Investment Portfolio | as of May 31, 2020 (Unaudited) |
DWS Multi-Asset Moderate Allocation Fund
Shares | Value ($) | |||||||||
Equity - Equity Funds 50.3% | ||||||||||
DWS Core Equity Fund "Institutional" (a) | 324,773 | 8,489,579 | ||||||||
DWS Emerging Markets Equity Fund "Institutional" (a) | 13,451 | 238,344 | ||||||||
DWS RREEF Global Infrastructure Fund "Institutional" (a) | 56,891 | 869,292 | ||||||||
DWS RREEF Real Estate Securities Fund "Institutional" (a) | 54,498 | 1,018,564 | ||||||||
DWS Small Cap Core Fund "S" (a) | 21,516 | 526,701 | ||||||||
Total Equity - Equity Funds (Cost $6,994,205) | 11,142,480 | |||||||||
Equity - Exchange-Traded Funds 6.6% | ||||||||||
iShares MSCI Japan ETF | 4,834 | 267,852 | ||||||||
iShares MSCI Pacific ex Japan ETF | 6,449 | 239,516 | ||||||||
SPDR S&P Emerging Asia Pacific ETF | 10,470 | 970,045 | ||||||||
Total Equity - Exchange-Traded Funds (Cost $1,479,481) | 1,477,413 | |||||||||
Fixed Income - Bond Funds 15.4% | ||||||||||
DWS Emerging Markets Fixed Income Fund "Institutional" (a) | 50,351 | 431,506 | ||||||||
DWS Enhanced Commodity Strategy Fund "Institutional" (a) | 90,959 | 715,849 | ||||||||
DWS GNMA Fund "Institutional" (a) | 101,606 | 1,425,537 | ||||||||
DWS High Income Fund "Institutional" (a) | 186,880 | 844,698 | ||||||||
Total Fixed Income - Bond Funds (Cost $3,335,908) | 3,417,590 | |||||||||
Fixed Income - Exchange-Traded Funds 29.8% | ||||||||||
iShares Core MSCI Europe ETF | 30,232 | 1,262,488 | ||||||||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 14,787 | 1,952,180 | ||||||||
iShares JP Morgan USD Emerging Markets Bond ETF | 1,823 | 193,967 | ||||||||
iShares National Muni Bond ETF | 10,400 | 1,197,976 | ||||||||
iShares U.S. Treasury Bond ETF | 59,242 | 1,657,888 | ||||||||
Vanguard Total International Bond ETF | 5,828 | 334,935 | ||||||||
Total Fixed Income - Exchange-Traded Funds (Cost $6,481,199) | 6,599,434 | |||||||||
Principal Amount ($) | Value ($) | |||||||||
Short-Term U.S. Treasury Obligations 0.9% | ||||||||||
U.S. Treasury Bills: | ||||||||||
-0.03% *, 7/16/2020 (b) | 10,000 | 9,999 | ||||||||
1.807% *, 7/16/2020 (b) | 192,000 | 191,968 | ||||||||
Total Short-Term U.S. Treasury Obligations (Cost $201,567) | 201,967 | |||||||||
Shares | Value ($) | |||||||||
Fixed Income - Money Market Fund 6.4% | ||||||||||
DWS Central Cash Management Government Fund, 0.12% (a) (c) (Cost $1,417,543) | 1,417,543 | 1,417,543 | ||||||||
% of Net Assets | Value ($) | |||||||||
Total Investment Portfolio (Cost $19,909,903) | 109.4 | 24,256,427 | ||||||||
Other Assets and Liabilities, Net | (9.4) | (2,090,310) | ||||||||
Net Assets | 100.0 | 22,166,117 | ||||||||
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. | |
A summary of the Fund's transactions with affiliated Underlying DWS Funds during the period ended May 31, 2020 are as follows: |
Value ($) at 8/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreci- ation (Deprecia- tion) ($) | Income ($) | Capital Gain Distribu- tions ($) | Number of Shares at 5/31/2020 | Value ($) at 5/31/2020 | ||||||||||
Equity - Equity Funds 50.3% | ||||||||||||||||||
DWS Core Equity Fund "Institutional" (a) | ||||||||||||||||||
9,400,906 | 1,517,081 | 2,302,620 | 242,594 | (368,382) | 98,351 | 385,955 | 324,773 | 8,489,579 | ||||||||||
DWS Emerging Markets Equity Fund "Institutional" (a) | ||||||||||||||||||
786,995 | 57,714 | 577,060 | (74,121) | 44,816 | 11,513 | — | 13,451 | 238,344 | ||||||||||
DWS ESG International Core Equity Fund "Institutional" (a) | ||||||||||||||||||
1,117,214 | — | 1,129,173 | 66,709 | (54,750) | — | — | — | — | ||||||||||
DWS RREEF Global Infrastructure Fund "Institutional" (a) | ||||||||||||||||||
1,118,101 | 338,623 | 571,834 | 24,069 | (39,667) | 17,403 | — | 56,891 | 869,292 | ||||||||||
DWS RREEF Real Estate Securities Fund "Institutional" (a) | ||||||||||||||||||
2,097,762 | 227,763 | 999,445 | 14,805 | (322,321) | 24,177 | 80,946 | 54,498 | 1,018,564 | ||||||||||
DWS Small Cap Core Fund "S" (a) | ||||||||||||||||||
673,274 | 472,056 | 509,880 | (24,783) | (83,966) | 1,650 | 156 | 21,516 | 526,701 | ||||||||||
Fixed Income - Bond Funds 15.4% | ||||||||||||||||||
DWS Emerging Markets Fixed Income Fund "Institutional" (a) | ||||||||||||||||||
364,140 | 102,925 | — | — | (35,559) | 13,064 | — | 50,351 | 431,506 | ||||||||||
DWS Enhanced Commodity Strategy Fund "Institutional" (a) | ||||||||||||||||||
270,814 | 694,845 | 231,940 | (37,107) | 19,237 | 3,330 | — | 90,959 | 715,849 | ||||||||||
DWS ESG Global Bond Fund "S" (a) | ||||||||||||||||||
798,210 | 2,750 | 784,609 | 39,438 | (55,789) | 2,751 | — | — | — | ||||||||||
DWS GNMA Fund "Institutional" (a) | ||||||||||||||||||
145,394 | 1,632,042 | 376,900 | 1,651 | 23,350 | 22,288 | — | 101,606 | 1,425,537 | ||||||||||
DWS High Income Fund "Institutional" (a) | ||||||||||||||||||
— | 1,554,735 | 721,000 | (59,712) | 70,675 | 18,790 | — | 186,880 | 844,698 | ||||||||||
DWS Short Duration Fund "S" (a) | ||||||||||||||||||
572,985 | 5,631 | 577,965 | 10,445 | (11,096) | 5,939 | — | — | — | ||||||||||
DWS Total Return Bond Fund "Institutional" (a) | ||||||||||||||||||
1,960,496 | 12,599 | 1,945,127 | 55,452 | (83,420) | 12,599 | — | — | — | ||||||||||
Fixed Income - Money Market Fund 6.4% | ||||||||||||||||||
DWS Central Cash Management Government Fund, 0.12% (a) (c) | ||||||||||||||||||
741,927 | 10,539,431 | 9,863,815 | — | — | 7,515 | — | 1,417,543 | 1,417,543 | ||||||||||
20,048,218 | 17,158,195 | 20,591,368 | 259,440 | (896,872) | 239,370 | 467,057 | 2,318,468 | 15,977,613 | ||||||||||
* | Annualized yield at time of purchase; not a coupon rate. |
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. |
(b) | At May 31, 2020, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(c) | The rate shown is the annualized seven-day yield at period end. |
MSCI: Morgan Stanley Capital International | |
S&P: Standard & Poor's | |
SPDR: Standard & Poor's Depositary Receipt | |
At May 31, 2020, open futures contracts sold were as follows: |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Depreciation ($) | ||||||||||||||||
10 Year U.S. Treasury Note | USD | 9/21/2020 | 6 | 833,281 | 834,375 | (1,094) |
Currency Abbreviation | |||
USD | United States Dollar | ||
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 2020 in valuing the Fund's investments. |
Assets | Level 1 | Level 2 | Level 3 | Total | |||||
Equity - Equity Funds | $ | 11,142,480 | $ | — | $ | — | $ | 11,142,480 | |
Equity - Exchange-Traded Funds | 1,477,413 | — | — | 1,477,413 | |||||
Fixed Income - Bond Funds | 3,417,590 | — | — | 3,417,590 | |||||
Fixed Income - Exchange-Traded Funds | 6,599,434 | — | — | 6,599,434 | |||||
Short-Term U.S. Treasury Obligations | — | 201,967 | — | 201,967 | |||||
Fixed Income - Money Market Fund | 1,417,543 | — | — | 1,417,543 | |||||
Total | $ | 24,054,460 | $ | 201,967 | $ | — | $ | 24,256,427 | |
Liabilities | Level 1 | Level 2 | Level 3 | Total | |||||
Derivatives (d) | |||||||||
Futures Contracts | $ | (1,094) | $ | — | $ | — | $ | (1,094) | |
Total | $ | (1,094) | $ | — | $ | — | $ | (1,094) | |
(d) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
Derivatives
The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of May 31, 2020 categorized by the primary underlying risk exposure.
Primary Underlying Risk Disclosure | Futures |
Interest Rate Contracts | $ (1,094) |