Consolidated Investment Portfolio | as of December 31, 2020 (Unaudited) |
DWS RREEF Real Assets Fund
Shares | Value ($) | ||||||||||
Common Stocks 80.0% | |||||||||||
Communication Services 0.9% | |||||||||||
Diversified Telecommunication Services | |||||||||||
Cellnex Telecom SA 144A | 91,346 | 5,496,476 | |||||||||
China Tower Corp., Ltd. "H", 144A | 13,558,000 | 1,996,277 | |||||||||
7,492,753 | |||||||||||
Consumer Staples 1.8% | |||||||||||
Food Products | |||||||||||
Archer-Daniels-Midland Co. | 118,651 | 5,981,197 | |||||||||
Bunge Ltd. | 100,156 | 6,568,230 | |||||||||
Wilmar International Ltd. | 631,800 | 2,229,927 | |||||||||
14,779,354 | |||||||||||
Energy 11.4% | |||||||||||
Oil, Gas & Consumable Fuels | |||||||||||
Canadian Natural Resources Ltd. | 112,385 | 2,700,807 | |||||||||
Cheniere Energy, Inc.* | 356,969 | 21,428,849 | |||||||||
ConocoPhillips | 98,900 | 3,955,011 | |||||||||
Gibson Energy, Inc. | 142,400 | 2,300,058 | |||||||||
Kinder Morgan, Inc. | 398,700 | 5,450,229 | |||||||||
Neste Oyj | 29,530 | 2,138,207 | |||||||||
Novatek PJSC (GDR) | 8,900 | 1,454,260 | |||||||||
ONEOK, Inc. | 101,810 | 3,907,468 | |||||||||
Pembina Pipeline Corp. | 194,400 | 4,596,936 | |||||||||
Petroleo Brasileiro SA (ADR) | 182,275 | 2,046,948 | |||||||||
Pioneer Natural Resources Co. | 35,692 | 4,064,962 | |||||||||
Rosneft Oil Co. PJSC (GDR) | 342,789 | 1,933,330 | |||||||||
Targa Resources Corp. | 180,400 | 4,758,952 | |||||||||
TC Energy Corp. | 270,753 | 11,007,517 | |||||||||
TOTAL SE | 214,679 | 9,262,860 | |||||||||
Williams Companies, Inc. | 665,242 | 13,338,102 | |||||||||
94,344,496 | |||||||||||
Industrials 10.8% | |||||||||||
Commercial Services & Supplies 2.4% | |||||||||||
Republic Services, Inc. | 93,795 | 9,032,459 | |||||||||
Waste Connections, Inc. | 105,151 | 10,785,338 | |||||||||
19,817,797 | |||||||||||
Construction & Engineering 1.1% | |||||||||||
Ferrovial SA | 320,409 | 8,831,368 | |||||||||
Road & Rail 2.5% | |||||||||||
Canadian National Railway Co. | 26,161 | 2,876,087 | |||||||||
CSX Corp. | 107,371 | 9,743,918 | |||||||||
Union Pacific Corp. | 40,756 | 8,486,214 | |||||||||
21,106,219 | |||||||||||
Transportation Infrastructure 4.8% | |||||||||||
Aena SME SA 144A* | 40,576 | 7,077,045 | |||||||||
Auckland International Airport Ltd.* | 839,196 | 4,564,980 | |||||||||
Getlink SE* | 329,248 | 5,712,140 | |||||||||
Grupo Aeroportuario del Pacifico SAB de CV (ADR)* | 38,120 | 4,242,375 | |||||||||
Japan Airport Terminal Co., Ltd. | 98,204 | 5,949,971 | |||||||||
Sydney Airport (Units)* | 1,049,700 | 5,203,046 | |||||||||
Transurban Group (Units) | 671,376 | 7,090,303 | |||||||||
39,839,860 | |||||||||||
Information Technology 0.1% | |||||||||||
IT Services | |||||||||||
SUNeVision Holdings Ltd. | 850,000 | 773,781 | |||||||||
Materials 13.5% | |||||||||||
Chemicals 3.3% | |||||||||||
CF Industries Holdings, Inc. | 144,955 | 5,611,208 | |||||||||
Corteva, Inc. | 135,118 | 5,231,769 | |||||||||
FMC Corp. | 57,537 | 6,612,727 | |||||||||
Nutrien Ltd. | 165,060 | 7,941,138 | |||||||||
Scotts Miracle-Gro Co. | 10,600 | 2,110,884 | |||||||||
27,507,726 | |||||||||||
Containers & Packaging 1.9% | |||||||||||
Ball Corp. | 63,148 | 5,884,131 | |||||||||
Packaging Corp. of America | 36,847 | 5,081,570 | |||||||||
Westrock Co. | 106,030 | 4,615,486 | |||||||||
15,581,187 | |||||||||||
Metals & Mining 6.6% | |||||||||||
Agnico Eagle Mines Ltd. | 11,621 | 817,916 | |||||||||
Anglo American PLC | 255,093 | 8,496,147 | |||||||||
ArcelorMittal SA* | 134,600 | 3,104,249 | |||||||||
BHP Group Ltd. | 304,110 | 9,938,217 | |||||||||
Fortescue Metals Group Ltd. | 340,219 | 6,169,877 | |||||||||
Franco-Nevada Corp. | 11,918 | 1,494,314 | |||||||||
Freeport-McMoRan Copper & Gold, Inc. | 518,315 | 13,486,556 | |||||||||
Kirkland Lake Gold Ltd. | 36,536 | 1,509,776 | |||||||||
Norsk Hydro ASA | 588,400 | 2,736,324 | |||||||||
Novolipetskiy Metallurgicheskiy Kombinat PAO (GDR) | 85,500 | 2,371,770 | |||||||||
Rio Tinto Ltd. | 51,888 | 4,576,210 | |||||||||
54,701,356 | |||||||||||
Paper & Forest Products 1.7% | |||||||||||
Mondi PLC | 145,309 | 3,431,008 | |||||||||
Svenska Cellulosa AB SCA "B"* | 402,462 | 7,009,367 | |||||||||
UPM-Kymmene Oyj | 101,462 | 3,787,507 | |||||||||
14,227,882 | |||||||||||
Real Estate 29.9% | |||||||||||
Equity Real Estate Investment Trusts (REITs) 23.5% | |||||||||||
Activia Properties, Inc. | 375 | 1,585,429 | |||||||||
Agree Realty Corp. | 62,898 | 4,187,749 | |||||||||
Alexandria Real Estate Equities, Inc. | 9,702 | 1,729,090 | |||||||||
American Tower Corp. | 86,909 | 19,507,594 | |||||||||
AvalonBay Communities, Inc. | 16,500 | 2,647,095 | |||||||||
Big Yellow Group PLC | 265,500 | 3,988,195 | |||||||||
British Land Co. PLC | 889,000 | 5,969,370 | |||||||||
CapitaLand Integrated Commercial Trust | 1,230,200 | 2,015,596 | |||||||||
CoreSite Realty Corp. | 20,000 | 2,505,600 | |||||||||
Crown Castle International Corp. | 111,190 | 17,700,336 | |||||||||
EastGroup Properties, Inc. | 30,567 | 4,220,080 | |||||||||
Equinix, Inc. | 5,746 | 4,103,678 | |||||||||
Equity LifeStyle Properties, Inc. | 4,764 | 301,847 | |||||||||
Essential Properties Realty Trust, Inc. | 339,049 | 7,187,839 | |||||||||
Extra Space Storage, Inc. | 36,093 | 4,181,735 | |||||||||
Gaming and Leisure Properties, Inc. | 123,935 | 5,254,844 | |||||||||
Global One Real Estate Investment Corp. | 1,461 | 1,484,701 | |||||||||
GPT Group | 1,188,000 | 4,135,820 | |||||||||
Granite Real Estate Investment Trust | 68,917 | 4,217,640 | |||||||||
Hulic Reit, Inc. | 1,432 | 2,138,777 | |||||||||
Kenedix Retail REIT Corp. | 1,038 | 2,534,363 | |||||||||
Life Storage, Inc. | 35,428 | 4,229,749 | |||||||||
Link REIT | 1,224,968 | 11,150,517 | |||||||||
Mapletree Industrial Trust | 1,703,400 | 3,738,334 | |||||||||
Mapletree Logistics Trust | 1,121,184 | 1,710,320 | |||||||||
Medical Properties Trust, Inc. �� | 176,300 | 3,841,577 | |||||||||
Mid-America Apartment Communities, Inc. | 23,513 | 2,978,862 | |||||||||
Mirvac Group | 3,185,236 | 6,495,207 | |||||||||
Mori Trust Sogo Reit, Inc. | 1,332 | 1,719,126 | |||||||||
Park Hotels & Resorts, Inc. | 220,200 | 3,776,430 | |||||||||
Prologis, Inc. | 14,353 | 1,430,420 | |||||||||
Retail Properties of America, Inc. "A" | 51,615 | 441,824 | |||||||||
Rexford Industrial Realty, Inc. | 69,391 | 3,407,792 | |||||||||
RioCan Real Estate Investment Trust | 181,900 | 2,393,609 | |||||||||
Sabra Health Care REIT, Inc. | 148,300 | 2,575,971 | |||||||||
SBA Communications Corp. | 42,095 | 11,876,262 | |||||||||
Segro PLC | 325,461 | 4,231,852 | |||||||||
Simon Property Group, Inc. | 76,230 | 6,500,894 | |||||||||
SL Green Realty Corp. | 28,800 | 1,715,904 | |||||||||
Sun Communities, Inc. | 25,936 | 3,940,975 | |||||||||
UNITE Group PLC * | 346,347 | 4,962,236 | |||||||||
Vicinity Centres | 1,711,700 | 2,127,483 | |||||||||
Waypoint REIT | 268,188 | 564,913 | |||||||||
Welltower, Inc. | 102,688 | 6,635,699 | |||||||||
Weyerhaeuser Co. | 51,200 | 1,716,736 | |||||||||
195,760,070 | |||||||||||
Real Estate Management & Development 6.4% | |||||||||||
Ascendas India Trust | 1,648,000 | 1,724,198 | |||||||||
CapitaLand Ltd. | 1,616,200 | 4,019,869 | |||||||||
Castellum AB | 131,629 | 3,346,834 | |||||||||
CK Asset Holdings Ltd. | 744,000 | 3,816,766 | |||||||||
Daibiru Corp. | 380,300 | 4,817,839 | |||||||||
Fabege AB | 232,834 | 3,668,990 | |||||||||
Fastighets AB Balder "B"* | 62,594 | 3,268,627 | |||||||||
Howard Hughes Corp.* | 20,700 | 1,633,851 | |||||||||
PSP Swiss Property AG (Registered) | 35,805 | 4,796,864 | |||||||||
Sumitomo Realty & Development Co., Ltd. | 159,190 | 4,900,205 | |||||||||
Sun Hung Kai Properties Ltd. | 347,400 | 4,485,179 | |||||||||
Swire Properties Ltd. | 1,206,400 | 3,512,221 | |||||||||
Vonovia SE | 64,861 | 4,750,259 | |||||||||
Wharf Real Estate Investment Co., Ltd. | 809,000 | 4,216,857 | |||||||||
52,958,559 | |||||||||||
Utilities 11.6% | |||||||||||
Electric Utilities 3.8% | |||||||||||
Edison International | 115,045 | 7,227,127 | |||||||||
Eversource Energy | 40,900 | 3,538,259 | |||||||||
Hydro One Ltd. 144A | 150,016 | 3,376,509 | |||||||||
Orsted AS 144A | 40,570 | 8,321,302 | |||||||||
Red Electrica Corp. SA (a) | 202,151 | 4,148,280 | |||||||||
Terna Rete Elettrica Nazionale SpA | 604,963 | 4,627,974 | |||||||||
31,239,451 | |||||||||||
Gas Utilities 3.8% | |||||||||||
China Gas Holdings Ltd. | 1,306,000 | 5,205,209 | |||||||||
China Resources Gas Group Ltd. | 392,000 | 2,086,203 | |||||||||
ENN Energy Holdings Ltd. | 709,960 | 10,411,109 | |||||||||
Hong Kong & China Gas Co., Ltd. | 3,972,000 | 5,943,675 | |||||||||
Tokyo Gas Co., Ltd. | 358,908 | 8,309,508 | |||||||||
31,955,704 | |||||||||||
Multi-Utilities 2.8% | |||||||||||
National Grid PLC | 532,123 | 6,312,698 | |||||||||
NiSource, Inc. | 214,352 | 4,917,235 | |||||||||
Sempra Energy | 94,875 | 12,088,024 | |||||||||
23,317,957 | |||||||||||
Water Utilities 1.2% | |||||||||||
American Water Works Co., Inc. | 33,466 | 5,136,027 | |||||||||
Severn Trent PLC | 151,345 | 4,755,834 | |||||||||
9,891,861 | |||||||||||
Total Common Stocks (Cost $548,169,289) | 664,127,381 | ||||||||||
Principal Amount ($) | Value ($) | ||||||||||
Government & Agency Obligations 17.3% | |||||||||||
U.S. Treasury Obligations | |||||||||||
U.S. Treasury Inflation-Indexed Bonds: | |||||||||||
1.375%, 2/15/2044 | 1,128,758 | 1,624,838 | |||||||||
2.125%, 2/15/2040 | 2,390,867 | 3,701,953 | |||||||||
2.375%, 1/15/2027 | 3,309,294 | 4,113,953 | |||||||||
U.S. Treasury Inflation-Indexed Notes: | |||||||||||
0.125%, 7/15/2024 | 1,764,994 | 1,889,738 | |||||||||
0.25%, 1/15/2025 | 4,206,003 | 4,538,321 | |||||||||
0.375%, 1/15/2027 | 7,883,333 | 8,796,589 | |||||||||
0.375%, 7/15/2027 | 10,053,517 | 11,310,076 | |||||||||
0.5%, 1/15/2028 | 9,965,792 | 11,299,235 | |||||||||
0.625%, 1/15/2026 | 6,536,576 | 7,295,857 | |||||||||
0.875%, 1/15/2029 | 2,766,248 | 3,250,629 | |||||||||
U.S. Treasury Notes: | |||||||||||
0.125%, 5/31/2022 | 4,750,000 | 4,750,928 | |||||||||
1.375%, 1/31/2022 | 15,000,000 | 15,201,562 | |||||||||
1.75%, 7/31/2021 | 16,000,000 | 16,151,250 | |||||||||
1.875%, 3/31/2022 | 11,000,000 | 11,240,625 | |||||||||
2.25%, 2/15/2021 | 2,000,000 | 2,004,790 | |||||||||
2.375%, 4/15/2021 | 18,500,000 | 18,618,516 | |||||||||
2.875%, 10/15/2021 | 17,500,000 | 17,876,660 | |||||||||
Total Government & Agency Obligations (Cost $137,018,168) | 143,665,520 | ||||||||||
Shares | Value ($) | ||||||||||
Securities Lending Collateral 0.5% | |||||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.03% (a) (b) (Cost $4,070,000) | 4,070,000 | 4,070,000 | |||||||||
Cash Equivalents 1.6% | |||||||||||
DWS Central Cash Management Government Fund, 0.08% (a) (Cost $13,362,010) | 13,362,010 | 13,362,010 | |||||||||
% of Net Assets | Value ($) | ||||||||||
Total Consolidated Investment Portfolio (Cost $702,619,467) | 99.4 | 825,224,911 | |||||||||
Other Assets and Liabilities, Net | 0.6 | 5,048,805 | |||||||||
Net Assets | 100.0 | 830,273,716 | |||||||||
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. |
A summary of the Fund's transactions with affiliated investments during the period ended December 31, 2020 are as follows: |
Value ($) at 3/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreci- ation (Deprecia- tion) ($) | Income ($) | Capital Gain Distribu- tions ($) | Number of Shares at 12/31/2020 | Value ($) at 12/31/2020 | |||||||||||||
Securities Lending Collateral 0.5% | |||||||||||||||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.03% (a) (b) (d) | |||||||||||||||||||||
1,509,854 | 2,560,146 (c) | — | — | — | 34,460 | — | 4,070,000 | 4,070,000 | |||||||||||||
Cash Equivalents 1.6% | |||||||||||||||||||||
DWS Central Cash Management Government Fund, 0.09% (b) | |||||||||||||||||||||
5,809,658 | 275,070,716 | 267,518,364 | — | — | 11,826 | — | 13,362,010 | 13,362,010 | |||||||||||||
7,319,512 | 277,630,862 | 267,518,364 | — | — | 46,286 | — | 17,432,010 | 17,432,010 | |||||||||||||
* | Non-income producing security. |
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(b) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(c) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended December 31, 2020. |
(d) | Represents prepaid collateral on securities loaned. Settlement date of securities loaned was January 4, 2021. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |
ADR: American Depositary Receipt | |
GDR: Global Depositary Receipt | |
LME: London Metal Exchange | |
PJSC: Public Joint Stock Company | |
RBOB: Reformulated Blendstock for Oxygenate Blending | |
ULSD: Ultra-Low Sulfur Diesel | |
WTI: West Texas Intermediate | |
At December 31, 2020, open futures contracts purchased were as follows: |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation (Depreciation) ($) | ||||||||||||||||
Brent Crude Oil Futures | USD | 1/29/2021 | 116 | 5,477,543 | 6,008,800 | 531,257 | ||||||||||||||||
Copper Futures | USD | 3/29/2021 | 165 | 12,853,322 | 14,515,875 | 1,662,553 | ||||||||||||||||
Corn Futures | USD | 3/12/2021 | 203 | 4,103,641 | 4,912,600 | 808,959 | ||||||||||||||||
Cotton No. 2 Futures | USD | 3/9/2021 | 39 | 1,399,557 | 1,523,340 | 123,783 | ||||||||||||||||
Gasoline RBOB Futures | USD | 2/26/2021 | 45 | 2,356,709 | 2,675,106 | 318,397 | ||||||||||||||||
Gold 100 oz. Futures | USD | 2/24/2021 | 94 | 18,117,349 | 17,813,940 | (303,409) | ||||||||||||||||
Lean Hogs Futures | USD | 2/12/2021 | 94 | 2,519,678 | 2,642,340 | 122,662 | ||||||||||||||||
Live Cattle Futures | USD | 2/26/2021 | 97 | 4,457,933 | 4,462,970 | 5,037 | ||||||||||||||||
LME Nickel Futures | USD | 1/18/2021 | 64 | 5,492,060 | 6,361,536 | 869,476 | ||||||||||||||||
LME Nickel Futures | USD | 3/15/2021 | 62 | 6,473,447 | 6,178,176 | (295,271) | ||||||||||||||||
LME Primary Aluminium Futures | USD | 1/18/2021 | 119 | 5,164,102 | 5,887,525 | 723,423 | ||||||||||||||||
LME Primary Aluminium Futures | USD | 3/15/2021 | 146 | 7,311,078 | 7,217,875 | (93,203) | ||||||||||||||||
LME Zinc Futures | USD | 1/18/2021 | 60 | 3,520,460 | 4,099,995 | 579,535 | ||||||||||||||||
LME Zinc Futures | USD | 3/15/2021 | 53 | 3,806,597 | 3,642,862 | (163,735) | ||||||||||||||||
Natural Gas Futures | USD | 2/24/2021 | 146 | 4,031,192 | 3,687,960 | (343,232) | ||||||||||||||||
NY Harbor ULSD Futures | USD | 2/26/2021 | 41 | 2,353,516 | 2,557,859 | 204,343 | ||||||||||||||||
Palladium Futures | USD | 3/29/2021 | 7 | 1,579,127 | 1,717,660 | 138,533 | ||||||||||||||||
Silver Futures | USD | 3/29/2021 | 20 | 2,471,730 | 2,641,200 | 169,470 | ||||||||||||||||
Soybean Futures | USD | 3/12/2021 | 114 | 6,636,236 | 7,472,700 | 836,464 | ||||||||||||||||
Soybean Meal Futures | USD | 3/12/2021 | 105 | 4,081,619 | 4,508,700 | 427,081 | ||||||||||||||||
Sugar Futures | USD | 2/26/2021 | 63 | 954,609 | 1,092,974 | 138,365 | ||||||||||||||||
WTI Crude Futures | USD | 2/22/2021 | 53 | 2,373,172 | 2,577,393 | 204,221 | ||||||||||||||||
Total net unrealized appreciation | 114,199,386 | 6,664,709 | ||||||||||||||||||||
At December 31, 2020, open futures contracts sold were as follows: |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation ($) | |||||||||||||||
LME Nickel Futures | USD | 1/18/2021 | 64 | 6,615,967 | 6,361,536 | 254,431 | |||||||||||||||
LME Primary Aluminium Futures | USD | 1/18/2021 | 119 | 5,930,135 | 5,887,525 | 42,610 | |||||||||||||||
LME Zinc Futures | USD | 1/18/2021 | 60 | 4,102,613 | 4,099,994 | 2,619 | |||||||||||||||
Total unrealized appreciation | 16,349,055 | 299,660 | |||||||||||||||||||
Currency Abbreviation | |||
USD | United States Dollar |
Investment in Subsidiary
The Fund may seek exposure to the commodities markets by investing a portion of its assets in a wholly owned subsidiary organized under the laws of the Cayman Islands (the "Subsidiary"). Among other investments, the Subsidiary may invest in commodity-linked derivative instruments such as swaps and futures contracts. The Subsidiary may also invest in debt securities, some of which are intended to serve as margin or collateral for the Subsidiary's derivative positions. As of December 31, 2020, the Fund held $96,213,813 in the Subsidiary, representing 11.4% of the Fund's total assets. The Fund’s Investment Portfolio has been consolidated and includes the accounts of the Fund and the Subsidiary.
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 December 31, 2020 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total | |||||
Common Stocks | |||||||||
Communication Services | $ | — | $ | 7,492,753 | $ | — | $ | 7,492,753 | |
Consumer Staples | 12,549,427 | 2,229,927 | — | 14,779,354 | |||||
Energy | 82,943,429 | 11,401,067 | — | 94,344,496 | |||||
Industrials | 45,166,391 | 44,428,853 | — | 89,595,244 | |||||
Information Technology | — | 773,781 | — | 773,781 | |||||
Materials | 62,769,245 | 49,248,906 | — | 112,018,151 | |||||
Real Estate | 136,841,682 | 111,876,947 | — | 248,718,629 | |||||
Utilities | 36,283,181 | 60,121,792 | — | 96,404,973 | |||||
Fixed Income Investments | — | 143,665,520 | — | 143,665,520 | |||||
Short-Term Investments (e) | 17,432,010 | — | — | 17,432,010 | |||||
Derivatives (f) | |||||||||
Futures Contracts | 8,163,219 | — | — | 8,163,219 | |||||
Total | $ | 402,148,584 | $ | 431,239,546 | $ | — | $ | 833,388,130 | |
Liabilities | Level 1 | Level 2 | Level 3 | Total | |||||
Derivatives (f) | |||||||||
Futures Contracts | $ | (1,198,850) | $ | — | $ | — | $ | (1,198,850) | |
Total | $ | (1,198,850) | $ | — | $ | — | $ | (1,198,850) |
(e) | See Consolidated Investment Portfolio for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
Derivatives
The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of December 31, 2020 categorized by the primary underlying risk exposure. |
Primary Underlying Risk Disclosure | Futures Contracts |
Commodity Contracts | $ 6,964,369 |
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
DRAF-PH3
R-080548-1 (1/23)