Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print DWS Alternative Asset Allocation VIP A Release date as of 2024-03-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-03-31 Out of 121 Multistrategy Funds Morningstar® Style Box™ What is this? As of 2024-02-29 As of 2024-02-29 Total Fund Assets ($ Mil) 428.94 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks capital appreciation. The fund seeks to achieve its objective by investing in alternative (or non-traditional) investment strategies. Investments may be made in other DWS funds (i.e., mutual funds, exchange-traded funds (ETFs) and other pooled investment vehicles managed by DWS Investment Management Americas Inc., the fund's investment advisor, or one of its affiliates), or directly in the securities and derivative instruments in which such DWS fund could invest.

Morningstar Category: Multistrategy Multistrategy portfolios offer investors exposure to two or more alternative investment strategies, as defined by Morningstar’s alternative category classifications, through either a single-manager or multi-manager approach. Funds in this category typically have a majority of their assets exposed to alternative strategies, but at a minimum, alternatives must comprise greater than 30% of the strategy’s gross exposure. The category includes funds with static allocations to alternative strategies as well as those that tactically adjust their exposure to different alternative strategies and asset classes. Multistrategy funds typically aim to have low to modest sensitivity to traditional market indexes, although that may not be the case for strategies with lower alternatives allocations.

Investment Risks Fund of Funds: An investment option with mutual funds in its portfolio may be subject to the expenses of those mutual funds in addition to those of the investment option itself.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 18.1 Non-U.S. Stocks 9.8 Bonds 33.7 Cash 23.8 Other 14.7 Data through 2024-02-29 Morningstar Equity Sectors % of Stocks Cyclical 43.32 Basic Materials 2.06 Consumer Cyclical 0.80 Financial Services 1.85 Real Estate 38.61 Sensitive 28.66 Communication Services 2.15 Energy 14.65 Industrials 10.04 Technology 1.82 Defensive 28.03 Consumer Defensive 0.75 Healthcare 3.21 Utilities 24.07 Data through 2024-02-29 Morningstar Fixed-Income Sectors % Fund Government 20.65 Corporate 43.82 Securitized 2.73 Municipal 0.00 Cash & Equivalents 32.80 Derivative 0.00 Data through 2024-02-29 Credit Analysis % Bonds AAA 16.95 AA 3.31 A 6.24 BBB 15.75 BB 16.55 B 34.56 Below B 3.61 Not Rated 3.03 Data through 2024-02-29 Holding Status Total Number of Stock Holdings 0 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 87.86 Turnover % (as of 2023-12-31) 0.00 30 Day SEC Yield % 0.00 Top Holdings Sector Country Maturity Date Market Value ($000) % of Net Assets DWS Enhanced Commodity Strategy Inst --- USA --- 58,849 14.02 DWS RREEF Global Infrastructure Inst --- USA --- 57,430 13.68 SPDR® Blmbg Convert Secs ETF --- USA --- 45,580 10.86 DWS Floating Rate Inst --- USA --- 44,255 10.54 DWS ESG Liquidity Institutional --- USA --- 39,876 9.50 DWS RREEF Real Estate Securities Instl --- USA --- 35,417 8.44 DWS Global Macro Inst --- USA --- 34,430 8.20 iShares JP Morgan USD Em Mkts Bd ETF --- USA --- 21,041 5.01 DWS Emerging Markets Fixed Income Inst --- USA --- 17,179 4.09 iShares Preferred&Income Securities ETF --- USA --- 14,780 3.52 Data through 2024-02-29

Principal Risks    Lending, Credit and Counterparty, Extension, Inflation/Deflation, Inflation-Protected Securities, Prepayment (Call), Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region, Nondiversification, Interest Rate, Market/Market Volatility, Bank Loans, Commodity, Convertible Securities, Equity Securities, ETF, High-Yield Securities, Industry and Sector Investing, Preferred Stocks, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, U.S. Federal Tax Treatment, Leverage, Pricing, ETN, Management, Portfolio Diversification, Small Cap, Real Estate/REIT Sector Show Risk Definitions

Other Information Inception Date: 2009-02-02 Portfolio Manager(s) Darwei Kung   (2013-07-12) Darwei Kung, Managing Director, has joined Deutsche Asset Management in 2006. Previously he has worked as a Director, Engineering and Business Development at Calpoint LLC from 2001-2004. He holds a BS and MS from University of Washington, Seattle; a MS and MBA from Carnegie Mellon University. Yu Shi   (2023-04-25) Yu Shi, CFA, Portfolio Manager Multi Asset & Solutions. Portfolio Manager of the fund. Began managing the fund in 2023. ◾Joined DWS in 2014 with six years of industry experience. Before joining, he was working in the market risk department covering the commercial real estate business of the bank and previously, running risk and P&L for the fixed income index and inflation desks. Prior to joining, he was supporting interest rates derivative trading desk at Sumitomo Mitsui Banking Corporation. He started as a quantitative risk analyst at Munich Re Group Asset Management. ◾Portfolio Manager - Multi Asset & Solutions. ◾BSc in Computational Math, Sun Yat-sen University; MSc in Applied Math, McGill University; MA in Statistics, Columbia University. Daniel Park   (2023-04-25) Daniel Park, Portfolio Manager Multi Asset & Solutions. Portfolio Manager of the fund. Began managing the fund in 2023. ◾Joined DWS in 2014. ◾Portfolio Manager - Multi Asset & Solutions. ◾BA in Economics, University of Bonn; MSc in International Business, Maastricht University. Investment Advisor(s) DWS Investment Management Americas, Inc. Issuer DWS Subadvisor(s) RREEF America L.L.C.

Show Data Definitions © Copyright 2024 Morningstar, Inc. All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or any losses arising from any use of information. Past performance is no guarantee of future performance. Past performance is no guarantee of future results. Returns will vary and shares may be worth more or less than their original cost when sold.