DWS RREEF MLP & Energy Infrastructure Fund

C000151072 Fund Overview

DWS RREEF MLP & Energy Infrastructure Fund is a US mutual fund managed by Deutsche Dws Securities Trust, categorised as Emerging Markets Blend / Core Energy Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Deutsche Dws Securities Trust
• Category: Emerging Markets Blend / Core Energy Equity
• Assets under management: $3.37M
• SEC CIK: 0000088048
• SEC series ID: S000047963
• Share class ID: C000151072

C000151072 Investment Objective and Strategy

DWS RREEF MLP & Energy Infrastructure Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Deutsche Dws Securities Trust.

Investment objective

The fund seeks total return.

Principal investment strategy

"Main investments. Under normal circumstances, the fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes (measured at the time of investment), in master limited partnership (MLP) investments and securities issued by energy infrastructure companies. With respect to its MLP investments, the fund will invest primarily in publicly traded MLPs that (i) operate or own, directly or indirectly, energy infrastructure related assets, including, but not limited to, assets used in exploring, developing, producing, generating, transporting (including marine), transmitting, operating terminals, storing, gathering, processing, refining, distributing, mining, or marketing of natural gas, natural gas liquids, crude oil, refined petroleum products (including biodiesel and ethanol), coal, or electricity; or (ii) provide energy-related equipment or services.

The fund's MLP investments may include MLPs structured as limited liability companies; MLPs that are taxed as regular or ""C"" corporations for US federal income tax purposes; institutional units (I-Units) issued by MLP affiliates; C corporations that hold significant interests in MLPs; private investments in public equities (PIPEs) issued by MLPs; and other US and non-US equity and fixed income securities and derivative instruments, including pooled investment vehicles and exchange-traded notes (ETNs), that provide exposure to MLPs. MLPs are generally treated as partnerships for US federal income tax purposes and are generally organized under state law as limited partnerships or limited liability companies. To be treated as a partnership for US federal income tax purposes, an MLP must derive at least 90% of its gross income for each taxable year from qualifying sources, including activities such as the exploration, development, mining, production, processing, refining, transportation, storage and certain marketing of mineral or natural resources.

MLPs are generally publicly traded and, as such, are regulated by the Securities and Exchange Commission and must make public filings like any publicly traded corporation. For purposes of its 80% investment policy, the fund will consider a company to be an energy infrastructure company if at least 50% of its non-cash assets are energy infrastructure related assets or if at least 50% of its gross income or net profits are derived, directly or indirectly, from energy infrastructure related assets or activities. The fund will invest 25% or more of its total assets in the group of industries that comprise the energy infrastructure sector. The fund may invest in MLPs and energy infrastructure companies of all market capitalization ranges. Under normal circumstances, the fund will primarily invest in equity securities, which include common units issued by MLPs and common and preferred stock, convertible securities, and rights or warrants to purchase common stock issued by energy infrastructure companies.

The fund may also invest in debt securities to a lesser degree. The fund will primarily invest in securities of US issuers, but may also invest in securities of Canadian issuers. The fund may invest to a lesser extent in non-US and non-Canadian issuers, including issuers located in emerging market countries. To generate additional returns, the fund may, at portfolio management's discretion, sell short securities that it believes are overvalued. When the fund takes a short position, it sells at the current market price a security it does not own but has borrowed in anticipation of a decline in the market price of the security. To complete, or close out, the short sale transaction, the fund buys the same security in the market and returns it to the lender. The market value of securities sold short will not exceed 40% of the fund's net assets.

The fund is treated as a regular corporation or a ""C"" corporation for US federal income tax purposes. Accordingly, unlike a traditional open-end mutual fund, the fund is subject to US federal income tax on its taxable income at the rate applicable to corporations (currently 21%), will not benefit from current favorable federal income tax rates on long-term capital gains, and will be subject to state and local, and possibly foreign, income taxes by reason of its investments in MLPs and other investments. Management process. In choosing securities, portfolio management uses a combination of two analytical disciplines: Top-down research. Portfolio management analyzes various factors, including infrastructure market dynamics (such as supply/demand conditions), the economic environment (such as interest rates, inflation and economic growth), expected capital flow dynamics and exchange rate conditions.

Bottom-up research. Portfolio management analyzes characteristics and investment prospects of a particular security relative to others to actively manage the fund's exposure to individual securities. Disciplined valuation analysis drives this decision-making process, guiding portfolio management to invest in securities it believes can provide superior returns over the long-term, and to sell those that it believes no longer represent the strongest prospects. Securities Lending. The fund may lend securities (up to one-third of total assets) to approved institutions. Active Trading. The fund may trade securities actively and this may lead to high portfolio turnover."

C000151072 Costs and Fees

C000151072 costs about $85 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.85%
• Gross expense ratio: 5.15%
• Portfolio turnover: 92%
• Brokerage commissions: 10.61 bps of average net assets (SEC N-CEN)

C000151072 Cashflows

Over the 12 months to 2020-05, DWS RREEF MLP & Energy Infrastructure Fund had net outflows of $2.45M, from monthly SEC N-PORT filings.

C000151072 Debt Constituents

No individual debt constituents are reported in DWS RREEF MLP & Energy Infrastructure Fund's latest SEC N-PORT filing.

C000151072 Prospectus and SEC Filings

Official DWS RREEF MLP & Energy Infrastructure Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-03-11
• Prospectus (485BPOS) — filed 2019-03-11
• Prospectus supplement (497) — filed 2018-12-21
• Portfolio holdings (N-PORT) — filed 2020-07-24
• Portfolio holdings (N-PORT) — filed 2020-04-23
• Portfolio holdings (N-PORT) — filed 2020-01-24
• Annual census (N-CEN) — filed 2020-02-05
• Annual census (N-CEN) — filed 2019-02-13

Related Funds

Other Emerging Markets Blend / Core Energy Equity funds tracked on ABC INVEST:

• Ninepoint Energy ETF (ENRG)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.