N-CSRS 1 sr63022gres.htm DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

 

FORM N-CSRS

 

Investment Company Act file number: 811-02021

 

Deutsche DWS Securities 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: 12/31
   
Date of reporting period: 6/30/2022

 

ITEM 1. REPORT TO STOCKHOLDERS
   
  (a)
   

 
June 30, 2022
Semiannual Report
to Shareholders
DWS RREEF Global Real Estate Securities Fund
 

Contents
This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.
Stocks may decline in value. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. There are special risks associated with an investment in real estate, including REITS. These risks include credit risk, interest rate fluctuations and the impact of varied economic conditions. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The Fund may lend securities to approved institutions. Please read the prospectus for details.
War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.
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.
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
 
2
|
DWS RREEF Global Real Estate Securities Fund
Letter to Shareholders
Dear Shareholder:
Financial markets experienced several negative impacts which began in late February with the Russia-Ukraine war and continued through the second quarter due to volatility in energy, rise in inflation, pressure on supply chains, and slower corporate earnings growth. Global monetary authorities have moved aggressively to tame inflation which in turn has created a swift decline in equity and fixed income markets. While our investors do believe markets will stabilize in the near term, the longer-term effects of these headwinds remain uncertain. De-globalization and a desire for energy independence across Europe and North America may continue to push prices upwards, and we expect inflation will remain higher than average over the next decade.
In periods such as this, real capital preservation becomes more challenging. Our investors continue to assess risks and form opinions on how these headwinds may impact investment portfolios over multiple time horizons. Yields for bonds can be impacted by economic risks, rising inflation, and slowing monetary support. We expect a moderate rise in government bond yields while short term spread widening may offer potential over the next year. For equities, we expect continued volatility in the short-term, however we do have a favorable view on companies with solid balance sheets and business models over a twelve-month horizon. We believe alternatives such as real estate, infrastructure and commodities may help in preserving capital given pricing power and correlation to inflation.
In our view, the current environment underscores the value add of active portfolio management. We also believe that the strong partnership between our portfolio managers and our CIO Office — which synthesizes the views of more than 900 DWS economists, analysts and investment professionals around the world — makes an important difference in making strategic and tactical decisions for the DWS Funds. Thank you for your trust. We welcome the opportunity to help you navigate these unusual times. For ongoing updates to our market and economic outlook, please visit the “Insights”  section of dws.com.
Best regards,
   
Hepsen Uzcan
President, DWS Funds
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
 
DWS RREEF Global Real Estate Securities Fund
|
3
Performance SummaryJune 30, 2022 (Unaudited)
 
Class A
6-Month‡
1-Year
5-Year
10-Year
Average Annual Total Returns as of 6/30/22
Unadjusted for Sales Charge
–22.25%
–13.42%
4.04%
5.83%
Adjusted for the Maximum Sales Charge
(max 5.75% load)
–26.72%
–18.40%
2.81%
5.20%
MSCI World Index†
–20.51%
–14.34%
7.67%
9.51%
FTSE EPRA/NAREIT Developed Index††
–20.71%
–13.44%
1.95%
4.69%
 
Class T
6-Month‡
1-Year
5-Year
10-Year
Average Annual Total Returns as of 6/30/22
Unadjusted for Sales Charge
–22.25%
–13.37%
4.08%
5.85%
Adjusted for the Maximum Sales Charge
(max 2.50% load)
–24.20%
–15.53%
3.56%
5.58%
MSCI World Index†
–20.51%
–14.34%
7.67%
9.51%
FTSE EPRA/NAREIT Developed Index††
–20.71%
–13.44%
1.95%
4.69%
 
Class C
6-Month‡
1-Year
5-Year
10-Year
Average Annual Total Returns as of 6/30/22
Unadjusted for Sales Charge
–22.53%
–14.00%
3.28%
5.04%
Adjusted for the Maximum Sales Charge
(max 1.00% CDSC)
–23.25%
–14.00%
3.28%
5.04%
MSCI World Index†
–20.51%
–14.34%
7.67%
9.51%
FTSE EPRA/NAREIT Developed Index††
–20.71%
–13.44%
1.95%
4.69%
 
Class R6
6-Month‡
1-Year
5-Year
Life of
Class*
Average Annual Total Returns as of 6/30/22
No Sales Charges
–21.99%
–12.94%
4.39%
4.99%
MSCI World Index†
–20.51%
–14.34%
7.67%
9.39%
FTSE EPRA/NAREIT Developed Index††
–20.71%
–13.44%
1.95%
4.93%
 
Class S
6-Month‡
1-Year
5-Year
10-Year
Average Annual Total Returns as of 6/30/22
No Sales Charges
–22.19%
–13.27%
4.23%
5.98%
MSCI World Index†
–20.51%
–14.34%
7.67%
9.51%
FTSE EPRA/NAREIT Developed Index††
–20.71%
–13.44%
1.95%
4.69%
 
 
4
|
DWS RREEF Global Real Estate Securities Fund
Institutional Class
6-Month‡
1-Year
5-Year
10-Year
Average Annual Total Returns as of 6/30/22
No Sales Charges
–22.11%
–13.15%
4.35%
6.16%
MSCI World Index†
–20.51%
–14.34%
7.67%
9.51%
FTSE EPRA/NAREIT Developed Index††
–20.71%
–13.44%
1.95%
4.69%
Performance in the Average Annual Total Returns table above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws.com for the Fund’s most recent month-end performance. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.
The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated May 1, 2022, are 1.33%, 1.24%, 2.03%, 0.91%, 1.11% and 0.99% for Class A, Class T, Class C, Class R6, Class S and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.
Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.
Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
Returns shown for Class T shares for the period prior to its inception on June 5, 2017 are derived from the historical performance of Institutional Class shares of DWS RREEF Global Real Estate Securities Fund during such periods and have been adjusted to reflect the higher total annual operating expenses and applicable sales charges of Class T. Any difference in expenses will affect performance.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
 
DWS RREEF Global Real Estate Securities Fund
|
5
Growth of an Assumed $10,000 Investment
(Adjusted for Maximum Sales Charge)
 
Yearly periods ended June 30
The Fund’s growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 5.75%. This results in a net initial investment of $9,425.
The growth of $10,000 is cumulative.
Performance of other share classes will vary based on the sales charges and the fee structure of those classes. 
*
Class R6 shares commenced operations on November 1, 2016.
†
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.
††
FTSE EPRA/NAREIT Developed Index is an unmanaged, market-weighted index
designed to track the performance of listed real estate companies and REITS worldwide.
‡
Total returns shown for periods less than one year are not annualized.
 
 
Class A
Class T
Class C
Class R6
Class S
Institutional
Class
Net Asset Value
6/30/22
$6.79
$6.79
$6.78
$6.79
$6.78
$6.78
12/31/21
$9.31
$9.31
$9.33
$9.28
$9.29
$9.28
Distribution Information  as of 6/30/22
Income Dividends, Six Months
$.11
$.11
$.11
$.11
$.11
$.11
Capital Gain Distributions
$.34
$.34
$.34
$.34
$.34
$.34
 
6
|
DWS RREEF Global Real Estate Securities Fund
Portfolio Management Team
John W. Vojticek, Global Head of Liquid Real Assets
Portfolio Manager of the Fund. Began managing the Fund in 2006.
—Joined DWS in 2004; previously worked as Principal at KG Redding and Associates, March 2004–September 2004; and previously Managing Director of Deutsche Asset Management from 1996–March 2004.
—Head and Chief Investment Officer of Liquid Real Assets for DWS.
—BS in Business Administration, University of Southern California.
David W. Zonavetch, CPA, Head of Investment Strategy Liquid Real Assets
Portfolio Manager of the Fund. Began managing the Fund in 2013.
—Joined DWS in 1998; previously worked as Senior Accountant in Corporate Finance; and as an Analyst at Cendant Mobility.
—Co-Head of Real Estate Securities, Americas and Co-Lead Portfolio Manager: Chicago.
—Investment industry experience began in 1996.
—BS in Finance, University of Illinois at Urbana-Champaign.
Chris Robinson, Regional Head of Liquid Real Assets
Portfolio Manager of the Fund. Began managing the Fund in 2012.
—Joined DWS in 2003; previously served as a real estate equities research analyst at ING Investment Management.
—Head of Real Estate Securities, Asia Pacific and Lead Portfolio Manager: Sydney.
—Investment industry experience began in 1996.
—Bachelor of Business in Finance and Marketing, The Australian Catholic University; Graduate Diploma in Applied Finance, The Securities Institute of Australia.
Robert Thomas, Head of Investment Strategy Liquid Real Assets
Portfolio Manager of the Fund. Began managing the Fund in 2017.
—Joined DWS in 2017; previously served as the Head of North American Property Equities and Portfolio Manager at Henderson Global Investors; and previously was Co-Head of North American Listed Real Estate at AMP Capital Investors.
—Co-Head of Real Estate Securities, Americas and Co-Lead Portfolio Manager: Chicago.
—Investment industry experience began in 2002.
—BA in Economics, Duke University; MBA, Finance/Management and Strategy, Kellogg School of Management, Northwestern University.
Barry McConnell, Head of Investment Strategy Liquid Real Assets.
Portfolio Manager of the Fund. Began managing the Fund in 2021.
—Joined DWS in 2007; previously was a Portfolio Manager for Lehman Brothers; and was an Investment Strategy Analyst at Land Securities.
—Head of Real Estate Securities for Europe and Lead Portfolio Manager: London.
—Investment industry experience started in 1999.
—BEng in Civil Engineering from University of Bristol.
 
DWS RREEF Global Real Estate Securities Fund
|
7
Portfolio Summary(Unaudited) 
Asset Allocation (As a % of Investment Portfolio excluding
Securities Lending Collateral)
6/30/22
12/31/21
Common Stocks
100%
99%
Cash Equivalents
0%
1%
 
100%
100%
 
Sector Diversification (As a % of Investment Portfolio
excluding Securities Lending Collateral and Cash Equivalents)
6/30/22
12/31/21
Diversified
28%
23%
Apartments
14%
17%
Shopping Centers
10%
9%
Health Care
10%
5%
Industrial
9%
15%
Office
6%
6%
Storage
6%
7%
Real Estate Services
6%
4%
Specialty Services
5%
2%
Hotels
3%
2%
Manufactured Homes
1%
3%
Regional Malls
0%
4%
Others
2%
3%
 
100%
100%
 
Geographical Diversification (As a % of Investment
Portfolio excluding Securities Lending Collateral and Cash
Equivalents)
6/30/22
12/31/21
United States
63%
62%
Japan
10%
8%
United Kingdom
5%
6%
Hong Kong
5%
4%
Australia
4%
4%
Singapore
3%
3%
Canada
3%
3%
Germany
2%
3%
Sweden
2%
3%
France
1%
2%
Others
2%
2%
 
100%
100%
 
 
8
|
DWS RREEF Global Real Estate Securities Fund
Ten Largest Equity Holdings at June 30, 2022 
(31.7% of Net Assets)
Country
Percent
 1Prologis, Inc.
United States
4.6%
Owner, operator and developer of industrial real estate
 
 
 2Public Storage
United States
3.6%
Owner and operator of personal and
business mini-warehouses
 
 
 3Welltower, Inc.
United States
3.3%
Investor of senior housing and assisted living facilities
 
 
 4Realty Income Corp.
United States
3.0%
Owner and manager of commercial properties
 
 
 5VICI Properties, Inc.
United States
3.0%
Owner and acquirer of experiential real estate assets
 
 
 6Equinix, Inc.
United States
3.0%
Provider of technology-related real estate
 
 
 7Digital Realty Trust, Inc.
United States
2.9%
Owner, acquirer and manager of technology-related
real estate
 
 
 8Ventas, Inc.
United States
2.9%
Owner and operator of long-term health care facilities
 
 
 9AvalonBay Communities, Inc.
United States
2.8%
Acquirer, manager and developer of apartment homes
 
 
10Mid-America Apartment Communities, Inc.
United States
2.6%
Owner and developer of multi-family
apartment communities
 
 
Portfolio holdings and characteristics are subject to change.
For more complete details about the Fund’s investment portfolio, see page 10. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 46 for contact information.
 
DWS RREEF Global Real Estate Securities Fund
|
9
Investment Portfolioas of June 30, 2022 (Unaudited)
 
 
Shares
Value ($)
Common Stocks 99.2%
 
Australia 3.8%
 
BGP Holdings PLC* (a)
 
11,394,023
     46,090
Dexus
 
   146,962
    897,483
GPT Group
 
   597,919
  1,731,613
Mirvac Group
 
 1,427,266
  1,940,532
Scentre Group
 
 1,212,976
  2,168,522
Shopping Centres Australasia Property Group
 
   517,650
    981,338
(Cost $8,235,769)
 
 
7,765,578
Belgium 1.0%
 
Aedifica SA
 
     7,745
    742,360
VGP NV
 
     2,551
    407,074
Warehouses De Pauw CVA
 
    27,624
    869,019
(Cost $1,813,292)
 
 
2,018,453
Canada 2.9%
 
Canadian Apartment Properties REIT (b)
 
    42,789
  1,489,903
Granite Real Estate Investment Trust
 
    22,770
  1,396,590
RioCan Real Estate Investment Trust (b)
 
   122,808
  1,910,050
Tricon Residential, Inc.
 
   107,214
  1,086,966
(Cost $5,198,642)
 
 
5,883,509
France 1.0%
 
ICADE
 
     9,771
    477,922
Unibail-Rodamco-Westfield*
 
    30,762
  1,570,584
(Cost $2,317,116)
 
 
2,048,506
Germany 2.3%
 
Vonovia SE (Cost $4,864,952)
 
   152,438
  4,702,693
Hong Kong 5.0%
 
CK Asset Holdings Ltd.
 
   352,820
  2,496,580
Hang Lung Properties Ltd.
 
   400,000
    759,523
Link REIT
 
   319,925
  2,611,063
Sun Hung Kai Properties Ltd.
 
   245,000
  2,894,266
Wharf Real Estate Investment Co., Ltd.
 
   330,000
  1,573,089
(Cost $8,611,832)
 
 
10,334,521
Japan 9.4%
 
Activia Properties, Inc.
 
       720
  2,147,728
Global One Real Estate Investment Corp.
 
     1,465
  1,145,865
Hulic Reit, Inc.
 
     1,060
  1,248,753
The accompanying notes are an integral part of the financial statements.
 
10
|
DWS RREEF Global Real Estate Securities Fund
 
Shares
Value ($)
Industrial & Infrastructure Fund Investment Corp.
 
       824
  1,090,342
Keihanshin Building Co., Ltd.
 
    90,000
    870,074
Kenedix Retail REIT Corp.
 
       786
  1,595,983
LaSalle Logiport REIT
 
       594
    729,184
Mitsubishi Estate Co., Ltd.
 
   201,600
  2,959,858
Mitsui Fudosan Co., Ltd.
 
    92,800
  1,993,191
Mori Trust Hotel Reit, Inc.
 
     1,380
  1,277,520
Mori Trust Sogo Reit, Inc.
 
     1,321
  1,381,350
Nippon Prologis REIT, Inc.
 
       268
    659,912
Samty Residential Investment Corp.
 
       323
    323,045
Sekisui House Reit, Inc.
 
     1,324
    784,903
TOC Co., Ltd.
 
    42,600
    225,390
Tokyu Fudosan Holdings Corp.
 
   176,500
    924,201
(Cost $20,603,298)
 
 
19,357,299
Netherlands 0.2%
 
CTP NV 144A (Cost $851,140)
 
    41,507
    479,705
Singapore 3.4%
 
Ascendas India Trust (Units)
 
   834,200
    702,604
CapitaLand China Trust
 
   474,500
    393,061
CapitaLand Integrated Commercial Trust
 
 1,445,157
  2,258,154
Capitaland Investment Ltd.
 
   452,219
  1,244,709
City Developments Ltd.
 
   120,900
    710,399
Daiwa House Logistics Trust*
 
   177,164
     82,254
Frasers Logistics & Commercial Trust
 
 1,678,000
  1,607,242
(Cost $6,818,509)
 
 
6,998,423
Spain 0.8%
 
Arima Real Estate SOCIMI SA*
 
    42,505
    367,523
Inmobiliaria Colonial Socimi SA
 
    85,822
    549,256
Merlin Properties Socimi SA
 
    71,513
    689,566
(Cost $1,962,929)
 
 
1,606,345
Sweden 1.6%
 
Castellum AB (b)
 
    80,111
  1,030,967
Fabege AB
 
   130,418
  1,233,085
Fastighets AB Balder “B” *
 
   195,059
    932,821
(Cost $2,929,701)
 
 
3,196,873
United Kingdom 5.4%
 
Big Yellow Group PLC
 
    65,670
  1,054,689
British Land Co. PLC
 
   415,751
  2,269,210
Derwent London PLC
 
    24,804
    789,801
Grainger PLC
 
   469,096
  1,610,833
The accompanying notes are an integral part of the financial statements.
 
DWS RREEF Global Real Estate Securities Fund
|
11
 
Shares
Value ($)
Life Science Reit PLC*
 
   306,800
    358,601
Segro PLC
 
   196,152
  2,337,450
The PRS REIT PLC
 
   330,856
    425,594
Tritax EuroBox PLC 144A
 
   315,478
    329,388
Tritax EuroBox PLC 144A
 
   189,491
    199,379
UNITE Group PLC
 
   129,630
  1,680,173
(Cost $8,995,399)
 
 
11,055,118
United States 62.4%
 
Agree Realty Corp. (REIT)
 
    67,132
  4,842,231
American Homes 4 Rent “A” , (REIT)
 
   126,986
  4,500,384
American Tower Corp. (REIT)
 
     2,822
    721,275
Apartment Income REIT Corp. (REIT)
 
    62,951
  2,618,762
Apple Hospitality REIT, Inc. (REIT)
 
    92,452
  1,356,271
AvalonBay Communities, Inc. (REIT)
 
    29,887
  5,805,550
Boston Properties, Inc. (REIT)
 
    50,693
  4,510,663
Digital Realty Trust, Inc. (REIT)
 
    45,059
  5,850,010
Duke Realty Corp. (REIT)
 
    38,585
  2,120,246
EastGroup Properties, Inc. (REIT)
 
    21,358
  3,296,180
Equinix, Inc. (REIT)
 
     9,234
  6,066,923
Equity LifeStyle Properties, Inc. (REIT)
 
    17,269
  1,216,946
Essential Properties Realty Trust, Inc. (REIT)
 
   109,309
  2,349,050
First Industrial Realty Trust, Inc. (REIT)
 
    47,597
  2,259,906
Gaming and Leisure Properties, Inc. (REIT)
 
    10,351
    474,697
Healthcare Realty Trust, Inc. (REIT)
 
    65,862
  1,791,446
Healthcare Trust of America, Inc. “A” , (REIT)
 
    55,381
  1,545,684
Healthpeak Properties, Inc. (REIT)
 
    89,389
  2,316,069
Hudson Pacific Properties, Inc. (REIT)
 
    21,669
    321,568
Independence Realty Trust, Inc. (REIT)
 
    96,354
  1,997,418
Kilroy Realty Corp. (REIT)
 
    41,561
  2,174,887
Kimco Realty Corp. (REIT)
 
   200,664
  3,967,131
Kite Realty Group Trust (REIT)
 
   149,166
  2,579,080
Life Storage, Inc. (REIT)
 
    27,337
  3,052,505
Mid-America Apartment Communities, Inc. (REIT)
 
    30,433
  5,315,732
NETSTREIT Corp. (REIT)
 
    70,304
  1,326,637
Prologis, Inc. (REIT)
 
    80,452
  9,465,148
Public Storage (REIT)
 
    23,553
  7,364,317
Realty Income Corp. (REIT)
 
    90,191
  6,156,438
Ryman Hospitality Properties, Inc. (REIT)*
 
    40,736
  3,097,158
Sabra Health Care REIT, Inc. (REIT)
 
    74,455
  1,040,136
SBA Communications Corp. (REIT)
 
     4,106
  1,314,125
Simon Property Group, Inc. (REIT)
 
       685
     65,020
SITE Centers Corp. (REIT)
 
    97,779
  1,317,083
STAG Industrial, Inc. (REIT)
 
    10,732
    331,404
The accompanying notes are an integral part of the financial statements.
 
12
|
DWS RREEF Global Real Estate Securities Fund
 
Shares
Value ($)
Sunstone Hotel Investors, Inc. (REIT)*
 
   133,532
  1,324,638
Ventas, Inc. (REIT)
 
   113,381
  5,831,185
VICI Properties, Inc. (REIT)
 
   206,327
  6,146,481
Welltower, Inc. (REIT)
 
    82,746
  6,814,133
WP Carey, Inc. (REIT)
 
    36,765
  3,046,348
(Cost $114,478,983)
 
 
127,690,865
Total Common Stocks (Cost $187,681,562)
 
 
203,137,888
Securities Lending Collateral 2.2%
 
DWS Government & Agency Securities Portfolio “DWS
Government Cash Institutional Shares” , 1.28% (c) (d)
(Cost $4,550,309)
 
 4,550,309
  4,550,309
Cash Equivalents 0.4%
 
DWS Central Cash Management Government Fund,
1.36% (c) (Cost $766,418)
 
   766,418
    766,418
 
 
 
% of
Net Assets
Value ($)
Total Investment Portfolio (Cost $192,998,289)
 
101.8
208,454,615
Other Assets and Liabilities, Net
 
(1.8)
(3,679,426)
Net Assets
 
100.0
204,775,189
A summary of the Fund’s transactions with affiliated investments during the period ended June 30, 2022 are as follows: 
Value ($)
at
12/31/2021
Pur-
chases
Cost
($)
Sales
Proceeds
($)
Net
Real-
ized
Gain/
(Loss)
($)
Net
Change
in
Unreal-
ized
Appreci-
ation
(Depreci-
ation)
($)
Income
($)
Capital
Gain
Distri-
butions
($)
Number of
Shares at
6/30/2022
Value ($)
at
6/30/2022
Securities Lending Collateral 2.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” ,
1.28% (c) (d)
13,407,716
—
8,857,407 (e)
—
—
5,252
—
4,550,309
4,550,309
Cash Equivalents 0.4%
DWS Central Cash Management Government Fund, 1.36% (c)
1,488,002
56,149,439
56,871,023
—
—
3,168
—
766,418
766,418
14,895,718
56,149,439
65,728,430
—
—
8,420
—
5,316,727
5,316,727
The accompanying notes are an integral part of the financial statements.
 
DWS RREEF Global Real Estate Securities Fund
|
13
Portfolio holdings in real estate entities outside the United States are generally organized as either corporations, trusts or partnerships subject to the tax laws of their country of domicile. 
*
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, 2022 amounted to $3,233,863, which is 1.6% 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, 2022.
 
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.
CVA: Certificaten Van Aandelen (Certificate of Stock)
REIT: Real Estate Investment Trust
The accompanying notes are an integral part of the financial statements.
 
14
|
DWS RREEF Global Real Estate Securities Fund
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, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements. 
Assets
Level 1
Level 2
Level 3
Total
Common Stocks
 
 
 
 
Australia
$         —
$ 7,719,488
$46,090
$  7,765,578
Belgium
         —
 2,018,453
    —
  2,018,453
Canada
  5,883,509
        —
    —
  5,883,509
France
         —
 2,048,506
    —
  2,048,506
Germany
         —
 4,702,693
    —
  4,702,693
Hong Kong
         —
10,334,521
    —
 10,334,521
Japan
         —
19,357,299
    —
 19,357,299
Netherlands
         —
   479,705
    —
    479,705
Singapore
         —
 6,998,423
    —
  6,998,423
Spain
         —
 1,606,345
    —
  1,606,345
Sweden
         —
 3,196,873
    —
  3,196,873
United Kingdom
         —
11,055,118
    —
 11,055,118
United States
127,690,865
         —
    —
127,690,865
Short-Term Investments (a)
  5,316,727
         —
    —
  5,316,727
Total
$138,891,101
$69,517,424
$46,090
$208,454,615
 
(a)
See Investment Portfolio for additional detailed categorizations.
The accompanying notes are an integral part of the financial statements.
 
DWS RREEF Global Real Estate Securities Fund
|
15
Statement of Assets and Liabilities
as of June 30, 2022 (Unaudited)
 
Assets
 
Investments in non-affiliated securities, at value (cost $187,681,562) —
including $3,233,863 of securities loaned
$ 203,137,888
Investment in DWS Government & Agency Securities Portfolio
(cost $4,550,309)*
  4,550,309
Investment in DWS Central Cash Management Government Fund
(cost $766,418)
    766,418
Foreign currency, at value (cost $109,708)
    109,017
Receivable for investments sold
  1,312,610
Receivable for Fund shares sold
     77,666
Dividends receivable
    709,925
Interest receivable
        935
Foreign taxes recoverable
    221,067
Other assets
     55,956
Total assets
210,941,791
Liabilities
 
Payable upon return of securities loaned
  4,550,309
Payable for investments purchased
  1,077,622
Payable for Fund shares redeemed
    322,655
Accrued management fee
     61,055
Accrued Trustees' fees
      1,793
Other accrued expenses and payables
    153,168
Total liabilities
6,166,602
Net assets, at value
$204,775,189
Net Assets Consist of
 
Distributable earnings (loss)
  6,915,314
Paid-in capital
197,859,875
Net assets, at value
$204,775,189
* 
Represents collateral on securities loaned.
The accompanying notes are an integral part of the financial statements.
 
16
|
DWS RREEF Global Real Estate Securities Fund
Statement of Assets and Liabilities as of June 30, 2022 (Unaudited) (continued)
Net Asset Value
 
Class A
 
Net Asset Value and redemption price per share
($19,021,011 ÷ 2,799,708 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$        6.79
Maximum offering price per share (100 ÷ 94.25 of $6.79)
$        7.20
Class T
 
Net Asset Value and redemption price per share
($12,125 ÷ 1,785 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$        6.79
Maximum offering price per share (100 ÷ 97.50 of $6.79)
$        6.96
Class C
 
Net Asset Value, offering and redemption price
(subject to contingent deferred sales charge) per share
($2,465,243 ÷ 363,578 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$        6.78
Class R6
 
Net Asset Value, offering and redemption price per share
($89,446,940 ÷ 13,180,915 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$        6.79
Class S
 
Net Asset Value, offering and redemption price per share
($15,058,207 ÷ 2,220,169 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$        6.78
Institutional Class
 
Net Asset Value, offering and redemption price per share
($78,771,663 ÷ 11,616,852 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$        6.78
The accompanying notes are an integral part of the financial statements.
 
DWS RREEF Global Real Estate Securities Fund
|
17
Statement of Operations
for the six months ended June 30, 2022 (Unaudited)
 
Investment Income
 
Income:
 
Dividends (net of foreign taxes withheld of $127,682)
$ 3,931,694
Income distributions — DWS Central Cash Management Government Fund
3,168
Securities lending income, net of borrower rebates
5,252
Total income
3,940,114
Expenses:
 
Management fee
865,666
Administration fee
119,956
Services to shareholders
90,380
Distribution and service fees
43,658
Custodian fee
23,099
Professional fees
46,523
Reports to shareholders
19,906
Registration fees
31,401
Trustees' fees and expenses
7,329
Other
18,084
Total expenses before expense reductions
1,266,002
Expense reductions
(160,721)
Total expenses after expense reductions
1,105,281
Net investment income
2,834,833
Realized and Unrealized Gain (Loss)
 
Net realized gain (loss) from:
 
Investments
4,368,362
Foreign currency
(33,277)
 
4,335,085
Change in net unrealized appreciation (depreciation) on:
 
Investments
(69,086,955)
Foreign currency
(39,173)
 
(69,126,128)
Net gain (loss)
(64,791,043)
Net increase (decrease) in net assets resulting from operations
$ (61,956,210)
The accompanying notes are an integral part of the financial statements.
 
18
|
DWS RREEF Global Real Estate Securities Fund
Statements of Changes in Net Assets 
 
Six Months
Ended
June 30, 2022
Year Ended
December 31,
Increase (Decrease) in Net Assets
(Unaudited)
2021
Operations:
 
 
Net investment income
$ 2,834,833
$ 3,880,653
Net realized gain (loss)
4,335,085
38,565,029
Change in net unrealized appreciation
(depreciation)
(69,126,128)
25,493,589
Net increase (decrease) in net assets resulting
from operations
(61,956,210)
67,939,271
Distributions to shareholders:
 
 
Class A
(1,211,876)
(2,012,542)
Class T
(752)
(1,202)
Class C
(154,713)
(227,316)
Class R6
(5,541,957)
(9,381,143)
Class S
(961,829)
(1,729,503)
Institutional Class
(4,991,174)
(9,135,478)
Total distributions
(12,862,301)
(22,487,184)
Fund share transactions:
 
 
Proceeds from shares sold
56,578,870
40,926,332
Reinvestment of distributions
12,431,853
21,423,266
Payments for shares redeemed
(56,343,604)
(77,404,168)
Net increase (decrease) in net assets from Fund
share transactions
12,667,119
(15,054,570)
Increase (decrease) in net assets
(62,151,392)
30,397,517
Net assets at beginning of period
266,926,581
236,529,064
Net assets at end of period
$204,775,189
$266,926,581
 
The accompanying notes are an integral part of the financial statements.
 
DWS RREEF Global Real Estate Securities Fund
|
19
Financial Highlights 
DWS RREEF Global Real Estate Securities Fund — Class A
 
Six Months
Ended 6/30/22
Years Ended December 31,
 
(Unaudited)
2021
2020
2019
2018
2017
Selected Per Share Data
Net asset value, beginning
of period
$9.31
$7.77
$8.98
$8.41
$9.25
$8.60
Income (loss) from investment
operations:
 
 
 
 
 
 
Net investment incomea
.08
.11
.12
.16
.19
.16
Net realized and unrealized
gain (loss)
(2.15)
2.18
(.62)
1.86
(.57)
.81
Total from investment
operations
(2.07)
2.29
(.50)
2.02
(.38)
.97
Less distributions from:
 
 
 
 
 
 
Net investment income
(.11)
(.35)
(.34)
(.61)
(.43)
(.32)
Net realized gains
(.34)
(.40)
(.37)
(.84)
(.03)
—
Total distributions
(.45)
(.75)
(.71)
(1.45)
(.46)
(.32)
Net asset value, end of period
$6.79
$9.31
$7.77
$8.98
$8.41
$9.25
Total Return (%)b,c
(22.25)*
30.09
(4.44)
24.51
(4.39)
11.33
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)
19
26
21
31
36
283
Ratio of expenses before
expense reductions (%)
1.35**
1.33
1.39
1.29
1.22
1.35
Ratio of expenses after
expense reductions (%)
1.20**
1.20
1.20
1.18
1.20
1.25
Ratio of net investment income (%)
1.96**
1.24
1.60
1.64
2.14
1.72
Portfolio turnover rate (%)
55*
84
115
108
116
134
 
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.
*
Not annualized
**
Annualized
The accompanying notes are an integral part of the financial statements.
 
20
|
DWS RREEF Global Real Estate Securities Fund
 
DWS RREEF Global Real Estate Securities Fund — Class T
 
Six Months
Ended 6/30/22
Years Ended December 31,
Period
Ended
 
(Unaudited)
2021
2020
2019
2018
12/31/17a
Selected Per Share Data
 
 
 
 
 
 
Net asset value, beginning
of period
$9.31
$7.77
$8.97
$8.40
$9.24
$9.11
Income (loss) from investment
operations:
 
 
 
 
 
 
Net investment incomeb
.09
.12
.13
.17
.18
.10
Net realized and unrealized
gain (loss)
(2.16)
2.19
(.62)
1.85
(.56)
.36
Total from investment
operations
(2.07)
2.31
(.49)
2.02
(.38)
.46
Less distributions from:
 
 
 
 
 
 
Net investment income
(.11)
(.37)
(.34)
(.61)
(.43)
(.33)
Net realized gains
(.34)
(.40)
(.37)
(.84)
(.03)
—
Total distributions
(.45)
(.77)
(.71)
(1.45)
(.46)
(.33)
Net asset value, end of period
$6.79
$9.31
$7.77
$8.97
$8.40
$9.24
Total Return (%)c,d
(22.25)*
30.25
(4.44)
24.66
(4.40)
5.08
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period
($ thousands)
12
16
12
13
10
11
Ratio of expenses before
expense reductions (%)
1.25**
1.24
1.31
1.23
1.24
1.30**
Ratio of expenses after
expense reductions (%)
1.12**
1.12
1.14
1.12
1.20
1.21**
Ratio of net investment
income (%)
2.06**
1.32
1.71
1.73
2.00
1.85**
Portfolio turnover rate (%)
55*
84
115
108
116
134e
 
a
For the period from June 5, 2017 (commencement of operations) to
December 31, 2017.
b
Based on average shares outstanding during the period.
c
Total return does not reflect the effect of any sales charges.
d
Total return would have been lower had certain expenses not been reduced.
e
Represents the Fund’s portfolio turnover rate for the year ended December 31, 2017.
*
Not annualized
**
Annualized
The accompanying notes are an integral part of the financial statements.
 
DWS RREEF Global Real Estate Securities Fund
|
21
 
DWS RREEF Global Real Estate Securities Fund — Class C
 
Six Months
Ended 6/30/22
Years Ended December 31,
 
(Unaudited)
2021
2020
2019
2018
2017
Selected Per Share Data
Net asset value, beginning
of period
$9.33
$7.72
$8.99
$8.42
$9.30
$8.65
Income (loss) from investment
operations:
 
 
 
 
 
 
Net investment incomea
.05
.04
.06
.09
.11
.09
Net realized and unrealized
gain (loss)
(2.15)
2.18
(.62)
1.85
(.55)
.81
Total from investment
operations
(2.10)
2.22
(.56)
1.94
(.44)
.90
Less distributions from:
 
 
 
 
 
 
Net investment income
(.11)
(.21)
(.34)
(.53)
(.41)
(.25)
Net realized gains
(.34)
(.40)
(.37)
(.84)
(.03)
—
Total distributions
(.45)
(.61)
(.71)
(1.37)
(.44)
(.25)
Net asset value, end of period
$6.78
$9.33
$7.72
$8.99
$8.42
$9.30
Total Return (%)b,c
(22.53)*
29.26
(5.24)
23.65
(5.02)
10.40
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)
2
4
4
6
8
14
Ratio of expenses before
expense reductions (%)
2.05**
2.03
2.10
2.04
2.03
2.13
Ratio of expenses after
expense reductions (%)
1.93**
1.92
1.93
1.93
1.95
2.01
Ratio of net investment income (%)
1.19**
.49
.87
.89
1.20
.99
Portfolio turnover rate (%)
55*
84
115
108
116
134
 
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.
*
Not annualized
**
Annualized
The accompanying notes are an integral part of the financial statements.
 
22
|
DWS RREEF Global Real Estate Securities Fund
 
DWS RREEF Global Real Estate Securities Fund — Class R6
 
Six Months
Ended 6/30/22
Years Ended December 31,
 
(Unaudited)
2021
2020
2019
2018
2017
Selected Per Share Data
 
 
 
 
 
 
Net asset value, beginning
of period
$9.28
$7.78
$8.96
$8.39
$9.22
$8.58
Income (loss) from investment
operations:
 
 
 
 
 
 
Net investment incomea
.10
.14
.15
.20
.20
.21
Net realized and unrealized
gain (loss)
(2.14)
2.19
(.62)
1.85
(.55)
.78
Total from investment
operations
(2.04)
2.33
(.47)
2.05
(.35)
.99
Less distributions from:
 
 
 
 
 
 
Net investment income
(.11)
(.43)
(.34)
(.64)
(.45)
(.35)
Net realized gains
(.34)
(.40)
(.37)
(.84)
(.03)
—
Total distributions
(.45)
(.83)
(.71)
(1.48)
(.48)
(.35)
Net asset value, end of period
$6.79
$9.28
$7.78
$8.96
$8.39
$9.22
Total Return (%)b
(21.99)*
30.61
(4.09)
24.88
(4.06)
11.54
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)
89
110
94
88
.17
.15
Ratio of expenses before
expense reductions (%)
.92**
.91
.96
.91
1.22
1.99
Ratio of expenses after
expense reductions (%)
.79**
.79
.79
.79
.95
.96
Ratio of net investment income (%)
2.41**
1.64
2.09
2.04
2.28
2.27
Portfolio turnover rate (%)
55*
84
115
108
116
134
 
a
Based on average shares outstanding during the period.
b
Total return would have been lower had certain expenses not been reduced.
*
Not annualized
**
Annualized
The accompanying notes are an integral part of the financial statements.
 
DWS RREEF Global Real Estate Securities Fund
|
23
 
DWS RREEF Global Real Estate Securities Fund — Class S
 
Six Months
Ended 6/30/22
Years Ended December 31,
 
(Unaudited)
2021
2020
2019
2018
2017
Selected Per Share Data
Net asset value, beginning
of period
$9.29
$7.77
$8.96
$8.39
$9.22
$8.57
Income (loss) from investment
operations:
 
 
 
 
 
 
Net investment incomea
.09
.13
.13
.18
.18
.18
Net realized and unrealized
gain (loss)
(2.15)
2.18
(.61)
1.86
(.54)
.80
Total from investment
operations
(2.06)
2.31
(.48)
2.04
(.36)
.98
Less distributions from:
 
 
 
 
 
 
Net investment income
(.11)
(.39)
(.34)
(.63)
(.44)
(.33)
Net realized gains
(.34)
(.40)
(.37)
(.84)
(.03)
—
Total distributions
(.45)
(.79)
(.71)
(1.47)
(.47)
(.33)
Net asset value, end of period
$6.78
$9.29
$7.77
$8.96
$8.39
$9.22
Total Return (%)b
(22.19)*
30.51
(4.33)
24.76
(4.16)
11.46
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)
15
21
20
44
51
90
Ratio of expenses before
expense reductions (%)
1.16**
1.11
1.17
1.11
1.09
1.15
Ratio of expenses after
expense reductions (%)
1.03**
1.00
1.00
1.00
1.05
1.07
Ratio of net investment income (%)
2.13**
1.43
1.72
1.85
2.06
1.99
Portfolio turnover rate (%)
55*
84
115
108
116
134
 
a
Based on average shares outstanding during the period.
b
Total return would have been lower had certain expenses not been reduced.
*
Not annualized
**
Annualized
The accompanying notes are an integral part of the financial statements.
 
24
|
DWS RREEF Global Real Estate Securities Fund
 
DWS RREEF Global Real Estate Securities Fund — Institutional
Class
 
Six Months
Ended 6/30/22
Years Ended December 31,
 
(Unaudited)
2021
2020
2019
2018
2017
Selected Per Share Data
Net asset value, beginning
of period
$9.28
$7.77
$8.96
$8.38
$9.22
$8.57
Income (loss) from investment
operations:
 
 
 
 
 
 
Net investment incomea
.10
.14
.14
.18
.20
.18
Net realized and unrealized
gain (loss)
(2.15)
2.18
(.62)
1.88
(.56)
.82
Total from investment
operations
(2.05)
2.32
(.48)
2.06
(.36)
1.00
Less distributions from:
 
 
 
 
 
 
Net investment income
(.11)
(.41)
(.34)
(.64)
(.45)
(.35)
Net realized gains
(.34)
(.40)
(.37)
(.84)
(.03)
—
Total distributions
(.45)
(.81)
(.71)
(1.48)
(.48)
(.35)
Net asset value, end of period
$6.78
$9.28
$7.77
$8.96
$8.38
$9.22
Total Return (%)b
(22.11)*
30.54
(4.21)
25.05
(4.17)
11.66
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)
79
107
98
162
560
499
Ratio of expenses before
expense reductions (%)
1.00**
.99
1.05
1.01
.95
1.06
Ratio of expenses after
expense reductions (%)
.87**
.88
.88
.90
.95
.99
Ratio of net investment income (%)
2.32**
1.54
1.91
1.94
2.26
2.01
Portfolio turnover rate (%)
55*
84
115
108
116
134
 
a
Based on average shares outstanding during the period.
b
Total return would have been lower had certain expenses not been reduced.
*
Not annualized
**
Annualized
The accompanying notes are an integral part of the financial statements.
 
DWS RREEF Global Real Estate Securities Fund
|
25
Notes to Financial Statements (Unaudited)
A.
Organization and Significant Accounting Policies
DWS RREEF Global Real Estate Securities Fund (the “Fund” ) is a diversified series of Deutsche DWS Securities Trust (the “Trust” ), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act” ), as an open-end management investment company organized as a Massachusetts business trust.
The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are subject to an initial sales charge. Class T shares are subject to an initial sales charge and are only available through certain financial intermediaries. Class T shares are closed to new purchases, except in connection with the reinvestment of dividends or other distributions. The Fund’s Board of Trustees approved the termination and liquidation of Class T shares effective September 30, 2022. Class C shares are not subject to an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class C shares automatically convert to Class A shares in the same fund after 8 years, provided that the Fund or the financial intermediary through which the shareholder purchased the Class C shares has records verifying that the Class C shares have been held for at least 8 years. Class R6 shares are not subject to initial or contingent deferred sales charges and are generally available only to certain qualifying plans and programs. Class S shares are not subject to initial or contingent deferred sales charges and are available through certain intermediary relationships with financial services firms, or can be purchased by establishing an account directly with the Fund’s transfer agent. Institutional Class shares are not subject to initial or contingent deferred sales charges and are generally available only to qualified institutions.
Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.
The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” ) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards
 
26
|
DWS RREEF Global Real Estate Securities Fund
Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.
Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.
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.
Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1. For certain international equity securities, in order to adjust for events which may occur between the close of the foreign exchanges and the close of the New York Stock Exchange, a fair valuation model may be used. This fair valuation model takes into account comparisons to the valuation of American Depository Receipts (ADRs), exchange-traded funds, futures contracts and certain indices and these securities are categorized as Level 2.
Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is
 
DWS RREEF Global Real Estate Securities Fund
|
27
purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Disclosure about the classification of fair value measurements is included in a table following the Fund’s Investment Portfolio.
Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending. Brown Brothers Harriman & Co., as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash and/or U.S. Treasury Securities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the six months ended June 30, 2022, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of June 30, 2022) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may
 
28
|
DWS RREEF Global Real Estate Securities Fund
terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of June 30, 2022, the Fund had securities on loan, which were classified as common stocks in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements was overnight and continuous.
Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.
Additionally, the Fund may be subject to taxes imposed by the governments of countries in which it invests and are generally based on income and/or capital gains earned or repatriated, a portion of which may be recoverable. Based upon current interpretation of tax rules and regulations, estimated tax liabilities and recoveries on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized gain/loss on investments. Tax liabilities realized as a result of security sales are reflected as a component of net realized gain/loss on investments.
At June 30, 2022, the aggregate cost of investments for federal income tax purposes was $208,630,779. The net unrealized depreciation for all investments based on tax cost was $176,164. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $28,273,634 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $28,449,798.
The Fund has reviewed the tax positions for the open tax years as of December 31, 2021 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.
Distribution of Income and Gains. Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not
 
DWS RREEF Global Real Estate Securities Fund
|
29
distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.
The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to investments in foreign denominated investments, certain securities sold at a loss and investments in limited partnerships. With respect to the Fund’s investment in passive foreign investment companies, for U.S. tax purposes, such investments may, among other things, cause the Fund to recognize and distribute taxable income without a corresponding receipt of cash as a result of recognizing certain unrealized gains at year end as ordinary income that would have otherwise been treated as capital gain upon disposition. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.
The tax character of current year distributions will be determined at the end of the current fiscal year.
Expenses.  Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.
Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.
Real Estate Investment Trusts. The Fund at its fiscal year end recharacterizes distributions received from a United States Real Estate Investment Trust (“U.S. REIT” ) investment based on information provided by the U.S. REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available timely from a U.S. REIT, the recharacterization will be estimated for financial reporting purposes and a recharacterization will be made to the accounting records in the following year when such information becomes available. Distributions received from U.S. REITs in excess of income are recorded as either a reduction of cost of investments or realized gains. With respect to the distributions received from foreign domiciled corporations, generally determined to be passive foreign
 
30
|
DWS RREEF Global Real Estate Securities Fund
investment companies for tax reporting purposes, such amounts are included in dividend income without any recharacterization.
Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.
B.
Purchases and Sales of Securities
During the six months ended June 30, 2022, purchases and sales of investment securities (excluding short-term investments) aggregated $138,410,213 and $135,155,836, respectively.
C.
Related Parties
Management Agreement. Under its amended and restated Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA”  or the “Advisor” ), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group” ), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund or delegates such responsibility to the Fund’s subadvisor.
RREEF America L.L.C. (“RREEF” ), also an indirect, wholly owned subsidiary of DWS Group, is the subadvisor for the Fund. While DIMA is the investment advisor to the Fund, the day-to-day activities of managing the Fund’s portfolio have been delegated to RREEF. DIMA compensates RREEF out of the management fee it receives from the Fund.
Pursuant to investment subadvisory agreements between RREEF and each of DWS Alternatives Global Limited and DWS Investments Australia Limited (the “sub-subadvisors” ), these entities act as sub-subadvisors to the Fund. The Fund’s sub-subadvisors are indirect, wholly owned subsidiaries of DWS Group. Under the supervision of the Board of Trustees, DIMA and RREEF, the sub-subadvisors manage the Fund’s investments in specific foreign markets. RREEF pays a fee to each sub-subadvisor pursuant to the investment subadvisory agreement between RREEF and each sub-subadvisor.
Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net
 
DWS RREEF Global Real Estate Securities Fund
|
31
assets of the Fund, computed and accrued daily and payable monthly, at the following annual rates: 
First $1.0 billion of the Fund’s average daily net assets
.700%
Over $1.0 billion of such net assets
.675%
Accordingly, for the six months ended June 30, 2022, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.70% of the Fund’s average daily net assets.
For the period from January 1, 2022 through April 30, 2023, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows: 
Class A
1.20%
Class T
1.20%
Class C
1.95%
Class R6
.95%
Class S
1.05%
Institutional Class
.95%
In addition, for the period from January 1, 2022 through June 30, 2022, the Advisor had voluntarily agreed to waive its fees and/or reimburse certain operating expenses of Class R6 shares to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) at 0.79%. The voluntary waiver may be changed or terminated at any time without notice.
For the six months ended June 30, 2022, fees waived and/or expenses reimbursed for each class are as follows: 
Class A
$ 17,346
Class T
9
Class C
1,993
Class R6
62,928
Class S
11,460
Institutional Class
66,985
 
$ 160,721
 
32
|
DWS RREEF Global Real Estate Securities Fund
Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee (“Administration Fee” ) of 0.097% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2022, the Administration Fee was $119,956, of which $17,577 is unpaid.
Service Provider Fees. DWS Service Company (“DSC” ), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST” ), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended June 30, 2022, the amounts charged to the Fund by DSC were as follows: 
Services to Shareholders
Total
Aggregated
Unpaid at
June 30, 2022
Class A
$  2,184
$  698
Class T
13
4
Class C
308
158
Class R6
550
109
Class S
2,667
933
Institutional Class
1,230
427
 
$ 6,952
$ 2,329
In addition, for the six months ended June 30, 2022, the amounts charged to the Fund for recordkeeping and other administrative services provided by unaffiliated third parties, included in the Statement of Operations under “Services to shareholders,”  were as follows: 
Sub-Recordkeeping
Total
Aggregated
Class A
$ 19,202
Class C
1,809
Class S
18,841
Institutional Class
40,619
 
$ 80,471
Distribution and Service Fees. Under the Fund’s Class C 12b-1 Plan, DWS Distributors, Inc. (“DDI” ), an affiliate of the Advisor, receives a fee (“Distribution Fee” ) of 0.75% of the average daily net assets of Class C shares. In accordance with the Fund’s Underwriting and Distribution Services Agreement, DDI enters into related selling group agreements
 
DWS RREEF Global Real Estate Securities Fund
|
33
with various firms at various rates for sales of Class C shares. For the six months ended June 30, 2022, the Distribution Fee was as follows: 
Distribution Fee
Total
Aggregated
Unpaid at
June 30, 2022
Class C
$  11,760
$ 1,614
In addition, DDI provides information and administrative services for a fee (“Service Fee” ) to Class A, T and C shareholders at an annual rate of up to 0.25% of the average daily net assets for each such class. DDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the six months ended June 30, 2022, the Service Fee was as follows: 
Service Fee
Total
Aggregated
Unpaid at
June 30, 2022
Annualized
Rate
Class A
$  27,972
$  11,208
.25%
Class T
10
8
.15%
Class C
3,916
1,219
.25%
 
$ 31,898
$ 12,435
 
Underwriting Agreement and Contingent Deferred Sales Charge. DDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the six months ended June 30, 2022 aggregated $205.
In addition, DDI receives any contingent deferred sales charge (“CDSC” ) from Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is 1% of the value of the shares redeemed for Class C. For the six months ended June 30, 2022, there was no CDSC for Class C Shares. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares.
Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended June 30, 2022, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders”  aggregated $687, of which $257 is unpaid.
Trustees’ Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.
Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in
 
34
|
DWS RREEF Global Real Estate Securities Fund
accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund’s assets invested in DWS ESG Liquidity Fund.
D.
Line of Credit
The Fund and other affiliated funds (the “Participants” ) share in a $375 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 20 percent of its net assets under the agreement. The Fund had no outstanding loans at June 30, 2022.
E.
Real Estate Concentration Risk
Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Any market price movements, regulatory or technological changes, or economic conditions affecting real estate securities, including REITs, may have a significant impact on the Fund’s performance. In particular, real estate companies can be affected by the risks associated with direct ownership of real estate, such as general or local economic conditions, decreases in real estate value, increases in property taxes and operating expenses, liability or losses owing to environmental problems, delays in completion of construction, falling rents (whether due to poor demand, increased competition, overbuilding, or limitations on rents), zoning changes, rising interest rates, lack of credit, failure of borrowers to repay loans, and losses from casualty or condemnation. Real estate companies may be adversely affected by the recent pandemic spread of the novel coronavirus known as COVID-19, which has led to decreased economic activity, widespread business and other closures and rapid increases in unemployment that may cause increased defaults on rent, loans or other
 
DWS RREEF Global Real Estate Securities Fund
|
35
obligations and increase the probability of an economic recession or depression. In addition, many real estate companies, including REITs, utilize leverage (and some may be highly leveraged), which increases investment risk. Highly leveraged real estate companies are particularly vulnerable to the effects of an economic downturn (including an economic downturn caused by the COVID-19 pandemic). Further, REITs are dependent upon management skills, may not be diversified and may have relatively small capitalizations, which can increase volatility.
F.
Fund Share Transactions
The following table summarizes share and dollar activity in the Fund: 
 
Six Months Ended
June 30, 2022
Year Ended
December 31, 2021
 
Shares
Dollars
Shares
Dollars
Shares sold
Class A
  167,702
 $ 1,352,692
  487,144
 $ 4,255,157
Class C
   28,037
   239,810
   64,456
   592,816
Class R6
1,254,856
10,101,341
1,046,072
 8,694,584
Class S
  110,470
   904,991
  399,479
 3,542,278
Institutional Class
5,177,602
43,980,036
2,696,995
23,841,497
 
 
$ 56,578,870
 
$ 40,926,332
Shares issued to shareholders in reinvestment of distributions
Class A
  169,992
 $ 1,155,946
  214,834
 $ 1,925,617
Class T
      111
        752
      134
     1,202
Class C
   22,736
   154,377
   25,227
   226,345
Class R6
  816,194
 5,541,957
1,048,989
 9,381,143
Class S
  132,088
   896,881
  179,555
 1,606,485
Institutional Class
  689,535
 4,681,940
  926,403
 8,282,474
 
 
$ 12,431,853
 
$ 21,423,266
Shares redeemed
Class A
  (306,398)
 $ (2,441,521)
  (647,581)
 $ (5,677,422)
Class C
   (93,044)
   (765,802)
  (179,004)
 (1,562,171)
Class R6
  (742,440)
 (6,394,511)
(2,289,511)
(20,475,079)
Class S
  (259,653)
 (2,088,797)
  (862,290)
 (7,563,096)
Institutional Class
(5,724,338)
(44,652,973)
(4,806,361)
(42,126,400)
 
 
$ (56,343,604)
 
$ (77,404,168)
 
36
|
DWS RREEF Global Real Estate Securities Fund
 
Six Months Ended
June 30, 2022
Year Ended
December 31, 2021
 
Shares
Dollars
Shares
Dollars
Net increase (decrease)
Class A
   31,296
    $ 67,117
   54,397
   $ 503,352
Class T
      111
        752
      134
     1,202
Class C
   (42,271)
   (371,615)
   (89,321)
   (743,010)
Class R6
1,328,610
 9,248,787
  (194,450)
 (2,399,352)
Class S
   (17,095)
   (286,925)
  (283,256)
 (2,414,333)
Institutional Class
  142,799
 4,009,003
(1,182,963)
(10,002,429)
 
 
$ 12,667,119
 
$ (15,054,570)
G.
Other — COVID-19 Pandemic
A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to significant portions of the population remaining unvaccinated and/or the lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and the pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on the Fund and reflect the consequences as appropriate in the Fund’s accounting and financial reporting.
 
DWS RREEF Global Real Estate Securities Fund
|
37
Information About Your Fund’s Expenses
As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads) and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses
with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done
so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2022 to June 30, 2022).
The tables illustrate your Fund’s expenses in two ways:
— 
Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000”  line under the share class you hold.
— 
Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000”  line of the tables is useful in comparing ongoing expenses only and will not help you determine the
relative total expense of owning different funds. Subject to certain exceptions, an account maintenance fee of $20.00 assessed once per calendar year for Classes A, C and S shares may apply for accounts with balances less than $10,000. This fee is not included in these tables. If it was, the estimate of expenses paid for Classes A, C and S shares during the period would be higher, and account value during the period would be lower, by this amount.
 
38
|
DWS RREEF Global Real Estate Securities Fund
Expenses and Value of a $1,000 Investment
for the six months ended June 30, 2022 (Unaudited)
 
Actual Fund Return
Class A
Class T
Class C
Class R6
Class S
Institutional
Class
Beginning Account
Value 1/1/22
$1,000.00
$1,000.00
$1,000.00
$1,000.00
$1,000.00
$1,000.00
Ending Account
Value 6/30/22
$777.50
$777.50
$774.70
$780.10
$778.10
$778.90
Expenses Paid
per $1,000*
$5.29
$4.94
$8.49
$3.49
$4.54
$3.84
Hypothetical 5%
Fund Return
Class A
Class T
Class C
Class R6
Class S
Institutional
Class
Beginning Account
Value 1/1/22
$1,000.00
$1,000.00
$1,000.00
$1,000.00
$1,000.00
$1,000.00
Ending Account
Value 6/30/22
$1,018.84
$1,019.24
$1,015.22
$1,020.88
$1,019.69
$1,020.48
Expenses Paid
per $1,000*
$6.01
$5.61
$9.64
$3.96
$5.16
$4.36
 
*
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 181 (the number of
days in the most recent six-month period), then divided by 365.
 
Annualized
Expense Ratios
Class A
Class T
Class C
Class R6
Class S
Institutional
Class
DWS RREEF Global
Real Estate
Securities Fund
   1.20%
   1.12%
   1.93%
   .79%
   1.03%
   .87%
For more information, please refer to the Fund’s prospectus.
For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to tools.finra.org/fund_analyzer/.
 
DWS RREEF Global Real Estate Securities Fund
|
39
Liquidity Risk Management
In accordance with Rule 22e-4 (the “Liquidity Rule” ) under the Investment Company Act of 1940 (the “1940 Act” ), your Fund has adopted a liquidity risk management program (the “Program” ), and the Board has designated DWS Investment Management Americas, Inc. (“DIMA” ) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). DIMA has designated a committee (the “Committee” ) composed of personnel from multiple departments within DIMA and its affiliates that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.
In February 2022, as required by the Program and the Liquidity Rule, DIMA provided the Board with an annual written report (the “Report” ) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2020 through November 30, 2021 (the “Reporting Period” ). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum”  as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, DIMA stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. DIMA also reported that there were no material changes made to the Program during the Reporting Period.
 
40
|
DWS RREEF Global Real Estate Securities Fund
Advisory Agreement Board Considerations and Fee Evaluation
In September 2021, the Board of Trustees (hereinafter referred to as the “Board”  or “Trustees” ) approved the renewal of DWS RREEF Global Real Estate Securities Fund’s (the “Fund” ) investment management agreement (the “Agreement” ) with DWS Investment Management Americas, Inc. (“DIMA” ), the sub-advisory agreement (the “Sub-Advisory Agreement” ) between DIMA and RREEF America L.L.C. (“RREEF” ), an affiliate of DIMA, and the sub-sub-advisory agreements (the “Sub-Sub-Advisory Agreements,”  and together with the Agreement and the Sub-Advisory Agreement, the “Agreements” ) between RREEF and each of DWS Alternatives Global Limited and DWS Investments Australia Limited (collectively, the “Sub-Sub-Advisers” ), both affiliates of DIMA.
In terms of the process that the Board followed prior to approving the Agreements, shareholders should know that:
— 
During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees” ).
— 
The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant” ).
— 
The Board also received extensive information throughout the year regarding performance of the Fund.
— 
The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.
— 
In connection with reviewing the Agreements, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.
In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable,
 
DWS RREEF Global Real Estate Securities Fund
|
41
conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA, RREEF, and the Sub-Sub-Advisers are part of DWS Group GmbH & Co. KGaA (“DWS Group” ). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group’s shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.
As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps.
While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s RREEF’s and the Sub-Sub-Advisers' personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.
Nature, Quality and Extent of Services. The Board considered the terms of the Agreements, including the scope of advisory services provided under the Agreements. The Board noted that, under the Agreements, DIMA, RREEF and the Sub-Sub-Advisers provide portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA’s approach to addressing such risks. Throughout the course of the year, the Board also received information regarding DIMA’s oversight of fund sub-advisors and sub-sub-advisors, including RREEF and the Sub-Sub-Advisers. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar” ), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review”  (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board
 
42
|
DWS RREEF Global Real Estate Securities Fund
noted that, for the one-, three- and five-year periods ended December 31, 2020, the Fund’s performance (Class A shares) was in the 2nd quartile of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the one-, three- and five-year periods ended December 31, 2020.
Fees and Expenses. The Board considered the Fund’s investment management fee schedule, sub-advisory and sub-sub-advisory fee schedules, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge” ) and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund’s administrative services agreement, were lower than the median (2nd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2020). With respect to the sub-advisory and sub-sub-advisory fees paid to RREEF and the Sub-Sub-Advisers, the Board noted that the fees are paid by DIMA and RREEF, respectively, out of their fees and not directly by the Fund. The Board noted that the Fund’s Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be lower than the median of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2020, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) (“Broadridge Universe Expenses” ). The Board also reviewed data comparing each other operational share class’s total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund’s total (net) operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds (“DWS Funds” ) and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds” ) managed by DWS Group. The Board noted that DIMA indicated that DWS Group manages both institutional accounts and DWS Europe Funds comparable to the Fund. The Board took note of the differences in services provided to DWS Funds as compared to institutional accounts and DWS Europe Funds and that such differences made comparison difficult.
 
DWS RREEF Global Real Estate Securities Fund
|
43
On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA, RREEF, and the Sub-Sub-Advisers.
Profitability.  The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.
Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.
Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental or “fall-out”  benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and
 
44
|
DWS RREEF Global Real Estate Securities Fund
services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.
Compliance. The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.
Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreements is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreements.
 
DWS RREEF Global Real Estate Securities Fund
|
45
Account Management Resources
 
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, T, 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 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
 
46
|
DWS RREEF Global Real Estate Securities 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. RREEF America L.L.C.
(“RREEF” ), an indirect, wholly owned subsidiary of DWS Group, is
the subadvisor for the Fund.
Pursuant to agreements between RREEF and DWS Alternatives
Global Limited and DWS Investments Australia Limited (the
“sub-subadvisors” ), these entities act as sub-subadvisors to the
Fund. The sub-subadvisors, which are indirect, wholly owned
subsidiaries of DWS Group, act under the supervision of the Board,
DIMA and RREEF. RREEF allocates, and reallocates as it deems
appropriate, the Fund’s assets among the sub-subadvisors.
DWS Alternatives Global Limited evaluates stock selections for the
European portion of the Fund’s portfolio. DWS Investments Australia
Limited evaluates stock selections for the Asian and Australian
portions of the Fund’s portfolio.
 
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 T
Class C
Class S
Institutional
Class
Nasdaq Symbol
RRGAX
RRGUX
RRGCX
RRGTX
RRGIX
CUSIP Number
25159L 109
25159L 349
25159L 208
25159L 307
25159L 406
Fund Number
465
1765
765
2365
811
 
DWS RREEF Global Real Estate Securities Fund
|
47
 
For shareholders of 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 R6
Nasdaq Symbol
RRGRX
CUSIP Number
25159L 430
Fund Number
1611
 
48
|
 
Notes
Notes
Notes
 
DGRESF-3
(R-028292-11 8/22)

   
  (b) Not applicable
   
ITEM 2. CODE OF ETHICS
   
  Not applicable.
   
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
   
  Not applicable
   
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
   
  Not applicable
   
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) Not applicable
   
  (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 Global Real Estate Securities Fund, a series of Deutsche DWS Securities Trust
   
   
By:

/s/Hepsen Uzcan

Hepsen Uzcan

President

   
Date: 8/29/2022

 

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: 8/29/2022
   
   
   
By:

/s/Diane Kenneally

Diane Kenneally

Chief Financial Officer and Treasurer

   
Date: 8/29/2022