Investment Portfolioas of May 31, 2026 (Unaudited)
DWS Multi-Asset Conservative Allocation Fund  
 
 
Shares
Value ($)
 
Equity — Equity Funds 19.0%
DWS Core Equity Fund "Institutional" (a)
7,301
295,028
DWS Emerging Markets Equity Fund "Institutional" (a)
53,469
1,586,441
DWS Equity 500 Index Fund "Institutional" (a)
40,663
7,399,080
DWS RREEF Global Infrastructure Fund "Institutional" (a)
17,475
291,133
DWS RREEF Global Real Estate Securities Fund "Institutional" (a)
14,737
119,071
DWS RREEF Real Estate Securities Fund "Institutional" (a)
20,380
481,995
DWS Small Cap Core Fund "S" (a)
13,581
792,834
Total Equity — Equity Funds (Cost $8,171,027)
10,965,582
 
Equity — Exchange-Traded Funds 8.2%
iShares Core MSCI Europe ETF
19,412
1,474,147
iShares MSCI Japan ETF
3,255
302,585
iShares MSCI Pacific ex Japan ETF
6,141
340,457
iShares Russell 2000 ETF
1,379
400,503
Vanguard S&P 500 ETF
2,605
1,811,752
Xtrackers RREEF Global Natural Resources ETF (b)
11,773
396,438
Total Equity — Exchange-Traded Funds (Cost $3,821,432)
4,725,882
 
Fixed Income — Bond Funds 11.1%
DWS Enhanced Commodity Strategy Fund "Institutional" (a)
101,494
708,424
DWS High Income Fund "Institutional" (a)
1,287,917
5,744,112
Total Fixed Income — Bond Funds (Cost $6,063,122)
6,452,536
 
Fixed Income — Exchange-Traded Funds 58.3%
iShares GNMA Bond ETF
207,460
9,186,329
iShares iBoxx $ Investment Grade Corporate Bond ETF
74,754
8,175,097
iShares JPMorgan USD Emerging Markets Bond ETF
45,127
4,351,597
iShares U.S. Treasury Bond ETF
252,271
5,745,472
VanEck JPMorgan EM Local Currency Bond ETF
36,724
940,869
Vanguard Intermediate-Term Corporate Bond ETF
24,726
2,048,549
Vanguard Total International Bond ETF
66,908
3,233,664
Total Fixed Income — Exchange-Traded Funds (Cost $33,356,643)
33,681,577
 
 
 
Principal
Amount ($)
Value ($)
 
Government & Agency Obligations 0.5%
U.S. Treasury Obligations
U.S. Treasury Bills, 3.519% (c), 8/6/2026 (d) (Cost $257,031)
258,700
256,983
 
 
 
Shares
Value ($)
 
Fixed Income — Money Market Funds 3.0%
DWS Central Cash Management Government Fund, 3.62% (a) (e) (Cost $1,755,129)
1,755,129
1,755,129
 
 
 
 
% of
Net Assets
Value ($)
Total Investment Portfolio (Cost $53,424,384)
100.1
57,837,689
Other Assets and Liabilities, Net
(0.1
)
(63,261
)
Net Assets
100.0
57,774,428
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated Underlying DWS Funds during the period ended May 31, 2026 are as follows: 
Value ($) at
8/31/2025
Purchases
Cost ($)
Sales
Proceeds ($)
Net Realized
Gain/
(Loss) ($)
Net Change in
Unrealized
Appreciation
(Depreciation) ($)
Income ($)
Capital Gain
Distributions ($)
Number
of Shares
at
5/31/2026
Value ($) at
5/31/2026
Equity — Equity Funds 19.0%
DWS Core Equity Fund "Institutional" (a)
—
650,000
385,000
11,994
18,034
—
—
7,301
295,028
DWS Emerging Markets Equity Fund "Institutional" (a)
1,066,149
1,200,654
1,095,000
122,458
292,180
25,654
—
53,469
1,586,441
DWS Equity 500 Index Fund "Institutional" (a)
12,832,386
1,313,921
6,935,000
796,487
(608,714)
97,060
1,216,861
40,663
7,399,080
DWS RREEF Global Infrastructure Fund "Institutional" (a)
765,895
407,067
878,000
39,187
(43,016)
8,728
48,339
17,475
291,133
DWS RREEF Global Real Estate Securities Fund "Institutional" (a)
1,246,208
—
1,158,000
94,109
(63,246)
—
—
14,737
119,071
DWS RREEF Real Estate Securities Fund "Institutional" (a)
121,790
718,266
400,000
2,702
39,237
8,266
—
20,380
481,995
DWS Small Cap Core Fund "S" (a)
1,204,553
10,528
465,000
113,452
(70,699)
1,407
9,121
13,581
792,834
Equity —Exchange-Traded Funds 0.7%
Xtrackers RREEF Global Natural Resources ETF (b)
316,567
—
—
—
79,871
6,814
—
11,773
396,438
Fixed Income — Bond Funds 11.1%
DWS Enhanced Commodity Strategy Fund "Institutional" (a)
658,794
623,560
695,000
4,493
116,577
43,561
—
101,494
708,424
DWS High Income Fund "Institutional" (a)
5,203,541
865,794
300,000
665
(25,888)
285,794
—
1,287,917
5,744,112
Fixed Income — Money Market Funds 3.0%
DWS Central Cash Management Government Fund, 3.62% (a) (e)
152,150
12,652,877
11,049,898
—
—
22,611
—
1,755,129
1,755,129
23,568,033
18,442,667
23,360,898
1,185,547
(265,664)
499,895
1,274,321
3,323,919
19,569,685
 
(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, 2026, 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, 2026, open futures contracts purchased were as follows: 
Futures
Currency
Expiration
Date
Contracts
Notional
Amount ($)
Notional
Value ($)
Unrealized
Appreciation/
(Depreciation) ($)
2 Year
U.S. Treasury
Note
USD
9/30/2026
6
1,238,535
1,239,375
840
3 Year
U.S. Treasury
Note
USD
9/30/2026
14
2,934,551
2,938,578
4,027
5 Year
U.S. Treasury
Note
USD
9/30/2026
2
214,130
214,422
292
E-Mini NASDAQ
100 Index
USD
6/18/2026
2
1,109,931
1,216,210
106,279
Japanese Yen
USD
6/15/2026
11
882,344
864,463
(17,881
)
U.S.Treasury
Long Bond
USD
9/21/2026
7
783,006
785,531
2,525
Ultra Long
U.S. Treasury
Bond
USD
9/21/2026
6
684,954
686,438
1,484
Total net unrealized appreciation
97,566
At May 31, 2026, open futures contracts sold were as follows: 
Futures
Currency
Expiration
Date
Contracts
Notional
Amount ($)
Notional
Value ($)
Unrealized
Depreciation ($)
10 Year
U.S. Treasury
Note
USD
9/21/2026
24
2,629,816
2,635,875
(6,059
)
Ultra 10 Year
U.S. Treasury
Note
USD
9/21/2026
14
1,564,380
1,569,094
(4,714
)
Total unrealized depreciation
(10,773
)
Currency Abbreviation(s)
 
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, 2026 in valuing the Fund's investments.  
Assets
Level 1
Level 2
Level 3
Total
Equity — Equity Funds
$10,965,582
$—
$—
$10,965,582
Equity — Exchange-Traded Funds
4,725,882
—
—
4,725,882
Fixed Income — Bond Funds
6,452,536
—
—
6,452,536
Fixed Income — Exchange-Traded Funds
33,681,577
—
—
33,681,577
Government & Agency Obligations
—
256,983
—
256,983
Fixed Income — Money Market Funds
1,755,129
—
—
1,755,129
Derivatives (a)
Futures Contracts
115,447
—
—
115,447
Total
$57,696,153
$256,983
$—
$57,953,136
 
Liabilities
Level 1
Level 2
Level 3
Total
Derivatives (a)
Futures Contracts
$(28,654
)
$—
$—
$(28,654
)
Total
$(28,654
)
$—
$—
$(28,654
)
 
(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