Investment Portfolioas of May 31, 2026 (Unaudited)
DWS Multi-Asset Moderate Allocation Fund  
 
 
Shares
Value ($)
 
Equity — Equity Funds 50.3%
DWS Emerging Markets Equity Fund "Institutional" (a)
36,584
1,085,449
DWS Equity 500 Index Fund "Institutional" (a)
46,733
8,503,579
DWS RREEF Global Infrastructure Fund "Institutional" (a)
21,202
353,231
DWS RREEF Global Real Estate Securities Fund "Institutional" (a)
6,000
48,479
DWS RREEF Real Estate Securities Fund "Institutional" (a)
27,598
652,691
DWS Small Cap Core Fund "S" (a)
10,779
629,245
Total Equity — Equity Funds (Cost $8,622,005)
11,272,674
 
Equity — Exchange-Traded Funds 12.4%
iShares Core MSCI Europe ETF
13,286
1,008,939
iShares MSCI Japan ETF
3,694
343,394
iShares MSCI Pacific ex Japan ETF
4,158
230,520
iShares Russell 2000 ETF
973
282,589
Vanguard S&P 500 ETF
770
535,527
Xtrackers RREEF Global Natural Resources ETF (b)
11,037
371,654
Total Equity — Exchange-Traded Funds (Cost $2,020,459)
2,772,623
 
Fixed Income — Bond Funds 7.8%
DWS Emerging Markets Fixed Income Fund "Institutional" (a)
9
68
DWS Enhanced Commodity Strategy Fund "Institutional" (a)
50,516
352,605
DWS High Income Fund "Institutional" (a)
311,043
1,387,252
Total Fixed Income — Bond Funds (Cost $1,619,295)
1,739,925
 
Fixed Income — Exchange-Traded Funds 25.3%
iShares Core International Aggregate Bond ETF
11,370
571,570
iShares GNMA Bond ETF
32,749
1,450,126
iShares JPMorgan USD Emerging Markets Bond ETF
7,880
759,868
iShares U.S. Treasury Bond ETF
36,227
825,070
VanEck JPMorgan EM Local Currency Bond ETF
6,363
163,020
Vanguard Intermediate-Term Corporate Bond ETF
23,076
1,911,846
Total Fixed Income — Exchange-Traded Funds (Cost $5,556,069)
5,681,500
 
 
 
Principal
Amount ($)
Value ($)
 
Government & Agency Obligations 0.5%
U.S. Treasury Obligations
U.S. Treasury Bills, 3.52% (c), 8/6/2026 (d) (Cost $113,066)
113,800
113,045
 
 
 
Shares
Value ($)
 
Fixed Income — Money Market Funds 3.7%
DWS Central Cash Management Government Fund, 3.62% (a) (e) (Cost $821,570)
821,570
821,570
 
 
 
 
% of
Net Assets
Value ($)
Total Investment Portfolio (Cost $18,752,464)
100.0
22,401,337
Other Assets and Liabilities, Net
(0.0
)
(5,068
)
Net Assets
100.0
22,396,269
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated Underlying DWS Funds during the period ended May 31, 2026 are as follows: 
Value ($) 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 50.3%
DWS Emerging Markets Equity Fund "Institutional" (a)
1,134,217
505,480
950,000
137,485
258,267
35,480
—
36,584
1,085,449
DWS Equity 500 Index Fund "Institutional" (a)
7,509,456
1,740,740
1,120,000
(25,359)
398,742
69,296
846,445
46,733
8,503,579
DWS RREEF Global Infrastructure Fund "Institutional" (a)
650,201
190,484
485,000
21,520
(23,974)
7,272
43,211
21,202
353,231
DWS RREEF Global Real Estate Securities Fund "Institutional" (a)
749,936
—
719,000
62,913
(45,370)
—
—
6,000
48,479
DWS RREEF Real Estate Securities Fund "Institutional" (a)
53,097
963,230
425,000
1,864
59,500
6,230
—
27,598
652,691
DWS Small Cap Core Fund "S" (a)
586,409
6,743
—
—
36,093
901
5,842
10,779
629,245
Equity —Exchange-Traded Funds 1.6%
Xtrackers RREEF Global Natural Resources ETF (b)
114,709
221,441
—
—
35,504
3,243
—
11,037
371,654
Fixed Income — Bond Funds 7.8%
DWS Emerging Markets Fixed Income Fund "Institutional" (a)
66
1
—
—
1
4
—
9
68
DWS Enhanced Commodity Strategy Fund "Institutional" (a)
320,269
325,758
350,000
(250)
56,828
20,758
—
50,516
352,605
DWS High Income Fund "Institutional" (a)
1,109,695
455,087
175,000
736
(3,266)
55,087
—
311,043
1,387,252
Fixed Income — Money Market Funds 3.7%
DWS Central Cash Management Government Fund, 3.62% (a) (e)
24,074
4,467,592
3,670,096
—
—
12,379
—
821,570
821,570
12,252,129
8,876,556
7,894,096
198,909
772,325
210,650
895,498
1,343,071
14,205,823
 
(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) ($)
2 Year
U.S. Treasury
Note
USD
9/30/2026
3
619,267
619,687
420
5 Year
U.S. Treasury
Note
USD
9/30/2026
7
749,455
750,477
1,022
E-Mini NASDAQ
100 Index
USD
6/18/2026
2
1,109,931
1,216,210
106,279
Japanese Yen
USD
6/15/2026
4
320,852
314,350
(6,502
)
U.S.Treasury
Long Bond
USD
9/21/2026
2
223,717
224,438
721
Ultra Long
U.S. Treasury
Bond
USD
9/21/2026
5
570,795
572,031
1,236
Total net unrealized appreciation
103,176
At May 31, 2026, open futures contracts sold were as follows: 
Futures
Currency
Expiration
Date
Contracts
Notional
Amount ($)
Notional
Value ($)
Unrealized
Depreciation ($)
10 Year
U.S. Treasury
Note
USD
9/21/2026
9
986,181
988,453
(2,272
)
3 Year
U.S. Treasury
Note
USD
9/30/2026
2
419,183
419,797
(614
)
Ultra 10 Year
U.S. Treasury
Note
USD
9/21/2026
7
782,190
784,547
(2,357
)
Total unrealized depreciation
(5,243
)
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
$11,272,674
$—
$—
$11,272,674
Equity — Exchange-Traded Funds
2,772,623
—
—
2,772,623
Fixed Income — Bond Funds
1,739,925
—
—
1,739,925
Fixed Income — Exchange-Traded Funds
5,681,500
—
—
5,681,500
Government & Agency Obligations
—
113,045
—
113,045
Fixed Income — Money Market Funds
821,570
—
—
821,570
Derivatives (a)
Futures Contracts
109,678
—
—
109,678
Total
$22,397,970
$113,045
$—
$22,511,015
 
Liabilities
Level 1
Level 2
Level 3
Total
Derivatives (a)
Futures Contracts
$(11,745
)
$—
$—
$(11,745
)
Total
$(11,745
)
$—
$—
$(11,745
)
 
(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.
DMAMAT-PH3