NPORT-EX 2 NPORT_KEYK_8525826339.htm
Consolidated Investment Portfolio as of June 30, 2021 (Unaudited)
DWS RREEF Real Assets Fund
    Shares Value ($)
Common Stocks 81.4%      
Communication Services 0.8%  
Diversified Telecommunication Services  
Cellnex Telecom SA 144A      365,222    23,264,092
Consumer Staples 1.8%  
Food Products  
Archer-Daniels-Midland Co.      434,551    26,333,791
Bunge Ltd.      340,696    26,625,392
      52,959,183
Energy 14.5%  
Energy Equipment & Services 0.4%  
Schlumberger NV      357,150    11,432,371
Oil, Gas & Consumable Fuels 14.1%  
Canadian Natural Resources Ltd.   575,885 20,905,796
Cheniere Energy, Inc.*   1,009,408 87,556,050
ConocoPhillips   468,630 28,539,567
Gazprom PJSC (ADR)   2,827,606 21,602,910
Gibson Energy, Inc.   457,700 8,769,260
LUKOIL PJSC (ADR)   137,032 12,606,944
Marathon Petroleum Corp.   229,396 13,860,106
Pembina Pipeline Corp.   1,270,900 40,384,601
Petroleo Brasileiro SA (ADR)   359,163 4,392,563
Pioneer Natural Resources Co.   107,500 17,470,900
Royal Dutch Shell PLC “A”   1,682,385 33,670,554
Targa Resources Corp.   713,909 31,733,255
TC Energy Corp.   1,067,253 52,811,632
Williams Companies, Inc.   1,775,912 47,150,464
      421,454,602
Industrials 11.0%  
Commercial Services & Supplies 2.7%  
Republic Services, Inc.   323,445 35,582,184
Waste Connections, Inc.   381,951 45,616,408
      81,198,592
Construction & Engineering 1.7%  
Ferrovial SA   1,043,602 30,626,917
VINCI SA   190,440 20,321,025
      50,947,942
Road & Rail 1.4%  
CSX Corp.   606,183 19,446,351
Union Pacific Corp.   101,156 22,247,239
      41,693,590
Transportation Infrastructure 5.2%  
Aena SME SA 144A*   178,688 29,302,910
Auckland International Airport Ltd.*    2,664,290    13,539,204
Fraport AG Frankfurt Airport Services Worldwide*       94,600     6,445,401
Getlink SE    1,022,232    15,939,269
Grupo Aeroportuario del Pacifico SAB de CV (ADR)      178,730    19,104,450
Japan Airport Terminal Co., Ltd.*      316,404    14,211,765
Sydney Airport (Units)*    4,379,442    19,016,462
Transurban Group (Units)    3,520,889    37,574,189
      155,133,650
Information Technology 0.1%  
IT Services  
SUNeVision Holdings, Ltd.    2,904,100     2,973,558
Materials 10.9%  
Chemicals 3.7%  
CF Industries Holdings, Inc.      486,455    25,028,110
Corteva, Inc.   684,188 30,343,738
Nutrien Ltd.   467,870 28,349,238
OCI NV*   421,310 10,251,143
The Mosaic Co.   551,700 17,604,747
      111,576,976
Containers & Packaging 1.7%  
Sealed Air Corp.   375,400 22,242,450
Smurfit Kappa Group PLC   164,370 8,916,755
Westrock Co.   392,490 20,888,318
      52,047,523
Metals & Mining 4.7%  
Anglo American PLC   111,046 4,412,445
ArcelorMittal SA   890,528 27,296,144
Freeport-McMoRan, Inc.   1,120,752 41,591,107
Glencore PLC*   2,421,869 10,367,105
Norsk Hydro ASA   1,640,886 10,470,233
Rio Tinto Ltd.   255,372 24,253,620
Vale SA (ADR)   937,091 21,375,046
      139,765,700
Paper & Forest Products 0.8%  
Mondi PLC   508,746 13,378,256
Svenska Cellulosa AB SCA “B”   640,142 10,490,636
      23,868,892
Real Estate 31.0%  
Equity Real Estate Investment Trusts (REITs) 26.2%  
Activia Properties, Inc.   1,664 7,878,518
Agree Realty Corp.   107,648 7,588,108
Alexandria Real Estate Equities, Inc.   35,200 6,404,288
American Homes 4 Rent “A”   248,278 9,645,600
American Tower Corp.   225,109 60,810,945
AvalonBay Communities, Inc.   93,830 19,581,383
Big Yellow Group PLC   731,583 13,226,824
British Land Co. PLC   3,097,453 21,205,013
CoreSite Realty Corp.   104,170 14,021,282
Crown Castle International Corp.   576,160 112,408,816
EastGroup Properties, Inc.   114,467 18,824,098
Empire State Realty Trust, Inc. “A”   995,000 11,940,000
EPR Properties *   182,000 9,587,760
Equinix, Inc.       26,299    21,107,577
Essential Properties Realty Trust, Inc.      636,189    17,202,551
Extra Space Storage, Inc.      104,573    17,131,149
GPT Group    3,758,731    13,812,418
Granite Real Estate Investment Trust      121,117     8,058,834
Hulic Reit, Inc.        4,686     7,891,900
Inmobiliaria Colonial Socimi SA    1,386,701    14,001,052
Kenedix Retail REIT Corp.        3,011     8,144,430
Keppel REIT   21,375,900    18,757,762
Life Storage, Inc.      144,382    15,499,408
Link REIT    3,072,968    29,782,574
Mapletree Logistics Trust   13,523,700    20,616,929
Medical Properties Trust, Inc.      329,100     6,614,910
Mid-America Apartment Communities, Inc.       83,953    14,139,364
Mirvac Group   7,816,952 17,117,987
Park Hotels & Resorts, Inc. *   288,156 5,938,895
Retail Properties of America, Inc. “A”   451,233 5,166,618
Rexford Industrial Realty, Inc.   264,191 15,045,678
RioCan Real Estate Investment Trust   996,400 17,748,074
Ryman Hospitality Properties, Inc. *   96,116 7,589,319
SBA Communications Corp.   134,247 42,784,519
Segro PLC   1,221,857 18,499,182
Simon Property Group, Inc.   195,730 25,538,850
SL Green Realty Corp.   122,915 9,833,200
Sun Communities, Inc.   53,876 9,234,346
Unibail-Rodamco-Westfield*   121,080 10,479,220
UNITE Group PLC   946,291 14,058,706
VICI Properties, Inc. (a)   491,500 15,246,330
Vicinity Centres   5,447,390 6,311,743
Welltower, Inc.   336,988 28,003,703
Weyerhaeuser Co.   170,900 5,882,378
      780,362,241
Real Estate Management & Development 4.8%  
CapitaLand Ltd.   7,522,300 20,753,873
Castellum AB   411,226 10,465,526
City Developments Ltd.   410,500 2,225,437
CK Asset Holdings Ltd.   1,893,463 13,071,316
Daibiru Corp.   794,100 10,021,407
Fabege AB   764,011 12,257,243
Fastighets AB Balder “B”*   175,517 11,013,266
Howard Hughes Corp.*   44,310 4,318,452
Hysan Development Co., Ltd.   4,626,000 18,440,130
Mitsui Fudosan Co., Ltd.   598,200 13,854,526
PSP Swiss Property AG (Registered)   81,957 10,407,941
Vonovia SE   109,744 7,094,631
Wharf Holdings, Ltd.   2,814,000 10,727,870
      144,651,618
Utilities 11.3%  
Electric Utilities 2.1%  
Edison International   353,943 20,464,985
Hydro One Ltd. 144A   620,316 14,992,471
Orsted AS 144A   81,582 11,447,823
Terna SPA   2,041,729 15,213,441
      62,118,720
Gas Utilities 4.0%  
Atmos Energy Corp.   170,800 16,415,588
China Gas Holdings Ltd.    3,977,400    12,140,744
China Resources Gas Group Ltd.    3,050,000    18,305,578
ENN Energy Holdings Ltd.      999,811    19,032,246
Hong Kong & China Gas Co., Ltd.   21,187,850    32,910,304
Tokyo Gas Co., Ltd.    1,135,708    21,437,325
      120,241,785
Multi-Utilities 3.6%  
Ameren Corp.      139,900    11,197,596
National Grid PLC    2,226,145    28,355,358
NiSource, Inc.      790,952    19,378,324
Sempra Energy      360,475    47,755,728
      106,687,006
Water Utilities 1.6%  
American Water Works Co., Inc.      196,116    30,227,359
Severn Trent PLC   564,669 19,535,476
      49,762,835
Total Common Stocks (Cost $2,185,121,727)     2,432,140,876
    Principal
Amount ($) 		Value ($)
Government & Agency Obligations 15.4%  
U.S. Treasury Obligations  
U.S. Treasury Inflation Indexed Bonds, 0.875%, 1/15/2029    9,009,911    10,424,514
U.S. Treasury Inflation-Indexed Bonds, 1.375%, 2/15/2044    5,657,642     7,803,200
U.S. Treasury Inflation-Indexed Notes:                           
0.25% , 1/15/2025   20,625,345    22,322,102
0.375% , 1/15/2027   20,135,483    22,285,104
0.375% , 7/15/2027   19,997,216    22,300,020
0.5% , 4/15/2024    8,287,247     8,932,314
0.625% , 1/15/2026   22,742,667    25,254,428
U.S. Treasury Inflation-Protected Notes, 0.25%, 7/15/2029    6,708,430     7,462,605
U.S. Treasury Notes:                           
0.125% , 5/31/2022   64,355,000 64,375,111
0.125% , 7/31/2022   11,500,000 11,500,898
0.125% , 1/31/2023   55,000,000 54,946,289
0.125% , 2/28/2023   35,000,000 34,956,250
1.375% , 1/31/2022   15,000,000 15,114,844
1.375% , 10/15/2022   53,000,000 53,836,406
1.625% , 8/31/2022   65,394,000 66,525,623
1.75% , 4/30/2022   8,500,000 8,617,539
1.875% , 3/31/2022   22,000,000 22,295,625
Total Government & Agency Obligations (Cost $455,493,935) 458,952,872
    Shares Value ($)
Securities Lending Collateral 0.4%  
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (b) (c)
(Cost $11,226,864) 		  11,226,864    11,226,864
Cash Equivalents 1.7%  
DWS Central Cash Management Government Fund,
0.02% (b) (Cost $50,242,594) 		  50,242,594    50,242,594
    
    % of
Net Assets 		Value ($)
Total Consolidated Investment Portfolio (Cost $2,702,085,120)   98.9 2,952,563,206
Other Assets and Liabilities, Net   1.1 31,501,700
Net Assets   100.0 2,984,064,906
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended June 30, 2021 are as follows:
Value ($) at
3/31/2021 		Purchases
Cost ($) 		Sales
Proceeds ($) 		Net Realized
Gain/
(Loss) ($) 		Net Change in
Unrealized
Appreciation
(Depreciation) ($) 		Income ($) Capital Gain
Distributions ($) 		Number
of Shares
at
6/30/2021 		Value ($) at
6/30/2021
Securities Lending Collateral 0.4%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (b) (c)
12,438,690 — 1,211,826 (d) — — 7,649 — 11,226,864 11,226,864
Cash Equivalents 1.7%
DWS Central Cash Management Government Fund, 0.02% (b)
34,835,011 966,832,740 951,425,157 — — 1,702 — 50,242,594 50,242,594
47,273,701 966,832,740 952,636,983 — — 9,351 — 61,469,458 61,469,458
* 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, 2021 amounted to $10,968,734, which is 0.4% of net assets.
(b) Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.
(c) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2021.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
ADR: American Depositary Receipt
LME: London Metal Exchange
PJSC: Public Joint Stock Company
RBOB: Reformulated Blendstock for Oxygenate Blending
ULSD: Ultra-Low Sulfur Diesel
WTI: West Texas Intermediate
At June 30, 2021, open futures contracts purchased were as follows:
Futures Currency Expiration
Date 		Contracts Notional
Amount ($) 		Notional
Value ($) 		Unrealized
Appreciation/
(Depreciation) ($)
Brent Crude Oil Futures USD 7/30/2021 312 21,145,144 23,281,440 2,136,296
Copper Futures USD 9/28/2021 463 52,777,260 49,645,175 (3,132,085)
Corn Futures USD 9/14/2021 514 15,372,462 15,400,725 28,263
Cotton No. 2 Futures USD 12/8/2021 276 11,785,721 11,716,200 (69,521)
Gasoline RBOB Futures USD 8/31/2021 102 9,403,056 9,525,046 121,990
Gold 100 oz. Futures USD 8/27/2021 214 38,631,767 37,912,240 (719,527)
Futures Currency Expiration
Date 		Contracts Notional
Amount ($) 		Notional
Value ($) 		Unrealized
Appreciation/
(Depreciation) ($)
Lean Hogs Futures USD 8/13/2021 247 10,434,693 10,201,100 (233,593)
Live Cattle Futures USD 8/31/2021 288 13,618,555 14,137,920 519,365
LME Nickel Futures USD 7/19/2021 216 21,743,538 23,594,976 1,851,438
LME Nickel Futures USD 9/13/2021 215 22,788,802 23,496,060 707,258
LME Primary Aluminium Futures USD 7/19/2021 796 47,017,859 50,138,050 3,120,191
LME Primary Aluminium Futures USD 9/13/2021 884 53,699,697 55,791,450 2,091,753
LME Zinc Futures USD 7/19/2021 137 10,000,032 10,173,106 173,074
LME Zinc Futures USD 9/13/2021 136 10,268,603 10,121,800 (146,803)
Low Sulphur Gas Oil Futures USD 9/10/2021 146 8,858,656 8,756,350 (102,306)
Natural Gas Futures USD 8/27/2021 318 9,486,492 11,524,320 2,037,828
NY Harbor ULSD Futures USD 8/31/2021 182 16,304,681 16,287,071 (17,610)
Palladium Futures USD 9/28/2021 40 11,627,507 11,116,800 (510,707)
Silver Futures USD 9/28/2021 113 15,685,990 14,799,610 (886,380)
Soybean Futures USD 11/12/2021 222 15,310,032 15,528,900 218,868
Soybean Oil Futures USD 8/13/2021 125 4,535,837 4,756,500 220,663
Sugar Futures USD 9/30/2021 307 6,099,665 6,151,298 51,633
WTI Crude Futures USD 8/20/2021 438 29,309,237 31,873,260 2,564,023
Total   465,929,397 10,024,111
At June 30, 2021, open futures contracts sold were as follows:
Futures Currency Expiration
Date 		Contracts Notional
Amount ($) 		Notional
Value ($) 		Unrealized
Appreciation/
(Depreciation) ($)
LME Nickel Futures USD 7/19/2021 216 22,852,167 23,594,976 (742,809)
LME Nickel Futures USD 9/13/2021 30 3,204,767 3,278,520 (73,753)
LME Primary Aluminium Futures USD 7/19/2021 796 47,956,911 50,138,050 (2,181,139)
LME Primary Aluminium Futures USD 9/13/2021 23 1,390,823 1,451,587 (60,764)
LME Zinc Futures USD 7/19/2021 137 10,292,968 10,173,106 119,862
LME Zinc Futures USD 9/13/2021 11 785,489 818,675 (33,186)
Total 89,454,914 (2,971,789)
Currency Abbreviation(s)
USD United States Dollar
Investment in Subsidiary
The Fund may seek exposure to the commodities markets by investing a portion of its assets in a wholly owned subsidiary organized under the laws of the Cayman Islands (the "Subsidiary"). Among other investments, the Subsidiary may invest in commodity-linked derivative instruments such as swaps and futures contracts. The Subsidiary may also invest in debt securities, some of which are intended to serve as margin or collateral for the Subsidiary's derivative positions. As of June 30, 2021, the Fund held $380,762,647 in the Subsidiary, representing 12.5% 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, 2021 in valuing the Fund's investments.
Assets Level 1 Level 2 Level 3 Total
Common Stocks (a)        
Communication Services $23,264,092 $— $— $23,264,092
Consumer Staples 52,959,183 — — 52,959,183
Energy 432,886,973 — — 432,886,973
Industrials 328,973,774 — — 328,973,774
Information Technology 2,973,558 — — 2,973,558
Materials 327,259,091 — — 327,259,091
Real Estate 914,534,639 10,479,220 — 925,013,859
Utilities 338,810,346 — — 338,810,346
Government & Agency Obligations — 458,952,872 — 458,952,872
Short-Term Investments (a) 61,469,458 — — 61,469,458
Derivatives (b)        
Futures Contracts 15,962,505 — — 15,962,505
Total $2,499,093,619 $469,432,092 $— $2,968,525,711
Liabilities Level 1 Level 2 Level 3 Total
Derivatives (b)        
Futures Contracts $(8,910,183) $— $— $(8,910,183)
Total $(8,910,183) $— $— $(8,910,183)
(a) See Investment Portfolio for additional detailed categorizations.
(b) Derivatives include unrealized appreciation (depreciation) on open futures contracts.
Derivatives
The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of June 30, 2021 categorized by the primary underlying risk exposure.
Primary Underlying Risk Disclosure Futures
Contracts
Commodity Contracts $ 7,052,322
OBTAIN AN OPEN-END FUND PROSPECTUS
To obtain a summary prospectus, if available, or prospectus, download one from fundsus.dws.com, talk to your financial representative or call (800) 728-3337. We advise you to carefully consider the product's objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest.
CLOSED-END FUNDS
Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.
NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE
DRAF-PH1
R-080548-1 (1/23)