UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSRS
Investment Company Act file number: 811-02021
Deutsche DWS Securities Trust
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 12/31 |
Date of reporting period: | 6/30/2022 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) | |
Contents
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
2 | | | DWS RREEF Global Real Estate Securities Fund |
DWS RREEF Global Real Estate Securities Fund | | | 3 |
Class A | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 6/30/22 | ||||
Unadjusted for Sales Charge | –22.25% | –13.42% | 4.04% | 5.83% |
Adjusted for the Maximum Sales Charge (max 5.75% load) | –26.72% | –18.40% | 2.81% | 5.20% |
MSCI World Index† | –20.51% | –14.34% | 7.67% | 9.51% |
FTSE EPRA/NAREIT Developed Index†† | –20.71% | –13.44% | 1.95% | 4.69% |
Class T | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 6/30/22 | ||||
Unadjusted for Sales Charge | –22.25% | –13.37% | 4.08% | 5.85% |
Adjusted for the Maximum Sales Charge (max 2.50% load) | –24.20% | –15.53% | 3.56% | 5.58% |
MSCI World Index† | –20.51% | –14.34% | 7.67% | 9.51% |
FTSE EPRA/NAREIT Developed Index†† | –20.71% | –13.44% | 1.95% | 4.69% |
Class C | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 6/30/22 | ||||
Unadjusted for Sales Charge | –22.53% | –14.00% | 3.28% | 5.04% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | –23.25% | –14.00% | 3.28% | 5.04% |
MSCI World Index† | –20.51% | –14.34% | 7.67% | 9.51% |
FTSE EPRA/NAREIT Developed Index†† | –20.71% | –13.44% | 1.95% | 4.69% |
Class R6 | 6-Month‡ | 1-Year | 5-Year | Life of Class* |
Average Annual Total Returns as of 6/30/22 | ||||
No Sales Charges | –21.99% | –12.94% | 4.39% | 4.99% |
MSCI World Index† | –20.51% | –14.34% | 7.67% | 9.39% |
FTSE EPRA/NAREIT Developed Index†† | –20.71% | –13.44% | 1.95% | 4.93% |
Class S | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 6/30/22 | ||||
No Sales Charges | –22.19% | –13.27% | 4.23% | 5.98% |
MSCI World Index† | –20.51% | –14.34% | 7.67% | 9.51% |
FTSE EPRA/NAREIT Developed Index†† | –20.71% | –13.44% | 1.95% | 4.69% |
4 | | | DWS RREEF Global Real Estate Securities Fund |
Institutional Class | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 6/30/22 | ||||
No Sales Charges | –22.11% | –13.15% | 4.35% | 6.16% |
MSCI World Index† | –20.51% | –14.34% | 7.67% | 9.51% |
FTSE EPRA/NAREIT Developed Index†† | –20.71% | –13.44% | 1.95% | 4.69% |
DWS RREEF Global Real Estate Securities Fund | | | 5 |
* | Class R6 shares commenced operations on November 1, 2016. |
† | MSCI World Index is an unmanaged index representing large and mid-cap equity performance across 23 developed markets countries. It covers approximately 85% of the free float-adjusted market capitalization in each country. |
†† | FTSE EPRA/NAREIT Developed Index is an unmanaged, market-weighted index designed to track the performance of listed real estate companies and REITS worldwide. |
‡ | Total returns shown for periods less than one year are not annualized. |
Class A | Class T | Class C | Class R6 | Class S | Institutional Class | |
Net Asset Value | ||||||
6/30/22 | $6.79 | $6.79 | $6.78 | $6.79 | $6.78 | $6.78 |
12/31/21 | $9.31 | $9.31 | $9.33 | $9.28 | $9.29 | $9.28 |
Distribution Information as of 6/30/22 | ||||||
Income Dividends, Six Months | $.11 | $.11 | $.11 | $.11 | $.11 | $.11 |
Capital Gain Distributions | $.34 | $.34 | $.34 | $.34 | $.34 | $.34 |
6 | | | DWS RREEF Global Real Estate Securities Fund |
DWS RREEF Global Real Estate Securities Fund | | | 7 |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 6/30/22 | 12/31/21 |
Common Stocks | 100% | 99% |
Cash Equivalents | 0% | 1% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 6/30/22 | 12/31/21 |
Diversified | 28% | 23% |
Apartments | 14% | 17% |
Shopping Centers | 10% | 9% |
Health Care | 10% | 5% |
Industrial | 9% | 15% |
Office | 6% | 6% |
Storage | 6% | 7% |
Real Estate Services | 6% | 4% |
Specialty Services | 5% | 2% |
Hotels | 3% | 2% |
Manufactured Homes | 1% | 3% |
Regional Malls | 0% | 4% |
Others | 2% | 3% |
100% | 100% |
Geographical Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 6/30/22 | 12/31/21 |
United States | 63% | 62% |
Japan | 10% | 8% |
United Kingdom | 5% | 6% |
Hong Kong | 5% | 4% |
Australia | 4% | 4% |
Singapore | 3% | 3% |
Canada | 3% | 3% |
Germany | 2% | 3% |
Sweden | 2% | 3% |
France | 1% | 2% |
Others | 2% | 2% |
100% | 100% |
8 | | | DWS RREEF Global Real Estate Securities Fund |
Ten Largest Equity Holdings at June 30, 2022 (31.7% of Net Assets) | Country | Percent |
1Prologis, Inc. | United States | 4.6% |
Owner, operator and developer of industrial real estate | ||
2Public Storage | United States | 3.6% |
Owner and operator of personal and business mini-warehouses | ||
3Welltower, Inc. | United States | 3.3% |
Investor of senior housing and assisted living facilities | ||
4Realty Income Corp. | United States | 3.0% |
Owner and manager of commercial properties | ||
5VICI Properties, Inc. | United States | 3.0% |
Owner and acquirer of experiential real estate assets | ||
6Equinix, Inc. | United States | 3.0% |
Provider of technology-related real estate | ||
7Digital Realty Trust, Inc. | United States | 2.9% |
Owner, acquirer and manager of technology-related real estate | ||
8Ventas, Inc. | United States | 2.9% |
Owner and operator of long-term health care facilities | ||
9AvalonBay Communities, Inc. | United States | 2.8% |
Acquirer, manager and developer of apartment homes | ||
10Mid-America Apartment Communities, Inc. | United States | 2.6% |
Owner and developer of multi-family apartment communities |
DWS RREEF Global Real Estate Securities Fund | | | 9 |
Shares | Value ($) | ||
Common Stocks 99.2% | |||
Australia 3.8% | |||
BGP Holdings PLC* (a) | 11,394,023 | 46,090 | |
Dexus | 146,962 | 897,483 | |
GPT Group | 597,919 | 1,731,613 | |
Mirvac Group | 1,427,266 | 1,940,532 | |
Scentre Group | 1,212,976 | 2,168,522 | |
Shopping Centres Australasia Property Group | 517,650 | 981,338 | |
(Cost $8,235,769) | 7,765,578 | ||
Belgium 1.0% | |||
Aedifica SA | 7,745 | 742,360 | |
VGP NV | 2,551 | 407,074 | |
Warehouses De Pauw CVA | 27,624 | 869,019 | |
(Cost $1,813,292) | 2,018,453 | ||
Canada 2.9% | |||
Canadian Apartment Properties REIT (b) | 42,789 | 1,489,903 | |
Granite Real Estate Investment Trust | 22,770 | 1,396,590 | |
RioCan Real Estate Investment Trust (b) | 122,808 | 1,910,050 | |
Tricon Residential, Inc. | 107,214 | 1,086,966 | |
(Cost $5,198,642) | 5,883,509 | ||
France 1.0% | |||
ICADE | 9,771 | 477,922 | |
Unibail-Rodamco-Westfield* | 30,762 | 1,570,584 | |
(Cost $2,317,116) | 2,048,506 | ||
Germany 2.3% | |||
Vonovia SE (Cost $4,864,952) | 152,438 | 4,702,693 | |
Hong Kong 5.0% | |||
CK Asset Holdings Ltd. | 352,820 | 2,496,580 | |
Hang Lung Properties Ltd. | 400,000 | 759,523 | |
Link REIT | 319,925 | 2,611,063 | |
Sun Hung Kai Properties Ltd. | 245,000 | 2,894,266 | |
Wharf Real Estate Investment Co., Ltd. | 330,000 | 1,573,089 | |
(Cost $8,611,832) | 10,334,521 | ||
Japan 9.4% | |||
Activia Properties, Inc. | 720 | 2,147,728 | |
Global One Real Estate Investment Corp. | 1,465 | 1,145,865 | |
Hulic Reit, Inc. | 1,060 | 1,248,753 |
10 | | | DWS RREEF Global Real Estate Securities Fund |
Shares | Value ($) | ||
Industrial & Infrastructure Fund Investment Corp. | 824 | 1,090,342 | |
Keihanshin Building Co., Ltd. | 90,000 | 870,074 | |
Kenedix Retail REIT Corp. | 786 | 1,595,983 | |
LaSalle Logiport REIT | 594 | 729,184 | |
Mitsubishi Estate Co., Ltd. | 201,600 | 2,959,858 | |
Mitsui Fudosan Co., Ltd. | 92,800 | 1,993,191 | |
Mori Trust Hotel Reit, Inc. | 1,380 | 1,277,520 | |
Mori Trust Sogo Reit, Inc. | 1,321 | 1,381,350 | |
Nippon Prologis REIT, Inc. | 268 | 659,912 | |
Samty Residential Investment Corp. | 323 | 323,045 | |
Sekisui House Reit, Inc. | 1,324 | 784,903 | |
TOC Co., Ltd. | 42,600 | 225,390 | |
Tokyu Fudosan Holdings Corp. | 176,500 | 924,201 | |
(Cost $20,603,298) | 19,357,299 | ||
Netherlands 0.2% | |||
CTP NV 144A (Cost $851,140) | 41,507 | 479,705 | |
Singapore 3.4% | |||
Ascendas India Trust (Units) | 834,200 | 702,604 | |
CapitaLand China Trust | 474,500 | 393,061 | |
CapitaLand Integrated Commercial Trust | 1,445,157 | 2,258,154 | |
Capitaland Investment Ltd. | 452,219 | 1,244,709 | |
City Developments Ltd. | 120,900 | 710,399 | |
Daiwa House Logistics Trust* | 177,164 | 82,254 | |
Frasers Logistics & Commercial Trust | 1,678,000 | 1,607,242 | |
(Cost $6,818,509) | 6,998,423 | ||
Spain 0.8% | |||
Arima Real Estate SOCIMI SA* | 42,505 | 367,523 | |
Inmobiliaria Colonial Socimi SA | 85,822 | 549,256 | |
Merlin Properties Socimi SA | 71,513 | 689,566 | |
(Cost $1,962,929) | 1,606,345 | ||
Sweden 1.6% | |||
Castellum AB (b) | 80,111 | 1,030,967 | |
Fabege AB | 130,418 | 1,233,085 | |
Fastighets AB Balder “B” * | 195,059 | 932,821 | |
(Cost $2,929,701) | 3,196,873 | ||
United Kingdom 5.4% | |||
Big Yellow Group PLC | 65,670 | 1,054,689 | |
British Land Co. PLC | 415,751 | 2,269,210 | |
Derwent London PLC | 24,804 | 789,801 | |
Grainger PLC | 469,096 | 1,610,833 |
DWS RREEF Global Real Estate Securities Fund | | | 11 |
Shares | Value ($) | ||
Life Science Reit PLC* | 306,800 | 358,601 | |
Segro PLC | 196,152 | 2,337,450 | |
The PRS REIT PLC | 330,856 | 425,594 | |
Tritax EuroBox PLC 144A | 315,478 | 329,388 | |
Tritax EuroBox PLC 144A | 189,491 | 199,379 | |
UNITE Group PLC | 129,630 | 1,680,173 | |
(Cost $8,995,399) | 11,055,118 | ||
United States 62.4% | |||
Agree Realty Corp. (REIT) | 67,132 | 4,842,231 | |
American Homes 4 Rent “A” , (REIT) | 126,986 | 4,500,384 | |
American Tower Corp. (REIT) | 2,822 | 721,275 | |
Apartment Income REIT Corp. (REIT) | 62,951 | 2,618,762 | |
Apple Hospitality REIT, Inc. (REIT) | 92,452 | 1,356,271 | |
AvalonBay Communities, Inc. (REIT) | 29,887 | 5,805,550 | |
Boston Properties, Inc. (REIT) | 50,693 | 4,510,663 | |
Digital Realty Trust, Inc. (REIT) | 45,059 | 5,850,010 | |
Duke Realty Corp. (REIT) | 38,585 | 2,120,246 | |
EastGroup Properties, Inc. (REIT) | 21,358 | 3,296,180 | |
Equinix, Inc. (REIT) | 9,234 | 6,066,923 | |
Equity LifeStyle Properties, Inc. (REIT) | 17,269 | 1,216,946 | |
Essential Properties Realty Trust, Inc. (REIT) | 109,309 | 2,349,050 | |
First Industrial Realty Trust, Inc. (REIT) | 47,597 | 2,259,906 | |
Gaming and Leisure Properties, Inc. (REIT) | 10,351 | 474,697 | |
Healthcare Realty Trust, Inc. (REIT) | 65,862 | 1,791,446 | |
Healthcare Trust of America, Inc. “A” , (REIT) | 55,381 | 1,545,684 | |
Healthpeak Properties, Inc. (REIT) | 89,389 | 2,316,069 | |
Hudson Pacific Properties, Inc. (REIT) | 21,669 | 321,568 | |
Independence Realty Trust, Inc. (REIT) | 96,354 | 1,997,418 | |
Kilroy Realty Corp. (REIT) | 41,561 | 2,174,887 | |
Kimco Realty Corp. (REIT) | 200,664 | 3,967,131 | |
Kite Realty Group Trust (REIT) | 149,166 | 2,579,080 | |
Life Storage, Inc. (REIT) | 27,337 | 3,052,505 | |
Mid-America Apartment Communities, Inc. (REIT) | 30,433 | 5,315,732 | |
NETSTREIT Corp. (REIT) | 70,304 | 1,326,637 | |
Prologis, Inc. (REIT) | 80,452 | 9,465,148 | |
Public Storage (REIT) | 23,553 | 7,364,317 | |
Realty Income Corp. (REIT) | 90,191 | 6,156,438 | |
Ryman Hospitality Properties, Inc. (REIT)* | 40,736 | 3,097,158 | |
Sabra Health Care REIT, Inc. (REIT) | 74,455 | 1,040,136 | |
SBA Communications Corp. (REIT) | 4,106 | 1,314,125 | |
Simon Property Group, Inc. (REIT) | 685 | 65,020 | |
SITE Centers Corp. (REIT) | 97,779 | 1,317,083 | |
STAG Industrial, Inc. (REIT) | 10,732 | 331,404 |
12 | | | DWS RREEF Global Real Estate Securities Fund |
Shares | Value ($) | ||
Sunstone Hotel Investors, Inc. (REIT)* | 133,532 | 1,324,638 | |
Ventas, Inc. (REIT) | 113,381 | 5,831,185 | |
VICI Properties, Inc. (REIT) | 206,327 | 6,146,481 | |
Welltower, Inc. (REIT) | 82,746 | 6,814,133 | |
WP Carey, Inc. (REIT) | 36,765 | 3,046,348 | |
(Cost $114,478,983) | 127,690,865 | ||
Total Common Stocks (Cost $187,681,562) | 203,137,888 | ||
Securities Lending Collateral 2.2% | |||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 1.28% (c) (d) (Cost $4,550,309) | 4,550,309 | 4,550,309 | |
Cash Equivalents 0.4% | |||
DWS Central Cash Management Government Fund, 1.36% (c) (Cost $766,418) | 766,418 | 766,418 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $192,998,289) | 101.8 | 208,454,615 | |
Other Assets and Liabilities, Net | (1.8) | (3,679,426) | |
Net Assets | 100.0 | 204,775,189 |
Value ($) at 12/31/2021 | Pur- chases Cost ($) | Sales Proceeds ($) | Net Real- ized Gain/ (Loss) ($) | Net Change in Unreal- ized Appreci- ation (Depreci- ation) ($) | Income ($) | Capital Gain Distri- butions ($) | Number of Shares at 6/30/2022 | Value ($) at 6/30/2022 |
Securities Lending Collateral 2.2% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 1.28% (c) (d) | ||||||||
13,407,716 | — | 8,857,407 (e) | — | — | 5,252 | — | 4,550,309 | 4,550,309 |
Cash Equivalents 0.4% | ||||||||
DWS Central Cash Management Government Fund, 1.36% (c) | ||||||||
1,488,002 | 56,149,439 | 56,871,023 | — | — | 3,168 | — | 766,418 | 766,418 |
14,895,718 | 56,149,439 | 65,728,430 | — | — | 8,420 | — | 5,316,727 | 5,316,727 |
DWS RREEF Global Real Estate Securities Fund | | | 13 |
* | Non-income producing security. |
(a) | Investment was valued using significant unobservable inputs. |
(b) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at June 30, 2022 amounted to $3,233,863, which is 1.6% of net assets. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2022. |
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. |
CVA: Certificaten Van Aandelen (Certificate of Stock) |
REIT: Real Estate Investment Trust |
14 | | | DWS RREEF Global Real Estate Securities Fund |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Australia | $ — | $ 7,719,488 | $46,090 | $ 7,765,578 |
Belgium | — | 2,018,453 | — | 2,018,453 |
Canada | 5,883,509 | — | — | 5,883,509 |
France | ��� — | 2,048,506 | — | 2,048,506 |
Germany | — | 4,702,693 | — | 4,702,693 |
Hong Kong | — | 10,334,521 | — | 10,334,521 |
Japan | — | 19,357,299 | — | 19,357,299 |
Netherlands | — | 479,705 | — | 479,705 |
Singapore | — | 6,998,423 | — | 6,998,423 |
Spain | — | 1,606,345 | — | 1,606,345 |
Sweden | — | 3,196,873 | — | 3,196,873 |
United Kingdom | — | 11,055,118 | — | 11,055,118 |
United States | 127,690,865 | — | — | 127,690,865 |
Short-Term Investments (a) | 5,316,727 | — | — | 5,316,727 |
Total | $138,891,101 | $69,517,424 | $46,090 | $208,454,615 |
(a) | See Investment Portfolio for additional detailed categorizations. |
DWS RREEF Global Real Estate Securities Fund | | | 15 |
Assets | |
Investments in non-affiliated securities, at value (cost $187,681,562) — including $3,233,863 of securities loaned | $ 203,137,888 |
Investment in DWS Government & Agency Securities Portfolio (cost $4,550,309)* | 4,550,309 |
Investment in DWS Central Cash Management Government Fund (cost $766,418) | 766,418 |
Foreign currency, at value (cost $109,708) | 109,017 |
Receivable for investments sold | 1,312,610 |
Receivable for Fund shares sold | 77,666 |
Dividends receivable | 709,925 |
Interest receivable | 935 |
Foreign taxes recoverable | 221,067 |
Other assets | 55,956 |
Total assets | 210,941,791 |
Liabilities | |
Payable upon return of securities loaned | 4,550,309 |
Payable for investments purchased | 1,077,622 |
Payable for Fund shares redeemed | 322,655 |
Accrued management fee | 61,055 |
Accrued Trustees' fees | 1,793 |
Other accrued expenses and payables | 153,168 |
Total liabilities | 6,166,602 |
Net assets, at value | $204,775,189 |
Net Assets Consist of | |
Distributable earnings (loss) | 6,915,314 |
Paid-in capital | 197,859,875 |
Net assets, at value | $204,775,189 |
16 | | | DWS RREEF Global Real Estate Securities Fund |
Net Asset Value | |
Class A | |
Net Asset Value and redemption price per share ($19,021,011 ÷ 2,799,708 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 6.79 |
Maximum offering price per share (100 ÷ 94.25 of $6.79) | $ 7.20 |
Class T | |
Net Asset Value and redemption price per share ($12,125 ÷ 1,785 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 6.79 |
Maximum offering price per share (100 ÷ 97.50 of $6.79) | $ 6.96 |
Class C | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($2,465,243 ÷ 363,578 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 6.78 |
Class R6 | |
Net Asset Value, offering and redemption price per share ($89,446,940 ÷ 13,180,915 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 6.79 |
Class S | |
Net Asset Value, offering and redemption price per share ($15,058,207 ÷ 2,220,169 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 6.78 |
Institutional Class | |
Net Asset Value, offering and redemption price per share ($78,771,663 ÷ 11,616,852 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 6.78 |
DWS RREEF Global Real Estate Securities Fund | | | 17 |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $127,682) | $ 3,931,694 |
Income distributions — DWS Central Cash Management Government Fund | 3,168 |
Securities lending income, net of borrower rebates | 5,252 |
Total income | 3,940,114 |
Expenses: | |
Management fee | 865,666 |
Administration fee | 119,956 |
Services to shareholders | 90,380 |
Distribution and service fees | 43,658 |
Custodian fee | 23,099 |
Professional fees | 46,523 |
Reports to shareholders | 19,906 |
Registration fees | 31,401 |
Trustees' fees and expenses | 7,329 |
Other | 18,084 |
Total expenses before expense reductions | 1,266,002 |
Expense reductions | (160,721) |
Total expenses after expense reductions | 1,105,281 |
Net investment income | 2,834,833 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 4,368,362 |
Foreign currency | (33,277) |
4,335,085 | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | (69,086,955) |
Foreign currency | (39,173) |
(69,126,128) | |
Net gain (loss) | (64,791,043) |
Net increase (decrease) in net assets resulting from operations | $ (61,956,210) |
18 | | | DWS RREEF Global Real Estate Securities Fund |
Six Months Ended June 30, 2022 | Year Ended December 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2021 |
Operations: | ||
Net investment income | $ 2,834,833 | $ 3,880,653 |
Net realized gain (loss) | 4,335,085 | 38,565,029 |
Change in net unrealized appreciation (depreciation) | (69,126,128) | 25,493,589 |
Net increase (decrease) in net assets resulting from operations | (61,956,210) | 67,939,271 |
Distributions to shareholders: | ||
Class A | (1,211,876) | (2,012,542) |
Class T | (752) | (1,202) |
Class C | (154,713) | (227,316) |
Class R6 | (5,541,957) | (9,381,143) |
Class S | (961,829) | (1,729,503) |
Institutional Class | (4,991,174) | (9,135,478) |
Total distributions | (12,862,301) | (22,487,184) |
Fund share transactions: | ||
Proceeds from shares sold | 56,578,870 | 40,926,332 |
Reinvestment of distributions | 12,431,853 | 21,423,266 |
Payments for shares redeemed | (56,343,604) | (77,404,168) |
Net increase (decrease) in net assets from Fund share transactions | 12,667,119 | (15,054,570) |
Increase (decrease) in net assets | (62,151,392) | 30,397,517 |
Net assets at beginning of period | 266,926,581 | 236,529,064 |
Net assets at end of period | $204,775,189 | $266,926,581 |
DWS RREEF Global Real Estate Securities Fund | | | 19 |
DWS RREEF Global Real Estate Securities Fund — Class A | ||||||
Six Months Ended 6/30/22 | Years Ended December 31, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $9.31 | $7.77 | $8.98 | $8.41 | $9.25 | $8.60 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .08 | .11 | .12 | .16 | .19 | .16 |
Net realized and unrealized gain (loss) | (2.15) | 2.18 | (.62) | 1.86 | (.57) | .81 |
Total from investment operations | (2.07) | 2.29 | (.50) | 2.02 | (.38) | .97 |
Less distributions from: | ||||||
Net investment income | (.11) | (.35) | (.34) | (.61) | (.43) | (.32) |
Net realized gains | (.34) | (.40) | (.37) | (.84) | (.03) | — |
Total distributions | (.45) | (.75) | (.71) | (1.45) | (.46) | (.32) |
Net asset value, end of period | $6.79 | $9.31 | $7.77 | $8.98 | $8.41 | $9.25 |
Total Return (%)b,c | (22.25)* | 30.09 | (4.44) | 24.51 | (4.39) | 11.33 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 19 | 26 | 21 | 31 | 36 | 283 |
Ratio of expenses before expense reductions (%) | 1.35** | 1.33 | 1.39 | 1.29 | 1.22 | 1.35 |
Ratio of expenses after expense reductions (%) | 1.20** | 1.20 | 1.20 | 1.18 | 1.20 | 1.25 |
Ratio of net investment income (%) | 1.96** | 1.24 | 1.60 | 1.64 | 2.14 | 1.72 |
Portfolio turnover rate (%) | 55* | 84 | 115 | 108 | 116 | 134 |
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. |
* | Not annualized |
** | Annualized |
20 | | | DWS RREEF Global Real Estate Securities Fund |
DWS RREEF Global Real Estate Securities Fund — Class T | ||||||
Six Months Ended 6/30/22 | Years Ended December 31, | Period Ended | ||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 12/31/17a | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $9.31 | $7.77 | $8.97 | $8.40 | $9.24 | $9.11 |
Income (loss) from investment operations: | ||||||
Net investment incomeb | .09 | .12 | .13 | .17 | .18 | .10 |
Net realized and unrealized gain (loss) | (2.16) | 2.19 | (.62) | 1.85 | (.56) | .36 |
Total from investment operations | (2.07) | 2.31 | (.49) | 2.02 | (.38) | .46 |
Less distributions from: | ||||||
Net investment income | (.11) | (.37) | (.34) | (.61) | (.43) | (.33) |
Net realized gains | (.34) | (.40) | (.37) | (.84) | (.03) | — |
Total distributions | (.45) | (.77) | (.71) | (1.45) | (.46) | (.33) |
Net asset value, end of period | $6.79 | $9.31 | $7.77 | $8.97 | $8.40 | $9.24 |
Total Return (%)c,d | (22.25)* | 30.25 | (4.44) | 24.66 | (4.40) | 5.08 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ thousands) | 12 | 16 | 12 | 13 | 10 | 11 |
Ratio of expenses before expense reductions (%) | 1.25** | 1.24 | 1.31 | 1.23 | 1.24 | 1.30** |
Ratio of expenses after expense reductions (%) | 1.12** | 1.12 | 1.14 | 1.12 | 1.20 | 1.21** |
Ratio of net investment income (%) | 2.06** | 1.32 | 1.71 | 1.73 | 2.00 | 1.85** |
Portfolio turnover rate (%) | 55* | 84 | 115 | 108 | 116 | 134e |
a | For the period from June 5, 2017 (commencement of operations) to December 31, 2017. |
b | Based on average shares outstanding during the period. |
c | Total return does not reflect the effect of any sales charges. |
d | Total return would have been lower had certain expenses not been reduced. |
e | Represents the Fund’s portfolio turnover rate for the year ended December 31, 2017. |
* | Not annualized |
** | Annualized |
DWS RREEF Global Real Estate Securities Fund | | | 21 |
DWS RREEF Global Real Estate Securities Fund — Class C | ||||||
Six Months Ended 6/30/22 | Years Ended December 31, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $9.33 | $7.72 | $8.99 | $8.42 | $9.30 | $8.65 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .05 | .04 | .06 | .09 | .11 | .09 |
Net realized and unrealized gain (loss) | (2.15) | 2.18 | (.62) | 1.85 | (.55) | .81 |
Total from investment operations | (2.10) | 2.22 | (.56) | 1.94 | (.44) | .90 |
Less distributions from: | ||||||
Net investment income | (.11) | (.21) | (.34) | (.53) | (.41) | (.25) |
Net realized gains | (.34) | (.40) | (.37) | (.84) | (.03) | — |
Total distributions | (.45) | (.61) | (.71) | (1.37) | (.44) | (.25) |
Net asset value, end of period | $6.78 | $9.33 | $7.72 | $8.99 | $8.42 | $9.30 |
Total Return (%)b,c | (22.53)* | 29.26 | (5.24) | 23.65 | (5.02) | 10.40 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 2 | 4 | 4 | 6 | 8 | 14 |
Ratio of expenses before expense reductions (%) | 2.05** | 2.03 | 2.10 | 2.04 | 2.03 | 2.13 |
Ratio of expenses after expense reductions (%) | 1.93** | 1.92 | 1.93 | 1.93 | 1.95 | 2.01 |
Ratio of net investment income (%) | 1.19** | .49 | .87 | .89 | 1.20 | .99 |
Portfolio turnover rate (%) | 55* | 84 | 115 | 108 | 116 | 134 |
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. |
* | Not annualized |
** | Annualized |
22 | | | DWS RREEF Global Real Estate Securities Fund |
DWS RREEF Global Real Estate Securities Fund — Class R6 | ||||||
Six Months Ended 6/30/22 | Years Ended December 31, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $9.28 | $7.78 | $8.96 | $8.39 | $9.22 | $8.58 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .10 | .14 | .15 | .20 | .20 | .21 |
Net realized and unrealized gain (loss) | (2.14) | 2.19 | (.62) | 1.85 | (.55) | .78 |
Total from investment operations | (2.04) | 2.33 | (.47) | 2.05 | (.35) | .99 |
Less distributions from: | ||||||
Net investment income | (.11) | (.43) | (.34) | (.64) | (.45) | (.35) |
Net realized gains | (.34) | (.40) | (.37) | (.84) | (.03) | — |
Total distributions | (.45) | (.83) | (.71) | (1.48) | (.48) | (.35) |
Net asset value, end of period | $6.79 | $9.28 | $7.78 | $8.96 | $8.39 | $9.22 |
Total Return (%)b | (21.99)* | 30.61 | (4.09) | 24.88 | (4.06) | 11.54 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 89 | 110 | 94 | 88 | .17 | .15 |
Ratio of expenses before expense reductions (%) | .92** | .91 | .96 | .91 | 1.22 | 1.99 |
Ratio of expenses after expense reductions (%) | .79** | .79 | .79 | .79 | .95 | .96 |
Ratio of net investment income (%) | 2.41** | 1.64 | 2.09 | 2.04 | 2.28 | 2.27 |
Portfolio turnover rate (%) | 55* | 84 | 115 | 108 | 116 | 134 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
* | Not annualized |
** | Annualized |
DWS RREEF Global Real Estate Securities Fund | | | 23 |
DWS RREEF Global Real Estate Securities Fund — Class S | ||||||
Six Months Ended 6/30/22 | Years Ended December 31, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $9.29 | $7.77 | $8.96 | $8.39 | $9.22 | $8.57 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .09 | .13 | .13 | .18 | .18 | .18 |
Net realized and unrealized gain (loss) | (2.15) | 2.18 | (.61) | 1.86 | (.54) | .80 |
Total from investment operations | (2.06) | 2.31 | (.48) | 2.04 | (.36) | .98 |
Less distributions from: | ||||||
Net investment income | (.11) | (.39) | (.34) | (.63) | (.44) | (.33) |
Net realized gains | (.34) | (.40) | (.37) | (.84) | (.03) | — |
Total distributions | (.45) | (.79) | (.71) | (1.47) | (.47) | (.33) |
Net asset value, end of period | $6.78 | $9.29 | $7.77 | $8.96 | $8.39 | $9.22 |
Total Return (%)b | (22.19)* | 30.51 | (4.33) | 24.76 | (4.16) | 11.46 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 15 | 21 | 20 | 44 | 51 | 90 |
Ratio of expenses before expense reductions (%) | 1.16** | 1.11 | 1.17 | 1.11 | 1.09 | 1.15 |
Ratio of expenses after expense reductions (%) | 1.03** | 1.00 | 1.00 | 1.00 | 1.05 | 1.07 |
Ratio of net investment income (%) | 2.13** | 1.43 | 1.72 | 1.85 | 2.06 | 1.99 |
Portfolio turnover rate (%) | 55* | 84 | 115 | 108 | 116 | 134 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
* | Not annualized |
** | Annualized |
24 | | | DWS RREEF Global Real Estate Securities Fund |
DWS RREEF Global Real Estate Securities Fund — Institutional Class | ||||||
Six Months Ended 6/30/22 | Years Ended December 31, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $9.28 | $7.77 | $8.96 | $8.38 | $9.22 | $8.57 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .10 | .14 | .14 | .18 | .20 | .18 |
Net realized and unrealized gain (loss) | (2.15) | 2.18 | (.62) | 1.88 | (.56) | .82 |
Total from investment operations | (2.05) | 2.32 | (.48) | 2.06 | (.36) | 1.00 |
Less distributions from: | ||||||
Net investment income | (.11) | (.41) | (.34) | (.64) | (.45) | (.35) |
Net realized gains | (.34) | (.40) | (.37) | (.84) | (.03) | — |
Total distributions | (.45) | (.81) | (.71) | (1.48) | (.48) | (.35) |
Net asset value, end of period | $6.78 | $9.28 | $7.77 | $8.96 | $8.38 | $9.22 |
Total Return (%)b | (22.11)* | 30.54 | (4.21) | 25.05 | (4.17) | 11.66 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 79 | 107 | 98 | 162 | 560 | 499 |
Ratio of expenses before expense reductions (%) | 1.00** | .99 | 1.05 | 1.01 | .95 | 1.06 |
Ratio of expenses after expense reductions (%) | .87** | .88 | .88 | .90 | .95 | .99 |
Ratio of net investment income (%) | 2.32** | 1.54 | 1.91 | 1.94 | 2.26 | 2.01 |
Portfolio turnover rate (%) | 55* | 84 | 115 | 108 | 116 | 134 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
* | Not annualized |
** | Annualized |
DWS RREEF Global Real Estate Securities Fund | | | 25 |
26 | | | DWS RREEF Global Real Estate Securities Fund |
DWS RREEF Global Real Estate Securities Fund | | | 27 |
28 | | | DWS RREEF Global Real Estate Securities Fund |
DWS RREEF Global Real Estate Securities Fund | | | 29 |
30 | | | DWS RREEF Global Real Estate Securities Fund |
DWS RREEF Global Real Estate Securities Fund | | | 31 |
First $1.0 billion of the Fund’s average daily net assets | .700% |
Over $1.0 billion of such net assets | .675% |
Class A | 1.20% |
Class T | 1.20% |
Class C | 1.95% |
Class R6 | .95% |
Class S | 1.05% |
Institutional Class | .95% |
Class A | $ 17,346 |
Class T | 9 |
Class C | 1,993 |
Class R6 | 62,928 |
Class S | 11,460 |
Institutional Class | 66,985 |
$ 160,721 |
32 | | | DWS RREEF Global Real Estate Securities Fund |
Services to Shareholders | Total Aggregated | Unpaid at June 30, 2022 |
Class A | $ 2,184 | $ 698 |
Class T | 13 | 4 |
Class C | 308 | 158 |
Class R6 | 550 | 109 |
Class S | 2,667 | 933 |
Institutional Class | 1,230 | 427 |
$ 6,952 | $ 2,329 |
Sub-Recordkeeping | Total Aggregated |
Class A | $ 19,202 |
Class C | 1,809 |
Class S | 18,841 |
Institutional Class | 40,619 |
$ 80,471 |
DWS RREEF Global Real Estate Securities Fund | | | 33 |
Distribution Fee | Total Aggregated | Unpaid at June 30, 2022 |
Class C | $ 11,760 | $ 1,614 |
Service Fee | Total Aggregated | Unpaid at June 30, 2022 | Annualized Rate |
Class A | $ 27,972 | $ 11,208 | .25% |
Class T | 10 | 8 | .15% |
Class C | 3,916 | 1,219 | .25% |
$ 31,898 | $ 12,435 |
34 | | | DWS RREEF Global Real Estate Securities Fund |
DWS RREEF Global Real Estate Securities Fund | | | 35 |
Six Months Ended June 30, 2022 | Year Ended December 31, 2021 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 167,702 | $ 1,352,692 | 487,144 | $ 4,255,157 |
Class C | 28,037 | 239,810 | 64,456 | 592,816 |
Class R6 | 1,254,856 | 10,101,341 | 1,046,072 | 8,694,584 |
Class S | 110,470 | 904,991 | 399,479 | 3,542,278 |
Institutional Class | 5,177,602 | 43,980,036 | 2,696,995 | 23,841,497 |
$ 56,578,870 | $ 40,926,332 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 169,992 | $ 1,155,946 | 214,834 | $ 1,925,617 |
Class T | 111 | 752 | 134 | 1,202 |
Class C | 22,736 | 154,377 | 25,227 | 226,345 |
Class R6 | 816,194 | 5,541,957 | 1,048,989 | 9,381,143 |
Class S | 132,088 | 896,881 | 179,555 | 1,606,485 |
Institutional Class | 689,535 | 4,681,940 | 926,403 | 8,282,474 |
$ 12,431,853 | $ 21,423,266 | |||
Shares redeemed | ||||
Class A | (306,398) | $ (2,441,521) | (647,581) | $ (5,677,422) |
Class C | (93,044) | (765,802) | (179,004) | (1,562,171) |
Class R6 | (742,440) | (6,394,511) | (2,289,511) | (20,475,079) |
Class S | (259,653) | (2,088,797) | (862,290) | (7,563,096) |
Institutional Class | (5,724,338) | (44,652,973) | (4,806,361) | (42,126,400) |
$ (56,343,604) | $ (77,404,168) |
36 | | | DWS RREEF Global Real Estate Securities Fund |
Six Months Ended June 30, 2022 | Year Ended December 31, 2021 | |||
Shares | Dollars | Shares | Dollars | |
Net increase (decrease) | ||||
Class A | 31,296 | $ 67,117 | 54,397 | $ 503,352 |
Class T | 111 | 752 | 134 | 1,202 |
Class C | (42,271) | (371,615) | (89,321) | (743,010) |
Class R6 | 1,328,610 | 9,248,787 | (194,450) | (2,399,352) |
Class S | (17,095) | (286,925) | (283,256) | (2,414,333) |
Institutional Class | 142,799 | 4,009,003 | (1,182,963) | (10,002,429) |
$ 12,667,119 | $ (15,054,570) |
DWS RREEF Global Real Estate Securities Fund | | | 37 |
38 | | | DWS RREEF Global Real Estate Securities Fund |
Actual Fund Return | Class A | Class T | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 1/1/22 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 6/30/22 | $777.50 | $777.50 | $774.70 | $780.10 | $778.10 | $778.90 |
Expenses Paid per $1,000* | $5.29 | $4.94 | $8.49 | $3.49 | $4.54 | $3.84 |
Hypothetical 5% Fund Return | Class A | Class T | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 1/1/22 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 6/30/22 | $1,018.84 | $1,019.24 | $1,015.22 | $1,020.88 | $1,019.69 | $1,020.48 |
Expenses Paid per $1,000* | $6.01 | $5.61 | $9.64 | $3.96 | $5.16 | $4.36 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class T | Class C | Class R6 | Class S | Institutional Class |
DWS RREEF Global Real Estate Securities Fund | 1.20% | 1.12% | 1.93% | .79% | 1.03% | .87% |
DWS RREEF Global Real Estate Securities Fund | | | 39 |
40 | | | DWS RREEF Global Real Estate Securities Fund |
DWS RREEF Global Real Estate Securities Fund | | | 41 |
42 | | | DWS RREEF Global Real Estate Securities Fund |
DWS RREEF Global Real Estate Securities Fund | | | 43 |
44 | | | DWS RREEF Global Real Estate Securities Fund |
DWS RREEF Global Real Estate Securities Fund | | | 45 |
For More Information | The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, T, C and S also have the ability to purchase, exchange or redeem shares using this system. |
For more information, contact your financial representative. You may also access our automated telephone system or speak with a Shareholder Service representative by calling: (800) 728-3337 | |
Web Site | dws.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. |
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | |
Written Correspondence | DWS PO Box 219151 Kansas City, MO 64121-9151 |
Proxy Voting | The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337. |
Portfolio Holdings | Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information. |
Principal Underwriter | If you have questions, comments or complaints, contact: DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148 |
46 | | | DWS RREEF Global Real Estate Securities Fund |
Investment Management | DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor” ), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group” ), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group. RREEF America L.L.C. (“RREEF” ), an indirect, wholly owned subsidiary of DWS Group, is the subadvisor for the Fund. Pursuant to agreements between RREEF and DWS Alternatives Global Limited and DWS Investments Australia Limited (the “sub-subadvisors” ), these entities act as sub-subadvisors to the Fund. The sub-subadvisors, which are indirect, wholly owned subsidiaries of DWS Group, act under the supervision of the Board, DIMA and RREEF. RREEF allocates, and reallocates as it deems appropriate, the Fund’s assets among the sub-subadvisors. DWS Alternatives Global Limited evaluates stock selections for the European portion of the Fund’s portfolio. DWS Investments Australia Limited evaluates stock selections for the Asian and Australian portions of the Fund’s portfolio. |
DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles. |
Class A | Class T | Class C | Class S | Institutional Class | |
Nasdaq Symbol | RRGAX | RRGUX | RRGCX | RRGTX | RRGIX |
CUSIP Number | 25159L 109 | 25159L 349 | 25159L 208 | 25159L 307 | 25159L 406 |
Fund Number | 465 | 1765 | 765 | 2365 | 811 |
DWS RREEF Global Real Estate Securities Fund | | | 47 |
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 | RRGRX |
CUSIP Number | 25159L 430 |
Fund Number | 1611 |
48 | | |
(R-028292-11 8/22)
(b) Not applicable | ||
ITEM 2. | CODE OF ETHICS | |
Not applicable. | ||
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT | |
Not applicable | ||
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES | |
Not applicable | ||
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | SCHEDULE OF INVESTMENTS | |
Not applicable | ||
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
Not applicable | ||
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. | ||
ITEM 11. | CONTROLS AND PROCEDURES | |
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. | |
(b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. | |
ITEM 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. | |
Not applicable | ||
ITEM 13. | EXHIBITS | |
(a)(1) | Not applicable | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | DWS RREEF Global Real Estate Securities Fund, a series of Deutsche DWS Securities Trust |
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 8/29/2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 8/29/2022 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 8/29/2022 |