Consolidated Investment Portfolioas of December 31, 2023 (Unaudited)
DWS RREEF Real Assets Fund
Shares | Value ($) | ||
Common Stocks 78.2% | |||
Communication Services 1.9% | |||
Diversified Telecommunication Services | |||
Cellnex Telecom SA 144A | 1,708,276 | 67,353,837 | |
China Tower Corp. Ltd. “H” 144A | 157,832,000 | 16,591,693 | |
83,945,530 | |||
Consumer Staples 0.9% | |||
Food Products | |||
Archer-Daniels-Midland Co. | 209,950 | 15,162,589 | |
Bunge Global SA | 125,426 | 12,661,755 | |
Darling Ingredients, Inc.* | 258,200 | 12,868,688 | |
40,693,032 | |||
Energy 12.7% | |||
Energy Equipment & Services 0.2% | |||
Halliburton Co. | 256,500 | 9,272,475 | |
Oil, Gas & Consumable Fuels 12.5% | |||
BP PLC | 6,001,300 | 35,723,734 | |
Cenovus Energy, Inc. | 939,000 | 15,647,047 | |
Cheniere Energy, Inc. | 130,022 | 22,196,056 | |
Chevron Corp. | 137,360 | 20,488,617 | |
Diamondback Energy, Inc. | 138,390 | 21,461,521 | |
DT Midstream, Inc. | 161,200 | 8,833,760 | |
Enbridge, Inc. | 1,904,390 | 68,555,453 | |
Gazprom PJSC (ADR)* (a) | 1,013,306 | 0 | |
Keyera Corp. | 1,162,111 | 28,091,329 | |
LUKOIL PJSC ** (a) | 91,202 | 0 | |
Marathon Petroleum Corp. | 113,738 | 16,874,170 | |
ONEOK, Inc. | 1,525,900 | 107,148,698 | |
Pembina Pipeline Corp. | 1,284,100 | 44,210,137 | |
Phillips 66 | 70,600 | 9,399,684 | |
Targa Resources Corp. | 846,099 | 73,500,620 | |
TotalEnergies SE | 867,076 | 59,083,457 | |
Williams Companies, Inc. | 843,583 | 29,381,996 | |
560,596,279 | |||
Industrials 6.9% | |||
Commercial Services & Supplies 1.6% | |||
GFL Environmental, Inc. | 1,164,460 | 40,185,515 | |
Waste Connections, Inc. | 215,562 | 32,176,940 | |
72,362,455 | |||
Construction & Engineering 2.7% | |||
Ferrovial SE | 870,505 | 31,747,098 | |
Vinci SA | 725,602 | 91,127,208 | |
122,874,306 |
Ground Transportation 1.3% | |||
Canadian Pacific Kansas City Ltd. | 220,410 | 17,439,179 | |
Union Pacific Corp. | 169,890 | 41,728,382 | |
59,167,561 | |||
Transportation Infrastructure 1.3% | |||
Aena SME SA 144A | 149,480 | 27,090,335 | |
Grupo Aeroportuario del Pacifico SAB de CV (ADR) (b) | 88,283 | 15,468,947 | |
Grupo Aeroportuario del Sureste SAB de CV (ADR) | 9,193 | 2,705,224 | |
Japan Airport Terminal Co., Ltd. | 249,542 | 10,975,342 | |
56,239,848 | |||
Materials 8.1% | |||
Chemicals 1.8% | |||
Corteva, Inc. | 600,188 | 28,761,009 | |
Nutrien Ltd. | 778,057 | 43,833,783 | |
The Mosaic Co. | 312,000 | 11,147,760 | |
83,742,552 | |||
Containers & Packaging 0.7% | |||
SIG Group AG | 684,200 | 15,759,650 | |
Westrock Co. | 365,089 | 15,158,495 | |
30,918,145 | |||
Metals & Mining 4.9% | |||
Agnico Eagle Mines Ltd. | 388,698 | 21,311,581 | |
First Quantum Minerals Ltd. | 679,000 | 5,559,903 | |
Franco-Nevada Corp. | 85,640 | 9,485,969 | |
Freeport-McMoRan, Inc. | 564,020 | 24,010,331 | |
Glencore PLC | 4,641,292 | 27,938,255 | |
Newmont Corp. | 443,940 | 18,374,677 | |
Nippon Steel Corp. | 576,300 | 13,161,342 | |
Nucor Corp. | 157,200 | 27,359,088 | |
Rio Tinto Ltd. | 547,840 | 50,540,514 | |
Teck Resources Ltd. “B” | 526,666 | 22,262,226 | |
220,003,886 | |||
Paper & Forest Products 0.7% | |||
Mondi PLC | 579,100 | 11,363,695 | |
Svenska Cellulosa AB SCA “B” | 1,331,900 | 19,960,753 | |
31,324,448 | |||
Real Estate 33.1% | |||
Diversified REITs 1.8% | |||
Activia Properties, Inc. | 3,520 | 9,692,604 | |
British Land Co. PLC | 3,472,253 | 17,661,271 | |
Daiwa House REIT Investment Corp. | 4,047 | 7,225,987 | |
Essential Properties Realty Trust, Inc. | 1,039,500 | 26,569,620 | |
KDX Realty Investment Corp. | 8,421 | 9,599,355 | |
Mori Trust Reit, Inc. | 24,800 | 12,739,366 | |
83,488,203 | |||
Health Care REITs 1.9% | |||
Omega Healthcare Investors, Inc. | 142,900 | 4,381,314 | |
Ventas, Inc. | 452,200 | 22,537,648 | |
Welltower, Inc. | 630,700 | 56,870,219 | |
83,789,181 | |||
Hotel & Resort REITs 0.8% | |||
Ryman Hospitality Properties, Inc. | 326,564 | 35,941,634 |
Industrial REITs 4.7% | |||
Americold Realty Trust, Inc. | 230,900 | 6,989,343 | |
CapitaLand Ascendas REIT | 8,216,900 | 18,859,901 | |
EastGroup Properties, Inc. | 182,403 | 33,478,247 | |
Frasers Logistics & Commercial Trust REG S | 14,900,400 | 13,001,650 | |
Industrial & Infrastructure Fund Investment Corp. | 11,543 | 11,423,589 | |
Mapletree Industrial Trust | 4,771,400 | 9,073,581 | |
Prologis, Inc. | 586,208 | 78,141,526 | |
Segro PLC | 1,597,998 | 18,074,531 | |
STAG Industrial, Inc. | 526,900 | 20,686,094 | |
209,728,462 | |||
Office REITs 0.7% | |||
SL Green Realty Corp. (b) | 356,000 | 16,080,520 | |
Vornado Realty Trust | 567,000 | 16,017,750 | |
32,098,270 | |||
Real Estate Management & Development 4.5% | |||
CapitaLand Investment Ltd. | 3,853,400 | 9,239,736 | |
Castellum AB* | 1,506,989 | 21,402,197 | |
CK Asset Holdings Ltd. | 2,941,763 | 14,772,788 | |
CTP NV 144A | 933,120 | 15,761,735 | |
Fastighets AB Balder “B”* | 3,156,340 | 22,415,996 | |
Mitsubishi Estate Co., Ltd. | 1,885,700 | 25,933,659 | |
Mitsui Fudosan Co., Ltd. | 1,339,600 | 32,746,777 | |
PSP Swiss Property AG (Registered) | 140,760 | 19,692,938 | |
Sun Hung Kai Properties Ltd. | 557,800 | 6,028,232 | |
Vonovia SE | 1,029,784 | 32,485,787 | |
200,479,845 | |||
Residential REITs 3.2% | |||
American Homes 4 Rent “A” | 641,079 | 23,053,201 | |
AvalonBay Communities, Inc. | 294,820 | 55,196,200 | |
Essex Property Trust, Inc. | 79,100 | 19,612,054 | |
Sun Communities, Inc. | 216,300 | 28,908,495 | |
UNITE Group PLC | 1,342,691 | 17,919,506 | |
144,689,456 | |||
Retail REITs 4.3% | |||
Agree Realty Corp. | 366,412 | 23,065,635 | |
Brixmor Property Group, Inc. | 494,000 | 11,495,380 | |
Kite Realty Group Trust | 810,578 | 18,529,813 | |
Klepierre SA | 517,610 | 14,119,574 | |
Link REIT | 3,875,741 | 21,765,664 | |
Realty Income Corp. | 199,900 | 11,478,258 | |
Regency Centers Corp. | 123,522 | 8,275,974 | |
Region RE Ltd. | 6,155,500 | 9,466,660 | |
RioCan Real Estate Investment Trust | 984,300 | 13,831,679 | |
Simon Property Group, Inc. | 323,370 | 46,125,497 | |
Spirit Realty Capital, Inc. | 392,057 | 17,128,970 | |
195,283,104 | |||
Specialized REITs 11.2% | |||
American Tower Corp. | 541,802 | 116,964,216 | |
Big Yellow Group PLC | 464,766 | 7,248,363 | |
CubeSmart | 463,000 | 21,460,050 | |
Digital Realty Trust, Inc. | 398,700 | 53,657,046 | |
Equinix, Inc. | 106,982 | 86,162,233 | |
Iron Mountain, Inc. | 538,011 | 37,650,010 | |
Keppel DC REIT | 3,061,700 | 4,524,757 |
Public Storage | 162,800 | 49,654,000 | |
SBA Communications Corp. | 363,494 | 92,214,793 | |
VICI Properties, Inc. | 716,784 | 22,851,074 | |
Weyerhaeuser Co. | 282,042 | 9,806,600 | |
502,193,142 | |||
Utilities 14.6% | |||
Electric Utilities 4.4% | |||
Exelon Corp. | 1,489,674 | 53,479,297 | |
Hydro One Ltd. 144A | 317,200 | 9,503,671 | |
PG&E Corp. | 3,332,307 | 60,081,495 | |
SSE PLC | 1,037,540 | 24,556,605 | |
Terna - Rete Elettrica Nazionale | 5,881,849 | 49,055,095 | |
196,676,163 | |||
Gas Utilities 2.8% | |||
APA Group (Units) | 3,911,110 | 22,718,238 | |
Atmos Energy Corp. | 297,040 | 34,426,936 | |
China Resources Gas Group Ltd. | 2,843,400 | 9,325,223 | |
ENN Energy Holdings Ltd. | 1,108,100 | 8,167,774 | |
Kunlun Energy Co., Ltd. | 18,173,000 | 16,411,132 | |
Snam SpA | 1,752,400 | 9,011,781 | |
Tokyo Gas Co., Ltd. | 1,166,300 | 26,745,697 | |
126,806,781 | |||
Multi-Utilities 7.0% | |||
Ameren Corp. | 142,523 | 10,310,114 | |
CenterPoint Energy, Inc. | 1,860,714 | 53,160,599 | |
National Grid PLC | 8,245,438 | 111,232,449 | |
NiSource, Inc. | 2,565,670 | 68,118,539 | |
Sempra | 963,740 | 72,020,290 | |
314,841,991 | |||
Water Utilities 0.4% | |||
Severn Trent PLC | 249,700 | 8,213,222 | |
United Utilities Group PLC | 618,800 | 8,356,951 | |
16,570,173 | |||
Total Common Stocks (Cost $3,215,960,401) | 3,513,726,922 |
Principal Amount ($) | Value ($) | ||
Government & Agency Obligations 18.2% | |||
U.S. Treasury Obligations | |||
U.S. Treasury Inflation-Indexed Bonds: | |||
0.875% , 2/15/2047 | 26,503,999 | 20,869,568 | |
1.375% , 2/15/2044 | 27,877,819 | 24,901,224 | |
U.S. Treasury Inflation-Indexed Notes: | |||
0.125% , 7/15/2031 | 33,960,264 | 30,186,908 | |
0.25% , 1/15/2025 | 70,370,229 | 68,303,616 | |
0.25% , 7/15/2029 | 50,093,604 | 46,290,199 | |
0.375% , 1/15/2027 | 81,708,492 | 77,642,699 | |
0.375% , 7/15/2027 | 64,775,658 | 61,546,423 | |
0.625% , 1/15/2026 | 82,225,928 | 79,332,608 | |
0.625% , 7/15/2032 | 20,750,867 | 18,954,297 | |
0.875% , 1/15/2029 | 25,843,166 | 24,729,575 |
U.S. Treasury Notes: | |||
2.0% , 5/31/2024 | 45,000,000 | 44,400,586 | |
2.25% , 3/31/2024 | 40,000,000 | 39,701,562 | |
2.375% , 2/29/2024 | 47,500,000 | 47,276,271 | |
2.5% , 1/31/2024 | 40,000,000 | 39,908,136 | |
2.5% , 4/30/2024 | 52,500,000 | 52,020,117 | |
3.0% , 6/30/2024 | 42,500,000 | 42,055,078 | |
3.0% , 7/31/2024 | 50,000,000 | 49,410,156 | |
3.25% , 8/31/2024 | 20,000,000 | 19,763,281 | |
4.25% , 9/30/2024 | 30,000,000 | 29,846,484 | |
Total Government & Agency Obligations (Cost $838,346,395) | 817,138,788 |
Shares | Value ($) | ||
Securities Lending Collateral 0.6% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.27% (c) (d) (Cost $24,637,575) | 24,637,575 | 24,637,575 | |
Cash Equivalents 1.1% | |||
DWS Central Cash Management Government Fund, 5.38% (c) (Cost $51,065,521) | 51,065,521 | 51,065,521 |
% of Net Assets | Value ($) | ||
Total Consolidated Investment Portfolio (Cost $4,130,009,892) | 98.1 | 4,406,568,806 | |
Other Assets and Liabilities, Net | 1.9 | 87,543,437 | |
Net Assets | 100.0 | 4,494,112,243 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended December 31, 2023 are as follows:
Value ($) at 3/31/2023 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 12/31/2023 | Value ($) at 12/31/2023 |
Securities Lending Collateral 0.6% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.27% (c) (d) | ||||||||
23,744,750 | 892,825 (e) | — | — | — | 696,706 | — | 24,637,575 | 24,637,575 |
Cash Equivalents 1.1% | ||||||||
DWS Central Cash Management Government Fund, 5.38% (c) | ||||||||
100,676,680 | 1,873,308,882 | 1,922,920,041 | — | — | 2,430,024 | — | 51,065,521 | 51,065,521 |
124,421,430 | 1,874,201,707 | 1,922,920,041 | — | — | 3,126,730 | — | 75,703,096 | 75,703,096 |
* | Non-income producing security. |
** | Non-income producing security; due to applicable sanctions, dividend income was not recorded. |
(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 December 31, 2023 amounted to $23,522,853, which is 0.5% of net assets. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended December 31, 2023. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
ADR: American Depositary Receipt |
HRW: Hard Red Winter |
LME: London Metal Exchange |
PJSC: Public Joint Stock Company |
RBOB: Reformulated Blendstock for Oxygenate Blending |
REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
REIT: Real Estate Investment Trust |
ULSD: Ultra-Low Sulfur Diesel |
WTI: West Texas Intermediate |
At December 31, 2023, open futures contracts purchased were as follows:
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
Brent Crude Oil Futures | USD | 1/31/2024 | 498 | 41,998,609 | 38,365,920 | (3,632,689 ) |
Coffee Futures | USD | 3/18/2024 | 122 | 8,055,337 | 8,614,725 | 559,388 |
Copper Futures | USD | 3/26/2024 | 384 | 35,572,400 | 37,348,800 | 1,776,400 |
Corn Futures | USD | 3/14/2024 | 718 | 17,457,738 | 16,917,875 | (539,863 ) |
Cotton No. 2 Futures | USD | 3/6/2024 | 226 | 9,287,201 | 9,153,000 | (134,201 ) |
Gasoline RBOB Futures | USD | 2/29/2024 | 110 | 10,061,465 | 9,821,196 | (240,269 ) |
Gold 100 oz. Futures | USD | 2/27/2024 | 524 | 105,796,187 | 108,562,320 | 2,766,133 |
Kansas City HRW Wheat Futures | USD | 3/14/2024 | 134 | 4,422,063 | 4,301,400 | (120,663 ) |
Lean Hogs Futures | USD | 2/14/2024 | 281 | 8,431,459 | 7,640,390 | (791,069 ) |
Live Cattle Futures | USD | 2/29/2024 | 286 | 21,122,794 | 19,276,400 | (1,846,394 ) |
LME Nickel Futures | USD | 1/15/2024 | 113 | 12,860,025 | 11,142,930 | (1,717,095 ) |
LME Nickel Futures | USD | 3/18/2024 | 88 | 8,716,084 | 8,761,104 | 45,020 |
LME Primary Aluminium Futures | USD | 1/15/2024 | 673 | 37,458,647 | 39,563,988 | 2,105,341 |
LME Primary Aluminium Futures | USD | 3/18/2024 | 624 | 34,161,377 | 37,143,600 | 2,982,223 |
LME Zinc Futures | USD | 1/15/2024 | 237 | 14,877,195 | 15,659,775 | 782,580 |
LME Zinc Futures | USD | 3/18/2024 | 141 | 8,802,460 | 9,388,838 | 586,378 |
Low Sulfur Gas Oil Futures | USD | 5/10/2024 | 104 | 8,176,706 | 7,516,600 | (660,106 ) |
Natural Gas Futures | USD | 2/27/2024 | 679 | 16,413,162 | 15,800,330 | (612,832 ) |
Natural Gas Futures | USD | 4/26/2024 | 143 | 3,992,686 | 3,386,240 | (606,446 ) |
NY Harbor ULSD Futures | USD | 2/29/2024 | 71 | 7,868,300 | 7,440,686 | (427,614 ) |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
NY Harbor ULSD Futures | USD | 4/30/2024 | 72 | 8,041,325 | 7,322,011 | (719,314 ) |
Palladium Futures | USD | 3/26/2024 | 40 | 4,219,227 | 4,437,200 | 217,973 |
Silver Futures | USD | 3/26/2024 | 222 | 25,999,723 | 26,735,460 | 735,737 |
Soybean Futures | USD | 3/14/2024 | 309 | 20,775,173 | 20,054,100 | (721,073 ) |
Soybean Meal Futures | USD | 3/14/2024 | 116 | 4,632,512 | 4,477,600 | (154,912 ) |
Soybean Oil Futures | USD | 3/14/2024 | 398 | 12,333,691 | 11,505,384 | (828,307 ) |
Sugar No. 11 Futures | USD | 2/29/2024 | 237 | 7,041,724 | 5,462,755 | (1,578,969 ) |
Wheat Futures | USD | 3/14/2024 | 651 | 19,368,575 | 20,441,400 | 1,072,825 |
WTI Crude Futures | USD | 4/22/2024 | 242 | 18,619,121 | 17,455,460 | (1,163,661 ) |
WTI Crude Futures | USD | 2/20/2024 | 167 | 12,684,687 | 11,997,280 | (687,407 ) |
Total | 545,694,767 | (3,552,886 ) |
At December 31, 2023, open futures contracts sold were as follows:
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
LME Nickel Futures | USD | 1/15/2024 | 113 | 11,106,096 | 11,142,930 | (36,834 ) |
LME Nickel Futures | USD | 3/18/2024 | 9 | 901,776 | 896,022 | 5,754 |
LME Primary Aluminium Futures | USD | 1/15/2024 | 673 | 36,498,598 | 39,563,987 | (3,065,389 ) |
LME Primary Aluminium Futures | USD | 3/18/2024 | 18 | 1,017,195 | 1,071,450 | (54,255 ) |
LME Zinc Futures | USD | 1/15/2024 | 237 | 14,680,934 | 15,659,775 | (978,841 ) |
LME Zinc Futures | USD | 3/18/2024 | 21 | 1,297,414 | 1,398,338 | (100,924 ) |
Total | 69,732,502 | (4,230,489 ) |
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 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, 2023, the Fund held $476,877,147 in the Subsidiary, representing 10.5% 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 December 31, 2023 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Communication Services | $— | $83,945,530 | $— | $83,945,530 |
Consumer Staples | 40,693,032 | — | — | 40,693,032 |
Energy | 475,061,563 | 94,807,191 | 0 | 569,868,754 |
Industrials | 149,704,187 | 160,939,983 | — | 310,644,170 |
Materials | 227,264,822 | 138,724,209 | — | 365,989,031 |
Real Estate | 1,084,815,093 | 402,876,204 | — | 1,487,691,297 |
Utilities | 361,100,941 | 293,794,167 | — | 654,895,108 |
Government & Agency Obligations | — | 817,138,788 | — | 817,138,788 |
Short-Term Investments (a) | 75,703,096 | — | — | 75,703,096 |
Derivatives (b) | ||||
Futures Contracts | 13,635,752 | — | — | 13,635,752 |
Total | $2,427,978,486 | $1,992,226,072 | $0 | $4,420,204,558 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | ||||
Futures Contracts | $(21,419,127 ) | $— | $— | $(21,419,127 ) |
Total | $(21,419,127 ) | $— | $— | $(21,419,127 ) |
(a) | See Consolidated 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 December 31, 2023 categorized by the primary underlying risk exposure.
Primary Underlying Risk Disclosure | Futures Contracts |
Commodity Contracts | $(7,783,375 ) |
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-080548-2 (1/25)