NPORT-EX 2 NPORT_725C_50598735_0523.htm EDGAR HTML
Investment Portfoliosas of May 31, 2023 (Unaudited)
DWS Multi-Asset Conservative Allocation Fund  
 
 
Shares
Value ($)
 
Equity — Equity Funds 26.7%
DWS Core Equity Fund "Institutional" (a)
246,936
6,896,913
DWS Emerging Markets Equity Fund "Institutional" (a)
118,076
1,888,036
DWS ESG Core Equity Fund "Institutional" (a)
303,047
5,424,552
DWS RREEF Global Infrastructure Fund "Institutional" (a)
83,411
1,213,627
DWS RREEF Real Estate Securities Fund "Institutional" (a)
47,115
886,707
DWS Small Cap Core Fund "S" (a)
15,303
617,484
Total Equity — Equity Funds (Cost $12,303,687)
16,927,319
 
Equity — Exchange-Traded Funds 8.8%
iShares Core MSCI Europe ETF
29,779
1,536,894
iShares MSCI Japan ETF
26,574
1,576,901
iShares MSCI Pacific ex Japan ETF
14,161
585,133
SPDR S&P Emerging Asia Pacific ETF
13,136
1,264,430
SPDR S&P Global Natural Resources ETF
11,553
595,788
Total Equity — Exchange-Traded Funds (Cost $5,180,370)
5,559,146
 
Fixed Income — Bond Funds 7.2%
DWS Enhanced Commodity Strategy Fund "Institutional" (a)
105,621
597,815
DWS High Income Fund "Institutional" (a)
938,109
3,930,677
Total Fixed Income — Bond Funds (Cost $4,527,330)
4,528,492
 
Fixed Income — Exchange-Traded Funds 55.0%
iShares GNMA Bond ETF
225,050
9,914,578
iShares iBoxx $ Investment Grade Corporate Bond ETF
27,500
2,959,550
iShares JP Morgan USD Emerging Markets Bond ETF
41,325
3,503,533
iShares U.S. Treasury Bond ETF
298,005
6,894,346
Vanguard Intermediate-Term Corporate Bond ETF
74,576
5,911,639
Vanguard Total International Bond ETF
116,286
5,692,200
Total Fixed Income — Exchange-Traded Funds (Cost $36,753,018)
34,875,846
 
 
 
Principal
Amount ($)
Value ($)
 
Government & Agency Obligations 0.7%
U.S. Treasury Obligations
U.S. Treasury Bills, 4.749% (b), 10/5/2023 (c) (Cost $457,271)
465,000
456,537
 
 
 
Shares
Value ($)
 
Fixed Income — Money Market Funds 1.8%
DWS Central Cash Management Government Fund, 5.13% (a) (d) (Cost $1,116,522)
1,116,522
1,116,522
 
 
 
 
% of
Net Assets
Value ($)
Total Investment Portfolio (Cost $60,338,198)
100.2
63,463,862
Other Assets and Liabilities, Net
(0.2
)
(104,659
)
Net Assets
100.0
63,359,203
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated Underlying DWS Funds during the period ended May 31, 2023 are as follows: 
Value ($) at
8/31/2022
Purchases
Cost ($)
Sales
Proceeds ($)
Net Realized
Gain/
(Loss) ($)
Net Change in
Unrealized
Appreciation
(Depreciation) ($)
Income ($)
Capital Gain
Distributions ($)
Number
of Shares
at
5/31/2023
Value ($) at
5/31/2023
Equity — Equity Funds 26.7%
DWS Core Equity Fund “Institutional” (a)
7,906,034
2,053,434
2,952,100
616,201
(726,656)
51,436
508,097
246,936
6,896,913
DWS Emerging Markets Equity Fund “Institutional” (a)
1,376,567
823,902
199,700
(31,493)
(81,240)
38,401
—
118,076
1,888,036
DWS ESG Core Equity Fund “Institutional” (a)
6,298,439
223,985
1,347,700
65,681
184,147
65,443
158,543
303,047
5,424,552
DWS RREEF Global Infrastructure Fund “Institutional” (a)
701,159
1,042,244
377,000
(23,110)
(129,666)
9,778
66,666
83,411
1,213,627
DWS RREEF Real Estate Securities Fund “Institutional” (a)
1,802,768
18,954
776,400
(154,043)
(4,572)
18,955
—
47,115
886,707
DWS Small Cap Core Fund “S” (a)
1,414,139
10,138
762,700
305,469
(349,562)
3,064
7,074
15,303
617,484
Equity —Exchange-Traded Funds 0.0%
Xtrackers MSCI Japan Hedged Equity ETF (e)
—
668,614
627,023
(41,591)
—
249
—
—
—
Fixed Income — Bond Funds 7.1%
DWS Enhanced Commodity Strategy Fund “Institutional” (a)
755,999
770,276
593,000
(118,735)
(216,725)
237,376
—
105,621
597,815
DWS High Income Fund “Institutional” (a)
3,291,799
1,037,985
365,200
(21,483)
(12,424)
149,016
1,968
938,109
3,930,677
Fixed Income — Money Market Funds 2.0%
DWS Central Cash Management Government Fund, 5.13% (a) (d)
15,047,011
13,659,548
27,590,037
—
—
84,146
—
1,116,522
1,116,522
38,593,915
20,309,080
35,590,860
596,896
(1,336,698)
657,864
742,348
2,974,140
22,572,333
 
(a)
Affiliated fund managed by DWS Investment Management Americas, Inc.
(b)
Annualized yield at time of purchase; not a coupon rate.
(c)
At May 31, 2023, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures
contracts.
(d)
The rate shown is the annualized seven-day yield at period end.
(e)
Affiliated fund managed by DBX Advisors LLC.
 
MSCI: Morgan Stanley Capital International
S&P: Standard & Poor's
SPDR: Standard & Poor's Depositary Receipt
At May 31, 2023, 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
9/20/2023
14
1,591,589
1,602,563
(10,974
)
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, 2023 in valuing the Fund's investments.  
Assets
Level 1
Level 2
Level 3
Total
Equity — Equity Funds
$16,927,319
$—
$—
$16,927,319
Equity — Exchange-Traded Funds
5,559,146
—
—
5,559,146
Fixed Income — Bond Funds
4,528,492
—
—
4,528,492
Fixed Income — Exchange-Traded Funds
34,875,846
—
—
34,875,846
Government & Agency Obligations
—
456,537
—
456,537
Fixed Income — Money Market Funds
1,116,522
—
—
1,116,522
Total
$63,007,325
$456,537
$—
$63,463,862
 
Liabilities
Level 1
Level 2
Level 3
Total
Derivatives (a)
Futures Contracts
$(10,974
)
$—
$—
$(10,974
)
Total
$(10,974
)
$—
$—
$(10,974
)
 
(a)
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 May 31, 2023 categorized by the primary underlying risk exposure. 
Primary Underlying Risk Disclosure
Futures
Contracts
Interest Rate Contracts
$(10,974
)
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
DMACAT-PH3
R-080548-2 (1/25)