# EDGAR Filing Document

**Accession Number:** 0000926425
**File Stem:** 0000088053-23-000033
**Filing Date:** 2023-1
**Character Count:** 3568
**Document Hash:** ed318f038e9047f922ec947e314213c4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000088053-23-000033.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0000088053-23-000033

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**EFFECTIVENESS DATE**: 20230127

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEUTSCHE DWS ASSET ALLOCATION TRUST
- **CENTRAL INDEX KEY:** 0000926425
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-86070
- **FILM NUMBER:** 23562628

**BUSINESS ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225
- **BUSINESS PHONE:** 212-454-4500

**MAIL ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DEUTSCHE ASSET ALLOCATION TRUST
- **DATE OF NAME CHANGE:** 20151019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DEUTSCHE TARGET DATE SERIES
- **DATE OF NAME CHANGE:** 20140811

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DWS TARGET DATE SERIES
- **DATE OF NAME CHANGE:** 20071101

## Series and Classes Contracts Data

### DWS Multi-Asset Moderate Allocation Fund (Series ID: S000006098)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000016756 | Class A      | PLUSX           |
| C000016758 | Class C      | PLSCX           |
| C000016759 | Class S      | PPLSX           |

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**SUPPLEMENT TO THE CURRENTLY EFFECTIVE SUMMARY PROSPECTUSES AND PROSPECTUS**

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DWS Multi-Asset Conservative Allocation Fund

DWS Multi-Asset Moderate Allocation Fund

*The following disclosure replaces existing similar disclosure contained under the "Derivatives" sub-heading under the "PRINCIPAL INVESTMENT STRATEGIES" heading of the fund's summary prospectus and in the summary section and the "Fund Details" section of the fund's prospectus.*

**Derivatives.** Portfolio management generally may use forward currency contracts, which are a type of derivative (a contract whose value is based on, for example, indices, currencies or securities), to hedge the fund's exposure to changes in foreign currency exchange rates on its foreign currency denominated portfolio holdings, to facilitate transactions in foreign currency denominated securities or to seek to enhance total returns. In addition, portfolio management may use futures contracts and interest rate swap contracts to gain exposure to different parts of the yield curve while managing overall duration.

Portfolio management may also use futures contracts to (i) hedge against changes in a particular market or security; (ii) gain exposure to a particular asset class; or (iii) to keep cash on hand to meet shareholder redemptions or for other needs while maintaining exposure to the stock market.

The fund may also use other types of derivatives (i) for hedging purposes; (ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions.

*Please Retain This Supplement for Future Reference*

January 27, 2023

PROSTKR23-01

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