Contents

4	Letter to Shareholders
5	Portfolio Management Review
11	Performance Summary
15	Consolidated Portfolio Summary
17	Consolidated Investment Portfolio
26	Consolidated Statement of Assets and Liabilities
28	Consolidated Statement of Operations
29	Consolidated Statements of Changes in Net Assets
30	Consolidated Financial Highlights
37	Notes to Consolidated Financial Statements
53	Report of Independent Registered Public Accounting Firm
55	Information About Your Fund’s Expenses
57	Tax Information
58	Liquidity Risk Management
59	Advisory Agreement Board Considerations and Fee Evaluation
64	Board Members and Officers
70	Account Management Resources

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.

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

DWS RREEF Real Assets Fund

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. 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. 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. 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. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. 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.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.

DWS RREEF Real Assets Fund

Letter to Shareholders

Dear Shareholder:

While 2022 began with a moderately positive outlook for the economy given good corporate earnings and continued support from central banks, that shifted in late February as a result of escalating tensions between Russia and Ukraine, leading to a major conflict and subsequently a war. The attack on Ukraine has created an incredible humanitarian crisis as well as an economic and geopolitical emergency. At the time of this letter, our portfolio managers are focused on continuously assessing risks and forming opinions on the impact of this crisis on inflation, global trade, and the future of the world economy. As the current situation changes each day there is great uncertainty, and as such, we expect volatility to remain high until this conflict is resolved.

Our CIO Office expects that decisive interventions by central banks and other authorities will help ease current stress on financial systems. We also expect that the U.S. Federal Reserve (the “Fed” ) will remain on its course to fight increasing inflation expectations by increasing the key interest rates several times over the course of the year. Even more than the Fed, we believe that the European Central Bank (the “ECB” ) will focus on fighting recession and financial security risks as an immediate priority by continuing to monitor the impact of higher energy prices and dependencies on Russian gas imports. This may delay ECB changes to the net asset purchasing program. Our view is that the scope and pace of a future recovery from the resolution of the Ukraine crisis is likely to remain uneven among regions, asset classes and investment sectors.

In our view, the current market environment is one that underscores the value and importance of active portfolio management. We also believe that the strong partnership between our portfolio managers and our CIO Office, which synthesizes the views of more than 900 DWS economists, analysts and investment professionals around the world, makes an important difference in executing strategic and tactical decisions for the DWS Funds. As always, thank you for your trust. We welcome the opportunity to help you navigate these unusual times. For ongoing updates to our market and economic outlook, please visit the “Insights” section of dws.com.

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

Portfolio Management Review

(Unaudited)

Market Overview and Fund Performance

All performance information below is historical and does not guarantee future results. Returns shown are for Class A shares, unadjusted for sales charges. 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 most recent month-end performance of all share classes. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had. Please refer to pages 11 through 14 for more complete performance information.

Investment Process

The investment process starts with top-down allocations to each of the underlying real assets categories, and then continues with allocations to the subsectors within each category. Portfolio management then monitors the current economic environment and reviews the real assets category and subsector allocations. Investment positions are adjusted on an ongoing basis based upon portfolio management’s macro views in an effort to increase returns through tactical allocations. Within each of the subsectors, portfolio management values each individual security and uses the relative attractiveness of each to select what it believes to be the best investments to fill the subsector allocations defined by the top-down allocation process. The portfolio is monitored on an ongoing basis for risk management purposes.

Class A shares of DWS RREEF Real Assets Fund returned 21.49% in the 12 months that ended on March 31, 2022, slightly underperforming the 21.68% return of the custom blended benchmark. In managing the Fund, we combine top-down analysis and bottom-up company research to invest in global real estate investment trusts (REITs), global infrastructure stocks, commodities (both futures and equities) and Treasury Inflation Protected Securities (TIPS).

Real assets, as a group, produced a solid gain in the 12-month period and provided a positive, differentiated source of returns compared to the major stock and bond indexes. The category performed particularly well in the first calendar quarter of 2022. During this time, most segments of the financial markets came under pressure from geopolitical tensions and rising inflation. In contrast, these factors were in fact a tailwind for many areas of the real assets category.

Commodity futures was the top performer among the categories in which the Fund invests. The Bloomberg Commodity Index returned 49.25% in

DWS RREEF Real Assets Fund

the annual period and strongly outperformed the Fund’s blended benchmark. Commodity demand rose steadily as the world economy reopened, while supply remained constricted by the aftereffects of COVID-19, snarled supply chains, and continued production discipline by natural resource companies. Commodities performed particularly well in the final three months of the period, when Russia’s invasion of Ukraine further complicated the supply outlook. The category also benefited from elevated demand among investors who were looking for ways to capitalize on accelerating inflation.

The S&P Global Natural Resources Index advanced 29.96% and strongly outperformed the 7.28% return for the broader global equity market — as measured by the MSCI AC World Index — in the same time period. The sector was not only helped by rising commodity prices, but also investors’ positive view on producers’ improving management practices. Generally speaking, commodity producers exhibited greater discipline by limiting capital expenditures, reducing costs, and focusing on shareholder returns instead of attempting to maximize production. Together, these factors helped resource stocks deliver robust absolute and relative returns.

“Real assets, as a group, produced a solid gain in the 12-month period and provided a positive, differentiated source of returns compared to the major stock and bond indexes.”

Infrastructure stocks rose 17.45%, as gauged by the Dow Jones Brookfield Global Infrastructure Index. The portion of the sector with above-average sensitivity to energy prices performed especially well after Western countries began imposing sanctions on Russia, boosting the return for the overall category for the full 12 months. Infrastructure companies’ high level of current cash flow was an additional tailwind in that it reduced the sector’s vulnerability to rising interest rates.

Global real estate returned 14.48%, as measured by the FTSE EPRA/NAREIT Developed Index. The sector produced strong returns in 2021 behind healthy property market fundamentals and investors’ ongoing demand for income. In addition, REITs were seen as potential beneficiaries of inflation since they can pass costs along to their tenants.

DWS RREEF Real Assets Fund

The sector turned lower in the first three months of 2022, however, due to the spike in bond yields and the general “risk-off” tone to the markets.

TIPS returned 4.29%, based on the Bloomberg U.S. Treasury Inflation Notes Total Return Index. The asset class, while losing some ground in the first quarter of 2022, strongly outpaced the broader fixed-income market over the full period amid the backdrop of increasing inflation.

Fund Performance

Security selection and asset allocation are typically the two largest drivers of the Fund’s relative performance. Although we generated positive results from selection, the benefit was more than offset by the adverse effect of allocation decisions. With respect to the former, we delivered the best results in the Americas midstream energy sector within the infrastructure space, followed by developed-market oil and gas producers in the natural resources segment. Selection was also additive in the agricultural chemicals and base metals & mining segments of natural resources, as well as Japan developers in real estate. Conversely, selection effects detracted within the precious metals & mining and emerging oil & gas segments of natural resources. At the individual security level, Cheniere Energy, Inc. and Kinder Morgan, Inc.* were the top contributors to performance, and Orsted AS was the largest detractor.

Allocation effects detracted from performance. An underweight in energy within the commodity futures portfolio was the largest detractor, given that crude oil was one of the best performing commodities in the past 12 months. We also lost ground from an overweight in Americas communications within infrastructure. On the positive side, an overweight in the Americas energy infrastructure category was the top contributor from allocation.

Fund Positioning

We believe the war in Ukraine is likely to have a sustained effect on the world economy by leading to slower growth and higher inflation. We anticipate additional market volatility in the months ahead if sanctions continue to mount in response to Russia’s actions. Any increase in aggression or broadening of the conflict that affects the global economy or markets could potentially have an impact on the cash flow or valuations of companies in the real assets category. We therefore maintained a

DWS RREEF Real Assets Fund

preference for stable businesses we believe are likely to experience positive earnings revisions versus those with a higher degree of economic sensitivity.

As we assessed the infrastructure space, we focused on relative valuations and sought to evaluate the potential impact of slowing growth and elevated inflation. We expect performance dispersion is likely to continue as investors adjust to rising inflation and additional supply chain disruptions, creating potential opportunities for active managers. With much of the world shunning trade with Russia, new commodity and energy sources may be sought by many countries, and supply chains will likely require reconfiguration. The unknown path of central bank tightening to counter inflation adds to the uncertainty. In this environment, we continued to favor “pure-play” companies with robust balance sheets, agile management teams, stable demand profiles, and quality business models that may provide a degree of insulation from external factors.

We remained optimistic on real estate based on the combination of the sustained re-opening and strong secular growth drivers in select sectors. From a long-term perspective, we think returns for public real estate companies will ultimately be driven by the pricing and fundamentals of their underlying assets. While larger sector-level themes may influence regional property market performance, we believe stock selection is likely to be the key driver of investment results over time. We expect that property stocks with high-quality assets and sustainable business models will provide the most favorable risk/return profiles.

Commodity price action continued to be dominated by the war in Ukraine as the annual period drew to a close. The conflict has had a significant impact on energy, metals, and agriculture, with investors assigning large risk premiums to commodities linked to Russian supply. We believe headlines out of the region are likely to have a continued effect on prices in the near term. Geopolitical events remain a risk for the asset class, but we would note that moderate investment in additional capacity throughout the commodity complex has translated to limited growth in supply. In the absence of material demand destruction, we think this could lead to further tightening of supply/demand fundamentals for commodities over the intermediate to long term. We see these trends, together with the continued strength in economic growth, as being supportive for both commodities and natural resource equities.

DWS RREEF Real Assets Fund

More broadly speaking, we maintained a focus on individual security selection. In our view, companies with balance sheet liquidity, capable management, stable demand profiles, and high-quality business models are less vulnerable to external factors.

*	Not held at March 31, 2022.

Portfolio Management Team

John W. Vojticek, Global Head of Liquid Real Assets

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, Head of Investment Strategy Liquid Real Assets

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, Head of Investment Strategy Liquid Real Assets

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.

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

Terms to Know

The Blended Index (Real Assets) 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 U.S. Treasury Inflation Notes Index (name changed from Bloomberg Barclays U.S. Treasury Inflation Notes Index, effective August 24, 2021).

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

DWS RREEF Real Assets Fund

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 three primary commodity-related sectors: agribusiness, energy, and metals & mining. The Bloomberg U.S. Treasury Inflation Notes Index (name changed from Bloomberg Barclays U.S. Treasury Inflation Notes Index, effective August 24, 2021) 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.

Futures contracts are contractual agreements to buy or sell a particular commodity or financial instrument at a pre-determined price in the future.

MSCI All Country World Index is an unmanaged equity index which captures large and mid-capitalization representation across 23 developed markets and 25 emerging markets countries. It covers approximately 85% of the global investable equity opportunity set.

Overweight means the Fund holds a higher weighting in a given sector or security than the benchmark. Underweight means the Fund holds a lower weighting.

Contribution and detraction incorporate both a security’s total return and its weighting in the Fund.

DWS RREEF Real Assets Fund

Performance Summary

March 31, 2022 (Unaudited)

Class A	1-Year	5-Year	10-Year
Average Annual Total Returns as of 3/31/22
Unadjusted for Sales Charge	21.49%	10.89%	6.05%
Adjusted for the Maximum Sales Charge (max 5.75% load)	14.50%	9.58%	5.42%
MSCI World Index^†	10.12%	12.42%	10.88%
Bloomberg U.S. Treasury Inflation Notes Index^†	4.29%	4.43%	2.69%
Blended Index^†	21.68%	8.26%	5.83%

Class T	1-Year	5-Year	10-Year
Average Annual Total Returns as of 3/31/22
Unadjusted for Sales Charge	21.49%	10.89%	6.09%
Adjusted for the Maximum Sales Charge (max 2.50% load)	18.45%	10.33%	5.82%
MSCI World Index^†	10.12%	12.42%	10.88%
Bloomberg U.S. Treasury Inflation Notes Index^†	4.29%	4.43%	2.69%
Blended Index^†	21.68%	8.26%	5.83%

Class C	1-Year	5-Year	10-Year
Average Annual Total Returns as of 3/31/22
Unadjusted for Sales Charge	20.53%	10.06%	5.25%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)	20.53%	10.06%	5.25%
MSCI World Index^†	10.12%	12.42%	10.88%
Bloomberg U.S. Treasury Inflation Notes Index^†	4.29%	4.43%	2.69%
Blended Index^†	21.68%	8.26%	5.83%

Class R	1-Year	5-Year	10-Year
Average Annual Total Returns as of 3/31/22
No Sales Charges	21.16%	10.59%	5.80%
MSCI World Index^†	10.12%	12.42%	10.88%
Bloomberg U.S. Treasury Inflation Notes Index^†	4.29%	4.43%	2.69%
Blended Index^†	21.68%	8.26%	5.83%

DWS RREEF Real Assets Fund

Class R6	1-Year	5-Year	Life of Class^*
Average Annual Total Returns as of 3/31/22
No Sales Charges	21.92%	11.21%	7.25%
MSCI World Index^†	10.12%	12.42%	9.88%
Bloomberg U.S. Treasury Inflation Notes Index^†	4.29%	4.43%	3.45%
Blended Index^†	21.68%	8.26%	5.51%

Class S	1-Year	5-Year	10-Year
Average Annual Total Returns as of 3/31/22
No Sales Charges	21.65%	11.05%	6.21%
MSCI World Index^†	10.12%	12.42%	10.88%
Bloomberg U.S. Treasury Inflation Notes Index^†	4.29%	4.43%	2.69%
Blended Index^†	21.68%	8.26%	5.83%

Institutional Class	1-Year	5-Year	10-Year
Average Annual Total Returns as of 3/31/22
No Sales Charges	21.83%	11.19%	6.37%
MSCI World Index^†	10.12%	12.42%	10.88%
Bloomberg U.S. Treasury Inflation Notes Index^†	4.29%	4.43%	2.69%
Blended Index^†	21.68%	8.26%	5.83%

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, 2021 are 1.33%, 1.31%, 2.08%, 1.71%, 0.95%, 1.16% and 1.03% 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 redemption of fund shares.

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

DWS RREEF Real Assets Fund

higher total annual operating expenses and applicable sales charges of Class T. Any difference in expenses will affect performance.

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 during the period prior to April 26, 2016.

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)

Yearly periods ended March 31

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.

DWS RREEF Real Assets Fund

^†

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.

The Bloomberg U.S. Treasury Inflation Notes Index (name changed from Bloomberg Barclays U.S. Treasury Inflation Notes Index, effective August 24, 2021) 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 U.S. Treasury Inflation Notes Index (name changed from Bloomberg Barclays U.S. Treasury Inflation Notes Index, effective August 24, 2021). 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. 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.

	Class A	Class T	Class C	Class R	Class R6	Class S	Institutional Class
Net Asset Value
3/31/22	$13.64	$13.64	$13.54	$13.72	$13.55	$13.53	$13.54
3/31/21	$11.50	$11.50	$11.42	$11.57	$11.42	$11.41	$11.42
Distribution Information as of 3/31/22
Income Dividends, Twelve Months	$ .30	$ .30	$ .20	$ .27	$ .34	$ .32	$ .34

DWS RREEF Real Assets Fund

Consolidated Portfolio Summary

(Unaudited)

Asset Allocation (As a % of Net Assets)	3/31/22	3/31/21
Common Stocks
Infrastructure	37%	36%
Real Estate	25%	22%
Natural Resource Equities	14%	27%
Commodity Futures	15%	12%
Treasury Inflation Protected Securities	9%	3%
Cash Equivalents, U.S. Treasury Notes, Short-Term U.S. Treasury Obligations and Other Assets and Liabilities, net*	0%	0%
	100%	100%

*	Net of notional exposure to futures contracts

Sector Diversification (As a % of Common Stocks)	3/31/22	3/31/21
Real Estate	42%	32%
Utilities	19%	10%
Energy	14%	19%
Materials	13%	21%
Industrials	10%	14%
Communication Services	1%	1%
Consumer Staples	1%	3%
Information Technology	—	0%
	100%	100%

Geographical Diversification (As a % of Common Stocks and Government & Agency Obligations)	3/31/22	3/31/21
United States	66%	52%
Canada	8%	8%
United Kingdom	5%	6%
Spain	3%	3%
Hong Kong	2%	4%
Australia	2%	5%
Japan	2%	4%
France	2%	2%
Singapore	2%	3%
Sweden	1%	2%
Netherlands	0%	2%
Bermuda	—	2%
Other	7%	7%
	100%	100%

DWS RREEF Real Assets Fund

Ten Largest Common Stocks at March 31, 2022 (20.0% of Net Assets)	Country	Percent
1 Crown Castle International Corp.	United States	3.6%
Provider of wireless infrastructure
2 Sempra Energy	United States	2.6%
Provider of electric and natural gas products and services
3 SBA Communications Corp.	United States	2.4%
Operator of wireless communications infrastructure
4 Cheniere Energy, Inc.	United States	2.2%
Developer of liquefied natural gas terminals
5 Nutrien Ltd.	Canada	2.0%
Provider of crop inputs and services to agriculture industry worldwide
6 CSX Corp.	United States	1.5%
Provider of rail transportation services around the world
7 National Grid PLC	United Kingdom	1.5%
Provider of electricity and natural gas transmission services
8 Welltower, Inc.	United States	1.4%
Investor of senior housing and assisted living facilities
9 Prologis, Inc.	United States	1.4%
Owner, operator and developer of industrial real estate
10 Williams Companies, Inc.	United States	1.4%
Integrated natural gas company that produces, gathers, processes and transports natural gas

Consolidated portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s consolidated investment portfolio, see page 17. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 70 for contact information.

DWS RREEF Real Assets Fund

ConsolidatedInvestment Portfolio

as of March 31, 2022

	Shares		Value ($)
Common Stocks 75.5%
Communication Services 0.8%
Diversified Telecommunication Services
Cellnex Telecom SA 144A		939,572	45,167,360
Consumer Staples 0.6%
Food Products
Bunge Ltd.		293,176	32,486,833
Energy 10.7%
Oil, Gas & Consumable Fuels
Canadian Natural Resources Ltd.		408,185	25,275,048
Cheniere Energy, Inc.		875,722	121,418,855
ConocoPhillips		384,430	38,443,000
Enbridge, Inc.		1,380,690	63,559,341
Exxon Mobil Corp.		309,700	25,578,123
Gazprom PJSC (ADR) (a)		1,013,306	0
Gibson Energy, Inc.		1,136,386	22,734,083
LUKOIL PJSC (ADR) (a)		91,202	0
Marathon Petroleum Corp.		144,796	12,380,058
Pembina Pipeline Corp.		861,750	32,377,233
Pioneer Natural Resources Co.		82,477	20,621,724
Shell PLC		1,749,185	48,056,964
Targa Resources Corp.		408,709	30,845,268
TC Energy Corp.		838,453	47,289,782
TotalEnergies SE (b)		561,210	28,350,947
Williams Companies, Inc.		2,227,212	74,411,153
			591,341,579
Industrials 7.5%
Commercial Services & Supplies 1.1%
Republic Services, Inc.		228,595	30,288,837
Waste Connections, Inc.		222,181	31,038,686
			61,327,523
Construction & Engineering 1.4%
Ferrovial SA		2,296,312	60,963,359
Vinci SA		132,160	13,538,316
			74,501,675

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

DWS RREEF Real Assets Fund

	Shares		Value ($)
Road & Rail 1.9%
CSX Corp.		2,256,083	84,490,308
Union Pacific Corp.		71,896	19,642,706
			104,133,014
Transportation Infrastructure 3.1%
Aena SME SA 144A*		265,632	44,162,428
Atlas Arteria Ltd. (Units)		1,765,900	8,585,830
Auckland International Airport Ltd.*		4,353,262	23,514,714
Fraport AG Frankfurt Airport Services Worldwide*		1,615	89,330
Getlink SE		1,671,832	30,071,445
Grupo Aeroportuario del Pacifico SAB de CV (ADR)		138,330	22,302,946
Japan Airport Terminal Co., Ltd.*		245,754	11,147,773
Transurban Group (Units)		3,242,851	32,713,520
			172,587,986
Materials 9.7%
Chemicals 3.4%
Corteva, Inc.		902,548	51,878,459
Nutrien Ltd.		1,032,763	106,750,098
The Mosaic Co.		396,989	26,399,769
			185,028,326
Containers & Packaging 0.9%
Sealed Air Corp.		225,100	15,072,696
Smurfit Kappa Group PLC		222,290	9,868,248
Westrock Co.		503,290	23,669,729
			48,610,673
Metals & Mining 4.9%
Agnico Eagle Mines Ltd.		432,505	26,466,130
ArcelorMittal SA		518,275	16,623,158
Endeavour Mining PLC		581,700	14,429,082
First Quantum Minerals Ltd.		724,300	25,075,154
Freeport-McMoRan, Inc.		711,614	35,395,680
Glencore PLC		7,382,492	48,235,515
Norsk Hydro ASA		1,997,986	19,446,449
Rio Tinto Ltd.		238,942	21,245,052
Sumitomo Metal Mining Co., Ltd.		214,800	10,963,655
Vale SA (ADR) (b)		2,536,091	50,696,459
			268,576,334
Paper & Forest Products 0.5%
UPM-Kymmene Oyj		896,000	29,190,105

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

DWS RREEF Real Assets Fund

	Shares		Value ($)
Real Estate 31.8%
Equity Real Estate Investment Trusts (REITs) 27.7%
Activia Properties, Inc.		2,417	8,427,383
Agree Realty Corp.		288,560	19,148,842
American Tower Corp.		242,359	60,885,428
Apartment Income REIT Corp.		559,010	29,884,675
Apple Hospitality REIT, Inc.		762,300	13,698,531
AvalonBay Communities, Inc.		251,320	62,420,348
Big Yellow Group PLC		1,135,466	23,036,231
Boston Properties, Inc.		103,400	13,317,920
British Land Co. PLC		3,557,653	24,722,678
CapitaLand Integrated Commercial Trust		11,258,840	18,628,195
Crown Castle International Corp.		1,079,350	199,248,010
Dexus		1,495,400	12,185,012
Digital Realty Trust, Inc.		211,630	30,009,134
EastGroup Properties, Inc.		231,705	47,100,992
Equinix, Inc.		41,290	30,621,490
Essential Properties Realty Trust, Inc.		867,089	21,937,352
GPT Group		4,313,678	16,628,123
Granite Real Estate Investment Trust		341,697	26,343,044
Healthpeak Properties, Inc.		51,478	1,767,240
Hulic Reit, Inc.		4,075	5,570,982
Independence Realty Trust, Inc.		492,791	13,029,394
Inmobiliaria Colonial Socimi SA		1,871,501	16,999,288
Kenedix Retail REIT Corp.		3,615	8,309,117
Kimco Realty Corp.		788,370	19,472,739
Kite Realty Group Trust		1,080,529	24,603,645
LaSalle Logiport REIT		6,960	10,013,979
Life Storage, Inc.		353,358	49,622,064
Link REIT		3,726,868	31,749,754
Mapletree Logistics Trust		11,951,000	16,258,245
Mid-America Apartment Communities, Inc.		92,923	19,462,722
Mirvac Group		5,805,597	10,744,287
Nippon Prologis REIT, Inc.		3,825	11,187,895
Omega Healthcare Investors, Inc. (b)		458,034	14,272,340
Prologis, Inc.		463,260	74,807,225
Public Storage		134,690	52,566,813
RioCan Real Estate Investment Trust		1,698,400	34,276,392
Ryman Hospitality Properties, Inc.*		299,696	27,802,798
SBA Communications Corp.		387,076	133,192,852
Segro PLC		1,672,498	29,571,180
Simon Property Group, Inc.		204,820	26,946,119
STAG Industrial, Inc.		789,780	32,657,403

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

DWS RREEF Real Assets Fund

	Shares		Value ($)
Sun Communities, Inc.		109,956	19,274,187
Unibail-Rodamco-Westfield*		245,141	18,393,178
UNITE Group PLC		1,458,491	22,114,149
Ventas, Inc.		739,130	45,648,669
Welltower, Inc.		788,437	75,800,333
Weyerhaeuser Co.		469,270	17,785,333
			1,522,143,710
Real Estate Management & Development 4.1%
Capitaland Investment Ltd.*		11,278,200	33,074,338
Castellum AB (b)		462,426	11,449,708
City Developments Ltd.		2,096,400	12,123,986
CK Asset Holdings Ltd.		3,006,963	20,549,443
CTP NV 144A		758,200	12,736,610
Fabege AB (b)		1,494,899	22,091,223
Fastighets AB Balder “B” *		315,740	20,791,041
Mitsui Fudosan Co., Ltd.		637,400	13,591,938
Sun Hung Kai Properties Ltd.		1,937,500	22,987,159
Tricon Residential, Inc.		1,647,310	26,159,283
Vonovia SE		398,274	18,570,752
Wharf Real Estate Investment Co., Ltd.		2,066,000	10,220,334
			224,345,815
Utilities 14.4%
Electric Utilities 3.0%
Edison International		445,153	31,205,225
Eversource Energy		230,375	20,316,771
Exelon Corp.		268,500	12,788,655
Orsted AS 144A*		260,782	32,800,338
Terna - Rete Elettrica Nazionale		8,002,531	68,698,005
			165,808,994
Gas Utilities 3.0%
APA Group (Units)		1,859,152	14,763,289
Atmos Energy Corp.		545,840	65,222,422
China Resources Gas Group Ltd.		4,508,200	19,040,846
ENN Energy Holdings Ltd.		655,311	9,792,855
Hong Kong & China Gas Co., Ltd.		22,137,850	26,772,385
Toho Gas Co., Ltd.		397,700	8,838,856
Tokyo Gas Co., Ltd.		1,089,400	19,941,171
			164,371,824
Multi-Utilities 6.6%
Ameren Corp.		714,333	66,975,862
CenterPoint Energy, Inc.		410,489	12,577,383

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

DWS RREEF Real Assets Fund

	Shares		Value ($)
National Grid PLC		5,445,138	84,047,396
NiSource, Inc.		1,733,952	55,139,674
Sempra Energy		853,425	143,477,811
			362,218,126
Water Utilities 1.8%
American Water Works Co., Inc.		342,619	56,713,723
Severn Trent PLC		1,029,780	41,640,552
			98,354,275
Total Common Stocks (Cost $3,582,857,071)			4,150,194,152

	Principal Amount ($)		Value ($)
Government & Agency Obligations 21.2%
U.S. Treasury Obligations
U.S. Treasury Inflation-Indexed Bonds, 1.375%, 2/15/2044		30,120,866	38,578,241
U.S. Treasury Inflation-Indexed Notes:
0.125%, 7/15/2031		25,275,797	26,880,711
0.25%, 1/15/2025		66,958,867	70,216,573
0.25%, 7/15/2029		39,957,927	42,653,526
0.375%, 1/15/2027		75,222,703	79,724,312
0.375%, 7/15/2027		55,695,366	59,318,828
0.5%, 4/15/2024		42,368,784	44,530,253
0.625%, 1/15/2026		65,533,921	69,864,024
0.875%, 1/15/2029		36,830,323	40,662,260
U.S. Treasury Notes:
0.125%, 5/31/2022		17,496,000	17,488,358
0.125%, 7/31/2022		11,416,000	11,390,136
0.125%, 1/31/2023		64,000,000	63,242,500
0.125%, 2/28/2023		60,000,000	59,193,750
0.125%, 5/31/2023		50,000,000	48,978,515
0.125%, 6/30/2023		65,000,000	63,534,961
0.125%, 8/31/2023		67,016,000	65,199,238
1.375%, 10/15/2022		24,514,000	24,543,685
1.375%, 9/30/2023		68,500,000	67,742,754
1.625%, 8/31/2022		68,800,000	68,988,125
1.625%, 12/15/2022		45,000,000	45,086,133
1.625%, 4/30/2023		44,700,000	44,619,679
2.875%, 10/31/2023		76,901,000	77,721,077
2.875%, 11/30/2023		37,500,000	37,892,578
Total Government & Agency Obligations (Cost $1,183,464,336)			1,168,050,217

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

DWS RREEF Real Assets Fund

	Shares		Value ($)
Securities Lending Collateral 1.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.23% (c) (d) (Cost $69,740,451)		69,740,451	69,740,451
Cash Equivalents 3.0%
DWS Central Cash Management Government Fund, 0.28% (c) (Cost $165,421,662)		165,421,662	165,421,662

	% of Net Assets	Value ($)
Total Consolidated Investment Portfolio (Cost $5,001,483,520)	101.0	5,553,406,482
Other Assets and Liabilities, Net	(1.0)	(56,289,944)
Net Assets	100.0	5,497,116,538

A summary of the Fund’s transactions with affiliated investments during the year ended March 31, 2022 are as follows:

Value ($) at 3/31/2021	Pur- chases Cost ($)	Sales Proceeds ($)	Net Real- ized Gain/ (Loss) ($)	Net Change in Unreal- ized Appreci- ation (Depreci- ation) ($)	Income ($)	Capital Gain Distri- butions ($)	Number of Shares at 3/31/2022	Value ($) at 3/31/2022
Securities Lending Collateral 1.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.23% (c) (d)
12,438,690	57,301,761 (e)	—	—	—	35,978	—	69,740,451	69,740,451
Cash Equivalents 3.0%
DWS Central Cash Management Government Fund, 0.28% (c)
34,835,011	2,736,895,385	2,606,308,734	—	—	37,678	—	165,421,662	165,421,662
47,273,701	2,794,197,146	2,606,308,734	—	—	73,656	—	235,162,113	235,162,113

*	Non-income producing security.
(a)	Investment was valued using significant unobservable inputs.
(b)	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 March 31, 2022 amounted to $65,738,237, which is 1.2% of net assets.
(c)	Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

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

DWS RREEF Real Assets Fund

(d)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(e)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended March 31, 2022.

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

LME: London Metal Exchange

PJSC: Public Joint Stock Company

RBOB: Reformulated Blendstock for Oxygenate Blending

ULSD: Ultra-Low Sulfur Diesel

WTI: West Texas Intermediate

At March 31, 2022, open futures contracts purchased were as follows:

Futures	Currency	Expiration Date	Contracts	Notional Amount ($)	Notional Value ($)	Unrealized Appreciation/ (Depreciation) ($)
Brent Crude Oil Futures	USD	5/31/2022	530	59,348,657	54,446,900	(4,901,757)
Coffee “C” Futures	USD	7/19/2022	67	5,587,420	5,689,556	102,136
Copper Futures	USD	7/27/2022	698	82,722,852	82,983,475	260,623
Corn Futures	USD	7/14/2022	1,434	51,825,002	52,556,100	731,098
Cotton No. 2 Futures	USD	7/7/2022	103	6,474,562	6,801,605	327,043
Gas Oil Futures	USD	7/12/2022	397	37,784,063	37,099,650	(684,413)
Gasoline RBOB Futures	USD	6/30/2022	52	6,485,115	6,612,497	127,382
Gold 100 oz. Futures	USD	6/28/2022	492	97,034,652	96,136,800	(897,852)
Lean Hogs Futures	USD	6/14/2022	359	16,232,980	17,321,750	1,088,770
Live Cattle Futures	USD	6/30/2022	497	26,682,559	27,260,450	577,891
LME Nickel Futures	USD	5/16/2022	220	30,526,972	42,365,400	11,838,428
LME Nickel Futures	USD	7/18/2022	89	17,635,744	17,147,808	(487,936)
LME Primary Aluminium Futures	USD	5/16/2022	986	80,100,494	85,957,262	5,856,768

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

DWS RREEF Real Assets Fund

Futures	Currency	Expiration Date	Contracts	Notional Amount ($)	Notional Value ($)	Unrealized Appreciation/ (Depreciation) ($)
LME Zinc Futures	USD	5/16/2022	333	30,316,344	34,985,813	4,669,469
LME Zinc Futures	USD	7/18/2022	164	17,039,302	17,103,150	63,848
Natural Gas Futures	USD	6/28/2022	295	16,740,828	16,980,200	239,372
Natural Gas Futures	USD	5/26/2022	348	19,425,631	19,839,480	413,849
NY Harbor ULSD Futures	USD	6/30/2022	240	32,934,037	31,339,728	(1,594,309)
Palladium Futures	USD	6/28/2022	39	8,877,145	8,796,840	(80,305)
Silver Futures	USD	7/27/2022	196	24,792,017	24,697,960	(94,057)
Soybean Futures	USD	7/14/2022	553	45,793,967	44,184,700	(1,609,267)
Soybean Meal Futures	USD	7/14/2022	351	16,155,567	16,124,940	(30,627)
Soybean Oil Futures	USD	7/14/2022	684	29,192,943	28,169,856	(1,023,087)
Sugar Futures	USD	6/30/2022	254	5,447,271	5,496,153	48,882
Wheat Futures	USD	7/14/2022	273	15,446,961	14,056,087	(1,390,874)
WTI Crude Futures	USD	6/21/2022	610	62,513,337	59,096,800	(3,416,537)
Total					853,250,960	10,134,538

At March 31, 2022, open futures contracts sold were as follows:

Futures	Currency	Expiration Date	Contracts	Notional Amount ($)	Notional Value ($)	Unrealized Appreciation/ (Depreciation) ($)
LME Nickel Futures	USD	5/16/2022	133	25,119,792	25,611,810	(492,018)
LME Primary Aluminium Futures	USD	5/16/2022	11	980,739	958,955	21,784
LME Zinc Futures	USD	5/16/2022	202	20,844,161	21,222,625	(378,464)
Total					47,793,390	(848,698)

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

DWS RREEF Real Assets Fund

Currency Abbreviation(s)

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.

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 March 31, 2022 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 (a)
Communication Services	$ —	$ 45,167,360	$—	$ 45,167,360
Consumer Staples	32,486,833	—	—	32,486,833
Energy	514,933,668	76,407,911	0	591,341,579
Industrials	187,763,483	224,786,715	—	412,550,198
Materials	375,833,256	155,572,182	—	531,405,438
Real Estate	1,263,763,317	482,726,208	—	1,746,489,525
Utilities	464,417,526	326,335,693	—	790,753,219
Government & Agency Obligations	—	1,168,050,217	—	1,168,050,217
Short-Term Investments (a)	235,162,113	—	—	235,162,113
Derivatives (b)
Futures Contracts	26,367,343	—	—	26,367,343
Total	$3,100,727,539	$2,479,046,286	$ —	$5,579,773,825
Liabilities	Level 1	Level 2	Level 3	Total
Derivatives (b)
Futures Contracts	$ (17,081,503)	$ —	$—	$ (17,081,503)
Total	$ (17,081,503)	$ —	$ —	$ (17,081,503)
During the period ended March 31, 2022, the amount of transfers between Level 1 and Level 3 was $6,928,859. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.
Transfers between price levels are recognized at the beginning of the reporting period.

(a)	See Consolidated Investment Portfolio for additional detailed categorizations.
(b)	Derivatives include unrealized appreciation (depreciation) on open futures contracts.

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

DWS RREEF Real Assets Fund

Consolidated Statement of Assets and Liabilities

as of March 31, 2022

Assets
Investments in non-affiliated securities, at value (cost $4,766,321,407) — including $65,738,237 of securities loaned	$ 5,318,244,369
Investment in DWS Government & Agency Securities Portfolio (cost $69,740,451)*	69,740,451
Investment in DWS Central Cash Management Government Fund (cost $165,421,662)	165,421,662
Cash	10,000
Foreign currency, at value (cost $5,120,444)	5,130,732
Deposit with broker for futures contracts	65,581,937
Receivable for investments sold	18,153,338
Receivable for Fund shares sold	36,775,803
Dividends receivable	9,108,209
Interest receivable	2,631,797
Foreign taxes recoverable	180,749
Other assets	144,102
Total assets	5,691,123,149
Liabilities
Payable upon return of securities loaned	69,740,451
Payable for investments purchased	111,788,338
Payable for Fund shares redeemed	2,186,306
Payable for variation margin on futures contracts	5,825,920
Accrued management fee	2,952,357
Accrued Trustees' fees	498
Other accrued expenses and payables	1,512,741
Total liabilities	194,006,611
Net assets, at value	$ 5,497,116,538
Net Assets Consist of
Distributable earnings (loss)	295,681,899
Paid-in capital	5,201,434,639
Net assets, at value	$ 5,497,116,538

*	Represents collateral on securities loaned.

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

DWS RREEF Real Assets Fund

Consolidated Statement of Assets and Liabilities
as of March 31, 2022 (continued)

Net Asset Value
Class A
Net Asset Value and redemption price per share ($146,524,086 ÷ 10,739,231 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$ 13.64
Maximum offering price per share (100 ÷ 94.25 of $13.64)	$ 14.47
Class T
Net Asset Value and redemption price per share ($16,197 ÷ 1,188 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)**	$ 13.64
Maximum offering price per share (100 ÷ 97.50 of $13.64)	$ 13.99
Class C
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($23,625,675 ÷ 1,744,950 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$ 13.54
Class R
Net Asset Value, offering and redemption price per share ($3,004,259 ÷ 218,947 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$ 13.72
Class R6
Net Asset Value, offering and redemption price per share ($117,190,387 ÷ 8,651,063 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$ 13.55
Class S
Net Asset Value, offering and redemption price per share ($391,728,597 ÷ 28,949,930 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$ 13.53
Institutional Class
Net Asset Value, offering and redemption price per share ($4,815,027,337 ÷ 355,547,073 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$ 13.54

**	Net asset value and redemption price per share may not recalculate due to rounding of net assets and/or shares outstanding.

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

DWS RREEF Real Assets Fund

Consolidated Statement of Operations

for the year ended March 31, 2022

Investment Income
Income:
Dividends (net of foreign taxes withheld of $3,464,374)	$ 70,508,920
Interest (net of foreign taxes withheld of $4,641)	11,367,370
Income distributions — DWS Central Cash Management Government Fund	37,678
Securities lending income, net of borrower rebates	35,978
Total income	81,949,946
Expenses:
Management fee	26,772,747
Administration fee	3,326,140
Services to shareholders	3,527,403
Distribution and service fees	493,441
Custodian fee	201,142
Professional fees	125,489
Reports to shareholders	119,796
Registration fees	439,790
Trustees' fees and expenses	115,323
Other	133,460
Total expenses before expense reductions	35,254,731
Expense reductions	(3,259,060)
Total expenses after expense reductions	31,995,671
Net investment income	49,954,275
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments	29,408,349
Capital gain dividends received	1,188,129
Futures	160,997,686
Foreign currency	(246,073)
Payments by affiliates (see Note G)	3,166
	191,351,257
Change in net unrealized appreciation (depreciation) on:
Investments	396,217,626
Futures	9,441,386
Foreign currency	50,613
	405,709,625
Net gain (loss)	597,060,882
Net increase (decrease) in net assets resulting from operations	$ 647,015,157

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

DWS RREEF Real Assets Fund

Consolidated Statements of Changes in Net Assets

	Years Ended March 31,
Increase (Decrease) in Net Assets	2022	2021
Operations:
Net investment income	$ 49,954,275	$ 10,833,844
Net realized gain (loss)	191,351,257	19,997,276
Change in net unrealized appreciation (depreciation)	405,709,625	190,917,312
Net increase (decrease) in net assets resulting from operations	647,015,157	221,748,432
Distributions to shareholders:
Class A	(2,959,877)	(1,155,462)
Class T	(352)	(166)
Class C	(261,754)	(101,439)
Class R	(58,175)	(30,814)
Class R6	(2,227,839)	(82,318)
Class S	(7,982,238)	(2,862,199)
Institutional Class	(77,858,454)	(8,029,727)
Total distributions	(91,348,689)	(12,262,125)
Fund share transactions:
Proceeds from shares sold	4,018,528,707	1,003,890,337
Reinvestment of distributions	82,591,391	11,467,202
Payments for shares redeemed	(692,444,910)	(272,502,767)
Net increase (decrease) in net assets from Fund share transactions	3,408,675,188	742,854,772
Increase (decrease) in net assets	3,964,341,656	952,341,079
Net assets at beginning of period	1,532,774,882	580,433,803
Net assets at end of period	$5,497,116,538	$1,532,774,882

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

DWS RREEF Real Assets Fund

Consolidated Financial Highlights

DWS RREEF Real Assets Fund — Class A
	Years Ended March 31,
	2022	2021	2020	2019	2018
Selected Per Share Data
Net asset value, beginning of period	$11.50	$8.73	$10.05	$9.32	$8.88
Income (loss) from investment operations:
Net investment income^a	.15	.11	.15	.14	.12
Net realized and unrealized gain (loss)	2.29	2.80	(1.28)	.73	.47
Total from investment operations	2.44	2.91	(1.13)	.87	.59
Less distributions from:
Net investment income	(.30)	(.14)	(.19)	(.14)	(.15)
Net asset value, end of period	$13.64	$11.50	$8.73	$10.05	$9.32
Total Return (%)^b,c	21.49	33.59	(11.51)	9.49	6.63
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	147	92	70	72	94
Ratio of expenses before expense reductions (%)	1.29	1.33	1.36	1.37	1.40
Ratio of expenses after expense reductions (%)	1.22	1.22	1.22	1.22	1.22
Ratio of net investment income (%)	1.15	1.07	1.48	1.42	1.32
Portfolio turnover rate (%)	65	74	88	72	143

^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.

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

DWS RREEF Real Assets Fund

DWS RREEF Real Assets Fund — Class T
	Years Ended March 31,				Period Ended
	2022	2021	2020	2019	3/31/18 ^a
Selected Per Share Data
Net asset value, beginning of period	$11.50	$8.73	$10.05	$9.31	$9.19
Income (loss) from investment operations:
Net investment income^b	.14	.11	.15	.13	.09
Net realized and unrealized gain (loss)	2.30	2.80	(1.28)	.75	.17
Total from investment operations	2.44	2.91	(1.13)	.88	.26
Less distributions from:
Net investment income	(.30)	(.14)	(.19)	(.14)	(.14)
Net asset value, end of period	$13.64	$11.50	$8.73	$10.05	$9.31
Total Return (%)^c,d	21.49	33.59	(11.51)	9.61	2.91 ^*
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ thousands)	16	13	10	11	10
Ratio of expenses before expense reductions (%)	1.23	1.31	1.32	1.33	1.43 ^**
Ratio of expenses after expense reductions (%)	1.22	1.22	1.22	1.22	1.22 ^**
Ratio of net investment income (%)	1.14	1.06	1.51	1.39	1.21 ^**
Portfolio turnover rate (%)	65	74	88	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 Fund’s portfolio turnover rate for the year ended March 31, 2018.
^*	Not annualized
^**	Annualized

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

DWS RREEF Real Assets Fund

DWS RREEF Real Assets Fund — Class C
	Years Ended March 31,
	2022	2021	2020	2019	2018
Selected Per Share Data
Net asset value, beginning of period	$11.42	$8.67	$9.97	$9.25	$8.82
Income (loss) from investment operations:
Net investment income^a	.05	.03	.08	.07	.05
Net realized and unrealized gain (loss)	2.27	2.78	(1.27)	.72	.46
Total from investment operations	2.32	2.81	(1.19)	.79	.51
Less distributions from:
Net investment income	(.20)	(.06)	(.11)	(.07)	(.08)
Net asset value, end of period	$13.54	$11.42	$8.67	$9.97	$9.25
Total Return (%)^b,c	20.53	32.58	(12.05)	8.62	5.80
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	24	12	16	29	47
Ratio of expenses before expense reductions (%)	2.02	2.08	2.10	2.13	2.16
Ratio of expenses after expense reductions (%)	1.97	1.97	1.97	1.97	1.97
Ratio of net investment income (%)	.40	.28	.79	.69	.57
Portfolio turnover rate (%)	65	74	88	72	143

^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.

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

DWS RREEF Real Assets Fund

DWS RREEF Real Assets Fund — Class R
	Years Ended March 31,
	2022	2021	2020	2019	2018
Selected Per Share Data
Net asset value, beginning of period	$11.57	$8.79	$10.11	$9.38	$8.94
Income (loss) from investment operations:
Net investment income^a	.12	.08	.13	.11	.10
Net realized and unrealized gain (loss)	2.30	2.82	(1.28)	.74	.46
Total from investment operations	2.42	2.90	(1.15)	.85	.56
Less distributions from:
Net investment income	(.27)	(.12)	(.17)	(.12)	(.12)
Net asset value, end of period	$13.72	$11.57	$8.79	$10.11	$9.38
Total Return (%)^b	21.16	33.15	(11.65)	9.16	6.33
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	3	3	2	3	4
Ratio of expenses before expense reductions (%)	1.67	1.71	1.75	1.75	1.82
Ratio of expenses after expense reductions (%)	1.47	1.47	1.47	1.47	1.47
Ratio of net investment income (%)	.93	.80	1.26	1.18	1.07
Portfolio turnover rate (%)	65	74	88	72	143

^a	Based on average shares outstanding during the period.
^b	Total return would have been lower had certain expenses not been reduced.

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

DWS RREEF Real Assets Fund

DWS RREEF Real Assets Fund — Class R6
	Years Ended March 31,
	2022	2021	2020	2019	2018
Selected Per Share Data
Net asset value, beginning of period	$11.42	$8.67	$9.97	$9.25	$8.82
Income (loss) from investment operations:
Net investment income^a	.18	.21	.17	.16	.14
Net realized and unrealized gain (loss)	2.29	2.71	(1.25)	.73	.46
Total from investment operations	2.47	2.92	(1.08)	.89	.60
Less distributions from:
Net investment income	(.34)	(.17)	(.22)	(.17)	(.17)
Net asset value, end of period	$13.55	$11.42	$8.67	$9.97	$9.25
Total Return (%)^b	21.92	33.94	(11.17)	9.74	6.85
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	117	37	4	1	.31
Ratio of expenses before expense reductions (%)	.91	.95	1.00	1.06	1.13
Ratio of expenses after expense reductions (%)	.90	.93	.95	.95	.95
Ratio of net investment income (%)	1.44	2.04	1.66	1.70	1.51
Portfolio turnover rate (%)	65	74	88	72	143

^a	Based on average shares outstanding during the period.
^b	Total return would have been lower had certain expenses not been reduced.

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

DWS RREEF Real Assets Fund

DWS RREEF Real Assets Fund — Class S
	Years Ended March 31,
	2022	2021	2020	2019	2018
Selected Per Share Data
Net asset value, beginning of period	$11.41	$8.66	$9.97	$9.24	$8.81
Income (loss) from investment operations:
Net investment income^a	.16	.12	.17	.15	.14
Net realized and unrealized gain (loss)	2.28	2.79	(1.27)	.74	.45
Total from investment operations	2.44	2.91	(1.10)	.89	.59
Less distributions from:
Net investment income	(.32)	(.16)	(.21)	(.16)	(.16)
Net asset value, end of period	$13.53	$11.41	$8.66	$9.97	$9.24
Total Return (%)^b	21.65	33.81	(11.38)	9.72	6.72
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	392	243	149	255	217
Ratio of expenses before expense reductions (%)	1.12	1.16	1.17	1.16	1.24
Ratio of expenses after expense reductions (%)	1.07	1.07	1.07	1.07	1.07
Ratio of net investment income (%)	1.29	1.23	1.68	1.57	1.49
Portfolio turnover rate (%)	65	74	88	72	143

^a	Based on average shares outstanding during the period.
^b	Total return would have been lower had certain expenses not been reduced.

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

DWS RREEF Real Assets Fund

DWS RREEF Real Assets Fund — Institutional Class
	Years Ended March 31,
	2022	2021	2020	2019	2018
Selected Per Share Data
Net asset value, beginning of period	$11.42	$8.67	$9.97	$9.25	$8.82
Income (loss) from investment operations:
Net investment income^a	.19	.15	.17	.16	.15
Net realized and unrealized gain (loss)	2.27	2.77	(1.25)	.73	.45
Total from investment operations	2.46	2.92	(1.08)	.89	.60
Less distributions from:
Net investment income	(.34)	(.17)	(.22)	(.17)	(.17)
Net asset value, end of period	$13.54	$11.42	$8.67	$9.97	$9.25
Total Return (%)^b	21.83	33.94	(11.17)	9.74	6.84
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	4,815	1,146	340	170	95
Ratio of expenses before expense reductions (%)	1.00	1.03	1.07	1.07	1.12
Ratio of expenses after expense reductions (%)	.90	.94	.95	.95	.95
Ratio of net investment income (%)	1.50	1.49	1.72	1.68	1.58
Portfolio turnover rate (%)	65	74	88	72	143

^a	Based on average shares outstanding during the period.
^b	Total return would have been lower had certain expenses not been reduced.

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

DWS RREEF Real Assets Fund

Notes to Consolidated Financial Statements

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. Class T shares are 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 convert to Class A shares in the same fund after 8 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 8 years. Class R shares and Class R6 shares are not subject to initial or contingent deferred sales charges and are generally available only to certain retirement plans. Class S shares are not subject to initial or contingent deferred sales charges and are available through certain intermediary relationships with financial services firms, or can be purchased by establishing an account directly with the Fund’s transfer agent. 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 distribution and service fees, services to shareholders 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

DWS RREEF Real Assets Fund

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.

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 derivatives 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 March 31, 2022, the Fund’s investment in the Subsidiary was $799,454,479, representing 14% 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.

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 or ETFs for which no sales are reported are valued at the

DWS RREEF Real Assets Fund

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 or ETFs are generally categorized 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.

DWS RREEF Real Assets Fund

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

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 efforts 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 year ended March 31, 2022, 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 March 31, 2022) 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 March 31, 2022, the Fund had securities on loan, which were classified as common stocks in the Consolidated Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.

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

DWS RREEF Real Assets Fund

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 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, 2022, the Fund had net tax basis capital loss carryforwards of approximately $211,300,000, including short-term losses ($51,097,000) and long-term losses ($160,203,000). Such losses include $196,790,000 inherited from its mergers with affiliated funds, 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.

The Fund has reviewed the tax positions for the open tax years as of March 31, 2022 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s consolidated

DWS RREEF Real Assets Fund

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.

At March 31, 2022, the Fund’s components of distributable earnings (accumulated losses) on a net tax basis were as follows:

Undistributed ordinary income*	$ 164,818,590
Capital loss carryforwards	$ (211,300,000)
Net unrealized appreciation (depreciation) on investments	$ 522,152,711

At March 31, 2022, the aggregate cost of investments for federal income tax purposes was $5,085,722,763. The net unrealized appreciation for all investments based on tax cost was $522,152,711. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $2,201,786,990 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $1,679,634,279.

In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:

	Years Ended March 31,
	2022	2021
Distributions from ordinary income*	$ 91,348,689	$ 12,262,125

*	For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

DWS RREEF Real Assets Fund

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

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 year ended March 31, 2022, 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

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 recognized in the Consolidated Statement of Assets and Liabilities.

A summary of the open futures contracts as of March 31, 2022, is included in a table following the Fund’s Consolidated Investment Portfolio. For the year ended March 31, 2022, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $180,748,000 to $853,251,000, and the investment in futures contracts sold had a total notional value generally indicative of a range from approximately $2,202,000 to $98,344,000.

The following tables summarize the value of the Fund’s derivative instruments held as of March 31, 2022 and the related location in the accompanying Consolidated Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Assets Derivative	Futures Contracts
Commodity Contracts (a)	$ 26,367,343
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 (a)	$ (17,081,503)
The above derivative is located in the following Consolidated Statement of Assets and Liabilities account:

(a)	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.

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the year ended March 31, 2022 and the related location in the accompanying

DWS RREEF Real Assets Fund

Consolidated Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Realized Gain (Loss)	Futures Contracts
Commodity Contracts (a)	$ 160,997,686
The above derivative is located in the following Consolidated Statement of Operations account:

(a)	Net realized gain (loss) from futures

Change in Net Unrealized Appreciation (Depreciation)	Futures Contracts
Commodity Contracts (a)	$ 9,441,386
The above derivative is located in the following Consolidated Statement of Operations account:

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

C.	Purchases and Sales of Securities

During the year ended March 31, 2022, purchases and sales of investment securities, excluding short-term investments, were as follows:

	Purchases	Sales
Non-U.S. Treasury Obligations	$4,345,464,785	$1,899,710,873
U.S. Treasury Obligations	$1,188,331,617	$ 241,212,502

D.	Related Parties

Management Agreement. Under the Investment Management Agreement with DWS 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 subadvisor.

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.

Prior to October 1, 2021, under the Investment Management Agreement with the Advisor, the Fund paid a monthly management fee based on the

DWS RREEF Real Assets Fund

average daily net assets of the Fund, computed and 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 $2.0 billion of such net assets	.775%

Effective October 1, 2021, under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and 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%
Next $1.5 billion of such net assets	.775%
Over $3.5 billion of such net assets	.750%

Accordingly, for the year ended March 31, 2022, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.781% of the Fund’s average daily net assets.

For the period from April 1, 2021 through September 30, 2022, 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	.90%
Class S	1.07%
Institutional Class	.90%

DWS RREEF Real Assets Fund

For the year ended March 31, 2022, fees waived and/or expenses reimbursed for each class are as follows:

Class A	$ 81,787
Class T	2
Class C	7,867
Class R	5,555
Class R6	10,057
Class S	142,722
Institutional Class	3,011,070
	$ 3,259,060

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 0.097% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the year ended March 31, 2022, the Administration Fee was $3,326,140, of which $421,038 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 for 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 fee it receives from the Fund. For the year ended March 31, 2022, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated	Unpaid at March 31, 2022
Class A	$ 21,777	$ 3,620
Class T	26	4
Class C	1,518	255
Class R	328	51
Class R6	977	160
Class S	64,650	10,770
Institutional Class	2,773	482
	$ 92,049	$ 15,342

In addition, for the year ended March 31, 2022, the amounts charged to the Fund for recordkeeping and other administrative services provided by

DWS RREEF Real Assets Fund

unaffiliated third parties, included in the Consolidated Statement of Operations under “Services to shareholders,” were as follows:

Sub-Recordkeeping	Total Aggregated
Class A	$ 133,362
Class C	16,692
Class R	6,821
Class S	578,089
Institutional Class	2,670,274
	$ 3,405,238

Distribution and Service Fees. Under the Fund’s Class C and R 12b-1 Plans, DWS Distributors, Inc. (“DDI” ), an affiliate of the Advisor, receives a fee (“Distribution Fee” ) of 0.75% of the average daily net assets of Class C shares and 0.25% of the 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 year ended March 31, 2022, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated	Unpaid at March 31, 2022
Class C	$ 128,500	$ 14,154
Class R	6,874	581
	$ 135,374	$ 14,735

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 the 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 year ended March 31, 2022, the Service Fee was as follows:

Service Fee	Total Aggregated	Unpaid at March 31, 2022	Annual Rate
Class A	$ 308,791	$ 56,468	.25%
Class T	22	10	.15%
Class C	42,402	8,622	.25%
Class R	6,852	1,093	.25%
	$ 358,067	$ 66,193

Underwriting Agreement and Contingent Deferred Sales Charge. DDI is the principal underwriter for the Fund. Underwriting commissions paid in

DWS RREEF Real Assets Fund

connection with the distribution of Class A shares for the year ended March 31, 2022 aggregated $27,044.

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 year ended March 31, 2022, the CDSC for Class C shares aggregated $3,819. A deferred sales charge of up to 0.75% is assessed on certain redemptions of Class A shares. For the year ended March 31, 2022, DDI received $5,367 for Class A shares.

Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended March 31, 2022, the amount charged to the Fund by DIMA included in the Consolidated Statement of Operations under “Reports to shareholders” aggregated $2,100, of which $620 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 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.

Securities Lending Agent Fees. Deutsche Bank AG serves as securities lending agent for the Fund. For the year ended March 31, 2022, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $2,697.

E.	Line of Credit

The Fund and other affiliated funds (the “Participants” ) share in a $375 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including

DWS RREEF Real Assets Fund

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 daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. 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 March 31, 2022.

F.	Fund Share Transactions

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

	Year Ended March 31, 2022		Year Ended March 31, 2021
	Shares	Dollars	Shares	Dollars
Shares sold
Class A	4,758,860	$ 60,137,335	2,878,126	$ 30,227,102
Class C	1,169,248	14,675,406	184,585	1,928,741
Class R	53,952	705,802	17,923	183,891
Class R6	10,219,113	129,035,877	2,805,179	31,374,721
Class S	15,772,058	199,127,996	11,331,991	118,518,362
Institutional Class	287,887,311	3,614,846,291	75,825,081	821,657,520
		$ 4,018,528,707		$ 1,003,890,337
Shares issued to shareholders in reinvestment of distributions
Class A	217,825	$ 2,727,779	107,572	$ 1,108,439
Class T	28	352	17	166
Class C	16,142	200,515	9,431	93,093
Class R	4,624	58,175	2,997	30,814
Class R6	175,982	2,183,559	7,991	82,318
Class S	633,950	7,874,773	275,515	2,825,358
Institutional Class	5,592,061	69,546,238	712,186	7,327,014
		$ 82,591,391		$ 11,467,202

DWS RREEF Real Assets Fund

	Year Ended March 31, 2022		Year Ended March 31, 2021
	Shares	Dollars	Shares	Dollars
Shares redeemed
Class A	(2,225,265)	$ (28,457,169)	(3,043,295)	$ (31,634,880)
Class C	(522,868)	(6,539,317)	(920,666)	(9,450,588)
Class R	(73,315)	(939,566)	(61,854)	(646,723)
Class R6	(4,958,711)	(62,573,359)	(35,183)	(370,209)
Class S	(8,730,650)	(109,777,925)	(7,491,338)	(75,713,864)
Institutional Class	(38,333,453)	(484,157,574)	(15,329,971)	(154,686,503)
		$ (692,444,910)		$ (272,502,767)
Net increase (decrease)
Class A	2,751,420	$ 34,407,945	(57,597)	$ (299,339)
Class T	28	352	17	166
Class C	662,522	8,336,604	(726,650)	(7,428,754)
Class R	(14,739)	(175,589)	(40,934)	(432,018)
Class R6	5,436,384	68,646,077	2,777,987	31,086,830
Class S	7,675,358	97,224,844	4,116,168	45,629,856
Institutional Class	255,145,919	3,200,234,955	61,207,296	674,298,031
		$ 3,408,675,188		$ 742,854,772

G.	Payments by Affiliates

During the year ended March 31, 2022, the Advisor agreed to reimburse the Fund $3,166 for losses incurred on trades executed incorrectly. The amount reimbursed was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.

H.	Other — COVID-19 Pandemic

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to significant portions of the population remaining unvaccinated and/or the lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate

DWS RREEF Real Assets Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche DWS Market Trust and Shareholders of DWS RREEF Real Assets Fund:

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities of DWS RREEF Real Assets Fund (the “Fund” ) (one of the funds constituting Deutsche DWS Market Trust) (the “Trust” ), including the consolidated investment portfolio, as of March 31, 2022, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements” ). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the funds constituting Deutsche DWS Market Trust) at March 31, 2022, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended and its consolidated financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB” ) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the

DWS RREEF Real Assets Fund

effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2022, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

May 23, 2022

DWS RREEF Real Assets Fund

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 tables are 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 example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (October 1, 2021 to March 31, 2022).

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.

DWS RREEF Real Assets Fund

Expenses and Value of a $1,000 Investment

for the six months ended March 31, 2022 (Unaudited)

Actual Fund Return	Class A	Class T	Class C	Class R	Class R6	Class S	Institutional Class
Beginning Account Value 10/1/21	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value 3/31/22	$1,118.10	$1,118.10	$1,114.40	$1,116.20	$1,119.80	$1,118.50	$1,119.90
Expenses Paid per $1,000*	$ 6.44	$ 6.39	$ 10.38	$ 7.76	$ 4.76	$ 5.65	$ 4.76
Hypothetical 5% Fund Return	Class A	Class T	Class C	Class R	Class R6	Class S	Institutional Class
Beginning Account Value 10/1/21	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value 3/31/22	$1,018.85	$1,018.90	$1,015.11	$1,017.60	$1,020.44	$1,019.60	$1,020.44
Expenses Paid per $1,000*	$ 6.14	$ 6.09	$ 9.90	$ 7.39	$ 4.53	$ 5.39	$ 4.53

*	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 182 (the number of days in the most recent six-month period), then divided by 365.

Annualized Expense Ratios	Class A	Class T	Class C	Class R	Class R6	Class S	Institutional Class
DWS RREEF Real Assets Fund	1.22%	1.21%	1.97%	1.47%	.90%	1.07%	.90%

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

Liquidity Risk Management

In accordance with Rule 22e-4 (the “Liquidity Rule” ) under the Investment Company Act of 1940 (the “1940 Act” ), your Fund has adopted a liquidity risk management program (the “Program” ), and the Board has designated DWS Investment Management Americas, Inc. (“DIMA” ) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). DIMA has designated a committee (the “Committee” ) composed of personnel from multiple departments within DIMA and its affiliates that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.

In February 2022, as required by the Program and the Liquidity Rule, DIMA provided the Board with an annual written report (the “Report” ) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2020 through November 30, 2021 (the “Reporting Period” ). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, DIMA stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. DIMA also reported that there were no material changes made to the Program during the Reporting Period.

DWS RREEF Real Assets Fund

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 2021.

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 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” ).
—	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 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 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

DWS RREEF Real Assets Fund

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.

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. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA’s approach to addressing such risks. 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, 2020, the Fund’s performance (Class A shares) was in the 3rd quartile, 2nd quartile and 2nd quartile, 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 underperformed its benchmark in the one-, three- and five-year periods ended December 31, 2020.

DWS RREEF Real Assets Fund

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 0.097% fee paid to DIMA under the Fund’s administrative services agreement, were higher than the median (4th quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2020). The Board noted that, effective October 1, 2021, in connection with the 2021 contract renewal process, DIMA agreed to implement a new management fee breakpoint. 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 (2nd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2020, 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.

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

DWS RREEF Real Assets Fund

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.

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.

DWS RREEF Real Assets Fund

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in the DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

Independent Board Members/Independent Advisory Board Members

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served¹	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen	Other Directorships Held by Board Member
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods designer and distributor); former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds)	70	—

DWS RREEF Real Assets Fund

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served¹	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen	Other Directorships Held by Board Member
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); Not-for-Profit Directorships: Palm Beach Civic Assn.; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; Former Directorships: Director and Chairman of the Board, Healthways, Inc.² (population wellbeing and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric² (utility company (2003–2021); and Prisma Energy International; Former Not-for-Profit Directorships: Public Radio International	70	—
Dawn-Marie Driscoll (1946) Board Member since 1987	Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)	70	—

DWS RREEF Real Assets Fund

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served¹	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen	Other Directorships Held by Board Member
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); formerly: Director, The Wharton Financial Institutions Center (1994–2020); Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), Director, The Aberdeen Japan Fund (2007-2021) and Nonexecutive Director of Barclays Bank DE (2010–2018)	70	—
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); formerly: Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Former Directorships: Board of Managers, YMCA of Metropolitan Chicago; Trustee, Ravinia Festival	70	—
Chad D. Perry (1972) Board Member or Advisory Board Member since 2021³	Executive Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.² (since 2011); formerly Executive Vice President and Deputy General Counsel, LPL Financial Holdings Inc.² (2006–2011); Senior Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & Gray LLP (1997–2005)	21 ⁴	Director - Great Elm Capital Corp. (business development company) (since 2022)

DWS RREEF Real Assets Fund

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served¹	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen	Other Directorships Held by Board Member
Rebecca W. Rimel (1951) Board Member since 1995	Director, The Bridgespan Group (nonprofit organization) (since October 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care² (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director (1994–2020) and Senior Advisor (2020-2021), The Pew Charitable Trusts (charitable organization); Director, BioTelemetry Inc.² (acquired by Royal Philips in 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company² (medical technology company) (2012-2022)	70	—
Catherine Schrand (1964) Board Member or Advisory Board Member since 2021³	Celia Z. Moh Professor of Accounting (since 2016) and Professor of Accounting (since 1994), The Wharton School, University of Pennsylvania; formerly Vice Dean, Wharton Doctoral Programs (2016–2019)	21 ⁴	—
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation² (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)	70	—

DWS RREEF Real Assets Fund

Officers⁵

Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served⁶	Business Experience and Directorships During the Past Five Years
Hepsen Uzcan⁷ (1974) President and Chief Executive Officer, 2017–present	Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present)
John Millette⁸ (1962) Vice President and Secretary, 1999–present	Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020)
Ciara Crawford⁹ (1984) Assistant Secretary, (2019–present)	Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated Tax Solutions
Diane Kenneally⁸ (1966) Chief Financial Officer and Treasurer, 2018–present	Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca⁸ (1957) Assistant Treasurer, 2007–present	Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan⁸ (1966) Assistant Treasurer, 2017–present	Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present)
Scott D. Hogan⁸ (1970) Chief Compliance Officer, 2016–present	Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present)

DWS RREEF Real Assets Fund

Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served⁶	Business Experience and Directorships During the Past Five Years
Caroline Pearson⁸ (1962) Chief Legal Officer, 2010–present	Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021)
Christian Rijs⁷ (1980) Anti-Money Laundering Compliance Officer, since October 6, 2021	Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (since October 6, 2021); AML Officer, DBX ETF Trust (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since October 6, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO

¹	The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.
²	A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.
³	Mr. Perry and Ms. Schrand are Advisory Board Members of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry and Ms. Schrand are Board Members of each other Trust.
⁴	Mr. Perry and Ms. Schrand oversee 21 funds in the DWS Fund Complex as Board Members of various Trusts. Mr. Perry and Ms. Schrand are Advisory Board Members of various Trusts/Corporations comprised of 49 funds in the DWS Fund Complex.
⁵	As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund.
⁶	The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.
⁷	Address: 875 Third Avenue, New York, NY 10022.
⁸	Address: 100 Summer Street, Boston, MA 02110.
⁹	Address: 5201 Gate Parkway, Jacksonville, FL 32256.

Certain officers hold similar positions for other investment companies for which DIMA or an affiliate serves as the Advisor.

The Fund’s Statement of Additional Information (“SAI” ) includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

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	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.
Web Site	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 posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund 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

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 Class 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

DWS RREEF Real Assets Fund

The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.

Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund

The above “Tax Fees” were billed for professional services rendered for tax preparation.

Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers

The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.

The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.

The following table shows the amount of fees that EY billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s independence.

All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.

Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.

In connection with the audit of the 2021 and 2022 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.

Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund’s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue to act as the Independent Registered Public Accounting Firm for the Fund.

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.

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.

Date of fiscal year end:	3/31

Date of reporting period:	3/31/2022


	(b) Not applicable

ITEM 2.	CODE OF ETHICS

	As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer. There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT

	The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. William McClayton, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.

ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES

Fiscal Year Ended March 31,	Audit Fees Billed to Fund	Audit-Related Fees Billed to Fund	Tax Fees Billed to Fund	All Other Fees Billed to Fund
2022	$48,933	$0	$10,366	$0
2021	$48,933	$0	$10,366	$0

Fiscal Year Ended March 31,	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers	Tax Fees Billed to Adviser and Affiliated Fund Service Providers	All Other Fees Billed to Adviser and Affiliated Fund Service Providers
2022	$0	$429,517	$0
2021	$0	$207,127	$0

Fiscal Year Ended March 31,	Total Non-Audit Fees Billed to Fund (A)	Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B)	Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C)	Total of (A), (B) and (C)
2022	$10,366	$429,517	$0	$439,883
2021	$10,366	$207,127	$0	$217,493


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)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

	(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.

Registrant:	DWS RREEF Real Assets Fund, a series of Deutsche DWS Market Trust


By:	/s/Hepsen Uzcan Hepsen Uzcan President

Date:	5/27/2022

ITEM 1.	REPORT TO STOCKHOLDERS

	(a)