0001752724-23-159679.txt : 20230721 0001752724-23-159679.hdr.sgml : 20230721 20230721104700 ACCESSION NUMBER: 0001752724-23-159679 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230531 FILED AS OF DATE: 20230721 DATE AS OF CHANGE: 20230721 PERIOD START: 20230831 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEUTSCHE DWS ASSET ALLOCATION TRUST CENTRAL INDEX KEY: 0000926425 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-08606 FILM NUMBER: 231101516 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 0000926425 S000006100 DWS Multi-Asset Conservative Allocation Fund C000016765 Class A SPDAX C000016768 Class C SPDCX C000016769 Class S SPBAX NPORT-P 1 primary_doc.xml NPORT-P false 0000926425 XXXXXXXX S000006100 C000016765 C000016768 C000016769 DEUTSCHE DWS ASSET ALLOCATION TRUST 811-08606 0000926425 OBQCJCH5PLZP8KWUJD96 875 Third Avenue NEW YORK 10022-6225 212-454-4500 DWS Multi-Asset Conservative Allocation Fund S000006100 S7IR47PGROLTGHFDOJ96 2023-08-31 2023-05-31 N 63492971.59 108854.87 63384116.72 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 7129.65000000 N iShares JP Morgan USD Emerging 549300LRIF3NWCU26A80 iShares JP Morgan USD Emerging Markets Bond ETF 464288281 41325.00000000 NS USD 3503533.50000000 5.527462842902 Long EC RF US N 1 N N N Vanguard Intermediate-Term Corporate Bond ETF VKDXEYNPEMWGHJ22MR31 Vanguard Intermediate-Term Corporate Bond ETF 92206C870 74576.00000000 NS USD 5911639.52000000 9.326689123262 Long EC RF US N 1 N N N DWS 549300PVLPCCDJRWQR23 DWS RREEF Global Infrastructure Fund 'Institutional' 25156A858 83410.80000000 NS USD 1213627.20000000 1.914718170423 Long EC RF US N 1 N N N DWS 2EGUP71H6PBMSKMC3J09 DWS RREEF Real Estate Securities Fund 'Institutional' 25159L737 47115.15000000 NS USD 886707.09000000 1.398942094463 Long EC RF US N 1 N N N SPDR S&P Global Natural Resources ETF 549300TY1RVQ2C1UO359 SPDR S&P Global Natural Resources ETF 78463X541 11553.00000000 NS USD 595788.21000000 0.939964522392 Long EC RF US N 1 N N N iShares iBoxx $ Investment Grade Corporate Bond ETF 549300FYCXFXG8POR355 iShares iBoxx $ Investment Grade Corporate Bond ETF 464287242 27500.00000000 NS USD 2959550.00000000 4.669229695309 Long EC RF US N 1 N N N SPDR S&P Emerging Asia Pacific 549300EIUBUJ3UVV3B27 SPDR S&P Emerging Asia Pacific ETF 78463X301 13136.00000000 NS USD 1264429.32000000 1.994867776710 Long EC RF US N 1 N N N United States Treasury 254900HROIFWPRGM1V77 United States Treasury Bill 912796YJ2 465000.00000000 PA USD 456537.00000000 0.720270351035 Long STIV UST US N 2 2023-10-05 None 0.00000000 N N N N N N iShares Core MSCI Europe ETF 549300XU2KDV0C5LCG21 iShares Core MSCI Europe ETF 46434V738 29779.00000000 NS USD 1536894.19000000 2.424730783564 Long EC RF US N 1 N N N DWS 549300V295OG0NZ7UA89 DWS Emerging Markets Equity Fund 'Institutional' 25156G780 118076.03000000 NS USD 1888035.67000000 2.978720486617 Long EC RF US N 1 N N N DWS TWIQP8VKJK957HT5V127 DWS High Income Fund 'Institutional' 25155T635 938109.16000000 NS USD 3930677.36000000 6.201360156778 Long EC RF US N 1 N N N Chicago Board of Trade 549300EX04Q2QBFQTQ27 US 10YR NOTE (CBT)SEP23 000000000 -14.00000000 NC USD -10974.18000000 -0.01731376970 N/A DIR US N 1 Chicago Board of Trade 549300EX04Q2QBFQTQ27 Short CBOT 10 Year U.S. Treasury Notes TYU3 Comdty 2023-09-20 -1591588.32000000 USD -10974.18000000 N N N DWS U72UPDOVVEAXSRWTZF97 DWS Enhanced Commodity Strategy Fund 'Institutional' 25159L836 105621.02000000 NS USD 597814.98000000 0.943162121578 Long EC RF US N 1 N N N Vanguard Total International Bond ETF 549300BXRBFWS9SORH32 Vanguard Total International Bond ETF 92203J407 116286.00000000 NS USD 5692199.70000000 8.980482800044 Long EC RF US N 1 N N N iShares MSCI Japan ETF 5493008I6YRUC6I0S051 iShares MSCI Japan ETF 46434G822 26574.00000000 NS USD 1576901.16000000 2.487849072609 Long EC RF US N 1 N N N iShares US Treasury Bond ETF 549300YMK9GAMCTG8G20 iShares US Treasury Bond ETF 46429B267 298005.00000000 NS USD 6894345.68000000 10.87708725271 Long EC RF US N 1 N N N iShares GNMA Bond ETF 5493000KODSFW8LTTF91 iShares GNMA Bond ETF 46429B333 225050.00000000 NS USD 9914577.75000000 15.64205397670 Long EC RF US N 1 N N N iShares MSCI Pacific ex Japan ETF 549300BD232B3QSQRR65 iShares MSCI Pacific ex Japan ETF 464286665 14161.00000000 NS USD 585132.52000000 0.923153228725 Long EC RF US N 1 N N N DWS KKQKEDL2J9UGWEWMX474 DWS Small Cap Core Fund 'S' 25157M810 15303.21000000 NS USD 617484.40000000 0.974194217658 Long EC RF US N 1 N N N DWS 5493003GD84DGSXJ7618 DWS Central Cash Management Government Fund 25160K306 1116521.77000000 NS USD 1116521.77000000 1.761516650823 Long STIV RF US N 1 N N N DWS P4CSKNTUAGEYOFMNDU45 DWS Core Equity Fund 'Institutional' 25157M687 246935.66000000 NS USD 6896913.01000000 10.88113768385 Long EC RF US N 1 N N N DWS ESG Core Equity Fund 549300SW8V87DO07CE34 DWS ESG Core Equity Fund 25159G704 303047.59000000 NS USD 5424551.77000000 8.558219394241 Long EC RF US N 1 N N N 2023-06-29 DEUTSCHE DWS ASSET ALLOCATION TRUST Diane Kenneally Diane Kenneally Treasurer and Chief Financial Officer XXXX NPORT-EX 2 NPORT_725C_50598735_0523.htm EDGAR HTML
Investment Portfoliosas of May 31, 2023 (Unaudited)
DWS Multi-Asset Conservative Allocation Fund  
 
 
Shares
Value ($)
 
Equity — Equity Funds 26.7%
DWS Core Equity Fund "Institutional" (a)
246,936
6,896,913
DWS Emerging Markets Equity Fund "Institutional" (a)
118,076
1,888,036
DWS ESG Core Equity Fund "Institutional" (a)
303,047
5,424,552
DWS RREEF Global Infrastructure Fund "Institutional" (a)
83,411
1,213,627
DWS RREEF Real Estate Securities Fund "Institutional" (a)
47,115
886,707
DWS Small Cap Core Fund "S" (a)
15,303
617,484
Total Equity — Equity Funds (Cost $12,303,687)
16,927,319
 
Equity — Exchange-Traded Funds 8.8%
iShares Core MSCI Europe ETF
29,779
1,536,894
iShares MSCI Japan ETF
26,574
1,576,901
iShares MSCI Pacific ex Japan ETF
14,161
585,133
SPDR S&P Emerging Asia Pacific ETF
13,136
1,264,430
SPDR S&P Global Natural Resources ETF
11,553
595,788
Total Equity — Exchange-Traded Funds (Cost $5,180,370)
5,559,146
 
Fixed Income — Bond Funds 7.2%
DWS Enhanced Commodity Strategy Fund "Institutional" (a)
105,621
597,815
DWS High Income Fund "Institutional" (a)
938,109
3,930,677
Total Fixed Income — Bond Funds (Cost $4,527,330)
4,528,492
 
Fixed Income — Exchange-Traded Funds 55.0%
iShares GNMA Bond ETF
225,050
9,914,578
iShares iBoxx $ Investment Grade Corporate Bond ETF
27,500
2,959,550
iShares JP Morgan USD Emerging Markets Bond ETF
41,325
3,503,533
iShares U.S. Treasury Bond ETF
298,005
6,894,346
Vanguard Intermediate-Term Corporate Bond ETF
74,576
5,911,639
Vanguard Total International Bond ETF
116,286
5,692,200
Total Fixed Income — Exchange-Traded Funds (Cost $36,753,018)
34,875,846
 
 
 
Principal
Amount ($)
Value ($)
 
Government & Agency Obligations 0.7%
U.S. Treasury Obligations
U.S. Treasury Bills, 4.749% (b), 10/5/2023 (c) (Cost $457,271)
465,000
456,537
 
 
 
Shares
Value ($)
 
Fixed Income — Money Market Funds 1.8%
DWS Central Cash Management Government Fund, 5.13% (a) (d) (Cost $1,116,522)
1,116,522
1,116,522
 
 
 
 
% of
Net Assets
Value ($)
Total Investment Portfolio (Cost $60,338,198)
100.2
63,463,862
Other Assets and Liabilities, Net
(0.2
)
(104,659
)
Net Assets
100.0
63,359,203
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated Underlying DWS Funds during the period ended May 31, 2023 are as follows: 
Value ($) at
8/31/2022
Purchases
Cost ($)
Sales
Proceeds ($)
Net Realized
Gain/
(Loss) ($)
Net Change in
Unrealized
Appreciation
(Depreciation) ($)
Income ($)
Capital Gain
Distributions ($)
Number
of Shares
at
5/31/2023
Value ($) at
5/31/2023
Equity — Equity Funds 26.7%
DWS Core Equity Fund “Institutional” (a)
7,906,034
2,053,434
2,952,100
616,201
(726,656)
51,436
508,097
246,936
6,896,913
DWS Emerging Markets Equity Fund “Institutional” (a)
1,376,567
823,902
199,700
(31,493)
(81,240)
38,401
—
118,076
1,888,036
DWS ESG Core Equity Fund “Institutional” (a)
6,298,439
223,985
1,347,700
65,681
184,147
65,443
158,543
303,047
5,424,552
DWS RREEF Global Infrastructure Fund “Institutional” (a)
701,159
1,042,244
377,000
(23,110)
(129,666)
9,778
66,666
83,411
1,213,627
DWS RREEF Real Estate Securities Fund “Institutional” (a)
1,802,768
18,954
776,400
(154,043)
(4,572)
18,955
—
47,115
886,707
DWS Small Cap Core Fund “S” (a)
1,414,139
10,138
762,700
305,469
(349,562)
3,064
7,074
15,303
617,484
Equity —Exchange-Traded Funds 0.0%
Xtrackers MSCI Japan Hedged Equity ETF (e)
—
668,614
627,023
(41,591)
—
249
—
—
—
Fixed Income — Bond Funds 7.1%
DWS Enhanced Commodity Strategy Fund “Institutional” (a)
755,999
770,276
593,000
(118,735)
(216,725)
237,376
—
105,621
597,815
DWS High Income Fund “Institutional” (a)
3,291,799
1,037,985
365,200
(21,483)
(12,424)
149,016
1,968
938,109
3,930,677
Fixed Income — Money Market Funds 2.0%
DWS Central Cash Management Government Fund, 5.13% (a) (d)
15,047,011
13,659,548
27,590,037
—
—
84,146
—
1,116,522
1,116,522
38,593,915
20,309,080
35,590,860
596,896
(1,336,698)
657,864
742,348
2,974,140
22,572,333
 
(a)
Affiliated fund managed by DWS Investment Management Americas, Inc.
(b)
Annualized yield at time of purchase; not a coupon rate.
(c)
At May 31, 2023, 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.
(e)
Affiliated fund managed by DBX Advisors LLC.
 
MSCI: Morgan Stanley Capital International
S&P: Standard & Poor's
SPDR: Standard & Poor's Depositary Receipt
At May 31, 2023, open futures contracts sold were as follows: 
Futures
Currency
Expiration
Date
Contracts
Notional
Amount ($)
Notional
Value ($)
Unrealized
Depreciation ($)
10 Year
U.S. Treasury
Note
USD
9/20/2023
14
1,591,589
1,602,563
(10,974
)
Currency Abbreviation(s)
 
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, 2023 in valuing the Fund's investments.  
Assets
Level 1
Level 2
Level 3
Total
Equity — Equity Funds
$16,927,319
$—
$—
$16,927,319
Equity — Exchange-Traded Funds
5,559,146
—
—
5,559,146
Fixed Income — Bond Funds
4,528,492
—
—
4,528,492
Fixed Income — Exchange-Traded Funds
34,875,846
—
—
34,875,846
Government & Agency Obligations
—
456,537
—
456,537
Fixed Income — Money Market Funds
1,116,522
—
—
1,116,522
Total
$63,007,325
$456,537
$—
$63,463,862
 
Liabilities
Level 1
Level 2
Level 3
Total
Derivatives (a)
Futures Contracts
$(10,974
)
$—
$—
$(10,974
)
Total
$(10,974
)
$—
$—
$(10,974
)
 
(a)
Derivatives include unrealized appreciation (depreciation) on open futures contracts.
Derivatives
The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of May 31, 2023 categorized by the primary underlying risk exposure. 
Primary Underlying Risk Disclosure
Futures
Contracts
Interest Rate Contracts
$(10,974
)
OBTAIN AN OPEN-END FUND PROSPECTUS
To obtain a summary prospectus, if available, or prospectus, download one from fundsus.dws.com, talk to your financial representative or call (800) 728-3337. We advise you to carefully consider the product's objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest.
CLOSED-END FUNDS
Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.
NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE
DMACAT-PH3
R-080548-2 (1/25)