Deutsche Market Trust NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

Investment Company Act file number: 811-01236

Deutsche DWS Market Trust

(Exact Name of Registrant as Specified in Charter)

875 Third Avenue

New York, NY 10022-6225

(Address of Principal Executive Offices) (Zip Code)

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

Diane Kenneally

100 Summer Street

Boston, MA 02110

(Name and Address of Agent for Service)

Date of fiscal year end:	3/31

Date of reporting period:	9/30/2021

ITEM 1.	REPORT TO STOCKHOLDERS

	(a)

September 30, 2021

Semiannual Report

to Shareholders

DWS RREEF Real Assets Fund

Contents

4	Letter to Shareholders
5	Performance Summary
9	Portfolio Management Team
10	Consolidated Portfolio Summary
12	Consolidated Investment Portfolio
21	Consolidated Statement of Assets and Liabilities
23	Consolidated Statement of Operations
24	Consolidated Statements of Changes in Net Assets
25	Consolidated Financial Highlights
32	Notes to Consolidated Financial Statements
47	Information About Your Fund’s Expenses
49	Advisory Agreement Board Considerations and Fee Evaluation
54	Account Management Resources
56	Privacy Statement

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

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, economic uncertainty, trade disputes, public health crises (including the ongoing pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Fund and its investments.

DWS RREEF Real Assets Fund

Letter to Shareholders

Dear Shareholder:

The economic outlook remains moderately positive overall, buoyed by good corporate earnings and continued support from central banks. While the U.S. and Asia are acting as growth engines, there is still some uncertainty whether the current momentum is sustainable.

Inflation came back into focus sooner than expected as a result of the combination of the growth upswing, stimulus packages, expansive central banks, and sharply rising oil prices. These circumstances may, to a great extent, prove to be a temporary phenomenon driven by one-time, pandemic-related effects. For example, the massive underutilization of productive capacity and labor in 2020 depressed prices last year. Normalization of commodity prices alone is providing a significant base effect. We expect to see inflation begin to decline next year, as economic activity returns to a more typical level.

We do not believe central banks will raise interest rates this year. However, our CIO office expects the Fed to phase out asset purchases in 2022, with initial rate hikes to follow.

The scope and pace of recovery is likely to remain uneven among regions, asset classes and investment sectors. We believe that this underscores the value add 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 making strategic and tactical decisions for the DWS Funds.

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

Performance Summary

September 30, 2021 (Unaudited)

Class A	6-Month ^‡	1-Year	5-Year	10-Year
Average Annual Total Returns as of 9/30/21
Unadjusted for Sales Charge	8.66%	26.93%	8.56%	5.64%
Adjusted for the Maximum Sales Charge (max 5.75% load)	2.41%	19.63%	7.28%	5.02%
MSCI World Index^†	7.74%	28.82%	13.74%	12.68%
Bloomberg U.S. Treasury Inflation Notes Index^†	5.06%	5.19%	4.34%	3.12%
Blended Index^†	8.44%	27.81%	5.97%	5.92%

Class T	6-Month ^‡	1-Year	5-Year	10-Year
Average Annual Total Returns as of 9/30/21
Unadjusted for Sales Charge	8.66%	26.93%	8.56%	5.69%
Adjusted for the Maximum Sales Charge (max 2.50% load)	5.94%	23.76%	8.01%	5.42%
MSCI World Index^†	7.74%	28.82%	13.74%	12.68%
Bloomberg U.S. Treasury Inflation Notes Index^†	5.06%	5.19%	4.34%	3.12%
Blended Index^†	8.44%	27.81%	5.97%	5.92%

Class C	6-Month ^‡	1-Year	5-Year	10-Year
Average Annual Total Returns as of 9/30/21
Unadjusted for Sales Charge	8.16%	25.90%	7.73%	4.85%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)	7.16%	25.90%	7.73%	4.85%
MSCI World Index^†	7.74%	28.82%	13.74%	12.68%
Bloomberg U.S. Treasury Inflation Notes Index^†	5.06%	5.19%	4.34%	3.12%
Blended Index^†	8.44%	27.81%	5.97%	5.92%

Class R	6-Month ^‡	1-Year	5-Year	10-Year
Average Annual Total Returns as of 9/30/21
No Sales Charges	8.55%	26.56%	8.29%	5.42%
MSCI World Index^†	7.74%	28.82%	13.74%	12.68%
Bloomberg U.S. Treasury Inflation Notes Index^†	5.06%	5.19%	4.34%	3.12%
Blended Index^†	8.44%	27.81%	5.97%	5.92%

DWS RREEF Real Assets Fund

Class R6	6-Month ^‡	1-Year	5-Year	Life of Class^*
Average Annual Total Returns as of 9/30/21
No Sales Charges	8.88%	27.46%	8.87%	6.03%
MSCI World Index^†	7.74%	28.82%	13.74%	10.29%
Bloomberg U.S. Treasury Inflation Notes Index^†	5.06%	5.19%	4.34%	3.82%
Blended Index^†	8.44%	27.81%	5.97%	4.15%

Class S	6-Month ^‡	1-Year	5-Year	10-Year
Average Annual Total Returns as of 9/30/21
No Sales Charges	8.76%	27.22%	8.72%	5.81%
MSCI World Index^†	7.74%	28.82%	13.74%	12.68%
Bloomberg U.S. Treasury Inflation Notes Index^†	5.06%	5.19%	4.34%	3.12%
Blended Index^†	8.44%	27.81%	5.97%	5.92%

Institutional Class	6-Month ^‡	1-Year	5-Year	10-Year
Average Annual Total Returns as of 9/30/21
No Sales Charges	8.79%	27.35%	8.85%	5.97%
MSCI World Index^†	7.74%	28.82%	13.74%	12.68%
Bloomberg U.S. Treasury Inflation Notes Index^†	5.06%	5.19%	4.34%	3.12%
Blended Index^†	8.44%	27.81%	5.97%	5.92%

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

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated August 1, 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.

DWS RREEF Real Assets Fund

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

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

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

Growth of an Assumed $10,000 Investment

(Adjusted for Maximum Sales Charge)

Yearly periods ended September 30

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

^‡

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

	Class A	Class T	Class C	Class R	Class R6	Class S	Institutional Class
Net Asset Value
9/30/21	$12.35	$12.35	$12.23	$12.42	$12.28	$12.26	$12.27
3/31/21	$11.50	$11.50	$11.42	$11.57	$11.42	$11.41	$11.42
Distribution Information as of 9/30/21
Income Dividends, Six Months	$ .15	$ .15	$ .12	$ .14	$ .15	$ .15	$ .15

DWS RREEF Real Assets Fund

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.

DWS RREEF Real Assets Fund

Consolidated Portfolio Summary

(Unaudited)

Asset Allocation (As a % of Net Assets)	9/30/21	3/31/21
Common Stocks
Infrastructure	40%	36%
Real Estate	27%	22%
Natural Resource Equities	15%	27%
Commodity Futures	12%	12%
Treasury Inflation Protected Securities	6%	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)	9/30/21	3/31/21
Real Estate	42%	32%
Energy	16%	19%
Utilities	14%	10%
Industrials	14%	14%
Materials	12%	21%
Communication Services	1%	1%
Consumer Staples	1%	3%
Information Technology	0%	0%
	100%	100%

Geographical Diversification (As a % of Common Stocks and Government & Agency Obligations)	9/30/21	3/31/21
United States	59%	52%
Canada	8%	8%
United Kingdom	4%	6%
Hong Kong	4%	4%
Australia	3%	5%
Spain	3%	3%
Japan	3%	4%
Singapore	2%	3%
Others	14%	15%
	100%	100%

DWS RREEF Real Assets Fund

Ten Largest Common Stocks at September 30, 2021 (19.0% of Net Assets)			Country	Percent
1 Crown Castle International Corp.	United States	3.6%
Provider of wireless infrastructure
2 Cheniere Energy, Inc.	United States	2.9%
Developer of liquefied natural gas terminals
3 American Tower Corp.	United States	2.0%
Operator and developer of wireless communications and broadcast towers
4 SBA Communications Corp.	United States	1.7%
Operator of wireless Communication Infrastructure
5 Waste Connections, Inc.	Canada	1.6%
Provider of non-hazardous solid waste collection services
6 Nutrien Ltd.	Canada	1.6%
Provider of crop inputs and services to agriculture industry worldwide
7 Sempra Energy	United States	1.5%
Provider of electric and natural gas products and services
8 Republic Services, Inc.	United States	1.4%
Provider of non-hazardous solid waste collection and disposal services
9 Equinix, Inc.	United States	1.4%
Global company offering data center space and power to customers
10 Williams Companies, Inc.	United States	1.3%
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 12. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 54 for contact information.

DWS RREEF Real Assets Fund

Consolidated Investment Portfolio

as of September 30, 2021 (Unaudited)

	Shares		Value ($)
Common Stocks 79.4%
Communication Services 0.8%
Diversified Telecommunication Services
Cellnex Telecom SA 144A		413,212	25,487,442
Consumer Staples 0.7%
Food Products
Bunge Ltd.		281,796	22,915,651
Energy 13.0%
Oil, Gas & Consumable Fuels
Canadian Natural Resources Ltd.		499,785	18,273,364
Cheniere Energy, Inc.*		964,469	94,199,687
ConocoPhillips		366,130	24,812,630
Gazprom PJSC (ADR)		2,579,006	25,635,320
Gibson Energy, Inc.		477,500	8,768,869
LUKOIL PJSC (ADR)		144,332	13,662,467
Marathon Petroleum Corp.		56,496	3,492,018
ONEOK, Inc.		221,900	12,867,981
Pembina Pipeline Corp.		1,315,000	41,684,233
Petroleo Brasileiro SA (ADR)		296,863	3,069,564
Phillips 66		75,500	5,287,265
Pioneer Natural Resources Co.		88,300	14,702,833
Royal Dutch Shell PLC “A”		1,654,985	36,644,778
Targa Resources Corp.		687,009	33,807,713
TC Energy Corp.		893,053	42,981,613
Williams Companies, Inc.		1,698,812	44,067,183
			423,957,518
Industrials 10.8%
Commercial Services & Supplies 3.0%
Republic Services, Inc.		374,045	44,907,843
Waste Connections, Inc.		421,051	53,022,952
			97,930,795
Construction & Engineering 1.7%
Ferrovial SA		1,382,132	40,256,996
VINCI SA		150,640	15,650,031
			55,907,027

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

DWS RREEF Real Assets Fund

	Shares		Value ($)
Road & Rail 1.5%
CSX Corp.		589,083	17,519,328
East Japan Railway Co.		224,500	15,751,131
Union Pacific Corp.		86,756	17,005,044
			50,275,503
Transportation Infrastructure 4.6%
Aena SME SA 144A*		156,818	27,018,796
Auckland International Airport Ltd.*		2,940,990	15,795,780
Fraport AG Frankfurt Airport Services Worldwide*		101,500	7,037,775
Getlink SE		1,054,732	16,491,621
Grupo Aeroportuario del Pacifico SAB de CV (ADR) (a)		169,530	19,719,730
Japan Airport Terminal Co., Ltd.*		231,554	11,350,192
Sydney Airport (Units)*		4,458,042	26,365,789
Transurban Group		2,658,766	27,044,571
			150,824,254
Information Technology 0.1%
IT Services
SUNeVision Holdings, Ltd.		3,370,100	3,166,987
Materials 9.4%
Chemicals 3.6%
CF Industries Holdings, Inc.		297,205	16,589,983
Corteva, Inc.		595,448	25,056,452
K+S AG*		622,600	10,018,697
Nutrien Ltd.		795,363	51,623,869
The Mosaic Co.		378,389	13,516,055
			116,805,056
Containers & Packaging 1.5%
Sealed Air Corp.		375,280	20,561,591
Smurfit Kappa Group PLC		187,470	9,814,454
Westrock Co.		340,090	16,946,685
			47,322,730
Metals & Mining 3.5%
ArcelorMittal SA		922,128	27,960,495
Franco-Nevada Corp.		70,600	9,171,646
Freeport-McMoRan, Inc.		612,952	19,939,329
Glencore PLC		3,647,569	17,227,508
Norsk Hydro ASA		1,855,386	13,927,185

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

DWS RREEF Real Assets Fund

	Shares		Value ($)
Rio Tinto Ltd.		183,772	13,242,892
Vale SA (ADR) (a)		987,791	13,779,684
			115,248,739
Paper & Forest Products 0.8%
Mondi PLC		719,746	17,665,321
Svenska Cellulosa AB SCA “B”		636,942	9,893,638
			27,558,959
Real Estate 33.5%
Equity Real Estate Investment Trusts (REITs) 29.1%
Activia Properties, Inc.		2,182	8,952,803
Agree Realty Corp.		225,348	14,924,797
Alexandria Real Estate Equities, Inc.		37,000	7,069,590
American Homes 4 Rent “A”		281,578	10,733,753
American Tower Corp.		248,709	66,009,856
Apartment Income REIT Corp.		321,100	15,672,891
AvalonBay Communities, Inc.		111,630	24,741,673
Big Yellow Group PLC		811,883	15,218,665
British Land Co. PLC		3,369,553	22,367,145
CapitaLand Integrated Commercial Trust		1,331,840	1,977,958
CoreSite Realty Corp.		162,270	22,480,886
Crown Castle International Corp.		672,260	116,516,103
Dexus		968,300	7,511,833
EastGroup Properties, Inc.		161,967	26,988,561
Empire State Realty Trust, Inc. “A” (a)		1,015,700	10,187,471
Equinix, Inc.		56,600	44,721,358
Essential Properties Realty Trust, Inc.		749,889	20,936,901
Extra Space Storage, Inc.		138,973	23,346,074
GPT Group		4,253,664	15,453,252
Granite Real Estate Investment Trust		234,817	16,700,075
Hulic Reit, Inc.		5,590	8,791,634
Independence Realty Trust, Inc. (a)		346,691	7,055,162
Inmobiliaria Colonial Socimi SA		1,507,201	14,633,546
Kenedix Retail REIT Corp.		3,349	8,687,471
Kimco Realty Corp.		517,900	10,746,425
Life Storage, Inc.		204,448	23,458,364
Link REIT		2,716,168	23,254,795
Mapletree Logistics Trust		15,312,300	22,853,895
Medical Properties Trust, Inc.		377,400	7,574,418
Mid-America Apartment Communities, Inc.		92,053	17,190,898
Mirvac Group		8,999,952	19,222,458
Prologis, Inc.		298,200	37,403,226
Retail Properties of America, Inc. “A”		419,771	5,406,651

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

DWS RREEF Real Assets Fund

	Shares		Value ($)
RioCan Real Estate Investment Trust		1,115,500	19,058,440
Ryman Hospitality Properties, Inc. *		147,616	12,355,459
SBA Communications Corp.		167,455	55,355,599
Segro PLC		1,299,857	20,891,927
Simon Property Group, Inc.		220,030	28,597,299
STAG Industrial, Inc.		446,300	17,517,275
Sun Communities, Inc.		102,476	18,968,308
Unibail-Rodamco-Westfield*		143,680	10,548,663
UNITE Group PLC		995,991	14,621,326
VICI Properties, Inc. (a)		377,596	10,727,502
Welltower, Inc.		418,388	34,475,171
Weyerhaeuser Co.		232,900	8,284,253
			950,191,810
Real Estate Management & Development 4.4%
Capitaland Investment Ltd.*		8,610,700	21,561,629
Castellum AB		448,726	10,975,494
CK Asset Holdings Ltd.		2,099,463	12,104,087
Daibiru Corp.		890,000	13,080,954
Fabege AB		869,811	13,134,959
Fastighets AB Balder “B” *		197,017	11,856,569
Hysan Development Co., Ltd.		4,279,000	13,941,431
Mitsui Fudosan Co., Ltd.		745,900	17,725,737
PSP Swiss Property AG (Registered)		81,857	9,873,436
Shimao Group Holdings Ltd.		2,161,000	3,960,173
Vonovia SE		130,944	7,866,856
Wharf Holdings, Ltd.		2,381,000	7,872,369
			143,953,694
Utilities 11.1%
Electric Utilities 2.5%
Edison International		410,343	22,761,726
Hydro One Ltd. 144A		312,116	7,377,825
Orsted AS 144A		133,909	17,742,968
Terna SPA		4,662,631	33,037,975
			80,920,494
Gas Utilities 3.1%
Atmos Energy Corp. (a)		201,000	17,728,200
China Gas Holdings Ltd.		3,485,400	10,315,223
China Resources Gas Group Ltd.		3,542,000	18,579,195
ENN Energy Holdings Ltd.		457,011	7,500,821

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

DWS RREEF Real Assets Fund

	Shares		Value ($)
Hong Kong & China Gas Co., Ltd.		21,916,850	33,139,514
Tokyo Gas Co., Ltd.		669,708	12,472,484
			99,735,437
Multi-Utilities 3.6%
Ameren Corp.		329,823	26,715,663
National Grid PLC		1,853,645	22,120,361
NiSource, Inc.		737,752	17,875,731
Sempra Energy		398,175	50,369,138
			117,080,893
Water Utilities 1.9%
American Water Works Co., Inc. (a)		248,016	41,924,625
Severn Trent PLC		622,969	21,823,557
			63,748,182
Total Common Stocks (Cost $2,394,147,176)			2,593,031,171

	Principal Amount ($)		Value ($)
Government & Agency Obligations 17.6%
U.S. Treasury Obligations
U.S. Treasury Inflation-Indexed Bonds:
0.875%, 1/15/2029		13,748,304	15,884,125
1.375%, 2/15/2044		9,144,261	12,549,189
U.S. Treasury Inflation-Indexed Notes:
0.25%, 1/15/2025		32,195,947	34,589,263
0.25%, 7/15/2029		11,779,400	13,104,123
0.375%, 1/15/2027		35,836,051	39,562,907
0.375%, 7/15/2027		28,731,610	31,960,549
0.5%, 4/15/2024		13,549,280	14,469,678
0.625%, 1/15/2026		31,280,505	34,524,636
U.S. Treasury Notes:
0.125%, 5/31/2022		34,355,000	34,364,394
0.125%, 7/31/2022		14,000,000	14,003,281
0.125%, 1/31/2023		55,000,000	54,972,070
0.125%, 2/28/2023		42,000,000	41,968,828
0.125%, 5/31/2023		15,000,000	14,975,976
0.125%, 6/30/2023		55,000,000	54,905,469
1.375%, 10/15/2022		53,000,000	53,695,625
1.625%, 8/31/2022		65,394,000	66,313,603

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

DWS RREEF Real Assets Fund

	Principal Amount ($)		Value ($)
1.625%, 12/15/2022		30,000,000	30,537,891
1.75%, 4/30/2022		13,500,000	13,632,363
Total Government & Agency Obligations (Cost $572,682,860)			576,013,970

	Shares		Value ($)
Securities Lending Collateral 1.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.01% (b) (c) (Cost $43,705,437)		43,705,437	43,705,437
Cash Equivalents 2.2%
DWS Central Cash Management Government Fund, 0.03% (b) (Cost $72,957,884)		72,957,884	72,957,884

	% of Net Assets	Value ($)
Total Consolidated Investment Portfolio (Cost $3,083,493,357)	100.6	3,285,708,462
Other Assets and Liabilities, Net	(0.6)	(19,320,899)
Net Assets	100.0	3,266,387,563

A summary of the Fund’s transactions with affiliated Underlying DWS Funds during the period ended September 30, 2021 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 ($)	Number of Shares at 9/30/2021	Value ($) at 9/30/2021
Securities Lending Collateral 1.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.01% (b) (c)
12,438,690	31,266,747 (d)	—	—	—	19,177	—	43,705,437	43,705,437
Cash Equivalents 2.2%
DWS Central Cash Management Government Fund, 0.03% (b)
34,835,011	1,335,905,082	1,297,782,209	—	—	6,053	—	72,957,884	72,957,884
47,273,701	1,367,171,829	1,297,782,209	—	—	25,230	—	116,663,321	116,663,321

*	Non-income producing security.

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

DWS RREEF Real Assets Fund

(a)	All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at September 30, 2021 amounted to $42,155,329, which is 1.3% of net assets.
(b)	Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.
(c)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended September 30, 2021.

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 September 30, 2021, open futures contracts purchased were as follows:

Futures	Currency	Expiration Date	Contracts	Notional Amount ($)	Notional Value ($)	Unrealized Appreciation/ (Depreciation) ($)
Brent Crude Oil Futures	USD	11/30/2021	410	29,031,479	31,787,300	2,755,821
Copper Futures	USD	12/29/2021	461	50,082,833	47,125,725	(2,957,108)
Corn Futures	USD	12/14/2021	522	14,265,617	14,009,175	(256,442)
Cotton No. 2 Futures	USD	12/8/2021	281	12,027,379	14,864,900	2,837,521
Gas Oil Future	USD	11/11/2021	157	9,090,187	10,605,350	1,515,163
Gasoline RBOB Futures	USD	10/29/2021	89	7,701,677	8,201,172	499,495
Gold 100 oz. Futures	USD	12/29/2021	226	40,940,912	39,708,200	(1,232,712)
Lean Hogs Futures	USD	12/14/2021	391	11,693,836	13,356,560	1,662,724
Live Cattle Futures	USD	12/31/2021	281	14,861,561	14,131,490	(730,071)
LME Nickel Futures	USD	11/15/2021	180	20,416,037	19,375,740	(1,040,297)
LME Primary Aluminium Futures	USD	11/15/2021	891	57,618,434	63,634,106	6,015,672

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	11/15/2021	104	7,764,061	7,759,700	(4,361)
LME Zinc Futures	USD	12/13/2021	109	8,012,664	8,139,575	126,911
Natural Gas Futures	USD	10/27/2021	757	35,621,731	44,413,190	8,791,459
NY Harbor ULSD Futures	USD	10/29/2021	117	10,520,013	11,491,389	971,376
Palladium Futures	USD	12/29/2021	55	14,545,522	10,448,900	(4,096,622)
Silver Futures	USD	12/29/2021	128	15,746,239	14,110,080	(1,636,159)
Soybean Futures	USD	11/12/2021	315	21,528,647	19,782,000	(1,746,647)
Soybean Oil Futures	USD	12/14/2021	283	10,524,999	9,965,562	(559,437)
Sugar Futures	USD	2/28/2022	216	4,971,464	4,920,653	(50,811)
WTI Crude Futures	USD	12/20/2021	423	31,168,047	31,382,370	214,323
Total					439,213,137	11,079,798

At September 30, 2021, open futures contracts sold were as follows:

Futures	Currency	Expiration Date	Contracts	Notional Amount ($)	Notional Value ($)	Unrealized Appreciation/ (Depreciation) ($)
LME Nickel Futures	USD	11/15/2021	12	1,384,267	1,291,716	92,551
LME Primary Aluminium Futures	USD	11/15/2021	131	9,044,469	9,355,856	(311,387)
LME Zinc Futures	USD	11/15/2021	104	7,643,539	7,759,700	(116,161)
LME Zinc Futures	USD	12/13/2021	25	1,869,689	1,866,875	2,814
Total					20,274,147	(332,183)

Currency Abbreviation(s)

USD	United States Dollar

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

DWS RREEF Real Assets Fund

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 September 30, 2021 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	$ —	$ 25,487,442	$—	$ 25,487,442
Consumer Staples	22,915,651	—	—	22,915,651
Energy	387,312,740	36,644,778	—	423,957,518
Industrials	154,879,358	200,058,221	—	354,937,579
Information Technology	—	3,166,987	—	3,166,987
Materials	187,185,294	119,750,190	—	306,935,484
Real Estate	756,766,068	337,379,436	—	1,094,145,504
Utilities	184,752,908	176,732,098	—	361,485,006
Government & Agency Obligations	—	576,013,970	—	576,013,970
Short-Term Investments (a)	116,663,321	—	—	116,663,321
Derivatives (b)
Futures Contracts	25,485,830	—	—	25,485,830
Total	$1,835,961,170	$1,475,233,122	$ —	$3,311,194,292
Liabilities	Level 1	Level 2	Level 3	Total
Derivatives (b)
Futures Contracts	$ (14,738,215)	$ —	$—	$ (14,738,215)
Total	$ (14,738,215)	$ —	$ —	$ (14,738,215)

^(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 September 30, 2021 (Unaudited)

Assets
Investments in non-affiliated securities, at value (cost $2,966,830,036) — including $42,155,329 of securities loaned	$ 3,169,045,141
Investment in DWS Government & Agency Securities Portfolio (cost $43,705,437)*	43,705,437
Investment in DWS Central Cash Management Government Fund (cost $72,957,884)	72,957,884
Cash	13,000
Foreign currency, at value (cost $2,972,998)	2,949,576
Deposit with broker for futures contracts	29,412,685
Receivable for investments sold	5,986,198
Receivable for Fund shares sold	20,919,499
Dividends receivable	7,074,087
Interest receivable	923,765
Receivable for variation margin on futures contracts	4,571,209
Foreign taxes recoverable	136,646
Other assets	209,006
Total assets	3,357,904,133
Liabilities
Payable upon return of securities loaned	43,705,437
Payable for investments purchased	43,436,287
Payable for Fund shares redeemed	1,850,297
Accrued management fee	1,476,693
Accrued Trustees' fees	6,747
Other accrued expenses and payables	1,041,109
Total liabilities	91,516,570
Net assets, at value	$ 3,266,387,563
Net Assets Consist of
Distributable earnings (loss)	16,376,521
Paid-in capital	3,250,011,042
Net assets, at value	$ 3,266,387,563

^*	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 September 30, 2021 (Unaudited) (continued)

Net Asset Value
Class A
Net Asset Value and redemption price per share ($123,120,875 ÷ 9,966,665 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$ 12.35
Maximum offering price per share (100 ÷ 94.25 of $12.35)	$ 13.10
Class T
Net Asset Value and redemption price per share ($14,486 ÷ 1,173 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$ 12.35
Maximum offering price per share (100 ÷ 97.50 of $12.35)	$ 12.67
Class C
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($16,833,201 ÷ 1,375,888 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$ 12.23
Class R
Net Asset Value, offering and redemption price per share ($2,840,173 ÷ 228,748 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$ 12.42
Class R6
Net Asset Value, offering and redemption price per share ($58,538,649 ÷ 4,768,815 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$ 12.28
Class S
Net Asset Value, offering and redemption price per share ($301,606,259 ÷ 24,606,453 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$ 12.26
Institutional Class
Net Asset Value, offering and redemption price per share ($2,763,433,920 ÷ 225,175,132 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$ 12.27

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

DWS RREEF Real Assets Fund

Consolidated Statement of Operations

for the six months ended September 30, 2021 (Unaudited)

Investment Income
Income:
Dividends (net of foreign taxes withheld of $1,538,896)	$ 36,425,412
Interest (net of foreign taxes withheld of $657)	4,168,699
Income distributions — DWS Central Cash Management Government Fund	6,053
Non cash dividends^*	19,908,982
Securities lending income, net of borrower rebates	19,177
Total income	60,528,323
Expenses:
Management fee	10,924,493
Administration fee	1,350,314
Services to shareholders	1,545,512
Distribution and service fees	220,861
Custodian fee	123,110
Professional fees	51,478
Reports to shareholders	57,208
Registration fees	163,739
Trustees' fees and expenses	40,830
Other	47,858
Total expenses before expense reductions	14,525,403
Expense reductions	(1,485,190)
Total expenses after expense reductions	13,040,213
Net investment income	47,488,110
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments	12,569,029
Futures	34,187,311
Foreign currency	(419,219)
Payments by affiliates (see Note G)	3,166
	46,340,287
Change in net unrealized appreciation (depreciation) on:
Investments	46,509,769
Futures	10,903,161
Foreign currency	19,054
	57,431,984
Net gain (loss)	103,772,271
Net increase (decrease) in net assets resulting from operations	$ 151,260,381

^*	Represents a non-recurring non-cash distribution in connection with a capital change for an investment held by the Fund.

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

DWS RREEF Real Assets Fund

Consolidated Statements of Changes in Net Assets

	Six Months Ended September 30, 2021	Year Ended March 31,
Increase (Decrease) in Net Assets	(Unaudited)	2021
Operations:
Net investment income	$ 47,488,110	$ 10,833,844
Net realized gain (loss)	46,340,287	19,997,276
Change in net unrealized appreciation (depreciation)	57,431,984	190,917,312
Net increase (decrease) in net assets resulting from operations	151,260,381	221,748,432
Distributions to shareholders:
Class A	(1,341,147)	(1,155,462)
Class T	(170)	(166)
Class C	(138,189)	(101,439)
Class R	(31,534)	(30,814)
Class R6	(1,234,302)	(82,318)
Class S	(3,489,684)	(2,862,199)
Institutional Class	(30,419,471)	(8,029,727)
Total distributions	(36,654,497)	(12,262,125)
Fund share transactions:
Proceeds from shares sold	1,856,667,333	1,003,890,337
Reinvestment of distributions	32,661,364	11,467,202
Payments for shares redeemed	(270,321,900)	(272,502,767)
Net increase (decrease) in net assets from Fund share transactions	1,619,006,797	742,854,772
Increase (decrease) in net assets	1,733,612,681	952,341,079
Net assets at beginning of period	1,532,774,882	580,433,803
Net assets at end of period	$3,266,387,563	$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
	Six Months Ended 9/30/21	Years Ended March 31,
	(Unaudited)	2021	2020	2019	2018	2017
Selected Per Share Data
Net asset value, beginning of period	$11.50	$8.73	$10.05	$9.32	$8.88	$8.56
Income (loss) from investment operations:
Net investment income^a	.19	.11	.15	.14	.12	.10
Net realized and unrealized gain (loss)	.81	2.80	(1.28)	.73	.47	.34
Total from investment operations	1.00	2.91	(1.13)	.87	.59	.44
Less distributions from:
Net investment income	(.15)	(.14)	(.19)	(.14)	(.15)	(.12)
Net asset value, end of period	$12.35	$11.50	$8.73	$10.05	$9.32	$8.88
Total Return (%)^b,c	8.66 ^*	33.59	(11.51)	9.49	6.63	5.22 ^d
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	123	92	70	72	94	63
Ratio of expenses before expense reductions (%)	1.29 ^**	1.33	1.36	1.37	1.40	1.41 ^e
Ratio of expenses after expense reductions (%)	1.22 ^**	1.22	1.22	1.22	1.22	1.17 ^e
Ratio of net investment income (%)	2.29 ^**	1.07	1.48	1.42	1.32	1.17
Portfolio turnover rate (%)	35 ^*	74	88	72	143	222

^a	Based on average shares outstanding during the period.
^b	Total return does not reflect the effect of any sales charges.
^c	Total return would have been lower had certain expenses not been reduced.
^d	Total return would have been lower if the Advisor had not reduced some Underlying DWS Funds’ expenses.
^e	The Fund invested in other funds and indirectly bore its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund was invested. This ratio does not include these indirect fees and expenses.
^*	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 T
	Six Months Ended 9/30/21	Years Ended March 31,			Period Ended
	(Unaudited)	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	.18	.11	.15	.13	.09
Net realized and unrealized gain (loss)	.82	2.80	(1.28)	.75	.17
Total from investment operations	1.00	2.91	(1.13)	.88	.26
Less distributions from:
Net investment income	(.15)	(.14)	(.19)	(.14)	(.14)
Net asset value, end of period	$12.35	$11.50	$8.73	$10.05	$9.31
Total Return (%)^c,d	8.66 ^*	33.59	(11.51)	9.61	2.91 ^*
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ thousands)	14	13	10	11	10
Ratio of expenses before expense reductions (%)	1.24 ^**	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 (%)	2.17 ^**	1.06	1.51	1.39	1.21 ^**
Portfolio turnover rate (%)	35 ^*	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
	Six Months Ended 9/30/21	Years Ended March 31,
	(Unaudited)	2021	2020	2019	2018	2017
Selected Per Share Data
Net asset value, beginning of period	$11.42	$8.67	$9.97	$9.25	$8.82	$8.53
Income (loss) from investment operations:
Net investment income^a	.14	.03	.08	.07	.05	.04
Net realized and unrealized gain (loss)	.79	2.78	(1.27)	.72	.46	.34
Total from investment operations	.93	2.81	(1.19)	.79	.51	.38
Less distributions from:
Net investment income	(.12)	(.06)	(.11)	(.07)	(.08)	(.09)
Net asset value, end of period	$12.23	$11.42	$8.67	$9.97	$9.25	$8.82
Total Return (%)^b,c	8.16 ^*	32.58	(12.05)	8.62	5.80	4.47 ^d
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	17	12	16	29	47	40
Ratio of expenses before expense reductions (%)	2.02 ^**	2.08	2.10	2.13	2.16	2.16 ^e
Ratio of expenses after expense reductions (%)	1.97 ^**	1.97	1.97	1.97	1.97	1.92 ^e
Ratio of net investment income (%)	1.59 ^**	.28	.79	.69	.57	.44
Portfolio turnover rate (%)	35 ^*	74	88	72	143	222

^a	Based on average shares outstanding during the period.
^b	Total return does not reflect the effect of any sales charges.
^c	Total return would have been lower had certain expenses not been reduced.
^d	Total return would have been lower if the Advisor had not reduced some Underlying DWS Funds’ expenses.
^e	The Fund invested in other funds and indirectly bore its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund was invested. This ratio does not include these indirect fees and expenses.
^*	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 R
	Six Months Ended 9/30/21	Years Ended March 31,
	(Unaudited)	2021	2020	2019	2018	2017
Selected Per Share Data
Net asset value, beginning of period	$11.57	$8.79	$10.11	$9.38	$8.94	$8.62
Income (loss) from investment operations:
Net investment income^a	.16	.08	.13	.11	.10	.08
Net realized and unrealized gain (loss)	.83	2.82	(1.28)	.74	.46	.35
Total from investment operations	.99	2.90	(1.15)	.85	.56	.43
Less distributions from:
Net investment income	(.14)	(.12)	(.17)	(.12)	(.12)	(.11)
Net asset value, end of period	$12.42	$11.57	$8.79	$10.11	$9.38	$8.94
Total Return (%)^b	8.55 ^*	33.15	(11.65)	9.16	6.33	4.95 ^c
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	3	3	2	3	4	2
Ratio of expenses before expense reductions (%)	1.68 ^**	1.71	1.75	1.75	1.82	1.78 ^d
Ratio of expenses after expense reductions (%)	1.47 ^**	1.47	1.47	1.47	1.47	1.42 ^d
Ratio of net investment income (%)	1.92 ^**	.80	1.26	1.18	1.07	.96
Portfolio turnover rate (%)	35 ^*	74	88	72	143	222

^a	Based on average shares outstanding during the period.
^b	Total return would have been lower had certain expenses not been reduced.
^c	Total return would have been lower if the Advisor had not reduced some Underlying DWS Funds’ expenses.
^d	The Fund invested in other funds and indirectly bore its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund was invested. This ratio does not include these indirect fees and expenses.
^*	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 R6
	Six Months Ended 9/30/21	Years Ended March 31,
	(Unaudited)	2021	2020	2019	2018	2017
Selected Per Share Data
Net asset value, beginning of period	$11.42	$8.67	$9.97	$9.25	$8.82	$8.50
Income (loss) from investment operations:
Net investment income^a	.18	.21	.17	.16	.14	.12
Net realized and unrealized gain (loss)	.83	2.71	(1.25)	.73	.46	.35
Total from investment operations	1.01	2.92	(1.08)	.89	.60	.47
Less distributions from:
Net investment income	(.15)	(.17)	(.22)	(.17)	(.17)	(.15)
Net asset value, end of period	$12.28	$11.42	$8.67	$9.97	$9.25	$8.82
Total Return (%)^b	8.88 ^*	33.94	(11.17)	9.74	6.85	5.59 ^c
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	59	37	4	1	.31	.02
Ratio of expenses before expense reductions (%)	.92 ^**	.95	1.00	1.06	1.13	1.02 ^d
Ratio of expenses after expense reductions (%)	.90 ^**	.93	.95	.95	.95	.86 ^d
Ratio of net investment income (%)	2.24 ^**	2.04	1.66	1.70	1.51	1.41
Portfolio turnover rate (%)	35 ^*	74	88	72	143	222

^a	Based on average shares outstanding during the period.
^b	Total return would have been lower had certain expenses not been reduced.
^c	Total return would have been lower if the Advisor had not reduced some Underlying DWS Funds’ expenses.
^d	The Fund invested in other funds and indirectly bore its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund was invested. This ratio does not include these indirect fees and expenses.
^*	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 S
	Six Months Ended 9/30/21	Years Ended March 31,
	(Unaudited)	2021	2020	2019	2018	2017
Selected Per Share Data
Net asset value, beginning of period	$11.41	$8.66	$9.97	$9.24	$8.81	$8.50
Income (loss) from investment operations:
Net investment income^a	.19	.12	.17	.15	.14	.12
Net realized and unrealized gain (loss)	.81	2.79	(1.27)	.74	.45	.33
Total from investment operations	1.00	2.91	(1.10)	.89	.59	.45
Less distributions from:
Net investment income	(.15)	(.16)	(.21)	(.16)	(.16)	(.14)
Net asset value, end of period	$12.26	$11.41	$8.66	$9.97	$9.24	$8.81
Total Return (%)^b	8.76 ^*	33.81	(11.38)	9.72	6.72	5.30 ^c
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	302	243	149	255	217	56
Ratio of expenses before expense reductions (%)	1.14 ^**	1.16	1.17	1.16	1.24	1.19 ^d
Ratio of expenses after expense reductions (%)	1.07 ^**	1.07	1.07	1.07	1.07	1.02 ^d
Ratio of net investment income (%)	2.40 ^**	1.23	1.68	1.57	1.49	1.34
Portfolio turnover rate (%)	35 ^*	74	88	72	143	222

^a	Based on average shares outstanding during the period.
^b	Total return would have been lower had certain expenses not been reduced.
^c	Total return would have been lower if the Advisor had not reduced some Underlying DWS Funds’ expenses.
^d	The Fund invested in other funds and indirectly bore its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund was invested. This ratio does not include these indirect fees and expenses.
^*	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 — Institutional Class
	Six Months Ended 9/30/21	Years Ended March 31,
	(Unaudited)	2021	2020	2019	2018	2017
Selected Per Share Data
Net asset value, beginning of period	$11.42	$8.67	$9.97	$9.25	$8.82	$8.50
Income (loss) from investment operations:
Net investment income^a	.22	.15	.17	.16	.15	.12
Net realized and unrealized gain (loss)	.78	2.77	(1.25)	.73	.45	.35
Total from investment operations	1.00	2.92	(1.08)	.89	.60	.47
Less distributions from:
Net investment income	(.15)	(.17)	(.22)	(.17)	(.17)	(.15)
Net asset value, end of period	$12.27	$11.42	$8.67	$9.97	$9.25	$8.82
Total Return (%)^b	8.79 ^*	33.94	(11.17)	9.74	6.84	5.61 ^c
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	2,763	1,146	340	170	95	45
Ratio of expenses before expense reductions (%)	1.02 ^**	1.03	1.07	1.07	1.12	1.07 ^d
Ratio of expenses after expense reductions (%)	.90 ^**	.94	.95	.95	.95	.90 ^d
Ratio of net investment income (%)	2.78 ^**	1.49	1.72	1.68	1.58	1.44
Portfolio turnover rate (%)	35 ^*	74	88	72	143	222

^a	Based on average shares outstanding during the period.
^b	Total return would have been lower had certain expenses not been reduced.
^c	Total return would have been lower if the Advisor had not reduced some Underlying DWS Funds’ expenses.
^d	The Fund invested in other funds and indirectly bore its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund was invested. This ratio does not include these indirect fees and expenses.
^*	Not annualized
^**	Annualized

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

DWS RREEF Real Assets Fund

Notes to Consolidated Financial Statements

(Unaudited)

A.	Organization and Significant Accounting Policies

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

The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are subject to an initial sales charge. Class T shares are subject to an initial sales charge and are only available through certain financial intermediaries. 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 September 30, 2021, the Fund’s investment in the Subsidiary was $423,083,115, representing 12.6% 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

DWS RREEF Real Assets Fund

securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities 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

DWS RREEF Real Assets Fund

the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

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

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 six months ended September 30, 2021, 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 (0.03% annualized effective rate as of September 30, 2021) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of September 30, 2021, 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

DWS RREEF Real Assets Fund

liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

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

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

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

Income from certain commodity-linked derivatives does not constitute “qualifying income” to the Fund. Receipt of such income could cause the Fund to be subject to tax at the Fund level. The IRS has issued a private letter ruling to the Fund stating that such income earned through its wholly owned Subsidiary constitutes qualifying income. The Fund is required to increase its taxable income by its share of the Subsidiary’s income, including net gains from commodity-linked transactions. Net 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, 2021, the Fund had net tax basis capital loss carryforwards of approximately $249,857,000, including short-term losses ($66,224,000) and long-term losses ($183,633,000). Such losses include $2,090,000 inherited from its merger with Deutsche Select Alternative Allocation Fund and $194,700,000 inherited from its merger with Deutsche Gold & Precious Metals Fund, which may be applied against any realized net taxable capital gains indefinitely subject to certain limitations under Section 381–384 of the Internal Revenue Code.

At September 30, 2021, the aggregate cost of investments for federal income tax purposes was $3,128,099,225. The net unrealized appreciation

DWS RREEF Real Assets Fund

for all investments based on tax cost was $157,609,237. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $426,545,532 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $268,936,295.

The Fund has reviewed the tax positions for the open tax years as of March 31, 2021 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s consolidated financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

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

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

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

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

DWS RREEF Real Assets Fund

(“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 six months ended September 30, 2021, 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 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 September 30, 2021, is included in a table following the Fund’s Consolidated Investment Portfolio.

DWS RREEF Real Assets Fund

For the six months ended September 30, 2021, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $180,748,000 to $465,929,000, and the investment in futures contracts sold had a total notional value generally indicative of a range from approximately $2,202,000 to $89,455,000.

The following tables summarize the value of the Fund’s derivative instruments held as of September 30, 2021 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)	$ 25,485,830
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)	$ (14,738,215)
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.

Realized Gain (Loss)	Futures Contracts
Commodity Contracts (a)	$ 34,187,311
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)	$ 10,903,161
The above derivative is located in the following Consolidated Statement of Operations account:

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

DWS RREEF Real Assets Fund

C.	Purchases and Sales of Securities

During the six months ended September 30, 2021, purchases and sales of investment securities, excluding short-term investments, were as follows:

	Purchases	Sales
Non-U.S. Treasury Obligations	$2,043,293,940	$796,307,756
U.S. Treasury Obligations	$ 474,481,568	$106,677,255

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.

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%
Over $2.0 billion of such net assets	.775%

Accordingly, for the six months ended September 30, 2021, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.785% of the Fund’s average daily net assets.

Effective October 1, 2021, under the Investment Management Agreement with the Advisor, the Fund pays 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%
Next $1.5 billion of such net assets	.775%
Over $3.5 billion of such net assets	.750%

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%

For the six months ended September 30, 2021, fees waived and/or expenses reimbursed for each class are as follows:

Class A	$ 42,027
Class T	2
Class C	3,659
Class R	2,984
Class R6	6,898
Class S	100,261
Institutional Class	1,329,359
	$ 1,485,190

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 six months ended September 30, 2021, the Administration Fee was $1,350,314, of which $259,815 is unpaid.

DWS RREEF Real Assets Fund

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 six months ended September 30, 2021, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated	Unpaid at September 30, 2021
Class A	$ 11,079	$ 3,849
Class T	13	4
Class C	979	434
Class R	218	109
Class R6	512	213
Class S	32,990	11,520
Institutional Class	1,238	385
	$ 47,029	$ 16,514

In addition, for the six months ended September 30, 2021, the amounts charged to the Fund for recordkeeping and other administrative services provided by unaffiliated third parties, included in the Consolidated Statement of Operations under “Services to shareholders,” were as follows:

Sub-Recordkeeping	Total Aggregated
Class A	$ 61,728
Class C	6,901
Class R	3,523
Class S	286,582
Institutional Class	1,121,992
	$ 1,480,726

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

DWS RREEF Real Assets Fund

the six months ended September 30, 2021, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated	Unpaid at September 30, 2021
Class C	$ 55,240	$ 10,422
Class R	3,572	592
	$ 58,812	$ 11,014

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 six months ended September 30, 2021, the Service Fee was as follows:

Service Fee	Total Aggregated	Unpaid at September 30, 2021	Annualized Rate
Class A	$ 140,450	$ 49,313	.25%
Class T	11	10	.15%
Class C	18,018	6,813	.24%
Class R	3,570	1,211	.25%
	$ 162,049	$ 57,347

Underwriting Agreement and Contingent Deferred Sales Charge. DDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the six months ended September 30, 2021 aggregated $10,327.

In addition, DDI receives any contingent deferred sales charge (“CDSC” ) from Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is 1% of the value of the shares redeemed for Class C. For the six months ended September 30, 2021, the CDSC for Class C shares aggregated $424. A deferred sales charge of up to 0.75% is assessed on certain redemptions of Class A shares. For the six months ended September 30, 2021, 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 six months ended September 30, 2021, the amount charged to the Fund by DIMA included in the Consolidated Statement of Operations under “Reports to shareholders” aggregated $1,050, of which $690 is unpaid.

DWS RREEF Real Assets Fund

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 six months ended September 30, 2021, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $1,431.

E.	Line of Credit

The Fund and other affiliated funds (the “Participants” ) share in a $350 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a 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 September 30, 2021.

DWS RREEF Real Assets Fund

F.	Fund Share Transactions

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

	Six Months Ended September 30, 2021		Year Ended March 31, 2021
	Shares	Dollars	Shares	Dollars
Shares sold
Class A	2,732,082	$ 33,932,222	2,878,126	$ 30,227,102
Class C	610,352	7,506,663	184,585	1,928,741
Class R	15,558	195,936	17,923	183,891
Class R6	5,985,743	74,533,331	2,805,179	31,374,721
Class S	5,291,861	65,066,924	11,331,991	118,518,362
Institutional Class	136,465,672	1,675,432,257	75,825,081	821,657,520
		$ 1,856,667,333		$ 1,003,890,337
Shares issued to shareholders in reinvestment of distributions
Class A	100,823	$ 1,251,211	107,572	$ 1,108,439
Class T	13	170	17	166
Class C	8,620	106,114	9,431	93,093
Class R	2,527	31,533	2,997	30,814
Class R6	98,663	1,215,530	7,991	82,318
Class S	279,685	3,442,927	275,515	2,825,358
Institutional Class	2,160,217	26,613,879	712,186	7,327,014
		$ 32,661,364		$ 11,467,202
Shares redeemed
Class A	(854,051)	$ (10,606,720)	(3,043,295)	$ (31,634,880)
Class C	(325,512)	(4,027,687)	(920,666)	(9,450,588)
Class R	(23,023)	(287,956)	(61,854)	(646,723)
Class R6	(4,530,270)	(56,915,513)	(35,183)	(370,209)
Class S	(2,239,665)	(27,498,063)	(7,491,338)	(75,713,864)
Institutional Class	(13,851,911)	(170,985,961)	(15,329,971)	(154,686,503)
		$ (270,321,900)		$ (272,502,767)

DWS RREEF Real Assets Fund

	Six Months Ended September 30, 2021		Year Ended March 31, 2021
	Shares	Dollars	Shares	Dollars
Net increase (decrease)
Class A	1,978,854	$ 24,576,713	(57,597)	$ (299,339)
Class T	13	170	17	166
Class C	293,460	3,585,090	(726,650)	(7,428,754)
Class R	(4,938)	(60,487)	(40,934)	(432,018)
Class R6	1,554,136	18,833,348	2,777,987	31,086,830
Class S	3,331,881	41,011,788	4,116,168	45,629,856
Institutional Class	124,773,978	1,531,060,175	61,207,296	674,298,031
		$ 1,619,006,797		$ 742,854,772

G.	Payments by Affiliates

During the six months ended September 30, 2021, 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 low vaccination rates 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 existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and the pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on the Fund and reflect the consequences as appropriate in the Fund’s accounting and financial reporting.

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 (April 1, 2021 to September 30, 2021).

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 September 30, 2021 (Unaudited)

Actual Fund Return	Class A	Class T	Class C	Class R	Class R6	Class S	Institutional Class
Beginning Account Value 4/1/21	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value 9/30/21	$1,086.60	$1,086.60	$1,081.60	$1,085.50	$1,088.80	$1,087.60	$1,087.90
Expenses Paid per $1,000*	$ 6.38	$ 6.38	$ 10.28	$ 7.69	$ 4.71	$ 5.60	$ 4.71
Hypothetical 5% Fund Return	Class A	Class T	Class C	Class R	Class R6	Class S	Institutional Class
Beginning Account Value 4/1/21	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value 9/30/21	$1,018.95	$1,018.95	$1,015.19	$1,017.70	$1,020.56	$1,019.70	$1,020.56
Expenses Paid per $1,000*	$ 6.17	$ 6.17	$ 9.95	$ 7.44	$ 4.56	$ 5.42	$ 4.56

*	Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 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%	1.22%	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

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

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

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

Privacy Statement

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

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

Questions?

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

DWS RREEF Real Assets Fund

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

California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.

Rev. 12/2020

DWS RREEF Real Assets Fund

Notes

DRAF-3

(R-024413-11 11/21)


	(b) Not applicable

ITEM 2.	CODE OF ETHICS

	Not applicable.

ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT

	Not applicable

ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES

	Not applicable

ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS

	Not applicable

ITEM 6.	SCHEDULE OF INVESTMENTS

	Not applicable

ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

	Not applicable

ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

	Not applicable

ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

	Not applicable

ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

	There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600.

ITEM 11.	CONTROLS AND PROCEDURES

	(a)	The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

	(b)	There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

ITEM 12.	Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

	Not applicable

ITEM 13.	EXHIBITS

	(a)(1)	Not applicable

	(a)(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

	(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

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

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


By:	/s/Hepsen Uzcan Hepsen Uzcan President

Date:	11/29/2021

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

By:	/s/Hepsen Uzcan Hepsen Uzcan President

Date:	11/29/2021



By:	/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer

Date:	11/29/2021

Deutsche Market Trust N-CSRSCertified semi-annual shareholder report (management investment company)