UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSR
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: | 8/31/2022 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) |
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Contents
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NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
2 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 3 |
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4 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
DWS Multi-Asset Conservative Allocation Fund | –12.89% |
S&P Target Risk Conservative Index | –12.60% |
DWS Multi-Asset Moderate Allocation Fund | –12.45% |
S&P Target Risk Moderate Index | –12.94% |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 5 |
Category | Index | Total Return |
Large-Cap U.S. Stocks | S&P® 500 Index | –11.23% |
Small-Cap U.S. Stocks | Russell® 2000 Index | –17.88% |
Developed-Market International Stocks | MSCI EAFE Index | –19.80% |
Emerging-Market Stocks | MSCI Emerging Markets Index | –21.80% |
U.S. Investment-Grade Bonds | Bloomberg U.S. Aggregate Bond Index | –11.52% |
U.S. High-Yield Bonds | ICE BofA US High Yield Index | –10.48% |
Emerging-Market Bonds | JP Morgan EMBI Global Diversified Index | –20.82% |
6 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 7 |
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 |
10 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Class A | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 8/31/22 | |||
Unadjusted for Sales Charge | –12.89% | 2.50% | 3.92% |
Adjusted for the Maximum Sales Charge (max 5.75% load) | –17.89% | 1.30% | 3.30% |
S&P Target Risk Conservative Index† | –12.60% | 2.66% | 3.72% |
Class C | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 8/31/22 | |||
Unadjusted for Sales Charge | –13.55% | 1.74% | 3.14% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | –13.55% | 1.74% | 3.14% |
S&P Target Risk Conservative Index† | –12.60% | 2.66% | 3.72% |
Class S | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 8/31/22 | |||
No Sales Charges | –12.68% | 2.76% | 4.17% |
S&P Target Risk Conservative Index† | –12.60% | 2.66% | 3.72% |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 11 |
![](https://capedge.com/proxy/N-CSR/0000088053-22-001131/g298143img700f36d95.jpg)
† | 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. |
Class A | Class C | Class S | |
Net Asset Value | |||
8/31/22 | $12.34 | $12.33 | $12.32 |
8/31/21 | $15.27 | $15.26 | $15.25 |
Distribution Information as of 8/31/22 | |||
Income Dividends, Twelve Months | $.26 | $.15 | $.29 |
Capital Gain Distributions | $.84 | $.84 | $.84 |
12 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Class A | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 8/31/22 | |||
Unadjusted for Sales Charge | –12.45% | 4.17% | 5.74% |
Adjusted for the Maximum Sales Charge (max 5.75% load) | –17.48% | 2.94% | 5.11% |
S&P Target Risk Moderate Index† | –12.94% | 3.32% | 4.69% |
Class C | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 8/31/22 | |||
Unadjusted for Sales Charge | –13.08% | 3.41% | 4.95% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | –13.08% | 3.41% | 4.95% |
S&P Target Risk Moderate Index† | –12.94% | 3.32% | 4.69% |
Class S | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 8/31/22 | |||
No Sales Charges | –12.13% | 4.46% | 6.01% |
S&P Target Risk Moderate Index† | –12.94% | 3.32% | 4.69% |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 13 |
![](https://capedge.com/proxy/N-CSR/0000088053-22-001131/g298143img96718b926.jpg)
† | 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. |
Class A | Class C | Class S | |
Net Asset Value | |||
8/31/22 | $8.99 | $8.97 | $8.99 |
8/31/21 | $11.26 | $11.23 | $11.25 |
Distribution Information as of 8/31/22 | |||
Income Dividends, Twelve Months | $.21 | $.13 | $.24 |
Capital Gain Distributions | $.79 | $.79 | $.79 |
14 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Asset Allocation (As a % of Investment Portfolio) | 8/31/22 | 8/31/21 |
Fixed Income — Bond Funds | 5% | 23% |
Fixed Income — Exchange-Traded Funds | 45% | 31% |
Fixed Income — Money Market Funds | 19% | 4% |
Equity — Equity Funds | 24% | 31% |
Equity — Exchange-Traded Funds | 6% | 10% |
Short-Term U.S. Treasury Obligations | 1% | 1% |
100% | 100% |
Asset Allocation (As a % of Investment Portfolio) | 8/31/22 | 8/31/21 |
Fixed Income — Bond Funds | 4% | 14% |
Fixed Income — Exchange-Traded Funds | 26% | 18% |
Fixed Income — Money Market Funds | 13% | 1% |
Equity — Equity Funds | 44% | 48% |
Equity — Exchange-Traded Funds | 12% | 18% |
Short-Term U.S. Treasury Obligations | 1% | 1% |
100% | 100% |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 15 |
Shares | Value ($) | ||
Equity — Equity Funds 27.9% | |||
DWS Core Equity Fund “Institutional” (a) | 274,706 | 7,906,034 | |
DWS Emerging Markets Equity Fund “Institutional” (a) | 79,433 | 1,376,567 | |
DWS ESG Core Equity Fund “Institutional” (a) | 366,828 | 6,298,439 | |
DWS RREEF Global Infrastructure Fund “Institutional” (a) | 41,513 | 701,159 | |
DWS RREEF Real Estate Securities Fund “Institutional” (a) | 85,439 | 1,802,768 | |
DWS Small Cap Core Fund “S” (a) | 33,134 | 1,414,139 | |
Total Equity — Equity Funds (Cost $13,767,926) | 19,499,106 | ||
Equity — Exchange-Traded Funds 7.1% | |||
iShares Core MSCI Europe ETF | 16,073 | 702,872 | |
iShares MSCI Japan ETF | 39,589 | 2,121,574 | |
iShares MSCI Pacific ex Japan ETF | 16,220 | 676,861 | |
SPDR S&P Emerging Asia Pacific ETF | 14,212 | 1,429,301 | |
Total Equity — Exchange-Traded Funds (Cost $5,016,847) | 4,930,608 | ||
Fixed Income — Bond Funds 5.8% | |||
DWS Enhanced Commodity Strategy Fund “Institutional” (a) | 76,907 | 755,999 | |
DWS High Income Fund “Institutional” (a) | 781,900 | 3,291,799 | |
Total Fixed Income — Bond Funds (Cost $3,817,487) | 4,047,798 | ||
Fixed Income — Exchange-Traded Funds 51.2% | |||
iShares GNMA Bond ETF | 215,927 | 9,798,767 | |
iShares iBoxx $ Investment Grade Corporate Bond ETF | 27,500 | 3,004,925 | |
iShares JP Morgan USD Emerging Markets Bond ETF | 47,915 | 4,087,150 | |
iShares TIPS Bond ETF | 21,366 | 2,433,801 | |
iShares U.S. Treasury Bond ETF | 216,377 | 5,106,497 | |
Vanguard Intermediate-term Corporate Bond ETF | 84,318 | 6,714,243 | |
Vanguard Total International Bond ETF | 94,161 | 4,632,721 | |
Total Fixed Income — Exchange-Traded Funds (Cost $37,543,900) | 35,778,104 |
16 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Principal Amount ($) | Value ($) | ||
Short-Term U.S. Treasury Obligations 0.7% | |||
U.S. Treasury Bills, 2.004% (b), 4/20/2023 (c) (Cost $459,021) | 465,000 | 455,907 |
Shares | Value ($) | ||
Fixed Income — Money Market Funds 21.6% | |||
DWS Central Cash Management Government Fund, 2.09% (a) (d), 1/1/2030 (Cost $15,047,011) | 15,047,011 | 15,047,011 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $75,652,192) | 114.3 | 79,758,534 | |
Other Assets and Liabilities, Net | (14.3) | (9,952,228) | |
Net Assets | 100.0 | 69,806,306 |
Value ($) at 8/31/2021 | 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 8/31/2022 | Value ($) at 8/31/2022 |
Equity — Equity Funds 27.9% | ||||||||
DWS Core Equity Fund “Institutional” (a) | ||||||||
13,017,129 | 3,512,121 | 6,210,400 | 1,342,869 | (3,755,685) | 82,528 | 1,455,493 | 274,706 | 7,906,034 |
DWS Emerging Markets Equity Fund “Institutional” (a) | ||||||||
822,340 | 906,507 | 80,400 | (27,005) | (244,875) | 14,607 | — | 79,433 | 1,376,567 |
DWS ESG Core Equity Fund “Institutional” (a) | ||||||||
7,724,881 | 2,528,103 | 2,281,900 | (51,713) | (1,620,932) | 63,372 | 845,431 | 366,828 | 6,298,439 |
DWS RREEF Global Infrastructure Fund “Institutional” (a) | ||||||||
913,882 | 260,442 | 430,900 | 21,752 | (64,017) | 11,791 | 39,151 | 41,513 | 701,159 |
DWS RREEF Real Estate Securities Fund “Institutional” (a) | ||||||||
1,802,474 | 1,392,106 | 1,053,700 | 17,514 | (355,626) | 22,256 | 124,649 | 85,439 | 1,802,768 |
DWS Small Cap Core Fund “S” (a) | ||||||||
1,762,409 | 1,607,547 | 1,725,900 | 183,791 | (413,708) | — | 41,949 | 33,134 | 1,414,139 |
Fixed Income — Bond Funds 5.8% | ||||||||
DWS Emerging Markets Fixed Income Fund “Institutional” (a) | ||||||||
3,934,625 | 856,767 | 3,542,719 | (1,031,364) | (217,309) | 190,566 | — | — | — |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 17 |
Value ($) at 8/31/2021 | 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 8/31/2022 | Value ($) at 8/31/2022 |
DWS Enhanced Commodity Strategy Fund “Institutional” (a) | ||||||||
907,496 | 1,077,720 | 1,185,900 | 98,660 | (141,977) | 286,219 | — | 76,907 | 755,999 |
DWS GNMA Fund “Institutional” (a) | ||||||||
9,234,362 | 2,554,975 | 10,898,696 | (940,040) | 49,399 | 113,775 | — | — | — |
DWS High Income Fund “Institutional” (a) | ||||||||
5,524,298 | 979,974 | 2,566,400 | (29,760) | (616,313) | 230,874 | — | 781,900 | 3,291,799 |
Fixed Income — Money Market Funds 21.6% | ||||||||
DWS Central Cash Management Government Fund, 2.09% (a) (d) | ||||||||
3,491,260 | 35,557,940 | 24,002,189 | — | — | 21,454 | — | 15,047,011 | 15,047,011 |
49,135,156 | 51,234,202 | 53,979,104 | (415,296) | (7,381,043) | 1,037,442 | 2,506,673 | 16,786,871 | 38,593,915 |
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. |
(b) | Annualized yield at time of purchase; not a coupon rate. |
(c) | At August 31, 2022, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(d) | The rate shown is the annualized seven-day yield at period end. |
MSCI: Morgan Stanley Capital International |
S&P: Standard & Poor’s |
SPDR: Standard & Poor’s Depositary Receipt |
TIPS: Treasury Inflation-Protected Securities |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
10 Year U.S. Treasury Note | USD | 12/20/2022 | 29 | 3,407,682 | 3,390,281 | (17,401) |
Euro Stoxx 50 Index | EUR | 9/16/2022 | 11 | 384,103 | 389,117 | 5,014 |
Total net unrealized depreciation | (12,387) |
18 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
EUR | Euro |
USD | United States Dollar |
Assets | Level 1 | Level 2 | Level 3 | Total |
Equity — Equity Funds | $19,499,106 | $ — | $— | $19,499,106 |
Equity — Exchange-Traded Funds | 4,930,608 | — | — | 4,930,608 |
Fixed Income — Bond Funds | 4,047,798 | — | — | 4,047,798 |
Fixed Income — Exchange-Traded Funds | 35,778,104 | — | — | 35,778,104 |
Short- Term U.S. Treasury Obligations | — | 455,907 | — | 455,907 |
Fixed Income — Money Market Funds | 15,047,011 | — | — | 15,047,011 |
Derivatives (a) | ||||
Futures Contracts | 5,014 | — | — | 5,014 |
Total | $79,307,641 | $455,907 | $— | $79,763,548 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (a) | ||||
Futures Contracts | $ (17,401) | $ — | $— | $ (17,401) |
Total | $(17,401) | $— | $— | $(17,401) |
(a) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 19 |
Shares | Value ($) | ||
Equity — Equity Funds 47.3% | |||
DWS Core Equity Fund “Institutional” (a) | 246,425 | 7,092,111 | |
DWS Emerging Markets Equity Fund “Institutional” (a) | 37,778 | 654,695 | |
DWS RREEF Global Infrastructure Fund “Institutional” (a) | 26,055 | 440,076 | |
DWS RREEF Real Estate Securities Fund “Institutional” (a) | 56,502 | 1,192,195 | |
DWS Small Cap Core Fund “S” (a) | 21,226 | 905,923 | |
Total Equity — Equity Funds (Cost $6,090,520) | 10,285,000 | ||
Equity — Exchange-Traded Funds 12.3% | |||
iShares Core MSCI Europe ETF | 12,580 | 550,123 | |
iShares MSCI Japan ETF | 4,014 | 215,110 | |
iShares MSCI Pacific ex Japan ETF | 8,244 | 344,022 | |
SPDR S&P Emerging Asia Pacific ETF | 6,564 | 660,142 | |
Xtrackers MSCI Japan Hedged Equity ETF (a) | 18,282 | 903,862 | |
Total Equity — Exchange-Traded Funds (Cost $2,606,274) | 2,673,259 | ||
Fixed Income — Bond Funds 4.3% | |||
DWS Emerging Markets Fixed Income Fund “Institutional” (a) | 7 | 47 | |
DWS Enhanced Commodity Strategy Fund “Institutional” (a) | 35,238 | 346,388 | |
DWS High Income Fund “Institutional” (a) | 140,147 | 590,020 | |
Total Fixed Income — Bond Funds (Cost $840,883) | 936,455 | ||
Fixed Income — Exchange-Traded Funds 28.2% | |||
iShares 7-10 Year Treasury Bond ETF, “B” | 10,593 | 1,069,257 | |
iShares Core International Aggregate Bond ETF | 13,933 | 692,610 | |
iShares GNMA Bond ETF | 36,061 | 1,636,448 | |
iShares JP Morgan USD Emerging Markets Bond ETF | 6,591 | 562,212 | |
iShares TIPS Bond ETF | 3,789 | 431,605 | |
Vanguard Intermediate-term Corporate Bond ETF | 21,684 | 1,726,697 | |
Total Fixed Income — Exchange-Traded Funds (Cost $6,229,858) | 6,118,829 |
Principal Amount ($) | Value ($) | ||
Short-Term U.S. Treasury Obligations 1.4% | |||
U.S. Treasury Bills, 2.006% (b), 4/20/2023 (c) (Cost $306,010) | 310,000 | 303,938 |
20 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Shares | Value ($) | ||
Fixed Income — Money Market Funds 14.3% | |||
DWS Central Cash Management Government Fund, 2.09% (a) (d), 1/1/2030 (Cost $3,109,525) | 3,109,525 | 3,109,525 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $19,183,070) | 107.8 | 23,427,006 | |
Other Assets and Liabilities, Net | (7.8) | (1,697,826) | |
Net Assets | 100.0 | 21,729,180 |
Value ($) at 8/31/2021 | 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 8/31/2022 | Value ($) at 8/31/2022 |
Exchange-Traded Funds 4.2% | ||||||||
Xtrackers MSCI Japan Hedged Equity ETF (a) | ||||||||
— | 910,030 | — | — | (6,168) | — | — | 18,282 | 903,862 |
Equity — Equity Funds 47.3% | ||||||||
DWS Core Equity Fund “Institutional” (a) | ||||||||
9,675,627 | 2,460,929 | 3,088,300 | 279,892 | (2,236,037) | 66,144 | 1,122,385 | 246,425 | 7,092,111 |
DWS Emerging Markets Equity Fund “Institutional” (a) | ||||||||
278,490 | 469,493 | — | — | (93,288) | 4,493 | — | 37,778 | 654,695 |
DWS RREEF Global Infrastructure Fund “Institutional” (a) | ||||||||
569,216 | 240,943 | 345,900 | 15,537 | (39,720) | 7,406 | 24,437 | 26,055 | 440,076 |
DWS RREEF Real Estate Securities Fund “Institutional” (a) | ||||||||
1,524,923 | 825,422 | 909,140 | 27,169 | (276,179) | 16,403 | 85,419 | 56,502 | 1,192,195 |
DWS Small Cap Core Fund “S” (a) | ||||||||
864,399 | 697,781 | 513,800 | 188,407 | (330,864) | — | 20,481 | 21,226 | 905,923 |
Fixed Income — Bond Funds 4.3% | ||||||||
DWS Emerging Markets Fixed Income Fund “Institutional” (a) | ||||||||
535,656 | 91,124 | 466,600 | (132,990) | (27,143) | 25,324 | — | 7 | 47 |
DWS Enhanced Commodity Strategy Fund “Institutional” (a) | ||||||||
423,577 | 619,801 | 649,900 | 20,531 | (67,621) | 133,622 | — | 35,238 | 346,388 |
DWS GNMA Fund “Institutional” (a) | ||||||||
1,591,280 | 420,507 | 1,858,126 | (157,531) | 3,870 | 19,507 | — | — | — |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 21 |
Value ($) at 8/31/2021 | 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 8/31/2022 | Value ($) at 8/31/2022 |
DWS High Income Fund “Institutional” (a) | ||||||||
1,227,671 | 43,972 | 562,000 | (2,140) | (117,483) | 43,972 | — | 140,147 | 590,020 |
Fixed Income — Money Market Funds 14.3% | ||||||||
DWS Central Cash Management Government Fund, 2.09% (a) (d) | ||||||||
415,717 | 11,429,192 | 8,735,384 | — | — | 6,312 | — | 3,109,525 | 3,109,525 |
17,106,556 | 18,209,194 | 17,129,150 | 238,875 | (3,190,633) | 323,183 | 1,252,722 | 3,691,185 | 15,234,842 |
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. |
(b) | Annualized yield at time of purchase; not a coupon rate. |
(c) | At August 31, 2022, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(d) | The rate shown is the annualized seven-day yield at period end. |
MSCI: Morgan Stanley Capital International |
S&P: Standard & Poor’s |
SPDR: Standard & Poor’s Depositary Receipt |
TIPS: Treasury Inflation-Protected Securities |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
10 Year U.S. Treasury Note | USD | 12/20/2022 | 4 | 470,025 | 467,625 | (2,400) |
Euro Stoxx 50 Index | EUR | 9/16/2022 | 3 | 104,251 | 106,123 | 1,872 |
S&P 500 E-Mini Index | USD | 9/16/2022 | 1 | 187,659 | 197,825 | 10,166 |
Total net unrealized appreciation | 9,638 |
EUR | Euro |
USD | United States Dollar |
22 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Assets | Level 1 | Level 2 | Level 3 | Total |
Equity — Equity Funds | $10,285,000 | $ — | $— | $10,285,000 |
Equity — Exchange-Traded Funds | 2,673,259 | — | — | 2,673,259 |
Fixed Income — Bond Funds | 936,455 | — | — | 936,455 |
Fixed Income — Exchange-Traded Funds | 6,118,829 | — | — | 6,118,829 |
Short- Term U.S. Treasury Obligations | — | 303,938 | — | 303,938 |
Fixed Income — Money Market Funds | 3,109,525 | — | — | 3,109,525 |
Derivatives (a) | ||||
Futures Contracts | 12,038 | — | — | 12,038 |
Total | $23,135,106 | $303,938 | $— | $23,439,044 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (a) | ||||
Futures Contracts | $ (2,400) | $ — | $— | $ (2,400) |
Total | $(2,400) | $— | $— | $(2,400) |
(a) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 23 |
Assets | DWS Multi-Asset Conservative Allocation Fund | DWS Multi-Asset Moderate Allocation Fund |
Investments in non-affiliated securities and Underlying Funds, at value (Cost $43,019,768, $8,232,112) | $ 41,164,619 | $ 8,192,164 |
Investments in affiliated Underlying Funds, at value (Cost $32,632,424, $10,950,958) | 38,593,915 | 15,234,842 |
Cash | 10,000 | 10,000 |
Receivable for investments sold | 3,542,719 | 2,672,272 |
Receivable for Fund shares sold | 2,653 | 1,593 |
Interest receivable | 10,222 | 3,025 |
Other assets | 15,525 | 29,190 |
Total assets | 83,339,653 | 26,143,086 |
Liabilities | ||
Payable for investments purchased | 13,401,302 | 4,321,544 |
Payable for Fund shares redeemed | 4,766 | 5,082 |
Payable for variation margin on futures contracts | 7,176 | 2,723 |
Accrued management fee | 298 | — |
Accrued Trustees' fees | 1,316 | 769 |
Other accrued expenses and payables | 118,489 | 83,788 |
Total liabilities | 13,533,347 | 4,413,906 |
Net assets, at value | $69,806,306 | $21,729,180 |
Net Assets Consist of | ||
Distributable earnings (loss) | 3,478,239 | 4,528,050 |
Paid-in capital | 66,328,067 | 17,201,130 |
Net assets, at value | $69,806,306 | $21,729,180 |
24 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Net Asset Value | DWS Multi-Asset Conservative Allocation Fund | DWS Multi-Asset Moderate Allocation Fund |
Class A | ||
Net assets applicable to shares outstanding | 29,479,834 | 15,103,992 |
Shares outstanding of beneficial interest, $.01 par value, unlimited number of shares authorized | 2,389,065 | 1,679,709 |
Net Asset Value and redemption price per share | $ 12.34 | $ 8.99 |
Maximum offering price per share (100 ÷ 94.25 of net asset value) | $ 13.09 | $ 9.54 |
Class C | ||
Net assets applicable to shares outstanding | 1,080,378 | 953,818 |
Shares outstanding of beneficial interest, $.01 par value, unlimited number of shares authorized | 87,634 | 106,338 |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share | $ 12.33 | $ 8.97 |
Class S | ||
Net assets applicable to shares outstanding | 39,246,094 | 5,671,370 |
Shares outstanding of beneficial interest, $.01 par value, unlimited number of shares authorized | 3,185,326 | 631,061 |
Net Asset Value, offering and redemption price per share | $ 12.32 | $ 8.99 |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 25 |
Investment Income | DWS Multi-Asset Conservative Allocation Fund | DWS Multi-Asset Moderate Allocation Fund |
Income: | ||
Dividends | $ 901,675 | $ 245,838 |
Income distributions from affiliated Underlying Funds | 1,037,442 | 323,183 |
Total income | 1,939,117 | 569,021 |
Expenses: | ||
Management fee | 80,141 | 26,156 |
Administration fee | 75,701 | 24,003 |
Services to shareholders | 116,897 | 44,781 |
Distribution and service fees | 90,975 | 53,469 |
Custodian fee | 4,557 | 5,199 |
Audit fee | 49,364 | 48,634 |
Legal fees | 18,017 | 18,204 |
Tax fees | 7,880 | 7,880 |
Reports to shareholders | 24,741 | 19,307 |
Registration fees | 45,180 | 45,369 |
Trustees' fees and expenses | 5,165 | 3,096 |
Other | 7,032 | 4,718 |
Total expenses before expense reductions | 525,650 | 300,816 |
Expense reductions | (117,124) | (159,988) |
Total expenses after expense reductions | 408,526 | 140,828 |
Net investment income | 1,530,591 | 428,193 |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) from: | ||
Sale of affiliated Underlying Funds | (415,296) | 238,875 |
Sale of non-affiliated Underlying Funds | (1,868,264) | (616,797) |
Capital gain distributions from affiliated Underlying Funds | 2,506,673 | 1,252,722 |
Futures | (254,284) | (120,555) |
(31,171) | 754,245 | |
Change in net unrealized appreciation (depreciation) on: | ||
Affiliated Underlying Funds | (7,381,043) | (3,190,633) |
Non-affiliated Underlying Funds | (4,486,790) | (1,150,641) |
Futures | (72,240) | (19,223) |
Foreign currency | (32,514) | (9,508) |
(11,972,587) | (4,370,005) | |
Net gain (loss) | (12,003,758) | (3,615,760) |
Net increase (decrease) in net assets resulting from operations | $ (10,473,167) | $ (3,187,567) |
26 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
DWS Multi-Asset Conservative Allocation Fund | ||
Years Ended August 31, | ||
Increase (Decrease) in Net Assets | 2022 | 2021 |
Operations: | ||
Net investment income | $ 1,530,591 | $ 1,090,209 |
Net realized gain (loss) | (31,171) | 4,721,024 |
Change in net unrealized appreciation (depreciation) | (11,972,587) | 4,698,068 |
Net increase (decrease) in net assets resulting from operations | (10,473,167) | 10,509,301 |
Distributions to shareholders: | ||
Class A | (2,536,819) | (1,264,743) |
Class C | (76,684) | (54,681) |
Class S | (3,544,841) | (1,804,137) |
Total distributions | (6,158,344) | (3,123,561) |
Fund share transactions: | ||
Proceeds from shares sold | 4,556,369 | 4,883,881 |
Reinvestment of distributions | 5,980,124 | 3,010,924 |
Payments for shares redeemed | (8,968,265) | (10,579,866) |
Net increase (decrease) in net assets from Fund share transactions | 1,568,228 | (2,685,061) |
Increase (decrease) in net assets | (15,063,283) | 4,700,679 |
Net assets at beginning of period | 84,869,589 | 80,168,910 |
Net assets at end of period | $69,806,306 | $84,869,589 |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 27 |
DWS Multi-Asset Moderate Allocation Fund | ||
Years Ended August 31, | ||
Increase (Decrease) in Net Assets | 2022 | 2021 |
Operations: | ||
Net investment income | $ 428,193 | $ 221,002 |
Net realized gain (loss) | 754,245 | 1,623,964 |
Change in net unrealized appreciation (depreciation) | (4,370,005) | 2,771,848 |
Net increase (decrease) in net assets resulting from operations | (3,187,567) | 4,616,814 |
Distributions to shareholders: | ||
Class A | (1,680,170) | (701,769) |
Class C | (101,729) | (60,361) |
Class S | (608,991) | (255,284) |
Total distributions | (2,390,890) | (1,017,414) |
Fund share transactions: | ||
Proceeds from shares sold | 3,099,797 | 3,115,446 |
Reinvestment of distributions | 2,362,008 | 999,925 |
Payments for shares redeemed | (5,201,866) | (4,618,595) |
Net increase (decrease) in net assets from Fund share transactions | 259,939 | (503,224) |
Increase (decrease) in net assets | (5,318,518) | 3,096,176 |
Net assets at beginning of period | 27,047,698 | 23,951,522 |
Net assets at end of period | $21,729,180 | $27,047,698 |
28 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
DWS Multi-Asset Conservative Allocation Fund — Class A | |||||
Years Ended August 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $15.27 | $13.97 | $13.42 | $13.20 | $12.93 |
Income (loss) from investment operations: | |||||
Net investment incomea | .25 | .17 | .23 | .30 | .22 |
Net realized and unrealized gain (loss) | (2.08) | 1.67 | .60 | .18 | .27 |
Total from investment operations | (1.83) | 1.84 | .83 | .48 | .49 |
Less distributions from: | |||||
Net investment income | (.26) | (.22) | (.28) | (.26) | (.22) |
Net realized gains | (.84) | (.32) | — | — | — |
Total distributions | (1.10) | (.54) | (.28) | (.26) | (.22) |
Net asset value, end of period | $12.34 | $15.27 | $13.97 | $13.42 | $13.20 |
Total Return (%)b,c,d | (12.89) | 13.46 | 6.38 | 3.69 | 3.80 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 29 | 35 | 33 | 35 | 36 |
Ratio of expenses before expense reductions (%)e | .81 | .79 | .83 | .81 | .82 |
Ratio of expenses after expense reductions (%)e | .65 | .67 | .62 | .66 | .73 |
Ratio of net investment income (%) | 1.83 | 1.20 | 1.70 | 2.30 | 1.70 |
Portfolio turnover rate (%) | 70 | 39 | 108 | 31 | 45 |
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. |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 29 |
DWS Multi-Asset Conservative Allocation Fund — Class C | |||||
Years Ended August 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $15.26 | $13.95 | $13.41 | $13.19 | $12.92 |
Income (loss) from investment operations: | |||||
Net investment incomea | .15 | .07 | .13 | .21 | .13 |
Net realized and unrealized gain (loss) | (2.09) | 1.67 | .60 | .17 | .26 |
Total from investment operations | (1.94) | 1.74 | .73 | .38 | .39 |
Less distributions from: | |||||
Net investment income | (.15) | (.11) | (.19) | (.16) | (.12) |
Net realized gains | (.84) | (.32) | — | — | — |
Total distributions | (.99) | (.43) | (.19) | (.16) | (.12) |
Net asset value, end of period | $12.33 | $15.26 | $13.95 | $13.41 | $13.19 |
Total Return (%)b,c,d | (13.55) | 12.70 | 5.59 | 2.84 | 3.02 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 1 | 1 | 2 | 2 | 3 |
Ratio of expenses before expense reductions (%)e | 1.62 | 1.61 | 1.64 | 1.60 | 1.55 |
Ratio of expenses after expense reductions (%)e | 1.40 | 1.42 | 1.37 | 1.41 | 1.48 |
Ratio of net investment income (%) | 1.07 | .48 | .95 | 1.61 | .97 |
Portfolio turnover rate (%) | 70 | 39 | 108 | 31 | 45 |
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. |
30 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
DWS Multi-Asset Conservative Allocation Fund — Class S | |||||
Years Ended August 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $15.25 | $13.95 | $13.40 | $13.18 | $12.91 |
Income (loss) from investment operations: | |||||
Net investment incomea | .29 | .21 | .26 | .33 | .25 |
Net realized and unrealized gain (loss) | (2.09) | 1.66 | .61 | .18 | .27 |
Total from investment operations | (1.80) | 1.87 | .87 | .51 | .52 |
Less distributions from: | |||||
Net investment income | (.29) | (.25) | (.32) | (.29) | (.25) |
Net realized gains | (.84) | (.32) | — | — | — |
Total distributions | (1.13) | (.57) | (.32) | (.29) | (.25) |
Net asset value, end of period | $12.32 | $15.25 | $13.95 | $13.40 | $13.18 |
Total Return (%)b,c | (12.68) | 13.76 | 6.65 | 3.96 | 4.06 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 39 | 48 | 45 | 46 | 48 |
Ratio of expenses before expense reductions (%)d | .55 | .53 | .55 | .55 | .54 |
Ratio of expenses after expense reductions (%)d | .40 | .42 | .37 | .41 | .48 |
Ratio of net investment income (%) | 2.08 | 1.45 | 1.94 | 2.55 | 1.95 |
Portfolio turnover rate (%) | 70 | 39 | 108 | 31 | 45 |
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. |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 31 |
DWS Multi-Asset Moderate Allocation Fund — Class A | |||||
Years Ended August 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $11.26 | $9.78 | $9.66 | $10.07 | $9.88 |
Income (loss) from investment operations: | |||||
Net investment incomea | .17 | .09 | .13 | .17 | .13 |
Net realized and unrealized gain (loss) | (1.44) | 1.81 | .56 | (.10) | .61 |
Total from investment operations | (1.27) | 1.90 | .69 | .07 | .74 |
Less distributions from: | |||||
Net investment income | (.21) | (.08) | (.23) | (.13) | (.13) |
Net realized gains | (.79) | (.34) | (.34) | (.35) | (.42) |
Total distributions | (1.00) | (.42) | (.57) | (.48) | (.55) |
Net asset value, end of period | $8.99 | $11.26 | $9.78 | $9.66 | $10.07 |
Total Return (%)b,c,d | (12.45) | 20.00 | 7.12 | 1.27 | 7.60 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 15 | 19 | 16 | 19 | 20 |
Ratio of expenses before expense reductions (%)e | 1.24 | 1.18 | 1.30 | 1.25 | 1.16 |
Ratio of expenses after expense reductions (%)e | .60 | .74 | .68 | .70 | .66 |
Ratio of net investment income (%) | 1.71 | .86 | 1.34 | 1.79 | 1.27 |
Portfolio turnover rate (%) | 67 | 39 | 87 | 36 | 45 |
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. |
32 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
DWS Multi-Asset Moderate Allocation Fund — Class C | |||||
Years Ended August 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $11.23 | $9.75 | $9.63 | $10.03 | $9.84 |
Income (loss) from investment operations: | |||||
Net investment incomea | .10 | .01 | .06 | .10 | .05 |
Net realized and unrealized gain (loss) | (1.44) | 1.81 | .55 | (.09) | .61 |
Total from investment operations | (1.34) | 1.82 | .61 | .01 | .66 |
Less distributions from: | |||||
Net investment income | (.13) | (.00)* | (.15) | (.06) | (.05) |
Net realized gains | (.79) | (.34) | (.34) | (.35) | (.42) |
Total distributions | (.92) | (.34) | (.49) | (.41) | (.47) |
Net asset value, end of period | $8.97 | $11.23 | $9.75 | $9.63 | $10.03 |
Total Return (%)b,c,d | (13.08) | 19.14 | 6.30 | .59 | 6.79 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 1 | 2 | 2 | 2 | 3 |
Ratio of expenses before expense reductions (%)e | 2.05 | 1.95 | 2.02 | 1.96 | 1.85 |
Ratio of expenses after expense reductions (%)e | 1.35 | 1.48 | 1.43 | 1.45 | 1.41 |
Ratio of net investment income (%) | .99 | .11 | .61 | 1.06 | .55 |
Portfolio turnover rate (%) | 67 | 39 | 87 | 36 | 45 |
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. |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 33 |
DWS Multi-Asset Moderate Allocation Fund — Class S | |||||
Years Ended August 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $11.25 | $9.78 | $9.66 | $10.07 | $9.87 |
Income (loss) from investment operations: | |||||
Net investment incomea | .19 | .12 | .15 | .19 | .15 |
Net realized and unrealized gain (loss) | (1.42) | 1.80 | .56 | (.10) | .63 |
Total from investment operations | (1.23) | 1.92 | .71 | .09 | .78 |
Less distributions from: | |||||
Net investment income | (.24) | (.11) | (.25) | (.15) | (.16) |
Net realized gains | (.79) | (.34) | (.34) | (.35) | (.42) |
Total distributions | (1.03) | (.45) | (.59) | (.50) | (.58) |
Net asset value, end of period | $8.99 | $11.25 | $9.78 | $9.66 | $10.07 |
Total Return (%)b,c | (12.13) | 20.20 | 7.41 | 1.54 | 7.99 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 6 | 7 | 6 | 6 | 6 |
Ratio of expenses before expense reductions (%)d | 1.00 | .94 | 1.03 | .97 | .87 |
Ratio of expenses after expense reductions (%)d | .35 | .49 | .43 | .45 | .41 |
Ratio of net investment income (%) | 1.94 | 1.10 | 1.59 | 2.05 | 1.53 |
Portfolio turnover rate (%) | 67 | 39 | 87 | 36 | 45 |
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. |
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 |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 37 |
Undistributed ordinary income* | $ 196,802 |
Capital loss carryforwards | $ (284,000) |
Net unrealized appreciation (depreciation) on investments | $ 3,608,291 |
Years Ended August 31, | ||
2022 | 2021 | |
Distributions from ordinary income* | $ 2,915,762 | $ 1,323,656 |
Distributions from long-term capital gains | $ 3,242,582 | $ 1,799,905 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
38 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Undistributed ordinary income* | $ 115,957 |
Undistributed long-term capital gains | $ 289,230 |
Net unrealized appreciation (depreciation) on investments | $ 4,135,792 |
Years Ended August 31, | ||
2022 | 2021 | |
Distributions from ordinary income* | $ 953,802 | $ 196,011 |
Distributions from long-term capital gains | $ 1,437,088 | $ 821,403 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 39 |
40 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Assets Derivative | DWS Multi-Asset Conservative Allocation Fund | DWS Multi-Asset Moderate Allocation Fund | ||||
Equity Contracts (a) | $ 5,014 | $ 12,038 | ||||
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 | DWS Multi-Asset Moderate Allocation Fund | ||||
Interest Rate Contracts (a) | $ (17,401) | $ (2,400) | ||||
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. |
Realized Gain (Loss) | DWS Multi-Asset Conservative Allocation Fund | DWS Multi-Asset Moderate Allocation Fund | |||||
Equity Contracts (a) | $ (156,997) | $ (94,165) | |||||
Interest Rate Contracts (a) | (97,287) | (26,390) | |||||
$(254,284) | $(120,555) | ||||||
Each of the above derivatives is located in the following Statements of Operations accounts: |
(a) | Net realized gain (loss) from futures contracts |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 41 |
Change in Net Unrealized Appreciation (Depreciation) | DWS Multi-Asset Conservative Allocation Fund | DWS Multi-Asset Moderate Allocation Fund | |||||
Equity Contracts (a) | $ (50,281) | $ (16,823) | |||||
Interest Rate Contracts (a) | (21,959) | (2,400) | |||||
$ (72,240) | $ (19,223) | ||||||
Each of the above derivatives is located in the following Statements of Operations accounts: |
(a) | Change in net unrealized appreciation (depreciation) on futures contracts |
42 | | | 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 | 1.13% | 1.23% |
Class C | 1.88% | 1.98% |
Class S | .88% | .98% |
DWS Multi-Asset Conservative Allocation Fund | DWS Multi-Asset Moderate Allocation Fund | |
Class A | 1.09% | 1.06% |
Class C | 1.84% | 1.81% |
Class S | .84% | .81% |
DWS Multi-Asset Conservative Allocation Fund | |
Class A | 1.05% |
Class C | 1.80% |
Class S | .80% |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 43 |
DWS Multi-Asset Conservative Allocation Fund | |
Class A | $ 51,451 |
Class C | 2,611 |
Class S | 63,062 |
$ 117,124 |
DWS Multi-Asset Moderate Allocation Fund | |
Class A | $ 111,530 |
Class C | 8,289 |
Class S | 40,169 |
$ 159,988 |
Administration Fee | Total Aggregated | Unpaid at August 31, 2022 |
DWS Multi-Asset Conservative Allocation Fund | $75,701 | $5,926 |
DWS Multi-Asset Moderate Allocation Fund | $24,003 | $1,861 |
44 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Services to Shareholders | Total Aggregated | Unpaid at August 31, 2022 |
DWS Multi-Asset Conservative Allocation Fund | ||
Class A | $ 19,159 | $ 3,209 |
Class C | 730 | 120 |
Class S | 38,309 | 6,361 |
$ 58,198 | $ 9,690 | |
DWS Multi-Asset Moderate Allocation Fund | ||
Class A | 10,090 | 1,714 |
Class C | 653 | 122 |
Class S | 6,205 | 1,045 |
$ 16,948 | $ 2,881 |
Sub-Recordkeeping | Total Aggregated |
DWS Multi-Asset Conservative Allocation Fund | |
Class A | $ 27,178 |
Class C | 1,641 |
Class S | 14,600 |
$ 43,419 | |
DWS Multi-Asset Moderate Allocation Fund | |
Class A | 17,549 |
Class C | 1,984 |
Class S | 3,435 |
$ 22,968 |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 45 |
Distribution Fee | Total Aggregated | Unpaid at August 31, 2022 |
DWS Multi-Asset Conservative Allocation Fund | ||
Class C | $ 8,936 | $ 709 |
DWS Multi-Asset Moderate Allocation Fund | ||
Class C | 8,830 | 630 |
Service Fee | Total Aggregated | Unpaid at August 31, 2022 | Annual Rate |
DWS Multi-Asset Conservative Allocation Fund | |||
Class A | $ 79,095 | $ 12,590 | .24% |
Class C | 2,944 | 642 | .25% |
$ 82,039 | $ 13,232 | ||
DWS Multi-Asset Moderate Allocation Fund | |||
Class A | 41,791 | 7,588 | .24% |
Class C | 2,848 | 472 | .24% |
$ 44,639 | $ 8,060 |
46 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Other Service Fees | Total Aggregated | Unpaid at August 31, 2022 |
DWS Multi-Asset Conservative Allocation Fund | $923 | $233 |
DWS Multi-Asset Moderate Allocation Fund | $1,123 | $433 |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 47 |
Year Ended August 31, 2022 | Year Ended August 31, 2021 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 152,374 | $ 2,033,579 | 156,697 | $ 2,267,414 |
Class C | 25,187 | 350,085 | 9,709 | 137,313 |
Class S | 155,436 | 2,172,705 | 169,600 | 2,479,154 |
$ 4,556,369 | $ 4,883,881 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 174,270 | $ 2,475,558 | 86,423 | $ 1,231,000 |
Class C | 5,368 | 76,489 | 3,839 | 54,599 |
Class S | 241,942 | 3,428,077 | 121,342 | 1,725,325 |
$ 5,980,124 | $ 3,010,924 | |||
Shares redeemed | ||||
Class A | (257,949) | $ (3,510,628) | (314,122) | $ (4,555,186) |
Class C | (33,061) | (470,020) | (55,603) | (821,612) |
Class S | (363,665) | (4,987,617) | (360,388) | (5,203,068) |
$ (8,968,265) | $ (10,579,866) | |||
Net increase (decrease) | ||||
Class A | 68,695 | $ 998,509 | (71,002) | $ (1,056,772) |
Class C | (2,506) | (43,446) | (42,055) | (629,700) |
Class S | 33,713 | 613,165 | (69,446) | (998,589) |
$ 1,568,228 | $ (2,685,061) |
48 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Year Ended August 31, 2022 | Year Ended August 31, 2021 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 246,788 | $ 2,484,444 | 197,028 | $ 2,081,950 |
Class C | 7,622 | 78,270 | 23,194 | 246,546 |
Class S | 53,325 | 537,083 | 75,266 | 786,950 |
$ 3,099,797 | $ 3,115,446 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 158,516 | $ 1,653,325 | 68,244 | $ 687,895 |
Class C | 9,726 | 101,729 | 5,976 | 60,361 |
Class S | 58,305 | 606,954 | 25,017 | 251,669 |
$ 2,362,008 | $ 999,925 | |||
Shares redeemed | ||||
Class A | (411,211) | $ (4,098,514) | (256,455) | $ (2,678,435) |
Class C | (46,219) | (483,962) | (89,359) | (938,519) |
Class S | (62,869) | (619,390) | (95,148) | (1,001,641) |
$ (5,201,866) | $ (4,618,595) | |||
Net increase (decrease) | ||||
Class A | (5,907) | $ 39,255 | 8,817 | $ 91,410 |
Class C | (28,871) | (303,963) | (60,189) | (631,612) |
Class S | 48,761 | 524,647 | 5,135 | 36,978 |
$ 259,939 | $ (503,224) |
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 |
![](https://capedge.com/proxy/N-CSR/0000088053-22-001131/g298143img493f07737.jpg)
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 |
Actual Fund Return | Class A | Class C | Class S |
Beginning Account Value 3/1/22 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 8/31/22 | $914.00 | $910.50 | $915.00 |
Expenses Paid per $1,000* | $3.18 | $6.79 | $1.98 |
Hypothetical 5% Fund Return | Class A | Class C | Class S |
Beginning Account Value 3/1/22 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 8/31/22 | $1,021.88 | $1,018.10 | $1,023.14 |
Expenses Paid per $1,000* | $3.36 | $7.17 | $2.09 |
* | 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 184 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios** | Class A | Class C | Class S |
DWS Multi-Asset Conservative Allocation Fund | .66% | 1.41% | .41% |
** | 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. |
54 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Actual Fund Return | Class A | Class C | Class S |
Beginning Account Value 3/1/22 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 8/31/22 | $912.70 | $909.70 | $914.50 |
Expenses Paid per $1,000* | $2.80 | $6.40 | $1.59 |
Hypothetical 5% Fund Return | Class A | Class C | Class S |
Beginning Account Value 3/1/22 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 8/31/22 | $1,022.28 | $1,018.50 | $1,023.54 |
Expenses Paid per $1,000* | $2.96 | $6.77 | $1.68 |
* | 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 184 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios** | Class A | Class C | Class S |
DWS Multi-Asset Moderate Allocation Fund | .58% | 1.33% | .33% |
** | 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 | | | 55 |
56 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 57 |
58 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 59 |
60 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of each Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 61 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods designer and distributor); former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) | 70 | — |
62 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
John W. Ballantine (1946) Board Member since 1999 | Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); Not-for-Profit Directorships: Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; Former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population wellbeing and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company (2003–2021); and Prisma Energy International; Former Not-for-Profit Directorships: Public Radio International; Palm Beach Civic Assn. | 70 | — |
Dawn-Marie Driscoll (1946) Board Member since 1987 | Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 70 | — |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 63 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Richard J. Herring (1946) Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); formerly: Director, The Wharton Financial Institutions Center (1994–2020); Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), Director, The Aberdeen Japan Fund (2007-2021) and Nonexecutive Director of Barclays Bank DE (2010–2018) | 70 | — |
William McClayton (1944) Board Member since 2004 | Private equity investor (since October 2009); formerly: Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Former Directorships: Board of Managers, YMCA of Metropolitan Chicago; Trustee, Ravinia Festival | 70 | — |
Chad D. Perry (1972) Board Member or Advisory Board Member since 20213 | Executive Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.2 (since 2011); formerly Executive Vice President and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011); Senior Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & Gray LLP (1997–2005) | 214 | Director - Great Elm Capital Corp. (business development company) (since 2022) |
64 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Rebecca W. Rimel (1951) Board Member since 1995 | Director, The Bridgespan Group (nonprofit organization) (since October 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director (1994–2020) and Senior Advisor (2020-2021), The Pew Charitable Trusts (charitable organization); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company2 (medical technology company) (2012-2022) | 70 | — |
Catherine Schrand (1964) Board Member or Advisory Board Member since 20213 | Celia Z. Moh Professor of Accounting (since 2016) and Professor of Accounting (since 1994), The Wharton School, University of Pennsylvania; formerly Vice Dean, Wharton Doctoral Programs (2016–2019) | 214 | — |
William N. Searcy, Jr. (1946) Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 70 | — |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 65 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974) President and Chief Executive Officer, 2017–present | Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present) |
John Millette8 (1962) Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford9 (1984) Assistant Secretary, (2019–present) | Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated Tax Solutions |
Diane Kenneally8 (1966) Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
Paul Antosca8 (1957) Assistant Treasurer, 2007–present | Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
Sheila Cadogan8 (1966) Assistant Treasurer, 2017–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan8 (1970) Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
66 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Caroline Pearson8 (1962) Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021) |
Christian Rijs7 (1980) Anti-Money Laundering Compliance Officer, since October 6, 2021 | Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (since November 2, 2021); AML Officer, DBX ETF Trust (since October 21, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | Mr. Perry and Ms. Schrand are Advisory Board Members of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry and Ms. Schrand are Board Members of each other Trust. |
4 | Mr. Perry and Ms. Schrand oversee 21 funds in the DWS Fund Complex as Board Members of various Trusts. Mr. Perry and Ms. Schrand are Advisory Board Members of various Trusts/Corporations comprised of 49 funds in the DWS Fund Complex. |
5 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
6 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 | Address: 875 Third Avenue, New York, NY 10022. |
8 | Address: 100 Summer Street, Boston, MA 02110. |
9 | Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 67 |
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 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 |
68 | | | 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 | | | 69 |
Chicago, IL 60606-5808
(R-023996-12 10/22)
![](https://capedge.com/proxy/N-CSR/0000088053-22-001131/g298143img4b62aec22.jpg)
![](https://capedge.com/proxy/N-CSR/0000088053-22-001131/g298143imgbd7fe2168.jpg)
(b) Not applicable | |
ITEM 2. | CODE OF ETHICS |
As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer.
There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.
A copy of the code of ethics is filed as an exhibit to this Form N-CSR. | |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. William McClayton, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. | |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
DWS Multi-Asset Conservative Allocation Fund
form n-csr disclosure re: AUDIT FEES
The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
Fiscal Year Ended August 31, | Audit Fees Billed to Fund | Audit-Related Fees Billed to Fund | Tax Fees Billed to Fund | All Other Fees Billed to Fund |
2022 | $46,845 | $0 | $7,880 | $0 |
2021 | $49,311 | $0 | $7,880 | $0 |
The above “Tax Fees” were billed for professional services rendered for tax preparation.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers
The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.
Fiscal Year Ended August 31, | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
2022 | $0 | $32,448 | $0 |
2021 | $0 | $487,049 | $0 |
The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.
Non-Audit Services
The following table shows the amount of fees that EY billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s independence.
Fiscal Year Ended August 31, | Total Non-Audit Fees Billed to Fund (A) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C) | Total of (A), (B) and (C) |
2022 | $7,880 | $32,448 | $0 | $40,328 |
2021 | $7,880 | $487,049 | $0 | $494,929 |
All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.
Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.
***
In connection with the audit of the 2021 and 2022 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.
***
Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund’s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue to act as the Independent Registered Public Accounting Firm for the Fund.
· | EY advised the Fund’s Audit Committee that various covered persons within EY and EY’s affiliates held investments in, or had other financial relationships with, entities within the DWS Funds “investment company complex” (as defined in Regulation S-X) (the “DWS Funds Complex”). EY informed the Audit Committee that these investments and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none of the breaches involved any professionals who were part of the audit engagement team for the Fund or in the position to influence the audit engagement team for the Fund. |
DWS Multi-Asset Moderate Allocation Fund
form n-csr disclosure re: AUDIT FEES
The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
Fiscal Year Ended August 31, | Audit Fees Billed to Fund | Audit-Related Fees Billed to Fund | Tax Fees Billed to Fund | All Other Fees Billed to Fund |
2022 | $46,180 | $0 | $7,880 | $0 |
2021 | $48,611 | $0 | $7,880 | $0 |
The above “Tax Fees” were billed for professional services rendered for tax preparation.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers
The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.
Fiscal Year Ended August 31, | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
2022 | $0 | $32,448 | $0 |
2021 | $0 | $487,049 | $0 |
The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.
Non-Audit Services
The following table shows the amount of fees that EY billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s independence.
Fiscal Year Ended August 31, | Total Non-Audit Fees Billed to Fund (A) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C) | Total of (A), (B) and (C) |
2022 | $7,880 | $32,448 | $0 | $40,328 |
2021 | $7,880 | $487,049 | $0 | $494,929 |
All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.
Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.
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In connection with the audit of the 2021 and 2022 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.
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Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund’s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue to act as the Independent Registered Public Accounting Firm for the Fund.
· | EY advised the Fund’s Audit Committee that various covered persons within EY and EY’s affiliates held investments in, or had other financial relationships with, entities within the DWS Funds “investment company complex” (as defined in Regulation S-X) (the “DWS Funds Complex”). EY informed the Audit Committee that these investments and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none of the breaches involved any professionals who were part of the audit engagement team for the Fund or in the position to influence the audit engagement team for the Fund. |
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | SCHEDULE OF 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) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. | |
(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 President |
Date: | 10/28/2022 |
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 President |
Date: | 10/28/2022 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 10/28/2022 |