| Consolidated Investment Portfolio | as of June 30, 2020 (Unaudited) | |
DWS RREEF Real Assets Fund
| Shares | Value ($) | ||||||||||
| Common Stocks 76.1% | |||||||||||
| Communication Services 1.3% | |||||||||||
| Diversified Telecommunication Services | |||||||||||
| Cellnex Telecom SA 144A | 103,450 | 6,328,257 | |||||||||
| China Tower Corp., Ltd. "H", 144A | 14,942,000 | 2,657,054 | |||||||||
| 8,985,311 | |||||||||||
| Consumer Discretionary 0.1% | |||||||||||
| Hotels, Restaurants & Leisure | |||||||||||
| Hyatt Hotels Corp. "A" (a) | 20,000 | 1,005,800 | |||||||||
| Consumer Staples 0.8% | |||||||||||
| Food Products | |||||||||||
| Archer-Daniels-Midland Co. | 60,625 | 2,418,938 | |||||||||
| Bunge Ltd. | 49,377 | 2,030,876 | |||||||||
| Ingredion, Inc. | 16,650 | 1,381,950 | |||||||||
| 5,831,764 | |||||||||||
| Energy 10.8% | |||||||||||
| Oil, Gas & Consumable Fuels | |||||||||||
| Canadian Natural Resources Ltd. | 98,400 | 1,706,924 | |||||||||
| Cheniere Energy, Inc.* | 337,009 | 16,284,275 | |||||||||
| Chevron Corp. | 29,230 | 2,608,193 | |||||||||
| ConocoPhillips | 32,660 | 1,372,373 | |||||||||
| Enbridge, Inc. | 78,650 | 2,391,479 | |||||||||
| Koninklijke Vopak NV | 47,550 | 2,521,289 | |||||||||
| LUKOIL PJSC (ADR) | 30,700 | 2,278,554 | |||||||||
| Marathon Petroleum Corp. | 37,063 | 1,385,415 | |||||||||
| Neste Oyj | 41,300 | 1,621,752 | |||||||||
| ONEOK, Inc. | 145,028 | 4,817,830 | |||||||||
| Pioneer Natural Resources Co. | 18,100 | 1,768,370 | |||||||||
| TC Energy Corp. | 451,562 | 19,291,836 | |||||||||
| TOTAL SA (a) | 136,638 | 5,280,336 | |||||||||
| Williams Companies, Inc. | 573,093 | 10,900,229 | |||||||||
| 74,228,855 | |||||||||||
| Industrials 8.5% | |||||||||||
| Commercial Services & Supplies 2.3% | |||||||||||
| Republic Services, Inc. | 85,366 | 7,004,280 | |||||||||
| Waste Connections, Inc. | 96,334 | 9,035,166 | |||||||||
| 16,039,446 | |||||||||||
| Construction & Engineering 1.2% | |||||||||||
| Ferrovial SA | 313,046 | 8,353,953 | |||||||||
| Road & Rail 1.7% | |||||||||||
| CSX Corp. | 90,050 | 6,280,087 | |||||||||
| Union Pacific Corp. | 30,558 | 5,166,441 | |||||||||
| 11,446,528 | |||||||||||
| Transportation Infrastructure 3.3% | |||||||||||
| Aena SME SA 144A* | 18,591 | 2,491,200 | |||||||||
| Auckland International Airport Ltd. | 768,950 | 3,261,367 | |||||||||
| Getlink SE* | 213,426 | 3,087,189 | |||||||||
| Grupo Aeroportuario del Pacifico SAB de CV (ADR) | 26,490 | 1,902,512 | |||||||||
| Japan Airport Terminal Co., Ltd. | 92,004 | 3,923,454 | |||||||||
| Transurban Group (Units) | 778,855 | 7,671,411 | |||||||||
| 22,337,133 | |||||||||||
| Materials 9.6% | |||||||||||
| Chemicals 2.4% | |||||||||||
| CF Industries Holdings, Inc. | 93,610 | 2,634,185 | |||||||||
| Corteva, Inc. | 94,359 | 2,527,878 | |||||||||
| FMC Corp. | 44,830 | 4,465,965 | |||||||||
| Nutrien Ltd. | 151,159 | 4,856,773 | |||||||||
| Yara International ASA | 65,460 | 2,282,328 | |||||||||
| 16,767,129 | |||||||||||
| Containers & Packaging 0.5% | |||||||||||
| Ball Corp. | 44,180 | 3,070,068 | |||||||||
| Packaging Corp. of America | 5,226 | 521,555 | |||||||||
| 3,591,623 | |||||||||||
| Metals & Mining 5.5% | |||||||||||
| Agnico Eagle Mines Ltd. | 29,300 | 1,876,141 | |||||||||
| Anglo American PLC | 147,320 | 3,449,659 | |||||||||
| BHP Group Ltd. | 364,170 | 9,074,616 | |||||||||
| Fortescue Metals Group Ltd. | 429,000 | 4,141,513 | |||||||||
| Franco-Nevada Corp. | 10,837 | 1,513,875 | |||||||||
| Freeport-McMoRan Copper & Gold, Inc. | 451,200 | 5,220,384 | |||||||||
| Kirkland Lake Gold Ltd. | 43,480 | 1,790,315 | |||||||||
| MMC Norilsk Nickel PJSC (ADR) (a) | 121,530 | 3,199,885 | |||||||||
| Newmont Corp. | 56,500 | 3,488,310 | |||||||||
| Rio Tinto Ltd. | 56,800 | 3,856,570 | |||||||||
| 37,611,268 | |||||||||||
| Paper & Forest Products 1.2% | |||||||||||
| Mondi PLC | 106,939 | 2,014,178 | |||||||||
| Svenska Cellulosa AB SCA "B"* | 338,570 | 4,039,384 | |||||||||
| UPM-Kymmene Oyj | 69,370 | 2,013,101 | |||||||||
| 8,066,663 | |||||||||||
| Real Estate 32.7% | |||||||||||
| Equity Real Estate Investment Trusts (REITs) 26.6% | |||||||||||
| Activia Properties, Inc. | 661 | 2,303,996 | |||||||||
| Agree Realty Corp. | 67,679 | 4,447,187 | |||||||||
| Alexandria Real Estate Equities, Inc. | 11,090 | 1,799,353 | |||||||||
| American Tower Corp. | 92,048 | 23,798,090 | |||||||||
| Apple Hospitality REIT, Inc. | 104,710 | 1,011,499 | |||||||||
| Canadian Apartment Properties REIT | 73,513 | 2,631,111 | |||||||||
| CapitaLand Mall Trust | 1,146,200 | 1,620,342 | |||||||||
| Crown Castle International Corp. | 124,147 | 20,776,000 | |||||||||
| Digital Realty Trust, Inc. | 42,021 | 5,971,604 | |||||||||
| EastGroup Properties, Inc. | 8,072 | 957,420 | |||||||||
| Equinix, Inc. | 6,606 | 4,639,394 | |||||||||
| Equity LifeStyle Properties, Inc. | 59,300 | 3,705,064 | |||||||||
| Essential Properties Realty Trust, Inc. | 201,101 | 2,984,339 | |||||||||
| Extra Space Storage, Inc. | 27,917 | 2,578,693 | |||||||||
| Gaming and Leisure Properties, Inc. | 71,885 | 2,487,221 | |||||||||
| Gecina SA | 21,113 | 2,615,785 | |||||||||
| Global One Real Estate Investment Corp. | 1,588 | 1,474,100 | |||||||||
| Granite Real Estate Investment Trust | 103,609 | 5,346,823 | |||||||||
| Healthcare Trust of America, Inc. "A" | 78,145 | 2,072,405 | |||||||||
| Highwoods Properties, Inc. | 36,180 | 1,350,599 | |||||||||
| Hulic Reit, Inc. | 1,504 | 1,877,718 | |||||||||
| InterRent Real Estate Investment Trust | 189,839 | 2,003,825 | |||||||||
| Invitation Homes, Inc. | 104,979 | 2,890,072 | |||||||||
| Kenedix Retail REIT Corp. | 1,076 | 2,024,317 | |||||||||
| Life Storage, Inc. | 34,720 | 3,296,664 | |||||||||
| Link REIT | 1,211,268 | 9,911,846 | |||||||||
| Mapletree Industrial Trust (a) | 2,229,400 | 4,628,809 | |||||||||
| Mapletree Logistics Trust (a) | 2,923,350 | 4,101,456 | |||||||||
| Mid-America Apartment Communities, Inc. | 28,677 | 3,288,392 | |||||||||
| Mirvac Group | 2,721,705 | 4,083,869 | |||||||||
| Mori Trust Hotel Reit, Inc. | 743 | 680,180 | |||||||||
| Mori Trust Sogo Reit, Inc. | 1,477 | 1,827,247 | |||||||||
| Omega Healthcare Investors, Inc. | 120,600 | 3,585,438 | |||||||||
| Pebblebrook Hotel Trust | 89,300 | 1,219,838 | |||||||||
| Prologis, Inc. | 42,390 | 3,956,259 | |||||||||
| Realty Income Corp. | 52,452 | 3,120,894 | |||||||||
| Rexford Industrial Realty, Inc. | 67,480 | 2,795,696 | |||||||||
| SBA Communications Corp. | 39,700 | 11,827,424 | |||||||||
| Segro PLC | 330,960 | 3,674,275 | |||||||||
| Simon Property Group, Inc. | 34,000 | 2,324,920 | |||||||||
| Sun Communities, Inc. | 12,261 | 1,663,573 | |||||||||
| UDR, Inc. | 55,570 | 2,077,207 | |||||||||
| UNITE Group PLC* | 352,951 | 4,113,816 | |||||||||
| Welltower, Inc. | 105,690 | 5,469,458 | |||||||||
| Weyerhaeuser Co. | 48,485 | 1,088,973 | |||||||||
| 182,103,191 | |||||||||||
| Real Estate Management & Development 6.1% | |||||||||||
| Ascendas India Trust | 1,665,000 | 1,612,350 | |||||||||
| CapitaLand Ltd. | 3,128,600 | 6,580,268 | |||||||||
| Castellum AB | 90,307 | 1,697,195 | |||||||||
| Daibiru Corp. | 372,700 | 3,402,842 | |||||||||
| Fabege AB | 145,696 | 1,707,816 | |||||||||
| Fastighets AB Balder "B"* | 39,523 | 1,516,550 | |||||||||
| New World Development Co., Ltd. | 1,192,750 | 5,663,273 | |||||||||
| PSP Swiss Property AG (Registered) | 50,723 | 5,744,779 | |||||||||
| Sumitomo Realty & Development Co., Ltd. | 177,590 | 4,882,163 | |||||||||
| Swire Properties Ltd. | 1,449,000 | 3,695,845 | |||||||||
| Vonovia SE | 88,969 | 5,475,464 | |||||||||
| 41,978,545 | |||||||||||
| Utilities 12.3% | |||||||||||
| Electric Utilities 4.2% | |||||||||||
| Edison International | 106,359 | 5,776,357 | |||||||||
| Eversource Energy | 70,621 | 5,880,611 | |||||||||
| FirstEnergy Corp. | 123,806 | 4,801,197 | |||||||||
| Orsted AS 144A | 54,223 | 6,300,300 | |||||||||
| Terna Rete Elettrica Nazionale SpA | 806,500 | 5,563,319 | |||||||||
| 28,321,784 | |||||||||||
| Gas Utilities 2.5% | |||||||||||
| Atmos Energy Corp. | 27,598 | 2,748,209 | |||||||||
| ENN Energy Holdings Ltd. | 584,275 | 6,553,944 | |||||||||
| Tokyo Gas Co., Ltd. | 331,108 | 7,918,295 | |||||||||
| 17,220,448 | |||||||||||
| Multi-Utilities 3.6% | |||||||||||
| National Grid PLC | 733,476 | 9,015,891 | |||||||||
| NiSource, Inc. | 75,959 | 1,727,307 | |||||||||
| Sempra Energy | 120,173 | 14,087,881 | |||||||||
| 24,831,079 | |||||||||||
| Water Utilities 2.0% | |||||||||||
| American Water Works Co., Inc. | 39,642 | 5,100,340 | |||||||||
| Severn Trent PLC | 280,770 | 8,633,432 | |||||||||
| 13,733,772 | |||||||||||
| Total Common Stocks (Cost $490,825,913) | 522,454,292 | ||||||||||
| Principal Amount ($) |
Value ($) | ||||||||||
| Government & Agency Obligations 20.6% | |||||||||||
| U.S. Treasury Obligations | |||||||||||
| U.S. Treasury Inflation-Indexed Bonds: | |||||||||||
| 1.375%, 2/15/2044 | 1,988,332 | 2,710,668 | |||||||||
| 2.125%, 2/15/2040 | 3,214,795 | 4,736,164 | |||||||||
| 2.375%, 1/15/2027 | 6,633,308 | 8,053,581 | |||||||||
| U.S. Treasury Inflation-Indexed Notes: | |||||||||||
| 0.125%, 4/15/2022 | 298,334 | 302,669 | |||||||||
| 0.125%, 1/15/2023 | 1,650,739 | 1,690,928 | |||||||||
| 0.125%, 7/15/2024 | 3,236,280 | 3,380,171 | |||||||||
| 0.25%, 1/15/2025 | 4,819,078 | 5,069,804 | |||||||||
| 0.375%, 1/15/2027 | 9,068,868 | 9,771,649 | |||||||||
| 0.375%, 7/15/2027 | 10,587,077 | 11,505,854 | |||||||||
| 0.5%, 1/15/2028 | 10,492,980 | 11,502,391 | |||||||||
| 0.625%, 1/15/2026 | 7,038,243 | 7,620,146 | |||||||||
| 0.875%, 1/15/2029 | 2,674,026 | 3,046,404 | |||||||||
| U.S. Treasury Notes: | |||||||||||
| 1.75%, 7/31/2021 | 11,500,000 | 11,695,859 | |||||||||
| 2.25%, 2/15/2021 | 5,000,000 | 5,064,453 | |||||||||
| 2.375%, 4/15/2021 | 18,500,000 | 18,819,414 | |||||||||
| 2.625%, 8/15/2020 | 12,000,000 | 12,036,237 | |||||||||
| 2.625%, 11/15/2020 | 15,750,000 | 15,891,504 | |||||||||
| 2.875%, 10/15/2021 | 7,800,000 | 8,070,867 | |||||||||
| Total Government & Agency Obligations (Cost $134,917,184) | 140,968,763 | ||||||||||
| Shares | Value ($) | ||||||||||
| Securities Lending Collateral 2.0% | |||||||||||
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.05% (b) (c) (Cost $13,914,500) | 13,914,500 | 13,914,500 | |||||||||
| Cash Equivalents 1.6% | |||||||||||
| DWS Central Cash Management Government Fund, 0.12% (b) (Cost $10,994,847) | 10,994,847 | 10,994,847 | |||||||||
| % of Net Assets |
Value ($) | ||||||||||
| Total Consolidated Investment Portfolio (Cost $650,652,444) | 100.3 | 688,332,402 | |||||||||
| Other Assets and Liabilities, Net | (0.3) | (2,141,354) | |||||||||
| Net Assets | 100.0 | 686,191,048 | |||||||||
| For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. |
| A summary of the Fund's transactions with affiliated investments during the period ended June 30, 2020 are as follows: |
| Value ($) at 3/31/2020 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/ (Loss) ($) |
Net Change in Unrealized Appreci- ation (Deprecia- tion) ($) |
Income ($) | Capital Gain Distribu- tions ($) |
Number of Shares at 6/30/2020 | Value ($) at 6/30/2020 |
|||||||||
| Securities Lending Collateral 2.0% | |||||||||||||||||
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.05% (b) (c) | |||||||||||||||||
| 1,509,854 | 12,404,646 (d) | — | — | — | 15,120 | — | 13,914,500 | 13,914,500 | |||||||||
| Cash Equivalents 1.6% | |||||||||||||||||
| DWS Central Cash Management Government Fund, 0.12% (b) | |||||||||||||||||
| 5,809,658 | 115,880,795 | 110,695,606 | — | — | 5,521 | — | 10,994,847 | 10,994,847 | |||||||||
| 7,319,512 | 128,285,441 | 110,695,606 | — | — | 20,641 | — | 24,909,347 | 24,909,347 | |||||||||
| * | Non-income producing security. |
| (a) | 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, 2020 amounted to $13,108,153, which is 1.9% of net assets. |
| (b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| (d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2020. |
| 144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |
| ADR: American Depositary Receipt | |
| LME: London Metal Exchange | |
| PJSC: Public Joint Stock Company | |
| RBOB: Reformulated Blendstock for Oxygenate Blending | |
| WTI: West Texas Intermediate | |
| At June 30, 2020, open futures contracts purchased were as follows: | |
| Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation (Depreciation) ($) | ||||||||||||||
| Brent Crude Oil Futures | USD | 7/31/2020 | 131 | 5,415,924 | 5,406,370 | (9,554) | ||||||||||||||
| Cocoa Futures | USD | 9/15/2020 | 45 | 1,226,898 | 983,700 | (243,198) | ||||||||||||||
| Copper Futures | USD | 9/28/2020 | 164 | 10,339,648 | 11,186,850 | 847,202 | ||||||||||||||
| Corn Futures | USD | 9/14/2020 | 163 | 2,672,677 | 2,783,225 | 110,548 | ||||||||||||||
| Cotton No.2 Futures | USD | 12/8/2020 | 23 | 672,926 | 700,120 | 27,194 | ||||||||||||||
| Gasoline RBOB Futures | USD | 8/31/2020 | 75 | 3,707,375 | 3,740,310 | 32,935 | ||||||||||||||
| Gold 100 oz. Futures | USD | 8/27/2020 | 103 | 17,715,899 | 18,545,150 | 829,251 | ||||||||||||||
| Lean Hogs Futures | USD | 10/14/2020 | 71 | 1,455,266 | 1,401,540 | (53,726) | ||||||||||||||
| Live Cattle Futures | USD | 8/31/2020 | 123 | 4,781,519 | 4,736,730 | (44,789) | ||||||||||||||
| LME Nickel Futures | USD | 9/14/2020 | 70 | 5,395,912 | 5,376,420 | (19,492) | ||||||||||||||
| LME Primary Aluminum Futures | USD | 9/14/2020 | 126 | 4,970,856 | 5,090,400 | 119,544 | ||||||||||||||
| LME Primary Aluminum Futures | USD | 7/13/2020 | 131 | 4,907,333 | 5,219,531 | 312,198 | ||||||||||||||
| LME Zinc Futures | USD | 9/14/2020 | 61 | 3,079,814 | 3,120,150 | 40,336 | ||||||||||||||
| Natural Gas Futures | USD | 8/27/2020 | 112 | 2,180,443 | 2,003,680 | (176,763) | ||||||||||||||
| Palladium Futures | USD | 9/28/2020 | 7 | 1,350,379 | 1,376,830 | 26,451 | ||||||||||||||
| Silver Futures | USD | 9/28/2020 | 31 | 2,804,111 | 2,888,735 | 84,624 | ||||||||||||||
| Soybean Futures | USD | 11/13/2020 | 62 | 2,717,346 | 2,734,975 | 17,629 | ||||||||||||||
| Soybean Meal Futures | USD | 12/14/2020 | 117 | 3,380,263 | 3,462,030 | 81,767 | ||||||||||||||
| Sugar Futures | USD | 9/30/2020 | 76 | 936,839 | 1,018,035 | 81,196 | ||||||||||||||
| WTI Crude Futures | USD | 8/20/2020 | 104 | 3,567,976 | 4,091,360 | 523,384 | ||||||||||||||
| Total | 85,866,141 | 2,586,737 | ||||||||||||||||||
| At June 30, 2020, open futures contracts sold were as follows: |
| Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Depreciation ($) | ||||||||||||||||
| LME Primary Aluminium Futures | USD | 7/13/2020 | 131 | 5,050,600 | 5,219,532 | (168,932) | ||||||||||||||||
| Currency Abbreviation | |||
| USD | United States Dollar | ||
Investment in Subsidiary
The Fund may seek exposure to the commodities markets by investing a portion of its assets in a wholly owned subsidiary organized under the laws of the Cayman Islands (the "Subsidiary"). Among other investments, the Subsidiary may invest in commodity-linked derivative instruments such as swaps and futures contracts. The Subsidiary may also invest in debt securities, some of which are intended to serve as margin or collateral for the Subsidiary's derivative positions. As of June 30, 2020, the Fund held $81,480,752 in the Subsidiary, representing 11.5% of the Fund's total assets. The Fund’s Investment Portfolio has been consolidated and includes the accounts of the Fund and the Subsidiary.
Fair Value Measurements
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of June 30, 2020 in valuing the Fund's investments.
| Assets | Level 1 | Level 2 | Level 3 | Total | |||||
| Common Stocks | |||||||||
| Communication Services | $ | — | $ | 8,985,311 | $ | — | $ | 8,985,311 | |
| Consumer Discretionary | 1,005,800 | — | — | 1,005,800 | |||||
| Consumer Staples | 5,831,764 | — | — | 5,831,764 | |||||
| Energy | 64,805,478 | 9,423,377 | — | 74,228,855 | |||||
| Industrials | 29,388,486 | 28,788,574 | — | 58,177,060 | |||||
| Materials | 35,165,334 | 30,871,349 | — | 66,036,683 | |||||
| Real Estate | 146,465,375 | 77,616,361 | — | 224,081,736 | |||||
| Utilities | 40,121,902 | 43,985,181 | — | 84,107,083 | |||||
| Fixed Income Investments | — | 140,968,763 | — | 140,968,763 | |||||
| Short-Term Investments (e) | 24,909,347 | — | — | 24,909,347 | |||||
| Derivatives (f) | |||||||||
| Futures Contracts | 3,134,259 | — | — | 3,134,259 | |||||
| Total | $ | 350,827,745 | $ | 340,638,916 | $ | — | $ | 691,466,661 | |
| Liabilities | Level 1 | Level 2 | Level 3 | Total | |||||
| Derivatives (f) | |||||||||
| Futures Contracts | $ | (716,454) | $ | — | $ | — | $ | (716,454) | |
| Total | $ | (716,454) | $ | — | $ | — | $ | (716,454) | |
| (e) | See Consolidated Investment Portfolio for additional detailed categorizations. |
| (f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
Derivatives
The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of June 30, 2020 categorized by the primary underlying risk exposure.
|
Primary Underlying Risk Disclosure |
Futures |
| Commodity Contracts | $ 2,417,805 |