# EDGAR Filing Document

**Accession Number:** 0000926425
**File Stem:** 0001752724-23-013472
**Filing Date:** 2023-1
**Character Count:** 30649
**Document Hash:** 842dd672cfe7907c155cbfb231d7ee80
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-013472.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001752724-23-013472

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230125

**PERIOD START**: 20230831

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08606
- **FILM NUMBER:** 23553626

**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           |

## Nport-Ex

Investment Portfolios**as of November 30, 2022 (Unaudited)** 

**DWS Multi-Asset Conservative Allocation Fund** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Equity — Equity Funds 27.6%** | **Equity — Equity Funds 27.6%** |  |
| DWS Core Equity Fund "Institutional" (a) | 236083 | 7089560 |
| DWS Emerging Markets Equity Fund "Institutional" (a) | 104494 | 1788935 |
| DWS ESG Core Equity Fund "Institutional" (a) | 328858 | 5932605 |
| DWS RREEF Global Infrastructure Fund "Institutional" (a) | 41647 | 694673 |
| DWS RREEF Real Estate Securities Fund "Institutional" (a) | 85902 | 1718038 |
| DWS Small Cap Core Fund "S" (a) | 30542 | 1349650 |
| **Total Equity — Equity Funds** (Cost $12,849,971) |  | **18573461** |
| **Equity — Exchange-Traded Funds 7.9%** | **Equity — Exchange-Traded Funds 7.9%** |  |
| iShares Core MSCI Europe ETF  | 24457 | 1187632 |
| iShares MSCI Japan ETF  | 24278 | 1354713 |
| iShares MSCI Pacific ex Japan ETF  | &nbsp;&nbsp;&nbsp;&nbsp; 16220 | &nbsp;&nbsp;&nbsp;&nbsp; 714491 |
| SPDR S&P Emerging Asia Pacific ETF  | &nbsp;&nbsp;&nbsp;&nbsp; 10519 | &nbsp;&nbsp; 1046851 |
| SPDR S&P Global Natural Resources ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5850 | &nbsp;&nbsp;&nbsp;&nbsp; 354393 |
| Xtrackers MSCI Japan Hedged Equity ETF (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12794 | &nbsp;&nbsp;&nbsp;&nbsp; 664492 |
| **Total Equity — Exchange-Traded Funds** (Cost $5,000,054) |  | **5322572** |
| **Fixed Income — Bond Funds 5.4%** | **Fixed Income — Bond Funds 5.4%** |  |
| DWS Enhanced Commodity Strategy Fund "Institutional" (a) | &nbsp;&nbsp; 105556 | &nbsp;&nbsp;&nbsp;&nbsp; 652334 |
| DWS High Income Fund "Institutional" (a) | &nbsp;&nbsp; 703005 | &nbsp;&nbsp; 2973713 |
| **Total Fixed Income — Bond Funds** (Cost $3,579,569) |  | **3626047** |
| **Fixed Income — Exchange-Traded Funds 51.7%** | **Fixed Income — Exchange-Traded Funds 51.7%** |  |
| iShares GNMA Bond ETF  | &nbsp;&nbsp; 213840 | &nbsp;&nbsp; 9451728 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF  | &nbsp;&nbsp;&nbsp;&nbsp; 27500 | &nbsp;&nbsp; 2963400 |
| iShares JP Morgan USD Emerging Markets Bond ETF  | &nbsp;&nbsp;&nbsp;&nbsp; 44392 | &nbsp;&nbsp; 3836801 |
| iShares U.S. Treasury Bond ETF  | &nbsp;&nbsp; 321792 | &nbsp;&nbsp; 7391562 |
| Vanguard Intermediate-Term Corporate Bond ETF  | &nbsp;&nbsp;&nbsp;&nbsp; 82776 | &nbsp;&nbsp; 6504538 |
| Vanguard Total International Bond ETF  | &nbsp;&nbsp;&nbsp;&nbsp; 96013 | &nbsp;&nbsp; 4709438 |
| **Total Fixed Income — Exchange-Traded Funds** (Cost $36,957,222) |  | **34857467** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount ($)**<br>| **Value ($)** |
| **Short-Term U.S. Treasury Obligations 0.7%** | **Short-Term U.S. Treasury Obligations 0.7%** |  |
| U.S. Treasury Bills, 2.004% (c), 4/20/2023 (d) (Cost $461,376) | 465000 | **457117** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Fixed Income — Money Market Funds 6.8%** | **Fixed Income — Money Market Funds 6.8%** |  |
| &nbsp;&nbsp;&nbsp; DWS Central Cash Management Government Fund, 3.70% (a) (e), 1/1/2030 <br> (Cost $4,605,638)<br>| 4605638 | **4605638** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** (Cost $63,453,830) | 100.1 | **67442302** |
| **Other Assets and Liabilities, Net** | &nbsp;&nbsp; (0.1) | **(41766)** |
| **Net Assets** | 100.0 | **67400536** |

---

------

*For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*

*A summary of the Fund's transactions with affiliated Underlying DWS Funds during the period ended November 30, 2022 are as follows:* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**8/31/2022**<br>| &nbsp;&nbsp; **Purchases** <br>**Cost ($)**<br>| &nbsp;&nbsp; **Sales** <br>**Proceeds ($)**<br>| &nbsp;&nbsp; **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| &nbsp;&nbsp; **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation) ($)**<br>| **Income ($)** | &nbsp;&nbsp; **Capital Gain** <br>**Distributions ($)**<br>| &nbsp;&nbsp; **Number** <br>**of Shares** <br>**at** <br>**11/30/2022**<br>| &nbsp;&nbsp; **Value ($) at** <br>**11/30/2022**<br>|
| **Exchange-Traded Funds 1.0%** | **Exchange-Traded Funds 1.0%** | **Exchange-Traded Funds 1.0%** | **Exchange-Traded Funds 1.0%** | **Exchange-Traded Funds 1.0%** | **Exchange-Traded Funds 1.0%** | **Exchange-Traded Funds 1.0%** | **Exchange-Traded Funds 1.0%** | **Exchange-Traded Funds 1.0%** |
| Xtrackers MSCI Japan Hedged Equity ETF (b) | Xtrackers MSCI Japan Hedged Equity ETF (b) | Xtrackers MSCI Japan Hedged Equity ETF (b) | Xtrackers MSCI Japan Hedged Equity ETF (b) | Xtrackers MSCI Japan Hedged Equity ETF (b) | Xtrackers MSCI Japan Hedged Equity ETF (b) | Xtrackers MSCI Japan Hedged Equity ETF (b) | Xtrackers MSCI Japan Hedged Equity ETF (b) | Xtrackers MSCI Japan Hedged Equity ETF (b) |
| —  | 668614  | —  | —  | (4122)  | —  | —  | 12794  | 664492  |
| **Equity — Equity Funds 27.6%** | **Equity — Equity Funds 27.6%** | **Equity — Equity Funds 27.6%** | **Equity — Equity Funds 27.6%** | **Equity — Equity Funds 27.6%** | **Equity — Equity Funds 27.6%** | **Equity — Equity Funds 27.6%** | **Equity — Equity Funds 27.6%** | **Equity — Equity Funds 27.6%** |
| DWS Core Equity Fund "Institutional" (a) | DWS Core Equity Fund "Institutional" (a) | DWS Core Equity Fund "Institutional" (a) | DWS Core Equity Fund "Institutional" (a) | DWS Core Equity Fund "Institutional" (a) | DWS Core Equity Fund "Institutional" (a) | DWS Core Equity Fund "Institutional" (a) | DWS Core Equity Fund "Institutional" (a) | DWS Core Equity Fund "Institutional" (a) |
| 7906034  | 344723  | 1466900  | 553516  | (247813)  | 18323  | —  | 236083  | 7089560  |
| DWS Emerging Markets Equity Fund "Institutional" (a) | DWS Emerging Markets Equity Fund "Institutional" (a) | DWS Emerging Markets Equity Fund "Institutional" (a) | DWS Emerging Markets Equity Fund "Institutional" (a) | DWS Emerging Markets Equity Fund "Institutional" (a) | DWS Emerging Markets Equity Fund "Institutional" (a) | DWS Emerging Markets Equity Fund "Institutional" (a) | DWS Emerging Markets Equity Fund "Institutional" (a) | DWS Emerging Markets Equity Fund "Institutional" (a) |
| 1376567  | 388700  | —  | —  | 23668  | —  | —  | 104494  | 1788935  |
| DWS ESG Core Equity Fund "Institutional" (a) | DWS ESG Core Equity Fund "Institutional" (a) | DWS ESG Core Equity Fund "Institutional" (a) | DWS ESG Core Equity Fund "Institutional" (a) | DWS ESG Core Equity Fund "Institutional" (a) | DWS ESG Core Equity Fund "Institutional" (a) | DWS ESG Core Equity Fund "Institutional" (a) | DWS ESG Core Equity Fund "Institutional" (a) | DWS ESG Core Equity Fund "Institutional" (a) |
| 6298439  | —  | 652699  | 7122  | 279743  | —  | —  | 328858  | 5932605  |
| DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) |
| 701159  | 2076  | —  | —  | (8562)  | 2076  | —  | 41647  | 694673  |
| DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) |
| 1802768  | 8860  | —  | —  | (93590)  | 8860  | —  | 85902  | 1718038  |
| DWS Small Cap Core Fund "S" (a) | DWS Small Cap Core Fund "S" (a) | DWS Small Cap Core Fund "S" (a) | DWS Small Cap Core Fund "S" (a) | DWS Small Cap Core Fund "S" (a) | DWS Small Cap Core Fund "S" (a) | DWS Small Cap Core Fund "S" (a) | DWS Small Cap Core Fund "S" (a) | DWS Small Cap Core Fund "S" (a) |
| 1414139  | —  | 111100  | 7749  | 38862  | —  | —  | 30542  | 1349650  |
| **Fixed Income — Bond Funds 5.4%** | **Fixed Income — Bond Funds 5.4%** | **Fixed Income — Bond Funds 5.4%** | **Fixed Income — Bond Funds 5.4%** | **Fixed Income — Bond Funds 5.4%** | **Fixed Income — Bond Funds 5.4%** | **Fixed Income — Bond Funds 5.4%** | **Fixed Income — Bond Funds 5.4%** | **Fixed Income — Bond Funds 5.4%** |
| DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) |
| 755999  | 430582  | 259100  | (64647)  | (210500)  | 234683  | —  | 105556  | 652334  |
| DWS High Income Fund "Institutional" (a) | DWS High Income Fund "Institutional" (a) | DWS High Income Fund "Institutional" (a) | DWS High Income Fund "Institutional" (a) | DWS High Income Fund "Institutional" (a) | DWS High Income Fund "Institutional" (a) | DWS High Income Fund "Institutional" (a) | DWS High Income Fund "Institutional" (a) | DWS High Income Fund "Institutional" (a) |
| 3291799  | 41930  | 365200  | (21483)  | 26667  | 41929  | —  | 703005  | 2973713  |
| **Fixed Income — Money Market Funds 6.8%** | **Fixed Income — Money Market Funds 6.8%** | **Fixed Income — Money Market Funds 6.8%** | **Fixed Income — Money Market Funds 6.8%** | **Fixed Income — Money Market Funds 6.8%** | **Fixed Income — Money Market Funds 6.8%** | **Fixed Income — Money Market Funds 6.8%** | **Fixed Income — Money Market Funds 6.8%** | **Fixed Income — Money Market Funds 6.8%** |
| DWS Central Cash Management Government Fund, 3.70% (a) (e) | DWS Central Cash Management Government Fund, 3.70% (a) (e) | DWS Central Cash Management Government Fund, 3.70% (a) (e) | DWS Central Cash Management Government Fund, 3.70% (a) (e) | DWS Central Cash Management Government Fund, 3.70% (a) (e) | DWS Central Cash Management Government Fund, 3.70% (a) (e) | DWS Central Cash Management Government Fund, 3.70% (a) (e) | DWS Central Cash Management Government Fund, 3.70% (a) (e) | DWS Central Cash Management Government Fund, 3.70% (a) (e) |
| 15047011  | 7002372  | 17443745  | —  | —  | 35113  | —  | 4605638  | 4605638  |
| **38593915** | **8887857** | **20298744** | **482257** | **(195647)** | **340984** | **—** | **6254519** | **27469638** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Affiliated fund managed by DWS Investment Management Americas, Inc.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Affiliated fund managed by DBX Advisors LLC.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Annualized yield at time of purchase; not a coupon rate.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *At November 30, 2022, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures* *contracts.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *The rate shown is the annualized seven-day yield at period end.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*MSCI: Morgan Stanley Capital International* <br> *S&P: Standard & Poor's* <br> *SPDR: Standard & Poor's Depositary Receipt*

*At November 30, 2022, open futures contracts purchased were as follows:* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures** | **Currency** | &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Contracts** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Amount ($)**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Value ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation ($)**<br>|
| Euro Stoxx 50 <br> Index <br>| EUR | 12/16/2022  | 5  | 187785 | 206299  | **18514** |

---

***Currency Abbreviation(s)***

------

*EUR* *Euro*

------

***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 November 30, 2022 in valuing the Fund's investments.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity — Equity Funds  | $18573461 | $— | $— | $18573461 |
| Equity — Exchange-Traded Funds  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5322572 | &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;&nbsp;&nbsp;&nbsp;&nbsp; 5322572 |
| Fixed Income — Bond Funds  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3626047 | &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;&nbsp;&nbsp;&nbsp;&nbsp; 3626047 |
| Fixed Income — Exchange-Traded Funds  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34857467 | &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;&nbsp;&nbsp; 34857467 |
| Short- Term U.S. Treasury Obligations  | &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; 457117 | &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; 457117 |
| Fixed Income — Money Market Funds  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4605638 | &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;&nbsp;&nbsp;&nbsp;&nbsp; 4605638 |
| Derivatives (a) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18514 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18514 |
| **Total** | **$67003699** | **$457117** | **$—** | **$67460816** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Derivatives include unrealized appreciation (depreciation) on open futures contracts.* 

***Derivatives***

*The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of November 30, 2022 categorized by the primary underlying risk exposure.* 

---

| | |
|:---|:---|
| **Primary Underlying Risk Disclosure** | &nbsp;&nbsp;&nbsp; **Futures**<br> **Contracts**<br>|
| Equity Contracts  | $18514 |

---

**OBTAIN AN OPEN-END FUND PROSPECTUS**

**To obtain a summary prospectus, if available, or prospectus, download one from fundsus.dws.com, talk to your financial representative or call (800) 728-3337. We advise you to carefully consider the product's objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest.**

**CLOSED-END FUNDS**

Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund's shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value.

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.

NO BANK GUARANTEE \| NOT FDIC INSURED \| MAY LOSE VALUE

DMACAT-PH1

R-080548-2 (1/25)

------

## 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:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**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:** $67518466.76

**Total Liabilities:** $89427.52

**Net Assets:** $67429039.24

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000016765 | -6.27%               | 2.00%                | 5.29%                |
| Class ID C000016768 | -6.30%               | 1.91%                | 5.20%                |
| Class ID C000016769 | -6.22%               | 2.00%                | 5.29%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1303970.05             | $-3261107.86                               |
| Month 2  | $152683.89               | $1056323.48                                |
| Month 3  | $119487.30               | $3122511.15                                |

### 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        |     44392 | NS      | $3836800.56   | 5.69%             |  |  |  | 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        |     82776 | NS      | $6504538.08   | 9.65%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                 | DWS RREEF Global Infrastructure Fund  'Institutional' | CUSIP: 25156A858<br>LEI: 549300PVLPCCDJRWQR23 | Long             | EC               | RF                | US        |     41647 | NS      | $694673.39    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                 | DWS Central Cash Management Government Fund           | CUSIP: 25160K306<br>LEI: 5493003GD84DGSXJ7618 | Long             | STIV             | RF                | US        |   4605638 | NS      | $4605638.11   | 6.83%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                 | DWS RREEF Real Estate Securities Fund 'Institutional' | CUSIP: 25159L737<br>LEI: 2EGUP71H6PBMSKMC3J09 | Long             | EC               | RF                | US        |     85902 | NS      | $1718037.92   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Global Natural Resources ETF               | SPDR S&P Global Natural Resources ETF                 | CUSIP: 78463X541<br>LEI: 549300TY1RVQ2C1UO359 | Long             | EC               | RF                | US        |      5850 | NS      | $354393.00    | 0.53%             |  |  |  | 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        |     27500 | NS      | $2963400.00   | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Emerging Asia Pacific                      | SPDR S&P Emerging Asia Pacific ETF                    | CUSIP: 78463X301<br>LEI: 549300EIUBUJ3UVV3B27 | Long             | EC               | RF                | US        |     10519 | NS      | $1046850.88   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                   | EURO STOXX 50 DEC22                                   | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |         5 | NC      | $18513.99     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI Europe ETF                        | iShares Core MSCI Europe ETF                          | CUSIP: 46434V738<br>LEI: 549300XU2KDV0C5LCG21 | Long             | EC               | RF                | US        |     24457 | NS      | $1187631.92   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                 | DWS Emerging Markets Equity Fund 'Institutional'      | CUSIP: 25156G780<br>LEI: 549300V295OG0NZ7UA89 | Long             | EC               | RF                | US        |    104494 | NS      | $1788934.75   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                 | DWS High Income Fund 'Institutional'                  | CUSIP: 25155T635<br>LEI: TWIQP8VKJK957HT5V127 | Long             | EC               | RF                | US        |    703006 | NS      | $2973713.52   | 4.41%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                 | DWS Enhanced Commodity Strategy Fund 'Institutional'  | CUSIP: 25159L836<br>LEI: U72UPDOVVEAXSRWTZF97 | Long             | EC               | RF                | US        |    105556 | NS      | $652333.77    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Total International Bond ETF               | Vanguard Total International Bond ETF                 | CUSIP: 92203J407<br>LEI: 549300BXRBFWS9SORH32 | Long             | EC               | RF                | US        |     96013 | NS      | $4709437.65   | 6.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Xtrackers MSCI Japan Hedged Equity ETF              | Xtrackers MSCI Japan Hedged Equity ETF                | CUSIP: 233051507<br>LEI: 3379V8ZPZKCNZWO8YR10 | Long             | EC               | RF                | US        |     12794 | NS      | $664492.21    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Japan ETF                              | iShares MSCI Japan ETF                                | CUSIP: 46434G822<br>LEI: 5493008I6YRUC6I0S051 | Long             | EC               | RF                | US        |     24278 | NS      | $1354712.40   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares US Treasury Bond ETF                        | iShares US Treasury Bond ETF                          | CUSIP: 46429B267<br>LEI: 549300YMK9GAMCTG8G20 | Long             | EC               | RF                | US        |    321792 | NS      | $7391562.24   | 10.96%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares GNMA Bond ETF                               | iShares GNMA Bond ETF                                 | CUSIP: 46429B333<br>LEI: 5493000KODSFW8LTTF91 | Long             | EC               | RF                | US        |    213840 | NS      | $9451728.00   | 14.02%            |  |  |  | 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        |     16220 | NS      | $714491.00    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                 | DWS Small Cap Core Fund 'S'                           | CUSIP: 25157M810<br>LEI: KKQKEDL2J9UGWEWMX474 | Long             | EC               | RF                | US        |     30542 | NS      | $1349650.49   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                 | DWS Core Equity Fund 'Institutional'                  | CUSIP: 25157M687<br>LEI: P4CSKNTUAGEYOFMNDU45 | Long             | EC               | RF                | US        |    236083 | NS      | $7089559.82   | 10.51%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                              | United States Treasury Bill                           | CUSIP: 912796V48<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    465000 | PA      | $457117.47    | 0.68%             | 2023-04-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DWS ESG Core Equity Fund                            | DWS ESG Core Equity Fund                              | CUSIP: 25159G704<br>LEI: 549300SW8V87DO07CE34 | Long             | EC               | RF                | US        |    328858 | NS      | $5932604.96   | 8.80%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-28

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

**Signature:** Diane Kenneally

**Name of Signer:** Diane Kenneally

**Title:** Treasurer and Chief Financial Officer