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 Real Estate Securities Fund |
DWS RREEF 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 | –21.62% | –7.75% | 6.32% | 7.48% |
Adjusted for the Maximum Sales Charge (max 5.75% load) | –26.13% | –13.05% | 5.07% | 6.85% |
S&P 500® Index† | –19.96% | –10.62% | 11.31% | 12.96% |
FTSE NAREIT All Equity REITs Index†† | –19.17% | –5.89% | 6.75% | 8.34% |
Class T | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 6/30/22 | ||||
Unadjusted for Sales Charge | –21.58% | –7.63% | 6.43% | 7.56% |
Adjusted for the Maximum Sales Charge (max 2.50% load) | –23.54% | –9.94% | 5.89% | 7.29% |
S&P 500® Index† | –19.96% | –10.62% | 11.31% | 12.96% |
FTSE NAREIT All Equity REITs Index†† | –19.17% | –5.89% | 6.75% | 8.34% |
Class C | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 6/30/22 | ||||
Unadjusted for Sales Charge | –21.90% | –8.41% | 5.57% | 6.73% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | –22.66% | –8.41% | 5.57% | 6.73% |
S&P 500® Index† | –19.96% | –10.62% | 11.31% | 12.96% |
FTSE NAREIT All Equity REITs Index†† | –19.17% | –5.89% | 6.75% | 8.34% |
Class R | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 6/30/22 | ||||
No Sales Charges | –21.74% | –8.04% | 5.99% | 7.14% |
S&P 500® Index† | –19.96% | –10.62% | 11.31% | 12.96% |
FTSE NAREIT All Equity REITs Index†† | –19.17% | –5.89% | 6.75% | 8.34% |
Class R6 | 6-Month‡ | 1-Year | 5-Year | Life of Class* |
Average Annual Total Returns as of 6/30/22 | ||||
No Sales Charges | –21.45% | –7.36% | 6.79% | 7.23% |
S&P 500® Index† | –19.96% | –10.62% | 11.31% | 10.64% |
FTSE NAREIT All Equity REITs Index†† | –19.17% | –5.89% | 6.75% | 7.30% |
4 | | | DWS RREEF Real Estate Securities Fund |
Class S | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 6/30/22 | ||||
No Sales Charges | –21.52% | –7.58% | 6.56% | 7.74% |
S&P 500® Index† | –19.96% | –10.62% | 11.31% | 12.96% |
FTSE NAREIT All Equity REITs Index†† | –19.17% | –5.89% | 6.75% | 8.34% |
Institutional Class | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 6/30/22 | ||||
No Sales Charges | –21.46% | –7.39% | 6.70% | 7.86% |
S&P 500® Index† | –19.96% | –10.62% | 11.31% | 12.96% |
FTSE NAREIT All Equity REITs Index†† | –19.17% | –5.89% | 6.75% | 8.34% |
DWS RREEF Real Estate Securities Fund | | | 5 |
* | Class R6 shares commenced operations on August 25, 2014. |
† | S&P 500 Index is an unmanaged, capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. |
†† | FTSE NAREIT All Equity REITs Index contains all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria. The index is part of the FTSE NAREIT US Real Estate Index Series, which is designed to present investors with a comprehensive family of REIT performance indexes that spans the commercial real estate space across the US economy. The index series provides investor with exposure to all investment and property sectors. In addition, the more narrowly focused property sector and sub-sector indexes provide the facility to concentrate commercial real estate exposure in more selected markets. |
‡ | Total returns shown for periods less than one year are not annualized. |
6 | | | DWS RREEF Real Estate Securities Fund |
Class A | Class T | Class C | Class R | Class R6 | Class S | Institutional Class | |
Net Asset Value | |||||||
6/30/22 | $20.86 | $20.89 | $21.17 | $20.86 | $20.82 | $21.00 | $20.82 |
12/31/21 | $27.37 | $27.41 | $27.77 | $27.37 | $27.32 | $27.54 | $27.31 |
Distribution Information as of 6/30/22 | |||||||
Income Dividends, Six Months | $.12 | $.13 | $.04 | $.08 | $.17 | $.14 | $.16 |
Capital Gain Distributions | $.48 | $.48 | $.48 | $.48 | $.48 | $.48 | $.48 |
DWS RREEF Real Estate Securities Fund | | | 7 |
8 | | | DWS RREEF Real Estate Securities Fund |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 6/30/22 | 12/31/21 |
Common Stocks | 99% | 100% |
Cash Equivalents | 1% | 0% |
100% | 100% |
Sector Diversification (As a % of Common Stocks) | 6/30/22 | 12/31/21 |
Diversified | 37% | 29% |
Health Care | 13% | 6% |
Apartments | 12% | 14% |
Industrial | 9% | 17% |
Specialty Services | 7% | 2% |
Storage | 6% | 8% |
Shopping Centers | 5% | 7% |
Office | 4% | 2% |
Hotels | 4% | 2% |
Financials | 2% | 2% |
Retail | 1% | 1% |
Regional Malls | — | 6% |
Manufactured Homes | — | 4% |
Real Estate Services | — | 0% |
100% | 100% |
DWS RREEF Real Estate Securities Fund | | | 9 |
Ten Largest Equity Holdings at June 30, 2022 (49.2% of Net Assets) | |
1Crown Castle International Corp. | 7.4% |
Provider of wireless infrastructure | |
2American Tower Corp. | 6.6% |
Operator and developer of wireless communications and broadcast towers | |
3Prologis, Inc. | 5.5% |
Owner, operator and developer of industrial real estate | |
4SBA Communications Corp. | 4.7% |
Operator of wireless Communication Infrastructure | |
5Public Storage | 4.6% |
Owner and operator of personal and business mini-warehouses | |
6Welltower, Inc. | 4.5% |
Investor of senior housing and assisted living facilities | |
7Realty Income Corp. | 4.2% |
Owner and manager of commercial properties | |
8Ventas, Inc. | 4.0% |
Owner and operator of long-term health care facilities | |
9Equinix, Inc. | 3.9% |
Provider of technology-related real estate | |
10VICI Properties, Inc. | 3.8% |
Owner and acquirer of experiential real estate assets |
10 | | | DWS RREEF Real Estate Securities Fund |
Shares | Value ($) | ||
Common Stocks 98.6% | |||
Equity Real Estate Investment Trusts (REITs) | |||
Apartments 12.1% | |||
American Homes 4 Rent “A” | 1,139,597 | 40,387,318 | |
AvalonBay Communities, Inc. | 222,084 | 43,139,817 | |
Essential Properties Realty Trust, Inc. | 958,290 | 20,593,652 | |
Independence Realty Trust, Inc. | 811,983 | 16,832,407 | |
Mid-America Apartment Communities, Inc. | 246,683 | 43,088,120 | |
164,041,314 | |||
Diversified 36.0% | |||
American Tower Corp. | 350,605 | 89,611,132 | |
Crown Castle International Corp. | 594,578 | 100,115,044 | |
Digital Realty Trust, Inc. | 355,108 | 46,103,672 | |
Duke Realty Corp. | 368,770 | 20,263,911 | |
Equinix, Inc. | 79,892 | 52,490,642 | |
Gaming and Leisure Properties, Inc. | 97,571 | 4,474,606 | |
SBA Communications Corp. | 197,086 | 63,077,374 | |
VICI Properties, Inc. | 1,742,140 | 51,898,351 | |
Weyerhaeuser Co. | 846,035 | 28,020,679 | |
WP Carey, Inc. | 366,707 | 30,385,342 | |
486,440,753 | |||
Financials 1.6% | |||
Apartment Income REIT Corp. | 503,267 | 20,935,907 | |
Health Care 12.8% | |||
Healthcare Realty Trust, Inc. | 571,288 | 15,539,034 | |
Healthcare Trust of America, Inc. “A” | 525,410 | 14,664,193 | |
Healthpeak Properties, Inc. | 751,743 | 19,477,661 | |
Sabra Health Care REIT, Inc. | 577,074 | 8,061,724 | |
Ventas, Inc. | 1,047,722 | 53,884,342 | |
Welltower, Inc. | 744,605 | 61,318,222 | |
172,945,176 | |||
Hotels 3.7% | |||
Apple Hospitality REIT, Inc. | 751,892 | 11,030,256 | |
Ryman Hospitality Properties, Inc.* | 361,212 | 27,462,948 | |
Sunstone Hotel Investors, Inc.* | 1,224,428 | 12,146,326 | |
50,639,530 | |||
Industrial 9.0% | |||
EastGroup Properties, Inc. | 178,848 | 27,601,612 |
DWS RREEF Real Estate Securities Fund | | | 11 |
Shares | Value ($) | ||
First Industrial Realty Trust, Inc. | 418,661 | 19,878,024 | |
Prologis, Inc. | 630,637 | 74,194,443 | |
121,674,079 | |||
Office 4.2% | |||
Boston Properties, Inc. | 386,770 | 34,414,795 | |
Hudson Pacific Properties, Inc. | 294,177 | 4,365,587 | |
Kilroy Realty Corp. | 331,383 | 17,341,272 | |
56,121,654 | |||
Retail 0.8% | |||
NETSTREIT Corp. | 553,242 | 10,439,677 | |
Shopping Centers 5.0% | |||
Kimco Realty Corp. | 1,745,219 | 34,502,980 | |
Kite Realty Group Trust | 1,267,059 | 21,907,450 | |
SITE Centers Corp. | 853,699 | 11,499,325 | |
67,909,755 | |||
Specialty Services 7.2% | |||
Agree Realty Corp. | 559,356 | 40,346,348 | |
Realty Income Corp. | 840,941 | 57,402,633 | |
97,748,981 | |||
Storage 6.2% | |||
Life Storage, Inc. | 198,516 | 22,166,296 | |
Public Storage | 197,210 | 61,661,651 | |
83,827,947 | |||
Total Common Stocks (Cost $1,227,474,597) | 1,332,724,773 | ||
Cash Equivalents 1.0% | |||
DWS Central Cash Management Government Fund, 1.36% (a) (Cost $13,865,345) | 13,865,345 | 13,865,345 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $1,241,339,942) | 99.6 | 1,346,590,118 | |
Other Assets and Liabilities, Net | 0.4 | 5,703,142 | |
Net Assets | 100.0 | 1,352,293,260 |
12 | | | DWS RREEF Real Estate Securities Fund |
Value ($) 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 0.0% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 1.28% (a) (b) | ||||||||
48,285,064 | — | 48,285,064 (c) | — | — | 12,904 | — | — | — |
Cash Equivalents 1.0% | ||||||||
DWS Central Cash Management Government Fund, 1.36% (a) | ||||||||
4,040,604 | 173,926,280 | 164,101,539 | — | — | 30,173 | — | 13,865,345 | 13,865,345 |
52,325,668 | 173,926,280 | 212,386,603 | — | — | 43,077 | — | 13,865,345 | 13,865,345 |
* | Non-income producing security. |
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(b) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(c) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2022. |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $1,332,724,773 | $— | $— | $1,332,724,773 |
Short-Term Investments | 13,865,345 | — | — | 13,865,345 |
Total | $1,346,590,118 | $— | $— | $1,346,590,118 |
(a) | See Investment Portfolio for additional detailed categorizations. |
DWS RREEF Real Estate Securities Fund | | | 13 |
Assets | |
Investments in non-affiliated securities, at value (cost $1,227,474,597) | $ 1,332,724,773 |
Investment in DWS Central Cash Management Government Fund (cost $13,865,345) | 13,865,345 |
Cash | 10,000 |
Receivable for investments sold | 18,496,030 |
Receivable for Fund shares sold | 3,015,681 |
Dividends receivable | 3,952,443 |
Interest receivable | 17,538 |
Other assets | 62,618 |
Total assets | 1,372,144,428 |
Liabilities | |
Payable for investments purchased | 11,527,415 |
Payable for Fund shares redeemed | 7,227,476 |
Accrued management fee | 447,490 |
Accrued Trustees' fees | 1,334 |
Other accrued expenses and payables | 647,453 |
Total liabilities | 19,851,168 |
Net assets, at value | $1,352,293,260 |
Net Assets Consist of | |
Distributable earnings (loss) | 135,304,910 |
Paid-in capital | 1,216,988,350 |
Net assets, at value | $1,352,293,260 |
14 | | | DWS RREEF Real Estate Securities Fund |
Net Asset Value | |
Class A | |
Net Asset Value and redemption price per share ($197,277,866 ÷ 9,457,746 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 20.86 |
Maximum offering price per share (100 ÷ 94.25 of $20.86) | $ 22.13 |
Class T | |
Net Asset Value and redemption price per share ($13,729 ÷ 657 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)** | $ 20.89 |
Maximum offering price per share (100 ÷ 97.50 of $20.89) | $ 21.43 |
Class C | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($7,230,609 ÷ 341,500 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 21.17 |
Class R | |
Net Asset Value, offering and redemption price per share ($26,744,777 ÷ 1,281,973 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 20.86 |
Class R6 | |
Net Asset Value, offering and redemption price per share ($298,117,053 ÷ 14,316,567 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 20.82 |
Class S | |
Net Asset Value, offering and redemption price per share ($146,140,144 ÷ 6,959,733 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 21.00 |
Institutional Class | |
Net Asset Value, offering and redemption price per share ($676,769,082 ÷ 32,512,069 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 20.82 |
DWS RREEF Real Estate Securities Fund | | | 15 |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $5,229) | $ 22,458,851 |
Income distributions — DWS Central Cash Management Government Fund | 30,173 |
Securities lending income, net of borrower rebates | 12,904 |
Total income | 22,501,928 |
Expenses: | |
Management fee | 2,967,343 |
Administration fee | 742,457 |
Services to shareholders | 876,497 |
Distribution and service fees | 399,820 |
Custodian fee | 9,052 |
Professional fees | 52,319 |
Reports to shareholders | 46,515 |
Registration fees | 47,014 |
Trustees' fees and expenses | 36,108 |
Other | 39,645 |
Total expenses | 5,216,770 |
Net investment income | 17,285,158 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from investments | 52,524,443 |
Change in net unrealized appreciation (depreciation) on investments | (449,196,655) |
Net gain (loss) | (396,672,212) |
Net increase (decrease) in net assets resulting from operations | $ (379,387,054) |
16 | | | DWS RREEF 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 | $ 17,285,158 | $ 16,602,459 |
Net realized gain (loss) | 52,524,443 | 214,433,276 |
Change in net unrealized appreciation (depreciation) | (449,196,655) | 287,216,950 |
Net increase (decrease) in net assets resulting from operations | (379,387,054) | 518,252,685 |
Distributions to shareholders: | ||
Class A | (5,549,026) | (18,181,782) |
Class T | (392) | (1,214) |
Class C | (173,351) | (651,009) |
Class R | (709,425) | (2,257,155) |
Class R6 | (8,995,625) | (27,234,228) |
Class S | (4,161,754) | (14,406,128) |
Institutional Class | (20,701,177) | (62,678,267) |
Total distributions | (40,290,750) | (125,409,783) |
Fund share transactions: | ||
Proceeds from shares sold | 254,364,294 | 485,375,479 |
Reinvestment of distributions | 34,140,834 | 105,630,529 |
Payments for shares redeemed | (267,646,897) | (426,822,707) |
Net increase (decrease) in net assets from Fund share transactions | 20,858,231 | 164,183,301 |
Increase (decrease) in net assets | (398,819,573) | 557,026,203 |
Net assets at beginning of period | 1,751,112,833 | 1,194,086,630 |
Net assets at end of period | $1,352,293,260 | $1,751,112,833 |
DWS RREEF Real Estate Securities Fund | | | 17 |
DWS RREEF 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 | $27.37 | $20.70 | $22.64 | $18.91 | $20.39 | $20.11 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .23 | .21 | .32 | .35 | .40 | .36 |
Net realized and unrealized gain (loss) | (6.14) | 8.47 | (1.60) | 5.10 | (1.10) | .86 |
Total from investment operations | (5.91) | 8.68 | (1.28) | 5.45 | (.70) | 1.22 |
Less distributions from: | ||||||
Net investment income | (.12) | (.27) | (.34) | (.37) | (.41) | (.35) |
Net realized gains | (.48) | (1.74) | (.32) | (1.35) | (.37) | (.59) |
Total distributions | (.60) | (2.01) | (.66) | (1.72) | (.78) | (.94) |
Redemption fees | — | — | — | — | — | .00* |
Net asset value, end of period | $20.86 | $27.37 | $20.70 | $22.64 | $18.91 | $20.39 |
Total Return (%)b | (21.62)** | 42.53 | (5.20) | 29.11 | (3.49) | 6.11 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 197 | 262 | 197 | 245 | 184 | 238 |
Ratio of expenses (%) | .98*** | .97 | .99 | .98 | .97 | .99 |
Ratio of net investment income (%) | 1.95*** | .86 | 1.61 | 1.55 | 2.04 | 1.75 |
Portfolio turnover rate (%) | 60** | 114 | 133 | 134 | 166 | 168 |
a | Based on average shares outstanding during the period. |
b | Total return does not reflect the effect of any sales charges. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
18 | | | DWS RREEF Real Estate Securities Fund |
DWS RREEF 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 | $27.41 | $20.73 | $22.65 | $18.91 | $20.40 | $20.54 |
Income (loss) from investment operations: | ||||||
Net investment incomeb | .25 | .24 | .34 | .38 | .44 | .24 |
Net realized and unrealized gain (loss) | (6.16) | 8.47 | (1.59) | 5.10 | (1.13) | .48 |
Total from investment operations | (5.91) | 8.71 | (1.25) | 5.48 | (.69) | .72 |
Less distributions from: | ||||||
Net investment income | (.13) | (.29) | (.35) | (.39) | (.43) | (.27) |
Net realized gains | (.48) | (1.74) | (.32) | (1.35) | (.37) | (.59) |
Total distributions | (.61) | (2.03) | (.67) | (1.74) | (.80) | (.86) |
Net asset value, end of period | $20.89 | $27.41 | $20.73 | $22.65 | $18.91 | $20.40 |
Total Return (%)c | (21.58)* | 42.67 | (5.07) | 29.28 | (3.45) | 3.54* |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ thousands) | 14 | 18 | 12 | 13 | 10 | 10 |
Ratio of expenses (%) | .83** | .84 | .88 | .86 | .88 | .94** |
Ratio of net investment income (%) | 2.11** | .99 | 1.72 | 1.68 | 2.20 | 1.98** |
Portfolio turnover rate (%) | 60* | 114 | 133 | 134 | 166 | 168d |
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 | Represents the Fund’s portfolio turnover rate for the year ended December 31, 2017. |
* | Not annualized |
** | Annualized |
DWS RREEF Real Estate Securities Fund | | | 19 |
DWS RREEF 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 | $27.77 | $20.99 | $22.95 | $19.15 | $20.65 | $20.35 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .15 | .04 | .17 | .19 | .23 | .22 |
Net realized and unrealized gain (loss) | (6.23) | 8.57 | (1.59) | 5.17 | (1.08) | .88 |
Total from investment operations | (6.08) | 8.61 | (1.42) | 5.36 | (.85) | 1.10 |
Less distributions from: | ||||||
Net investment income | (.04) | (.09) | (.22) | (.21) | (.28) | (.21) |
Net realized gains | (.48) | (1.74) | (.32) | (1.35) | (.37) | (.59) |
Total distributions | (.52) | (1.83) | (.54) | (1.56) | (.65) | (.80) |
Redemption fees | — | — | — | — | — | .00* |
Net asset value, end of period | $21.17 | $27.77 | $20.99 | $22.95 | $19.15 | $20.65 |
Total Return (%)b | (21.90)** | 41.46 | (5.84) | 28.21 | (4.19) | 5.43 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 7 | 11 | 11 | 16 | 16 | 36 |
Ratio of expenses (%) | 1.69*** | 1.68 | 1.69 | 1.66 | 1.69 | 1.68 |
Ratio of net investment income (%) | 1.20*** | .15 | .87 | .84 | 1.17 | 1.04 |
Portfolio turnover rate (%) | 60** | 114 | 133 | 134 | 166 | 168 |
a | Based on average shares outstanding during the period. |
b | Total return does not reflect the effect of any sales charges. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
20 | | | DWS RREEF Real Estate Securities Fund |
DWS RREEF Real Estate Securities Fund — Class R | ||||||
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 | $27.37 | $20.70 | $22.64 | $18.91 | $20.39 | $20.11 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .20 | .13 | .26 | .27 | .35 | .30 |
Net realized and unrealized gain (loss) | (6.15) | 8.47 | (1.60) | 5.11 | (1.11) | .85 |
Total from investment operations | (5.95) | 8.60 | (1.34) | 5.38 | (.76) | 1.15 |
Less distributions from: | ||||||
Net investment income | (.08) | (.19) | (.28) | (.30) | (.35) | (.28) |
Net realized gains | (.48) | (1.74) | (.32) | (1.35) | (.37) | (.59) |
Total distributions | (.56) | (1.93) | (.60) | (1.65) | (.72) | (.87) |
Redemption fees | — | — | — | — | — | .00* |
Net asset value, end of period | $20.86 | $27.37 | $20.70 | $22.64 | $18.91 | $20.39 |
Total Return (%) | (21.74)** | 42.09 | (5.50) | 28.72 | (3.78) | 5.77 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 27 | 35 | 24 | 30 | 25 | 32 |
Ratio of expenses (%) | 1.28*** | 1.28 | 1.29 | 1.31 | 1.27 | 1.31 |
Ratio of net investment income (%) | 1.65*** | .52 | 1.30 | 1.22 | 1.75 | 1.45 |
Portfolio turnover rate (%) | 60** | 114 | 133 | 134 | 166 | 168 |
a | Based on average shares outstanding during the period. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
DWS RREEF Real Estate Securities Fund | | | 21 |
DWS RREEF 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 | $27.32 | $20.67 | $22.60 | $18.88 | $20.37 | $20.09 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .29 | .32 | .41 | .43 | .54 | .46 |
Net realized and unrealized gain (loss) | (6.14) | 8.45 | (1.60) | 5.11 | (1.15) | .86 |
Total from investment operations | (5.85) | 8.77 | (1.19) | 5.54 | (.61) | 1.32 |
Less distributions from: | ||||||
Net investment income | (.17) | (.38) | (.42) | (.47) | (.51) | (.45) |
Net realized gains | (.48) | (1.74) | (.32) | (1.35) | (.37) | (.59) |
Total distributions | (.65) | (2.12) | (.74) | (1.82) | (.88) | (1.04) |
Redemption fees | — | — | — | — | — | .00* |
Net asset value, end of period | $20.82 | $27.32 | $20.67 | $22.60 | $18.88 | $20.37 |
Total Return (%) | (21.45)** | 43.12 | (4.74) | 29.66 | (3.08) | 6.62 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 298 | 377 | 249 | 249 | 273 | 201 |
Ratio of expenses (%) | .52*** | .52 | .54 | .54 | .54 | .54 |
Ratio of net investment income (%) | 2.42*** | 1.31 | 2.07 | 1.90 | 2.70 | 2.22 |
Portfolio turnover rate (%) | 60** | 114 | 133 | 134 | 166 | 168 |
a | Based on average shares outstanding during the period. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
22 | | | DWS RREEF Real Estate Securities Fund |
DWS RREEF 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 | $27.54 | $20.83 | $22.78 | $19.02 | $20.52 | $20.23 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .26 | .27 | .36 | .39 | .46 | .42 |
Net realized and unrealized gain (loss) | (6.18) | 8.51 | (1.61) | 5.15 | (1.12) | .87 |
Total from investment operations | (5.92) | 8.78 | (1.25) | 5.54 | (.66) | 1.29 |
Less distributions from: | ||||||
Net investment income | (.14) | (.33) | (.38) | (.43) | (.47) | (.41) |
Net realized gains | (.48) | (1.74) | (.32) | (1.35) | (.37) | (.59) |
Total distributions | (.62) | (2.07) | (.70) | (1.78) | (.84) | (1.00) |
Redemption fees | — | — | — | — | — | .00* |
Net asset value, end of period | $21.00 | $27.54 | $20.83 | $22.78 | $19.02 | $20.52 |
Total Return (%) | (21.52)** | 42.78 | (5.00) | 29.41 | (3.28) | 6.43 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 146 | 200 | 168 | 219 | 248 | 299 |
Ratio of expenses (%) | .77*** | .77 | .77 | .76 | .72 | .72 |
Ratio of net investment income (%) | 2.13*** | 1.08 | 1.82 | 1.72 | 2.31 | 2.05 |
Portfolio turnover rate (%) | 60** | 114 | 133 | 134 | 166 | 168 |
a | Based on average shares outstanding during the period. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
DWS RREEF Real Estate Securities Fund | | | 23 |
DWS RREEF 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 | $27.31 | $20.66 | $22.60 | $18.87 | $20.36 | $20.08 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .28 | .30 | .39 | .43 | .46 | .43 |
Net realized and unrealized gain (loss) | (6.13) | 8.45 | (1.60) | 5.10 | (1.09) | .86 |
Total from investment operations | (5.85) | 8.75 | (1.21) | 5.53 | (.63) | 1.29 |
Less distributions from: | ||||||
Net investment income | (.16) | (.36) | (.41) | (.45) | (.49) | (.42) |
Net realized gains | (.48) | (1.74) | (.32) | (1.35) | (.37) | (.59) |
Total distributions | (.64) | (2.10) | (.73) | (1.80) | (.86) | (1.01) |
Redemption fees | — | — | — | — | — | .00* |
Net asset value, end of period | $20.82 | $27.31 | $20.66 | $22.60 | $18.87 | $20.36 |
Total Return (%) | (21.46)** | 43.03 | (4.87) | 29.60 | (3.19) | 6.50 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 677 | 867 | 545 | 647 | 432 | 546 |
Ratio of expenses (%) | .61*** | .61 | .63 | .63 | .65 | .64 |
Ratio of net investment income (%) | 2.34*** | 1.21 | 1.97 | 1.91 | 2.32 | 2.09 |
Portfolio turnover rate (%) | 60** | 114 | 133 | 134 | 166 | 168 |
a | Based on average shares outstanding during the period. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
24 | | | DWS RREEF Real Estate Securities Fund |
DWS RREEF Real Estate Securities Fund | | | 25 |
26 | | | DWS RREEF Real Estate Securities Fund |
DWS RREEF Real Estate Securities Fund | | | 27 |
28 | | | DWS RREEF Real Estate Securities Fund |
DWS RREEF Real Estate Securities Fund | | | 29 |
First $100 million of the Fund’s average daily net assets | .565% |
Next $100 million of such net assets | .465% |
Next $100 million of such net assets | .415% |
Over $300 million of such net assets | .365% |
Class A | 1.27% |
Class T | 1.27% |
Class C | 2.02% |
Class R | 1.52% |
Class R6 | 1.02% |
Class S | 1.02% |
Institutional Class | 1.02% |
30 | | | DWS RREEF Real Estate Securities Fund |
Services to Shareholders | Total Aggregated | Unpaid at June 30, 2022 |
Class A | $ 10,378 | $ 3,376 |
Class T | 13 | 4 |
Class C | 470 | 150 |
Class R | 2,233 | 634 |
Class R6 | 4,407 | 1,164 |
Class S | 8,507 | 2,789 |
Institutional Class | 1,509 | 431 |
$ 27,517 | $ 8,548 |
Sub-Recordkeeping | Total Aggregated |
Class A | $ 235,495 |
Class C | 7,177 |
Class R | 38,992 |
Class S | 204,524 |
Institutional Class | 350,189 |
$ 836,377 |
Distribution Fee | Total Aggregated | Unpaid at June 30, 2022 |
Class C | $ 32,379 | $ 4,558 |
Class R | 39,200 | 5,616 |
$ 71,579 | $ 10,174 |
DWS RREEF Real Estate Securities Fund | | | 31 |
Service Fee | Total Aggregated | Unpaid at June 30, 2022 | Annualized Rate |
Class A | $ 278,237 | $ 86,700 | .25% |
Class T | 11 | 8 | .15% |
Class C | 10,793 | 3,126 | .25% |
Class R | 39,200 | 11,388 | .25% |
$ 328,241 | $ 101,222 |
32 | | | DWS RREEF Real Estate Securities Fund |
Six Months Ended June 30, 2022 | Year Ended December 31, 2021 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 1,030,654 | $ 24,633,552 | 2,311,877 | $ 56,495,364 |
Class C | 9,426 | 231,189 | 40,271 | 1,017,732 |
Class R | 273,804 | 6,836,026 | 423,903 | 10,636,126 |
Class R6 | 2,439,659 | 58,485,515 | 4,874,211 | 118,674,930 |
Class S | 1,336,427 | 32,406,352 | 2,096,518 | 51,427,887 |
Institutional Class | 5,489,414 | 131,771,660 | 10,033,188 | 247,123,440 |
$ 254,364,294 | $ 485,375,479 |
DWS RREEF Real Estate Securities Fund | | | 33 |
Six Months Ended June 30, 2022 | Year Ended December 31, 2021 | |||
Shares | Dollars | Shares | Dollars | |
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 188,325 | $ 3,970,241 | 497,095 | $ 12,892,790 |
Class T | 18 | 392 | 47 | 1,214 |
Class C | 7,214 | 152,727 | 22,003 | 581,652 |
Class R | 33,709 | 708,082 | 86,695 | 2,253,631 |
Class R6 | 330,787 | 6,994,929 | 805,817 | 20,825,035 |
Class S | 194,234 | 4,132,337 | 549,477 | 14,312,189 |
Institutional Class | 860,739 | 18,182,126 | 2,118,466 | 54,764,018 |
$ 34,140,834 | $ 105,630,529 | |||
Shares redeemed | ||||
Class A | (1,320,614) | $ (31,456,244) | (2,780,215) | $ (67,589,250) |
Class C | (57,234) | (1,389,467) | (188,298) | (4,530,418) |
Class R | (286,872) | (6,953,484) | (409,520) | (9,979,243) |
Class R6 | (2,265,158) | (54,124,859) | (3,920,875) | (92,886,956) |
Class S | (1,820,904) | (44,190,715) | (3,452,914) | (85,155,683) |
Institutional Class | (5,598,981) | (129,532,128) | (6,775,263) | (166,681,157) |
$ (267,646,897) | $ (426,822,707) | |||
Net increase (decrease) | ||||
Class A | (101,635) | $ (2,852,451) | 28,757 | $ 1,798,904 |
Class T | 18 | 392 | 47 | 1,214 |
Class C | (40,594) | (1,005,551) | (126,024) | (2,931,034) |
Class R | 20,641 | 590,624 | 101,078 | 2,910,514 |
Class R6 | 505,288 | 11,355,585 | 1,759,153 | 46,613,009 |
Class S | (290,243) | (7,652,026) | (806,919) | (19,415,607) |
Institutional Class | 751,172 | 20,421,658 | 5,376,391 | 135,206,301 |
$ 20,858,231 | $ 164,183,301 |
34 | | | DWS RREEF Real Estate Securities Fund |
DWS RREEF Real Estate Securities Fund | | | 35 |
36 | | | DWS RREEF Real Estate Securities Fund |
Actual Fund Return | Class A | Class T | Class C | Class R | 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 | $1,000.00 |
Ending Account Value 6/30/22 | $783.80 | $784.20 | $781.00 | $782.60 | $785.50 | $784.80 | $785.40 |
Expenses Paid per $1,000* | $4.33 | $3.67 | $7.46 | $5.66 | $2.30 | $3.41 | $2.70 |
Hypothetical 5% Fund Return | Class A | Class T | Class C | Class R | 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 | $1,000.00 |
Ending Account Value 6/30/22 | $1,019.93 | $1,020.68 | $1,016.41 | $1,018.45 | $1,022.22 | $1,020.98 | $1,021.77 |
Expenses Paid per $1,000* | $4.91 | $4.16 | $8.45 | $6.41 | $2.61 | $3.86 | $3.06 |
* | 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 R | Class R6 | Class S | Institutional Class |
DWS RREEF Real Estate Securities Fund | .98% | .83% | 1.69% | 1.28% | .52% | .77% | .61% |
DWS RREEF Real Estate Securities Fund | | | 37 |
38 | | | DWS RREEF Real Estate Securities Fund |
DWS RREEF Real Estate Securities Fund | | | 39 |
40 | | | DWS RREEF Real Estate Securities Fund |
DWS RREEF Real Estate Securities Fund | | | 41 |
42 | | | DWS RREEF Real Estate Securities Fund |
DWS RREEF Real Estate Securities Fund | | | 43 |
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 |
44 | | | DWS RREEF 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. |
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 | RRRAX | RRRTX | RRRCX | RRREX | RRRRX |
CUSIP Number | 25159L 505 | 25159L 356 | 25159L 703 | 25159L 885 | 25159L 737 |
Fund Number | 425 | 1725 | 725 | 2325 | 595 |
For shareholders of Class R and 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 R | Class R6 | |
Nasdaq Symbol | RRRSX | RRRZX |
CUSIP Number | 25159L 802 | 25159L 513 |
Fund Number | 1502 | 1665 |
DWS RREEF Real Estate Securities Fund | | | 45 |
(R-028293-11 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 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 |