| Investment Portfolio | as of November 30, 2020 (Unaudited) |
DWS Multi-Asset Moderate Allocation Fund
| Shares | Value ($) | |||||||||
| Equity - Equity Funds 48.7% | ||||||||||
| DWS Core Equity Fund "Institutional" (a) | 280,510 | 8,746,302 | ||||||||
| DWS Emerging Markets Equity Fund "Institutional" (a) | 11,404 | 265,719 | ||||||||
| DWS RREEF Global Infrastructure Fund "Institutional" (a) | 37,769 | 600,152 | ||||||||
| DWS RREEF Real Estate Securities Fund "Institutional" (a) | 70,526 | 1,418,285 | ||||||||
| DWS Small Cap Core Fund "S" (a) | 25,545 | 824,315 | ||||||||
| Total Equity - Equity Funds (Cost $6,345,572) | 11,854,773 | |||||||||
| Equity - Exchange-Traded Funds 16.0% | ||||||||||
| iShares Core MSCI Europe ETF | 19,825 | 978,364 | ||||||||
| iShares MSCI Japan ETF | 13,256 | 853,554 | ||||||||
| iShares MSCI Pacific ex Japan ETF | 10,646 | 487,587 | ||||||||
| SPDR S&P Emerging Asia Pacific ETF | 12,906 | 1,573,241 | ||||||||
| Total Equity - Exchange-Traded Funds (Cost $3,355,427) | 3,892,746 | |||||||||
| Fixed Income - Bond Funds 15.0% | ||||||||||
| DWS Emerging Markets Fixed Income Fund "Institutional" (a) | 51,486 | 480,877 | ||||||||
| DWS Enhanced Commodity Strategy Fund "Institutional" (a) | 43,060 | 381,510 | ||||||||
| DWS GNMA Fund "Institutional" (a) | 104,434 | 1,453,724 | ||||||||
| DWS High Income Fund "Institutional" (a) | 280,045 | 1,347,019 | ||||||||
| Total Fixed Income - Bond Funds (Cost $3,447,524) | 3,663,130 | |||||||||
| Fixed Income - Exchange-Traded Funds 17.2% | ||||||||||
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 14,230 | 1,970,570 | ||||||||
| iShares JP Morgan USD Emerging Markets Bond ETF | 1,155 | 131,959 | ||||||||
| iShares U.S. Treasury Bond ETF | 44,088 | 1,222,780 | ||||||||
| Vanguard Total International Bond ETF | 14,534 | 850,530 | ||||||||
| Total Fixed Income - Exchange-Traded Funds (Cost $3,898,076) | 4,175,839 | |||||||||
| Principal Amount ($) |
Value ($) | |||||||||
| Short-Term U.S. Treasury Obligations 1.2% | ||||||||||
| U.S. Treasury Bills: | ||||||||||
| 0.135% *, 6/17/2021 (b) | 110,000 | 109,950 | ||||||||
| 0.155% *, 6/17/2021 (b) | 185,000 | 184,916 | ||||||||
| Total Short-Term U.S. Treasury Obligations (Cost $294,761) | 294,866 | |||||||||
| Shares | Value ($) | |||||||||
| Fixed Income - Money Market Fund 2.0% | ||||||||||
| DWS Central Cash Management Government Fund, 0.09% (a) (c) (Cost $489,384) | 489,384 | 489,384 | ||||||||
| % of Net Assets |
Value ($) | |||||||||
| Total Investment Portfolio (Cost $17,830,744) | 100.1 | 24,370,738 | ||||||||
| Other Assets and Liabilities, Net | (0.1) | (29,720) | ||||||||
| Net Assets | 100.0 | 24,341,018 | ||||||||
| For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. | |
| A summary of the Fund's transactions with affiliated Underlying DWS Funds during the period ended November 30, 2020 are as follows: | |
| Value ($) at 8/31/2020 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/ (Loss) ($) |
Net Change in Unrealized Appreci- ation (Deprecia- tion) ($) |
Income ($) | Capital Gain Distribu- tions ($) |
Number of Shares at 11/30/2020 | Value ($) at 11/30/2020 |
||||||||||
| Equity - Equity Funds 48.7% | ||||||||||||||||||
| DWS Core Equity Fund "Institutional" (a) | ||||||||||||||||||
| 8,653,359 | 193,638 | 435,800 | 115,761 | 219,344 | 26,248 | — | 280,510 | 8,746,302 | ||||||||||
| DWS Emerging Markets Equity Fund "Institutional" (a) | ||||||||||||||||||
| 240,402 | — | — | — | 25,317 | — | — | 11,404 | 265,719 | ||||||||||
| DWS RREEF Global Infrastructure Fund "Institutional" (a) | ||||||||||||||||||
| 582,232 | 251,657 | 266,400 | 12,391 | 20,272 | 3,327 | — | 37,769 | 600,152 | ||||||||||
| DWS RREEF Real Estate Securities Fund "Institutional" (a) | ||||||||||||||||||
| 1,683,168 | 8,462 | 320,950 | (29,999) | 77,604 | 8,462 | — | 70,526 | 1,418,285 | ||||||||||
| DWS Small Cap Core Fund "S" (a) | ||||||||||||||||||
| 503,657 | 214,420 | — | — | 106,238 | — | — | 25,544 | 824,315 | ||||||||||
| Fixed Income - Bond Funds 15.0% | ||||||||||||||||||
| DWS Emerging Markets Fixed Income Fund "Institutional" (a) | ||||||||||||||||||
| 469,972 | 5,594 | — | — | 5,311 | 5,595 | — | 51,486 | 480,877 | ||||||||||
| DWS Enhanced Commodity Strategy Fund "Institutional" (a) | ||||||||||||||||||
| 377,128 | 1,731 | — | — | 2,651 | 1,731 | — | 43,060 | 381,510 | ||||||||||
| DWS GNMA Fund "Institutional" (a) | ||||||||||||||||||
| 1,429,569 | 46,074 | 24,079 | (23) | 2,183 | 7,114 | — | 104,434 | 1,453,724 | ||||||||||
| DWS High Income Fund "Institutional" (a) | ||||||||||||||||||
| 1,332,587 | 268,387 | 269,270 | 4,316 | 10,999 | 13,687 | — | 280,045 | 1,347,019 | ||||||||||
| Fixed Income - Money Market Fund 2.0% | ||||||||||||||||||
| DWS Central Cash Management Government Fund, 0.09% (a) (c) | ||||||||||||||||||
| 983,823 | 1,474,716 | 1,969,155 | — | — | 181 | — | 489,384 | 489,384 | ||||||||||
| 16,255,897 | 2,464,679 | 3,285,654 | 102,446 | 469,919 | 66,345 | — | 1,394,162 | 16,007,287 | ||||||||||
| * | Annualized yield at time of purchase; not a coupon rate. |
| (a) | Affiliated fund managed by DWS Investment Management Americas, Inc. |
| (b) | At November 30, 2020, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
| (c) | The rate shown is the annualized seven-day yield at period end. |
| MSCI: Morgan Stanley Capital International | |
| S&P: Standard & Poor's | |
| SPDR: Standard & Poor's Depositary Receipt | |
| At November 30, 2020, open futures contracts purchased were as follows: | |
| Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation ($) | ||||||||||||||
| Euro Stoxx 50 Index | EUR | 12/18/2020 | 15 | 578,234 | 627,141 | 48,907 | ||||||||||||||
| Russell E-Mini 2000 Index | USD | 12/18/2020 | 1 | 86,388 | 91,005 | 4,617 | ||||||||||||||
| S&P 500 E-Mini Index | USD | 12/18/2020 | 1 | 176,825 | 181,160 | 4,335 | ||||||||||||||
| Total unrealized appreciation | 57,859 | |||||||||||||||||||
| At November 30, 2020, 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 | 3/22/2021 | 3 | 413,594 | 414,516 | (922) | ||||||||||||||||
| Currency Abbreviation | |||
| 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 November 30, 2020 in valuing the Fund's investments. |
| (d) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
Derivatives
The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of November 30, 2020 categorized by the primary underlying risk exposure.
|
Primary Underlying Risk Disclosure |
Futures |
| Equity Contracts | $ 57,859 |
| Interest Rate Contracts | $ (922) |
OBTAIN AN OPEN-END FUND PROSPECTUS
To obtain a summary prospectus, if available, or prospectus, download one from fundsus.dws.com, talk to your financial representative or call (800) 728-3337. We advise you to carefully consider the product's objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest.
CLOSED-END FUNDS
Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value.
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.
NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE
DMAMAT-PH1
R-080548-1 (1/23)