UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSRS
Investment Company Act file number: 811-08606
Deutsche DWS Asset Allocation Trust
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 8/31 |
Date of reporting period: | 2/29/2024 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) | |
2
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
Class A
|
6-Month‡
|
1-Year
|
5-Year
|
10-Year
|
Average Annual Total Returns as of 2/29/24
|
||||
Unadjusted for Sales Charge
|
5.80%
|
9.66%
|
3.86%
|
3.30%
|
Adjusted for the Maximum Sales Charge
(max 5.75% load)
|
–0.28%
|
3.36%
|
2.63%
|
2.69%
|
S&P Target Risk Conservative Index†
|
5.41%
|
9.66%
|
3.88%
|
3.69%
|
Average Annual Total Returns as of 12/31/23 (most recent calendar quarter end)
|
||||
Unadjusted for Sales Charge
|
|
10.97%
|
5.04%
|
3.39%
|
Adjusted for the Maximum Sales Charge
(max 5.75% load)
|
|
4.59%
|
3.81%
|
2.78%
|
S&P Target Risk Conservative Index†
|
|
10.94%
|
4.60%
|
3.76%
|
Class C
|
6-Month‡
|
1-Year
|
5-Year
|
10-Year
|
Average Annual Total Returns as of 2/29/24
|
||||
Unadjusted for Sales Charge
|
5.41%
|
8.85%
|
3.08%
|
2.54%
|
Adjusted for the Maximum Sales Charge
(max 1.00% CDSC)
|
4.41%
|
8.85%
|
3.08%
|
2.54%
|
S&P Target Risk Conservative Index†
|
5.41%
|
9.66%
|
3.88%
|
3.69%
|
Average Annual Total Returns as of 12/31/23 (most recent calendar quarter end)
|
||||
Unadjusted for Sales Charge
|
|
10.05%
|
4.24%
|
2.62%
|
Adjusted for the Maximum Sales Charge
(max 1.00% CDSC)
|
|
10.05%
|
4.24%
|
2.62%
|
S&P Target Risk Conservative Index†
|
|
10.94%
|
4.60%
|
3.76%
|
Class S
|
6-Month‡
|
1-Year
|
5-Year
|
10-Year
|
Average Annual Total Returns as of 2/29/24
|
||||
No Sales Charges
|
5.95%
|
9.95%
|
4.11%
|
3.56%
|
S&P Target Risk Conservative Index†
|
5.41%
|
9.66%
|
3.88%
|
3.69%
|
Average Annual Total Returns as of 12/31/23 (most recent calendar quarter end)
|
||||
No Sales Charges
|
|
11.18%
|
5.30%
|
3.65%
|
S&P Target Risk Conservative Index†
|
|
10.94%
|
4.60%
|
3.76%
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
3
|
4
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
†
|
S&P Target Risk Conservative Index emphasizes exposure to fixed income in order to
produce a consistent income stream and avoid excessive volatility of returns.
On October 19, 2015, the Fund changed from a fund-of-funds to a multi-asset allocation
fund. Performance would have been different if the Fund’s current investment strategy
had been in effect.
|
‡
|
Total returns shown for periods less than one year are not annualized.
|
|
Class A
|
Class C
|
Class S
|
Net Asset Value
|
|||
2/29/24
|
$12.82
|
$12.81
|
$12.80
|
8/31/23
|
$12.49
|
$12.48
|
$12.47
|
Distribution Information as of 2/29/24
|
|||
Income Dividends, Six Months
|
$.13
|
$.08
|
$.14
|
Capital Gain Distributions
|
$.2616
|
$.2616
|
$.2616
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
5
|
Class A
|
6-Month‡
|
1-Year
|
5-Year
|
10-Year
|
Average Annual Total Returns as of 2/29/24
|
||||
Unadjusted for Sales Charge
|
8.29%
|
13.46%
|
6.00%
|
4.80%
|
Adjusted for the Maximum Sales Charge
(max 5.75% load)
|
2.07%
|
6.94%
|
4.76%
|
4.18%
|
S&P Target Risk Moderate Index†
|
6.22%
|
11.36%
|
4.86%
|
4.47%
|
Average Annual Total Returns as of 12/31/23 (most recent calendar quarter end)
|
||||
Unadjusted for Sales Charge
|
|
13.89%
|
7.26%
|
4.70%
|
Adjusted for the Maximum Sales Charge
(max 5.75% load)
|
|
7.34%
|
6.00%
|
4.08%
|
S&P Target Risk Moderate Index†
|
|
12.41%
|
5.66%
|
4.48%
|
Class C
|
6-Month‡
|
1-Year
|
5-Year
|
10-Year
|
Average Annual Total Returns as of 2/29/24
|
||||
Unadjusted for Sales Charge
|
7.92%
|
12.70%
|
5.22%
|
4.03%
|
Adjusted for the Maximum Sales Charge
(max 1.00% CDSC)
|
6.92%
|
12.70%
|
5.22%
|
4.03%
|
S&P Target Risk Moderate Index†
|
6.22%
|
11.36%
|
4.86%
|
4.47%
|
Average Annual Total Returns as of 12/31/23 (most recent calendar quarter end)
|
||||
Unadjusted for Sales Charge
|
|
12.99%
|
6.44%
|
3.91%
|
Adjusted for the Maximum Sales Charge
(max 1.00% CDSC)
|
|
12.99%
|
6.44%
|
3.91%
|
S&P Target Risk Moderate Index†
|
|
12.41%
|
5.66%
|
4.48%
|
Class S
|
6-Month‡
|
1-Year
|
5-Year
|
10-Year
|
Average Annual Total Returns as of 2/29/24
|
||||
No Sales Charges
|
8.58%
|
13.90%
|
6.28%
|
5.07%
|
S&P Target Risk Moderate Index†
|
6.22%
|
11.36%
|
4.86%
|
4.47%
|
Average Annual Total Returns as of 12/31/23 (most recent calendar quarter end)
|
||||
No Sales Charges
|
|
14.08%
|
7.50%
|
4.95%
|
S&P Target Risk Moderate Index†
|
|
12.41%
|
5.66%
|
4.48%
|
6
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
†
|
S&P Target Risk Moderate Index offers significant exposure to fixed income, while also
increasing opportunities for higher returns through equities.
On October 19, 2015, the Fund changed from a fund-of-funds to a multi-asset allocation
fund. Performance would have been different if the Fund’s current investment strategy
had been in effect.
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
7
|
‡
|
Total returns shown for periods less than one year are not annualized.
|
|
Class A
|
Class C
|
Class S
|
Net Asset Value
|
|||
2/29/24
|
$9.44
|
$9.46
|
$9.43
|
8/31/23
|
$9.22
|
$9.20
|
$9.21
|
Distribution Information as of 2/29/24
|
|||
Income Dividends, Six Months
|
$.18
|
$.11
|
$.21
|
Capital Gain Distributions
|
$.3545
|
$.3545
|
$.3545
|
8
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
9
|
Asset Allocation (As a % of Investment Portfolio)
|
2/29/24
|
8/31/23
|
Fixed Income — Bond Funds
|
7%
|
7%
|
Fixed Income — Exchange-Traded Funds
|
50%
|
56%
|
Fixed Income — Money Market Funds
|
3%
|
2%
|
Equity — Equity Funds
|
31%
|
26%
|
Equity — Exchange-Traded Funds
|
9%
|
8%
|
Government & Agency Obligations
|
0%
|
1%
|
|
100%
|
100%
|
Asset Allocation (As a % of Investment Portfolio)
|
2/29/24
|
8/31/23
|
Fixed Income — Bond Funds
|
5%
|
5%
|
Fixed Income — Exchange-Traded Funds
|
28%
|
31%
|
Fixed Income — Money Market Funds
|
2%
|
3%
|
Equity — Equity Funds
|
50%
|
47%
|
Equity — Exchange-Traded Funds
|
15%
|
13%
|
Government & Agency Obligations
|
0%
|
1%
|
|
100%
|
100%
|
10
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
Shares
|
Value ($)
|
|
Equity — Equity Funds 30.9%
|
|
||
DWS Core Equity Fund “Institutional” (a)
|
|
191,101
|
6,367,503
|
DWS Emerging Markets Equity Fund “Institutional” (a)
|
|
136,375
|
2,322,461
|
DWS ESG Core Equity Fund “Institutional” (a)
|
|
328,543
|
6,935,541
|
DWS RREEF Global Infrastructure Fund “Institutional” (a)
|
|
45,032
|
652,061
|
DWS RREEF Global Real Estate Securities Fund
“Institutional” (a)
|
|
49,147
|
334,199
|
DWS RREEF Real Estate Securities Fund “Institutional” (a)
|
|
76,506
|
1,576,789
|
DWS Small Cap Core Fund “S” (a)
|
|
27,543
|
1,291,227
|
Total Equity — Equity Funds (Cost $13,040,181)
|
|
|
19,479,781
|
Equity — Exchange-Traded Funds 9.4%
|
|
||
iShares Core MSCI Europe ETF
|
|
52,887
|
2,946,864
|
iShares MSCI Japan ETF
|
|
28,788
|
1,989,827
|
iShares MSCI Pacific ex Japan ETF
|
|
15,190
|
640,866
|
SPDR S&P Global Natural Resources ETF
|
|
5,705
|
304,989
|
Total Equity — Exchange-Traded Funds (Cost $5,090,653)
|
|
|
5,882,546
|
Fixed Income — Bond Funds 6.5%
|
|
||
DWS Enhanced Commodity Strategy Fund “Institutional” (a)
|
|
107,248
|
597,372
|
DWS High Income Fund “Institutional” (a)
|
|
810,190
|
3,516,222
|
Total Fixed Income — Bond Funds (Cost $3,980,259)
|
|
|
4,113,594
|
Fixed Income — Exchange-Traded Funds 50.1%
|
|
||
iShares GNMA Bond ETF
|
|
176,785
|
7,635,344
|
iShares iBoxx $ Investment Grade Corporate Bond ETF
|
|
26,436
|
2,846,100
|
iShares JP Morgan USD Emerging Markets Bond ETF
|
|
47,263
|
4,173,323
|
iShares U.S. Treasury Bond ETF
|
|
305,574
|
6,921,251
|
Vanguard Intermediate-Term Corporate Bond ETF
|
|
66,395
|
5,297,657
|
Vanguard Total International Bond ETF
|
|
97,298
|
4,741,332
|
Total Fixed Income — Exchange-Traded Funds
(Cost $32,424,105)
|
|
|
31,615,007
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
11
|
|
Principal
Amount ($)
|
Value ($)
|
|
Government & Agency Obligations 0.4%
|
|
||
U.S. Treasury Obligations
|
|
||
U.S. Treasury Bills:
|
|
|
|
5.261% (b), 3/21/2024 (c)
|
|
150,000
|
149,559
|
5.313% (b), 3/21/2024 (c)
|
|
100,000
|
99,706
|
Total Government & Agency Obligations (Cost $249,266)
|
|
|
249,265
|
|
Shares
|
Value ($)
|
|
Fixed Income — Money Market Funds 2.8%
|
|
||
DWS Central Cash Management Government Fund, 5.35%
(a) (d), 1/1/2030 (Cost $1,778,316)
|
|
1,778,316
|
1,778,316
|
|
|
% of
Net Assets
|
Value ($)
|
Total Investment Portfolio (Cost $56,562,780)
|
|
100.1
|
63,118,509
|
Other Assets and Liabilities, Net
|
|
(0.1
)
|
(42,410
)
|
Net Assets
|
|
100.0
|
63,076,099
|
Value ($)
at
8/31/2023
|
Pur-
chases
Cost
($)
|
Sales
Proceeds
($)
|
Net
Real-
ized
Gain/
(Loss)
($)
|
Net
Change
in
Unreal-
ized
Appreci-
ation
(Depreci-
ation)
($)
|
Income
($)
|
Capital
Gain
Distri-
butions
($)
|
Number of
Shares at
2/29/2024
|
Value ($)
at
2/29/2024
|
Equity — Equity Funds 30.9%
|
||||||||
DWS Core Equity Fund “Institutional” (a)
|
||||||||
5,579,314
|
1,139,737
|
1,016,000
|
58,234
|
606,218
|
29,436
|
279,402
|
191,101
|
6,367,503
|
DWS Emerging Markets Equity Fund “Institutional” (a)
|
||||||||
2,214,492
|
333,346
|
300,000
|
(55,499)
|
130,122
|
51,347
|
—
|
136,375
|
2,322,461
|
DWS ESG Core Equity Fund “Institutional” (a)
|
||||||||
5,812,453
|
598,892
|
126,400
|
20,035
|
630,561
|
60,654
|
117,538
|
328,543
|
6,935,541
|
DWS RREEF Global Infrastructure Fund “Institutional” (a)
|
||||||||
923,409
|
10,123
|
301,000
|
(18,168)
|
37,697
|
10,122
|
—
|
45,032
|
652,061
|
DWS RREEF Global Real Estate Securities Fund “Institutional” (a)
|
||||||||
—
|
311,100
|
—
|
—
|
23,099
|
—
|
—
|
49,147
|
334,199
|
12
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
Value ($)
at
8/31/2023
|
Pur-
chases
Cost
($)
|
Sales
Proceeds
($)
|
Net
Real-
ized
Gain/
(Loss)
($)
|
Net
Change
in
Unreal-
ized
Appreci-
ation
(Depreci-
ation)
($)
|
Income
($)
|
Capital
Gain
Distri-
butions
($)
|
Number of
Shares at
2/29/2024
|
Value ($)
at
2/29/2024
|
DWS RREEF Real Estate Securities Fund “Institutional” (a)
|
||||||||
1,294,636
|
354,891
|
197,500
|
(7,541)
|
132,303
|
16,491
|
—
|
76,506
|
1,576,789
|
DWS Small Cap Core Fund “S” (a)
|
||||||||
667,373
|
562,448
|
—
|
—
|
61,406
|
4,848
|
—
|
27,543
|
1,291,227
|
Fixed Income — Bond Funds 6.5%
|
||||||||
DWS Enhanced Commodity Strategy Fund “Institutional” (a)
|
||||||||
624,378
|
6,099
|
—
|
—
|
(33,105)
|
6,099
|
—
|
107,248
|
597,372
|
DWS High Income Fund “Institutional” (a)
|
||||||||
3,798,733
|
116,122
|
476,000
|
5,803
|
71,564
|
116,123
|
—
|
810,190
|
3,516,222
|
Fixed Income — Money Market Funds 2.8%
|
||||||||
DWS Central Cash Management Government Fund, 5.35% (a) (d)
|
||||||||
1,107,921
|
9,699,851
|
9,029,456
|
—
|
—
|
52,285
|
—
|
1,778,316
|
1,778,316
|
22,022,709
|
13,132,609
|
11,446,356
|
2,864
|
1,659,865
|
347,405
|
396,940
|
3,550,001
|
25,371,691
|
(a)
|
Affiliated fund managed by DWS Investment Management Americas, Inc.
|
(b)
|
Annualized yield at time of purchase; not a coupon rate.
|
(c)
|
At February 29, 2024, this security has been pledged, in whole or in part, to cover initial
margin requirements for open futures contracts.
|
(d)
|
The rate shown is the annualized seven-day yield at period end.
|
MSCI: Morgan Stanley Capital International
|
S&P: Standard & Poor’s
|
SPDR: Standard & Poor’s Depositary Receipt
|
Futures
|
Currency
|
Expiration
Date
|
Contracts
|
Notional
Amount ($)
|
Notional
Value ($)
|
Unrealized
Appreciation ($)
|
10 Year U.S.
Treasury Note
|
USD
|
6/18/2024
|
10
|
1,104,167
|
1,104,375
|
208
|
2 Year U.S.
Treasury Note
|
USD
|
6/28/2024
|
86
|
17,598,634
|
17,608,500
|
9,866
|
S&P 500 E-Mini
Index
|
USD
|
3/15/2024
|
1
|
233,891
|
255,188
|
21,297
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
13
|
Futures
|
Currency
|
Expiration
Date
|
Contracts
|
Notional
Amount ($)
|
Notional
Value ($)
|
Unrealized
Appreciation ($)
|
U.S. Long Bond
|
USD
|
6/18/2024
|
10
|
1,190,887
|
1,192,500
|
1,613
|
U.S. Ultra Bond
|
USD
|
6/18/2024
|
8
|
1,021,772
|
1,023,000
|
1,228
|
Total unrealized appreciation
|
34,212
|
Futures
|
Currency
|
Expiration
Date
|
Contracts
|
Notional
Amount ($)
|
Notional
Value ($)
|
Unrealized
Depreciation ($)
|
10 Year U.S. Ultra
Bond
|
USD
|
6/18/2024
|
33
|
3,754,107
|
3,767,672
|
(13,565)
|
USD
|
United States Dollar
|
14
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Equity — Equity Funds
|
$19,479,781
|
$—
|
$—
|
$19,479,781
|
Equity — Exchange-Traded Funds
|
5,882,546
|
—
|
—
|
5,882,546
|
Fixed Income — Bond Funds
|
4,113,594
|
—
|
—
|
4,113,594
|
Fixed Income — Exchange-Traded Funds
|
31,615,007
|
—
|
—
|
31,615,007
|
Government & Agency Obligations
|
—
|
249,265
|
—
|
249,265
|
Fixed Income — Money Market Funds
|
1,778,316
|
—
|
—
|
1,778,316
|
Derivatives (a)
|
|
|
|
|
Futures Contracts
|
34,212
|
—
|
—
|
34,212
|
Total
|
$62,903,456
|
$249,265
|
$—
|
$63,152,721
|
Liabilities
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Derivatives (a)
|
|
|
|
|
Futures Contracts
|
$(13,565
)
|
$—
|
$—
|
$(13,565
)
|
Total
|
$(13,565
)
|
$—
|
$—
|
$(13,565
)
|
(a)
|
Derivatives include unrealized appreciation (depreciation) on open futures contracts.
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
15
|
|
Shares
|
Value ($)
|
|
Equity — Equity Funds 50.5%
|
|
||
DWS Core Equity Fund “Institutional” (a)
|
|
214,423
|
7,144,568
|
DWS Emerging Markets Equity Fund “Institutional” (a)
|
|
80,304
|
1,367,581
|
DWS RREEF Global Infrastructure Fund “Institutional” (a)
|
|
39,335
|
569,567
|
DWS RREEF Global Real Estate Securities Fund
“Institutional” (a)
|
|
33,658
|
228,874
|
DWS RREEF Real Estate Securities Fund “Institutional” (a)
|
|
53,885
|
1,110,569
|
DWS Small Cap Core Fund “S” (a)
|
|
14,479
|
678,765
|
Total Equity — Equity Funds (Cost $6,326,623)
|
|
|
11,099,924
|
Equity — Exchange-Traded Funds 14.7%
|
|
||
iShares Core MSCI Europe ETF
|
|
27,371
|
1,525,112
|
iShares MSCI Japan ETF
|
|
16,761
|
1,158,520
|
iShares MSCI Pacific ex Japan ETF
|
|
7,935
|
334,778
|
SPDR S&P Global Natural Resources ETF
|
|
3,893
|
208,120
|
Total Equity — Exchange-Traded Funds (Cost $2,793,643)
|
|
|
3,226,530
|
Fixed Income — Bond Funds 4.5%
|
|
||
DWS Emerging Markets Fixed Income Fund “Institutional” (a)
|
|
7
|
51
|
DWS Enhanced Commodity Strategy Fund “Institutional” (a)
|
|
58,933
|
328,259
|
DWS High Income Fund “Institutional” (a)
|
|
153,869
|
667,793
|
Total Fixed Income — Bond Funds (Cost $974,550)
|
|
|
996,103
|
Fixed Income — Exchange-Traded Funds 28.5%
|
|
||
iShares 7-10 Year Treasury Bond ETF, “B”
|
|
18,592
|
1,751,738
|
iShares Core International Aggregate Bond ETF
|
|
15,098
|
747,653
|
iShares GNMA Bond ETF
|
|
33,192
|
1,433,563
|
iShares JP Morgan USD Emerging Markets Bond ETF
|
|
7,620
|
672,846
|
Vanguard Intermediate-Term Corporate Bond ETF
|
|
20,804
|
1,659,951
|
Total Fixed Income — Exchange-Traded Funds
(Cost $6,356,631)
|
|
|
6,265,751
|
|
Principal
Amount ($)
|
Value ($)
|
|
Government & Agency Obligations 0.4%
|
|
||
U.S. Treasury Obligations
|
|
||
U.S. Treasury Bills, 5.315% (b), 3/21/2024 (c) (Cost $99,705)
|
|
100,000
|
99,706
|
16
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
Shares
|
Value ($)
|
|
Fixed Income — Money Market Funds 2.1%
|
|
||
DWS Central Cash Management Government Fund, 5.35% (a)
(d), 1/1/2030 (Cost $459,917)
|
|
459,917
|
459,917
|
|
|
% of
Net Assets
|
Value ($)
|
Total Investment Portfolio (Cost $17,011,069)
|
|
100.7
|
22,147,931
|
Other Assets and Liabilities, Net
|
|
(0.7
)
|
(156,861
)
|
Net Assets
|
|
100.0
|
21,991,070
|
Value ($)
at
8/31/2023
|
Pur-
chases
Cost
($)
|
Sales
Proceeds
($)
|
Net
Real-
ized
Gain/
(Loss)
($)
|
Net
Change
in
Unreal-
ized
Appreci-
ation
(Depreci-
ation)
($)
|
Income
($)
|
Capital
Gain
Distri-
butions
($)
|
Number of
Shares at
2/29/2024
|
Value ($)
at
2/29/2024
|
Equity — Equity Funds 50.5%
|
||||||||
DWS Core Equity Fund “Institutional” (a)
|
||||||||
6,971,951
|
396,675
|
931,000
|
301,542
|
405,400
|
34,022
|
301,954
|
214,423
|
7,144,568
|
DWS Emerging Markets Equity Fund “Institutional” (a)
|
||||||||
1,296,059
|
256,552
|
230,000
|
(28,113)
|
73,083
|
30,051
|
—
|
80,304
|
1,367,581
|
DWS RREEF Global Infrastructure Fund “Institutional” (a)
|
||||||||
728,896
|
7,990
|
183,000
|
(24,271)
|
39,952
|
7,990
|
—
|
39,335
|
569,567
|
DWS RREEF Global Real Estate Securities Fund “Institutional” (a)
|
||||||||
—
|
214,400
|
—
|
—
|
14,474
|
—
|
—
|
33,658
|
228,874
|
DWS RREEF Real Estate Securities Fund “Institutional” (a)
|
||||||||
766,507
|
340,737
|
81,300
|
4,891
|
79,734
|
10,535
|
—
|
53,885
|
1,110,569
|
DWS Small Cap Core Fund “S” (a)
|
||||||||
327,811
|
318,781
|
—
|
—
|
32,173
|
2,381
|
—
|
14,479
|
678,765
|
Fixed Income — Bond Funds 4.5%
|
||||||||
DWS Emerging Markets Fixed Income Fund “Institutional” (a)
|
||||||||
47
|
1
|
—
|
—
|
3
|
1
|
—
|
7
|
51
|
DWS Enhanced Commodity Strategy Fund “Institutional” (a)
|
||||||||
330,601
|
121,283
|
107,800
|
(6,883)
|
(8,942)
|
2,684
|
—
|
58,933
|
328,259
|
DWS High Income Fund “Institutional” (a)
|
||||||||
789,790
|
23,485
|
162,000
|
4,750
|
11,768
|
23,485
|
—
|
153,869
|
667,793
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
17
|
Value ($)
at
8/31/2023
|
Pur-
chases
Cost
($)
|
Sales
Proceeds
($)
|
Net
Real-
ized
Gain/
(Loss)
($)
|
Net
Change
in
Unreal-
ized
Appreci-
ation
(Depreci-
ation)
($)
|
Income
($)
|
Capital
Gain
Distri-
butions
($)
|
Number of
Shares at
2/29/2024
|
Value ($)
at
2/29/2024
|
Fixed Income — Money Market Funds 2.1%
|
||||||||
DWS Central Cash Management Government Fund, 5.35% (a) (d)
|
||||||||
668,212
|
3,810,656
|
4,018,951
|
—
|
—
|
19,024
|
—
|
459,917
|
459,917
|
11,879,874
|
5,490,560
|
5,714,051
|
251,916
|
647,645
|
130,173
|
301,954
|
1,108,810
|
12,555,944
|
(a)
|
Affiliated fund managed by DWS Investment Management Americas, Inc.
|
(b)
|
Annualized yield at time of purchase; not a coupon rate.
|
(c)
|
At February 29, 2024, this security has been pledged, in whole or in part, to cover initial
margin requirements for open futures contracts.
|
(d)
|
The rate shown is the annualized seven-day yield at period end.
|
MSCI: Morgan Stanley Capital International
|
S&P: Standard & Poor’s
|
SPDR: Standard & Poor’s Depositary Receipt
|
Futures
|
Currency
|
Expiration
Date
|
Contracts
|
Notional
Amount ($)
|
Notional
Value ($)
|
Unrealized
Appreciation ($)
|
2 Year U.S.
Treasury Note
|
USD
|
6/28/2024
|
17
|
3,478,770
|
3,480,750
|
1,980
|
3 Year U.S.
Treasury Note
|
USD
|
6/28/2024
|
1
|
208,542
|
208,688
|
146
|
Euro Stoxx
50 Index
|
EUR
|
3/15/2024
|
3
|
144,779
|
158,683
|
13,904
|
S&P 500 E-Mini
Index
|
USD
|
3/15/2024
|
2
|
467,781
|
510,375
|
42,594
|
U.S. Long Bond
|
USD
|
6/18/2024
|
4
|
476,355
|
477,000
|
645
|
U.S. Ultra Bond
|
USD
|
6/18/2024
|
2
|
255,443
|
255,750
|
307
|
Total unrealized appreciation
|
59,576
|
18
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
Futures
|
Currency
|
Expiration
Date
|
Contracts
|
Notional
Amount ($)
|
Notional
Value ($)
|
Unrealized
Depreciation ($)
|
10 Year U.S.
Treasury Note
|
USD
|
6/18/2024
|
5
|
552,018
|
552,187
|
(169)
|
10 Year U.S. Ultra
Bond
|
USD
|
6/18/2024
|
3
|
341,282
|
342,516
|
(1,234)
|
Total unrealized depreciation
|
(1,403)
|
EUR
|
Euro
|
USD
|
United States Dollar
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
19
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Equity — Equity Funds
|
$11,099,924
|
$—
|
$—
|
$11,099,924
|
Equity — Exchange-Traded Funds
|
3,226,530
|
—
|
—
|
3,226,530
|
Fixed Income — Bond Funds
|
996,103
|
—
|
—
|
996,103
|
Fixed Income — Exchange-Traded Funds
|
6,265,751
|
—
|
—
|
6,265,751
|
Government & Agency Obligations
|
—
|
99,706
|
—
|
99,706
|
Fixed Income — Money Market Funds
|
459,917
|
—
|
—
|
459,917
|
Derivatives (a)
|
|
|
|
|
Futures Contracts
|
59,576
|
—
|
—
|
59,576
|
Total
|
$22,107,801
|
$99,706
|
$—
|
$22,207,507
|
Liabilities
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Derivatives (a)
|
|
|
|
|
Futures Contracts
|
$(1,403
)
|
$—
|
$—
|
$(1,403
)
|
Total
|
$(1,403
)
|
$—
|
$—
|
$(1,403
)
|
(a)
|
Derivatives include unrealized appreciation (depreciation) on open futures contracts.
|
20
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
Assets
|
DWS
Multi-Asset
Conservative
Allocation Fund
|
DWS
Multi-Asset
Moderate
Allocation Fund
|
Investments in non-affiliated securities and
Underlying Funds, at value (cost $37,764,024
and $9,249,979, respectively)
|
$37,746,818
|
$9,591,987
|
Investments in affiliated Underlying Funds, at value
(cost $18,798,756 and $7,761,090, respectively)
|
25,371,691
|
12,555,944
|
Cash
|
10,352
|
12,452
|
Receivable for Fund shares sold
|
1,415
|
3,960
|
Receivable for variation margin on futures contracts
|
5,120
|
4,320
|
Other assets
|
31,042
|
24,497
|
Total assets
|
63,166,438
|
22,193,160
|
Liabilities
|
|
|
Payable for Fund shares redeemed
|
5,631
|
143,008
|
Accrued Trustees' fees
|
943
|
479
|
Other accrued expenses and payables
|
83,765
|
58,603
|
Total liabilities
|
90,339
|
202,090
|
Net assets, at value
|
$63,076,099
|
$21,991,070
|
Net Assets Consist of
|
|
|
Distributable earnings (loss)
|
5,753,792
|
5,600,648
|
Paid-in capital
|
57,322,307
|
16,390,422
|
Net assets, at value
|
$63,076,099
|
$21,991,070
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
21
|
Net Asset Value
|
DWS
Multi-Asset
Conservative
Allocation Fund
|
DWS
Multi-Asset
Moderate
Allocation Fund
|
Class A
|
|
|
Net assets applicable to shares outstanding
|
27,264,764
|
15,399,856
|
Shares outstanding of beneficial interest, $.01 par
value, unlimited number of shares authorized
|
2,126,347
|
1,630,519
|
Net Asset Value and redemption price per share
|
$12.82
|
$9.44
|
Maximum offering price per share (100 ÷ 94.25 of
net asset value)
|
$13.60
|
$10.02
|
Class C
|
|
|
Net assets applicable to shares outstanding
|
1,051,771
|
892,009
|
Shares outstanding of beneficial interest, $.01 par
value, unlimited number of shares authorized
|
82,094
|
94,293
|
Net Asset Value, offering and redemption price
(subject to contingent deferred sales charge)
per share
|
$12.81
|
$9.46
|
Class S
|
|
|
Net assets applicable to shares outstanding
|
34,759,564
|
5,699,205
|
Shares outstanding of beneficial interest, $.01 par
value, unlimited number of shares authorized
|
2,715,120
|
604,686
|
Net Asset Value, offering and redemption price
per share
|
$12.80
|
$9.43
|
22
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
Investment Income
|
DWS
Multi-Asset
Conservative
Allocation Fund
|
DWS
Multi-Asset
Moderate
Allocation Fund
|
Income:
|
|
|
Dividends
|
$767,453
|
$168,336
|
Income distributions from affiliated Underlying Funds
|
347,405
|
130,173
|
Total income
|
1,114,858
|
298,509
|
Expenses:
|
|
|
Management fee
|
31,610
|
11,071
|
Administration fee
|
30,229
|
10,412
|
Services to shareholders
|
53,683
|
20,430
|
Distribution and service fees
|
37,137
|
22,119
|
Custodian fee
|
1,760
|
1,987
|
Audit fee
|
23,429
|
23,065
|
Legal fees
|
8,456
|
7,966
|
Tax fees
|
3,815
|
3,815
|
Reports to shareholders
|
13,384
|
10,248
|
Registration fees
|
20,093
|
22,008
|
Trustees' fees and expenses
|
2,240
|
1,330
|
Other
|
5,687
|
4,687
|
Total expenses before expense reductions
|
231,523
|
139,138
|
Expense reductions
|
(69,355
)
|
(75,719
)
|
Total expenses after expense reductions
|
162,168
|
63,419
|
Net investment income
|
952,690
|
235,090
|
Realized and Unrealized Gain (Loss)
|
|
|
Net realized gain (loss) from:
|
|
|
Sale of affiliated Underlying Funds
|
2,864
|
251,916
|
Sale of non-affiliated Underlying Funds
|
(1,097,000
)
|
(78,500
)
|
Capital gain distributions from affiliated
Underlying Funds
|
396,940
|
301,954
|
Futures
|
(26,863
)
|
37,059
|
Payments by affiliates (see Note F)
|
—
|
1,404
|
|
(724,059
)
|
513,833
|
Change in net unrealized appreciation
(depreciation) on:
|
|
|
Affiliated Underlying Funds
|
1,659,865
|
647,645
|
Non-affiliated Underlying Funds
|
1,679,500
|
291,080
|
Futures
|
30,068
|
65,078
|
Foreign currency
|
(5,301
)
|
(1,357
)
|
|
3,364,132
|
1,002,446
|
Net gain (loss)
|
2,640,073
|
1,516,279
|
Net increase (decrease) in net assets resulting
from operations
|
$3,592,763
|
$1,751,369
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
23
|
DWS Multi-Asset Conservative Allocation Fund
|
||
|
Six Months
Ended
February 29, 2024
|
Year Ended
August 31,
|
Increase (Decrease) in Net Assets
|
(Unaudited)
|
2023
|
Operations:
|
|
|
Net investment income
|
$952,690
|
$1,607,517
|
Net realized gain (loss)
|
(724,059
)
|
1,365,297
|
Change in net unrealized appreciation
(depreciation)
|
3,364,132
|
(862,084
)
|
Net increase (decrease) in net assets resulting
from operations
|
3,592,763
|
2,110,730
|
Distributions to shareholders:
|
|
|
Class A
|
(826,396
)
|
(574,965
)
|
Class C
|
(25,907
)
|
(13,474
)
|
Class S
|
(1,128,979
)
|
(858,219
)
|
Total distributions
|
(1,981,282
)
|
(1,446,658
)
|
Fund share transactions:
|
|
|
Proceeds from shares sold
|
1,550,209
|
2,246,029
|
Reinvestment of distributions
|
1,919,531
|
1,401,991
|
Payments for shares redeemed
|
(5,497,886
)
|
(10,625,634
)
|
Net increase (decrease) in net assets from Fund
share transactions
|
(2,028,146
)
|
(6,977,614
)
|
Increase (decrease) in net assets
|
(416,665
)
|
(6,313,542
)
|
Net assets at beginning of period
|
63,492,764
|
69,806,306
|
Net assets at end of period
|
$63,076,099
|
$63,492,764
|
24
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
DWS Multi-Asset Moderate Allocation Fund
|
||
|
Six Months
Ended
February 29, 2024
|
Year Ended
August 31,
|
Increase (Decrease) in Net Assets
|
(Unaudited)
|
2023
|
Operations:
|
|
|
Net investment income
|
$235,090
|
$446,437
|
Net realized gain (loss)
|
513,833
|
782,082
|
Change in net unrealized appreciation
(depreciation)
|
1,002,446
|
(53,598
)
|
Net increase (decrease) in net assets resulting
from operations
|
1,751,369
|
1,174,921
|
Distributions to shareholders:
|
|
|
Class A
|
(847,736
)
|
(425,300
)
|
Class C
|
(42,165
)
|
(19,109
)
|
Class S
|
(344,968
)
|
(174,414
)
|
Total distributions
|
(1,234,869
)
|
(618,823
)
|
Fund share transactions:
|
|
|
Proceeds from shares sold
|
584,639
|
927,223
|
Reinvestment of distributions
|
1,222,743
|
611,840
|
Payments for shares redeemed
|
(1,924,882
)
|
(2,232,271
)
|
Net increase (decrease) in net assets from Fund
share transactions
|
(117,500
)
|
(693,208
)
|
Increase (decrease) in net assets
|
399,000
|
(137,110
)
|
Net assets at beginning of period
|
21,592,070
|
21,729,180
|
Net assets at end of period
|
$21,991,070
|
$21,592,070
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
25
|
DWS Multi-Asset Conservative Allocation Fund — Class A
|
||||||
|
Six Months
Ended 2/29/24
|
Years Ended August 31,
|
||||
|
(Unaudited)
|
2023
|
2022
|
2021
|
2020
|
2019
|
Selected Per Share Data
|
||||||
Net asset value, beginning
of period
|
$12.49
|
$12.34
|
$15.27
|
$13.97
|
$13.42
|
$13.20
|
Income (loss) from investment
operations:
|
|
|
|
|
|
|
Net investment incomea
|
.18
|
.29
|
.25
|
.17
|
.23
|
.30
|
Net realized and unrealized
gain (loss)
|
.54
|
.11
|
(2.08
)
|
1.67
|
.60
|
.18
|
Total from investment
operations
|
.72
|
.40
|
(1.83
)
|
1.84
|
.83
|
.48
|
Less distributions from:
|
|
|
|
|
|
|
Net investment income
|
(.13
)
|
(.25
)
|
(.26
)
|
(.22
)
|
(.28
)
|
(.26
)
|
Net realized gains
|
(.26
)
|
—
|
(.84
)
|
(.32
)
|
—
|
—
|
Total distributions
|
(.39
)
|
(.25
)
|
(1.10
)
|
(.54
)
|
(.28
)
|
(.26
)
|
Net asset value, end
of period
|
$12.82
|
$12.49
|
$12.34
|
$15.27
|
$13.97
|
$13.42
|
Total Return (%)b,c,d
|
5.80
*
|
3.37
|
(12.89
)
|
13.46
|
6.38
|
3.69
|
Ratios to Average Net Assets and Supplemental Data
|
||||||
Net assets, end of period
($ millions)
|
27
|
27
|
29
|
35
|
33
|
35
|
Ratio of expenses before
expense reductions (%)e
|
.87
**
|
.86
|
.81
|
.79
|
.83
|
.81
|
Ratio of expenses after
expense reductions (%)e
|
.65
**
|
.73
|
.65
|
.67
|
.62
|
.66
|
Ratio of net investment
income (%)
|
2.92
**
|
2.33
|
1.83
|
1.20
|
1.70
|
2.30
|
Portfolio turnover rate (%)
|
23
*
|
36
|
70
|
39
|
108
|
31
|
a
|
Based on average shares outstanding during the period.
|
b
|
Total return does not reflect the effect of any sales charges.
|
c
|
Total return would have been lower had certain expenses not been reduced.
|
d
|
Total return would have been lower if the Advisor had not reduced some Underlying
DWS Funds’ expenses.
|
e
|
The Fund invests in other Funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does
not include these indirect fees and expenses.
|
*
|
Not annualized
|
**
|
Annualized
|
26
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
DWS Multi-Asset Conservative Allocation Fund — Class C
|
||||||
|
Six Months
Ended 2/29/24
|
Years Ended August 31,
|
||||
|
(Unaudited)
|
2023
|
2022
|
2021
|
2020
|
2019
|
Selected Per Share Data
|
||||||
Net asset value, beginning
of period
|
$12.48
|
$12.33
|
$15.26
|
$13.95
|
$13.41
|
$13.19
|
Income (loss) from investment
operations:
|
|
|
|
|
|
|
Net investment incomea
|
.13
|
.19
|
.15
|
.07
|
.13
|
.21
|
Net realized and unrealized
gain (loss)
|
.54
|
.12
|
(2.09
)
|
1.67
|
.60
|
.17
|
Total from investment
operations
|
.67
|
.31
|
(1.94
)
|
1.74
|
.73
|
.38
|
Less distributions from:
|
|
|
|
|
|
|
Net investment income
|
(.08
)
|
(.16
)
|
(.15
)
|
(.11
)
|
(.19
)
|
(.16
)
|
Net realized gains
|
(.26
)
|
—
|
(.84
)
|
(.32
)
|
—
|
—
|
Total distributions
|
(.34
)
|
(.16
)
|
(.99
)
|
(.43
)
|
(.19
)
|
(.16
)
|
Net asset value, end
of period
|
$12.81
|
$12.48
|
$12.33
|
$15.26
|
$13.95
|
$13.41
|
Total Return (%)b,c,d
|
5.41
*
|
2.59
|
(13.55
)
|
12.70
|
5.59
|
2.84
|
Ratios to Average Net Assets and Supplemental Data
|
||||||
Net assets, end of period
($ millions)
|
1
|
1
|
1
|
1
|
2
|
2
|
Ratio of expenses before
expense reductions (%)e
|
1.71
**
|
1.72
|
1.62
|
1.61
|
1.64
|
1.60
|
Ratio of expenses after
expense reductions (%)e
|
1.40
**
|
1.48
|
1.40
|
1.42
|
1.37
|
1.41
|
Ratio of net investment
income (%)
|
2.14
**
|
1.56
|
1.07
|
.48
|
.95
|
1.61
|
Portfolio turnover rate (%)
|
23
*
|
36
|
70
|
39
|
108
|
31
|
a
|
Based on average shares outstanding during the period.
|
b
|
Total return does not reflect the effect of any sales charges.
|
c
|
Total return would have been lower had certain expenses not been reduced.
|
d
|
Total return would have been lower if the Advisor had not reduced some Underlying
DWS Funds’ expenses.
|
e
|
The Fund invests in other Funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does
not include these indirect fees and expenses.
|
*
|
Not annualized
|
**
|
Annualized
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
27
|
DWS Multi-Asset Conservative Allocation Fund — Class S
|
||||||
|
Six Months
Ended 2/29/24
|
Years Ended August 31,
|
||||
|
(Unaudited)
|
2023
|
2022
|
2021
|
2020
|
2019
|
Selected Per Share Data
|
||||||
Net asset value, beginning
of period
|
$12.47
|
$12.32
|
$15.25
|
$13.95
|
$13.40
|
$13.18
|
Income (loss) from investment
operations:
|
|
|
|
|
|
|
Net investment incomea
|
.20
|
.32
|
.29
|
.21
|
.26
|
.33
|
Net realized and unrealized
gain (loss)
|
.53
|
.11
|
(2.09
)
|
1.66
|
.61
|
.18
|
Total from investment
operations
|
.73
|
.43
|
(1.80
)
|
1.87
|
.87
|
.51
|
Less distributions from:
|
|
|
|
|
|
|
Net investment income
|
(.14
)
|
(.28
)
|
(.29
)
|
(.25
)
|
(.32
)
|
(.29
)
|
Net realized gains
|
(.26
)
|
—
|
(.84
)
|
(.32
)
|
—
|
—
|
Total distributions
|
(.40
)
|
(.28
)
|
(1.13
)
|
(.57
)
|
(.32
)
|
(.29
)
|
Net asset value, end
of period
|
$12.80
|
$12.47
|
$12.32
|
$15.25
|
$13.95
|
$13.40
|
Total Return (%)b,c
|
5.95
*
|
3.63
|
(12.68
)
|
13.76
|
6.65
|
3.96
|
Ratios to Average Net Assets and Supplemental Data
|
||||||
Net assets, end of period
($ millions)
|
35
|
35
|
39
|
48
|
45
|
46
|
Ratio of expenses before expense
reductions (%)d
|
.62
**
|
.61
|
.55
|
.53
|
.55
|
.55
|
Ratio of expenses after expense
reductions (%)d
|
.40
**
|
.48
|
.40
|
.42
|
.37
|
.41
|
Ratio of net investment
income (%)
|
3.18
**
|
2.60
|
2.08
|
1.45
|
1.94
|
2.55
|
Portfolio turnover rate (%)
|
23
*
|
36
|
70
|
39
|
108
|
31
|
a
|
Based on average shares outstanding during the period.
|
b
|
Total return would have been lower had certain expenses not been reduced.
|
c
|
Total return would have been lower if the Advisor had not reduced some Underlying
DWS Funds’ expenses.
|
d
|
The Fund invests in other Funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does
not include these indirect fees and expenses.
|
*
|
Not annualized
|
**
|
Annualized
|
28
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
DWS Multi-Asset Moderate Allocation Fund — Class A
|
||||||
|
Six Months
Ended 2/29/24
|
Years Ended August 31,
|
||||
|
(Unaudited)
|
2023
|
2022
|
2021
|
2020
|
2019
|
Selected Per Share Data
|
||||||
Net asset value, beginning
of period
|
$9.22
|
$8.99
|
$11.26
|
$9.78
|
$9.66
|
$10.07
|
Income (loss) from investment
operations:
|
|
|
|
|
|
|
Net investment incomea
|
.10
|
.18
|
.17
|
.09
|
.13
|
.17
|
Net realized and unrealized
gain (loss)
|
.65
|
.30
|
(1.44
)
|
1.81
|
.56
|
(.10
)
|
Total from investment
operations
|
.75
|
.48
|
(1.27
)
|
1.90
|
.69
|
.07
|
Less distributions from:
|
|
|
|
|
|
|
Net investment income
|
(.18
)
|
(.13
)
|
(.21
)
|
(.08
)
|
(.23
)
|
(.13
)
|
Net realized gains
|
(.35
)
|
(.12
)
|
(.79
)
|
(.34
)
|
(.34
)
|
(.35
)
|
Total distributions
|
(.53
)
|
(.25
)
|
(1.00
)
|
(.42
)
|
(.57
)
|
(.48
)
|
Net asset value, end of period
|
$9.44
|
$9.22
|
$8.99
|
$11.26
|
$9.78
|
$9.66
|
Total Return (%)b,c,d
|
8.29
*
|
5.61
|
(12.45
)
|
20.00
|
7.12
|
1.27
|
Ratios to Average Net Assets and Supplemental Data
|
||||||
Net assets, end of period
($ millions)
|
15
|
15
|
15
|
19
|
16
|
19
|
Ratio of expenses before
expense reductions (%)e
|
1.33
**
|
1.34
|
1.24
|
1.18
|
1.30
|
1.25
|
Ratio of expenses after
expense reductions (%)e
|
.63
**
|
.65
|
.60
|
.74
|
.68
|
.70
|
Ratio of net investment
income (%)
|
2.15
**
|
2.06
|
1.71
|
.86
|
1.34
|
1.79
|
Portfolio turnover rate (%)
|
21
*
|
38
|
67
|
39
|
87
|
36
|
a
|
Based on average shares outstanding during the period.
|
b
|
Total return does not reflect the effect of any sales charges.
|
c
|
Total return would have been lower had certain expenses not been reduced.
|
d
|
Total return would have been lower if the Advisor had not reduced some Underlying
DWS Funds’ expenses.
|
e
|
The Fund invests in other Funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does
not include these indirect fees and expenses.
|
*
|
Not annualized
|
**
|
Annualized
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
29
|
DWS Multi-Asset Moderate Allocation Fund — Class C
|
||||||
|
Six Months
Ended 2/29/24
|
Years Ended August 31,
|
||||
|
(Unaudited)
|
2023
|
2022
|
2021
|
2020
|
2019
|
Selected Per Share Data
|
||||||
Net asset value, beginning
of period
|
$9.20
|
$8.97
|
$11.23
|
$9.75
|
$9.63
|
$10.03
|
Income (loss) from investment
operations:
|
|
|
|
|
|
|
Net investment incomea
|
.06
|
.12
|
.10
|
.01
|
.06
|
.10
|
Net realized and unrealized
gain (loss)
|
.66
|
.30
|
(1.44
)
|
1.81
|
.55
|
(.09
)
|
Total from investment
operations
|
.72
|
.42
|
(1.34
)
|
1.82
|
.61
|
.01
|
Less distributions from:
|
|
|
|
|
|
|
Net investment income
|
(.11
)
|
(.07
)
|
(.13
)
|
(.00
)*
|
(.15
)
|
(.06
)
|
Net realized gains
|
(.35
)
|
(.12
)
|
(.79
)
|
(.34
)
|
(.34
)
|
(.35
)
|
Total distributions
|
(.46
)
|
(.19
)
|
(.92
)
|
(.34
)
|
(.49
)
|
(.41
)
|
Net asset value, end of period
|
$9.46
|
$9.20
|
$8.97
|
$11.23
|
$9.75
|
$9.63
|
Total Return (%)b,c,d
|
7.92
**
|
4.82
|
(13.08
)
|
19.14
|
6.30
|
.59
|
Ratios to Average Net Assets and Supplemental Data
|
||||||
Net assets, end of period
($ millions)
|
1
|
1
|
1
|
2
|
2
|
2
|
Ratio of expenses before
expense reductions (%)e
|
2.17
***
|
2.15
|
2.05
|
1.95
|
2.02
|
1.96
|
Ratio of expenses after
expense reductions (%)e
|
1.38
***
|
1.40
|
1.35
|
1.48
|
1.43
|
1.45
|
Ratio of net investment
income (%)
|
1.40
***
|
1.35
|
.99
|
.11
|
.61
|
1.06
|
Portfolio turnover rate (%)
|
21
**
|
38
|
67
|
39
|
87
|
36
|
a
|
Based on average shares outstanding during the period.
|
b
|
Total return does not reflect the effect of any sales charges.
|
c
|
Total return would have been lower had certain expenses not been reduced.
|
d
|
Total return would have been lower if the Advisor had not reduced some Underlying
DWS Funds’ expenses.
|
e
|
The Fund invests in other Funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. This ratio
does not include these indirect fees and expenses.
|
*
|
Amount is less than $.005.
|
**
|
Not annualized
|
***
|
Annualized
|
30
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
DWS Multi-Asset Moderate Allocation Fund — Class S
|
||||||
|
Six Months
Ended 2/29/24
|
Years Ended August 31,
|
||||
|
(Unaudited)
|
2023
|
2022
|
2021
|
2020
|
2019
|
Selected Per Share Data
|
||||||
Net asset value, beginning
of period
|
$9.21
|
$8.99
|
$11.25
|
$9.78
|
$9.66
|
$10.07
|
Income (loss) from investment
operations:
|
|
|
|
|
|
|
Net investment incomea
|
.11
|
.20
|
.19
|
.12
|
.15
|
.19
|
Net realized and unrealized
gain (loss)
|
.67
|
.29
|
(1.42
)
|
1.80
|
.56
|
(.10
)
|
Total from investment
operations
|
.78
|
.49
|
(1.23
)
|
1.92
|
.71
|
.09
|
Less distributions from:
|
|
|
|
|
|
|
Net investment income
|
(.21
)
|
(.15
)
|
(.24
)
|
(.11
)
|
(.25
)
|
(.15
)
|
Net realized gains
|
(.35
)
|
(.12
)
|
(.79
)
|
(.34
)
|
(.34
)
|
(.35
)
|
Total distributions
|
(.56
)
|
(.27
)
|
(1.03
)
|
(.45
)
|
(.59
)
|
(.50
)
|
Net asset value, end of period
|
$9.43
|
$9.21
|
$8.99
|
$11.25
|
$9.78
|
$9.66
|
Total Return (%)b,c
|
8.58
*
|
5.77
|
(12.13
)
|
20.20
|
7.41
|
1.54
|
Ratios to Average Net Assets and Supplemental Data
|
||||||
Net assets, end of period
($ millions)
|
6
|
6
|
6
|
7
|
6
|
6
|
Ratio of expenses before expense
reductions (%)d
|
1.08
**
|
1.09
|
1.00
|
.94
|
1.03
|
.97
|
Ratio of expenses after expense
reductions (%)d
|
.38
**
|
.40
|
.35
|
.49
|
.43
|
.45
|
Ratio of net investment
income (%)
|
2.41
**
|
2.29
|
1.94
|
1.10
|
1.59
|
2.05
|
Portfolio turnover rate (%)
|
21
*
|
38
|
67
|
39
|
87
|
36
|
a
|
Based on average shares outstanding during the period.
|
b
|
Total return would have been lower had certain expenses not been reduced.
|
c
|
Total return would have been lower if the Advisor had not reduced some Underlying
DWS Funds’ expenses.
|
d
|
The Fund invests in other Funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does
not include these indirect fees and expenses.
|
*
|
Not annualized
|
**
|
Annualized
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
31
|
32
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
33
|
34
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
35
|
36
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
Assets Derivative
|
|
|
|
|
DWS
Multi-Asset
Conservative
Allocation Fund
Futures Contracts
|
DWS
Multi-Asset
Moderate
Allocation Fund
Futures Contracts
|
Equity Contracts (a)
|
|
|
|
|
$21,297
|
$56,498
|
Interest Rate Contracts (a)
|
|
|
|
|
12,915
|
3,078
|
|
|
|
|
|
$34,212
|
$59,576
|
Each of the above derivatives is located in the following Statements of Assets and
Liabilities accounts:
|
(a)
|
Includes cumulative appreciation of futures contracts as disclosed in the Investment
Portfolio. Unsettled variation margin is disclosed separately within the Statements of
Assets and Liabilities.
|
Liabilities Derivative
|
|
|
|
|
DWS
Multi-Asset
Conservative
Allocation Fund
Futures Contracts
|
DWS
Multi-Asset
Moderate
Allocation Fund
Futures Contracts
|
Interest Rate Contracts (a)
|
$(13,565
)
|
$(1,403
)
|
||||
Each of the above derivatives is located in the following Statements of Assets and
Liabilities accounts:
|
(a)
|
Includes cumulative depreciation of futures contracts as disclosed in the Investment
Portfolio. Unsettled variation margin is disclosed separately within the Statements of
Assets and Liabilities.
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
37
|
Realized Gain (Loss)
|
DWS
Multi-Asset
Conservative
Allocation Fund
Futures Contracts
|
DWS
Multi-Asset
Moderate
Allocation Fund
Futures Contracts
|
|||||
Equity Contracts (a)
|
|
|
|
|
|
$(3,384
)
|
$49,548
|
Interest Rate Contracts (a)
|
(23,479
)
|
(12,489
)
|
|||||
|
|
|
|
|
|
$(26,863
)
|
$37,059
|
Each of the above derivatives is located in the following Statements of Operations
accounts:
|
(a)
|
Net realized gain (loss) from futures contracts
|
Change in Net Unrealized
Appreciation (Depreciation)
|
|
|
|
|
|
DWS
Multi-Asset
Conservative
Allocation Fund
Futures Contracts
|
DWS
Multi-Asset
Moderate
Allocation Fund
Futures Contracts
|
Equity Contracts (a)
|
|
|
|
|
|
$8,530
|
$58,815
|
Interest Rate Contracts (a)
|
21,538
|
6,263
|
|||||
|
|
|
|
|
|
$30,068
|
$65,078
|
Each of the above derivatives is located in the following Statements of Operations
accounts:
|
(a)
|
Change in net unrealized appreciation (depreciation) on futures contracts
|
38
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
DWS
Multi-Asset
Conservative
Allocation Fund
|
DWS
Multi-Asset
Moderate
Allocation Fund
|
Class A
|
1.05%
|
1.10%
|
Class C
|
1.80%
|
1.85%
|
Class S
|
.80%
|
.85%
|
|
DWS
Multi-Asset
Conservative
Allocation Fund
|
DWS
Multi-Asset
Moderate
Allocation Fund
|
Class A
|
.95%
|
1.06%
|
Class C
|
1.70%
|
1.81%
|
Class S
|
.70%
|
.81%
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
39
|
DWS Multi-Asset Conservative Allocation Fund
|
|
Class A
|
$29,066
|
Class C
|
1,502
|
Class S
|
38,787
|
|
$69,355
|
DWS Multi-Asset Moderate Allocation Fund
|
|
Class A
|
$52,218
|
Class C
|
3,373
|
Class S
|
20,128
|
|
$75,719
|
Administration Fee
|
Total
Aggregated
|
Unpaid at
February 29, 2024
|
DWS Multi-Asset Conservative Allocation Fund
|
$30,229
|
$4,851
|
DWS Multi-Asset Moderate Allocation Fund
|
$10,412
|
$1,706
|
40
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
Services to Shareholders
|
Total
Aggregated
|
Unpaid at
February 29, 2024
|
DWS Multi-Asset Conservative Allocation Fund
|
|
|
Class A
|
$8,883
|
$2,968
|
Class C
|
399
|
107
|
Class S
|
17,856
|
6,351
|
|
$27,138
|
$9,426
|
DWS Multi-Asset Moderate Allocation Fund
|
|
|
Class A
|
4,868
|
1,652
|
Class C
|
342
|
128
|
Class S
|
2,909
|
1,074
|
|
$8,119
|
$2,854
|
Sub-Recordkeeping
|
Total
Aggregated
|
DWS Multi-Asset Conservative Allocation Fund
|
|
Class A
|
$10,359
|
Class C
|
720
|
Class S
|
6,856
|
|
$17,935
|
DWS Multi-Asset Moderate Allocation Fund
|
|
Class A
|
7,358
|
Class C
|
713
|
Class S
|
1,413
|
|
$9,484
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
41
|
Distribution Fee
|
Total
Aggregated
|
Unpaid at
February 29, 2024
|
DWS Multi-Asset Conservative Allocation Fund
|
|
|
Class C
|
$3,620
|
$622
|
DWS Multi-Asset Moderate Allocation Fund
|
|
|
Class C
|
3,179
|
532
|
Service Fee
|
Total
Aggregated
|
Unpaid at
February 29, 2024
|
Annualized
Rate
|
DWS Multi-Asset Conservative
Allocation Fund
|
|
|
|
Class A
|
$32,319
|
$11,118
|
.24%
|
Class C
|
1,198
|
601
|
.25%
|
|
$33,517
|
$11,719
|
|
DWS Multi-Asset Moderate
Allocation Fund
|
|
|
|
Class A
|
17,884
|
7,373
|
.24%
|
Class C
|
1,056
|
398
|
.25%
|
|
$18,940
|
$7,771
|
|
42
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
Other Service Fees
|
Total
Aggregated
|
Unpaid at
February 29, 2024
|
DWS Multi-Asset Conservative Allocation Fund
|
$698
|
$85
|
DWS Multi-Asset Moderate Allocation Fund
|
$698
|
$85
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
43
|
|
Six Months Ended
February 29, 2024
|
Year Ended
August 31, 2023
|
||
|
Shares
|
Dollars
|
Shares
|
Dollars
|
Shares sold
|
||||
Class A
|
69,318
|
$878,611
|
84,578
|
$1,038,966
|
Class C
|
6,991
|
88,392
|
20,718
|
249,437
|
Class S
|
47,409
|
583,206
|
78,252
|
957,626
|
|
|
$1,550,209
|
|
$2,246,029
|
Shares issued to shareholders in reinvestment of distributions
|
||||
Class A
|
63,417
|
$804,021
|
46,470
|
$559,781
|
Class C
|
2,031
|
25,836
|
1,117
|
13,441
|
Class S
|
86,199
|
1,089,674
|
68,944
|
828,769
|
|
|
$1,919,531
|
|
$1,401,991
|
Shares redeemed
|
||||
Class A
|
(180,974
)
|
$(2,253,119
)
|
(345,527
)
|
$(4,160,346
)
|
Class C
|
(2,488
)
|
(31,488
)
|
(33,909
)
|
(414,584
)
|
Class S
|
(256,754
)
|
(3,213,279
)
|
(494,256
)
|
(6,050,704
)
|
|
|
$(5,497,886
)
|
|
$(10,625,634
)
|
Net increase (decrease)
|
||||
Class A
|
(48,239
)
|
$(570,487
)
|
(214,479
)
|
$(2,561,599
)
|
Class C
|
6,534
|
82,740
|
(12,074
)
|
(151,706
)
|
Class S
|
(123,146
)
|
(1,540,399
)
|
(347,060
)
|
(4,264,309
)
|
|
|
$(2,028,146
)
|
|
$(6,977,614
)
|
44
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
Six Months Ended
February 29, 2024
|
Year Ended
August 31, 2023
|
||
|
Shares
|
Dollars
|
Shares
|
Dollars
|
Shares sold
|
||||
Class A
|
41,844
|
$381,026
|
82,108
|
$734,490
|
Class C
|
336
|
3,160
|
1,340
|
11,967
|
Class S
|
21,782
|
200,453
|
20,160
|
180,766
|
|
|
$584,639
|
|
$927,223
|
Shares issued to shareholders in reinvestment of distributions
|
||||
Class A
|
90,081
|
$835,951
|
48,492
|
$418,486
|
Class C
|
4,529
|
42,165
|
2,207
|
19,109
|
Class S
|
37,217
|
344,627
|
20,237
|
174,245
|
|
|
$1,222,743
|
|
$611,840
|
Shares redeemed
|
||||
Class A
|
(118,174
)
|
$(1,087,381
)
|
(193,541
)
|
$(1,733,301
)
|
Class C
|
(1,996
)
|
(18,730
)
|
(18,461
)
|
(165,538
)
|
Class S
|
(88,681
)
|
(818,771
)
|
(37,090
)
|
(333,432
)
|
|
|
$(1,924,882
)
|
|
$(2,232,271
)
|
Net increase (decrease)
|
||||
Class A
|
13,751
|
$129,596
|
(62,941
)
|
$(580,325
)
|
Class C
|
2,869
|
26,595
|
(14,914
)
|
(134,462
)
|
Class S
|
(29,682
)
|
(273,691
)
|
3,307
|
21,579
|
|
|
$(117,500
)
|
|
$(693,208
)
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
45
|
46
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
47
|
Actual Fund Return
|
Class A
|
Class C
|
Class S
|
Beginning Account Value 9/1/23
|
$1,000.00
|
$1,000.00
|
$1,000.00
|
Ending Account Value 2/29/24
|
$1,058.00
|
$1,054.10
|
$1,059.50
|
Expenses Paid per $1,000*
|
$3.33
|
$7.15
|
$2.05
|
Hypothetical 5% Fund Return
|
Class A
|
Class C
|
Class S
|
Beginning Account Value 9/1/23
|
$1,000.00
|
$1,000.00
|
$1,000.00
|
Ending Account Value 2/29/24
|
$1,021.63
|
$1,017.90
|
$1,022.87
|
Expenses Paid per $1,000*
|
$3.27
|
$7.02
|
$2.01
|
*
|
Expenses are equal to the Fund’s annualized expense ratio for each share class,
multiplied by the average account value over the period, multiplied by 182 (the number of
days in the most recent six-month period), then divided by 366.
|
Annualized Expense Ratios**
|
Class A
|
Class C
|
Class S
|
DWS Multi-Asset Conservative Allocation Fund
|
.65%
|
1.40%
|
.40%
|
**
|
The Fund invests in other funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. These ratios
do not include these indirect fees and expenses.
|
48
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
Actual Fund Return
|
Class A
|
Class C
|
Class S
|
Beginning Account Value 9/1/23
|
$1,000.00
|
$1,000.00
|
$1,000.00
|
Ending Account Value 2/29/24
|
$1,082.90
|
$1,079.20
|
$1,085.80
|
Expenses Paid per $1,000*
|
$3.26
|
$7.13
|
$1.97
|
Hypothetical 5% Fund Return
|
Class A
|
Class C
|
Class S
|
Beginning Account Value 9/1/23
|
$1,000.00
|
$1,000.00
|
$1,000.00
|
Ending Account Value 2/29/24
|
$1,021.73
|
$1,018.00
|
$1,022.97
|
Expenses Paid per $1,000*
|
$3.17
|
$6.92
|
$1.91
|
*
|
Expenses are equal to the Fund’s annualized expense ratio for each share class,
multiplied by the average account value over the period, multiplied by 182 (the number of
days in the most recent six-month period), then divided by 366.
|
Annualized Expense Ratios**
|
Class A
|
Class C
|
Class S
|
DWS Multi-Asset Moderate Allocation Fund
|
.63%
|
1.38%
|
.38%
|
**
|
The Fund invests in other funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. These ratios
do not include these indirect fees and expenses.
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
49
|
50
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
51
|
52
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
53
|
54
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
55
|
For More
Information
|
The automated telephone system allows you to access personalized
account information and obtain information on other DWS funds
using either your voice or your telephone keypad. Certain account
types within Classes A, C and S also have the ability to purchase,
exchange or redeem shares using this system.
|
For more information, contact your financial representative. You may
also access our automated telephone system or speak with a
Shareholder Service representative by calling:
(800) 728-3337
|
|
Web Site
|
dws.com
View your account transactions and balances, trade shares, monitor
your asset allocation, subscribe to fund and account updates by
e-mail, and change your address, 24 hours a day.
|
Obtain prospectuses and applications, news about DWS funds,
insight from DWS economists and investment specialists and access
to DWS fund account information.
|
|
Written
Correspondence
|
DWS
PO Box 219151
Kansas City, MO 64121-9151
|
Proxy Voting
|
The Fund’s policies and procedures for voting proxies for portfolio
securities and information about how the Fund voted proxies related
to its portfolio securities during the most recent 12-month period
ended June 30 are available on our Web site —
dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site
— sec.gov. To obtain a written copy of the Fund’s policies and
procedures without charge, upon request, call us toll free at
(800) 728-3337.
|
Portfolio Holdings
|
Following the Fund’s fiscal first and third quarter-end, a complete
portfolio holdings listing is posted on dws.com and is available free
of charge by contacting your financial intermediary or, if you are a
direct investor, by calling (800) 728-3337. In addition, the portfolio
holdings listing is filed with the SEC on the Fund’s Form N-PORT and
will be available on the SEC’s Web site at sec.gov. Additional portfolio
holdings for the Fund are also posted on dws.com from time to time.
Please see the Fund’s current prospectus for more information.
|
Principal
Underwriter
|
If you have questions, comments or complaints, contact:
DWS Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808
(800) 621-1148
|
56
|
|
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
Investment
Management
|
DWS Investment Management Americas, Inc. (“DIMA” or the
“Advisor” ), which is part of the DWS Group GmbH & Co. KGaA
(“DWS Group” ), is the investment advisor for the Fund. DIMA and its
predecessors have more than 90 years of experience managing
mutual funds and DIMA provides a full range of investment advisory
services to both institutional and retail clients. DIMA is an indirect,
wholly owned subsidiary of DWS Group.
|
|
DWS Group is a global organization that offers a wide range of
investing expertise and resources, including hundreds of portfolio
managers and analysts and an office network that reaches the
world’s major investment centers. This well-resourced global
investment platform brings together a wide variety of experience and
investment insight across industries, regions, asset classes and
investing styles.
|
DWS Multi-Asset Conservative Allocation Fund
|
|||
|
Class A
|
Class C
|
Class S
|
Nasdaq Symbol
|
SPDAX
|
SPDCX
|
SPBAX
|
CUSIP Number
|
25158W 106
|
25158W 304
|
25158W 403
|
Fund Number
|
481
|
781
|
2081
|
DWS Multi-Asset Moderate Allocation Fund
|
|||
|
Class A
|
Class C
|
Class S
|
Nasdaq Symbol
|
PLUSX
|
PLSCX
|
PPLSX
|
CUSIP Number
|
25158W 833
|
25158W 866
|
25158W 874
|
Fund Number
|
1084
|
1384
|
2084
|
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Moderate Allocation Fund
|
|
|
57
|
(b) Not applicable | ||
ITEM 2. | CODE OF ETHICS | |
Not applicable. | ||
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT | |
Not applicable | ||
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES | |
Not applicable | ||
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | INVESTMENTS | |
Not applicable | ||
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
Not applicable | ||
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. | ||
ITEM 11. | CONTROLS AND PROCEDURES | |
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. | |
(b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. | |
ITEM 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. | |
Not applicable | ||
ITEM 13. | EXHIBITS | |
(a)(1) | Not applicable | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | DWS Multi-Asset Conservative Allocation Fund and DWS Multi-Asset Moderate Allocation Fund, each a series of Deutsche DWS Asset Allocation Trust |
By: |
/s/Hepsen Uzcan Hepsen Uzcan Principal Executive |
Date: | 4/29/2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: |
/s/Hepsen Uzcan Hepsen Uzcan Principal Executive |
Date: | 4/29/2024 |
By: |
/s/Diane Kenneally Diane Kenneally Principal Financial Officer |
Date: | 4/29/2024 |
Principal Executive
Form N-CSRS Certification under Sarbanes Oxley Act
I, Hepsen Uzcan, certify that:
1) | I have reviewed this report, filed on behalf of DWS Multi-Asset Conservative Allocation Fund and DWS Multi-Asset Moderate Allocation Fund, each a series of Deutsche DWS Asset Allocation Trust, on Form N-CSRS; | ||
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; | ||
4) | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: | ||
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | ||
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | ||
5) | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | ||
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and | ||
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting | ||
4/29/2024 | /s/Hepsen Uzcan |
Hepsen Uzcan | |
Principal Executive |
Principal Financial Officer
Form N-CSRS Certification under Sarbanes Oxley Act
I, Diane Kenneally, certify that:
1) | I have reviewed this report, filed on behalf of DWS Multi-Asset Conservative Allocation Fund and DWS Multi-Asset Moderate Allocation Fund, each a series of Deutsche DWS Asset Allocation Trust, on Form N-CSRS; | ||
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; | ||
4) | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: | ||
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | ||
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | ||
5) | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | ||
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and | ||
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting | ||
4/29/2024 | /s/Diane Kenneally |
Diane Kenneally | |
Principal Financial Officer |
Principal Executive
Section 906 Certification under Sarbanes Oxley Act
I, Hepsen Uzcan, certify that:
1. | I have reviewed this report, filed on behalf of DWS Multi-Asset Conservative Allocation Fund and DWS Multi-Asset Moderate Allocation Fund, each a series of Deutsche DWS Asset Allocation Trust, on Form N-CSRS; |
2. | Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
4/29/2024 | /s/Hepsen Uzcan |
Hepsen Uzcan | |
Principal Executive |
Principal Financial Oficer
Section 906 Certification under Sarbanes Oxley Act
I, Diane Kenneally, certify that:
1. | I have reviewed this report, filed on behalf of DWS Multi-Asset Conservative Allocation Fund and DWS Multi-Asset Moderate Allocation Fund, each a series of Deutsche DWS Asset Allocation Trust, on Form N-CSRS; |
2. | Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
4/29/2024 | /s/Diane Kenneally |
Diane Kenneally | |
Principal Financial Officer |
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