Investment Portfolioas of March 31, 2025 (Unaudited)
DWS RREEF Real Estate Securities Fund  
 
 
Shares
Value ($)
 
Common Stocks 99.3%
Real Estate 99.3%
Diversified REITs 3.2%
Essential Properties Realty Trust, Inc.
1,049,947
34,270,270
Health Care REITs 13.9%
American Healthcare REIT, Inc.
637,822
19,326,007
Healthpeak Properties, Inc.
864,931
17,488,905
Ventas, Inc.
579,662
39,857,559
Welltower, Inc.
466,900
71,533,749
 
148,206,220
Hotel & Resort REITs 0.6%
Ryman Hospitality Properties, Inc. (a)
73,139
6,687,830
Industrial REITs 10.2%
EastGroup Properties, Inc.
120,507
21,227,308
First Industrial Realty Trust, Inc.
319,589
17,245,022
Prologis, Inc.
500,825
55,987,227
Terreno Realty Corp.
232,319
14,687,207
 
109,146,764
Office REITs 2.1%
SL Green Realty Corp.
29,122
1,680,340
Vornado Realty Trust
547,880
20,266,081
 
21,946,421
Residential REITs 16.3%
American Homes 4 Rent "A"
409,810
15,494,916
AvalonBay Communities, Inc.
191,625
41,126,557
Essex Property Trust, Inc.
79,496
24,371,089
Independence Realty Trust, Inc.
843,818
17,914,256
Mid-America Apartment Communities, Inc.
250,526
41,983,147
Sun Communities, Inc.
262,270
33,738,413
 
174,628,378
Retail REITs 12.9%
Agree Realty Corp.
478,479
36,933,794
Brixmor Property Group, Inc.
1,049,994
27,877,341
Federal Realty Investment Trust
12,627
1,235,173
Regency Centers Corp.
94,643
6,980,867
Simon Property Group, Inc.
388,259
64,482,055
 
137,509,230
Specialized REITs 40.1%
American Tower Corp.
494,113
107,518,989
Crown Castle, Inc.
411,920
42,934,422
CubeSmart
470,898
20,112,054
Digital Realty Trust, Inc.
182,066
26,088,237
EPR Properties
358,032
18,836,064
Equinix, Inc.
82,672
67,406,615
Iron Mountain, Inc.
396,912
34,150,308
PotlatchDeltic Corp.
503,532
22,719,364
Public Storage
196,108
58,693,163
VICI Properties, Inc.
927,825
30,265,651
 
428,724,867
Total Common Stocks (Cost $843,301,439)
1,061,119,980
 
Securities Lending Collateral 0.7%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional
Shares", 4.25% (b) (c) (Cost $6,853,125)
6,853,125
6,853,125
 
Cash Equivalents 0.5%
DWS Central Cash Management Government Fund, 4.37% (b) (Cost $5,080,540)
5,080,540
5,080,540
 
 
 
 
% of
Net Assets
Value ($)
Total Investment Portfolio (Cost $855,235,104)
100.5
1,073,053,645
Other Assets and Liabilities, Net
(0.5
)
(4,887,419
)
Net Assets
100.0
1,068,166,226
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended March 31, 2025 are as follows: 
Value ($) at
12/31/2024
Purchases
Cost ($)
Sales
Proceeds ($)
Net Realized
Gain/
(Loss) ($)
Net Change in
Unrealized
Appreciation
(Depreciation) ($)
Income ($)
Capital Gain
Distributions ($)
Number
of Shares
at
3/31/2025
Value ($) at
3/31/2025
Securities Lending Collateral 0.7%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares",
4.25% (b) (c)
87,350
6,765,775 (d)
—
—
—
25
—
6,853,125
6,853,125
Cash Equivalents 0.5%
DWS Central Cash Management Government Fund, 4.37% (b)
9,012,430
56,348,982
60,280,872
—
—
59,051
—
5,080,540
5,080,540
9,099,780
63,114,757
60,280,872
—
—
59,076
—
11,933,665
11,933,665
 
(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 March 31, 2025 amounted to $6,684,264, which is 0.6% 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 March 31, 2025.
 
REIT: Real Estate Investment Trust
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 March 31, 2025 in valuing the Fund's investments.  
Assets
Level 1
Level 2
Level 3
Total
Common Stocks (a)
$1,061,119,980
$—
$—
$1,061,119,980
Short-Term Investments (a)
11,933,665
—
—
11,933,665
Total
$1,073,053,645
$—
$—
$1,073,053,645
 
(a)
See Investment Portfolio for additional detailed categorizations.
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
DRESF-PH1
R-080548-3 (1/27)