Investment Portfolioas of May 31, 2025 (Unaudited)
DWS Multi-Asset Conservative Allocation Fund  
 
 
Shares
Value ($)
 
Equity — Equity Funds 28.8%
DWS Emerging Markets Equity Fund "Institutional" (a)
105,178
2,055,187
DWS Equity 500 Index Fund "Institutional" (a)
73,597
11,712,301
DWS RREEF Global Infrastructure Fund "Institutional" (a)
56,095
937,910
DWS RREEF Global Real Estate Securities Fund "Institutional" (a)
131,345
966,696
DWS RREEF Real Estate Securities Fund "Institutional" (a)
17,139
373,801
DWS Small Cap Core Fund "S" (a)
21,877
1,098,668
Total Equity — Equity Funds (Cost $15,037,264)
17,144,563
 
Equity — Exchange-Traded Funds 10.5%
iShares Core MSCI Europe ETF
39,539
2,597,712
iShares MSCI Japan ETF
15,209
1,127,291
iShares MSCI Pacific ex Japan ETF
9,818
473,817
Vanguard S&P 500 ETF
3,537
1,916,205
Xtrackers RREEF Global Natural Resources ETF (b)
4,720
117,122
Total Equity — Exchange-Traded Funds (Cost $4,993,672)
6,232,147
 
Fixed Income — Bond Funds 6.7%
DWS Enhanced Commodity Strategy Fund "Institutional" (a)
77,532
445,035
DWS High Income Fund "Institutional" (a)
811,440
3,570,334
Total Fixed Income — Bond Funds (Cost $3,790,631)
4,015,369
 
Fixed Income — Exchange-Traded Funds 51.9%
iShares GNMA Bond ETF
157,249
6,821,461
iShares iBoxx $ Investment Grade Corporate Bond ETF
19,323
2,082,440
iShares JP Morgan USD Emerging Markets Bond ETF
37,945
3,437,817
iShares U.S. Treasury Bond ETF
202,072
4,599,159
VanEck JP Morgan EM Local Currency Bond ETF
36,724
906,348
Vanguard Intermediate-Term Corporate Bond ETF
73,163
5,978,880
Vanguard Total International Bond ETF
142,926
7,067,691
Total Fixed Income — Exchange-Traded Funds (Cost $31,078,034)
30,893,796
 
 
 
Principal
Amount ($)
Value ($)
 
Government & Agency Obligations 0.4%
U.S. Treasury Obligations
U.S. Treasury Bills, 4.104% (c), 9/11/2025 (d) (Cost $282,477)
285,800
282,436
 
 
 
Shares
Value ($)
 
Fixed Income — Money Market Funds 1.8%
DWS Central Cash Management Government Fund, 4.34% (a) (e) (Cost $1,057,370)
1,057,370
1,057,370
 
 
 
 
% of
Net Assets
Value ($)
Total Investment Portfolio (Cost $56,239,448)
100.1
59,625,681
Other Assets and Liabilities, Net
(0.1
)
(80,093
)
Net Assets
100.0
59,545,588
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated Underlying DWS Funds during the period ended May 31, 2025 are as follows: 
Value ($) at
8/31/2024
Purchases
Cost ($)
Sales
Proceeds ($)
Net Realized
Gain/
(Loss) ($)
Net Change in
Unrealized
Appreciation
(Depreciation) ($)
Income ($)
Capital Gain
Distributions ($)
Number
of Shares
at
5/31/2025
Value ($) at
5/31/2025
Equity — Equity Funds 28.8%
DWS Core Equity Fund "Institutional" (a)
5,823,201
9,440
5,878,794
3,749,706
(3,703,553)
9,440
—
—
—
DWS Emerging Markets Equity Fund "Institutional" (a)
2,129,792
4,523
178,000
(803)
99,675
4,523
—
105,178
2,055,187
DWS Equity 500 Index Fund “Institutional” (a)
—
10,674,000
—
—
1,038,301
—
—
73,597
11,712,301
DWS ESG Core Equity Fund "Institutional" (a)
8,729,140
—
8,907,732
3,088,599
(2,910,007)
—
—
—
—
DWS RREEF Global Infrastructure Fund "Institutional" (a)
1,089,901
324,674
529,100
65,010
(12,575)
11,467
30,208
56,095
937,910
DWS RREEF Global Real Estate Securities Fund "Institutional" (a)
979,646
997,301
978,000
(9,600)
(22,651)
—
—
131,345
966,696
DWS RREEF Real Estate Securities Fund "Institutional" (a)
713,644
13,538
314,000
20,971
(60,352)
13,538
—
17,139
373,801
DWS Small Cap Core Fund "S" (a)
899,053
187,897
—
—
11,718
6,291
7,606
21,877
1,098,668
Equity —Exchange-Traded Funds 0.2%
Xtrackers RREEF Global Natural Resources ETF (b)
—
304,876
171,809
(5,438)
(10,507)
1,262
1,091
4,720
117,122
Xtrackers S&P 500 Scored & Screened ETF (b)
—
13,804,538
13,254,657
(549,881)
—
62,273
—
—
—
Fixed Income — Bond Funds 6.7%
DWS Enhanced Commodity Strategy Fund "Institutional" (a)
884,342
12,889
464,000
(44,831)
56,635
12,889
—
77,532
445,035
DWS High Income Fund "Institutional" (a)
3,851,757
605,895
848,000
658
(39,976)
185,895
—
811,440
3,570,334
Fixed Income — Money Market Funds 1.8%
DWS Central Cash Management Government Fund, 4.34% (a) (e)
2,701,449
9,405,136
11,049,215
—
—
44,096
—
1,057,370
1,057,370
27,801,925
36,344,707
42,573,307
6,314,391
(5,553,292)
351,674
38,905
2,356,293
22,334,424
 
(a)
Affiliated fund managed by DWS Investment Management Americas, Inc.
(b)
Affiliated fund managed by DBX Advisors LLC.
(c)
Annualized yield at time of purchase; not a coupon rate.
(d)
At May 31, 2025, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures
contracts.
(e)
The rate shown is the annualized seven-day yield at period end.
 
EM: Emerging Markets
MSCI: Morgan Stanley Capital International
S&P: Standard & Poor's
At May 31, 2025, open futures contracts purchased were as follows: 
Futures
Currency
Expiration
Date
Contracts
Notional
Amount ($)
Notional
Value ($)
Unrealized
Appreciation/
(Depreciation) ($)
2 Year
U.S. Treasury
Note
USD
9/30/2025
9
1,865,061
1,866,938
1,877
3 Year
U.S. Treasury
Note
USD
9/30/2025
18
3,799,305
3,806,437
7,132
5 Year
U.S. Treasury
Note
USD
9/30/2025
2
215,771
216,375
604
EURO STOXX 50
Index
EUR
6/20/2025
10
613,617
609,510
(4,107
)
U.S. Treasury
Long Bond
USD
9/19/2025
7
784,238
789,469
5,231
Ultra Long
U.S. Treasury
Bond
USD
9/19/2025
2
230,365
232,125
1,760
Total net unrealized appreciation
12,497
At May 31, 2025, open futures contracts sold were as follows: 
Futures
Currency
Expiration
Date
Contracts
Notional
Amount ($)
Notional
Value ($)
Unrealized
Depreciation ($)
10 Year
U.S. Treasury
Note
USD
9/19/2025
18
1,985,082
1,993,500
(8,418
)
Ultra 10 Year
U.S. Treasury
Note
USD
9/19/2025
15
1,679,623
1,688,203
(8,580
)
Total unrealized depreciation
(16,998
)
Currency Abbreviation(s)
 
EUR
Euro
USD
United States Dollar
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 May 31, 2025 in valuing the Fund's investments.  
Assets
Level 1
Level 2
Level 3
Total
Equity — Equity Funds
$17,144,563
$—
$—
$17,144,563
Equity — Exchange-Traded Funds
6,232,147
—
—
6,232,147
Fixed Income — Bond Funds
4,015,369
—
—
4,015,369
Fixed Income — Exchange-Traded Funds
30,893,796
—
—
30,893,796
Government & Agency Obligations
—
282,436
—
282,436
Fixed Income — Money Market Funds
1,057,370
—
—
1,057,370
Derivatives (a)
Futures Contracts
16,604
—
—
16,604
Total
$59,359,849
$282,436
$—
$59,642,285
 
Liabilities
Level 1
Level 2
Level 3
Total
Derivatives (a)
Futures Contracts
$(21,105
)
$—
$—
$(21,105
)
Total
$(21,105
)
$—
$—
$(21,105
)
 
(a)
Derivatives include unrealized appreciation (depreciation) on open futures contracts.
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.
DMACAT-PH3