | 3.1 |
WHEAT SEP 23 | W U3 | (1,486,607) | 6.0 |
WHITE SUGAR (LIFFE) OCT 23 | QWV3 | 769,353 | 3.1 |
WTI CRUDE AUG 23 | CLQ3 | (2,347,902) | 9.6 |
DWS Enhanced Commodity Strategy Fund | | | 35 |
Pay/Receive Return of the Reference Index | Expiration Date | Counterparty | Notional Amount ($) | Fixed Fee Received/ (Paid) by the Fund | Frequency | Value ($)† |
RBC Enhanced Commodity 21VW Index/RBCE21VW | 7/17/2023 | Royal Bank of Canada | 39,832,000 | (0.20%) | At Expiration | 136,695 |
RBC Enhanced Commodity CC3V Index/RBCSCC3V | 7/17/2023 | Royal Bank of Canada | 45,260,000 | (0.15%) | At Expiration | (859,166) |
RBC Enhanced Commodity MSC4 Index/RBCAMSC4 | 7/17/2023 | Royal Bank of Canada | 6,520,000 | (0.35%) | At Expiration | 162,052 |
SG RBD Index/SGCORBD | 7/17/2023 | Societe Generale | 27,336,000 | (0.35%) | At Expiration | (165,875) |
SGI Commodity Dynamic Alpha Index/SGICCODA | 7/17/2023 | Societe Generale | 32,710,000 | (0.25%) | At Expiration | (184,077) |
Societe Generale Alpha 1 Custom Excess Return/SGCOA1CE | 7/17/2023 | Societe Generale | 39,120,000 | (0.17%) | At Expiration | (54,732) |
Societe Generale Commodity Index/SGCOM11S | 7/17/2023 | Societe Generale | 25,298,000 | (0.13%) | At Expiration | 27,345 |
Societe Generale M Po 3 U Index/SGCOL45E | 7/17/2023 | Societe Generale | 10,119,000 | (0.16%) | At Expiration | (15,033) |
UBS Custom Commodity Index/UBSIB163 | 7/17/2023 | UBS AG | 63,655,000 | (0.29%) | At Expiration | (722,143) |
Index Description | Ticker | Notional Amount ($) | Index Weight (%) | Value ($) |
Bloomberg Silver Subindex | BCOMSI | (13,000,000) | 10.3 | 696,255 |
Bloomberg Commodity Index 2-4-6 Forward Blend | BCOMF246 | 57,825,000 | 45.5 | (211,205) |
Bloomberg Corn Subindex | BCOMCN | (4,495,000) | 3.5 | 465,942 |
Bloomberg Gold Subindex | BCOMGC | 5,743,000 | 4.4 | (115,536) |
Bloomberg Wheat Subindex | BCOMWH | 1,498,000 | 1.2 | 22,694 |
Bloomberg Copper Subindex | BCOMHG | 21,001,000 | 16.5 | (635,021) |
Bloomberg ULS Diesel Subindex | BCOMHO | (14,680,000) | 11.5 | (641,997) |
Bloomberg WTI Crude Subindex | BCOMCL | (9,068,000) | 7.1 | (303,275) |
UBS Custom Commodity Index/UBSIB163 | (722,143) |
36 | | | DWS Enhanced Commodity Strategy Fund |
Pay/Receive Return of the Reference Index | Expiration Date | Counterparty | Notional Amount ($) | Fixed Fee Received/ (Paid) by the Fund | Frequency | Value ($)† |
UBS DBAM Basket 3 Custom Basket/UBSIB165 | 7/17/2023 | UBS AG | 15,000,000 | (0.193%) | At Expiration | 0 |
Index Description | Ticker | Notional Amount ($) | Index Weight (%) |
Bloomberg Wheat Subindex | BCOMWH | 1,626,500 | 5.4 |
Bloomberg Kansas City Wheat Subindex | BCOMKW | (610,000) | 2.0 |
Bloomberg Corn Subindex | BCOMCN | 1,423,200 | 4.7 |
Bloomberg Soybeans Subindex | BCOMSY | 406,600 | 1.4 |
Bloomberg Soybean Meal Subindex | BCOMSM | (406,600) | 1.4 |
Bloomberg Soybean Oil Subindex | BCOMBO | (1,219,900) | 4.1 |
Bloomberg Cotton Subindex | BCOMCT | 406,600 | 1.4 |
Bloomberg Sugar Subindex | BCOMSB | (610,000) | 2.0 |
Bloomberg Coffee Subindex | BCOMKC | (1,016,600) | 3.4 |
Bloomberg Lean Hogs Subindex | BCOMLH | 203,300 | 0.7 |
Bloomberg Live Cattle Subindex | BCOMLC | (203,300) | 0.7 |
Bloomberg Brent Crude Subindex | BCOMCO | 3,374,300 | 11.1 |
Bloomberg WTI Crude Oil Subindex | BCOMCL | (2,811,800) | 9.3 |
Bloomberg Unleaded Gas Subindex | BCOMRB | (2,249,500) | 7.4 |
Bloomberg Gas Oil Subindex | BCOMGO | 281,200 | 0.9 |
Bloomberg ULS Diesel Subindex | BCOMHO | 1,968,300 | 6.6 |
Bloomberg Natural Gas Subindex | BCOMNG | (562,400) | 1.9 |
Bloomberg Gold Subindex | BCOMGC | 2,124,000 | 7.1 |
Bloomberg Silver Subindex | BCOMSI | (2,123,900) | 7.1 |
Bloomberg Platinum Subindex | BCOMPL | 1,858,500 | 6.2 |
Bloomberg Palladium Subindex | BCOMPA | (531,000) | 1.8 |
Bloomberg Aluminum Subindex | BCOMAL | (2,124,000) | 7.1 |
Bloomberg Copper Subindex | BCOMHG | 531,000 | 1.8 |
Bloomberg Nickel Subindex | BCOMNI | (531,000) | 1.8 |
Bloomberg Zinc Subindex | BCOMZS | 796,500 | 2.7 |
Pay/Receive Return of the Reference Index | Expiration Date | Counterparty | Notional Amount ($) | Fixed Fee Received/ (Paid) by the Fund | Frequency | Value ($)† |
Total net unrealized depreciation | (8,086,681) |
† | There are no upfront payments on the commodity-linked swaps listed above, therefore unrealized appreciation (depreciation) is equal to their value. |
USD | United States Dollar |
DWS Enhanced Commodity Strategy Fund | | | 37 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds (a) | $— | $349,153,963 | $— | $349,153,963 |
Asset-Backed (a) | — | 111,712,951 | — | 111,712,951 |
Commercial Mortgage-Backed Securities | — | 67,067,754 | — | 67,067,754 |
Collateralized Mortgage Obligations | — | 20,677,417 | — | 20,677,417 |
Government & Agency Obligations (a) | — | 419,836,433 | — | 419,836,433 |
Short-Term U.S. Treasury Obligations | — | 31,722,410 | — | 31,722,410 |
Call Options Purchased | 1,209,000 | — | — | 1,209,000 |
Short-Term Investments (a) | 289,839,803 | — | — | 289,839,803 |
Derivatives (b) | ||||
Futures and Futures Options Contracts | 27,879,440 | — | — | 27,879,440 |
Commodity-Linked Swap Contracts | — | 3,204,149 | — | 3,204,149 |
Total | $318,928,243 | $1,003,375,077 | $— | $1,322,303,320 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | ||||
Futures and Futures Options Contracts | $(29,155,336 ) | $— | $— | $(29,155,336 ) |
Written Options | (1,243,200 ) | — | — | (1,243,200 ) |
Commodity-Linked Swap Contracts | — | (11,290,830 ) | — | (11,290,830 ) |
Total | $(30,398,536 ) | $(11,290,830 ) | $— | $(41,689,366 ) |
(a) | See Investment Portfolio for additional detailed categorizations. |
(b) | Derivatives include value of options purchased, unrealized appreciation (depreciation) on open futures and futures options contracts, commodity-linked swap contracts; and written options, at value. |
38 | | | DWS Enhanced Commodity Strategy Fund |
Assets | |
Investments in non-affiliated securities, at value (cost $1,031,011,653) — including $1,703,835 of securities loaned | $1,001,379,928 |
Investment in DWS Government & Agency Securities Portfolio (cost $1,764,716)* | 1,764,716 |
Investment in affiliated securities, at value (cost $288,087,104) | 288,075,087 |
Cash | 8,306 |
Receivable for Fund shares sold | 3,459,157 |
Interest receivable | 7,352,252 |
Unrealized appreciation on bilateral swap contracts | 3,204,149 |
Foreign taxes recoverable | 1,800 |
Other assets | 56,341 |
Total assets | 1,305,301,736 |
Liabilities | |
Payable upon return of securities loaned | 1,764,716 |
Payable for investments purchased — when-issued securities | 3,330,000 |
Payable for Fund shares redeemed | 1,069,165 |
Payable for variation margin on futures contracts | 2,449,286 |
Options written, at value (premium received $1,200,000) | 1,243,200 |
Unrealized depreciation on bilateral swap contracts | 11,290,830 |
Net payable for pending swap contracts | 164,867 |
Accrued management fee | 907,957 |
Accrued Trustees' fees | 18,694 |
Other accrued expenses and payables | 657,370 |
Total liabilities | 22,896,085 |
Net assets, at value | $1,282,405,651 |
Net Assets Consist of | |
Distributable earnings (loss) | (66,093,688 ) |
Paid-in capital | 1,348,499,339 |
Net assets, at value | $1,282,405,651 |
DWS Enhanced Commodity Strategy Fund | | | 39 |
as of June 30, 2023 (continued)
Net Asset Value | |
Class A | |
Net Asset Value and redemption price per share ($58,566,293 ÷ 10,445,123 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $5.61 |
Maximum offering price per share (100 ÷ 94.25 of $5.61) | $5.95 |
Class C | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($11,955,021 ÷ 2,394,710 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $4.99 |
Class R6 | |
Net Asset Value, offering and redemption price per share ($41,760,103 ÷ 7,339,446 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $5.69 |
Class S | |
Net Asset Value, offering and redemption price per share ($49,186,580 ÷ 8,663,141 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $5.68 |
Institutional Class | |
Net Asset Value, offering and redemption price per share ($1,120,937,654 ÷ 196,856,833 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $5.69 |
40 | | | DWS Enhanced Commodity Strategy Fund |
Investment Income | |
Income: | |
Interest | $50,575,454 |
Income distributions from affiliated securities | 7,699,303 |
Securities lending income, net of borrower rebates | 13,196 |
Total income | 58,287,953 |
Expenses: | |
Management fee | 14,135,179 |
Administration fee | 1,741,948 |
Services to shareholders | 2,463,335 |
Distribution and service fees | 338,495 |
Custodian fee | 100,302 |
Professional fees | 128,675 |
Reports to shareholders | 272,758 |
Registration fees | 131,688 |
Trustees' fees and expenses | 69,561 |
Other | 116,907 |
Total expenses before expense reductions | 19,498,848 |
Expense reductions | (2,996,227 ) |
Total expenses after expense reductions | 16,502,621 |
Net investment income | 41,785,332 |
DWS Enhanced Commodity Strategy Fund | | | 41 |
for the year ended June 30, 2023 (continued)
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | $(23,942,177 ) |
Swap contracts | (429,160,025 ) |
Futures | 5,707,599 |
Written options | 4,805,210 |
(442,589,393 ) | |
Change in net unrealized appreciation (depreciation) on: | |
Affiliated investments | 22,809 |
Non-affiliated investments | 10,629,126 |
Swap contracts | 231,437,756 |
Futures | (2,519,774 ) |
Written options | (1,864,660 ) |
Foreign currency | (362 ) |
237,704,895 | |
Net gain (loss) | (204,884,498 ) |
Net increase (decrease) in net assets resulting from operations | (163,099,166 ) |
42 | | | DWS Enhanced Commodity Strategy Fund |
Years Ended June 30, | ||
Increase (Decrease) in Net Assets | 2023 | 2022 |
Operations: | ||
Net investment income | $41,785,332 | $10,109,351 |
Net realized gain (loss) | (442,589,393 ) | 679,612,487 |
Change in net unrealized appreciation (depreciation) | 237,704,895 | (299,343,280 ) |
Net increase (decrease) in net assets resulting from operations | (163,099,166 ) | 390,378,558 |
Distributions to shareholders: | ||
Class A | (24,521,267 ) | (25,039,584 ) |
Class T | (4,519 )* | (3,740 ) |
Class C | (6,332,216 ) | (4,552,255 ) |
Class R6 | (14,372,827 ) | (12,067,245 ) |
Class S | (22,592,498 ) | (21,588,050 ) |
Institutional Class | (626,899,071 ) | (579,968,306 ) |
Total distributions | (694,722,398 ) | (643,219,180 ) |
Fund share transactions: | ||
Proceeds from shares sold | 846,632,100 | 1,185,853,795 |
Reinvestment of distributions | 621,075,123 | 586,236,196 |
Payments for shares redeemed | (1,616,048,382 ) | (1,292,957,827 ) |
Net increase (decrease) in net assets from Fund share transactions | (148,341,159 ) | 479,132,164 |
Increase (decrease) in net assets | (1,006,162,723 ) | 226,291,542 |
Net assets at beginning of period | 2,288,568,374 | 2,062,276,832 |
Net assets at end of period | $1,282,405,651 | $2,288,568,374 |
* | For the period from July 1, 2022 to September 30, 2022 (Class T liquidation date). |
DWS Enhanced Commodity Strategy Fund | | | 43 |
DWS Enhanced Commodity Strategy Fund — Class A | |||||
Years Ended June 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $9.36 | $11.23 | $7.93 | $9.47 | $11.71 |
Income (loss) from investment operations: | |||||
Net investment incomea | .13 | .01 | .04 | .09 | .15 |
Net realized and unrealized gain (loss) | (.84 ) | 1.67 | 3.32 | (1.50 ) | (1.27 ) |
Total from investment operations | (.71 ) | 1.68 | 3.36 | (1.41 ) | (1.12 ) |
Less distributions from: | |||||
Net investment income | (3.04 ) | (3.55 ) | (.06 ) | (.13 ) | (1.12 ) |
Net asset value, end of period | $5.61 | $9.36 | $11.23 | $7.93 | $9.47 |
Total Return (%)b,c | (9.49 ) | 19.60 | 42.59 | (14.96 ) | (9.77 ) |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 59 | 77 | 86 | 58 | 75 |
Ratio of expenses before expense reductions (%) | 1.37 | 1.36 | 1.42 | 1.51 | 1.48 |
Ratio of expenses after expense reductions (%) | 1.24 | 1.27 | 1.22 | 1.29 | 1.34 |
Ratio of net investment income (%) | 2.05 | .11 | .39 | 1.05 | 1.43 |
Portfolio turnover rate (%) | 90 | 134 | 81 | 68 | 65 |
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. |
44 | | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund — Class C | |||||
Years Ended June 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $8.33 | $10.04 | $7.11 | $8.49 | $10.50 |
Income (loss) from investment operations: | |||||
Net investment income (loss)a | .07 | (.05 ) | (.03 ) | .03 | .06 |
Net realized and unrealized gain (loss) | (.75 ) | 1.49 | 2.98 | (1.35 ) | (1.13 ) |
Total from investment operations | (.68 ) | 1.44 | 2.95 | (1.32 ) | (1.07 ) |
Less distributions from: | |||||
Net investment income | (2.66 ) | (3.15 ) | (.02 ) | (.06 ) | (.94 ) |
Net asset value, end of period | $4.99 | $8.33 | $10.04 | $7.11 | $8.49 |
Total Return (%)b,c | (10.18 ) | 18.67 | 41.55 | (15.59 ) | (10.48 ) |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 12 | 23 | 13 | 9 | 15 |
Ratio of expenses before expense reductions (%) | 2.04 | 1.99 | 2.09 | 2.20 | 2.18 |
Ratio of expenses after expense reductions (%) | 1.98 | 1.98 | 1.97 | 2.04 | 2.09 |
Ratio of net investment income (loss) (%) | 1.26 | (.61 ) | (.35 ) | .32 | .68 |
Portfolio turnover rate (%) | 90 | 134 | 81 | 68 | 65 |
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. |
DWS Enhanced Commodity Strategy Fund | | | 45 |
DWS Enhanced Commodity Strategy Fund — Class R6 | |||||
Years Ended June 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $9.50 | $11.39 | $8.05 | $9.62 | $11.89 |
Income (loss) from investment operations: | |||||
Net investment incomea | .16 | .05 | .07 | .12 | .19 |
Net realized and unrealized gain (loss) | (.86 ) | 1.69 | 3.37 | (1.52 ) | (1.28 ) |
Total from investment operations | (.70 ) | 1.74 | 3.44 | (1.40 ) | (1.09 ) |
Less distributions from: | |||||
Net investment income | (3.11 ) | (3.63 ) | (.10 ) | (.17 ) | (1.18 ) |
Net asset value, end of period | $5.69 | $9.50 | $11.39 | $8.05 | $9.62 |
Total Return (%)b | (9.17 ) | 20.06 | 43.00 | (14.58 ) | (9.46 ) |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 42 | 44 | 46 | 31 | 30 |
Ratio of expenses before expense reductions (%) | 1.01 | .97 | 1.02 | 1.08 | 1.06 |
Ratio of expenses after expense reductions (%) | .89 | .89 | .89 | .89 | .95 |
Ratio of net investment income (%) | 2.43 | .49 | .73 | 1.42 | 1.86 |
Portfolio turnover rate (%) | 90 | 134 | 81 | 68 | 65 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
46 | | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund — Class S | |||||
Years Ended June 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $9.48 | $11.37 | $8.03 | $9.59 | $11.86 |
Income (loss) from investment operations: | |||||
Net investment incomea | .15 | .03 | .06 | .12 | .17 |
Net realized and unrealized gain (loss) | (.86 ) | 1.69 | 3.36 | (1.53 ) | (1.28 ) |
Total from investment operations | (.71 ) | 1.72 | 3.42 | (1.41 ) | (1.11 ) |
Less distributions from: | |||||
Net investment income | (3.09 ) | (3.61 ) | (.08 ) | (.15 ) | (1.16 ) |
Net asset value, end of period | $5.68 | $9.48 | $11.37 | $8.03 | $9.59 |
Total Return (%)b | (9.30 ) | 19.86 | 42.86 | (14.79 ) | (9.58 ) |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 49 | 79 | 70 | 83 | 195 |
Ratio of expenses before expense reductions (%) | 1.15 | 1.13 | 1.19 | 1.25 | 1.21 |
Ratio of expenses after expense reductions (%) | 1.04 | 1.07 | 1.03 | 1.09 | 1.14 |
Ratio of net investment income (%) | 2.23 | .30 | .62 | 1.30 | 1.60 |
Portfolio turnover rate (%) | 90 | 134 | 81 | 68 | 65 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
DWS Enhanced Commodity Strategy Fund | | | 47 |
DWS Enhanced Commodity Strategy Fund — Institutional Class | |||||
Years Ended June 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $9.51 | $11.40 | $8.06 | $9.62 | $11.90 |
Income (loss) from investment operations: | |||||
Net investment incomea | .16 | .05 | .07 | .13 | .19 |
Net realized and unrealized gain (loss) | (.87 ) | 1.70 | 3.37 | (1.52 ) | (1.29 ) |
Total from investment operations | (.71 ) | 1.75 | 3.44 | (1.39 ) | (1.10 ) |
Less distributions from: | |||||
Net investment income | (3.11 ) | (3.64 ) | (.10 ) | (.17 ) | (1.18 ) |
Net asset value, end of period | $5.69 | $9.51 | $11.40 | $8.06 | $9.62 |
Total Return (%)b | (9.24 ) | 20.07 | 42.94 | (14.58 ) | (9.47 ) |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 1,121 | 2,066 | 1,848 | 1,371 | 2,450 |
Ratio of expenses before expense reductions (%) | 1.06 | 1.04 | 1.09 | 1.19 | 1.16 |
Ratio of expenses after expense reductions (%) | .89 | .89 | .89 | .90 | .99 |
Ratio of net investment income (%) | 2.35 | .48 | .73 | 1.46 | 1.79 |
Portfolio turnover rate (%) | 90 | 134 | 81 | 68 | 65 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
48 | | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | | 49 |
50 | | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | | 51 |
52 | | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | | 53 |
Undistributed ordinary income* | $12,143,024 |
Capital loss carryforwards | $(38,958,000 ) |
Net unrealized appreciation (depreciation) on investments | $(885,719,706 ) |
Years Ended June 30, | ||
2023 | 2022 | |
Distributions from ordinary income* | $694,722,398 | $643,219,180 |
* | For tax purposes, short-term capital gain distributions, and income and net realized gains from certain commodity-linked derivative instruments are considered ordinary income distributions. |
54 | | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | | 55 |
56 | | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | | 57 |
Assets Derivative | Purchased Options | Swap Contracts | Futures Contracts | Total |
Commodity Contracts (a) (b) | $1,209,000 | $3,204,149 | $27,879,440 | $32,292,589 |
Each of the above derivatives is located in the following Consolidated Statement of Assets and Liabilities accounts: |
(a) | Includes cumulative appreciation of futures and futures options contracts as disclosed in the Consolidated Investment Portfolio. Unsettled variation margin is disclosed separately within the Consolidated Statement of Assets and Liabilities. |
(b) | Investments in securities at value (includes purchased options) and unrealized appreciation on bilateral swap contracts |
Liability Derivative | Written Options | Swap Contracts | Futures Contracts | Total |
Commodity Contracts (a) (b) | $(1,243,200 ) | $(11,290,830 ) | $(29,155,336 ) | $(41,689,366 ) |
Each of the above derivatives is located in the following Consolidated Statement of Assets and Liabilities accounts: |
(a) | Includes cumulative depreciation of futures and futures options contracts as disclosed in the Consolidated Investment Portfolio. Unsettled variation margin is disclosed separately within the Consolidated Statement of Assets and Liabilities. |
(b) | Written options, at value and unrealized depreciation on bilateral swap contracts |
58 | | | DWS Enhanced Commodity Strategy Fund |
Realized Gain (Loss) | Purchased Options | Written Options | Swap Contracts | Futures Contracts | Total |
Commodity Contracts (a) | $(10,291,080 ) | $4,805,210 | $(429,160,025 ) | $5,707,599 | $(428,938,296 ) |
Each of the above derivatives is located in the following Consolidated Statement of Operations accounts: |
(a) | Net realized gain (loss) from investments (includes purchased options), written options, swap and futures and futures options contracts, respectively |
Change in Net Unrealized Appreciation (Depreciation) | |||||
Purchased Options | Written Options | Swap Contracts | Futures Contracts | Total | |
Commodity Contracts (a) | $3,552,580 | $(1,864,660 ) | $231,437,756 | $(2,519,774 ) | $230,605,902 |
Each of the above derivatives is located in the following Consolidated Statement of Operations accounts: |
(a) | Change in net unrealized appreciation (depreciation) on investments (includes purchased options), written options, swap and futures and futures options contracts, respectively |
DWS Enhanced Commodity Strategy Fund | | | 59 |
Counterparty | Gross Amount of Assets Presented in the Consolidated Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Non-Cash Collateral Received | Cash Collateral Received | Net Amount of Derivative Assets |
Barclays Bank PLC | $294,852 | $(156,357 ) | $— | $— | $138,495 |
BNP Paribas | 68,745 | (68,745 ) | — | — | — |
Canadian Imperial Bank of Commerce | 54,862 | — | — | — | 54,862 |
Goldman Sachs & Co. | 624,585 | (624,585 ) | — | — | — |
JPMorgan Chase Securities, Inc. | 264,418 | (264,418 ) | — | — | — |
Macquarie Bank Ltd. | 337,214 | (19,966 ) | — | — | 317,248 |
Merrill Lynch International Ltd. | 104,332 | — | — | — | 104,332 |
Morgan Stanley | 68,746 | (68,746 ) | — | — | — |
Royal Bank of Canada | 1,233,015 | (859,166 ) | — | — | 373,849 |
Societe Generale | 153,380 | (153,380 ) | — | — | — |
$3,204,149 | $(2,215,363 ) | $— | $— | $988,786 |
60 | | | DWS Enhanced Commodity Strategy Fund |
Counterparty | Gross Amount of Liabilities Presented in the Consolidated Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Non-Cash Collateral Pledged (a) | Cash Collateral Pledged | Net Amount of Derivative Liabilities |
Barclays Bank PLC | $156,357 | $(156,357 ) | $— | $— | $— |
BNP Paribas | 220,153 | (68,745 ) | (151,408 ) | — | — |
Citigroup, Inc. | 5,945,761 | — | (5,945,761 ) | — | — |
Goldman Sachs & Co. | 976,520 | (624,585 ) | (351,935 ) | — | — |
JPMorgan Chase Securities, Inc. | 277,841 | (264,418 ) | (13,423 ) | — | — |
Macquarie Bank Ltd. | 19,966 | (19,966 ) | — | — | — |
Morgan Stanley | 188,534 | (68,746 ) | (119,788 ) | — | — |
Royal Bank of Canada | 859,166 | (859,166 ) | — | — | — |
Societe Generale | 419,717 | (153,380 ) | (266,337 ) | — | — |
UBS AG | 2,226,815 | — | (2,226,815 ) | — | — |
$11,290,830 | $(2,215,363 ) | $(9,075,467 ) | $— | $— |
(a) | The actual collateral received and/or pledged may be more than the amounts shown. |
Purchases | Sales | |
Non-U.S. Treasury Obligations | $100,028,759 | $326,488,392 |
U.S. Treasury Obligations | $1,225,423,337 | $2,025,397,302 |
DWS Enhanced Commodity Strategy Fund | | | 61 |
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 net assets | .725% |
Next $1 billion of such net assets | .700% |
Next $1.5 billion of such net assets | .675% |
Over $5 billion of such net assets | .650% |
Class A | 1.29% |
Class C | 2.04% |
Class R6 | .89% |
Class S | 1.09% |
Institutional Class | .89% |
Class A | 1.22% | |
Class C | 1.97% | |
Class S | 1.02% |
62 | | | DWS Enhanced Commodity Strategy Fund |
Class A | $87,117 |
Class C | 10,168 |
Class R6 | 50,032 |
Class S | 67,491 |
Institutional Class | 2,781,419 |
$2,996,227 |
Services to Shareholders | Total Aggregated | Unpaid at June 30, 2023 |
Class A | $8,613 | $1,408 |
Class T | 6 | — |
Class C | 426 | 67 |
Class R6 | 30,649 | 5,178 |
Class S | 10,407 | 1,663 |
Institutional Class | 12,789 | 2,136 |
$62,890 | $10,452 |
DWS Enhanced Commodity Strategy Fund | | | 63 |
Sub-Recordkeeping | Total Aggregated |
Class A | $120,077 |
Class C | 17,474 |
Class S | 125,222 |
Institutional Class | 2,106,939 |
$2,369,712 |
Distribution Fee | Total Aggregated | Unpaid at June 30, 2023 |
Class C | $128,332 | $7,620 |
Service Fee | Total Aggregated | Unpaid at June 30, 2023 | Annual Rate |
Class A | $167,388 | $26,233 | .25% |
Class T | 5 | — | .15% |
Class C | 42,770 | 5,282 | .25% |
$210,163 | $31,515 |
64 | | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | | 65 |
Year Ended June 30, 2023 | Year Ended June 30, 2022 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 4,695,263 | $29,636,678 | 5,837,814 | $54,365,569 |
Class C | 339,404 | 2,090,371 | 1,627,058 | 14,312,768 |
Class R6 | 3,626,675 | 23,315,692 | 2,776,535 | 26,814,684 |
Class S | 2,872,452 | 19,031,792 | 3,373,474 | 32,384,671 |
Institutional Class | 117,991,130 | 772,557,567 | 110,986,812 | 1,057,976,103 |
$846,632,100 | $1,185,853,795 |
66 | | | DWS Enhanced Commodity Strategy Fund |
Year Ended June 30, 2023 | Year Ended June 30, 2022 | |||
Shares | Dollars | Shares | Dollars | |
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 2,620,236 | $15,708,090 | 1,526,925 | $12,474,077 |
Class T | 752 * | 4,519 * | 458 | 3,740 |
Class C | 1,090,773 | 5,833,383 | 575,224 | 4,204,886 |
Class R6 | 1,713,750 | 10,423,243 | 1,026,820 | 8,518,501 |
Class S | 3,564,814 | 21,619,256 | 2,493,623 | 20,625,795 |
Institutional Class | 93,264,251 | 567,486,632 | 65,065,519 | 540,409,197 |
$621,075,123 | $586,236,196 | |||
Shares redeemed | ||||
Class A | (5,111,473 ) | $(32,622,452 ) | (6,782,318 ) | $(67,058,914 ) |
Class T | (2,261 )* | (13,404 )* | — | — |
Class C | (1,786,792 ) | (10,789,668 ) | (750,203 ) | (6,149,898 ) |
Class R6 | (2,620,144 ) | (17,374,048 ) | (3,189,872 ) | (32,669,215 ) |
Class S | (6,085,814 ) | (41,774,785 ) | (3,710,127 ) | (35,508,040 ) |
Institutional Class | (231,588,342 ) | (1,513,474,025 ) | (120,863,155 ) | (1,151,571,760 ) |
$(1,616,048,382 ) | $(1,292,957,827 ) | |||
Net increase (decrease) | ||||
Class A | 2,204,026 | $12,722,316 | 582,421 | $(219,268 ) |
Class T | (1,509 )* | (8,885 )* | 458 | 3,740 |
Class C | (356,615 ) | (2,865,914 ) | 1,452,079 | 12,367,756 |
Class R6 | 2,720,281 | 16,364,887 | 613,483 | 2,663,970 |
Class S | 351,452 | (1,123,737 ) | 2,156,970 | 17,502,426 |
Institutional Class | (20,332,961 ) | (173,429,826 ) | 55,189,176 | 446,813,540 |
$(148,341,159 ) | $479,132,164 |
* | For the period from July 1, 2022 to September 30, 2022 (Class T liquidation date). |
DWS Enhanced Commodity Strategy Fund | | | 67 |
68 | | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | | 69 |
70 | | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | | 71 |
Actual Fund Return | Class A | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 1/1/23 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 6/30/23 | $946.30 | $941.20 | $947.30 | $946.40 | $947.30 |
Expenses Paid per $1,000* | $5.89 | $9.48 | $4.30 | $4.92 | $4.30 |
Hypothetical 5% Fund Return | Class A | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 1/1/23 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 6/30/23 | $1,018.74 | $1,015.03 | $1,020.38 | $1,019.74 | $1,020.38 |
Expenses Paid per $1,000* | $6.11 | $9.84 | $4.46 | $5.11 | $4.46 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class C | Class R6 | Class S | Institutional Class |
DWS Enhanced Commodity Strategy Fund | 1.22% | 1.97% | .89% | 1.02% | .89% |
72 | | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | | 73 |
74 | | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | | 75 |
76 | | | DWS Enhanced Commodity Strategy Fund |
DWS Enhanced Commodity Strategy Fund | | | 77 |
78 | | | DWS Enhanced Commodity Strategy Fund |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986); Former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds); Progressive International Corporation (kitchen goods designer and distributor) | 69 | — |
DWS Enhanced Commodity Strategy Fund | | | 79 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
John W. Ballantine (1946) Board Member since 1999 | Retired; formerly: Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); Not-for-Profit Directorships: Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; Former Directorships: Director and Chairman of the Board, Healthways Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company) (2003–2021); and Prisma Energy International; Former Not-for-Profit Directorships: Public Radio International; Palm Beach Civic Assn. | 69 | — |
Dawn-Marie Driscoll (1946) Board Member since 1987 | Emeritus Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012); Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 69 | — |
80 | | | DWS Enhanced Commodity Strategy Fund |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Richard J. Herring (1946) Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (1972–present); formerly: Director, The Wharton Financial Institutions Center (1994–2020); Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee (2011–present), member Systemic Risk Council (2012–present) and member of the Advisory Board of the Yale Program on Financial Stability (2013–present); Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), Director, The Aberdeen Japan Fund (2007–2021) and Nonexecutive Director of Barclays Bank DE (2010–2018) | 69 | — |
Chad D. Perry (1972) Board Member or Advisory Board Member since 20213 | Executive Vice President and General Counsel, RLJ Lodging Trust2 (since 2023); formerly Executive Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.2 (2011–2023); Executive Vice President and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011); Senior Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & Gray LLP (1997–2005) | 214 | Director, Great Elm Capital Corp. (business development company) (since 2022) |
Rebecca W. Rimel (1951) Board Member since 1995 | Directorships: Washington College (since July 2023); Formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director (1994–2020) and Senior Advisor (2020–2021), The Pew Charitable Trusts (charitable organization); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company2 (medical technology company) (2012–2022) | 69 | Director, The Bridgespan Group (nonprofit organization) (since October 2020) |
DWS Enhanced Commodity Strategy Fund | | | 81 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Catherine Schrand (1964) Board Member since 2021 | Celia Z. Moh Professor of Accounting (2016–present) and Professor of Accounting (1994–present); Directorships: Director, the Jacobs Levy Center, The Wharton School, University of Pennsylvania (since 2023); Former positions: Vice Dean, Wharton Doctoral Programs, The Wharton School, University of Pennsylvania (2016–2019) | 69 | — |
William N. Searcy, Jr. (1946) Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 69 | — |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974) President and Chief Executive Officer, 2017–present | Head of Americas CEO Office, DWS (2023–present), Head of Fund Administration, Head of Product Americas and Head of U.S. Mutual Funds, DWS (2017–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Vice President, DWS Service Company (2018–present); President, DB Investment Managers, Inc.(2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Secretary, DWS USA Corporation (2018–2023); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–2023); Assistant Secretary, DWS Trust Company (2018–2023); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Director of DWS Service Company (2018–present); Director of DB Investment Managers, Inc. (2018–present); Director of Episcopalian Charities of New York (2018–present); Interested Director of The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2020–present); Director of ICI Mutual Insurance Company (2020–present); Director of DWS USA Corporation (2023–present); Director of DWS Investment Management Americas, Inc. (2023–present); and Manager of DBX Advisors LLC. (2023–present) |
82 | | | DWS Enhanced Commodity Strategy Fund |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
John Millette8 (1962) Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford9 (1984) Assistant Secretary, 2019–present | Fund Administration (Specialist), DWS (2015–present); Assistant Secretary, DWS Service Company (2018–present); Assistant Secretary of U.S. Mutual Funds, DWS (2019–present); Assistant Secretary, DWS USA Corporation (2023–present); Assistant Secretary, DBX Advisors, LLC (2023–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2023–present); Assistant Clerk, DWS Trust Company (2023–present); formerly, Legal Assistant at Accelerated Tax Solutions |
Diane Kenneally8 (1966) Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
Paul Antosca8 (1957) Assistant Treasurer, 2007–present | Fund Administration Tax (Head), DWS; Assistant Treasurer, DBX ETF Trust (2019–present) |
Sheila Cadogan8 (1966) Assistant Treasurer, 2017–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan8 (1970) Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
Caroline Pearson8 (1962) Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021) |
DWS Enhanced Commodity Strategy Fund | | | 83 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Christian Rijs7 (1980) Anti-Money Laundering Compliance Officer, 2021–present | Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (2021–present); AML Officer, DBX ETF Trust (2021–present); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2021–present); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | Mr. Perry is an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry is a Board Member of each other Trust. |
4 | Mr. Perry oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry is an Advisory Board Member of various Trusts/Corporations comprised of 48 funds in the DWS Fund Complex. |
5 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
6 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 | Address: 875 Third Avenue, New York, New York 10022. |
8 | Address: 100 Summer Street, Boston, MA 02110. |
9 | Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
84 | | | DWS Enhanced Commodity Strategy Fund |
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, C and S also have the ability to purchase, exchange or redeem shares using this system. |
For more information, contact your financial representative. You may also access our automated telephone system or speak with a Shareholder Service representative by calling: (800) 728-3337 | |
Web Site | dws.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. |
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | |
Written Correspondence | DWS PO Box 219151 Kansas City, MO 64121-9151 |
Proxy Voting | The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337. |
Portfolio Holdings | Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com and is available free of charge by contacting your financial intermediary or, if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the 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 |
DWS Enhanced Commodity Strategy Fund | | | 85 |
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 C | Class S | Institutional Class | |
Nasdaq Symbol | SKNRX | SKCRX | SKSRX | SKIRX |
CUSIP Number | 25159L 877 | 25159L 851 | 25159L 844 | 25159L 836 |
Fund Number | 485 | 785 | 2085 | 817 |
For shareholders of Class R6 | |
Automated Information Line | DWS/Ascensus Plan Access (800) 728-3337 |
24-hour access to your retirement plan account. | |
Web Site | dws.com |
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | |
Log in/register to manage retirement account assets at https://www.mykplan.com/participantsecure_net/login.aspx. | |
For More Information | (800) 728-3337 |
To speak with a service representative. | |
Written Correspondence | DWS Service Company 222 South Riverside Plaza Chicago, IL 60606-5806 |
Class R6 | |
Nasdaq Symbol | SKRRX |
CUSIP Number | 25159L 448 |
Fund Number | 1685 |
86 | | | DWS Enhanced Commodity Strategy Fund |
(b) Not applicable | |
ITEM 2. | CODE OF ETHICS |
As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer.
There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.
A copy of the code of ethics is filed as an exhibit to this Form N-CSR. | |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Ms. Catherine Schrand, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. | |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
DWS Enhanced Commodity Strategy Fund
form n-csr disclosure re: AUDIT FEES
The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
Fiscal Year Ended June 30, | Audit Fees Billed to Fund | Audit-Related Fees Billed to Fund | Tax Fees Billed to Fund | All Other Fees Billed to Fund |
2023 | $59,014 | $0 | $10,366 | $0 |
2022 | $62,121 | $0 | $10,366 | $0 |
The above “Tax Fees” were billed for professional services rendered for tax preparation.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers
The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.
Fiscal Year Ended June 30, | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
2023 | $0 | $572,355 | $0 |
2022 | $0 | $394,557 | $0 |
The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.
Non-Audit Services
The following table shows the amount of fees that EY billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s independence.
Fiscal Year Ended June 30, | Total Non-Audit Fees Billed to Fund (A) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C) | Total of (A), (B) and (C) |
2023 | $10,366 | $572,355 | $0 | $582,721 |
2022 | $10,366 | $394,557 | $0 | $404,923 |
All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.
Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm and (i) and (j) are not applicable.
***
In connection with the audit of the 2022 and 2023 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.
***
Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund’s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue to act as the Independent Registered Public Accounting Firm for the Fund.
· | EY advised the Fund’s Audit Committee that various covered persons within EY and EY’s affiliates held investments in, or had other financial relationships with, entities within the DWS Funds “investment company complex” (as defined in Regulation S-X) (the “DWS Funds Complex”). EY informed the Audit Committee that these investments and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none of the breaches involved any professionals who were part of the audit engagement team for the Fund or in the position to influence the audit engagement team for the Fund. |
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | INVESTMENTS | |
Not applicable | ||
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
Not applicable | ||
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. | ||
ITEM 11. | CONTROLS AND PROCEDURES | |
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. | |
(b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. | |
ITEM 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies | |
Not applicable | ||
ITEM 13. | EXHIBITS | |
(a)(1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | DWS Enhanced Commodity Strategy Fund, a series of Deutsche DWS Securities Trust |
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 8/29/2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 8/29/2023 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 8/29/2023 |