Investment Portfolioas of September 30, 2022 (Unaudited)
DWS RREEF Real Estate Securities Fund
Shares | Value ($) | ||
Common Stocks 98.4% | |||
Equity Real Estate Investment Trusts (REITs) | |||
Apartments 13.5% | |||
American Homes 4 Rent "A" | 1,136,474 | 37,287,712 | |
AvalonBay Communities, Inc. | 353,215 | 65,058,671 | |
Essential Properties Realty Trust, Inc. | 427,060 | 8,306,317 | |
Independence Realty Trust, Inc. | 88,171 | 1,475,101 | |
Mid-America Apartment Communities, Inc. | 303,606 | 47,080,182 | |
159,207,983 | |||
Diversified 35.7% | |||
American Tower Corp. | 624,638 | 134,109,779 | |
Crown Castle, Inc. | 153,853 | 22,239,451 | |
Digital Realty Trust, Inc. | 35,135 | 3,484,689 | |
Duke Realty Corp. | 665,559 | 32,079,944 | |
Equinix, Inc. | 138,174 | 78,598,898 | |
SBA Communications Corp. | 214,550 | 61,071,657 | |
VICI Properties, Inc. | 1,344,014 | 40,118,818 | |
Weyerhaeuser Co. | 763,601 | 21,808,445 | |
WP Carey, Inc. | 366,485 | 25,580,653 | |
419,092,334 | |||
Financials 4.1% | |||
Apartment Income REIT Corp. | 516,140 | 19,933,327 | |
Iron Mountain, Inc. | 642,507 | 28,251,033 | |
48,184,360 | |||
Health Care 6.7% | |||
Healthcare Realty Trust, Inc. | 620,915 | 12,946,078 | |
Healthpeak Properties, Inc. | 798,672 | 18,305,562 | |
Sabra Health Care REIT, Inc. | 1,596,607 | 20,947,484 | |
Ventas, Inc. | 660,486 | 26,531,722 | |
78,730,846 | |||
Hotels 1.7% | |||
Apple Hospitality REIT, Inc. | 29,135 | 409,638 | |
Ryman Hospitality Properties, Inc. | 260,176 | 19,146,352 | |
19,555,990 | |||
Industrial 10.3% | |||
EastGroup Properties, Inc. | 176,199 | 25,432,564 | |
First Industrial Realty Trust, Inc. | 391,057 | 17,523,264 | |
Prologis, Inc. | 773,368 | 78,574,189 | |
121,530,017 | |||
Manufactured Homes 2.6% | |||
Equity LifeStyle Properties, Inc. | 480,829 | 30,215,294 | |
Office 1.3% | |||
Boston Properties, Inc. | 199,979 | 14,992,426 | |
Regional Malls 1.1% | |||
Simon Property Group, Inc. | 143,334 | 12,864,226 |
Shopping Centers 4.4% | |||
Kimco Realty Corp. | 1,618,893 | 29,803,820 | |
Kite Realty Group Trust | 1,266,624 | 21,811,265 | |
51,615,085 | |||
Specialty Services 8.1% | |||
Agree Realty Corp. | 633,831 | 42,834,299 | |
Realty Income Corp. | 891,768 | 51,900,898 | |
94,735,197 | |||
Storage 8.9% | |||
Life Storage, Inc. | 293,932 | 32,555,908 | |
Public Storage | 245,542 | 71,897,153 | |
104,453,061 | |||
Total Common Stocks (Cost $1,186,420,926) | 1,155,176,819 | ||
Cash Equivalents 1.5% | |||
DWS Central Cash Management Government Fund, 2.84% (a) (Cost $17,235,202) | 17,235,202 | 17,235,202 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $1,203,656,128) | 99.9 | 1,172,412,021 | |
Other Assets and Liabilities, Net | 0.1 | 1,261,670 | |
Net Assets | 100.0 | 1,173,673,691 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended September 30, 2022 are as follows:
Value ($) at 12/31/2021 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 9/30/2022 | Value ($) at 9/30/2022 |
Securities Lending Collateral 0.0% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 2.79% (a) (b) | ||||||||
48,285,064 | — | 48,285,064 (c) | — | — | 14,974 | — | — | — |
Cash Equivalents 1.5% | ||||||||
DWS Central Cash Management Government Fund, 2.84% (a) | ||||||||
4,040,604 | 238,690,445 | 225,495,847 | — | — | 98,339 | — | 17,235,202 | 17,235,202 |
52,325,668 | 238,690,445 | 273,780,911 | — | — | 113,313 | — | 17,235,202 | 17,235,202 |
(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 September 30, 2022. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of September 30, 2022 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $1,155,176,819 | $— | $— | $1,155,176,819 |
Short-Term Investments | 17,235,202 | — | — | 17,235,202 |
Total | $1,172,412,021 | $— | $— | $1,172,412,021 |
(a) | See Investment Portfolio for additional detailed categorizations. |
OBTAIN AN OPEN-END FUND PROSPECTUS
To obtain a summary prospectus, if available, or prospectus, download one from fundsus.dws.com, talk to your financial representative or call (800) 728-3337. We advise you to carefully consider the product's objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest.
CLOSED-END FUNDS
Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.
NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE
DRESF-PH3
R-080548-1 (1/23)