Consolidated Investment Portfolioas of June 30, 2023 (Unaudited)
DWS RREEF Real Assets Fund
Shares | Value ($) | ||
Common Stocks 75.5% | |||
Communication Services 1.9% | |||
Diversified Telecommunication Services | |||
Cellnex Telecom SA 144A | 1,820,176 | 73,517,825 | |
China Tower Corp. Ltd. “H” 144A | 224,658,000 | 25,022,561 | |
98,540,386 | |||
Consumer Staples 1.6% | |||
Food Products | |||
Archer-Daniels-Midland Co. | 577,800 | 43,658,568 | |
Bunge Ltd. | 222,106 | 20,955,701 | |
Ingredion, Inc. | 157,640 | 16,701,958 | |
81,316,227 | |||
Energy 10.6% | |||
Energy Equipment & Services 0.3% | |||
Halliburton Co. | 393,900 | 12,994,761 | |
Oil, Gas & Consumable Fuels 10.3% | |||
BP PLC | 6,580,500 | 38,388,370 | |
Canadian Natural Resources Ltd. | 220,975 | 12,423,641 | |
Cheniere Energy, Inc. | 175,492 | 26,737,961 | |
Chevron Corp. | 360,800 | 56,771,880 | |
Devon Energy Corp. | 411,390 | 19,886,593 | |
Diamondback Energy, Inc. | 184,640 | 24,254,310 | |
Enbridge, Inc. | 3,199,390 | 118,919,014 | |
Gazprom PJSC (ADR)* (a) | 1,013,306 | 0 | |
Gibson Energy, Inc. | 297,859 | 4,683,452 | |
Keyera Corp. (b) | 856,400 | 19,749,402 | |
LUKOIL PJSC (a) | 91,202 | 0 | |
Marathon Petroleum Corp. | 176,168 | 20,541,189 | |
Neste Oyj | 199,000 | 7,669,210 | |
ONEOK, Inc. | 1,399,500 | 86,377,140 | |
Pembina Pipeline Corp. | 1,419,700 | 44,635,218 | |
Targa Resources Corp. | 219,000 | 16,665,900 | |
Williams Companies, Inc. | 1,096,483 | 35,778,240 | |
533,481,520 | |||
Industrials 6.6% | |||
Commercial Services & Supplies 1.0% | |||
Republic Services, Inc. | 163,505 | 25,044,061 | |
Waste Connections, Inc. | 189,452 | 27,078,374 | |
52,122,435 | |||
Construction & Engineering 2.3% | |||
Ferrovial SE | 1,136,785 | 35,957,908 | |
Vinci SA | 694,342 | 80,739,488 | |
116,697,396 |
Ground Transportation 1.6% | |||
Canadian Pacific Kansas City Ltd. | 310,440 | 25,074,225 | |
East Japan Railway Co. | 296,380 | 16,438,805 | |
Union Pacific Corp. | 197,180 | 40,346,972 | |
81,860,002 | |||
Transportation Infrastructure 1.7% | |||
Aena SME SA 144A | 159,700 | 25,833,008 | |
Grupo Aeroportuario del Pacifico SAB de CV (ADR) | 125,030 | 22,345,362 | |
Japan Airport Terminal Co., Ltd. | 139,242 | 6,293,285 | |
Transurban Group (Units) | 3,783,379 | 36,051,448 | |
90,523,103 | |||
Materials 7.4% | |||
Chemicals 2.2% | |||
CF Industries Holdings, Inc. | 302,960 | 21,031,483 | |
Corteva, Inc. | 643,888 | 36,894,782 | |
Nutrien Ltd. (b) | 610,607 | 36,048,744 | |
Sociedad Quimica y Minera de Chile SA (ADR) (b) | 274,800 | 19,955,976 | |
113,930,985 | |||
Containers & Packaging 0.4% | |||
SIG Group AG* | 691,300 | 19,075,184 | |
Metals & Mining 4.1% | |||
Agnico Eagle Mines Ltd. | 529,798 | 26,454,907 | |
Franco-nevada Corp. | 89,430 | 12,746,011 | |
Freeport-McMoRan, Inc. | 364,620 | 14,584,800 | |
Glencore PLC* | 5,429,592 | 30,806,885 | |
Newmont Corp. | 418,040 | 17,833,587 | |
Norsk Hydro ASA | 2,555,386 | 15,216,568 | |
Reliance Steel & Aluminum Co. | 102,370 | 27,802,668 | |
Rio Tinto Ltd. | 336,800 | 25,826,187 | |
Sumitomo Metal Mining Co., Ltd. | 390,000 | 12,592,914 | |
Teck Resources Ltd. “B” | 490,026 | 20,618,267 | |
Vale SA (ADR) | 725,691 | 9,738,773 | |
214,221,567 | |||
Paper & Forest Products 0.7% | |||
Mondi PLC | 1,292,504 | 19,707,333 | |
Svenska Cellulosa AB SCA “B” | 1,280,000 | 16,325,369 | |
36,032,702 | |||
Real Estate 30.9% | |||
Diversified REITs 1.2% | |||
Activia Properties, Inc. | 4,847 | 13,549,328 | |
British Land Co. PLC | 3,597,153 | 13,832,379 | |
Hulic Reit, Inc. | 4,617 | 5,161,266 | |
Mori Trust REIT, Inc. | 31,860 | 15,917,654 | |
Sekisui House Reit, Inc. | 11,310 | 6,589,083 | |
WP Carey, Inc. | 110,485 | 7,464,366 | |
62,514,076 | |||
Health Care REITs 1.8% | |||
Omega Healthcare Investors, Inc. | 940,000 | 28,848,600 | |
Welltower, Inc. | 759,300 | 61,419,777 | |
90,268,377 | |||
Hotel & Resort REITs 0.7% | |||
Ryman Hospitality Properties, Inc. | 389,403 | 36,183,327 |
Industrial REITs 4.9% | |||
Americold Realty Trust, Inc. | 958,700 | 30,966,010 | |
CapitaLand Ascendas REIT | 11,403,500 | 23,000,321 | |
EastGroup Properties, Inc. | 179,103 | 31,092,281 | |
Frasers Logistics & Commercial Trust | 15,551,200 | 14,397,060 | |
Granite Real Estate Investment Trust (b) | 300,757 | 17,794,553 | |
Industrial & Infrastructure Fund Investment Corp. | 13,670 | 14,395,054 | |
Mapletree Logistics Trust | 12,409,000 | 14,893,580 | |
Prologis, Inc. | 694,539 | 85,171,318 | |
Segro PLC | 2,070,798 | 18,838,068 | |
250,548,245 | |||
Real Estate Management & Development 4.2% | |||
CapitaLand Investment Ltd. | 10,472,600 | 25,710,922 | |
Castellum AB (b) | 2,149,989 | 20,511,040 | |
CK Asset Holdings Ltd. | 2,619,363 | 14,537,013 | |
CTP NV 144A | 997,798 | 12,980,634 | |
Fastighets AB Balder “B”* | 4,427,340 | 16,160,844 | |
Hysan Development Co., Ltd. | 2,712,000 | 6,622,014 | |
Mitsui Fudosan Co., Ltd. | 1,988,700 | 39,617,031 | |
PSP Swiss Property AG (Registered) | 184,730 | 20,610,370 | |
Sun Hung Kai Properties Ltd. | 2,475,700 | 31,280,246 | |
Tokyu Fudosan Holdings Corp. | 2,585,000 | 14,817,200 | |
Vonovia SE | 823,484 | 16,100,715 | |
218,948,029 | |||
Residential REITs 2.3% | |||
American Homes 4 Rent “A” | 440,109 | 15,601,864 | |
AvalonBay Communities, Inc. | 278,380 | 52,688,983 | |
Equity LifeStyle Properties, Inc. | 277,310 | 18,549,266 | |
UDR, Inc. | 313,051 | 13,448,671 | |
UNITE Group PLC | 1,521,791 | 16,841,396 | |
117,130,180 | |||
Retail REITs 4.8% | |||
Agree Realty Corp. | 697,312 | 45,597,232 | |
Kenedix Retail REIT Corp. | 7,160 | 14,434,581 | |
Kite Realty Group Trust | 1,477,423 | 33,005,630 | |
Klepierre SA* | 421,110 | 10,442,705 | |
Link REIT | 5,504,141 | 30,663,374 | |
Region RE Ltd. | 5,684,500 | 8,618,580 | |
RioCan Real Estate Investment Trust (b) | 1,343,600 | 19,554,337 | |
Simon Property Group, Inc. | 524,352 | 60,552,169 | |
Spirit Realty Capital, Inc. | 663,617 | 26,133,237 | |
249,001,845 | |||
Specialized REITs 11.0% | |||
American Tower Corp. | 591,441 | 114,704,068 | |
Big Yellow Group PLC | 1,170,166 | 15,962,496 | |
Crown Castle, Inc. | 530,300 | 60,422,382 | |
Digital Realty Trust, Inc. | 156,456 | 17,815,645 | |
Equinix, Inc. | 121,628 | 95,349,054 | |
Extra Space Storage, Inc. | 122,200 | 18,189,470 | |
Iron Mountain, Inc. | 555,585 | 31,568,340 | |
Life Storage, Inc. | 119,696 | 15,914,780 | |
Public Storage | 151,010 | 44,076,799 | |
SBA Communications Corp. | 412,156 | 95,521,275 |
VICI Properties, Inc. | 1,130,991 | 35,547,047 | |
Weyerhaeuser Co. | 732,542 | 24,547,482 | |
569,618,838 | |||
Utilities 16.5% | |||
Electric Utilities 5.1% | |||
Exelon Corp. | 1,886,374 | 76,850,877 | |
Orsted AS 144A | 300,612 | 28,499,015 | |
PG&E Corp.* | 3,498,307 | 60,450,745 | |
SSE PLC | 1,290,450 | 30,226,851 | |
Terna - Rete Elettrica Nazionale | 7,920,949 | 67,484,295 | |
263,511,783 | |||
Gas Utilities 3.3% | |||
APA Group (Units) | 4,238,017 | 27,427,915 | |
Atmos Energy Corp. | 362,190 | 42,137,185 | |
China Resources Gas Group Ltd. | 2,946,800 | 10,092,668 | |
ENN Energy Holdings Ltd. | 2,270,900 | 28,404,803 | |
Hong Kong & China Gas Co., Ltd. | 14,156,850 | 12,250,624 | |
Kunlun Energy Co., Ltd. | 12,984,000 | 10,219,985 | |
Snam SpA | 3,785,000 | 19,772,478 | |
Tokyo Gas Co., Ltd. | 1,027,700 | 22,424,676 | |
172,730,334 | |||
Independent Power & Renewable Electricity Producers 0.2% | |||
RWE AG | 193,600 | 8,434,803 | |
Multi-Utilities 6.6% | |||
Ameren Corp. | 462,463 | 37,769,353 | |
CenterPoint Energy, Inc. | 2,309,014 | 67,307,758 | |
National Grid PLC | 7,560,738 | 100,170,047 | |
NiSource, Inc. | 2,147,270 | 58,727,835 | |
Sempra Energy | 534,870 | 77,871,723 | |
341,846,716 | |||
Water Utilities 1.3% | |||
American Water Works Co., Inc. | 310,099 | 44,266,632 | |
Severn Trent PLC | 353,400 | 11,522,629 | |
United Utilities Group PLC | 939,000 | 11,471,283 | |
67,260,544 | |||
Total Common Stocks (Cost $3,911,474,791) | 3,898,793,365 |
Principal Amount ($) | Value ($) | ||
Government & Agency Obligations 21.8% | |||
U.S. Treasury Obligations | |||
U.S. Treasury Inflation-Indexed Bonds: | |||
0.875% , 2/15/2047 | 38,178,302 | 32,000,427 | |
1.375% , 2/15/2044 | 51,988,624 | 48,931,246 | |
U.S. Treasury Inflation-Indexed Notes: | |||
0.125% , 7/15/2031 | 63,552,663 | 56,340,305 | |
0.25% , 1/15/2025 | 90,600,590 | 86,850,044 | |
0.25% , 7/15/2029 | 59,801,861 | 54,596,062 | |
0.375% , 1/15/2027 | 94,723,874 | 88,871,160 | |
0.375% , 7/15/2027 | 69,069,257 | 64,739,613 | |
0.625% , 1/15/2026 | 93,187,183 | 88,850,885 | |
0.625% , 7/15/2032 | 37,133,008 | 34,120,302 |
0.875% , 1/15/2029 | 27,960,678 | 26,462,160 | |
U.S. Treasury Notes: | |||
0.125% , 7/31/2023 | 70,000,000 | 69,728,655 | |
0.125% , 8/31/2023 | 50,000,000 | 49,590,201 | |
1.375% , 9/30/2023 | 55,000,000 | 54,478,034 | |
2.25% , 12/31/2023 | 60,000,000 | 59,107,031 | |
2.25% , 3/31/2024 | 40,000,000 | 39,064,062 | |
2.375% , 2/29/2024 | 35,000,000 | 34,309,570 | |
2.5% , 8/15/2023 | 50,000,000 | 49,834,731 | |
2.5% , 1/31/2024 | 50,000,000 | 49,169,922 | |
2.5% , 4/30/2024 | 30,000,000 | 29,283,984 | |
2.875% , 10/31/2023 | 60,000,000 | 59,524,219 | |
2.875% , 11/30/2023 | 50,000,000 | 49,490,235 | |
Total Government & Agency Obligations (Cost $1,168,419,730) | 1,125,342,848 |
Shares | Value ($) | ||
Securities Lending Collateral 1.5% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.03% (c) (d) (Cost $79,474,900) | 79,474,900 | 79,474,900 | |
Cash Equivalents 2.1% | |||
DWS Central Cash Management Government Fund, 5.13% (c) (Cost $106,756,761) | 106,756,761 | 106,756,761 |
% of Net Assets | Value ($) | ||
Total Consolidated Investment Portfolio (Cost $5,266,126,182) | 100.9 | 5,210,367,874 | |
Other Assets and Liabilities, Net | (0.9 ) | (47,653,427 ) | |
Net Assets | 100.0 | 5,162,714,447 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended June 30, 2023 are as follows:
Value ($) 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 6/30/2023 | Value ($) at 6/30/2023 |
Securities Lending Collateral 1.5% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" (c) (d) | ||||||||
23,744,750 | 55,730,150 (e) | — | — | — | 366,766 | — | 79,474,900 | 79,474,900 |
Cash Equivalents 2.1% | ||||||||
DWS Central Cash Management Government Fund (c) | ||||||||
100,676,680 | 612,440,399 | 606,360,318 | — | — | 808,836 | — | 106,756,761 | 106,756,761 |
124,421,430 | 668,170,549 | 606,360,318 | — | — | 1,175,602 | — | 186,231,661 | 186,231,661 |
* | 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 June 30, 2023 amounted to $76,286,737, which is 1.5% of net assets. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2023. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
ADR: American Depositary Receipt |
HRW: Hard Red Winter |
LME: London Metal Exchange |
PJSC: Public Joint Stock Company |
RBOB: Reformulated Blendstock for Oxygenate Blending |
REIT: Real Estate Investment Trust |
ULSD: Ultra-Low Sulfur Diesel |
WTI: West Texas Intermediate |
At June 30, 2023, open futures contracts purchased were as follows:
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
Brent Crude Oil Futures | USD | 7/31/2023 | 690 | 52,164,964 | 52,032,900 | (132,064 ) |
Copper Futures | USD | 9/27/2023 | 430 | 40,910,602 | 40,414,625 | (495,977 ) |
Corn Futures | USD | 9/14/2023 | 1,665 | 45,064,397 | 40,667,625 | (4,396,772 ) |
Cotton No. 2 Futures | USD | 12/6/2023 | 260 | 10,630,540 | 10,448,100 | (182,440 ) |
Gasoline RBOB Futures | USD | 8/31/2023 | 50 | 5,114,044 | 5,171,250 | 57,206 |
Gasoline RBOB Futures | USD | 10/31/2023 | 57 | 4,972,225 | 5,161,943 | 189,718 |
Gold 100 oz. Futures | USD | 8/29/2023 | 833 | 170,687,632 | 160,719,020 | (9,968,612 ) |
Kansas City HRW Wheat Futures | USD | 12/14/2023 | 130 | 5,044,696 | 5,201,625 | 156,929 |
Kansas City HRW Wheat Futures | USD | 9/14/2023 | 143 | 5,572,383 | 5,720,000 | 147,617 |
Lean Hogs Futures | USD | 8/14/2023 | 615 | 20,405,591 | 22,779,600 | 2,374,009 |
Live Cattle Futures | USD | 8/31/2023 | 337 | 21,718,365 | 23,883,190 | 2,164,825 |
LME Nickel Futures | USD | 7/17/2023 | 120 | 17,143,879 | 14,683,680 | (2,460,199 ) |
LME Nickel Futures | USD | 9/18/2023 | 119 | 15,359,937 | 14,643,426 | (716,511 ) |
LME Primary Aluminium Futures | USD | 7/17/2023 | 587 | 34,339,140 | 31,125,675 | (3,213,465 ) |
LME Primary Aluminium Futures | USD | 9/18/2023 | 370 | 20,904,319 | 19,864,375 | (1,039,944 ) |
LME Zinc Futures | USD | 7/17/2023 | 351 | 24,517,442 | 20,939,344 | (3,578,098 ) |
LME Zinc Futures | USD | 9/18/2023 | 304 | 18,066,366 | 18,158,300 | 91,934 |
LME Zinc Futures | USD | 11/13/2023 | 161 | 9,463,185 | 9,621,763 | 158,578 |
Low Sulfur Gas Oil Futures | USD | 9/12/2023 | 108 | 7,409,380 | 7,568,100 | 158,720 |
Natural Gas Futures | USD | 8/29/2023 | 881 | 21,832,680 | 24,438,940 | 2,606,260 |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
Natural Gas Futures | USD | 3/26/2024 | 157 | 4,687,272 | 5,000,450 | 313,178 |
NY Harbor ULSD Futures | USD | 8/31/2023 | 100 | 9,972,051 | 10,256,400 | 284,349 |
Silver Futures | USD | 9/27/2023 | 84 | 10,080,629 | 9,668,400 | (412,229 ) |
Silver Futures | USD | 12/27/2023 | 186 | 22,402,521 | 21,703,410 | (699,111 ) |
Soybean Futures | USD | 11/14/2023 | 253 | 14,761,935 | 16,992,112 | 2,230,177 |
Soybean Meal Futures | USD | 12/14/2023 | 208 | 7,852,820 | 8,263,840 | 411,020 |
Soybean Oil Futures | USD | 12/14/2023 | 150 | 4,459,458 | 5,307,300 | 847,842 |
Sugar No. 11 Futures | USD | 9/29/2023 | 651 | 18,051,699 | 16,616,645 | (1,435,054 ) |
Wheat Futures | USD | 12/14/2023 | 317 | 10,004,647 | 10,607,613 | 602,966 |
Wheat Futures | USD | 9/14/2023 | 478 | 14,858,428 | 15,558,900 | 700,472 |
WTI Crude Futures | USD | 8/22/2023 | 162 | 11,340,187 | 11,466,360 | 126,173 |
WTI Crude Futures | USD | 10/20/2023 | 270 | 19,188,569 | 19,056,600 | (131,969 ) |
Total | 683,741,511 | (15,240,472 ) |
At June 30, 2023, open futures contracts sold were as follows:
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
LME Nickel Futures | USD | 7/17/2023 | 120 | 15,631,630 | 14,683,680 | 947,950 |
LME Nickel Futures | USD | 9/18/2023 | 8 | 1,014,421 | 984,432 | 29,989 |
LME Primary Aluminium Futures | USD | 7/17/2023 | 587 | 32,926,098 | 31,125,675 | 1,800,423 |
LME Zinc Futures | USD | 7/17/2023 | 351 | 21,078,782 | 20,939,344 | 139,438 |
LME Zinc Futures | USD | 9/18/2023 | 72 | 4,465,482 | 4,300,650 | 164,832 |
LME Zinc Futures | USD | 11/13/2023 | 161 | 9,501,559 | 9,621,763 | (120,204 ) |
Total | 81,655,544 | 2,962,428 |
Currency Abbreviation(s)
USD | United States Dollar |
Investment in Subsidiary
The Fund may seek exposure to the commodities markets by investing a portion of its assets in a wholly owned subsidiary organized under the laws of the Cayman Islands (the "Subsidiary"). Among other investments, the Subsidiary may invest in commodity-linked derivative instruments such as swaps and futures contracts. The Subsidiary may also invest in debt securities, some of which are intended to serve as margin or collateral for the Subsidiary's derivative positions. As of June 30, 2023, the Fund held $609,490,055 in the Subsidiary, representing 11.5% of the Fund's total assets. The Fund’s Investment Portfolio has been consolidated and includes the accounts of the Fund and the Subsidiary
Fair Value Measurements
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of June 30, 2023 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | ||||
Communication Services | $— | $98,540,386 | $— | $98,540,386 |
Consumer Staples | 81,316,227 | — | — | 81,316,227 |
Energy | 500,418,701 | 46,057,580 | 0 | 546,476,281 |
Industrials | 139,888,994 | 201,313,942 | — | 341,202,936 |
Materials | 243,709,998 | 139,550,440 | — | 383,260,438 |
Real Estate | 1,137,727,963 | 456,484,954 | — | 1,594,212,917 |
Utilities | 465,382,108 | 388,402,072 | — | 853,784,180 |
Government & Agency Obligations | — | 1,125,342,848 | — | 1,125,342,848 |
Short-Term Investments (a) | 186,231,661 | — | — | 186,231,661 |
Derivatives (b) | ||||
Futures Contracts | 16,704,605 | — | — | 16,704,605 |
Total | $2,771,380,257 | $2,455,692,222 | $0 | $5,227,072,479 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | ||||
Futures Contracts | $(28,982,649 ) | $— | $— | $(28,982,649 ) |
Total | $(28,982,649 ) | $— | $— | $(28,982,649 ) |
(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 June 30, 2023 categorized by the primary underlying risk exposure.
Primary Underlying Risk Disclosure | Futures Contracts |
Commodity Contracts | (12,278,044 ) |
OBTAIN AN OPEN-END FUND PROSPECTUS
To obtain a summary prospectus, if available, or prospectus, download one from fundsus.dws.com, talk to your financial representative or call (800) 728-3337. We advise you to carefully consider the product's objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest.
CLOSED-END FUNDS
Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.
NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE
DRAF-PH1
R-080548-2 (1/25)