REAL ASSETS ALTERNATIVES - DWS · _ 45-year legacy of real estate investing at firm _ Stable and experienced investment team _ In-house research and private real estate teams offer

REAL ASSETSALTERNATIVES

Edward O'Donnell IIIHead of Liquid Real Assets

Americas, Global Client Group

For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value.

Darwei KungPortfolio Manager

Commodities

Evan RudyPortfolio Manager Liquid Real Assets

Andy WilsonInvestment Specialist

Liquid Real Assets, Alternatives

Moderator:

LIQUID REAL ASSETS PLATFORM: EXPERIENCE AND EXPERTISE

1 AUM as of 12/31/18. Not all investment vehicles available in all jurisdictions. The figures may not sum due to rounding. 2 Includes $2.7B Enhanced Commodity Strategy classified under DWS Active platform prior to 1/1/18.

Source: DWS. There is no guarantee that investment objectives will be achieved. Past performance is not indicative of future results.

Proven processes and dedicated teams seeking superior results

_ Track record dates back to 2015_ Leverages expertise across entire platform_ One-stop shop to maximize benefits of a real assets

allocation via a focused and holistic portfolio_ Repeatable stock selection process applied_ Unique quadrant framework allows for tactical shifts as

market conditions change

REAL ASSETS1 (US $0.6 Billion)

REAL ESTATE SECURITIES1 (US $7.9 Billion)

_ Track record dates back to 1993 for U.S. REITs, 2004 for Global_ 45-year legacy of real estate investing at firm_ Stable and experienced investment team_ In-house research and private real estate teams offer

informed insights _ Consistent stock selection and allocation process: seeks to

deliver sustainable returns that may offer higher probability alpha outcomes

COMMODITIES1,2 (US $3.4 Billion)

_ Track record dates back to 2005_ Fundamental approach affording well-diversified, strategic

exposure to entire commodities universe_ Has historically been a hedge against inflation_ Blended approach seeks to offer reduced volatility and

preservation of liquidity

INFRASTRUCTURE SECURITIES1 (US $7.7 Billion)

_ Track record dates back to 2008; an early adopter in new asset class—managing through several market cycles

_ Pure-play approach to infrastructure investing seeks to provide a compelling risk profile

_ Infrastructure as an asset class has historically offered stable long-term cash flows

_ Credit analysis and focus on rate of change movements seek to enhance upside capture and limit downside capture

41%39%

3% 17%

$19.6billion


LIQUID REAL ASSETS—PLATFORM TEAM

1 Global Portfolio Manager for Real Estate.Source: DWS. Years with industry as of 12/31/18.

Dedicated and experienced investment teams

JOHN VOJTICEK1

Head and Chief Investment Officer

Real Estate Infrastructure Commodities Real Assets

Americas Europe Asia Pacific Global Global Global

Portfolio Management

David Zonavetch

Bob Thomas

John Hammond Chris Robinson Frank Greywitt

Manoj Patel

Darwei Kung Evan Rudy

Investment Team

18 members in:Chicago, London, Zurich, Hong Kong, Tokyo, Sydney

7 members in:Chicago

5 members in:New York, Chicago

LRA PlatformTeam

Portfolio Construction

Macro & Analytics: 4 members in New York, Chicago Portfolio Management Support: 3 members in Chicago, Sydney

Business Management

Peggy RogersChief Operating Officer

Deidra ColemanBusiness Manager

Business Managers: 1 & Investment Specialists: 3Members in Chicago, Sydney

23

16 12 1910

23

17

28 19

16

22 1313

1519

Years with industry # Average years with industry #


REAL ASSETS


DEFINING UNIQUE QUADRANT ENVIRONMENTS

Accelerating is calculated using positive sequential year-over-year percentage changes in inflation based on CPI and/or growth based on GDP.Decelerating is calculated using negative sequential year-over-year percentage changes in inflation based on CPI and/or growth based on GDP.Source: DWS. For illustrative purposes only. Due to various risks, uncertainties and assumptions made in our analysis, actual events or results or the actual performance of the markets covered by this presentation report may differ materially from those described. The information herein reflect our current views only, are subject to change, and are not intended to be promissory or relied upon by the reader. There can be no certainty that events will turn out as we have opined herein.

Integrating a rate of change framework

QUAD #3

Growth decelerating, inflation accelerating

Defensive low-beta equities favored vs. high-beta equities; historically commodities and TIPS perform well

QUAD #4

Growth decelerating, inflation decelerating

Negative period for most asset classes;position defensively

QUAD #2

Growth accelerating, inflation accelerating

Growth positive for equities; commodity equities perform relatively well

QUAD #1

Growth accelerating, inflation decelerating

On average, best quadrant for equities; beta performs well

Seq

uent

ial Y

/Y %

cha

nge

in re

al G

DP

Sequential Y/Y % change in inflation

G I

G I

G I

G I


A DIFFERENT LOOK AT REAL ASSET BUCKETS

Source: DWS as of 12/31/18. For illustrative purposes only. No assurance can be made that investment objectives will be achieved.

Unique categories with distinct cyclical sensitivity

Europe Utilities Japan Infra Australia Infra AsiaX Infra Americas RailUK Infra US Retail Europe Comm Europe Transport US Hotels

Americas Utilities US Storage Americas Transport US OST Hong Kong DevelopersUS Healthcare Japan REITs Americas Comm Canada OST Singapore DevelopersUS Specialty Europe Retail Americas Waste US Industrial Japan Developers

Swiss Real Estate Singapore REITs US Office Hong Kong Investors EnergyHong Kong REITs Australia Growth US Malls Europe Nordics Industrial MetalsPrecious Metals Australia Rental US Apartments Europe Diversified Emerging Oil & Gas

TIPS Canada US Data Center UK Other Base Metals & MiningAgriculture Europe Office Developed Oil & Gas Bulk Metals & MiningLivestock Europe Resi Agriculture Chemicals Steel

UK Large Cap Paper & Forestry Precious Metals & MiningAgriculture Products

1 2 3 4 5

CYCLICALDEFENSIVE MODERATE


OUTLOOK DRIVES PORTFOLIO CONSTRUCTION

Source: DWS as of 4/30/19. Allocations are shown for illustrative purposes only. No assurance can be made that investment objectives will be achieved. Please refer to “Model Performance” for important disclosures at the end of this presentation..

Dynamic cyclical sensitivity based on growth and inflation outlook

Portfolio allocation

5%Probability

33%Probability

13%Probability

49%Probability

OPTIMAL QUAD 2PORTFOLIO




1 2 3 4 5

CyclicalDefensive Moderate


DWS RREEF REAL ASSETS FUND

Source: DWS as of 3/31/19. All figures calculated since the inception of the DWS RREEF Real Assets Fund strategy (4/30/16). Past performance is not a guarantee of future results. Please refer to important information at the end of the report for asset class representation.

Whole is greater than the sum of its parts

ANNUALIZED TOTAL RETURN VOLATILITY

SHARPE RATIO MAX DRAWDOWN (Monthly)

9.8% 9.1%7.1% 6.9%

1.6%

-0.5%-4%

0%

4%

8%

12%

Global NaturalResources

GlobalInfrastructure

DWS RREEFReal Assets

Fund

Global RealEstate

TIPS CommoditiesDWS RREEF Real Assets

Fund–S

3.1%

8.7% 8.7%10.3% 11.4%

13.2%

0%

4%

8%

12%

16%

TIPS DWS RREEFReal Assets

Fund

Commodities GlobalInfrastructure

Global RealEstate


DWS RREEF Real Assets

Fund–S

0.770.68 0.67

0.53

0.11

0.00

0.20

0.40

0.60

0.80

1.00


DWS RREEFReal Assets

Fund


Global RealEstate

TIPS CommoditiesDWS RREEF Real Assets

Fund–S

-2.5%

-7.2% -8.0%-11.3%

-14.3%-16.9%-20%

-16%

-12%

-8%

-4%

0%

TIPS DWS RREEFReal Assets

Fund


Global RealEstate

Commodities Global NaturalResources

DWS RREEF Real Assets

Fund–S


GROWTH AND INFLATION

Sources: Bloomberg and DWS as of 3/31/19. Past performance is not a guarantee of future results. For illustrative purposes only. No assurance is given that forecast or target will be achieved.

Where we stand today

GROSS DOMESTIC PRODUCT (GDP)Forecast

2.4%

2.9%

0.0%

1.0%

2.0%

3.0%

4.0%

Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19

Consensus GDP Estimates GDP Grown @ 12 month trend

CONSUMER PRICE INDEX (CPI)Forecast

1.8%

1.6%

-1.0%

0.0%

1.0%

2.0%

3.0%

Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19

Consensus CPI Estimate CPI Grown @ 12 month trend (2.3%)


MACROECONOMIC ANALYSIS

Accelerating is calculated using sequential year-over-year percentage changes in inflation based on CPI and/or growth based on GDP. Decelerating is calculated using sequential year-over-year percentage changes in inflation based on CPI and/or growth based on GDP. G = Growth. I = Inflation; ↗ = accelerating ↘ = decelerating.Source: DWS as of 4/30/19. Past performance is not a guarantee of future results. For illustrative purposes only. Estimate is based on assumptions, opinions and hypothetical models or analysis which may prove to be incorrect. No assurance is given that forecast or target will be achieved.

United States

Q2 2019E

Q1 2019A

Q4 2018A

Q3 2018A

-1.00%

-0.50%

0.00%

0.50%

1.00%

-1.00% -0.75% -0.50% -0.25% 0.00% 0.25% 0.50% 0.75% 1.00%

Q/Q

Seq

uent

ial C

hang

e in

Y/Y

GD

P G

row

th (%

)

Q/Q Sequential Change in Y/Y Change in CPI (%)

QUAD #3QUAD #4

QUAD #2QUAD #1

G I

G I G I

G I


GLOBAL REAL ESTATE


THE QUADRANTS—EXAMPLE

Accelerating is calculated using sequential year-over-year percentage changes in inflation based on CPI and/or growth based on GDP. Decelerating is calculated using sequential year-over-year percentage changes in inflation based on CPI and/or growth based on GDP. G = Growth. I = Inflation; ↗ = accelerating ↘ = decelerating.Sources: Bloomberg and DWS for the period 12/31/02 to 3/31/19. Past performance is not a guarantee of future results. For illustrative purposes only. Representative of the MSCI US REIT Index. Equity index returns include reinvestment of all distributions. Index returns do not reflect fees or expenses, and it is not possible to invest directly in an index.

Real estate subsectors (top three, bottom three)

QUAD #3QUAD #4

QUAD #2QUAD #18.7% 8.0% 7.7%

6.5% 6.1% 5.7%

0.0%

3.0%

6.0%

9.0%

Data Centers Hotels Malls Retail Apartments Storage

7.4%

2.8%2.5%

0.9% 0.6% 0.2%0.0%

3.0%

6.0%

9.0%

Hotels Storage Industrial Malls Healthcare Retail

5.4%

3.6% 3.0%

0.8% 0.2%

–2.4%-4.0%

0.0%

4.0%

8.0%

Storage Data Centers Apartments Industrial Office Hotels

6.9%

4.9%

3.2%

1.0% 0.5% 0.1%0.0%

3.0%

6.0%

9.0%

Data Centers Healthcare Malls Retail Office Industrial

G I

G I G I

G I


LEASE DURATION—SECTOR DIFFERENTIATION¹

1 Sectors represented by the MSCI US REIT Index. Average Lease Duration is a weighted average calculation based on median lease duration by sector.2 Represents the average performance of shorter, medium, and longer duration sectors over the last four quarters for the MSCI US REIT Index as defined in the legend.Source: Factset, MSCI. As at 12/31/18. For illustrative purposes only. No assurance can be made investment objectives will be achieved.

_ Lease structures and remaining lease terms vary significantly by asset and tenant type

_ Active management opportunity: adjust sector and company weights to align duration risk with anticipated macroeconomic variables

Sector Typical Lease Duration

MSCI US REITIndex Weight

Hotels 1 day 5.9%

Apartments 1 year 17.6%

Storage 1 year 6.9%

Data Centers 3‒10 years 7.7%

Industrial 5‒7 years 9.1%

Office 5‒10 years 12.8%

Regional Malls 5‒10 years 8.5%

Retail 5‒10 years 6.0%

Healthcare 10‒15 years 12.5%

Specialty 10–20 years 13.1%

Avg. Lease Duration 6.2 years 100.0%

AVERAGE SECTOR PERFORMANCE BY LEASE DURATION²

-15%

-10%

-5%

0%

5%

10%

15%

Q1 18 Q2 18 Q3 18 Q4 18

Shorter lease duration sectors outperforming

Longer lease duration sectors outperforming

Shorter: 1 Year or Less Medium: 3–10 Year Longer: 10–20 Year


GLOBAL REAL ESTATE—MARKET OUTLOOK

Source: DWS as of 3/31/19. For illustrative purposes only. The comments, opinions and estimates contained herein are based on or derived from publicly available information from sources that we believe to be reliable. This material is for informational purposes only and sets forth our views as of this date. We do not guarantee their accuracy.

Sector backdrop

CURRENT VIEWPOINTS

RETAIL_ Significant disruption from

e-commerce resulting in increasing tenant bankruptcies and footprint optimizations

_ Experience and lifestyle based tenants are highly sought after and still growing

_ Asset values are broadly falling with destination and necessity based assets meaningfully outperforming secondary assets

OTHER_ Industrial enjoying secular

tailwinds of e-commerce

_ Healthcare assets in high demand as aging populations provide opportunities in medical office and assisted living

_ Self storage, data centers, and student accommodations are gaining increasing appeal among institutional investors

RESIDENTIAL_ Strong fundamentals in most

markets as household growth outstrips elevated supply

_ Secular changes in home ownership and millennial lifestyles are providing a tailwind to long term thesis

_ Both Australia and UK are struggling with housing affordability resulting in increased focus on rental housing

OFFICE_ Supply broadly in check

globally with pockets of oversupply. Innovation cities continue to display market rental growth

_ Flexible office space (WeWork) could potentially lead to shorter lease terms

_ Markets with high financial service exposure weakest


GLOBAL INFRASTRUCTURE


THE QUADRANTS—EXAMPLE

Accelerating is calculated using sequential year-over-year percentage changes in inflation based on CPI and/or growth based on GDP. Decelerating is calculated using sequential year-over-year percentage changes in inflation based on CPI and/or growth based on GDP. G = Growth. I = Inflation; ↗ = accelerating ↘ = decelerating.Sources: Bloomberg and DWS for the period 9/30/08 to 3/31/19. Past performance is not a guarantee of future results. For illustrative purposes only. Representative of the Dow Jones Brookfield Global Infrastructure Index. Equity index returns include reinvestment of all distributions. Index returns do not reflect fees or expenses, and it is not possible to invest directly in an index.

Infrastructure subsectors (top three, bottom three)

QUAD #3QUAD #4

QUAD #2QUAD #110.4%

9.4% 9.4%

5.2% 5.2%3.7%

0.0%

4.0%

8.0%

12.0%

Americas TransportsAmericas Communications Americas Rails Americas Utilities Canada Energy UK

8.1% 7.7%7.1%

1.5%0.9%

0.3%0.0%

3.0%

6.0%

9.0%

Asia ex Japan Americas Rails US Energy Americas Utilities Americas Transports UK

6.0%4.6%

3.5%

–0.8%–2.1% –2.8%

-6.0%

-3.0%

0.0%

3.0%

6.0%

9.0%

AmericasCommunications

Europe Utilities EuropeCommunications

US Energy Japan Asia ex Japan

5.8%

3.1% 3.1%

–0.6%–2.6%

–4.3%-6.0%

-3.0%

0.0%

3.0%

6.0%

9.0%

AmericasCommunications

UK Europe Utilities Americas Transports Americas Rails EuropeCommunications

G I G I

G I G I


GLOBAL INFRASTRUCTURE UNIVERSE

1 The infrastructure securities investible universe is defined here as the constituents of the MSCI World Infrastructure Index and it should be noted that the strategy itself may invest in off-benchmark securities.

Sources: DWS, Bloomberg as of 12/31/18. For illustrative purposes only.

INFRASTRUCTURE SECURITIES UNIVERSE1

InfrastructureSector

Characteristics Number of Companies

Market Cap(US$ billion)

Industries

Broad Broad companies tend to own infrastructure-related businesses, such as constructioncompanies and diversified communications providers, rather than direct infrastructure assets.

164 $844 _ Engineering & Construction_ Timber_ Diversified operations_ Power generation_ Shipping

Core Core companies exhibit some characteristics of pure-play companies by virtue of regulation or contractual agreement, and many have loosely related infrastructure side businesses, but they typically have lower margins, are not capital intensive and/or do not derive cash flows from long-duration contracts.

131 $1,471 _ Infrastructure services_ Integrated utilities_ Rail_ Diversified utilities_ Diversified infrastructure

Pure-play Pure-play companies typically own or operate assets that naturally exhibit fundamental infrastructure characteristics, such as high barriers to entry and relatively inelastic demand.

180 $1,852 _ Transmission & Distribution_ Oil/Gas, Storage & Transportation_ Toll Roads_ Seaports_ Airports_ Communications (Towers/Satellites)_ Water

Total 475 $4,167

ThematicInvestment

AssetInvestment


RESILIENCE OF PURE-PLAY INFRASTRUCTURE CASH FLOWS

1 EBITDA = Earnings Before Interest Taxes Depreciation and Amortization. Sources: BofA Merrill Lynch Global Quantitative Research, DWS, Factset, Bloomberg as of December 2018. Past performance in not indicative of future returns.Global Infrastructure Equities = Dow Jones Brookfield Infrastructure Index; Global Equities = MSCI World Daily Index. No assurance can be made portfolio objectives will be achieved.

Historically shown more consistent profitability and less cyclical than broader equities

8.2%

7.6% 8.6% 12

.3%

14.5

%

15.9

%

12.7

%

8.1%

4.6%

11.2

%

7.7%

5.5% 7.0% 10

.6%

5.3% 6.6%

6.6% 7.1%

15.0

%

–1.4%

7.9%

12.5

% 16.1

%

14.6

%

15.2

%

12.3

%

–6.3%

6.2%

17.1

%

8.2%

6.3% 7.7%

7.8%

5.5% 7.

2%

6.0%

-10%

-5%

0%

5%

10%

15%

20%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

MEDIAN EBITDA1 GROWTHLocal currency

Investment characteristics

_ Focus on infrastructure asset ownership, long duration real assets_ Pure-play has historically generated resilient, stable, and predictable long-term

cash flows_ Pure-play has historically provided an attractive risk-return profile

Economic characteristics

_ Monopolistic environment with inelastic demand resulting in limited pricing risk_ Low operating costs lead to high operating margins_ Inflation protection from high pass-through capability

Global Infrastructure Equities Global Equities


GLOBAL INFRASTRUCTURE MARKET OUTLOOK


Sector backdrop

CURRENT VIEWPOINTS

ENERGY

_ Midstream fundamentals have been stable, and could positively inflect if commodity prices remain stable

_ Valuations look in-line for U.S. c-corps, while MLPs and Canadian energy infrastructure are more attractive

REGULATED UTILITY

_ Best value in UK, but Brexitremains near term focus

_ U.S. utilities’ fundamentals are very stable, but valuations remain elevated

_ Europe fair value, but regulatory risks abound; must be selective

COMMUNICATIONS

_ Strong fundamentals continue in the U.S. tower sector

_ T-Mobile/Sprint merger creates near-term uncertainty in stock price behavior

_ Europe towers attractive; satellites have stabilized but growth remains low

TRANSPORT

_ U.S. rail volumes have been decelerating in first half 2019

_ European airports seem to have headwinds with decelerating traffic and reduced regulatory tariffs

_ Select names attractive in Australia, India, and Europe


COMMODITIES


A DIVERSE OPPORTUNITY SET

Source: Bloomberg as of 12/31/18. For illustrative purposes only. Asset class represented by the Bloomberg Commodity Index.

A broad basket of direct commodity investments are widely available

LIVESTOCKFeeder cattleLean hogsLive cattle

AGRICULTURECocoa Soybean oilCoffee SoybeansCorn SugarCotton WheatSoybean meal Wheat (Kansas)

INDUSTRIAL METALSAluminumCopperLeadNickelZinc

ENERGYBrent crude oil Heating oilGas oil Natural gasGasoline WTI crude oil

PRECIOUS METALS

Gold Silver Platinum Palladium


SUPPLY AND DEMAND DYNAMICS DRIVE COMMODITY PRICES

Source: UN DESA report, ‘World Population prospects: The 2015 Revision’; DWS as of June 2018. For illustrative purposes only.Illustration is based on a number of management assumptions or forecasts, many of which cannot accurately be determined. Therefore, there is no guarantee these results will be achieved. For informational purposes only and sets forth our views as of this date. The underlying assumptions and these views are subject to change without notice.

A GROWING WORLD POPULATION

_ The current world population is projected to increase by 1 billion over the next 12 years and reach 9.7 billion by the year 2050

Drives increased demand

GEOPOLITICAL VARIABLES

_ Union strikes shut down production at core mining operations

_ Civil unrest and resulting conflict halt drilling operations

Imposes constraints on supply

MACROECONOMIC FORCES

_ Mounting global political tensions; increased pressure for central bank action

_ After a long period of ultra-low rates, interest rate increases on the horizon

Inflation impacts nominal values

Upward pressure on commodities

prices


DIRECT COMMODITIES HAVE HISTORICALLY PROVIDED INVESTORS WITH A STRONG INFLATION HEDGE

Accelerating is calculated using sequential year-over-year percentage changes in inflation based on CPI.* Global Infrastructure returns shown from 9/30/08 to 3/31/19 due to index inception date. All other returns shown from 12/31/02 to 3/31/19. Sources: Bloomberg and DWS as of 3/31/19 Past performance is not a guarantee of future results. Asset class representation: global infrastructure, Dow Jones Brookfield Global Infrastructure Index; global real estate, FTSE EPRA/NAREIT Developed Index; commodities, Bloomberg Commodity Index; natural resource equities, S&P Global Natural Resources Index, TIPS, Barclays U.S. TIPS Index; global equities, MSCI World Index; global bonds, Bloomberg Barclays Global Aggregate Index; Equity index returns include reinvestment of all distributions. Index returns do not reflect fees or expenses, and it is not possible to invest directly in an index.

HISTORICAL INFLATION BETA VS HISTORICAL INFLATION BETA WITH ACCELERATING INFLATION

3.7

5.8 6.2

8.2

0.7

3.2

–0.4

1.0

–1.3

3.6

8.5

10.3

0.10.9

-0.4

1.0

-3.0

0.0

3.0

6.0

9.0

12.0

Global real estate Global infrastructure* Natural resourceequities

Commodities TIPS Global equities Global bonds CPI

Inflation Beta

Inflation Beta Accelerating Inflation Beta


GLOBAL COMMODITIES—MARKET OUTLOOK


Sector backdrop

CURRENT VIEWPOINTS

PRECIOUS METALS

_ A dovish U.S. Federal Reserve and lower inflation expectations should provide tailwinds for Gold in 2019

_ The team continues to favor Palladium as it should continue to benefit from declining diesel share in the EU and increasing auto builds in China

AGRICULTURE

_ U.S./China trade negotiations remain supportive; if supply levels continue to fall, China would need to import from the U.S., even if tariffs remain in place

_ Abnormally wet conditions in the Northern Hemisphere may meaningfully delay planting if they persist. African Swine Fever is also a major concern for hog production and associated feed grain demand.

INDUSTRIAL METALS

_ Near term, the team remains cautious about macro headwinds from trade turmoil

_ Fundamentals remain supportive and a potential U.S. dollar peak would benefit the sector

_ Aluminum prices should rebound as key overhangs are removed in 2019

ENERGY

_ OPEC continues to take measures to address supply/demand imbalances

_ Spare U.S. production capacity and moderating global growth causes concern on potential decline for oil demand

_ Natural Gas fundamentals to remain challenged in 2019 on oversupply concerns


APPENDIX


FUND SOLUTIONS

Source: DWS as of 3/31/19.

Broad suite of differentiated real assets solutions

Asset class DWS fund options

Infrastructure DWS RREEF Global Infrastructure Fund (TOLSX)DWS RREEF MLP & Energy Infrastructure Fund (DMPSX)

Commodities DWS Enhanced Commodity Strategy Fund (SKSRX)

Real estate DWS RREEF Global Real Estate Securities Fund (RRGTX)DWS RREEF Real Estate Securities Fund (RRREX)

Real assets DWS RREEF Real Assets Fund (AAASX)


IMPORTANT INFORMATION

ASSET CLASSIFICATIONGlobal real estate: FTSE EPRA/NAREIT Developed Index Global infrastructure: Dow Jones Brookfield Global Infrastructure Index Commodities: Bloomberg Commodity Index Global natural resources: S&P Global Natural Resources IndexTIPS: Bloomberg Barclays U.S Treasury Inflation Notes Index

MODEL PERFORMANCE—This model portfolio and percentage allocations are shown for illustrative purposes only. There are no performance results reflected. Please note there are many inherent limitations in the use of hypothetical performance results, such as they are generally prepared with the benefit of hindsight, they do not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results. A client’s return will be reduced by advisory fees and any other expenses that may be incurred in the management of its investment advisory account. Please read “Important Information” for the effect of fees on performance. No representation is being made that any account will or is likely to achieve certain profits or losses.

Performance is historical and does not guarantee future results. Investment return and principal value fluctuate so your shares may be worth more or less when redeemed. Current performance may differ from data shown. Please visit www.dws.com for the fund’s most recent month-end performance. Performance includes reinvestment of all distributions. Index returns assume reinvestment of all distributions and do not reflect fees or expenses. It is not possible to invest directly in an index. Not all share classes are available to all investors. Class S shares have a contractual waiver that runs through 11/19/20. Without this waiver/reimbursement, returns and ratings/rankings would have been lower.1 Blended Index: 30% Dow Jones Brookfield Global Infrastructure Index (as of 3/31/19; 12.54% for the 1–yr, 8.70% for the 3–yr, 5.66% for the 5–yr); 30% FTSE EPRA/NAREIT Developed Index (as of 3/31/19;

13.27% for the 1-yr, 5.68% for the 3-yr, 6.42% for the 5-yr); 15% Bloomberg Commodity Index (as of 3/31/19; –5.25% for the 1–yr, 2.22% for the 3–yr, –8.92% for the 5–yr); 15% S&P Global Natural Resources Index (as of 3/31/19; –1.13% for the 1–yr, 3.73% for the 3–yr, –5.74% for the 5–yr);.10% Bloomberg Barclays U.S. Treasury Inflation Notes Total Return Index (as of 3/31/19; 2.70% for the 1–yr, 1.70% for the 3–yr, 1.94% for the 5–yr).

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/19)

1–year 3–year 5–year 10–year Life of fund Fund inception Expense ratio (net/gross)

DWS RREEF Real Assets Fund, Class S 9.72% 7.23% 3.09% 6.58% 2.81% 7/30/07 1.07%/1.24%

Blended benchmark1 7.08% 6.90% 2.82% 9.01% – – –


IMPORTANT INFORMATION

Risk informationStocks may decline in value. 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. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. The fund invests in commodity-linked derivatives which may subject the fund to special risks. Market price movements or regulatory and economic changes will have a significant impact on the fund’s performance. 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. Companies in the infrastructure, transportation, energy and utility industries may be affected by a variety of factors, including, but not limited to, high interest costs, energy prices, high degrees of leverage, environmental and other government regulations, the level of government spending on infrastructure projects, intense competition and other factors. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. The fund may lend securities to approved institutions. Please read the prospectus for details.

OBTAIN A PROSPECTUSTo obtain a summary prospectus, if available, or prospectus, download one from www.dws.com for more information regarding the fund’s objectives, risks, charges and expenses.

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.

DWS Distributors, Inc.222 South Riverside Plaza Chicago, IL 60606-5808 www.dws.com [email protected] Tel (800) 621-1148

© 2019 DWS Group GmbH & Co. KGaA. All rights reserved. (5/19) R-67232-1

Investment products: No bank guarantee I Not FDIC insured I May lose value


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REAL ASSETS ALTERNATIVES - DWS · _ 45-year legacy of real estate investing at firm _ Stable and experienced investment team _ In-house research and private real estate teams offer