# EDGAR Filing Document

**Accession Number:** 0000926425
**File Stem:** 0001752724-25-177134
**Filing Date:** 2025-7
**Character Count:** 34819
**Document Hash:** 66c70900c544631b26d963a4a7251e52
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-177134.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001752724-25-177134

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**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:** 251147691

**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 Portfolio**as of May 31, 2025 (Unaudited)** 

**DWS Multi-Asset Conservative Allocation Fund** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Equity — Equity Funds 28.8%** | **Equity — Equity Funds 28.8%** |  |
| DWS Emerging Markets Equity Fund "Institutional" (a) | 105178 | &nbsp;&nbsp; 2055187 |
| DWS Equity 500 Index Fund "Institutional" (a) | 73597 | &nbsp;&nbsp; 11712301 |
| DWS RREEF Global Infrastructure Fund "Institutional" (a) | 56095 | &nbsp;&nbsp; 937910 |
| DWS RREEF Global Real Estate Securities Fund "Institutional" (a) | 131345 | &nbsp;&nbsp; 966696 |
| DWS RREEF Real Estate Securities Fund "Institutional" (a) | 17139 | &nbsp;&nbsp; 373801 |
| DWS Small Cap Core Fund "S" (a) | 21877 | &nbsp;&nbsp; 1098668 |
| **Total Equity — Equity Funds** (Cost $15,037,264) |  | &nbsp;&nbsp; **17144563** |
| **Equity — Exchange-Traded Funds 10.5%** | **Equity — Exchange-Traded Funds 10.5%** |  |
| iShares Core MSCI Europe ETF  | 39539 | &nbsp;&nbsp; 2597712 |
| iShares MSCI Japan ETF  | 15209 | &nbsp;&nbsp; 1127291 |
| iShares MSCI Pacific ex Japan ETF  | 9818 | &nbsp;&nbsp; 473817 |
| Vanguard S&P 500 ETF  | 3537 | &nbsp;&nbsp; 1916205 |
| Xtrackers RREEF Global Natural Resources ETF (b) | 4720 | &nbsp;&nbsp; 117122 |
| **Total Equity — Exchange-Traded Funds** (Cost $4,993,672) |  | &nbsp;&nbsp; **6232147** |
| **Fixed Income — Bond Funds 6.7%** | **Fixed Income — Bond Funds 6.7%** |  |
| DWS Enhanced Commodity Strategy Fund "Institutional" (a) | 77532 | &nbsp;&nbsp; 445035 |
| DWS High Income Fund "Institutional" (a) | 811440 | &nbsp;&nbsp; 3570334 |
| **Total Fixed Income — Bond Funds** (Cost $3,790,631) |  | &nbsp;&nbsp; **4015369** |
| **Fixed Income — Exchange-Traded Funds 51.9%** | **Fixed Income — Exchange-Traded Funds 51.9%** |  |
| iShares GNMA Bond ETF  | 157249 | &nbsp;&nbsp; 6821461 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF  | 19323 | &nbsp;&nbsp; 2082440 |
| iShares JP Morgan USD Emerging Markets Bond ETF  | 37945 | &nbsp;&nbsp; 3437817 |
| iShares U.S. Treasury Bond ETF  | 202072 | &nbsp;&nbsp; 4599159 |
| VanEck JP Morgan EM Local Currency Bond ETF  | 36724 | &nbsp;&nbsp; 906348 |
| Vanguard Intermediate-Term Corporate Bond ETF  | 73163 | &nbsp;&nbsp; 5978880 |
| Vanguard Total International Bond ETF  | 142926 | &nbsp;&nbsp; 7067691 |
| **Total Fixed Income — Exchange-Traded Funds** (Cost $31,078,034) |  | &nbsp;&nbsp; **30893796** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount ($)** <br>| **Value ($)** |
| **Government & Agency Obligations 0.4%** | **Government & Agency Obligations 0.4%** |  |
| **U.S. Treasury Obligations**  | **U.S. Treasury Obligations**  |  |
| U.S. Treasury Bills, 4.104% (c), 9/11/2025 (d) (Cost $282,477) | 285800 | &nbsp;&nbsp; **282436** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Fixed Income — Money Market Funds 1.8%** | **Fixed Income — Money Market Funds 1.8%** |  |
| DWS Central Cash Management Government Fund, 4.34% (a) (e) (Cost $1,057,370) | 1057370 | &nbsp;&nbsp; **1057370** |

---

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

------

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** (Cost $56,239,448) | 100.1 | &nbsp;&nbsp; **59625681** |
| **Other Assets and Liabilities, Net** | (0.1)<br>| &nbsp;&nbsp; **(80093)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **59545588** |

---

*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 May 31, 2025 are as follows:* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**8/31/2024**<br>| &nbsp;&nbsp; **Purchases** <br>**Cost ($)**<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 ($)**<br>| &nbsp;&nbsp; **Number** <br>**of Shares** <br>**at** <br>**5/31/2025**<br>| &nbsp;&nbsp; **Value ($) at** <br>**5/31/2025**<br>|
| **Equity — Equity Funds 28.8%** | **Equity — Equity Funds 28.8%** | **Equity — Equity Funds 28.8%** | **Equity — Equity Funds 28.8%** | **Equity — Equity Funds 28.8%** | **Equity — Equity Funds 28.8%** | **Equity — Equity Funds 28.8%** | **Equity — Equity Funds 28.8%** | **Equity — Equity Funds 28.8%** |
| 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) |
| 5823201  | 9440  | 5878794  | 3749706  | (3703553)  | 9440  | —  | —  | —  |
| 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) |
| 2129792  | 4523  | 178000  | (803)  | 99675  | 4523  | —  | 105178  | 2055187  |
| DWS Equity 500 Index Fund "Institutional" (a) | DWS Equity 500 Index Fund "Institutional" (a) | DWS Equity 500 Index Fund "Institutional" (a) | DWS Equity 500 Index Fund "Institutional" (a) | DWS Equity 500 Index Fund "Institutional" (a) | DWS Equity 500 Index Fund "Institutional" (a) | DWS Equity 500 Index Fund "Institutional" (a) | DWS Equity 500 Index Fund "Institutional" (a) | DWS Equity 500 Index Fund "Institutional" (a) |
| —  | 10674000  | —  | —  | 1038301  | —  | —  | 73597  | 11712301  |
| 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) |
| 8729140  | —  | 8907732  | 3088599  | (2910007)  | —  | —  | —  | —  |
| 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) |
| 1089901  | 324674  | 529100  | 65010  | (12575)  | 11467  | 30208  | 56095  | 937910  |
| DWS RREEF Global Real Estate Securities Fund "Institutional" (a) | DWS RREEF Global Real Estate Securities Fund "Institutional" (a) | DWS RREEF Global Real Estate Securities Fund "Institutional" (a) | DWS RREEF Global Real Estate Securities Fund "Institutional" (a) | DWS RREEF Global Real Estate Securities Fund "Institutional" (a) | DWS RREEF Global Real Estate Securities Fund "Institutional" (a) | DWS RREEF Global Real Estate Securities Fund "Institutional" (a) | DWS RREEF Global Real Estate Securities Fund "Institutional" (a) | DWS RREEF Global Real Estate Securities Fund "Institutional" (a) |
| 979646  | 997301  | 978000  | (9600)  | (22651)  | —  | —  | 131345  | 966696  |
| 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) |
| 713644  | 13538  | 314000  | 20971  | (60352)  | 13538  | —  | 17139  | 373801  |
| 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) |
| 899053  | 187897  | —  | —  | 11718  | 6291  | 7606  | 21877  | 1098668  |
| **Equity —Exchange-Traded Funds 0.2%** | **Equity —Exchange-Traded Funds 0.2%** | **Equity —Exchange-Traded Funds 0.2%** | **Equity —Exchange-Traded Funds 0.2%** | **Equity —Exchange-Traded Funds 0.2%** | **Equity —Exchange-Traded Funds 0.2%** | **Equity —Exchange-Traded Funds 0.2%** | **Equity —Exchange-Traded Funds 0.2%** | **Equity —Exchange-Traded Funds 0.2%** |
| Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) |
| —  | 304876  | 171809  | (5438)  | (10507)  | 1262  | 1091  | 4720  | 117122  |
| Xtrackers S&P 500 Scored & Screened ETF (b) | Xtrackers S&P 500 Scored & Screened ETF (b) | Xtrackers S&P 500 Scored & Screened ETF (b) | Xtrackers S&P 500 Scored & Screened ETF (b) | Xtrackers S&P 500 Scored & Screened ETF (b) | Xtrackers S&P 500 Scored & Screened ETF (b) | Xtrackers S&P 500 Scored & Screened ETF (b) | Xtrackers S&P 500 Scored & Screened ETF (b) | Xtrackers S&P 500 Scored & Screened ETF (b) |
| —  | 13804538  | 13254657  | (549881)  | —  | 62273  | —  | —  | —  |
| **Fixed Income — Bond Funds 6.7%** | **Fixed Income — Bond Funds 6.7%** | **Fixed Income — Bond Funds 6.7%** | **Fixed Income — Bond Funds 6.7%** | **Fixed Income — Bond Funds 6.7%** | **Fixed Income — Bond Funds 6.7%** | **Fixed Income — Bond Funds 6.7%** | **Fixed Income — Bond Funds 6.7%** | **Fixed Income — Bond Funds 6.7%** |
| 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) |
| 884342  | 12889  | 464000  | (44831)  | 56635  | 12889  | —  | 77532  | 445035  |
| 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) |
| 3851757  | 605895  | 848000  | 658  | (39976)  | 185895  | —  | 811440  | 3570334  |
| **Fixed Income — Money Market Funds 1.8%** | **Fixed Income — Money Market Funds 1.8%** | **Fixed Income — Money Market Funds 1.8%** | **Fixed Income — Money Market Funds 1.8%** | **Fixed Income — Money Market Funds 1.8%** | **Fixed Income — Money Market Funds 1.8%** | **Fixed Income — Money Market Funds 1.8%** | **Fixed Income — Money Market Funds 1.8%** | **Fixed Income — Money Market Funds 1.8%** |
| DWS Central Cash Management Government Fund, 4.34% (a) (e) | DWS Central Cash Management Government Fund, 4.34% (a) (e) | DWS Central Cash Management Government Fund, 4.34% (a) (e) | DWS Central Cash Management Government Fund, 4.34% (a) (e) | DWS Central Cash Management Government Fund, 4.34% (a) (e) | DWS Central Cash Management Government Fund, 4.34% (a) (e) | DWS Central Cash Management Government Fund, 4.34% (a) (e) | DWS Central Cash Management Government Fund, 4.34% (a) (e) | DWS Central Cash Management Government Fund, 4.34% (a) (e) |
| 2701449  | 9405136  | 11049215  | —  | —  | 44096  | —  | 1057370  | 1057370  |
| **27801925** | **36344707** | **42573307** | **6314391** | **(5553292)** | **351674** | **38905** | **2356293** | **22334424** |

---

&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 May 31, 2025, 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;

*EM: Emerging Markets*<br>

------

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

*At May 31, 2025, 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>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation) ($)**<br>|
| 2 Year <br> U.S. Treasury <br> Note <br>| USD | 9/30/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 9<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1865061 | &nbsp;&nbsp;&nbsp;&nbsp; 1866938<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1877 |
| 3 Year <br> U.S. Treasury <br> Note <br>| USD | 9/30/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 18<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3799305 | &nbsp;&nbsp;&nbsp;&nbsp; 3806437<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7132 |
| 5 Year <br> U.S. Treasury <br> Note <br>| USD | 9/30/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp;&nbsp; 215771 | &nbsp;&nbsp;&nbsp;&nbsp; 216375<br>| &nbsp;&nbsp;&nbsp;&nbsp; 604 |
| EURO STOXX 50 <br> Index <br>| EUR | 6/20/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 613617 | &nbsp;&nbsp;&nbsp;&nbsp; 609510<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4107)<br>|
| U.S. Treasury <br> Long Bond <br>| USD | 9/19/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 7<br>| &nbsp;&nbsp;&nbsp;&nbsp; 784238 | &nbsp;&nbsp;&nbsp;&nbsp; 789469<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5231 |
| Ultra Long <br> U.S. Treasury <br> Bond <br>| USD | 9/19/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp;&nbsp; 230365 | &nbsp;&nbsp;&nbsp;&nbsp; 232125<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1760 |
| **Total net unrealized appreciation** | **Total net unrealized appreciation** | **Total net unrealized appreciation** | **Total net unrealized appreciation** | **Total net unrealized appreciation** | **Total net unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp; **12497** |

---

*At May 31, 2025, open futures contracts sold 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>**Depreciation ($)**<br>|
| 10 Year <br> U.S. Treasury <br> Note <br>| USD | 9/19/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 18<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1985082 | &nbsp;&nbsp;&nbsp;&nbsp; 1993500<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8418)<br>|
| Ultra 10 Year <br> U.S. Treasury <br> Note <br>| USD | 9/19/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 15<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1679623 | &nbsp;&nbsp;&nbsp;&nbsp; 1688203<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8580)<br>|
| **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | &nbsp;&nbsp;&nbsp;&nbsp; **(16998)**<br>|

---

***Currency Abbreviation(s)***

------

*EUR* *Euro* <br> *USD* *United States Dollar*

------

***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 May 31, 2025 in valuing the Fund's investments.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity — Equity Funds  | $17144563 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17144563 |
| Equity — Exchange-Traded Funds  | 6232147 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6232147 |
| Fixed Income — Bond Funds  | 4015369 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4015369 |
| Fixed Income — Exchange-Traded Funds  | 30893796 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30893796 |
| Government & Agency Obligations  |  | &nbsp;&nbsp; 282436 | &nbsp;&nbsp; — | &nbsp;&nbsp; 282436 |
| Fixed Income — Money Market Funds  | 1057370 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1057370 |
| Derivatives (a) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts  | 16604 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16604 |
| **Total** | **$59359849** | &nbsp;&nbsp; **$282436** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$59642285** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Derivatives (a) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts  | $(21105)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(21105)<br>|
| **Total** | **$(21105)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(21105)**<br>|

---

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

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

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.

DMACAT-PH3

------

## 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:** 2025-05-31

**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:** $59657153.32

**Total Liabilities:** $110650.43

**Net Assets:** $59546502.89

**Cash Not Reported:** $6875.12

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000016765 | -1.80%               | 0.08%                | 1.87%                |
| Class ID C000016768 | -1.90%               | 0.08%                | 1.79%                |
| Class ID C000016769 | -1.82%               | 0.16%                | 1.87%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-54745.97               | $-1135810.99                               |
| Month 2  | $-1182053.39             | $1194787.46                                |
| Month 3  | $-66238.91               | $1103174.90                                |

**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      | $3437817.00   | 5.77%             |  |  |  | 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        |     73163 | NS      | $5978880.36   | 10.04%            |  |  |  | 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      | $906348.32    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                              | US ULTRA BOND CBT SEP25                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         2 | NC      | $1760.09      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                 | DWS RREEF Global Infrastructure Fund  'Institutional' | CUSIP: 25156A858<br>LEI: 549300PVLPCCDJRWQR23 | Long             | EC               | RF                | US        |     56095 | NS      | $937910.39    | 1.58%             |  |  |  | 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        |    131345 | NS      | $966695.60    | 1.62%             |  |  |  | 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        |      4720 | NS      | $117121.61    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                 | DWS Central Cash Management Government Fund           | CUSIP: 25160K306<br>LEI: 5493003GD84DGSXJ7618 | Long             | STIV             | RF                | US        |   1049615 | NS      | $1049614.74   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                 | DWS Equity 500 Index Fund                             | CUSIP: 25159R106<br>LEI: BSFDGTJIOB5CFE60ND57 | Long             | EC               | RF                | US        |     73597 | NS      | $11712300.74  | 19.67%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                              | US 2YR NOTE (CBT) SEP25                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         9 | NC      | $1876.21      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                 | DWS RREEF Real Estate Securities Fund 'Institutional' | CUSIP: 25159L737<br>LEI: 2EGUP71H6PBMSKMC3J09 | Long             | EC               | RF                | US        |     17139 | NS      | $373800.85    | 0.63%             |  |  |  | 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        |     19323 | NS      | $2082439.71   | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                   | EURO STOXX 50 JUN25                                   | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        10 | NC      | $-4107.15     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI Europe ETF                        | iShares Core MSCI Europe ETF                          | CUSIP: 46434V738<br>LEI: 549300XU2KDV0C5LCG21 | Long             | EC               | RF                | US        |     39539 | NS      | $2597712.30   | 4.36%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                 | DWS Emerging Markets Equity Fund 'Institutional'      | CUSIP: 25156G780<br>LEI: 549300V295OG0NZ7UA89 | Long             | EC               | RF                | US        |    105178 | NS      | $2055186.52   | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                 | DWS High Income Fund 'Institutional'                  | CUSIP: 25155T635<br>LEI: TWIQP8VKJK957HT5V127 | Long             | EC               | RF                | US        |    811440 | NS      | $3570334.05   | 6.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                              | US 3YR NOTE (CBT) SEP25                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        18 | NC      | $7132.39      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                 | DWS Enhanced Commodity Strategy Fund 'Institutional'  | CUSIP: 25159L836<br>LEI: U72UPDOVVEAXSRWTZF97 | Long             | EC               | RF                | US        |     77532 | NS      | $445035.42    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Total International Bond ETF               | Vanguard Total International Bond ETF                 | CUSIP: 92203J407<br>LEI: 549300BXRBFWS9SORH32 | Long             | EC               | RF                | US        |    142926 | NS      | $7067690.70   | 11.87%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                              | US 10YR NOTE (CBT)SEP25                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -18 | NC      | $-8417.79     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Japan ETF                              | iShares MSCI Japan ETF                                | CUSIP: 46434G822<br>LEI: 5493008I6YRUC6I0S051 | Long             | EC               | RF                | US        |     15209 | NS      | $1127291.08   | 1.89%             |  |  |  | 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        |    202072 | NS      | $4599158.72   | 7.72%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares GNMA Bond ETF                               | iShares GNMA Bond ETF                                 | CUSIP: 46429B333<br>LEI: 5493000KODSFW8LTTF91 | Long             | EC               | RF                | US        |    157249 | NS      | $6821461.62   | 11.46%            |  |  |  | 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        |      9818 | NS      | $473816.68    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                 | DWS Small Cap Core Fund 'S'                           | CUSIP: 25157M810<br>LEI: KKQKEDL2J9UGWEWMX474 | Long             | EC               | RF                | US        |     21877 | NS      | $1098668.06   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                              | U.S. Treasury Bills                                   | CUSIP: 912797PW1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    285800 | PA      | $282436.33    | 0.47%             | 2025-09-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                              | US LONG BOND(CBT) SEP25                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         7 | NC      | $5231.17      | 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        |      3537 | NS      | $1916205.12   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                              | US 5YR NOTE (CBT) SEP25                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         2 | NC      | $604.44       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                              | US 10YR ULTRA FUT SEP25                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -15 | NC      | $-8580.29     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-27

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

**Signature:** Diane Kenneally

**Name of Signer:** Diane Kenneally

**Title:** Treasurer and Chief Financial Officer