# EDGAR Filing Document

**Accession Number:** 0000926425
**File Stem:** 0001410368-25-017964
**Filing Date:** 2025-10
**Character Count:** 14729
**Document Hash:** 76b55be24fa2bbfa0ec642ea12fda0d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-017964.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0001410368-25-017964

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEUTSCHE DWS ASSET ALLOCATION TRUST
- **CENTRAL INDEX KEY:** 0000926425

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08606
- **FILM NUMBER:** 251419305

**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 Conservative Allocation Fund (Series ID: S000006100)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000016765 | Class A      | SPDAX           |
| C000016768 | Class C      | SPDCX           |
| C000016769 | Class S      | SPBAX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** DEUTSCHE DWS ASSET ALLOCATION TRUST

- **b. Investment Company Act file number:** 811-08606

- **c. CIK number of Registrant:** 0000926425

- **d. LEI of Registrant:** OBQCJCH5PLZP8KWUJD96

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 875 Third Avenue

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10022-6225

  - **Telephone number:** 212-454-4500

**Item A.2. Information about the Series.**

- **a. Name of Series:** DWS Multi-Asset Conservative Allocation Fund

- **b. EDGAR series identifier (if any):** S000006100

- **c. LEI of Series:** S7IR47PGROLTGHFDOJ96

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $60540155.91

**Total Liabilities:** $119167.95

**Net Assets:** $60420987.96

**Cash Not Reported:** $6323.62

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000016765 | 2.49%                | 0.15%                | 1.57%                |
| Class ID C000016768 | 2.39%                | 0.08%                | 1.57%                |
| Class ID C000016769 | 2.48%                | 0.15%                | 1.65%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $39783.07                | $1182908.51                                |
| Month 2  | $361708.99               | $-370627.01                                |
| Month 3  | $131419.18               | $760823.19                                 |

**Designated Index Information**

- **Index Name:** 95% S&P Target, 4% FTSE EPRA Nareit, 1% BBG Commodity

- **Index Identifier:** DJUFOESNP

### Schedule of Portfolio Investments

| Name                                                | Title                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| iShares JP Morgan USD Emerging                      | iShares JP Morgan USD Emerging Markets Bond ETF       | CUSIP: 464288281<br>LEI: 549300LRIF3NWCU26A80 | Long             | EC               | RF                | US        |     37945 | NS      | $3571383.40   | 5.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Intermediate-Term Corporate Bond ETF       | Vanguard Intermediate-Term Corporate Bond ETF         | CUSIP: 92206C870<br>LEI: VKDXEYNPEMWGHJ22MR31 | Long             | EC               | RF                | US        |     80606 | NS      | $6724152.52   | 11.13%            |  |  |  | No            |                  1 | On Loan: No      |
| VanEck J. P. Morgan EM Local Currency Bond ETF      | VanEck J. P. Morgan EM Local Currency Bond ETF        | CUSIP: 92189H300<br>LEI: 549300CNWPR88MZBEA63 | Long             | EC               | RF                | US        |     36724 | NS      | $931320.64    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                 | DWS RREEF Global Infrastructure Fund  'Institutional' | CUSIP: 25156A858<br>LEI: 549300PVLPCCDJRWQR23 | Long             | EC               | RF                | US        |     46222 | NS      | $765894.81    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS Global Real Estate Securities Fund              | DWS Global Real Estate Securities Fund                | CUSIP: 25159L406<br>LEI: S3F7OHQGFS84K9XEJE32 | Long             | EC               | RF                | US        |    169783 | NS      | $1246207.50   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                              | US 2YR NOTE (CBT) DEC25                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         9 | NC      | $1524.66      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                              | US ULTRA BOND CBT DEC25                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         6 | NC      | $311.51       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Xtrackers RREEF Global Natural Resources ETF        | Xtrackers RREEF Global Natural Resources ETF          | CUSIP: 23306X837<br>LEI: 529900FTFUUP6MXH3A36 | Long             | EC               | RF                | US        |     11773 | NS      | $316566.55    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                 | DWS Equity 500 Index Fund                             | CUSIP: 25159R106<br>LEI: BSFDGTJIOB5CFE60ND57 | Long             | EC               | RF                | US        |     73783 | NS      | $12832385.62  | 21.24%            |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                 | DWS RREEF Real Estate Securities Fund 'Institutional' | CUSIP: 25159L737<br>LEI: 2EGUP71H6PBMSKMC3J09 | Long             | EC               | RF                | US        |      5600 | NS      | $121790.32    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | iShares iBoxx $ Investment Grade Corporate Bond ETF   | CUSIP: 464287242<br>LEI: 549300FYCXFXG8POR355 | Long             | EC               | RF                | US        |     36053 | NS      | $3958619.40   | 6.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                              | US LONG BOND(CBT) DEC25                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         7 | NC      | $1840.54      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                              | US 5YR NOTE (CBT) DEC25                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         2 | NC      | $651.31       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                              | US 10YR NOTE (CBT)DEC25                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -27 | NC      | $-12726.99    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI Europe ETF                        | iShares Core MSCI Europe ETF                          | CUSIP: 46434V738<br>LEI: 549300XU2KDV0C5LCG21 | Long             | EC               | RF                | US        |     27069 | NS      | $1806585.06   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                              | US 3YR NOTE (CBT) DEC25                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        18 | NC      | $5933.16      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                 | DWS Emerging Markets Equity Fund 'Institutional'      | CUSIP: 25156G780<br>LEI: 549300V295OG0NZ7UA89 | Long             | EC               | RF                | US        |     51061 | NS      | $1066149.15   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                 | DWS High Income Fund 'Institutional'                  | CUSIP: 25155T635<br>LEI: TWIQP8VKJK957HT5V127 | Long             | EC               | RF                | US        |   1161505 | NS      | $5203541.08   | 8.61%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                 | DWS Enhanced Commodity Strategy Fund 'Institutional'  | CUSIP: 25159L836<br>LEI: U72UPDOVVEAXSRWTZF97 | Long             | EC               | RF                | US        |    112422 | NS      | $658793.50    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                 | DWS Central Cash Management Government Fund           | CUSIP: 25160K306<br>LEI: 5493003GD84DGSXJ7618 | Long             | STIV             | RF                | US        |    149966 | NS      | $149966.49    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Total International Bond ETF               | Vanguard Total International Bond ETF                 | CUSIP: 92203J407<br>LEI: 549300BXRBFWS9SORH32 | Long             | EC               | RF                | US        |    117276 | NS      | $5782879.56   | 9.57%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Japan ETF                              | iShares MSCI Japan ETF                                | CUSIP: 46434G822<br>LEI: 5493008I6YRUC6I0S051 | Long             | EC               | RF                | US        |      4088 | NS      | $320008.64    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares U.S. Treasury Bond ETF                      | iShares U.S. Treasury Bond ETF                        | CUSIP: 46429B267<br>LEI: 549300YMK9GAMCTG8G20 | Long             | EC               | RF                | US        |    226006 | NS      | $5194747.91   | 8.60%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares GNMA Bond ETF                               | iShares GNMA Bond ETF                                 | CUSIP: 46429B333<br>LEI: 5493000KODSFW8LTTF91 | Long             | EC               | RF                | US        |    171789 | NS      | $7605099.03   | 12.59%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Pacific ex Japan ETF                   | iShares MSCI Pacific ex Japan ETF                     | CUSIP: 464286665<br>LEI: 549300BD232B3QSQRR65 | Long             | EC               | RF                | US        |      6141 | NS      | $316568.55    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                 | DWS Small Cap Core Fund 'S'                           | CUSIP: 25157M810<br>LEI: KKQKEDL2J9UGWEWMX474 | Long             | EC               | RF                | US        |     21877 | NS      | $1204553.24   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                              | U.S. Treasury Bills                                   | CUSIP: 912797PW1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    285800 | PA      | $285497.17    | 0.47%             | 2025-09-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                              | US 10YR ULTRA FUT DEC25                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -15 | NC      | $-7304.92     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard S&P 500 ETF                                | Vanguard S&P 500 ETF                                  | CUSIP: 922908363<br>LEI: 549300D8V8ZP5GRJOC71 | Long             | EC               | RF                | US        |       779 | NS      | $462009.32    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-15

**Name of Applicant:** DEUTSCHE DWS ASSET ALLOCATION TRUST

**Signature:** Diane Kenneally

**Name of Signer:** Diane Kenneally

**Title:** Treasurer and Chief Financial Officer