Consolidated Investment Portfolio | as of June 30, 2021 (Unaudited) |
DWS RREEF Real Assets Fund
Shares | Value ($) | ||
Common Stocks 81.4% | |||
Communication Services 0.8% | |||
Diversified Telecommunication Services | |||
Cellnex Telecom SA 144A | 365,222 | 23,264,092 | |
Consumer Staples 1.8% | |||
Food Products | |||
Archer-Daniels-Midland Co. | 434,551 | 26,333,791 | |
Bunge Ltd. | 340,696 | 26,625,392 | |
52,959,183 | |||
Energy 14.5% | |||
Energy Equipment & Services 0.4% | |||
Schlumberger NV | 357,150 | 11,432,371 | |
Oil, Gas & Consumable Fuels 14.1% | |||
Canadian Natural Resources Ltd. | 575,885 | 20,905,796 | |
Cheniere Energy, Inc.* | 1,009,408 | 87,556,050 | |
ConocoPhillips | 468,630 | 28,539,567 | |
Gazprom PJSC (ADR) | 2,827,606 | 21,602,910 | |
Gibson Energy, Inc. | 457,700 | 8,769,260 | |
LUKOIL PJSC (ADR) | 137,032 | 12,606,944 | |
Marathon Petroleum Corp. | 229,396 | 13,860,106 | |
Pembina Pipeline Corp. | 1,270,900 | 40,384,601 | |
Petroleo Brasileiro SA (ADR) | 359,163 | 4,392,563 | |
Pioneer Natural Resources Co. | 107,500 | 17,470,900 | |
Royal Dutch Shell PLC “A” | 1,682,385 | 33,670,554 | |
Targa Resources Corp. | 713,909 | 31,733,255 | |
TC Energy Corp. | 1,067,253 | 52,811,632 | |
Williams Companies, Inc. | 1,775,912 | 47,150,464 | |
421,454,602 | |||
Industrials 11.0% | |||
Commercial Services & Supplies 2.7% | |||
Republic Services, Inc. | 323,445 | 35,582,184 | |
Waste Connections, Inc. | 381,951 | 45,616,408 | |
81,198,592 | |||
Construction & Engineering 1.7% | |||
Ferrovial SA | 1,043,602 | 30,626,917 | |
VINCI SA | 190,440 | 20,321,025 | |
50,947,942 | |||
Road & Rail 1.4% | |||
CSX Corp. | 606,183 | 19,446,351 | |
Union Pacific Corp. | 101,156 | 22,247,239 | |
41,693,590 | |||
Transportation Infrastructure 5.2% | |||
Aena SME SA 144A* | 178,688 | 29,302,910 |
Auckland International Airport Ltd.* | 2,664,290 | 13,539,204 | |
Fraport AG Frankfurt Airport Services Worldwide* | 94,600 | 6,445,401 | |
Getlink SE | 1,022,232 | 15,939,269 | |
Grupo Aeroportuario del Pacifico SAB de CV (ADR) | 178,730 | 19,104,450 | |
Japan Airport Terminal Co., Ltd.* | 316,404 | 14,211,765 | |
Sydney Airport (Units)* | 4,379,442 | 19,016,462 | |
Transurban Group (Units) | 3,520,889 | 37,574,189 | |
155,133,650 | |||
Information Technology 0.1% | |||
IT Services | |||
SUNeVision Holdings, Ltd. | 2,904,100 | 2,973,558 | |
Materials 10.9% | |||
Chemicals 3.7% | |||
CF Industries Holdings, Inc. | 486,455 | 25,028,110 | |
Corteva, Inc. | 684,188 | 30,343,738 | |
Nutrien Ltd. | 467,870 | 28,349,238 | |
OCI NV* | 421,310 | 10,251,143 | |
The Mosaic Co. | 551,700 | 17,604,747 | |
111,576,976 | |||
Containers & Packaging 1.7% | |||
Sealed Air Corp. | 375,400 | 22,242,450 | |
Smurfit Kappa Group PLC | 164,370 | 8,916,755 | |
Westrock Co. | 392,490 | 20,888,318 | |
52,047,523 | |||
Metals & Mining 4.7% | |||
Anglo American PLC | 111,046 | 4,412,445 | |
ArcelorMittal SA | 890,528 | 27,296,144 | |
Freeport-McMoRan, Inc. | 1,120,752 | 41,591,107 | |
Glencore PLC* | 2,421,869 | 10,367,105 | |
Norsk Hydro ASA | 1,640,886 | 10,470,233 | |
Rio Tinto Ltd. | 255,372 | 24,253,620 | |
Vale SA (ADR) | 937,091 | 21,375,046 | |
139,765,700 | |||
Paper & Forest Products 0.8% | |||
Mondi PLC | 508,746 | 13,378,256 | |
Svenska Cellulosa AB SCA “B” | 640,142 | 10,490,636 | |
23,868,892 | |||
Real Estate 31.0% | |||
Equity Real Estate Investment Trusts (REITs) 26.2% | |||
Activia Properties, Inc. | 1,664 | 7,878,518 | |
Agree Realty Corp. | 107,648 | 7,588,108 | |
Alexandria Real Estate Equities, Inc. | 35,200 | 6,404,288 | |
American Homes 4 Rent “A” | 248,278 | 9,645,600 | |
American Tower Corp. | 225,109 | 60,810,945 | |
AvalonBay Communities, Inc. | 93,830 | 19,581,383 | |
Big Yellow Group PLC | 731,583 | 13,226,824 | |
British Land Co. PLC | 3,097,453 | 21,205,013 | |
CoreSite Realty Corp. | 104,170 | 14,021,282 | |
Crown Castle International Corp. | 576,160 | 112,408,816 | |
EastGroup Properties, Inc. | 114,467 | 18,824,098 | |
Empire State Realty Trust, Inc. “A” | 995,000 | 11,940,000 | |
EPR Properties * | 182,000 | 9,587,760 |
Equinix, Inc. | 26,299 | 21,107,577 | |
Essential Properties Realty Trust, Inc. | 636,189 | 17,202,551 | |
Extra Space Storage, Inc. | 104,573 | 17,131,149 | |
GPT Group | 3,758,731 | 13,812,418 | |
Granite Real Estate Investment Trust | 121,117 | 8,058,834 | |
Hulic Reit, Inc. | 4,686 | 7,891,900 | |
Inmobiliaria Colonial Socimi SA | 1,386,701 | 14,001,052 | |
Kenedix Retail REIT Corp. | 3,011 | 8,144,430 | |
Keppel REIT | 21,375,900 | 18,757,762 | |
Life Storage, Inc. | 144,382 | 15,499,408 | |
Link REIT | 3,072,968 | 29,782,574 | |
Mapletree Logistics Trust | 13,523,700 | 20,616,929 | |
Medical Properties Trust, Inc. | 329,100 | 6,614,910 | |
Mid-America Apartment Communities, Inc. | 83,953 | 14,139,364 | |
Mirvac Group | 7,816,952 | 17,117,987 | |
Park Hotels & Resorts, Inc. * | 288,156 | 5,938,895 | |
Retail Properties of America, Inc. “A” | 451,233 | 5,166,618 | |
Rexford Industrial Realty, Inc. | 264,191 | 15,045,678 | |
RioCan Real Estate Investment Trust | 996,400 | 17,748,074 | |
Ryman Hospitality Properties, Inc. * | 96,116 | 7,589,319 | |
SBA Communications Corp. | 134,247 | 42,784,519 | |
Segro PLC | 1,221,857 | 18,499,182 | |
Simon Property Group, Inc. | 195,730 | 25,538,850 | |
SL Green Realty Corp. | 122,915 | 9,833,200 | |
Sun Communities, Inc. | 53,876 | 9,234,346 | |
Unibail-Rodamco-Westfield* | 121,080 | 10,479,220 | |
UNITE Group PLC | 946,291 | 14,058,706 | |
VICI Properties, Inc. (a) | 491,500 | 15,246,330 | |
Vicinity Centres | 5,447,390 | 6,311,743 | |
Welltower, Inc. | 336,988 | 28,003,703 | |
Weyerhaeuser Co. | 170,900 | 5,882,378 | |
780,362,241 | |||
Real Estate Management & Development 4.8% | |||
CapitaLand Ltd. | 7,522,300 | 20,753,873 | |
Castellum AB | 411,226 | 10,465,526 | |
City Developments Ltd. | 410,500 | 2,225,437 | |
CK Asset Holdings Ltd. | 1,893,463 | 13,071,316 | |
Daibiru Corp. | 794,100 | 10,021,407 | |
Fabege AB | 764,011 | 12,257,243 | |
Fastighets AB Balder “B”* | 175,517 | 11,013,266 | |
Howard Hughes Corp.* | 44,310 | 4,318,452 | |
Hysan Development Co., Ltd. | 4,626,000 | 18,440,130 | |
Mitsui Fudosan Co., Ltd. | 598,200 | 13,854,526 | |
PSP Swiss Property AG (Registered) | 81,957 | 10,407,941 | |
Vonovia SE | 109,744 | 7,094,631 | |
Wharf Holdings, Ltd. | 2,814,000 | 10,727,870 | |
144,651,618 | |||
Utilities 11.3% | |||
Electric Utilities 2.1% | |||
Edison International | 353,943 | 20,464,985 | |
Hydro One Ltd. 144A | 620,316 | 14,992,471 | |
Orsted AS 144A | 81,582 | 11,447,823 | |
Terna SPA | 2,041,729 | 15,213,441 | |
62,118,720 | |||
Gas Utilities 4.0% | |||
Atmos Energy Corp. | 170,800 | 16,415,588 |
China Gas Holdings Ltd. | 3,977,400 | 12,140,744 | |
China Resources Gas Group Ltd. | 3,050,000 | 18,305,578 | |
ENN Energy Holdings Ltd. | 999,811 | 19,032,246 | |
Hong Kong & China Gas Co., Ltd. | 21,187,850 | 32,910,304 | |
Tokyo Gas Co., Ltd. | 1,135,708 | 21,437,325 | |
120,241,785 | |||
Multi-Utilities 3.6% | |||
Ameren Corp. | 139,900 | 11,197,596 | |
National Grid PLC | 2,226,145 | 28,355,358 | |
NiSource, Inc. | 790,952 | 19,378,324 | |
Sempra Energy | 360,475 | 47,755,728 | |
106,687,006 | |||
Water Utilities 1.6% | |||
American Water Works Co., Inc. | 196,116 | 30,227,359 | |
Severn Trent PLC | 564,669 | 19,535,476 | |
49,762,835 | |||
Total Common Stocks (Cost $2,185,121,727) | 2,432,140,876 |
Principal Amount ($) | Value ($) | ||
Government & Agency Obligations 15.4% | |||
U.S. Treasury Obligations | |||
U.S. Treasury Inflation Indexed Bonds, 0.875%, 1/15/2029 | 9,009,911 | 10,424,514 | |
U.S. Treasury Inflation-Indexed Bonds, 1.375%, 2/15/2044 | 5,657,642 | 7,803,200 | |
U.S. Treasury Inflation-Indexed Notes: | |||
0.25% , 1/15/2025 | 20,625,345 | 22,322,102 | |
0.375% , 1/15/2027 | 20,135,483 | 22,285,104 | |
0.375% , 7/15/2027 | 19,997,216 | 22,300,020 | |
0.5% , 4/15/2024 | 8,287,247 | ��� 8,932,314 | |
0.625% , 1/15/2026 | 22,742,667 | 25,254,428 | |
U.S. Treasury Inflation-Protected Notes, 0.25%, 7/15/2029 | 6,708,430 | 7,462,605 | |
U.S. Treasury Notes: | |||
0.125% , 5/31/2022 | 64,355,000 | 64,375,111 | |
0.125% , 7/31/2022 | 11,500,000 | 11,500,898 | |
0.125% , 1/31/2023 | 55,000,000 | 54,946,289 | |
0.125% , 2/28/2023 | 35,000,000 | 34,956,250 | |
1.375% , 1/31/2022 | 15,000,000 | 15,114,844 | |
1.375% , 10/15/2022 | 53,000,000 | 53,836,406 | |
1.625% , 8/31/2022 | 65,394,000 | 66,525,623 | |
1.75% , 4/30/2022 | 8,500,000 | 8,617,539 | |
1.875% , 3/31/2022 | 22,000,000 | 22,295,625 | |
Total Government & Agency Obligations (Cost $455,493,935) | 458,952,872 |
Shares | Value ($) | ||
Securities Lending Collateral 0.4% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (b) (c) (Cost $11,226,864) | 11,226,864 | 11,226,864 | |
Cash Equivalents 1.7% | |||
DWS Central Cash Management Government Fund, 0.02% (b) (Cost $50,242,594) | 50,242,594 | 50,242,594 |
% of Net Assets | Value ($) | ||
Total Consolidated Investment Portfolio (Cost $2,702,085,120) | 98.9 | 2,952,563,206 | |
Other Assets and Liabilities, Net | 1.1 | 31,501,700 | |
Net Assets | 100.0 | 2,984,064,906 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended June 30, 2021 are as follows:
Value ($) at 3/31/2021 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 6/30/2021 | Value ($) at 6/30/2021 |
Securities Lending Collateral 0.4% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (b) (c) | ||||||||
12,438,690 | — | 1,211,826 (d) | — | — | 7,649 | — | 11,226,864 | 11,226,864 |
Cash Equivalents 1.7% | ||||||||
DWS Central Cash Management Government Fund, 0.02% (b) | ||||||||
34,835,011 | 966,832,740 | 951,425,157 | — | — | 1,702 | — | 50,242,594 | 50,242,594 |
47,273,701 | 966,832,740 | 952,636,983 | — | — | 9,351 | — | 61,469,458 | 61,469,458 |
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at June 30, 2021 amounted to $10,968,734, which is 0.4% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2021. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
ADR: American Depositary Receipt |
LME: London Metal Exchange |
PJSC: Public Joint Stock Company |
RBOB: Reformulated Blendstock for Oxygenate Blending |
ULSD: Ultra-Low Sulfur Diesel |
WTI: West Texas Intermediate |
At June 30, 2021, open futures contracts purchased were as follows:
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
Brent Crude Oil Futures | USD | 7/30/2021 | 312 | 21,145,144 | 23,281,440 | 2,136,296 |
Copper Futures | USD | 9/28/2021 | 463 | 52,777,260 | 49,645,175 | (3,132,085) |
Corn Futures | USD | 9/14/2021 | 514 | 15,372,462 | 15,400,725 | 28,263 |
Cotton No. 2 Futures | USD | 12/8/2021 | 276 | 11,785,721 | 11,716,200 | (69,521) |
Gasoline RBOB Futures | USD | 8/31/2021 | 102 | 9,403,056 | 9,525,046 | 121,990 |
Gold 100 oz. Futures | USD | 8/27/2021 | 214 | 38,631,767 | 37,912,240 | (719,527) |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
Lean Hogs Futures | USD | 8/13/2021 | 247 | 10,434,693 | 10,201,100 | (233,593) |
Live Cattle Futures | USD | 8/31/2021 | 288 | 13,618,555 | 14,137,920 | 519,365 |
LME Nickel Futures | USD | 7/19/2021 | 216 | 21,743,538 | 23,594,976 | 1,851,438 |
LME Nickel Futures | USD | 9/13/2021 | 215 | 22,788,802 | 23,496,060 | 707,258 |
LME Primary Aluminium Futures | USD | 7/19/2021 | 796 | 47,017,859 | 50,138,050 | 3,120,191 |
LME Primary Aluminium Futures | USD | 9/13/2021 | 884 | 53,699,697 | 55,791,450 | 2,091,753 |
LME Zinc Futures | USD | 7/19/2021 | 137 | 10,000,032 | 10,173,106 | 173,074 |
LME Zinc Futures | USD | 9/13/2021 | 136 | 10,268,603 | 10,121,800 | (146,803) |
Low Sulphur Gas Oil Futures | USD | 9/10/2021 | 146 | 8,858,656 | 8,756,350 | (102,306) |
Natural Gas Futures | USD | 8/27/2021 | 318 | 9,486,492 | 11,524,320 | 2,037,828 |
NY Harbor ULSD Futures | USD | 8/31/2021 | 182 | 16,304,681 | 16,287,071 | (17,610) |
Palladium Futures | USD | 9/28/2021 | 40 | 11,627,507 | 11,116,800 | (510,707) |
Silver Futures | USD | 9/28/2021 | 113 | 15,685,990 | 14,799,610 | (886,380) |
Soybean Futures | USD | 11/12/2021 | 222 | 15,310,032 | 15,528,900 | 218,868 |
Soybean Oil Futures | USD | 8/13/2021 | 125 | 4,535,837 | 4,756,500 | 220,663 |
Sugar Futures | USD | 9/30/2021 | 307 | 6,099,665 | 6,151,298 | 51,633 |
WTI Crude Futures | USD | 8/20/2021 | 438 | 29,309,237 | 31,873,260 | 2,564,023 |
Total | 465,929,397 | 10,024,111 |
At June 30, 2021, open futures contracts sold were as follows:
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
LME Nickel Futures | USD | 7/19/2021 | 216 | 22,852,167 | 23,594,976 | (742,809) |
LME Nickel Futures | USD | 9/13/2021 | 30 | 3,204,767 | 3,278,520 | (73,753) |
LME Primary Aluminium Futures | USD | 7/19/2021 | 796 | 47,956,911 | 50,138,050 | (2,181,139) |
LME Primary Aluminium Futures | USD | 9/13/2021 | 23 | 1,390,823 | 1,451,587 | (60,764) |
LME Zinc Futures | USD | 7/19/2021 | 137 | 10,292,968 | 10,173,106 | 119,862 |
LME Zinc Futures | USD | 9/13/2021 | 11 | 785,489 | 818,675 | (33,186) |
Total | 89,454,914 | (2,971,789) |
Currency Abbreviation(s)
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 June 30, 2021, the Fund held $380,762,647 in the Subsidiary, representing 12.5% 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 June 30, 2021 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | ||||
Communication Services | $23,264,092 | $— | $— | $23,264,092 |
Consumer Staples | 52,959,183 | — | — | 52,959,183 |
Energy | 432,886,973 | — | — | 432,886,973 |
Industrials | 328,973,774 | — | — | 328,973,774 |
Information Technology | 2,973,558 | — | — | 2,973,558 |
Materials | 327,259,091 | — | — | 327,259,091 |
Real Estate | 914,534,639 | 10,479,220 | — | 925,013,859 |
Utilities | 338,810,346 | — | — | 338,810,346 |
Government & Agency Obligations | — | 458,952,872 | — | 458,952,872 |
Short-Term Investments (a) | 61,469,458 | — | — | 61,469,458 |
Derivatives (b) | ||||
Futures Contracts | 15,962,505 | — | — | 15,962,505 |
Total | $2,499,093,619 | $469,432,092 | $— | $2,968,525,711 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | ||||
Futures Contracts | $(8,910,183) | $— | $— | $(8,910,183) |
Total | $(8,910,183) | $— | $— | $(8,910,183) |
(a) | See Investment Portfolio for additional detailed categorizations. |
(b) | 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 June 30, 2021 categorized by the primary underlying risk exposure.
Primary Underlying Risk Disclosure | Futures Contracts |
Commodity Contracts | $ 7,052,322 |
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-PH1
R-080548-1 (1/23)