DWS
RREEF Real Assets Fund | ||||||||||||
CLASS/TICKER |
A |
AAAAX |
C |
AAAPX |
R |
AAAQX |
R6 |
AAAVX |
INST |
AAAZX |
S |
AAASX |
|
A |
C |
R |
R6 |
INST |
S |
Maximum
sales charge (load)
imposed
on purchases, as %
of
offering price |
|
|
|
|
|
|
Maximum
deferred sales
charge
(load), as % of
redemption
proceeds1
|
|
|
|
|
|
|
Account
Maintenance Fee
(annually,
for fund account
balances
below $10,000 and
subject
to certain exceptions) |
$ |
$ |
|
|
|
$ |
|
A |
C |
R |
R6 |
INST |
S |
Management
fee |
|
|
|
|
|
|
Distribution/service
(12b-1)
fees |
|
|
|
|
|
|
Other
expenses |
|
|
|
|
|
|
Total
annual fund operating
expenses |
|
|
|
|
|
|
Fee
waiver/expense reim-
bursement |
|
|
|
|
|
|
Total
annual fund operating
expenses
after fee waiver/
expense
reimbursement |
|
|
|
|
|
|
Prospectus August 1, 2024 | 1 | DWS RREEF Real Assets Fund |
Years |
A |
C |
R |
R6 |
INST |
S |
1 |
$ |
$ |
$ |
$ |
$ |
$ |
3 |
|
|
|
|
|
|
5 |
|
|
|
|
|
|
10 |
|
|
|
|
|
|
Years |
A |
C |
R |
R6 |
INST |
S |
1 |
$ |
$ |
$ |
$ |
$ |
$ |
3 |
|
|
|
|
|
|
5 |
|
|
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
Inception |
1
Year |
5
Years |
10
Years |
Class
A before
tax |
|
- |
|
|
After tax
on distribu-
tions |
|
- |
|
|
After tax
on distribu-
tions and
sale of fund
shares |
|
- |
|
|
Class
C before
tax |
|
|
|
|
Class
R before
tax |
|
|
|
|
INST
Class before
tax |
|
|
|
|
Class
S before
tax |
|
|
|
|
MSCI
World Index
(reflects no
deduction for
fees or
expenses) |
|
|
|
|
Bloomberg
US Treasury
Inflation
Notes Index
(reflects no
deduction for
fees,
expenses or taxes) |
|
|
|
|
Blended
Index |
|
|
|
|
|
Class
Inception |
1
Year |
5
Years |
Since
Inception |
Class
R6 before
tax |
|
|
|
|
MSCI
World Index
(reflects no
deduction for
fees or
expenses) |
|
|
|
|
Bloomberg
US Treasury
Inflation
Notes Index
(reflects no
deduction for
fees,
expenses or taxes) |
|
|
|
|
Blended
Index |
|
|
|
|
|
Non-IRA |
IRAs |
UGMAs/
UTMAs |
Automatic
Investment
Plans |
A,
C |
1,000 |
500 |
1,000 |
500 |
R |
None |
N/A |
N/A |
N/A |
R6 |
None |
N/A |
N/A |
N/A |
INST |
1,000,000 |
N/A |
N/A |
N/A |
S |
2,500 |
1,000 |
1,000 |
1,000 |
Mail |
All
Requests |
DWS
PO
Box 219151
Kansas
City, MO 64121-9151 |
Expedited
Mail |
DWS
430
West 7th Street
Suite
219151
Kansas
City, MO 64105-1407 | |
Web
Site |
dws.com | |
Telephone |
(800)
728-3337, M – F 8 a.m. – 7 p.m. ET | |
Hearing
Impaired |
For
hearing impaired assistance, please
call
us using a relay service |
Prospectus August 1, 2024 | 10 | Fund Details |
Fund
Name |
Fee
Paid |
DWS RREEF
Real Assets
Fund |
0.769
%* |
Classes
and features |
Points
to help you compare |
Class
A |
|
■Sales
charge of up to 5.75%
charged
when you buy shares
■In
most cases, no charge when
you
sell shares
■Up
to 0.25% annual share-
holder
servicing fee |
■Some
investors may be able to
reduce
or eliminate their sales
charge;
see “Class
A Shares”
and
Appendix B
■Total
annual expenses are
lower
than those for Class C
■Distributions
are generally
higher
than Class C |
Class
C |
|
■No
sales charge when you buy
shares
■Deferred
sales charge of
1.00%,
charged when you sell
shares
you bought within the
last
year
■0.75%
annual distribution fee
and
up to 0.25% annual share-
holder
servicing fee |
■Unlike
Class A, Class C does
not
have a sales charge when
buying
shares, but has higher
annual
expenses and a one
year
deferred sales charge
■Distributions
are generally
lower
than Class A
■Maximum
investment applies
■Class
C automatically converts
to
Class A after 8 years,
provided
that records held by
the
fund or your financial inter-
mediary
verify Class C shares
have
been held for at least
8
years |
Class
R |
|
■No
sales charge when you buy
shares
and no deferred sales
charge
when you sell shares
■0.25%
annual distribution fee
and
up to 0.25% annual share-
holder
servicing fee |
■Only
available to participants in
certain
retirement plans
■Distributions
are generally
higher
than Class C but lower
than
Class A, Class S or Institu-
tional
Class |
Prospectus August 1, 2024 | 20 | Investing in the Fund |
Class
R6 |
|
■No
sales charge when you buy
shares
and no deferred sales
charge
when you sell shares |
■Only
available to participants in
certain
qualifying plans and
programs |
Institutional
Class |
|
■No
sales charge when you buy
shares
and no deferred sales
charge
when you sell shares |
■Only
available to certain institu-
tional
investors; typically
$1,000,000
minimum initial
investment
■Distributions
are generally
higher
than Class A, Class C
and
Class R, and may be higher
than
Class S, depending on
relative
expenses |
Class
S |
|
■No
sales charge when you buy
shares
and no deferred sales
charge
when you sell shares |
■Total
annual expenses are
lower
than those for Class A,
Class
C and Class R
■Distributions
are generally
higher
than Class A, Class C
and
Class R, and may be higher
than
Institutional Class,
depending
on relative expenses |
Your
investment |
Front-end
sales
charge
as a %
of
offering price1,2
|
Front-end
sales
charge
as a % of your
net
investment2
|
Under
$50,000 |
5.75
% |
6.10
% |
$50,000–$99,999 |
4.50 |
4.71 |
$100,000–$249,999 |
3.50 |
3.63 |
$250,000
or more |
see
below3
|
see
below3
|
Year
after you bought shares |
CDSC
on shares you sell |
First
year |
1.00
% |
Second
year and later |
None |
Type |
Address |
Expedited
mail |
|
All
Requests |
DWS
430
West 7th Street
Suite
219151
Kansas
City, MO 64105-1407 |
Regular
mail |
|
All
Requests |
DWS
P.O.
Box 219151
Kansas
City, MO 64121-9151 |
|
Non-IRA |
IRAs |
UGMAs/
UTMAs |
Automatic
Investment
Plans |
A,
C |
1,000 |
500 |
1,000 |
500 |
INST |
1,000,000 |
N/A |
N/A |
N/A |
S |
2,500 |
1,000 |
1,000 |
1,000 |
Bank
name |
State
Street Bank Boston |
Routing
Number |
011000028 |
Attention |
DWS |
DDA
Number |
9903-5552 |
FBO |
(Account
name) (Account number) |
Credit |
(Fund
name, Fund number and, if
applicable,
class name) |
Class |
Exchanging
into Another Fund ($) |
A,
C |
1,000 minimum
into new non-IRA accounts per
fund
500 minimum
into new IRA accounts per fund
50 minimum
into all existing accounts per fund |
INST |
1,000,000
minimum into new accounts per fund |
S |
2,500 minimum
into new non-IRA accounts per
fund
1,000 minimum
into new IRA and UTMA/UGMA
accounts per
fund
50 minimum
into all existing accounts per
fund |
Class |
Selling
Shares ($) |
A,
C |
Check
redemption:Up to 100,000. More than
100,000 see
“Signature Guarantee”
Automated
Clearing House (ACH) to your bank:
Minimum 50,
maximum 250,000
Wire
redemption to your bank: Minimum 1,000 |
INST |
Same as
Classes A and C |
S |
Same as
Classes A and C |
( |
Total
Assets |
− |
Total
Liabilities |
) |
÷ |
Total
Number of
Shares
Outstanding |
= |
NAV |
Generally
taxed at net capital
gain
rates: |
Generally
taxed at ordinary
income
rates: |
Fund
distributions |
|
■gains
from the sale of securi-
ties
held (or treated as held)
by
the fund for more than
one
year
■qualified
dividend income |
■gains
from the sale of securi-
ties
held (or treated as held)
by
the fund for one year or
less
■all
other taxable income |
Transactions
involving fund
shares |
|
■gains
from selling fund
shares
held for more than
one
year |
■gains
from selling fund
shares
held for one year or
less |
DWS
RREEF Real Assets Fund — Class A | |||||
|
Years Ended
March 31, | ||||
|
2024 |
2023 |
2022 |
2021 |
2020 |
Selected
Per Share Data | |||||
Net
asset value, beginning of period |
$11.29 |
$13.64 |
$11.50 |
$8.73 |
$10.05 |
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment incomea |
.27 |
.22 |
.15 |
.11 |
.15 |
Net realized
and unrealized gain (loss) |
.27 |
(2.10
) |
2.29 |
2.80 |
(1.28
) |
Total
from investment operations |
.54 |
(1.88
) |
2.44 |
2.91 |
(1.13
) |
Less
distributions from: |
|
|
|
|
|
Net
investment income |
(.24
) |
(.47
) |
(.30
) |
(.14
) |
(.19
) |
Net
asset value, end of period |
$11.59 |
$11.29 |
$13.64 |
$11.50 |
$8.73 |
Total Return
(%)b,c |
4.83 |
(13.83
) |
21.49 |
33.59 |
(11.51
) |
Ratios
to Average Net Assets and Supplemental Data | |||||
Net assets,
end of period ($ millions) |
92 |
116 |
147 |
92 |
70 |
Ratio of
expenses before expense reductions (%) |
1.28 |
1.27 |
1.29 |
1.33 |
1.36 |
Ratio of
expenses after expense reductions (%) |
1.21 |
1.22 |
1.22 |
1.22 |
1.22 |
Ratio of net
investment income (%) |
2.44 |
1.88 |
1.15 |
1.07 |
1.48 |
Portfolio
turnover rate (%) |
68 |
86 |
65 |
74 |
88 |
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. |
Prospectus August 1, 2024 | 41 | Financial Highlights |
DWS
RREEF Real Assets Fund — Class C | |||||
|
Years Ended
March 31, | ||||
|
2024 |
2023 |
2022 |
2021 |
2020 |
Selected
Per Share Data | |||||
Net
asset value, beginning of period |
$11.21 |
$13.54 |
$11.42 |
$8.67 |
$9.97 |
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment incomea |
.19 |
.13 |
.05 |
.03 |
.08 |
Net realized
and unrealized gain (loss) |
.25 |
(2.08
) |
2.27 |
2.78 |
(1.27
) |
Total
from investment operations |
.44 |
(1.95
) |
2.32 |
2.81 |
(1.19
) |
Less
distributions from: |
|
|
|
|
|
Net
investment income |
(.15
) |
(.38
) |
(.20
) |
(.06
) |
(.11
) |
Net
asset value, end of period |
$11.50 |
$11.21 |
$13.54 |
$11.42 |
$8.67 |
Total Return
(%)b,c |
3.97 |
(14.47
) |
20.53 |
32.58 |
(12.05
) |
Ratios
to Average Net Assets and Supplemental Data | |||||
Net assets,
end of period ($ millions) |
16 |
24 |
24 |
12 |
16 |
Ratio of
expenses before expense reductions (%) |
2.01 |
2.01 |
2.02 |
2.08 |
2.10 |
Ratio of
expenses after expense reductions (%) |
1.96 |
1.97 |
1.97 |
1.97 |
1.97 |
Ratio of net
investment income (%) |
1.70 |
1.12 |
.40 |
.28 |
.79 |
Portfolio
turnover rate (%) |
68 |
86 |
65 |
74 |
88 |
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. |
Prospectus August 1, 2024 | 42 | Financial Highlights |
DWS
RREEF Real Assets Fund — Class R | |||||
|
Years Ended
March 31, | ||||
|
2024 |
2023 |
2022 |
2021 |
2020 |
Selected
Per Share Data |
|
|
|
|
|
Net
asset value, beginning of period |
$11.36 |
$13.72 |
$11.57 |
$8.79 |
$10.11 |
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment incomea |
.24 |
.20 |
.12 |
.08 |
.13 |
Net realized
and unrealized gain (loss) |
.26 |
(2.11
) |
2.30 |
2.82 |
(1.28
) |
Total
from investment operations |
.50 |
(1.91
) |
2.42 |
2.90 |
(1.15
) |
Less
distributions from: |
|
|
|
|
|
Net
investment income |
(.21
) |
(.45
) |
(.27
) |
(.12
) |
(.17
) |
Net
asset value, end of period |
$11.65 |
$11.36 |
$13.72 |
$11.57 |
$8.79 |
Total Return
(%)b |
4.46 |
(14.02
) |
21.16 |
33.15 |
(11.65
) |
Ratios
to Average Net Assets and Supplemental Data | |||||
Net assets,
end of period ($ millions) |
2 |
2 |
3 |
3 |
2 |
Ratio of
expenses before expense reductions (%) |
1.66 |
1.64 |
1.67 |
1.71 |
1.75 |
Ratio of
expenses after expense reductions (%) |
1.46 |
1.47 |
1.47 |
1.47 |
1.47 |
Ratio of net
investment income (%) |
2.17 |
1.64 |
.93 |
.80 |
1.26 |
Portfolio
turnover rate (%) |
68 |
86 |
65 |
74 |
88 |
a |
Based
on average shares outstanding during the period. |
b |
Total
return would have been lower had certain expenses not been
reduced. |
Prospectus August 1, 2024 | 43 | Financial Highlights |
DWS
RREEF Real Assets Fund — Class R6 | |||||
|
Years Ended
March 31, | ||||
|
2024 |
2023 |
2022 |
2021 |
2020 |
Selected
Per Share Data |
|
|
|
|
|
Net
asset value, beginning of period |
$11.21 |
$13.55 |
$11.42 |
$8.67 |
$9.97 |
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment incomea |
.30 |
.25 |
.18 |
.21 |
.17 |
Net realized
and unrealized gain (loss) |
.26 |
(2.08
) |
2.29 |
2.71 |
(1.25
) |
Total
from investment operations |
.56 |
(1.83
) |
2.47 |
2.92 |
(1.08
) |
Less
distributions from: |
|
|
|
|
|
Net
investment income |
(.27
) |
(.51
) |
(.34
) |
(.17
) |
(.22
) |
Net
asset value, end of period |
$11.50 |
$11.21 |
$13.55 |
$11.42 |
$8.67 |
Total Return
(%)b |
5.10 |
(13.59
) |
21.92 |
33.94 |
(11.17
) |
Ratios
to Average Net Assets and Supplemental Data | |||||
Net assets,
end of period ($ millions) |
178 |
160 |
117 |
37 |
4 |
Ratio of
expenses before expense reductions (%) |
.91 |
.90 |
.91 |
.95 |
1.00 |
Ratio of
expenses after expense reductions (%) |
.90 |
.90 |
.90 |
.93 |
.95 |
Ratio of net
investment income (%) |
2.74 |
2.16 |
1.44 |
2.04 |
1.66 |
Portfolio
turnover rate (%) |
68 |
86 |
65 |
74 |
88 |
a |
Based
on average shares outstanding during the period. |
b |
Total
return would have been lower had certain expenses not been
reduced. |
Prospectus August 1, 2024 | 44 | Financial Highlights |
DWS
RREEF Real Assets Fund — Institutional Class | |||||
|
Years Ended
March 31, | ||||
|
2024 |
2023 |
2022 |
2021 |
2020 |
Selected
Per Share Data | |||||
Net
asset value, beginning of period |
$11.21 |
$13.54 |
$11.42 |
$8.67 |
$9.97 |
Income
(loss) from investment operations: |
|
|
|
|
|
Net
investment incomea |
.30 |
.26 |
.19 |
.15 |
.17 |
Net realized
and unrealized gain (loss) |
.26 |
(2.08
) |
2.27 |
2.77 |
(1.25
) |
Total
from investment operations |
.56 |
(1.82
) |
2.46 |
2.92 |
(1.08
) |
Less
distributions from: |
|
|
|
|
|
Net
investment income |
(.27
) |
(.51
) |
(.34
) |
(.17
) |
(.22
) |
Net
asset value, end of period |
$11.50 |
$11.21 |
$13.54 |
$11.42 |
$8.67 |
Total Return
(%)b |
5.10 |
(13.53
) |
21.83 |
33.94 |
(11.17
) |
Ratios
to Average Net Assets and Supplemental Data | |||||
Net assets,
end of period ($ millions) |
3,985 |
5,020 |
4,815 |
1,146 |
340 |
Ratio of
expenses before expense reductions (%) |
1.00 |
1.00 |
1.00 |
1.03 |
1.07 |
Ratio of
expenses after expense reductions (%) |
.90 |
.90 |
.90 |
.94 |
.95 |
Ratio of net
investment income (%) |
2.76 |