N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

Investment Company Act file number: 811-01236

Deutsche DWS Market Trust

(Exact Name of Registrant as Specified in Charter)

875 Third Avenue

New York, NY 10022-6225

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (212) 454-4500

Diane Kenneally

One International Place

Boston, MA 02110

(Name and Address of Agent for Service)

Date of fiscal year end:	3/31
Date of reporting period:	9/30/2019

ITEM 1. REPORT TO STOCKHOLDERS

September 30, 2019

Semiannual Report

to Shareholders

DWS RREEF Real Assets Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s Web site (dws.com), and you will be notified by mail each time a report is posted and provided with a Web site link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank), or if you are a direct investor, by calling (800) 728-3337 or sending an email request to service@dws.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 728-3337 or send an email request to service@dws.com to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with DWS if you invest directly with the Fund.

Contents

3	Letter to Shareholders
4	Performance Summary
8	Portfolio Management Team
9	Consolidated Portfolio Summary
11	Consolidated Investment Portfolio
19	Consolidated Statement of Assets and Liabilities
21	Consolidated Statement of Operations
22	Consolidated Statements of Changes in Net Assets

23	Consolidated Financial Highlights
30	Notes to Consolidated Financial Statements
44	Information About Your Fund’s Expenses
46	Advisory Agreement Board Considerations and Fee Evaluation
51	Account Management Resources
53	Privacy Statement

This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.

Stocks may decline in value. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. The Fund invests in commodity-linked derivatives which may subject the Fund to special risks. Market price movements or regulatory and economic changes will have a significant impact on the Fund’s performance. There are special risks associated with an investment in real estate, including REITS. These risks include credit risk, interest rate fluctuations and the impact of varied economic conditions. Companies in the infrastructure, transportation, energy and utility industries may be affected by a variety of factors, including, but not limited to, high interest costs, energy prices, high degrees of leverage, environmental and other government regulations, the level of government spending on infrastructure projects, intense competition and other factors. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. The Fund may lend securities to approved institutions. Please read the prospectus for details.

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.

NOT FDIC/NCUA INSURED     NO BANK GUARANTEE     MAY LOSE VALUE NOT A DEPOSIT     NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

2 | DWS RREEF Real Assets Fund

Letter to Shareholders

Dear Shareholder:

The markets, both domestic and global, have been increasingly influenced by geopolitical concerns in recent months — most notably the trade conflict between China and the United States and uncertainty around the implementation of Britain’s exit from the European Union (“Brexit”). The result has been increased volatility and continued efforts by central banks to bolster economic growth through monetary policy.

Against this backdrop, our Americas Chief Investment Officer (“CIO”) remains constructive, albeit more cautious than at the beginning of the year. In our view, while tariffs raise concerns, particularly for commodity producing and manufacturing industries, including the world’s regional economies tilted toward such industries and still suffering from their own weak internal recoveries, a robust labor market and other key metrics suggest the underpinnings of the U.S. economy remain intact.

Of course, these issues and their potential implications bear close watching. Our CIO Office and global network of analysts diligently monitor these matters to determine when and what, if any, strategic or tactical adjustments may be warranted.

We invite you to access these views to better understand the changing landscape and, most important, what it may mean for you. The “Insights” section of our web site, dws.com, is home to our CIO View, which integrates the on-the-ground views of our worldwide network of economists, research analysts and investment professionals. This truly global perspective guides our strategic investment approach.

As always, we thank you for trusting DWS to help serve your investment needs.

Best regards,

Hepsen Uzcan   President, DWS Funds

Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.

DWS RREEF Real Assets Fund | 3

Performance Summary September 30, 2019 (Unaudited)

Class A	6-Month‡		1-Year		5-Year		10-Year
Average Annual Total Returns as of 9/30/19
Unadjusted for Sales Charge		3.74%		9.07%		3.53%		4.29%
Adjusted for the Maximum Sales Charge (max 5.75% load)		–2.22%		2.80%		2.32%		3.68%
MSCI World Index†		4.56%		1.83%		7.18%		9.01%
Bloomberg Barclays US Treasury Inflation Notes Index†		4.25%		7.13%		2.45%		3.46%
Blended Index†		2.70%		6.56%		3.05%		5.92%
Class T	6-Month‡		1-Year		5-Year		10-Year
Average Annual Total Returns as of 9/30/19
Unadjusted for Sales Charge		3.74%		9.07%		3.59%		4.33%
Adjusted for the Maximum Sales Charge (max 2.50% load)		1.15%		6.35%		3.06%		4.07%
MSCI World Index†		4.56%		1.83%		7.18%		9.01%
Bloomberg Barclays US Treasury Inflation Notes Index†		4.25%		7.13%		2.45%		3.46%
Blended Index†		2.70%		6.56%		3.05%		5.92%
Class C	6-Month‡		1-Year		5-Year		10-Year
Average Annual Total Returns as of 9/30/19
Unadjusted for Sales Charge		3.47%		8.32%		2.77%		3.52%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)		2.47%		8.32%		2.77%		3.52%
MSCI World Index†		4.56%		1.83%		7.18%		9.01%
Bloomberg Barclays US Treasury Inflation Notes Index†		4.25%		7.13%		2.45%		3.46%
Blended Index†		2.70%		6.56%		3.05%		5.92%
Class R	6-Month‡		1-Year		5-Year		10-Year
Average Annual Total Returns as of 9/30/19
No Sales Charges		3.66%		8.75%		3.28%		4.07%
MSCI World Index†		4.56%		1.83%		7.18%		9.01%
Bloomberg Barclays US Treasury Inflation Notes Index†		4.25%		7.13%		2.45%		3.46%
Blended Index†		2.70%		6.56%		3.05%		5.92%

4 | DWS RREEF Real Assets Fund

Class R6		6-Month‡		1-Year		Life of Class*
Average Annual Total Returns as of 9/30/19
No Sales Charges			3.93%		9.31%		3.80%
MSCI World Index†			4.56%		1.83%		6.78%
Bloomberg Barclays US Treasury Inflation Notes Index†			4.25%		7.13%		2.29%
Blended Index†			2.70%		6.56%		3.08%
Class S	6-Month‡	1-Year		5-Year		10-Year
Average Annual Total Returns as of 9/30/19
No Sales Charges	3.80%		9.19%		3.69%		4.48%
MSCI World Index†	4.56%		1.83%		7.18%		9.01%
Bloomberg Barclays US Treasury Inflation Notes Index†	4.25%		7.13%		2.45%		3.46%
Blended Index†	2.70%		6.56%		3.05%		5.92%
Institutional Class	6-Month‡	1-Year		5-Year		10-Year
Average Annual Total Returns as of 9/30/19
No Sales Charges	3.93%		9.31%		3.85%		4.61%
MSCI World Index†	4.56%		1.83%		7.18%		9.01%
Bloomberg Barclays US Treasury Inflation Notes Index†	4.25%		7.13%		2.45%		3.46%
Blended Index†	2.70%		6.56%		3.05%		5.92%

Performance in the Average Annual Total Returns table above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws.com for the Fund’s most recent month-end performance. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated August 1, 2019 are 1.37%, 1.33%, 2.13%, 1.75%, 1.06%, 1.16% and 1.07% for Class A, Class T, Class C, Class R, Class R6, Class S and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemptions of fund shares.

Returns shown for Class R shares for the period prior to its inception on June 1, 2011 are derived from the historical performance of Class A shares of the DWS RREEF Real Assets Fund during such periods and have been adjusted to reflect the higher total annual operating expenses of Class R. Any difference in expenses will affect performance.

DWS RREEF Real Assets Fund | 5

Returns shown for Class T shares for the period prior to its inception on June 5, 2017 are derived from the historical performance of Institutional Class shares of DWS RREEF Real Assets Fund during such periods and have been adjusted to reflect the higher total annual operating expenses and applicable sales charges of Class T. Any difference in expenses will affect performance.

Prior to April 26, 2016, the Fund was known as the Deutsche Alternative Asset Allocation Fund (AAA Fund). On April 26, 2016, the Fund’s investment strategy was changed and the Fund was restructured from a fund-of-funds (i.e., a fund investing primarily in other DWS funds) to a direct investment fund (i.e., a fund investing directly in securities and other investments). Performance would have been different if the Fund’s current investment strategy and structure had been in effect.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Growth of an Assumed $10,000 Investment
(Adjusted for Maximum Sales Charge)

The Fund’s growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 5.75%. This results in a net initial investment of $9,425.

The growth of $10,000 is cumulative.

Performance of other share classes will vary based on the sales charges and the fee structure of those classes.

* Class R6 shares commenced operations on November 28, 2014.

^†  The Morgan Stanley Capital International (MSCI) World Index is an unmanaged index representing large and mid-cap equity performance across 23 developed markets countries. It covers approximately 85% of the free float-adjusted market capitalization in each country.

6 | DWS RREEF Real Assets Fund

The Bloomberg Barclays U.S. Treasury Inflation Notes Index includes all publicly issued U.S. Treasury inflation-protected securities that have at least one year remaining to maturity, are rated investment grade and have $250 million or more of outstanding face value.

The Blended Index is composed of 30% in the Dow Jones Brookfield Infrastructure Index, 30% in the FTSE EPRA/NAREIT Developed Index, 15% in the Bloomberg Commodity Index, 15% in the S&P Global Natural Resources Index and 10% in the Bloomberg Barclays U.S. Treasury Inflation Notes Index. Dow Jones Brookfield Infrastructure Index measures the stock performance of companies worldwide whose primary business is the ownership and operation of (rather than service of) infrastructure assets. To be included in the indices, a company must have more than 70% of estimated cash flows (based on publicly available information) derived from the following infrastructure sectors: airports, toll roads, ports, communications, electricity transmission and distribution, oil and gas storage and transportation, water, and other sectors. FTSE EPRA/NAREIT Developed Index is an unmanaged, market-weighted index designed to represent general trends in eligible real estate equities worldwide. Relevant real estate activities are defined as the ownership, trading and development of income-producing real estate. The Index is designed to reflect the stock performance of companies engaged in specific aspects of major world real estate markets/regions. The Index is calculated using closing market prices and translates into U.S. dollars using Reuters closing price. Bloomberg Commodity Index is an unmanaged index that tracks a diversified group of commodities and commodities futures contracts traded on both U.S. and London exchanges. S&P Global Natural Resources Index includes 90 of the largest publicly-traded companies in natural resources and commodities businesses that meet specific investability requirements, offering investors diversified and investable equity exposure across 3 primary commodity-related sectors: agribusiness, energy, and metals & mining.

^‡  Total returns shown for periods less than one year are not annualized.

	Class A		Class T		Class C		Class R		Class R6		Class S		Institutional Class
Net Asset Value
9/30/19	$	10.29	$	10.29	$	10.20	$	10.35	$	10.22	$	10.21	$	10.22
3/31/19	$	10.05	$	10.05	$	9.97	$	10.11	$	9.97	$	9.97	$	9.97
Distribution Information as of 9/30/19
Income Dividends, Six Months	$	.14	$	.14	$	.11	$	.13	$	.14	$	.14	$	.14

DWS RREEF Real Assets Fund | 7

Portfolio Management Team

John W. Vojticek, Managing Director

Portfolio Manager of the Fund. Began managing the Fund in 2015.

– Joined DWS in 2004; previously worked as Principal at KG Redding and Associates, March 2004–September 2004; and previously Managing Director of Deutsche Asset Management from 1996–March 2004.

– Head and Chief Investment Officer of Liquid Real Assets for DWS.

– BS in Business Administration, University of Southern California.

Francis X. Greywitt III, Managing Director

Portfolio Manager of the Fund. Began managing the Fund in 2016.

– Joined DWS in 2005; previously has worked as a REIT analyst with KeyBanc Capital Markets covering the office sector.

– Co-Head of Infrastructure Securities and Co-Lead Portfolio Manager: Chicago.

– Investment industry experience began in 1999.

– BBA, St. Bonaventure University; MBA, University of Chicago.

Evan Rudy, CFA, Director

Portfolio Manager of the Fund. Began managing the Fund in 2016.

– Joined DWS in 2007. Previously, worked as an Analyst at the Townsend Group, a real estate consulting firm.

– Portfolio Analyst, Real Estate & Infrastructure Securities: Chicago.

– BS, Miami University.

8 | DWS RREEF Real Assets Fund

Consolidated Portfolio Summary		(Unaudited)
Asset Allocation (As a % of Net Assets)	9/30/19		3/31/19
Common Stocks and Exchange-Traded Fund
Infrastructure		38%		38%
Real Estate		25%		28%
Natural Resource Equities		12%		11%
Treasury Inflation Protected Securities		12%		12%
Commodity Futures		11%		9%
Cash Equivalents, U.S. Treasury Notes, Short-Term U.S. Treasury Obligations and Other Assets and Liabilities, net*		2%		2%
		100%		100%

* Net of notional exposure to futures contracts

Geographical Diversification (As a % of Common Stocks and Government & Agency Obligations)	9/30/19		3/31/19
United States		59%		62%
Canada		9%		9%
United Kingdom		6%		7%
Japan		5%		4%
Hong Kong		4%		4%
Australia		3%		2%
Spain		2%		2%
Netherlands		2%		2%
Singapore		2%		1%
France		1%		2%
Other		7%		5%
		100%		100%
Sector Diversification (As a % of Common Stocks)	9/30/19		3/31/19
Real Estate		41%		44%
Utilities		18%		19%
Energy		17%		18%
Industrials		11%		9%
Materials		10%		7%
Communication Services		1%		1%
Consumer Staples		1%		1%
Information Technology		1%		1%
		100%		100%

DWS RREEF Real Assets Fund | 9

Ten Largest Equity Holdings at September 30, 2019 (20.0% of Net Assets)			Country	Percent
	1	American Tower Corp.	United States		3.4	%
		Operator and developer of wireless communications and broadcast towers
	2	Crown Castle International Corp.	United States		3.2	%
		Provider of wireless infrastructure
	3	TC Energy Corp.	Canada		2.5	%
		Provider of natural gas transmission and power services
	4	Cheniere Energy, Inc.	United States		1.9	%
		Develops liquefied natural gas terminals
	5	Severn Trent PLC	United Kingdom		1.8	%
		Supplies water, waste, and utility services throughout the United Kingdom, Europe, and the United States
	6	Sempra Energy	United States		1.6	%
		Provider of electric and natural gas products and services
	7	CSX Corp.	United States		1.5	%
		Provides rail, intermodal, domestic container-shipping, barging, and contract logistics services
	8	NiSource, Inc.	United States		1.5	%
		Provider of gas utilities
	9	National Grid PLC	United Kingdom		1.3	%
		Provider of electricity and natural gas transmission services
	10	Enbridge, Inc.	Canada		1.3	%
		Provides energy transportation, distribution, and related services

Consolidated portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s consolidated investment portfolio, see page 11. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 51 for contact information.

10 | DWS RREEF Real Assets Fund

Consolidated Investment
Portfolio	as of September 30, 2019 (Unaudited)

	Shares		Value ($)
Common Stocks 73.5%
Communication Services 1.0%
Diversified Telecommunication Services
Cellnex Telecom SA 144A*		91,670		3,789,799
China Tower Corp. Ltd. “H”, 144A		9,446,000		2,154,180
				5,943,979
Consumer Staples 0.8%
Food Products
Bunge Ltd.		67,400		3,816,188
Ingredion, Inc.		13,600		1,111,664
				4,927,852
Energy 12.6%
Oil, Gas & Consumable Fuels
Cheniere Energy, Inc.*		174,746		11,019,483
ConocoPhillips		23,900		1,361,822
Diamondback Energy, Inc.		11,640		1,046,552
Enbridge, Inc.		213,800		7,504,019
Keyera Corp.		200,319		4,864,145
Koninklijke Vopak NV		52,300		2,691,368
LUKOIL PJSC (ADR)		10,420		862,047
Marathon Petroleum Corp.		43,853		2,664,070
ONEOK, Inc.		38,205		2,815,326
Pembina Pipeline Corp.		95,900		3,554,855
Repsol SA		132,700		2,074,152
Rosneft Oil Co. PJSC (GDR) REG S		124,900		801,358
Royal Dutch Shell PLC “A”		161,660		4,737,814
Suncor Energy, Inc.		77,430		2,442,389
Targa Resources Corp.		91,420		3,672,341
TC Energy Corp.		288,812		14,954,526
Total SA		32,638		1,701,900
Williams Companies, Inc.		272,117		6,547,135
				75,315,302
Industrials 7.9%
Commercial Services & Supplies 1.4%
Republic Services, Inc.		41,206		3,566,379
Waste Connections, Inc.		52,354		4,816,568
				8,382,947
Construction & Engineering 0.8%
Ferrovial SA		173,176		5,003,233

The accompanying notes are an integral part of the consolidated financial statements.

DWS RREEF Real Assets Fund | 11

	Shares		Value ($)
Road & Rail 2.9%
CSX Corp.		128,440		8,897,039
East Japan Railway Co.		33,400		3,195,767
Union Pacific Corp.		29,898		4,842,878
				16,935,684
Transportation Infrastructure 2.8%
Atlas Arteria Ltd. (Units)		364,574		1,925,160
Auckland International Airport Ltd.		556,252		3,182,708
Corp. America Airports SA*		221,879		1,005,112
Getlink SE		90,946		1,364,589
Japan Airport Terminal Co., Ltd. (a)		97,644		4,253,925
Transurban Group (Units)		492,715		4,884,169
				16,615,663
Information Technology 0.7%
IT Services
InterXion Holding NV*		47,370		3,858,760
Materials 6.9%
Chemicals 3.1%
Corteva, Inc.		118,000		3,304,000
FMC Corp.		27,704		2,429,087
Nutrien Ltd.		91,580		4,562,237
OCI NV*		88,860		2,103,258
The Mosaic Co.		207,690		4,257,645
Yara International ASA		35,450		1,528,306
				18,184,533
Containers & Packaging 0.2%
DS Smith PLC		311,700		1,380,225
Metals & Mining 2.1%
Agnico Eagle Mines Ltd.		10,700		573,424
Anglo American PLC		92,040		2,113,141
Antofagasta PLC		146,700		1,614,025
ArcelorMittal		56,476		802,378
BHP Group Ltd.		205,600		5,112,119
Franco-Nevada Corp.		8,877		808,870
Novolipetsk Steel PJSC (GDR)		37,780		820,582
Nucor Corp.		13,400		682,194
				12,526,733
Paper & Forest Products 1.5%
International Paper Co.		48,710		2,037,052
Mondi PLC		125,869		2,408,347
Oji Holdings Corp.		295,000		1,385,056
Svenska Cellulosa AB SCA “B”		154,100		1,374,883
UPM-Kymmene Oyj		62,400		1,845,428
				9,050,766

The accompanying notes are an integral part of the consolidated financial statements.

12 | DWS RREEF Real Assets Fund

	Shares		Value ($)
Real Estate 30.4%
Equity Real Estate Investment Trusts (REITs) 25.1%
Activia Properties, Inc.		493		2,518,584
Agree Realty Corp.		24,437		1,787,567
Alexandria Real Estate Equities, Inc.		13,400		2,064,136
American Tower Corp.		91,248		20,177,670
Americold Realty Trust		158,176		5,863,584
Canadian Apartment Properties REIT		86,123		3,540,869
CoreSite Realty Corp.		38,237		4,659,178
Crown Castle International Corp.		137,424		19,103,310
CubeSmart		149,865		5,230,288
CyrusOne, Inc.		48,505		3,836,745
Daiwa House REIT Investment Corp.		440		1,238,804
Equinix, Inc.		2,645		1,525,636
Equity LifeStyle Properties, Inc.		29,980		4,005,328
Equity Residential		34,951		3,014,873
Extra Space Storage, Inc.		56,402		6,588,882
Frasers Centrepoint Trust		1,175,400		2,329,910
Gecina SA		12,387		1,946,583
Granite Real Estate Investment Trust		60,604		2,934,481
Great Portland Estates PLC		227,956		2,102,084
HCP, Inc.		129,079		4,599,085
InterRent Real Estate Investment Trust		203,800		2,516,638
Invitation Homes, Inc.		55,810		1,652,534
Japan Rental Housing Investments, Inc.		1,470		1,353,741
Klepierre SA		85,400		2,900,947
Liberty Property Trust		33,300		1,709,289
Link REIT		549,968		6,090,885
Mapletree Logistics Trust (a)		3,257,550		3,816,944
Merlin Properties Socimi SA		182,773		2,553,129
Mid-America Apartment Communities, Inc.		23,237		3,021,042
Mirvac Group		1,104,905		2,280,022
Mori Trust Sogo Reit, Inc. (a)		678		1,215,525
Omega Healthcare Investors, Inc.		55,600		2,323,524
Rexford Industrial Realty, Inc.		54,411		2,395,172
Ryman Hospitality Properties, Inc.		20,337		1,663,770
Segro PLC		257,976		2,573,341
STORE Capital Corp.		52,800		1,975,248
UNITE Group PLC		293,154		3,934,668
VEREIT, Inc.		268,206		2,623,055
Welltower, Inc.		47,960		4,347,574
				150,014,645
Real Estate Management & Development 5.3%
CapitaLand Ltd.		1,351,900		3,453,311
Castellum AB		109,783		2,351,062

The accompanying notes are an integral part of the consolidated financial statements.

DWS RREEF Real Assets Fund | 13

	Shares		Value ($)
City Developments Ltd.		201,600		1,431,892
Daibiru Corp.		187,000		1,924,913
Fabege AB		158,150		2,605,125
Hang Lung Properties Ltd.		1,183,000		2,692,358
Mitsubishi Estate Co., Ltd.		134,330		2,602,357
New World Development Co., Ltd.		1,316,000		1,709,685
Sino Land Co., Ltd.		1,937,600		2,918,348
Swire Properties Ltd.		589,400		1,854,468
Swiss Prime Site AG (Registered)*		56,260		5,505,783
Vonovia SE		46,629		2,366,747
				31,416,049
Utilities 13.2%
Electric Utilities 2.2%
Edison International		20,349		1,534,722
FirstEnergy Corp.		88,136		4,250,799
Orsted AS 144A		38,850		3,614,463
Terna Rete Elettrica Nazionale SpA		566,600		3,641,094
				13,041,078
Gas Utilities 3.5%
Atmos Energy Corp.		39,017		4,443,646
ENN Energy Holdings Ltd.		427,662		4,446,609
Hong Kong & China Gas Co., Ltd.		2,748,566		5,364,837
Tokyo Gas Co., Ltd.		272,908		6,888,430
				21,143,522
Multi-Utilities 5.3%
Ameren Corp.		23,223		1,859,001
CenterPoint Energy, Inc.		107,000		3,229,260
National Grid PLC		712,376		7,728,430
NiSource, Inc.		296,359		8,867,061
Sempra Energy		66,188		9,770,011
				31,453,763
Water Utilities 2.2%
American Water Works Co., Inc.		16,671		2,071,038
Severn Trent PLC		411,730		10,959,513
				13,030,551
Total Common Stocks (Cost $382,810,801)				438,225,285

The accompanying notes are an integral part of the consolidated financial statements.

14 | DWS RREEF Real Assets Fund

	Shares			Value ($)
Exchange-Traded Funds 0.8%
iShares Global Timber & Forestry ETF (a) (Cost $5,422,381)		85,111			4,968,780
	Principal Amount ($)			Value ($)
Government & Agency Obligations 22.4%
U.S. Treasury Obligations
U.S. Treasury Inflation-Indexed Bonds:
1.375%, 2/15/2044		1,985,984			2,365,052
2.125%, 2/15/2040		3,351,723			4,434,993
2.375%, 1/15/2027		7,691,848			8,876,460
3.625%, 4/15/2028		4,499,500			5,765,826
U.S. Treasury Inflation-Indexed Notes:
0.125%, 4/15/2021		602,020			595,360
0.125%, 1/15/2022		3,945,024			3,905,639
0.125%, 4/15/2022		4,826,034			4,775,310
0.125%, 1/15/2023		6,396,292			6,340,524
0.125%, 7/15/2024		8,934,687			8,923,482
0.25%, 1/15/2025		5,506,670			5,517,725
0.375%, 1/15/2027		5,295,042			5,349,742
0.375%, 7/15/2027		6,734,126			6,835,074
0.625%, 1/15/2026		8,931,527			9,148,968
U.S. Treasury Notes:
1.0%, 11/15/2019		24,968,000			24,935,786
1.375%, 2/29/2020		15,243,000			15,209,656
1.625%, 6/30/2020		14,627,000			14,601,289
2.625%, 8/15/2020		6,043,000			6,082,657
Total Government & Agency Obligations (Cost $131,616,101)					133,663,543
	Shares			Value ($)
Securities Lending Collateral 1.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.84% (b) (c) (Cost $9,743,638)		9,743,638			9,743,638
Cash Equivalents 7.2%
DWS Central Cash Management Government Fund, 1.96% (b) (Cost $42,874,421)		42,874,421			42,874,421
	% of Net Assets			Value ($)
Total Consolidated Investment Portfolio (Cost $572,467,342)		105.6			629,475,667
Other Assets and Liabilities, Net		(5.6	)		(33,413,189	)
Net Assets		100.0			596,062,478

The accompanying notes are an integral part of the consolidated financial statements.

DWS RREEF Real Assets Fund | 15

A summary of the Fund’s transactions with affiliated investments during the period ended September 30, 2019 are as follows:

Value ($) at 3/31/2019		Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreci- ation (Deprecia- tion) ($)		Income ($)		Capital Gain Distribu- tions ($)		Number of Shares at 9/30/2019		Value ($) at 9/30/2019
	Securities Lending Collateral 1.7%
	DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.84% (b) (c)
	16,289,940		—		6,546,302 (d)		—		—		15,589		—		9,743,638		9,743,638
	Cash Equivalents 7.2%
	DWS Central Cash Management Government Fund, 1.96% (b)
	6,362,443		183,763,632		147,251,654		—		—		138,664		—		42,874,421		42,874,421
	22,652,383		183,763,632		153,797,956		—		—		154,253		—		52,618,059		52,618,059

* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at September 30, 2019 amounted to $9,324,845, which is 1.6% of net assets.

(b) Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

(c) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended September 30, 2019.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

ADR: American Depositary Receipt

GDR: Global Depositary Receipt

LME: London Metal Exchange

PJSC: Public Joint Stock Company

RBOB: Reformulated Blendstock for Oxygenate Blending

REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

ULSD: Ultra-Low Sulfur Diesel

WTI: West Texas Intermediate

At September 30, 2019, open futures contracts purchased were as follows:

Futures	Currency		Expiration Date		Contracts		Notional Amount ($)	Notional Value ($)		Unrealized Appreciation (Depreciation) ($)
Brent Crude Oil Futures		USD		11/29/2019		81	4,961,104		4,736,880		(224,224	)
Copper Futures		USD		12/27/2019		122	8,030,609		7,864,425		(166,184	)
Corn Futures		USD		12/13/2019		208	4,552,505		4,035,200		(517,305	)

The accompanying notes are an integral part of the consolidated financial statements.

16 | DWS RREEF Real Assets Fund

Futures	Currency		Expiration Date		Contracts		Notional Amount ($)		Notional Value ($)		Unrealized Appreciation (Depreciation) ($)
Cotton No. 2 Futures		USD		12/6/2019		39		1,308,770		1,186,185		(122,585	)
Gasoline RBOB		USD		10/31/2019		30		1,966,472		1,973,790		7,318
Gold 100 oz. Futures		USD		12/27/2019		66		9,328,631		9,721,140		392,509
Lean Hogs Futures		USD		12/13/2019		92		2,240,112		2,671,680		431,568
Live Cattle Futures		USD		12/31/2019		115		4,573,621		5,073,800		500,179
LME Nickel Futures		USD		1/13/2020		19		2,053,887		1,942,788		(111,099	)
LME Primary Aluminium Futures		USD		11/20/2019		70		3,123,351		3,013,062		(110,289	)
LME Zinc Futures		USD		11/20/2019		34		1,976,532		2,049,775		73,243
Natural Gas Futures		USD		10/29/2019		186		4,236,471		4,333,800		97,329
NY Harbor ULSD Futures		USD		3/31/2020		14		1,079,067		1,072,159		(6,908	)
Palladium Futures		USD		12/27/2019		7		992,275		1,153,250		160,975
Silver Futures		USD		12/27/2019		25		2,058,352		2,124,750		66,398
Soybean Futures		USD		11/14/2019		139		6,328,649		6,296,700		(31,949	)
Soybean Meal Futures		USD		12/13/2019		40		1,258,790		1,204,000		(54,790	)
Sugar Futures		USD		2/28/2020		64		855,366		906,752		51,386
WTI Crude Futures		USD		12/19/2019		21		1,211,354		1,127,700		(83,654	)
WTI Crude Futures		USD		10/22/2019		81		4,553,036		4,379,670		(173,366	)
Total										66,867,506		178,552

Currency Abbreviation

USD United States Dollar

For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note B in the accompanying Notes to Financial Statements.

The accompanying notes are an integral part of the consolidated financial statements.

DWS RREEF Real Assets Fund | 17

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 September 30, 2019 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Consolidated Financial Statements.

Assets	Level 1			Level 2		Level 3		Total
Common Stocks (e)
Communication Services	$	—		$	5,943,979	$	—	$	5,943,979
Consumer Staples		4,927,852			—		—		4,927,852
Energy		64,110,068			11,205,234		—		75,315,302
Industrials		23,127,976			23,809,551		—		46,937,527
Information Technology		3,858,760			—		—		3,858,760
Materials		19,475,091			21,667,166		—		41,142,257
Real Estate		113,159,478			68,271,216		—		181,430,694
Utilities		36,025,538			42,643,376		—		78,668,914
Exchange-Traded Funds		4,968,780			—		—		4,968,780
Fixed Income Investments		—			133,663,543		—		133,663,543
Short-Term Investments (e)		52,618,059			—		—		52,618,059
Derivatives (f)
Futures Contracts		1,780,905			—		—		1,780,905
Total	$	324,052,507		$	307,204,065	$	—	$	631,256,572
Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (f)
Futures Contracts	$	(1,602,353	)	$	—	$	—	$	(1,602,353	)
Total	$	(1,602,353	)	$	—	$	—	$	(1,602,353	)

(e) See Consolidated Investment Portfolio for additional detailed categorizations.

(f) Derivatives include unrealized appreciation (depreciation) on open futures contracts.

The accompanying notes are an integral part of the consolidated financial statements.

18 | DWS RREEF Real Assets Fund

Consolidated Statement of Assets and Liabilities

as of September 30, 2019 (Unaudited)
Assets
Investments in non-affiliated securities, at value (cost $519,849,283) — including $9,324,845 of securities loaned	$	576,857,608
Investment in DWS Government & Agency Securities Portfolio (cost $9,743,638)*		9,743,638
Investment in DWS Central Cash Management Government Fund (cost $42,874,421)		42,874,421
Cash		20,000
Foreign currency, at value (cost $534,606)		532,258
Deposit with broker for futures contracts		4,227,870
Receivable for investments sold		4,714,807
Receivable for Fund shares sold		1,075,898
Dividends receivable		1,111,053
Interest receivable		383,291
Foreign taxes recoverable		49,730
Other assets		65,461
Total assets		641,656,035
Liabilities
Payable upon return of securities loaned		9,743,638
Payable for investments purchased		33,997,889
Payable for Fund shares redeemed		734,861
Payable for variation margin on futures contracts		431,056
Accrued management fee		331,231
Accrued Trustees’ fees		4,287
Other accrued expenses and payables		350,595
Total liabilities		45,593,557
Net assets, at value	$	596,062,478
Net Assets Consist of
Distributable earnings (loss)	$	(183,949,935	)
Paid-in capital		780,012,413
Net assets, at value	$	596,062,478

* Represents collateral on securities loaned.

The accompanying notes are an integral part of the consolidated financial statements.

DWS RREEF Real Assets Fund | 19

Consolidated Statement of Assets and Liabilities

as of September 30, 2019 (Unaudited) (continued)

Net Asset Value
Class A
Net Asset Value and redemption price per share ($83,436,847 ÷ 8,106,250 shares outstanding of beneficial interest, no par value, unlimited number of shares authorized)	$	10.29
Maximum offering price per share (100 ÷ 94.25 of $10.29)	$	10.92
Class T
Net Asset Value and redemption price per share ($11,701 ÷ 1,137 shares outstanding of beneficial interest, no par value, unlimited number of shares authorized)	$	10.29
Maximum offering price per share (100 ÷ 97.50 of $10.29)	$	10.55
Class C
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($23,931,632 ÷ 2,347,154 shares outstanding of beneficial interest, no par value, unlimited number of shares authorized)	$	10.20
Class R
Net Asset Value, offering and redemption price per share ($3,213,735 ÷ 310,526 shares outstanding of beneficial interest, no par value, unlimited number of shares authorized)	$	10.35
Class R6
Net Asset Value, offering and redemption price per share ($771,305 ÷ 75,450 shares outstanding of beneficial interest, no par value, unlimited number of shares authorized)	$	10.22
Class S
Net Asset Value, offering and redemption price per share ($258,278,922 ÷ 25,290,339 shares outstanding of beneficial interest, no par value, unlimited number of shares authorized)	$	10.21
Institutional Class
Net Asset Value, offering and redemption price per share ($226,418,336 ÷ 22,153,876 shares outstanding of beneficial interest, no par value, unlimited number of shares authorized)	$	10.22

The accompanying notes are an integral part of the consolidated financial statements.

20 | DWS RREEF Real Assets Fund

Consolidated Statement of Operations

for the six months ended September 30, 2019 (Unaudited)
Investment Income
Income:
Dividends (net of foreign taxes withheld of $304,517)	$	6,613,166
Interest (net of foreign taxes withheld of $6,524)		2,281,862
Income distributions — DWS Central Cash Management Government Fund		138,664
Securities lending income, net of borrower rebates		15,589
Total income		9,049,281
Expenses:
Management fee		2,189,943
Administration fee		274,197
Services to shareholders		389,311
Distribution and service fees		230,602
Custodian fee		33,167
Professional fees		49,670
Reports to shareholders		44,893
Registration fees		54,159
Trustees’ fees and expenses		13,894
Other		22,629
Total expenses before expense reductions		3,302,465
Expense reductions		(303,371	)
Total expenses after expense reductions		2,999,094
Net investment income		6,050,187
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		12,265,055
Futures		(3,246,851	)
Foreign currency		(93,406	)
		8,924,798
Change in net unrealized appreciation (depreciation) on:
Investments		5,918,060
Futures		(322,129	)
Foreign currency		(7,148	)
		5,588,783
Net gain (loss)		14,513,581
Net increase (decrease) in net assets resulting from operations	$	20,563,768

The accompanying notes are an integral part of the consolidated financial statements.

DWS RREEF Real Assets Fund | 21

Consolidated Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended September 30, 2019 (Unaudited)			Years Ended March 31, 2019
Operations:
Net investment income (loss)	$	6,050,187		$	7,452,169
Net realized gain (loss)		8,924,798			(2,805,921	)
Change in net unrealized appreciation (depreciation)		5,588,783			38,630,328
Net increase (decrease) in net assets resulting from operations		20,563,768			43,276,576
Distributions to shareholders:
Class A		(968,610	)		(1,434,690	)
Class T		(152	)		(159	)
Class C		(299,549	)		(329,234	)
Class R		(40,378	)		(44,239	)
Class R6		(11,645	)		(7,314	)
Class S		(3,391,350	)		(3,927,593	)
Institutional Class		(2,546,901	)		(2,169,133	)
Total distributions		(7,258,585	)		(7,912,362	)
Fund share transactions:
Proceeds from shares sold		131,243,057			284,336,193
Reinvestment of distributions		6,682,370			7,293,048
Payments for shares redeemed		(85,193,651	)		(253,595,452	)
Net increase (decrease) in net assets from Fund share transactions		52,731,776			38,033,789
Increase (decrease) in net assets		66,036,959			73,398,003
Net assets at beginning of period		530,025,519			456,627,516
Net assets at end of period	$	596,062,478		$	530,025,519

The accompanying notes are an integral part of the consolidated financial statements.

22 | DWS RREEF Real Assets Fund

Consolidated Financial Highlights

	Six Months Ended 9/30/19			Years Ended March 31,
Class A	(Unaudited)			2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period		$10.05			$9.32			$8.88			$8.56			$9.36			$9.56
Income (loss) from investment operations:
Net investment incomea		.10			.14			.12			.10			.14			.19
Net realized and unrealized gain (loss)		.28			.73			.47			.34			(.76	)		(.11	)
Total from investment operations		.38			.87			.59			.44			(.62	)		.08
Less distributions from:
Net investment income		(.14	)		(.14	)		(.15	)		(.12	)		(.18	)		(.28	)
Net asset value, end of period		$10.29			$10.05			$9.32			$8.88			$8.56			$9.36
Total Return (%)b,c		3.74	**		9.49			6.63			5.22	d		(6.63	)d		.76	d
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		83			72			94			63			79			158
Ratio of expenses before expense reductions (%)		1.39	*		1.37			1.40			1.41	e		.78	e		.73	e
Ratio of expenses after expense reductions (%)		1.22	*		1.22			1.22			1.17	e		.57	e		.57	e
Ratio of net investment income (%)		2.06	*		1.42			1.32			1.17			1.61			2.02
Portfolio turnover rate (%)		40	**		72			143			222			51			39

Effective April 26, 2016, the Fund invests indirectly in commodities markets through a wholly owned subsidiary and the financial highlights have been consolidated. The financial highlights prior to March 2017 have not been consolidated.

^a  Based on average shares outstanding during the period.

^b  Total return does not reflect the effect of any sales charges.

^c  Total return would have been lower had certain expenses not been reduced.

^d  Total return would have been lower if the Advisor had not reduced some Underlying DWS Funds’ expenses.

^e  The Fund invested in other funds and indirectly bore its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund was invested. This ratio does not include these indirect fees and expenses.

^*  Annualized

^**  Not annualized

The accompanying notes are an integral part of the consolidated financial statements.

DWS RREEF Real Assets Fund | 23

	Six Months Ended 9/30/19			Year Ended			Period Ended
Class T	(Unaudited)			3/31/19			3/31/18a
Selected Per Share Data
Net asset value, beginning of period		$10.05			$9.31			$9.19
Income (loss) from investment operations:
Net investment incomeb		.11			.13			.09
Net realized and unrealized gain (loss)		.27			.75			.17
Total from investment operations		.38			.88			.26
Less distributions from:
Net investment income		(.14	)		(.14	)		(.14	)
Net asset value, end of period		$10.29			$10.05			$9.31
Total Return (%)c,d		3.74	**		9.61			2.91	**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ thousands)		12			11			10
Ratio of expenses before expense reductions (%)		1.33	*		1.33			1.43	*
Ratio of expenses after expense reductions (%)		1.22	*		1.22			1.22	*
Ratio of net investment income (%)		2.08	*		1.39			1.21	*
Portfolio turnover rate (%)		40	**		72			143	e

^a  For the period from June 5, 2017 (commencement of operations) to March 31, 2018.

^b  Based on average shares outstanding during the period.

^c  Total return does not reflect the effect of any sales charges.

^d  Total return would have been lower had certain expenses not been reduced.

^e  Represents the Funds’s portfolio turnover rate for the year ended March 31, 2018.

^*  Annualized

^**  Not annualized

The accompanying notes are an integral part of the consolidated financial statements.

24 | DWS RREEF Real Assets Fund

	Six Months Ended 9/30/19			Years Ended March 31,
Class C	(Unaudited)			2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period		$9.97			$9.25			$8.82			$8.53			$9.33			$9.53
Income (loss) from investment operations:
Net investment income (loss)a		.07			.07			.05			.04			.07			.12
Net realized and unrealized loss		.27			.72			.46			.34			(.76	)		(.12	)
Total from investment operations		.34			.79			.51			.38			(.69	)		—
Less distributions from:
Net investment income		(.11	)		(.07	)		(.08	)		(.09	)		(.11	)		(.20	)
Net asset value, end of period		$10.20			$9.97			$9.25			$8.82			$8.53			$9.33
Total Return (%)b,c		3.47	**		8.62			5.80			4.47	d		(7.37	)d		(.01	)d
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		24			29			47			40			61			103
Ratio of expenses before expense reductions (%)		2.13	*		2.13			2.16			2.16	e		1.51	e		1.47	e
Ratio of expenses after expense reductions (%)		1.97	*		1.97			1.97			1.92	e		1.32	e		1.31	e
Ratio of net investment income (%)		1.34	*		.69			.57			.44			.83			1.30
Portfolio turnover rate (%)		40	**		72			143			222			51			39

Effective April 26, 2016, the Fund invests indirectly in commodities markets through a wholly owned subsidiary and the financial highlights have been consolidated. The financial highlights prior to March 2017 have not been consolidated.

^a  Based on average shares outstanding during the period.

^b  Total return does not reflect the effect of any sales charges.

^c  Total return would have been lower had certain expenses not been reduced.

^d  Total return would have been lower if the Advisor had not reduced some Underlying DWS Funds’ expenses.

^e  The Fund invested in other funds and indirectly bore its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund was invested. This ratio does not include these indirect fees and expenses.

^*  Annualized

^**  Not annualized

The accompanying notes are an integral part of the consolidated financial statements.

DWS RREEF Real Assets Fund | 25

	Six Months Ended 9/30/19			Years Ended March 31,
Class R	(Unaudited)			2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period		$10.11			$9.38			$8.94			$8.62			$9.42			$9.62
Income (loss) from investment operations:
Net investment income (loss)a		.09			.11			.10			.08			.13			.18
Net realized and unrealized loss		.28			.74			.46			.35			(.77	)		(.12	)
Total from investment operations		.37			.85			.56			.43			(.64	)		.06
Less distributions from:
Net investment income		(.13	)		(.12	)		(.12	)		(.11	)		(.16	)		(.26	)
Net asset value, end of period		$10.35			$10.11			$9.38			$8.94			$8.62			$9.42
Total Return (%)b		3.66	**		9.16			6.33			4.95	c		(6.77	)c		.55	c
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		3			3			4			2			3			3
Ratio of expenses before expense reductions (%)		1.76	*		1.75			1.82			1.78	d		1.16	d		1.13	d
Ratio of expenses after expense reductions (%)		1.47	*		1.47			1.47			1.42	d		.77	d		.77	d
Ratio of net investment income (%)		1.85	*		1.18			1.07			.96			1.47			1.83
Portfolio turnover rate (%)		40	**		72			143			222			51			39

Effective April 26, 2016, the Fund invests indirectly in commodities markets through a wholly owned subsidiary and the financial highlights have been consolidated. The financial highlights prior to March 2017 have not been consolidated.

^a  Based on average shares outstanding during the period.

^b  Total return would have been lower had certain expenses not been reduced.

^c  Total return would have been lower if the Advisor had not reduced some Underlying DWS Funds’ expenses.

^d  The Fund invested in other funds and indirectly bore its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund was invested. This ratio does not include these indirect fees and expenses.

^*  Annualized

^**  Not annualized

The accompanying notes are an integral part of the consolidated financial statements.

26 | DWS RREEF Real Assets Fund

	Six Months Ended 9/30/19			Years Ended March, 31,												Period Ended
Class R6	(Unaudited)			2019			2018			2017			2016			3/31/15a
Selected Per Share Data
Net asset value, beginning of period		$9.97			$9.25			$8.82			$8.50			$9.29			$9.60
Income (loss) from investment operations:
Net investment income (loss)b		.12			.16			.14			.12			.25			.12
Net realized and unrealized loss		.27			.73			.46			.35			(.83	)		(.19	)
Total from investment operations		.39			.89			.60			.47			(.58	)		(.07	)
Less distributions from:
Net investment income		(.14	)		(.17	)		(.17	)		(.15	)		(.21	)		(.24	)
Net asset value, end of period		$10.22			$9.97			$9.25			$8.82			$8.50			$9.29
Total Return (%)c		3.93	**		9.74			6.85			5.59	d		(6.25	)d		(.71	)d**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		1			1			.31			.02			1			.01
Ratio of expenses before expense reductions (%)		1.02	*		1.06			1.13			1.02	e		.40	e		.58	e*
Ratio of expenses after expense reductions (%)		.95	*		.95			.95			.86	e		.22	e		.21	e*
Ratio of net investment income (loss) (%)		2.41	*		1.70			1.51			1.41			2.97			3.73	*
Portfolio turnover rate (%)		40	**		72			143			222			51			39	f

Effective April 26, 2016, the Fund invests indirectly in commodities markets through a wholly owned subsidiary and the financial highlights have been consolidated. The financial highlights prior to March 2017 have not been consolidated.

^a  For the period from November 28, 2014 (commencement of operations) to March 31, 2015.

^b  Based on average shares outstanding during the period.

^c  Total return would have been lower had certain expenses not been reduced.

^d  Total return would have been lower if the Advisor had not reduced some Underlying DWS Funds’ expenses.

^e  The Fund invested in other funds and indirectly bore its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund was invested. This ratio does not include these indirect fees and expenses.

^f  Represents the Fund’s portfolio turnover rate for the year ended March 31, 2015.

^*  Annualized

^**  Not annualized

The accompanying notes are an integral part of the consolidated financial statements.

DWS RREEF Real Assets Fund | 27

	Six Months Ended 9/30/19			Years Ended March 31,
Class S	(Unaudited)			2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period		$9.97			$9.24			$8.81			$8.50			$9.29			$9.49
Income (loss) from investment operations:
Net investment income (loss)a		.11			.15			.14			.12			.15			.22
Net realized and unrealized loss		.27			.74			.45			.33			(.75	)		(.13	)
Total from investment operations		.38			.89			.59			.45			(.60	)		.09
Less distributions from:
Net investment income		(.14	)		(.16	)		(.16	)		(.14	)		(.19	)		(.29	)
Net asset value, end of period		$10.21			$9.97			$9.24			$8.81			$8.50			$9.29
Total Return (%)b		3.80	**		9.72			6.72			5.30	c		(6.44	)c		.92	c
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		258			255			217			56			55			152
Ratio of expenses before expense reductions (%)		1.17	*		1.16			1.24			1.19	d		.60	d		.55	d
Ratio of expenses after expense reductions (%)		1.07	*		1.07			1.07			1.02	d		.42	d		.39	d
Ratio of net investment income (loss) (%)		2.24	*		1.57			1.49			1.34			1.70			2.26
Portfolio turnover rate (%)		40	**		72			143			222			51			39

Effective April 26, 2016, the Fund invests indirectly in commodities markets through a wholly owned subsidiary and the financial highlights have been consolidated. The financial highlights prior to March 2017 have not been consolidated.

^a  Based on average shares outstanding during the period.

^b  Total return would have been lower had certain expenses not been reduced.

^c  Total return would have been lower if the Advisor had not reduced some Underlying DWS Funds’ expenses.

^d  The Fund invested in other funds and indirectly bore its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund was invested. This ratio does not include these indirect fees and expenses.

^*  Annualized

^**  Not annualized

The accompanying notes are an integral part of the consolidated financial statements.

28 | DWS RREEF Real Assets Fund

	Six Months Ended 9/30/19			Years Ended March 31,
Institutional Class	(Unaudited)			2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period		$9.97			$9.25			$8.82			$8.50			$9.29			$9.49
Income (loss) from investment operations:
Net investment income (loss)a		.12			.16			.15			.12			.16			.23
Net realized and unrealized loss		.27			.73			.45			.35			(.74	)		(.12	)
Total from investment operations		.39			.89			.60			.47			(.58	)		.11
Less distributions from:
Net investment income		(.14	)		(.17	)		(.17	)		(.15	)		(.21	)		(.31	)
Net asset value, end of period		$10.22			$9.97			$9.25			$8.82			$8.50			$9.29
Total Return (%)b		3.93	**		9.74			6.84			5.61	c		(6.25	)c		1.10	c
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		226			170			95			45			31			114
Ratio of expenses before expense reductions (%)		1.05	*		1.07			1.12			1.07	d		.48	d		.45	d
Ratio of expenses after expense reductions (%)		.95	*		.95			.95			.90	d		.21	d		.21	d
Ratio of net investment income (loss) (%)		2.34	*		1.68			1.58			1.44			1.83			2.45
Portfolio turnover rate (%)		40	**		72			143			222			51			39

Effective April 26, 2016, the Fund invests indirectly in commodities markets through a wholly owned subsidiary and the financial highlights have been consolidated. The financial highlights prior to March 2017 have not been consolidated.

^a  Based on average shares outstanding during the period.

^b  Total return would have been lower had certain expenses not been reduced.

^c  Total return would have been lower if the Advisor had not reduced some Underlying DWS Funds’ expenses.

^d  The Fund invested in other funds and indirectly bore its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund was invested. This ratio does not include these indirect fees and expenses.

^*  Annualized

^**  Not annualized

The accompanying notes are an integral part of the consolidated financial statements.

DWS RREEF Real Assets Fund | 29

Notes to Consolidated Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

DWS RREEF Real Assets Fund (the “Fund”) is a diversified series of Deutsche DWS Market Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company organized as a Massachusetts business trust.

The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are subject to an initial sales charge. Class T shares are subject to an initial sales charge and are only available through certain financial intermediaries. Effective October 1, 2018, Class T shares closed to new purchases, except in connection with the reinvestment of dividends or other distributions. Class C shares are not subject to an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class C shares automatically converted to Class A shares in the same fund after 10 years, provided that the fund or the financial intermediary through which the shareholder purchased the Class C shares has records verifying that the Class C shares have been held for at least 10 years. Class R and Class R6 shares are not subject to an initial or contingent deferred sales charge and are only available to participants in certain retirement plans. Class S shares are not subject to initial or contingent deferred sales charges and are only available to a limited group of investors. Institutional Class shares are not subject to initial or contingent deferred sales charges and are generally available only to qualified institutions.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as services to shareholders, distribution and service fees and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.

The Fund’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its consolidated financial statements.

30 | DWS RREEF Real Assets Fund

Principles of Consolidation. The Fund invests indirectly in commodities markets through a wholly owned subsidiary, Cayman Real Assets Fund, Ltd., organized under the laws of the Cayman Islands (the “Subsidiary”). The Fund and the Subsidiary are each a commodity pool and are subject to the requirements of the Commodity Exchange Act (“CEA”), as amended, and the rules of the Commodity Futures Trading Commission (“CFTC”) promulgated thereunder. DWS Investment Management Americas, Inc. (the “Advisor”) acts as a commodity pool operator with respect to the operation of the Fund and the Subsidiary as commodity pools under and pursuant to the CEA. The Advisor, the Fund and the Subsidiary are subject to dual regulation by the CFTC and the Securities and Exchange Commission. Among other investments, the Subsidiary may invest in commodity-linked derivative instruments, including, but not limited to futures contracts, options and total return swaps. The Subsidiary may also invest in debt securities, some of which are intended to serve as margin or collateral for the Subsidiary’s derivative positions. The Subsidiary may also invest available cash in affiliated money market funds. The Subsidiary is managed by the same portfolio managers that manage the Fund. As of September 30, 2019, the Fund’s investment in the Subsidiary was $65,975,369, representing 10.3% of the Fund’s total assets.

The Fund’s Investment Portfolio has been consolidated and includes the portfolio holdings of the Fund and the Subsidiary. The consolidated financial statements include the accounts of the Fund and the Subsidiary. All inter-company transactions and balances have been eliminated.

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

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.

Equity securities and exchange-traded funds (“ETFs”) are valued at the most recent sale price or official closing price reported on the exchange

(U.S. or foreign) or over-the-counter market on which they trade. Equity securities and ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized

DWS RREEF Real Assets Fund | 31

as Level 1. For certain international equity securities, in order to adjust for events which may occur between the close of the foreign exchanges and the close of the New York Stock Exchange, a fair valuation model may be used. This fair valuation model takes into account comparisons to the valuation of American Depository Receipts (ADRs), exchange-traded funds, futures contracts and certain indices and these securities are categorized as Level 2.

Debt securities are valued at prices supplied by independent pricing services approved by the Fund’s Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund’s Consolidated Investment Portfolio.

32 | DWS RREEF Real Assets Fund

Securities Lending. Deutsche Bank AG, as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. As of period end, any securities on loan were collateralized by cash. During the six months ended September 30, 2019, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.12% annualized effective rate as of September 30, 2019) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of September 30, 2019, the Fund had securities on loan, which were classified as common stocks and exchange-traded funds in the Consolidated Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end.

DWS RREEF Real Assets Fund | 33

Remaining Contractual Maturity of the Agreements as of September 30, 2019
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	7,389,488	$	—	$	—	$	—	$	7,389,488
Exchange-Traded Funds		2,354,150		—		—		—		2,354,150
Total Borrowings	$	9,743,638	$	—	$	—	$	—	$	9,743,638
Gross amount of recognized liabilities for securities lending transactions:									$	9,743,638

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

Additionally, the Fund may be subject to taxes imposed by the governments of countries in which it invests and are generally based on income and/or capital gains earned or repatriated. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized gain/loss on investments. Tax liabilities realized as a result of security sales are reflected as a component of net realized gain/loss on investments.

Income from certain commodity-linked derivatives does not constitute “qualifying income” to the Fund. Receipt of such income could cause the Fund to be subject to tax at the Fund level. The IRS has issued a private letter ruling to the Fund stating that such income earned through its wholly owned Subsidiary constitutes qualifying income. The Fund is required to increase its taxable income by its share of the Subsidiary’s income, including net gains from commodity-linked transactions. Net

34 | DWS RREEF Real Assets Fund

investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income for future periods.

At March 31, 2019, the Fund had a net tax basis capital loss carryforward of approximately 247,354,000, including short-term losses $(52,775,000) and long-term losses $(194,579,000). Such losses include $2,090,000 inherited from its merger with Deutsche Select Alternative Allocation Fund and 195,169,000 inherited from its merger with Deutsche Gold & Precious Metals Fund, which may be applied against any realized net taxable capital gains indefinitely subject to certain limitations under Section 381 – 384 of the Internal Revenue Code.

At September 30, 2019, the aggregate cost of investments for federal income tax purposes was $585,472,931. The net unrealized appreciation for all investments based on tax cost was $44,002,736. This consisted of aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost of $65,366,536 and aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value of $21,363,800.

The Fund has reviewed the tax positions for the open tax years as of March 31, 2019 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s consolidated financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to investment in the Subsidiary, investments in passive foreign investment companies and certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

DWS RREEF Real Assets Fund | 35

Expenses. Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Real Estate Investment Trusts. The Fund at its fiscal year end recharacterizes distributions received from a Real Estate Investment Trust (“REIT”) investment based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available timely from a REIT, the recharacterization will be estimated for financial reporting purposes and a recharacterization will be made to the accounting records in the following year when such information becomes available. Distributions received from REITs in excess of income are recorded as either a reduction of cost of investments or realized gains.

Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.

B. Derivative Instruments

Futures Contracts. A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). For the six months ended September 30, 2019, the Fund entered into commodity futures contracts to gain exposure to the investment return of assets that trade in the commodity markets, without investing directly in physical commodities.

Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary cash or securities (“initial margin”) in an amount equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments (“variation margin”) are made or received by the Fund dependent upon the daily fluctuations in the value and are recorded for financial reporting purposes as unrealized gains or losses by

36 | DWS RREEF Real Assets Fund

the Fund. Gains or losses are realized when the contract expires or is closed. Since all futures contracts are exchange traded, counterparty risk is minimized as the exchange’s clearinghouse acts as the counterparty, and guarantees the futures against default.

Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund’s ability to close out a futures contract prior to the settlement date and the risk that the futures contract is not well correlated with the security, index or currency to which it relates. Risk of loss may exceed amounts disclosed in the Consolidated Statement of Assets and Liabilities.

A summary of the open futures contracts as of September 30, 2019 is included in a table following the Fund’s Consolidated Investment Portfolio. For the six months ended September 30, 2019, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $53,834,000 to $66,868,000 and the investment in futures contracts sold had a total notional value generally indicative of a range from $0 to approximately $2,993,000.

The following tables summarize the value of the Fund’s derivative instruments held as of September 30, 2019 and the related location in the accompanying Consolidated Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Asset Derivative	Futures Contracts
Commodity Contracts (a)	$	1,780,905

The above derivative is located in the following Consolidated Statement of Assets and Liabilities account:

(a) Includes cumulative appreciation of futures contracts as disclosed in the Consolidated Investment Portfolio. Unsettled variation margin is disclosed separately within the Consolidated Statement of Assets and Liabilities.

Liability Derivative	Futures Contracts
Commodity Contracts (b)	$	(1,602,353	)

The above derivative is located in the following Consolidated Statement of Assets and Liabilities account:

(b) Includes cumulative depreciation of futures contracts as disclosed in the Consolidated Investment Portfolio. Unsettled variation margin is disclosed separately within the Consolidated Statement of Assets and Liabilities.

Realized Gain (Loss)	Futures Contracts
Commodity Contracts (c)	$	(3,246,851	)

The above derivative is located in the following Consolidated Statement of Operations account:

(c) Net realized gain (loss) from futures

DWS RREEF Real Assets Fund | 37

Change in Net Unrealized Appreciation (Depreciation)	Futures Contracts
Commodity Contracts (d)	$	(322,129	)

The above derivative is located in the following Consolidated Statement of Operations account:

(d) Change in net unrealized appreciation (depreciation) on futures

C. Purchases and Sales of Securities

During the six months ended September 30, 2019, purchases and sales of investment securities, excluding short-term investments, were as follows:

	Purchases		Sales
Non-U.S. Treasury Obligations	$	225,468,552	$	190,279,551
U.S. Treasury Obligations	$	21,568,692	$	31,542,959

D. Related Parties

Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (formerly Deutsche Investment Management Americas Inc.) (“DIMA” or the “Advisor”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund or delegates such responsibility to the Fund’s sub-advisor.

RREEF America L.L.C (“RREEF”), also an indirect, wholly owned subsidiary of DWS Group, is the subadvisor for the Fund. While DIMA is the investment advisor to the Fund, the day-to-day activities of managing the Fund’s portfolio have been delegated to RREEF. DIMA compensates RREEF out of the management fee it receives from the Fund.

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the Fund’s average daily net assets accrued daily and payable monthly, at the following annual rates:

First $500 million of the Fund’s average daily net assets	.800%
Next $1.5 billion of such net assets	.785%
Over $2 billion of such net assets	.775%

Accordingly, for the six months ended September 30, 2019, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.80% of the Fund’s average daily net assets.

38 | DWS RREEF Real Assets Fund

For the period from April 1, 2019 through November 19, 2020, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

Class A	1.22%
Class T	1.22%
Class C	1.97%
Class R	1.47%
Class R6	.95%
Class S	1.07%
Institutional Class	.95%

For the six months ended September 30, 2019, fees waived and/or expenses reimbursed for each class are as follows:

Class A	$	63,164
Class T		6
Class C		20,485
Class R		4,686
Class R6		258
Class S		120,694
Institutional Class		94,078
	$	303,371

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee (“Administration Fee”) of 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the six months ended September 30, 2019, the Administration Fee was $274,197, of which $47,906 is unpaid.

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent of the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing

DWS RREEF Real Assets Fund | 39

fee it receives from the Fund. For the six months ended September 30, 2019, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at September 30, 2019
Class A	$	11,943	$	4,425
Class T		11		3
Class C		1,594		595
Class R		366		160
Class R6		118		33
Class S		35,988		13,148
Institutional Class		2,148		201
	$	52,168	$	18,565

In addition, for the six months ended September 30, 2019, the amounts charged to the Fund for recordkeeping and other administrative services provided by unaffiliated third parties, included in the Consolidated Statement of Operations under “Services to shareholders,” were as follows:

Sub-Recordkeeping	Total Aggregated
Class A	$	47,017
Class C		16,696
Class R		4,026
Class S		186,465
Institutional Class		55,584
	$	309,788

Distribution and Service Fees. Under the Fund’s Class C and Class R 12b-1 Plans, DWS Distributors, Inc., (“DDI”), an affiliate of the Advisor, receives a fee (“Distribution Fee”) of 0.75% of average daily net assets of Class C shares and 0.25% of average daily net assets of Class R shares. In accordance with the Fund’s Underwriting and Distribution Services Agreement, DDI enters into related selling group agreements with various firms at various rates for sales of Class C and R shares. For the six months ended September 30, 2019, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated		Unpaid at September 30, 2019
Class C	$	97,523	$	14,829
Class R		4,023		658
	$	101,546	$	15,487

40 | DWS RREEF Real Assets Fund

In addition, DDI provides information and administrative services for a fee (“Service Fee”) to Class A, T, C and R shareholders at an annual rate of up to 0.25% of average daily net assets for each such class. DDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the six months ended September 30, 2019, the Service Fee was as follows:

Service Fee	Total Aggregated		Unpaid at September 30, 2019		Annualized Rate
Class A	$	92,785	$	34,943		.24	%
Class T		9		9		.15	%
Class C		32,245		10,793		.25	%
Class R		4,017		1,346		.25	%
	$	129,056	$	47,091

Underwriting Agreement and Contingent Deferred Sales Charge. DDI is the principal underwriter for the Fund. Underwriting commissions paid by shareholders in connection with the distribution of Class A shares for the six months ended September 30, 2019, aggregated $3,864.

In addition, DDI receives any contingent deferred sales charge (“CDSC”) from Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is 1% of the value of the shares redeemed for Class C. For the six months ended September 30, 2019, the CDSC for the Fund’s Class C shares aggregated $693. A deferred sales charge of up to 0.75% is assessed on certain redemptions of Class A shares.

Typesetting and Filing Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certain per-press and regulatory filing services to the Fund. For the six months ended September 30, 2019, the amount charged to the Fund by DIMA included in the Consolidated Statement of Operations under “Reports to shareholders” aggregated $9,848, all of which is unpaid.

Trustees’ Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government

DWS RREEF Real Assets Fund | 41

Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund’s assets invested in DWS ESG Liquidity Fund.

Security Lending Fees. Deutsche Bank AG serves as lending agent for the Fund. For the six months ended September 30, 2019, the Fund incurred lending agent fees to Deutsche Bank AG for the amount of $1,173.

E. Line of Credit

The Fund and other affiliated funds (the “Participants”) share in a $400 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if the one-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 20 percent of its net assets under the agreement. The Fund had no outstanding loans at September 30, 2019.

F. Fund Share Transactions

The following table summarizes share and dollar activity in the Fund:

	Six Months Ended September 30, 2019				Year Ended March 31, 2019
	Shares		Dollars		Shares		Dollars
Shares sold
Class A		1,786,157	$	18,219,729		4,531,731	$	42,870,631
Class T		—		—		3,128		30,000
Class C		116,628		1,175,530		263,897		2,518,322
Class R		10,410		106,550		31,906		306,990
Class R6		26,558		264,713		34,987		327,668
Class S		3,800,594		38,238,159		13,161,782		124,568,798
Institutional Class		7,270,967		73,238,376		12,052,513		113,713,784
			$	131,243,057			$	284,336,193

42 | DWS RREEF Real Assets Fund

	Six Months Ended September 30, 2019						Year Ended March 31, 2019
	Shares			Dollars			Shares			Dollars
Shares issued to shareholders in reinvestment of distributions
Class A		91,634		$	936,496			148,770		$	1,395,757
Class T		15			152			17			159
Class C		28,210			286,046			33,409			317,851
Class R		3,928			40,378			4,662			44,239
Class R6		1,148			11,645			796			7,314
Class S		282,935			2,866,131			364,277			3,377,425
Institutional Class		250,643			2,541,522			232,654			2,150,303
				$	6,682,370					$	7,293,048
Shares redeemed
Class A		(974,958	)	$	(9,864,430	)		(7,580,331	)	$	(71,427,517	)
Class T		—			—			(3,128	)		(30,273	)
Class C		(665,725	)		(6,685,112	)		(2,490,253	)		(23,639,325	)
Class R		(23,887	)		(244,161	)		(102,300	)		(975,136	)
Class R6		(9,638	)		(97,096	)		(12,021	)		(113,364	)
Class S		(4,398,832	)		(44,022,918	)		(11,361,819	)		(106,431,920	)
Institutional Class		(2,415,686	)		(24,279,934	)		(5,521,030	)		(50,977,917	)
				$	(85,193,651	)				$	(253,595,452	)
Net increase (decrease)
Class A		902,833		$	9,291,795			(2,899,830	)	$	(27,161,129	)
Class T		15			152			17			(114	)
Class C		(520,887	)		(5,223,536	)		(2,192,947	)		(20,803,152	)
Class R		(9,549	)		(97,233	)		(65,732	)		(623,907	)
Class R6		18,068			179,262			23,762			221,618
Class S		(315,303	)		(2,918,628	)		2,164,240			21,514,303
Institutional Class		5,105,924			51,499,964			6,764,137			64,886,170
				$	52,731,776					$	38,033,789

DWS RREEF Real Assets Fund | 43

Information About Your Fund’s Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads) and account maintenance fees, which are not shown in this section. The following table is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The examples in the table are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (April 1, 2019 to September 30, 2019).

The tables illustrate your Fund’s expenses in two ways:

– Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold.

– Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000” line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. Subject to certain exceptions, an account maintenance fee of $20.00 assessed once per calendar year for Classes A, C and S shares may apply for accounts with balances less than $10,000. This fee is not included in these tables. If it was, the estimate of expenses paid for Classes A, C and S shares during the period would be higher, and account value during the period would be lower, by this amount.

44 | DWS RREEF Real Assets Fund

Expenses and Value of a $1,000 Investment for the six months ended September 30, 2019 (Unaudited)
Actual Fund Return	Class A		Class T		Class C		Class R		Class R6		Class S		Institutional Class
Beginning Account Value 4/1/19	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 9/30/19	$	1,037.40	$	1,037.40	$	1,034.70	$	1,036.60	$	1,039.30	$	1,038.00	$	1,039.30
Expenses Paid per $1,000*	$	6.21	$	6.21	$	10.02	$	$7.48	$	4.84	$	5.45	$	$4.84
Hypothetical 5% Fund Return	Class A		Class T		Class C		Class R		Class R6		Class S		Institutional Class
Beginning Account Value 4/1/19	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 9/30/19	$	1,018.90	$	1,018.90	$	1,015.15	$	1,017.65	$	1,020.25	$	1,019.65	$	1,020.25
Expenses Paid per $1,000*	$	6.16	$	6.16	$	9.92	$	7.41	$	4.80	$	5.40	$	4.80

* Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 366.

Annualized Expense Ratios	Class A			Class T			Class C			Class R			Class R6			Class S			Institutional Class
DWS RREEF Real Assets Fund		1.22	%		1.22	%		1.97	%		1.47	%		.95	%		1.07	%		.95	%

For more information, please refer to the Fund’s prospectus.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to tools.finra.org/fund_analyzer/.

DWS RREEF Real Assets Fund | 45

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWS RREEF Real Assets Fund’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) and sub-advisory agreement (the “Sub-Advisory Agreement” and together with the Agreement, the “Agreements”) between DIMA and RREEF America L.L.C. (“RREEF”), an affiliate of DIMA, in September 2019.

In terms of the process that the Board followed prior to approving the Agreements, shareholders should know that:

– During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees”).

– The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board’s Contract Committee reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant”). Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

– The Board also received extensive information throughout the year regarding performance of the Fund.

– The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

– In connection with reviewing the Agreements, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA has managed the Fund since its inception, and the Board believes that a long-term relationship with a

46 | DWS RREEF Real Assets Fund

capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA and RREEF are part of DWS Group GmbH & Co. KGaA (“DWS Group”). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group’s shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s and RREEF’s personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreements, including the scope of advisory services provided under the Agreements. The Board noted that, under the Agreements, DIMA and RREEF provide portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. Throughout the course of the year, the Board also received information regarding DIMA’s oversight of fund sub-advisors, including RREEF. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar”), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review” (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2018, the Fund’s performance (Class A shares) was in the 1st quartile, 2nd quartile and 4th quartile,

DWS RREEF Real Assets Fund | 47

respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the one-year period and has underperformed its benchmark in the three- and five-year periods ended December 31, 2018.

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, sub-advisory fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge”) and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were equal to the median of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2018). The Board considered that DIMA implemented new management fee breakpoints effective November 20, 2017, to accommodate the mergers of Deutsche Select Alternative Allocation Fund and Deutsche Gold & Precious Metals Fund into the Fund. With respect to the sub-advisory fee paid to RREEF, the Board noted that the fee is paid by DIMA out of its fee and not directly by the Fund. The Board noted that the Fund’s Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be lower than the median of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2018, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) (“Broadridge Universe Expenses”). The Board also reviewed data comparing each other operational share class’s total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund’s total (net) operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds (“DWS Funds”), noting that DIMA indicated that it does not provide services to any other comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds”) managed by DWS Group. The Board noted that DIMA indicated that DWS Group manages an institutional account comparable to the Fund, but that DWS Group does not manage any comparable DWS Europe Funds. The Board took note of the differences in services provided to DWS Funds as compared to institutional accounts and that such differences made comparison difficult.

48 | DWS RREEF Real Assets Fund

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA and RREEF.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental or “fall-out” benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

DWS RREEF Real Assets Fund | 49

Compliance. The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreements is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreements.

50 | DWS RREEF Real Assets Fund

Account Management Resources

For More Information	The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, T, C and S also have the ability to purchase, exchange or redeem shares using this system. For more information, contact your financial representative. You may also access our automated telephone system or speak with a Shareholder Service representative by calling: (800) 728-3337
Web Site	dws.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information.
Written Correspondence	DWS PO Box 219151 Kansas City, MO 64121-9151
Proxy Voting	The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337.
Portfolio Holdings	Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q or Form N-PORT (available for filings after March 31, 2019). The Fund’s Form N-Q or Form N-PORT will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information.
Principal Underwriter	If you have questions, comments or complaints, contact: DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148

DWS RREEF Real Assets Fund | 51

Investment Management	DWS Investment Management Americas Inc. (“DIMA” or the “Advisor”), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group”), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group. DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles.
	Class A	Class T	Class C	Class S	Institutional Class
Nasdaq Symbol	AAAAX	AAAWX	AAAPX	AAASX	AAAZX
CUSIP Number	25159K 879	25159K 671	25159K 887	25159K 804	25159K 705
Fund Number	487	1787	787	2087	1487
For shareholders of Class R and R6
Automated Information Line	DWS/Ascensus Plan Access (800) 728-3337 24-hour access to your retirement plan account.
Web Site	dws.com Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. Log in/register to manage retirement account assets at https://www.mykplan.com/participantsecure_net/login.aspx.
For More Information	(800) 728-3337 To speak with a service representative.
Written Correspondence	DWS Service Company 222 South Riverside Plaza Chicago, IL 60606-5806
	Class R	Class R6
Nasdaq Symbol	AAAQX	AAAVX
CUSIP Number	25159K 200	25159K 713
Fund Number	1587	1687

52 | DWS RREEF Real Assets Fund

Privacy Statement

FACTS	What Does DWS Do With Your Personal Information?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share can include: – Social Security number – Account balances – Purchase and transaction history – Bank account information – Contact information such as mailing address, e-mail address and telephone number
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons DWS chooses to share and whether you can limit this sharing.

Reasons we can share your personal information	Does DWS share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We do not share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We do not share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We do not share
For non-affiliates to market to you	No	We do not share

Questions? Call (800) 728-3337 or e-mail us at service@dws.com

DWS RREEF Real Assets Fund | 53

Who we are
Who is providing this notice?	DWS Distributors, Inc; DWS Investment Management Americas, Inc.; DWS Trust Company; the DWS Funds
What we do
How does DWS protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does DWS collect my personal information?	We collect your personal information, for example, when you: – open an account – give us your contact information – provide bank account information for ACH or wire transactions – tell us where to send money – seek advice about your investments
Why can’t I limit all sharing?	Federal law gives you the right to limit only – sharing for affiliates’ everyday business purposes – information about your creditworthiness – affiliates from using your information to market to you – sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank (“DB”) name, such as DB AG Frankfurt.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. DWS does not jointly market.

Rev. 3/2019

54 | DWS RREEF Real Assets Fund

Notes

DRAF-3

(R-024413-9 11/19)

ITEM 2.	CODE OF ETHICS
	Not applicable.
ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT
	Not applicable
ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES
	Not applicable
ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS
	Not applicable
ITEM 6.	SCHEDULE OF INVESTMENTS
	Not applicable
ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
	Not applicable
ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
	Not applicable
ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
	Not applicable
ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
	There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board.  The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600.
ITEM 11.	CONTROLS AND PROCEDURES
	(a)	The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
	(b)	There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
ITEM 12.	Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
	Not applicable
ITEM 13.	EXHIBITS
	(a)(1)	Not applicable
	(a)(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
	(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:	DWS RREEF Real Assets Fund, a series of Deutsche DWS Market Trust
By:	/s/Hepsen Uzcan Hepsen Uzcan President
Date:	11/29/2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/Hepsen Uzcan Hepsen Uzcan President
Date:	11/29/2019
By:	/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer
Date:	11/29/2019

EX-99.CERT

President

Form N-CSRS Certification under Sarbanes Oxley Act

I, Hepsen Uzcan, certify that:

1)	I have reviewed this report, filed on behalf of DWS RREEF Real Assets Fund, a series of Deutsche DWS Market Trust, on Form N-CSRS;
2)	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4)	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
	d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5)	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting

11/29/2019	/s/Hepsen Uzcan
	Hepsen Uzcan
	President

Chief Financial Officer and Treasurer

Form N-CSRS Certification under Sarbanes Oxley Act

I, Diane Kenneally, certify that:

1)	I have reviewed this report, filed on behalf of DWS RREEF Real Assets Fund, a series of Deutsche DWS Market Trust, on Form N-CSRS;
2)	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4)	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
	d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5)	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting

11/29/2019	/s/Diane Kenneally
	Diane Kenneally
	Chief Financial Officer and Treasurer

EX-99.906 CERT

President

Section 906 Certification under Sarbanes Oxley Act

I, Hepsen Uzcan, certify that:

1.	I have reviewed this report, filed on behalf of DWS RREEF Real Assets Fund, a series of Deutsche DWS Market Trust, on Form N-CSRS;
2.	Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

11/29/2019	/s/Hepsen Uzcan
	Hepsen Uzcan
	President

Chief Financial Officer and Treasurer

Section 906 Certification under Sarbanes Oxley Act

I, Diane Kenneally, certify that:

1.	I have reviewed this report, filed on behalf of DWS RREEF Real Assets Fund, a series of Deutsche DWS Market Trust, on Form N-CSRS;
2.	Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

11/29/2019	/s/Diane Kenneally
	Diane Kenneally
	Chief Financial Officer and Treasurer