Investment Portfolioas of March 31, 2023 (Unaudited)
DWS RREEF Real Estate Securities Fund
Shares | Value ($) | ||
Common Stocks 99.4% | |||
Diversified REITs 4.9% | |||
Diversified 2.9% | |||
WP Carey, Inc. | 439,928 | 34,072,424 | |
Specialty Services 2.0% | |||
Essential Properties Realty Trust, Inc. | 940,275 | 23,365,834 | |
Health Care REITs 6.7% | |||
Health Care | |||
Sabra Health Care REIT, Inc. | 1,484,700 | 17,074,050 | |
Ventas, Inc. | 116,383 | 5,045,203 | |
Welltower, Inc. | 790,138 | 56,644,993 | |
78,764,246 | |||
Hotel & Resort REITs 2.1% | |||
Hotels | |||
Ryman Hospitality Properties, Inc. | 273,821 | 24,569,958 | |
Industrial REITs 15.6% | |||
Industrial | |||
EastGroup Properties, Inc. | 161,073 | 26,628,588 | |
Prologis, Inc. | 1,044,953 | 130,378,786 | |
Rexford Industrial Realty, Inc. | 445,283 | 26,561,131 | |
183,568,505 | |||
Office REITs 2.2% | |||
Office | |||
Alexandria Real Estate Equities, Inc. | 209,694 | 26,335,470 | |
Residential REITs 13.0% | |||
Apartments 10.1% | |||
American Homes 4 Rent "A" | 528,320 | 16,615,664 | |
AvalonBay Communities, Inc. | 345,317 | 58,033,975 | |
Mid-America Apartment Communities, Inc. | 295,967 | 44,702,856 | |
119,352,495 | |||
Manufactured Homes 2.9% | |||
Equity LifeStyle Properties, Inc. | 507,397 | 34,061,560 | |
Retail REITs 12.1% | |||
Regional Malls 4.5% | |||
Simon Property Group, Inc. | 469,421 | 52,561,069 |
Shopping Centers 3.5% | |||
Kimco Realty Corp. | 1,001,135 | 19,552,167 | |
Kite Realty Group Trust | 1,066,296 | 22,306,912 | |
41,859,079 | |||
Specialty Services 4.1% | |||
Agree Realty Corp. | 531,814 | 36,487,759 | |
Spirit Realty Capital, Inc. | 297,781 | 11,863,595 | |
48,351,354 | |||
Specialized REITs 42.8% | |||
Diversified 30.4% | |||
American Tower Corp. | 543,369 | 111,032,021 | |
Crown Castle, Inc. | 53,285 | 7,131,664 | |
Equinix, Inc. | 139,366 | 100,488,461 | |
SBA Communications Corp. | 227,493 | 59,391,598 | |
VICI Properties, Inc. | 1,738,534 | 56,710,979 | |
Weyerhaeuser Co. | 811,444 | 24,448,808 | |
359,203,531 | |||
Storage 12.4% | |||
Extra Space Storage, Inc. | 148,446 | 24,186,307 | |
Iron Mountain, Inc. | 765,885 | 40,522,975 | |
Life Storage, Inc. | 182,757 | 23,957,615 | |
Public Storage | 189,485 | 57,250,998 | |
145,917,895 | |||
Total Common Stocks (Cost $1,072,338,516) | 1,171,983,420 | ||
Cash Equivalents 0.5% | |||
DWS Central Cash Management Government Fund, 4.78% (a) (Cost $6,241,332) | 6,241,332 | 6,241,332 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $1,078,579,848) | 99.9 | 1,178,224,752 | |
Other Assets and Liabilities, Net | 0.1 | 622,857 | |
Net Assets | 100.0 | 1,178,847,609 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended March 31, 2023 are as follows:
Value ($) at 12/31/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 3/31/2023 | Value ($) at 3/31/2023 |
Cash Equivalents 0.5% | ||||||||
DWS Central Cash Management Government Fund, 4.78% (a) | ||||||||
5,373,893 | 34,592,803 | 33,725,364 | — | — | 99,890 | — | 6,241,332 | 6,241,332 |
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
REIT: Real Estate Investment Trust |
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 March 31, 2023 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $1,171,983,420 | $— | $— | $1,171,983,420 |
Short-Term Investments | 6,241,332 | — | — | 6,241,332 |
Total | $1,178,224,752 | $— | $— | $1,178,224,752 |
(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-PH1
R-080548-2 (1/25)