UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSR
Investment Company Act file number: 811-01236
Deutsche DWS Market Trust
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 3/31 |
Date of reporting period: | 3/31/2023 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) |
Contents
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NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
2 | | | DWS RREEF Real Assets Fund |
DWS RREEF Real Assets Fund | | | 3 |
4 | | | DWS RREEF Real Assets Fund |
DWS RREEF Real Assets Fund | | | 5 |
6 | | | DWS RREEF Real Assets Fund |
DWS RREEF Real Assets Fund | | | 7 |
8 | | | DWS RREEF Real Assets Fund |
DWS RREEF Real Assets Fund | | | 9 |
10 | | | DWS RREEF Real Assets Fund |
DWS RREEF Real Assets Fund | | | 11 |
Class A | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 3/31/23 | |||
Unadjusted for Sales Charge | –13.83% | 6.26% | 3.82% |
Adjusted for the Maximum Sales Charge (max 5.75% load) | –18.79% | 5.01% | 3.20% |
MSCI World Index† | –7.02% | 8.01% | 8.85% |
Bloomberg U.S. Treasury Inflation Notes Index† | –6.06% | 2.94% | 1.49% |
Blended Index† | –11.81% | 4.60% | 3.38% |
Class C | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 3/31/23 | |||
Unadjusted for Sales Charge | –14.47% | 5.48% | 3.04% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | –14.47% | 5.48% | 3.04% |
MSCI World Index† | –7.02% | 8.01% | 8.85% |
Bloomberg U.S. Treasury Inflation Notes Index† | –6.06% | 2.94% | 1.49% |
Blended Index† | –11.81% | 4.60% | 3.38% |
Class R | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 3/31/23 | |||
No Sales Charges | –14.02% | 5.99% | 3.57% |
MSCI World Index† | –7.02% | 8.01% | 8.85% |
Bloomberg U.S. Treasury Inflation Notes Index† | –6.06% | 2.94% | 1.49% |
Blended Index† | –11.81% | 4.60% | 3.38% |
Class R6 | 1-Year | 5-Year | Life of Class* |
Average Annual Total Returns as of 3/31/23 | |||
No Sales Charges | –13.59% | 6.58% | 4.51% |
MSCI World Index† | –7.02% | 8.01% | 7.70% |
Bloomberg U.S. Treasury Inflation Notes Index† | –6.06% | 2.94% | 2.26% |
Blended Index† | –11.81% | 4.60% | 3.26% |
12 | | | DWS RREEF Real Assets Fund |
Class S | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 3/31/23 | |||
No Sales Charges | –13.69% | 6.44% | 3.98% |
MSCI World Index† | –7.02% | 8.01% | 8.85% |
Bloomberg U.S. Treasury Inflation Notes Index† | –6.06% | 2.94% | 1.49% |
Blended Index† | –11.81% | 4.60% | 3.38% |
Institutional Class | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 3/31/23 | |||
No Sales Charges | –13.53% | 6.58% | 4.14% |
MSCI World Index† | –7.02% | 8.01% | 8.85% |
Bloomberg U.S. Treasury Inflation Notes Index† | –6.06% | 2.94% | 1.49% |
Blended Index† | –11.81% | 4.60% | 3.38% |
DWS RREEF Real Assets Fund | | | 13 |
* | Class R6 shares commenced operations on November 28, 2014. |
14 | | | DWS RREEF Real Assets Fund |
† | The Morgan Stanley Capital International (MSCI) World Index is an unmanaged index representing large and mid-cap equity performance across 23 developed markets countries. It covers approximately 85% of the free float-adjusted market capitalization in each country. The Bloomberg U.S. Treasury Inflation Notes Index includes all publicly issued U.S. Treasury inflation-protected securities that have at least one year remaining to maturity, are rated investment grade and have $250 million or more of outstanding face value. The Blended Index is composed of 30% in the Dow Jones Brookfield Infrastructure Index, 30% in the FTSE EPRA/NAREIT Developed Index, 15% in the Bloomberg Commodity Index, 15% in the S&P Global Natural Resources Index and 10% in the Bloomberg U.S. Treasury Inflation Notes Index. Dow Jones Brookfield Infrastructure Index measures the stock performance of companies worldwide whose primary business is the ownership and operation of (rather than service of) infrastructure assets. To be included in the indices, a company must have more than 70% of estimated cash flows (based on publicly available information) derived from the following infrastructure sectors: airports, toll roads, ports, communications, electricity transmission and distribution, oil and gas storage and transportation, water, and other sectors. FTSE EPRA/NAREIT Developed Index is an unmanaged, market-weighted index designed to track the performance of listed real estate companies and REITS worldwide. Bloomberg Commodity Index is an unmanaged index that tracks a diversified group of commodities and commodities futures contracts traded on both U.S. and London exchanges. S&P Global Natural Resources Index includes 90 of the largest publicly-traded companies in natural resources and commodities businesses that meet specific investability requirements, offering investors diversified and investable equity exposure across 3 primary commodity-related sectors: agribusiness, energy, and metals & mining. |
Class A | Class C | Class R | Class R6 | Class S | Institutional Class | |
Net Asset Value | ||||||
3/31/23 | $11.29 | $11.21 | $11.36 | $11.21 | $11.20 | $11.21 |
3/31/22 | $13.64 | $13.54 | $13.72 | $13.55 | $13.53 | $13.54 |
Distribution Information as of 3/31/23 | ||||||
Income Dividends, Twelve Months | $.47 | $.38 | $.45 | $.51 | $.49 | $.51 |
DWS RREEF Real Assets Fund | | | 15 |
Asset Allocation (As a % of Net Assets) | 3/31/23 | 3/31/22 |
Common Stocks | ||
Infrastructure | 37% | 37% |
Real Estate | 27% | 25% |
Natural Resource Equities | 13% | 14% |
Commodity Futures | 12% | 15% |
Treasury Inflation Protected Securities | 9% | 9% |
Cash Equivalents, U.S. Treasury Notes, Short-Term U.S. Treasury Obligations and Other Assets and Liabilities, net* | 2% | 0% |
100% | 100% |
* | Net of notional exposure to futures contracts |
Sector Diversification (As a % of Common Stocks) | 3/31/23 | 3/31/22 |
Real Estate | 43% | 42% |
Utilities | 21% | 19% |
Energy | 13% | 14% |
Materials | 10% | 13% |
Industrials | 8% | 10% |
Communication Services | 3% | 1% |
Consumer Staples | 2% | 1% |
Information Technology | 0% | — |
100% | 100% |
Geographical Diversification (As a % of Common Stocks and Government & Agency Obligations) | 3/31/23 | 3/31/22 |
United States | 60% | 66% |
Canada | 8% | 8% |
United Kingdom | 7% | 5% |
Japan | 4% | 2% |
Hong Kong | 4% | 2% |
Spain | 3% | 3% |
Australia | 2% | 2% |
Singapore | 2% | 2% |
France | 2% | 2% |
Switzerland | 2% | 1% |
Other | 6% | 7% |
100% | 100% |
16 | | | DWS RREEF Real Assets Fund |
Ten Largest Equity Holdings at March 31, 2023 (18.7% of Net Assets) | Country | Percent | |
1Enbridge, Inc. | Canada | 2.4% | |
Provider of energy transportation, distribution and related services | |||
2American Tower Corp. | United States | 2.3% | |
Operator and developer of wireless communications and broadcast towers | |||
3Prologis, Inc. | United States | 2.1% | |
Owner, operator and developer of industrial real estate | |||
4SBA Communications Corp. | United States | 2.0% | |
Operator of wireless communication infrastructure | |||
5National Grid PLC | United Kingdom | 2.0% | |
Provider of electricity and natural gas transmission services | |||
6Equinix, Inc. | United States | 1.9% | |
Provider of technology-related real estate | |||
7ONEOK, Inc. | United States | 1.6% | |
Operator of natural gas and natural gas liquids business | |||
8Sempra Energy | United States | 1.5% | |
Provider of electric and natural gas products and services | |||
9Vinci SA | France | 1.5% | |
Provider of electrical, mechanical, civil engineering and construction services | |||
10Crown Castle, Inc. | United States | 1.4% | |
Provider of wireless infrastructure |
DWS RREEF Real Assets Fund | | | 17 |
Shares | Value ($) | ||
Common Stocks 77.4% | |||
Communication Services 2.1% | |||
Diversified Telecommunication Services | |||
Cellnex Telecom SA 144A | 2,032,556 | 79,127,755 | |
China Tower Corp. Ltd. “H” 144A | 335,573,000 | 40,629,217 | |
119,756,972 | |||
Consumer Staples 1.3% | |||
Food Products | |||
Archer-Daniels-Midland Co. | 468,980 | 37,358,947 | |
Bunge Ltd. | 175,726 | 16,785,347 | |
Darling Ingredients, Inc.* | 307,110 | 17,935,224 | |
72,079,518 | |||
Energy 10.0% | |||
Energy Equipment & Services 0.2% | |||
Halliburton Co. | 339,700 | 10,748,108 | |
Oil, Gas & Consumable Fuels 9.8% | |||
BP PLC | 12,656,700 | 79,985,746 | |
Canadian Natural Resources Ltd. | 221,375 | 12,250,563 | |
Cheniere Energy, Inc. | 197,762 | 31,167,291 | |
Diamondback Energy, Inc. | 176,940 | 23,916,980 | |
Enbridge, Inc. | 3,621,890 | 138,095,443 | |
Gazprom PJSC (ADR)* (a) | 1,013,306 | 0 | |
Gibson Energy, Inc. | 1,086,926 | 17,371,514 | |
LUKOIL PJSC (a) | 91,202 | 0 | |
Marathon Petroleum Corp. | 198,018 | 26,698,767 | |
Neste Oyj | 179,000 | 8,839,246 | |
ONEOK, Inc. | 1,428,200 | 90,747,828 | |
Pembina Pipeline Corp. | 1,537,600 | 49,808,456 | |
Shell PLC | 1,507,564 | 42,993,942 | |
Williams Companies, Inc. | 1,256,683 | 37,524,555 | |
559,400,331 |
18 | | | DWS RREEF Real Assets Fund |
Shares | Value ($) | ||
Industrials 6.4% | |||
Commercial Services & Supplies 0.6% | |||
Republic Services, Inc. | 136,035 | 18,394,653 | |
Waste Connections, Inc. | 126,702 | 17,620,447 | |
36,015,100 | |||
Construction & Engineering 2.3% | |||
Ferrovial SA | 1,469,785 | 43,329,677 | |
Vinci SA | 753,542 | 86,481,804 | |
129,811,481 | |||
Ground Transportation 1.6% | |||
Canadian Pacific Railway Ltd. | 353,500 | 27,220,677 | |
East Japan Railway Co. | 336,300 | 18,618,928 | |
Union Pacific Corp. | 216,300 | 43,532,538 | |
89,372,143 | |||
Transportation Infrastructure 1.9% | |||
Aena SME SA 144A* | 95,300 | 15,368,647 | |
Getlink SE | 345,045 | 5,681,735 | |
Grupo Aeroportuario del Pacifico SAB de CV (ADR) | 169,490 | 33,069,194 | |
Japan Airport Terminal Co., Ltd.* | 142,942 | 7,144,697 | |
Transurban Group (Units) | 4,855,179 | 46,313,124 | |
107,577,397 | |||
Information Technology 0.1% | |||
IT Services | |||
GDS Holdings Ltd. “A” * | 4,045,000 | 9,348,536 | |
Materials 8.2% | |||
Chemicals 2.1% | |||
CF Industries Holdings, Inc. | 285,300 | 20,681,397 | |
Corteva, Inc. | 600,338 | 36,206,385 | |
Nutrien Ltd. | 628,277 | 46,399,058 | |
Sociedad Quimica y Minera de Chile SA (ADR) | 234,900 | 19,040,994 | |
122,327,834 | |||
Containers & Packaging 0.7% | |||
Avery Dennison Corp. | 96,930 | 17,343,685 | |
SIG Group AG | 767,500 | 19,794,375 | |
37,138,060 | |||
Metals & Mining 4.7% | |||
Agnico Eagle Mines Ltd. | 490,198 | 24,990,486 | |
BHP Group Ltd. | 966,300 | 30,635,667 |
DWS RREEF Real Assets Fund | | | 19 |
Shares | Value ($) | ||
Franco-nevada Corp. | 77,900 | 11,362,506 | |
Freeport-McMoRan, Inc. | 928,820 | 37,998,026 | |
Glencore PLC | 8,584,292 | 49,185,735 | |
Norsk Hydro ASA | 2,916,086 | 21,697,130 | |
Reliance Steel & Aluminum Co. | 98,700 | 25,340,238 | |
Sumitomo Metal Mining Co., Ltd. | 536,300 | 20,520,119 | |
Teck Resources Ltd. “B” | 868,626 | 31,717,864 | |
Vale SA (ADR) | 838,391 | 13,229,810 | |
266,677,581 | |||
Paper & Forest Products 0.7% | |||
Mondi PLC | 1,384,700 | 21,992,618 | |
Svenska Cellulosa AB SCA “B” (b) | 1,322,600 | 17,438,684 | |
39,431,302 | |||
Real Estate 33.0% | |||
Diversified REITs 1.5% | |||
Activia Properties, Inc. | 4,970 | 14,170,579 | |
British Land Co. PLC | 6,002,653 | 28,817,216 | |
Charter Hall Group | 1,046,900 | 7,789,554 | |
Hulic Reit, Inc. | 5,267 | 5,945,540 | |
Sekisui House Reit, Inc. | 10,630 | 5,767,620 | |
WP Carey, Inc. | 308,548 | 23,897,043 | |
86,387,552 | |||
Health Care REITs 1.2% | |||
Sabra Health Care REIT, Inc. | 1,659,744 | 19,087,056 | |
Ventas, Inc. | 114,923 | 4,981,912 | |
Welltower, Inc. | 638,700 | 45,788,403 | |
69,857,371 | |||
Hotel & Resort REITs 0.5% | |||
Ryman Hospitality Properties, Inc. | 343,293 | 30,803,681 | |
Industrial REITs 5.5% | |||
EastGroup Properties, Inc. | 188,073 | 31,092,228 | |
Frasers Logistics & Commercial Trust | 32,319,700 | 31,876,701 | |
Granite Real Estate Investment Trust | 375,397 | 23,246,004 | |
Industrial & Infrastructure Fund Investment Corp. | 11,310 | 12,305,630 | |
Mapletree Logistics Trust | 27,482,800 | 35,428,588 | |
Prologis, Inc. | 948,131 | 118,298,305 | |
Rexford Industrial Realty, Inc. | 617,500 | 36,833,875 | |
Segro PLC | 2,686,098 | 25,531,808 | |
314,613,139 |
20 | | | DWS RREEF Real Assets Fund |
Shares | Value ($) | ||
Office REITs 1.0% | |||
Alexandria Real Estate Equities, Inc. | 274,480 | 34,471,943 | |
Dexus | 1,079,400 | 5,476,117 | |
Mori Trust REIT, Inc. | 27,240 | 14,068,886 | |
54,016,946 | |||
Real Estate Management & Development 5.5% | |||
CapitaLand Investment Ltd. | 16,602,800 | 46,055,067 | |
Castellum AB (b) | 1,402,926 | 16,332,316 | |
CK Asset Holdings Ltd. | 7,536,363 | 45,712,064 | |
CTP NV 144A | 1,033,998 | 13,375,119 | |
Fastighets AB Balder “B” * | 4,291,140 | 17,654,490 | |
Hysan Development Co., Ltd. | 3,925,000 | 11,162,797 | |
Mitsui Fudosan Co., Ltd. | 2,530,200 | 47,481,402 | |
PSP Swiss Property AG (Registered) | 240,760 | 27,413,856 | |
Sun Hung Kai Properties Ltd. | 3,013,500 | 42,267,663 | |
Tokyu Fudosan Holdings Corp. | 5,713,600 | 27,438,491 | |
Vonovia SE | 1,012,284 | 19,036,403 | |
313,929,668 | |||
Residential REITs 2.0% | |||
American Homes 4 Rent “A” | 359,209 | 11,297,123 | |
AvalonBay Communities, Inc. | 230,140 | 38,677,329 | |
Equity LifeStyle Properties, Inc. | 221,310 | 14,856,540 | |
Mid-America Apartment Communities, Inc. | 155,964 | 23,556,803 | |
UNITE Group PLC | 1,957,591 | 23,244,368 | |
111,632,163 | |||
Retail REITs 4.5% | |||
Agree Realty Corp. | 694,822 | 47,671,737 | |
Kenedix Retail REIT Corp. | 6,905 | 12,234,448 | |
Kite Realty Group Trust | 1,467,729 | 30,704,891 | |
Klepierre SA | 731,900 | 16,606,027 | |
Link REIT | 7,460,441 | 47,974,374 | |
Region RE Ltd. | 6,468,000 | 10,246,355 | |
RioCan Real Estate Investment Trust (b) | 1,763,900 | 26,611,854 | |
Simon Property Group, Inc. | 433,220 | 48,507,643 | |
Spirit Realty Capital, Inc. | 408,317 | 16,267,349 | |
256,824,678 | |||
Specialized REITs 11.3% | |||
American Tower Corp. | 630,721 | 128,881,529 | |
Big Yellow Group PLC | 1,698,866 | 24,502,761 | |
Crown Castle, Inc. | 601,830 | 80,548,927 | |
Equinix, Inc. | 152,494 | 109,954,274 |
DWS RREEF Real Assets Fund | | | 21 |
Shares | Value ($) | ||
Extra Space Storage, Inc. | 124,100 | 20,219,613 | |
Iron Mountain, Inc. | 574,475 | 30,395,472 | |
Life Storage, Inc. | 124,656 | 16,341,155 | |
Public Storage | 175,480 | 53,019,527 | |
SBA Communications Corp. | 431,796 | 112,728,982 | |
VICI Properties, Inc. | 1,613,174 | 52,621,736 | |
Weyerhaeuser Co. | 486,842 | 14,668,550 | |
643,882,526 | |||
Utilities 16.3% | |||
Electric Utilities 4.9% | |||
Exelon Corp. | 1,656,234 | 69,379,642 | |
Orsted AS 144A | 397,432 | 33,800,688 | |
PG&E Corp.* | 3,393,800 | 54,877,746 | |
SSE PLC | 1,422,600 | 31,650,068 | |
Terna - Rete Elettrica Nazionale | 8,921,149 | 73,123,267 | |
Xcel Energy, Inc. | 269,348 | 18,164,829 | |
280,996,240 | |||
Gas Utilities 3.3% | |||
APA Group (Units) | 2,812,017 | 19,064,266 | |
Atmos Energy Corp. | 425,490 | 47,808,057 | |
China Resources Gas Group Ltd. | 9,094,200 | 33,419,880 | |
ENN Energy Holdings Ltd. | 1,984,400 | 27,146,999 | |
Hong Kong & China Gas Co., Ltd. | 34,989,850 | 30,819,069 | |
Tokyo Gas Co., Ltd. | 1,491,100 | 28,042,600 | |
186,300,871 | |||
Independent Power & Renewable Electricity Producers 0.7% | |||
RWE AG | 916,900 | 39,502,164 | |
Multi-Utilities 6.5% | |||
Ameren Corp. | 503,863 | 43,528,725 | |
CenterPoint Energy, Inc. | 2,430,814 | 71,611,780 | |
National Grid PLC | 8,267,138 | 111,902,125 | |
NiSource, Inc. | 1,994,070 | 55,754,197 | |
Sempra Energy | 585,610 | 88,520,808 | |
371,317,635 | |||
Water Utilities 0.9% | |||
American Water Works Co., Inc. | 341,379 | 50,008,610 | |
Total Common Stocks (Cost $4,458,046,435) | 4,409,757,607 |
22 | | | DWS RREEF Real Assets Fund |
Principal Amount ($) | Value ($) | ||
Government & Agency Obligations 19.7% | |||
U.S. Treasury Obligations | |||
U.S. Treasury Inflation-Indexed Bonds: | |||
0.875%, 2/15/2047 | 26,592,805 | 23,006,932 | |
1.375%, 2/15/2044 | 44,460,159 | 43,042,992 | |
U.S. Treasury Inflation-Indexed Notes: | |||
0.125%, 7/15/2031 | 58,878,475 | 54,221,671 | |
0.25%, 1/15/2025 | 86,069,443 | 83,981,587 | |
0.25%, 7/15/2029 | 54,294,932 | 51,441,267 | |
0.375%, 1/15/2027 | 90,010,857 | 86,744,448 | |
0.375%, 7/15/2027 | 65,970,484 | 63,723,364 | |
0.625%, 1/15/2026 | 85,932,219 | 84,008,815 | |
0.875%, 1/15/2029 | 27,571,954 | 27,086,213 | |
U.S. Treasury Notes: | |||
0.125%, 5/31/2023 | 50,000,000 | 49,635,311 | |
0.125%, 6/30/2023 | 50,000,000 | 49,454,733 | |
0.125%, 7/31/2023 | 70,000,000 | 68,941,797 | |
0.125%, 8/31/2023 | 42,000,000 | 41,215,781 | |
1.375%, 9/30/2023 | 65,000,000 | 63,948,828 | |
1.625%, 4/30/2023 | 42,000,000 | 41,902,622 | |
2.25%, 12/31/2023 | 17,500,000 | 17,183,496 | |
2.375%, 2/29/2024 | 40,000,000 | 39,164,062 | |
2.5%, 8/15/2023 | 60,000,000 | 59,479,687 | |
2.5%, 1/31/2024 | 50,000,000 | 49,085,937 | |
2.875%, 10/31/2023 | 65,000,000 | 64,334,765 | |
2.875%, 11/30/2023 | 60,000,000 | 59,280,469 | |
Total Government & Agency Obligations (Cost $1,148,694,040) | 1,120,884,777 |
Shares | Value ($) | ||
Securities Lending Collateral 0.4% | |||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 4.66% (c) (d) (Cost $23,744,750) | 23,744,750 | 23,744,750 | |
Cash Equivalents 1.8% | |||
DWS Central Cash Management Government Fund, 4.78% (c) (Cost $100,676,680) | 100,676,680 | 100,676,680 |
DWS RREEF Real Assets Fund | | | 23 |
% of Net Assets | Value ($) | ||
Total Consolidated Investment Portfolio (Cost $5,731,161,905) | 99.3 | 5,655,063,814 | |
Other Assets and Liabilities, Net | 0.7 | 38,285,149 | |
Net Assets | 100.0 | 5,693,348,963 |
Value ($) at 3/31/2022 | Pur- chases Cost ($) | Sales Proceeds ($) | Net Real- ized Gain/ (Loss) ($) | Net Change in Unreal- ized Appreci- ation (Depreci- ation) ($) | Income ($) | Capital Gain Distri- butions ($) | Number of Shares at 3/31/2023 | Value ($) at 3/31/2023 |
Securities Lending Collateral 0.4% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 4.66% (c) (d) | ||||||||
69,740,451 | — | 45,995,701 (e) | — | — | 207,656 | — | 23,744,750 | 23,744,750 |
Cash Equivalents 1.8% | ||||||||
DWS Central Cash Management Government Fund, 4.78% (c) | ||||||||
165,421,662 | 3,431,943,929 | 3,496,688,911 | — | — | 2,291,014 | — | 100,676,680 | 100,676,680 |
235,162,113 | 3,431,943,929 | 3,542,684,612 | — | — | 2,498,670 | — | 124,421,430 | 124,421,430 |
* | Non-income producing security. |
(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 March 31, 2023 amounted to $22,278,630, which is 0.4% of net assets. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended March 31, 2023. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
ADR: American Depositary Receipt |
HRW: Hard Red Winter |
LME: London Metal Exchange |
PJSC: Public Joint Stock Company |
RBOB: Reformulated Blendstock for Oxygenate Blending |
REIT: Real Estate Investment Trust |
24 | | | DWS RREEF Real Assets Fund |
ULSD: Ultra-Low Sulfur Diesel |
WTI: West Texas Intermediate |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
Brent Crude Oil Futures | USD | 5/31/2023 | 848 | 69,593,304 | 67,611,040 | (1,982,264) |
Copper Futures | USD | 5/26/2023 | 404 | 40,894,701 | 41,354,450 | 459,749 |
Corn Futures | USD | 5/12/2023 | 525 | 17,718,188 | 17,338,125 | (380,063) |
Corn Futures | USD | 7/14/2023 | 816 | 25,122,872 | 25,948,800 | 825,928 |
Cotton No. 2 Futures | USD | 7/7/2023 | 318 | 13,702,249 | 13,212,900 | (489,349) |
Gasoline RBOB Futures | USD | 4/28/2023 | 53 | 6,075,447 | 5,967,906 | (107,541) |
Gasoline RBOB Futures | USD | 6/30/2023 | 81 | 8,662,781 | 8,755,047 | 92,266 |
Gold 100 oz. Futures | USD | 6/28/2023 | 726 | 135,080,433 | 144,198,120 | 9,117,687 |
Kansas City HRW Wheat Futures | USD | 5/12/2023 | 178 | 7,669,945 | 7,811,975 | 142,030 |
Lean Hogs Futures | USD | 6/14/2023 | 503 | 20,331,159 | 18,434,950 | (1,896,209) |
Live Cattle Futures | USD | 6/30/2023 | 405 | 25,687,755 | 26,264,250 | 576,495 |
LME Nickel Futures | USD | 5/15/2023 | 157 | 25,573,544 | 22,372,500 | (3,201,044) |
LME Primary Aluminium Futures | USD | 5/15/2023 | 734 | 44,676,353 | 43,925,312 | (751,041) |
LME Zinc Futures | USD | 5/15/2023 | 392 | 30,116,110 | 28,711,550 | (1,404,560) |
Low Sulfur Gas Oil Futures | USD | 5/11/2023 | 280 | 22,727,400 | 21,049,000 | (1,678,400) |
Natural Gas Futures | USD | 4/26/2023 | 589 | 15,819,885 | 13,052,240 | (2,767,645) |
Natural Gas Futures | USD | 6/28/2023 | 584 | 18,246,681 | 15,954,880 | (2,291,801) |
DWS RREEF Real Assets Fund | | | 25 |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
NY Harbor ULSD Futures | USD | 4/28/2023 | 76 | 8,833,610 | 8,364,955 | (468,655) |
Silver Futures | USD | 5/26/2023 | 260 | 28,917,574 | 31,402,800 | 2,485,226 |
Soybean Futures | USD | 5/12/2023 | 272 | 20,524,718 | 20,474,800 | (49,918) |
Soybean Meal Futures | USD | 5/12/2023 | 175 | 8,181,539 | 8,155,000 | (26,539) |
Soybean Oil Futures | USD | 7/14/2023 | 262 | 9,948,451 | 8,743,464 | (1,204,987) |
Soybean Oil Futures | USD | 12/14/2023 | 224 | 8,178,101 | 7,257,600 | (920,501) |
Sugar No. 11 Futures | USD | 4/28/2023 | 894 | 20,164,941 | 22,278,480 | 2,113,539 |
Wheat Futures | USD | 5/12/2023 | 1,003 | 37,841,107 | 34,716,338 | (3,124,769) |
WTI Crude Futures | USD | 6/20/2023 | 426 | 29,980,101 | 32,260,980 | 2,280,879 |
WTI Crude Futures | USD | 8/22/2023 | 156 | 11,003,829 | 11,700,000 | 696,171 |
Total | 707,317,462 | (3,955,316) |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
LME Nickel Futures | USD | 5/15/2023 | 13 | 1,800,675 | 1,852,500 | (51,825) |
LME Primary Aluminium Futures | USD | 5/15/2023 | 70 | 4,159,420 | 4,189,062 | (29,642) |
LME Zinc Futures | USD | 5/15/2023 | 42 | 3,100,513 | 3,076,238 | 24,275 |
Total | 9,117,800 | (57,192) |
USD | United States Dollar |
26 | | | DWS RREEF Real Assets Fund |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | ||||
Communication Services | $— | $119,756,972 | $— | $119,756,972 |
Consumer Staples | 72,079,518 | — | — | 72,079,518 |
Energy | 438,329,505 | 131,818,934 | 0 | 570,148,439 |
Industrials | 139,837,509 | 222,938,612 | — | 362,776,121 |
Information Technology | — | 9,348,536 | — | 9,348,536 |
Materials | 284,310,449 | 181,264,328 | — | 465,574,777 |
Real Estate | 1,246,031,484 | 635,916,240 | — | 1,881,947,724 |
Utilities | 499,654,394 | 428,471,126 | — | 928,125,520 |
Government & Agency Obligations | — | 1,120,884,777 | — | 1,120,884,777 |
Short-Term Investments (a) | 124,421,430 | — | — | 124,421,430 |
Derivatives (b) | ||||
Futures Contracts | 18,814,245 | — | — | 18,814,245 |
Total | $2,823,478,534 | $2,850,399,525 | $0 | $5,673,878,059 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | ||||
Futures Contracts | $(22,826,753 ) | $— | $— | $(22,826,753 ) |
Total | $(22,826,753 ) | $— | $— | $(22,826,753 ) |
(a) | See Consolidated Investment Portfolio for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
DWS RREEF Real Assets Fund | | | 27 |
Assets | |
Investments in non-affiliated securities, at value (cost $5,606,740,475) — including $22,278,630 of securities loaned | $5,530,642,384 |
Investment in DWS Government & Agency Securities Portfolio (cost $23,744,750)* | 23,744,750 |
Investment in DWS Central Cash Management Government Fund (cost $100,676,680) | 100,676,680 |
Cash | 20,000 |
Foreign currency, at value (cost $10,425,926) | 10,427,659 |
Deposit with broker for futures contracts | 53,880,662 |
Receivable for investments sold | 975,429 |
Receivable for Fund shares sold | 8,102,742 |
Dividends receivable | 10,549,753 |
Interest receivable | 3,114,571 |
Receivable for variation margin on futures contracts | 5,653,482 |
Foreign taxes recoverable | 409,134 |
Other assets | 148,562 |
Total assets | 5,748,345,808 |
Liabilities | |
Payable upon return of securities loaned | 23,744,750 |
Payable for investments purchased | 17,290,864 |
Payable for Fund shares redeemed | 8,901,367 |
Accrued management fee | 3,105,185 |
Accrued Trustees' fees | 56,855 |
Other accrued expenses and payables | 1,897,824 |
Total liabilities | 54,996,845 |
Net assets, at value | $5,693,348,963 |
Net Assets Consist of | |
Distributable earnings (loss) | (729,897,303 ) |
Paid-in capital | 6,423,246,266 |
Net assets, at value | $5,693,348,963 |
28 | | | DWS RREEF Real Assets Fund |
as of March 31, 2023 (continued)
Net Asset Value | |
Class A | |
Net Asset Value and redemption price per share ($115,602,101 ÷ 10,236,721 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $11.29 |
Maximum offering price per share (100 ÷ 94.25 of $11.29) | $11.98 |
Class C | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($23,613,784 ÷ 2,106,821 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $11.21 |
Class R | |
Net Asset Value, offering and redemption price per share ($2,317,945 ÷ 204,087 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $11.36 |
Class R6 | |
Net Asset Value, offering and redemption price per share ($160,102,381 ÷ 14,280,357 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $11.21 |
Class S | |
Net Asset Value, offering and redemption price per share ($371,749,769 ÷ 33,191,967 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $11.20 |
Institutional Class | |
Net Asset Value, offering and redemption price per share ($5,019,962,983 ÷ 447,880,244 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $11.21 |
DWS RREEF Real Assets Fund | | | 29 |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $6,515,055) | $131,619,206 |
Interest (net of foreign taxes withheld of $237,745) | 47,480,921 |
Income distributions — DWS Central Cash Management Government Fund | 2,291,014 |
Securities lending income, net of borrower rebates | 207,656 |
Total income | 181,598,797 |
Expenses: | |
Management fee | 45,123,645 |
Administration fee | 5,687,258 |
Services to shareholders | 6,430,290 |
Distribution and service fees | 594,854 |
Custodian fee | 221,726 |
Professional fees | 195,469 |
Reports to shareholders | 343,216 |
Registration fees | 563,788 |
Trustees' fees and expenses | 293,030 |
Other | 274,025 |
Total expenses before expense reductions | 59,727,301 |
Expense reductions | (5,534,954 ) |
Total expenses after expense reductions | 54,192,347 |
Net investment income | 127,406,450 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | (256,283,179 ) |
Futures | (132,812,032 ) |
Foreign currency | (173,504 ) |
(389,268,715 ) | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | (628,021,053 ) |
Futures | (13,298,348 ) |
Foreign currency | (4,168 ) |
(641,323,569 ) | |
Net gain (loss) | (1,030,592,284 ) |
Net increase (decrease) in net assets resulting from operations | $(903,185,834 ) |
30 | | | DWS RREEF Real Assets Fund |
Years Ended March 31, | ||
Increase (Decrease) in Net Assets | 2023 | 2022 |
Operations: | ||
Net investment income | $127,406,450 | $49,954,275 |
Net realized gain (loss) | (389,268,715 ) | 191,351,257 |
Change in net unrealized appreciation (depreciation) | (641,323,569 ) | 405,709,625 |
Net increase (decrease) in net assets resulting from operations | (903,185,834 ) | 647,015,157 |
Distributions to shareholders: | ||
Class A | (5,276,345 ) | (2,959,877 ) |
Class T | (390 ) | (352 ) |
Class C | (803,109 ) | (261,754 ) |
Class R | (101,955 ) | (58,175 ) |
Class R6 | (5,689,006 ) | (2,227,839 ) |
Class S | (16,823,577 ) | (7,982,238 ) |
Institutional Class | (221,636,463 ) | (77,858,454 ) |
Total distributions | (250,330,845 ) | (91,348,689 ) |
Fund share transactions: | ||
Proceeds from shares sold | 3,528,736,002 | 4,018,528,707 |
Reinvestment of distributions | 218,163,907 | 82,591,391 |
Payments for shares redeemed | (2,397,150,805 ) | (692,444,910 ) |
Net increase (decrease) in net assets from Fund share transactions | 1,349,749,104 | 3,408,675,188 |
Increase (decrease) in net assets | 196,232,425 | 3,964,341,656 |
Net assets at beginning of period | 5,497,116,538 | 1,532,774,882 |
Net assets at end of period | $5,693,348,963 | $5,497,116,538 |
DWS RREEF Real Assets Fund | | | 31 |
DWS RREEF Real Assets Fund — Class A | |||||
Years Ended March 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $13.64 | $11.50 | $8.73 | $10.05 | $9.32 |
Income (loss) from investment operations: | |||||
Net investment incomea | .22 | .15 | .11 | .15 | .14 |
Net realized and unrealized gain (loss) | (2.10 ) | 2.29 | 2.80 | (1.28 ) | .73 |
Total from investment operations | (1.88 ) | 2.44 | 2.91 | (1.13 ) | .87 |
Less distributions from: | |||||
Net investment income | (.47 ) | (.30 ) | (.14 ) | (.19 ) | (.14 ) |
Net asset value, end of period | $11.29 | $13.64 | $11.50 | $8.73 | $10.05 |
Total Return (%)b,c | (13.83 ) | 21.49 | 33.59 | (11.51 ) | 9.49 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 116 | 147 | 92 | 70 | 72 |
Ratio of expenses before expense reductions (%) | 1.27 | 1.29 | 1.33 | 1.36 | 1.37 |
Ratio of expenses after expense reductions (%) | 1.22 | 1.22 | 1.22 | 1.22 | 1.22 |
Ratio of net investment income (%) | 1.88 | 1.15 | 1.07 | 1.48 | 1.42 |
Portfolio turnover rate (%) | 86 | 65 | 74 | 88 | 72 |
a | Based on average shares outstanding during the period. |
b | Total return does not reflect the effect of any sales charges. |
c | Total return would have been lower had certain expenses not been reduced. |
32 | | | DWS RREEF Real Assets Fund |
DWS RREEF Real Assets Fund — Class C | |||||
Years Ended March 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $13.54 | $11.42 | $8.67 | $9.97 | $9.25 |
Income (loss) from investment operations: | |||||
Net investment incomea | .13 | .05 | .03 | .08 | .07 |
Net realized and unrealized gain (loss) | (2.08 ) | 2.27 | 2.78 | (1.27 ) | .72 |
Total from investment operations | (1.95 ) | 2.32 | 2.81 | (1.19 ) | .79 |
Less distributions from: | |||||
Net investment income | (.38 ) | (.20 ) | (.06 ) | (.11 ) | (.07 ) |
Net asset value, end of period | $11.21 | $13.54 | $11.42 | $8.67 | $9.97 |
Total Return (%)b,c | (14.47 ) | 20.53 | 32.58 | (12.05 ) | 8.62 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 24 | 24 | 12 | 16 | 29 |
Ratio of expenses before expense reductions (%) | 2.01 | 2.02 | 2.08 | 2.10 | 2.13 |
Ratio of expenses after expense reductions (%) | 1.97 | 1.97 | 1.97 | 1.97 | 1.97 |
Ratio of net investment income (%) | 1.12 | .40 | .28 | .79 | .69 |
Portfolio turnover rate (%) | 86 | 65 | 74 | 88 | 72 |
a | Based on average shares outstanding during the period. |
b | Total return does not reflect the effect of any sales charges. |
c | Total return would have been lower had certain expenses not been reduced. |
DWS RREEF Real Assets Fund | | | 33 |
DWS RREEF Real Assets Fund — Class R | |||||
Years Ended March 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $13.72 | $11.57 | $8.79 | $10.11 | $9.38 |
Income (loss) from investment operations: | |||||
Net investment incomea | .20 | .12 | .08 | .13 | .11 |
Net realized and unrealized gain (loss) | (2.11 ) | 2.30 | 2.82 | (1.28 ) | .74 |
Total from investment operations | (1.91 ) | 2.42 | 2.90 | (1.15 ) | .85 |
Less distributions from: | |||||
Net investment income | (.45 ) | (.27 ) | (.12 ) | (.17 ) | (.12 ) |
Net asset value, end of period | $11.36 | $13.72 | $11.57 | $8.79 | $10.11 |
Total Return (%)b | (14.02 ) | 21.16 | 33.15 | (11.65 ) | 9.16 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 2 | 3 | 3 | 2 | 3 |
Ratio of expenses before expense reductions (%) | 1.64 | 1.67 | 1.71 | 1.75 | 1.75 |
Ratio of expenses after expense reductions (%) | 1.47 | 1.47 | 1.47 | 1.47 | 1.47 |
Ratio of net investment income (%) | 1.64 | .93 | .80 | 1.26 | 1.18 |
Portfolio turnover rate (%) | 86 | 65 | 74 | 88 | 72 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
34 | | | DWS RREEF Real Assets Fund |
DWS RREEF Real Assets Fund — Class R6 | |||||
Years Ended March 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $13.55 | $11.42 | $8.67 | $9.97 | $9.25 |
Income (loss) from investment operations: | |||||
Net investment incomea | .25 | .18 | .21 | .17 | .16 |
Net realized and unrealized gain (loss) | (2.08 ) | 2.29 | 2.71 | (1.25 ) | .73 |
Total from investment operations | (1.83 ) | 2.47 | 2.92 | (1.08 ) | .89 |
Less distributions from: | |||||
Net investment income | (.51 ) | (.34 ) | (.17 ) | (.22 ) | (.17 ) |
Net asset value, end of period | $11.21 | $13.55 | $11.42 | $8.67 | $9.97 |
Total Return (%)b | (13.59 ) | 21.92 | 33.94 | (11.17 ) | 9.74 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 160 | 117 | 37 | 4 | 1 |
Ratio of expenses before expense reductions (%) | .90 | .91 | .95 | 1.00 | 1.06 |
Ratio of expenses after expense reductions (%) | .90 | .90 | .93 | .95 | .95 |
Ratio of net investment income (%) | 2.16 | 1.44 | 2.04 | 1.66 | 1.70 |
Portfolio turnover rate (%) | 86 | 65 | 74 | 88 | 72 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
DWS RREEF Real Assets Fund | | | 35 |
DWS RREEF Real Assets Fund — Class S | |||||
Years Ended March 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $13.53 | $11.41 | $8.66 | $9.97 | $9.24 |
Income (loss) from investment operations: | |||||
Net investment incomea | .24 | .16 | .12 | .17 | .15 |
Net realized and unrealized gain (loss) | (2.08 ) | 2.28 | 2.79 | (1.27 ) | .74 |
Total from investment operations | (1.84 ) | 2.44 | 2.91 | (1.10 ) | .89 |
Less distributions from: | |||||
Net investment income | (.49 ) | (.32 ) | (.16 ) | (.21 ) | (.16 ) |
Net asset value, end of period | $11.20 | $13.53 | $11.41 | $8.66 | $9.97 |
Total Return (%)b | (13.69 ) | 21.65 | 33.81 | (11.38 ) | 9.72 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 372 | 392 | 243 | 149 | 255 |
Ratio of expenses before expense reductions (%) | 1.10 | 1.12 | 1.16 | 1.17 | 1.16 |
Ratio of expenses after expense reductions (%) | 1.07 | 1.07 | 1.07 | 1.07 | 1.07 |
Ratio of net investment income (%) | 2.03 | 1.29 | 1.23 | 1.68 | 1.57 |
Portfolio turnover rate (%) | 86 | 65 | 74 | 88 | 72 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
36 | | | DWS RREEF Real Assets Fund |
DWS RREEF Real Assets Fund — Institutional Class | |||||
Years Ended March 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $13.54 | $11.42 | $8.67 | $9.97 | $9.25 |
Income (loss) from investment operations: | |||||
Net investment incomea | .26 | .19 | .15 | .17 | .16 |
Net realized and unrealized gain (loss) | (2.08 ) | 2.27 | 2.77 | (1.25 ) | .73 |
Total from investment operations | (1.82 ) | 2.46 | 2.92 | (1.08 ) | .89 |
Less distributions from: | |||||
Net investment income | (.51 ) | (.34 ) | (.17 ) | (.22 ) | (.17 ) |
Net asset value, end of period | $11.21 | $13.54 | $11.42 | $8.67 | $9.97 |
Total Return (%)b | (13.53 ) | 21.83 | 33.94 | (11.17 ) | 9.74 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 5,020 | 4,815 | 1,146 | 340 | 170 |
Ratio of expenses before expense reductions (%) | 1.00 | 1.00 | 1.03 | 1.07 | 1.07 |
Ratio of expenses after expense reductions (%) | .90 | .90 | .94 | .95 | .95 |
Ratio of net investment income (%) | 2.20 | 1.50 | 1.49 | 1.72 | 1.68 |
Portfolio turnover rate (%) | 86 | 65 | 74 | 88 | 72 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
DWS RREEF Real Assets Fund | | | 37 |
38 | | | DWS RREEF Real Assets Fund |
DWS RREEF Real Assets Fund | | | 39 |
40 | | | DWS RREEF Real Assets Fund |
DWS RREEF Real Assets Fund | | | 41 |
42 | | | DWS RREEF Real Assets Fund |
Undistributed ordinary income* | $27,067,815 |
Capital loss carryforwards | $(429,926,000 ) |
Net unrealized appreciation (depreciation) on investments | $(288,308,874 ) |
DWS RREEF Real Assets Fund | | | 43 |
Years Ended March 31, | ||
2023 | 2022 | |
Distributions from ordinary income* | $250,330,845 | $91,348,689 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
44 | | | DWS RREEF Real Assets Fund |
Assets Derivative | Futures Contracts |
Commodity Contracts (a) | $18,814,245 |
The above derivative is located in the following Consolidated Statement of Assets and Liabilities account: |
(a) | Includes cumulative appreciation of futures contracts as disclosed in the Consolidated Investment Portfolio. Unsettled variation margin is disclosed separately within the Consolidated Statement of Assets and Liabilities. |
DWS RREEF Real Assets Fund | | | 45 |
Liability Derivative | Futures Contracts |
Commodity Contracts (a) | $(22,826,753 ) |
The above derivative is located in the following Consolidated Statement of Assets and Liabilities account: |
(a) | Includes cumulative depreciation of futures contracts as disclosed in the Consolidated Investment Portfolio. Unsettled variation margin is disclosed separately within the Consolidated Statement of Assets and Liabilities. |
Realized Gain (Loss) | Futures Contracts |
Commodity Contracts (a) | $(132,812,032 ) |
The above derivative is located in the following Consolidated Statement of Operations account: |
(a) | Net realized gain (loss) from futures contracts |
Change in Net Unrealized Appreciation (Depreciation) | Futures Contracts |
Commodity Contracts (a) | $(13,298,348 ) |
The above derivative is located in the following Consolidated Statement of Operations account: |
(a) | Change in net unrealized appreciation (depreciation) on futures contracts |
Purchases | Sales | |
Non-U.S. Treasury Obligations | $4,694,385,375 | $3,607,634,422 |
U.S. Treasury Obligations | $708,864,651 | $1,060,856,155 |
46 | | | DWS RREEF Real Assets Fund |
First $500 million of the Fund’s average daily net assets | .800% |
Next $1.5 billion of such net assets | .785% |
Next $1.5 billion of such net assets | .775% |
Over $3.5 billion of such net assets | .750% |
First $500 million of the Fund’s average daily net assets | .800% |
Next $1.5 billion of such net assets | .785% |
Next $1.5 billion of such net assets | .775% |
Next $3.0 billion of such net assets | .750% |
Over $6.5 billion of such net assets | .725% |
DWS RREEF Real Assets Fund | | | 47 |
Class A | 1.22% |
Class C | 1.97% |
Class R | 1.47% |
Class R6 | .90% |
Class S | 1.07% |
Institutional Class | .90% |
Class A | $69,039 |
Class C | 9,647 |
Class R | 4,697 |
Class R6 | 1,819 |
Class S | 116,275 |
Institutional Class | 5,333,477 |
$5,534,954 |
48 | | | DWS RREEF Real Assets Fund |
Services to Shareholders | Total Aggregated | Unpaid at March 31, 2023 |
Class A | $21,527 | $3,540 |
Class T | 13 | — |
Class C | 1,190 | 183 |
Class R | 296 | 51 |
Class R6 | 1,726 | 379 |
Class S | 78,876 | 13,555 |
Institutional Class | 5,861 | 1,068 |
$109,489 | $18,776 |
Sub-Recordkeeping | Total Aggregated |
Class A | $145,676 |
Class C | 26,415 |
Class R | 6,355 |
Class S | 746,164 |
Institutional Class | 5,342,859 |
$6,267,469 |
Distribution Fee | Total Aggregated | Unpaid at March 31, 2023 |
Class C | $189,142 | $14,913 |
Class R | 6,715 | 486 |
$195,857 | $15,399 |
DWS RREEF Real Assets Fund | | | 49 |
Service Fee | Total Aggregated | Unpaid at March 31, 2023 | Annual Rate |
Class A | $329,451 | $48,314 | .25% |
Class T | 11 | — | .15% |
Class C | 62,873 | 9,449 | .25% |
Class R | 6,662 | 973 | .25% |
$398,997 | $58,736 |
50 | | | DWS RREEF Real Assets Fund |
Year Ended March 31, 2023 | Year Ended March 31, 2022 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 3,531,483 | $43,992,755 | 4,758,860 | $60,137,335 |
Class C | 863,183 | 10,695,665 | 1,169,248 | 14,675,406 |
Class R | 48,342 | 617,866 | 53,952 | 705,802 |
Class R6 | 7,641,957 | 93,247,331 | 10,219,113 | 129,035,877 |
Class S | 17,901,218 | 220,098,392 | 15,772,058 | 199,127,996 |
Institutional Class | 260,187,106 | 3,160,083,993 | 287,887,311 | 3,614,846,291 |
$3,528,736,002 | $4,018,528,707 |
DWS RREEF Real Assets Fund | | | 51 |
Year Ended March 31, 2023 | Year Ended March 31, 2022 | |||
Shares | Dollars | Shares | Dollars | |
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 409,700 | $4,757,955 | 217,825 | $2,727,779 |
Class T | 33 * | 390 * | 28 | 352 |
Class C | 51,756 | 599,069 | 16,142 | 200,515 |
Class R | 8,712 | 101,955 | 4,624 | 58,175 |
Class R6 | 472,737 | 5,420,965 | 175,982 | 2,183,559 |
Class S | 1,435,984 | 16,523,452 | 633,950 | 7,874,773 |
Institutional Class | 16,584,868 | 190,760,121 | 5,592,061 | 69,546,238 |
$218,163,907 | $82,591,391 | |||
Shares redeemed | ||||
Class A | (4,443,693 ) | $(52,803,276 ) | (2,225,265 ) | $(28,457,169 ) |
Class T | (1,221 )* | (13,127 )* | — | — |
Class C | (553,068 ) | (6,435,532 ) | (522,868 ) | (6,539,317 ) |
Class R | (71,914 ) | (847,121 ) | (73,315 ) | (939,566 ) |
Class R6 | (2,485,400 ) | (29,655,061 ) | (4,958,711 ) | (62,573,359 ) |
Class S | (15,095,165 ) | (173,497,315 ) | (8,730,650 ) | (109,777,925 ) |
Institutional Class | (184,438,803 ) | (2,133,899,373 ) | (38,333,453 ) | (484,157,574 ) |
$(2,397,150,805 ) | $(692,444,910 ) | |||
Net increase (decrease) | ||||
Class A | (502,510 ) | $(4,052,566 ) | 2,751,420 | $34,407,945 |
Class T | (1,188 )* | (12,737 )* | 28 | 352 |
Class C | 361,871 | 4,859,202 | 662,522 | 8,336,604 |
Class R | (14,860 ) | (127,300 ) | (14,739 ) | (175,589 ) |
Class R6 | 5,629,294 | 69,013,235 | 5,436,384 | 68,646,077 |
Class S | 4,242,037 | 63,124,529 | 7,675,358 | 97,224,844 |
Institutional Class | 92,333,171 | 1,216,944,741 | 255,145,919 | 3,200,234,955 |
$1,349,749,104 | $3,408,675,188 |
* | For the period from April 1, 2022 to September 30, 2022 (Class T liquidation date). |
52 | | | DWS RREEF Real Assets Fund |
DWS RREEF Real Assets Fund | | | 53 |
54 | | | DWS RREEF Real Assets Fund |
DWS RREEF Real Assets Fund | | | 55 |
Actual Fund Return | Class A | Class C | Class R | Class R6 | Class S | Institutional Class |
Beginning Account Value 10/1/22 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 3/31/23 | $1,062.70 | $1,059.90 | $1,062.30 | $1,064.70 | $1,064.30 | $1,064.70 |
Expenses Paid per $1,000* | $6.27 | $10.12 | $7.56 | $4.63 | $5.51 | $4.63 |
Hypothetical 5% Fund Return | Class A | Class C | Class R | Class R6 | Class S | Institutional Class |
Beginning Account Value 10/1/22 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 3/31/23 | $1,018.85 | $1,015.11 | $1,017.60 | $1,020.44 | $1,019.60 | $1,020.44 |
Expenses Paid per $1,000* | $6.14 | $9.90 | $7.39 | $4.53 | $5.39 | $4.53 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class C | Class R | Class R6 | Class S | Institutional Class |
DWS RREEF Real Assets Fund | 1.22% | 1.97% | 1.47% | .90% | 1.07% | .90% |
56 | | | DWS RREEF Real Assets Fund |
DWS RREEF Real Assets Fund | | | 57 |
58 | | | DWS RREEF Real Assets Fund |
DWS RREEF Real Assets Fund | | | 59 |
60 | | | DWS RREEF Real Assets Fund |
DWS RREEF Real Assets Fund | | | 61 |
62 | | | DWS RREEF Real Assets Fund |
DWS RREEF Real Assets Fund | | | 63 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds); Progressive International Corporation (kitchen goods designer and distributor) | 69 | — |
64 | | | DWS RREEF Real Assets Fund |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
John W. Ballantine (1946) Board Member since 1999 | Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); Not-for-Profit Directorships: Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; Former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population wellbeing and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company (2003–2021); and Prisma Energy International; Former Not-for-Profit Directorships: Public Radio International; Palm Beach Civic Assn. | 69 | — |
Dawn-Marie Driscoll (1946) Board Member since 1987 | Emeritus Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 69 | — |
DWS RREEF Real Assets Fund | | | 65 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Richard J. Herring (1946) Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); formerly: Director, The Wharton Financial Institutions Center (1994–2020); Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), Director, The Aberdeen Japan Fund (2007-2021) and Nonexecutive Director of Barclays Bank DE (2010–2018) | 69 | — |
Chad D. Perry (1972) Board Member or Advisory Board Member since 20213 | Executive Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.2 (since 2011); formerly Executive Vice President and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011); Senior Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & Gray LLP (1997–2005) | 214 | Director - Great Elm Capital Corp. (business development company) (since 2022) |
Rebecca W. Rimel (1951) Board Member since 1995 | Formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director (1994–2020) and Senior Advisor (2020-2021), The Pew Charitable Trusts (charitable organization); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company2 (medical technology company) (2012-2022) | 69 | Director, The Bridgespan Group (nonprofit organization) (since October 2020) |
66 | | | DWS RREEF Real Assets Fund |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Catherine Schrand (1964) Board Member since 2021 | Celia Z. Moh Professor of Accounting (since 2016) and Professor of Accounting (since 1994); Directorships: Director, the Jacobs Levy Center, The Wharton School, University of Pennsylvania (since 2023); Former positions: Vice Dean, Wharton Doctoral Programs, The Wharton School, University of Pennsylvania (2016–2019) | 69 | — |
William N. Searcy, Jr. (1946) Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 69 | — |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974) President and Chief Executive Officer, 2017–present | Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present) |
John Millette8 (1962) Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford9 (1984) Assistant Secretary, 2019–present | Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated Tax Solutions |
DWS RREEF Real Assets Fund | | | 67 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Diane Kenneally8 (1966) Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
Paul Antosca8 (1957) Assistant Treasurer, 2007–present | Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
Sheila Cadogan8 (1966) Assistant Treasurer, 2017–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan8 (1970) Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
Caroline Pearson8 (1962) Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021) |
Christian Rijs7 (1980) Anti-Money Laundering Compliance Officer, since 2021 | Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (since November 2, 2021); AML Officer, DBX ETF Trust (since October 21, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | Mr. Perry is an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry is a Board Member of each other Trust. |
4 | Mr. Perry oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry is an Advisory Board Member of various Trusts/Corporations comprised of 48 funds in the DWS Fund Complex. |
68 | | | DWS RREEF Real Assets Fund |
5 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
6 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 | Address: 875 Third Avenue, New York, NY 10022. |
8 | Address: 100 Summer Street, Boston, MA 02110. |
9 | Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
DWS RREEF Real Assets Fund | | | 69 |
For More Information | The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, C and S also have the ability to purchase, exchange or redeem shares using this system. |
For more information, contact your financial representative. You may also access our automated telephone system or speak with a Shareholder Service representative by calling: (800) 728-3337 | |
Web Site | dws.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. |
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | |
Written Correspondence | DWS PO Box 219151 Kansas City, MO 64121-9151 |
Proxy Voting | The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337. |
Portfolio Holdings | Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com and is available free of charge by contacting your financial intermediary or, if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information. |
Principal Underwriter | If you have questions, comments or complaints, contact: DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148 |
70 | | | DWS RREEF Real Assets Fund |
Investment Management | DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor” ), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group” ), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group. |
DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles. |
Class A | Class C | Class S | Institutional Class | |
Nasdaq Symbol | AAAAX | AAAPX | AAASX | AAAZX |
CUSIP Number | 25159K 879 | 25159K 887 | 25159K 804 | 25159K 705 |
Fund Number | 487 | 787 | 2087 | 1487 |
For shareholders of Class R and Class R6 | |
Automated Information Line | DWS/Ascensus Plan Access (800) 728-3337 |
24-hour access to your retirement plan account. | |
Web Site | dws.com |
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | |
Log in/register to manage retirement account assets at https://www.mykplan.com/participantsecure_net/login.aspx. | |
For More Information | (800) 728-3337 |
To speak with a service representative. | |
Written Correspondence | DWS Service Company 222 South Riverside Plaza Chicago, IL 60606-5806 |
Class R | Class R6 | |
Nasdaq Symbol | AAAQX | AAAVX |
CUSIP Number | 25159K 200 | 25159K 713 |
Fund Number | 1587 | 1687 |
DWS RREEF Real Assets Fund | | | 71 |
(b) Not applicable | |
ITEM 2. | CODE OF ETHICS |
As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer.
There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.
A copy of the code of ethics is filed as an exhibit to this Form N-CSR. | |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Ms. Catherine Schrand, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. | |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
DWS RREEF Real assets Fund
form n-csr disclosure re: AUDIT FEES
The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
Fiscal Year Ended March 31, | Audit Fees Billed to Fund | Audit-Related Fees Billed to Fund | Tax Fees Billed to Fund | All Other Fees Billed to Fund |
2023 | $46,486 | $0 | $10,366 | $0 |
2022 | $48,933 | $0 | $10,366 | $0 |
The above “Tax Fees” were billed for professional services rendered for tax preparation.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers
The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.
Fiscal Year Ended March 31, | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
2023 | $0 | $183,212 | $0 |
2022 | $0 | $429,517 | $0 |
The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.
Non-Audit Services
The following table shows the amount of fees that EY billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s independence.
Fiscal Year Ended March 31, | Total Non-Audit Fees Billed to Fund (A) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C) | Total of (A), (B) and (C) |
2023 | $10,366 | $183,212 | $0 | $193,578 |
2022 | $10,366 | $429,517 | $0 | $439,883 |
All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.
Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.
***
In connection with the audit of the 2022 and 2023 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.
***
Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund’s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue to act as the Independent Registered Public Accounting Firm for the Fund.
· | EY advised the Fund’s Audit Committee that various covered persons within EY and EY’s affiliates held investments in, or had other financial relationships with, entities within the DWS Funds “investment company complex” (as defined in Regulation S-X) (the “DWS Funds Complex”). EY informed the Audit Committee that these investments and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none of the breaches involved any professionals who were part of the audit engagement team for the Fund or in the position to influence the audit engagement team for the Fund. |
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | SCHEDULE OF INVESTMENTS | |
Not applicable | ||
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
Not applicable | ||
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. | ||
ITEM 11. | CONTROLS AND PROCEDURES | |
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. | |
(b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. | |
ITEM 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies | |
Not applicable | ||
ITEM 13. | EXHIBITS | |
(a)(1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | DWS RREEF Real Assets Fund, a series of Deutsche DWS Market Trust |
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 5/30/2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 5/30/2023 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 5/30/2023 |