UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSRS
Investment Company Act file number: 811-08606
Deutsche DWS Asset Allocation Trust
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 8/31 |
Date of reporting period: | 2/28/2023 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) | |
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 |
4 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Class A | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 2/28/23 | ||||
Unadjusted for Sales Charge | –0.27% | –8.85% | 2.04% | 3.35% |
Adjusted for the Maximum Sales Charge (max 5.75% load) | –6.00% | –14.09% | 0.84% | 2.74% |
S&P Target Risk Conservative Index† | 0.19% | –8.46% | 2.44% | 3.40% |
Average Annual Total Returns as of 12/31/22 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | –14.89% | 1.53% | 3.42% | |
Adjusted for the Maximum Sales Charge (max 5.75% load) | –19.78% | 0.34% | 2.81% | |
S&P Target Risk Conservative Index† | –13.99% | 1.89% | 3.36% |
Class C | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 2/28/23 | ||||
Unadjusted for Sales Charge | –0.65% | –9.54% | 1.29% | 2.59% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | –1.63% | –9.54% | 1.29% | 2.59% |
S&P Target Risk Conservative Index† | 0.19% | –8.46% | 2.44% | 3.40% |
Average Annual Total Returns as of 12/31/22 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | –15.46% | 0.79% | 2.66% | |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | –15.46% | 0.79% | 2.66% | |
S&P Target Risk Conservative Index† | –13.99% | 1.89% | 3.36% |
Class S | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 2/28/23 | ||||
No Sales Charges | –0.14% | –8.64% | 2.30% | 3.61% |
S&P Target Risk Conservative Index† | 0.19% | –8.46% | 2.44% | 3.40% |
Average Annual Total Returns as of 12/31/22 (most recent calendar quarter end) | ||||
No Sales Charges | –14.64% | 1.80% | 3.69% | |
S&P Target Risk Conservative Index† | –13.99% | 1.89% | 3.36% |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 5 |
6 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
† | S&P Target Risk Conservative Index emphasizes exposure to fixed income in order to produce a consistent income stream and avoid excessive volatility of returns. On October 19, 2015, the Fund changed from a fund-of-funds to a multi-asset allocation fund. Performance would have been different if the Fund’s current investment strategy had been in effect. |
‡ | Total returns shown for periods less than one year are not annualized. |
Class A | Class C | Class S | |
Net Asset Value | |||
2/28/23 | $12.17 | $12.16 | $12.15 |
8/31/22 | $12.34 | $12.33 | $12.32 |
Distribution Information as of 2/28/23 | |||
Income Dividends, Six Months | $.13 | $.09 | $.15 |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 7 |
Class A | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 2/28/23 | ||||
Unadjusted for Sales Charge | 0.80% | –8.00% | 3.40% | 5.08% |
Adjusted for the Maximum Sales Charge (max 5.75% load) | –4.99% | –13.29% | 2.18% | 4.46% |
S&P Target Risk Moderate Index† | 0.79% | –8.23% | 3.01% | 4.29% |
Average Annual Total Returns as of 12/31/22 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | –15.01% | 2.86% | 5.22% | |
Adjusted for the Maximum Sales Charge (max 5.75% load) | –19.90% | 1.65% | 4.60% | |
S&P Target Risk Moderate Index† | –14.41% | 2.43% | 4.29% |
Class C | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 2/28/23 | ||||
Unadjusted for Sales Charge | 0.38% | –8.68% | 2.61% | 4.30% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | –0.60% | –8.68% | 2.61% | 4.30% |
S&P Target Risk Moderate Index† | 0.79% | –8.23% | 3.01% | 4.29% |
Average Annual Total Returns as of 12/31/22 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | –15.70% | 2.08% | 4.43% | |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | –15.70% | 2.08% | 4.43% | |
S&P Target Risk Moderate Index† | –14.41% | 2.43% | 4.29% |
Class S | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 2/28/23 | ||||
No Sales Charges | 0.83% | –7.79% | 3.64% | 5.34% |
S&P Target Risk Moderate Index† | 0.79% | –8.23% | 3.01% | 4.29% |
Average Annual Total Returns as of 12/31/22 (most recent calendar quarter end) | ||||
No Sales Charges | –14.83% | 3.12% | 5.49% | |
S&P Target Risk Moderate Index† | –14.41% | 2.43% | 4.29% |
8 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
† | S&P Target Risk Moderate Index offers significant exposure to fixed income, while also increasing opportunities for higher returns through equities. On October 19, 2015, the Fund changed from a fund-of-funds to a multi-asset allocation fund. Performance would have been different if the Fund’s current investment strategy had been in effect. |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 9 |
‡ | Total returns shown for periods less than one year are not annualized. |
Class A | Class C | Class S | |
Net Asset Value | |||
2/28/23 | $8.80 | $8.81 | $8.78 |
8/31/22 | $8.99 | $8.97 | $8.99 |
Distribution Information as of 2/28/23 | |||
Income Dividends, Six Months | $.13 | $.07 | $.15 |
Capital Gain Distributions | $.12 | $.12 | $.12 |
10 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 11 |
Asset Allocation (As a % of Investment Portfolio) | 2/28/23 | 8/31/22 |
Fixed Income — Bond Funds | 7% | 5% |
Fixed Income — Exchange-Traded Funds | 54% | 45% |
Fixed Income — Money Market Funds | 1% | 19% |
Equity — Equity Funds | 27% | 24% |
Equity — Exchange-Traded Funds | 10% | 6% |
Short-Term U.S. Treasury Obligations | 1% | 1% |
100% | 100% |
Asset Allocation (As a % of Investment Portfolio) | 2/28/23 | 8/31/22 |
Fixed Income — Bond Funds | 5% | 4% |
Fixed Income — Exchange-Traded Funds | 30% | 26% |
Fixed Income — Money Market Funds | 3% | 13% |
Equity — Equity Funds | 46% | 44% |
Equity — Exchange-Traded Funds | 15% | 12% |
Short-Term U.S. Treasury Obligations | 1% | 1% |
100% | 100% |
12 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Shares | Value ($) | ||
Equity — Equity Funds 26.6% | |||
DWS Core Equity Fund “Institutional” (a) | 248,821 | 6,733,106 | |
DWS Emerging Markets Equity Fund “Institutional” (a) | 110,437 | 1,833,251 | |
DWS ESG Core Equity Fund “Institutional” (a) | 303,048 | 5,115,443 | |
DWS RREEF Global Infrastructure Fund “Institutional” (a) | 63,099 | 931,978 | |
DWS RREEF Real Estate Securities Fund “Institutional” (a) | 63,361 | 1,245,047 | |
DWS Small Cap Core Fund “S” (a) | 22,977 | 1,009,155 | |
Total Equity — Equity Funds (Cost $12,413,939) | 16,867,980 | ||
Equity — Exchange-Traded Funds 10.1% | |||
Invesco CurrencyShares Japanese Yen Trust | 4,722 | 323,268 | |
iShares Core MSCI Europe ETF | 43,075 | 2,206,302 | |
iShares MSCI Japan ETF | 23,052 | 1,289,529 | |
iShares MSCI Pacific ex Japan ETF | 14,161 | 614,871 | |
SPDR S&P Emerging Asia Pacific ETF | 13,136 | 1,283,438 | |
SPDR S&P Global Natural Resources ETF | 11,553 | 664,413 | |
Total Equity — Exchange-Traded Funds (Cost $5,998,978) | 6,381,821 | ||
Fixed Income — Bond Funds 7.1% | |||
DWS Enhanced Commodity Strategy Fund “Institutional” (a) | 105,254 | 624,157 | |
DWS High Income Fund “Institutional” (a) | 923,883 | 3,889,547 | |
Total Fixed Income — Bond Funds (Cost $4,465,369) | 4,513,704 | ||
Fixed Income — Exchange-Traded Funds 54.2% | |||
iShares GNMA Bond ETF | 184,240 | 8,036,549 | |
iShares iBoxx $ Investment Grade Corporate Bond ETF | 27,500 | 2,912,800 | |
iShares JP Morgan USD Emerging Markets Bond ETF | 41,325 | 3,522,543 | |
iShares TIPS Bond ETF | 18,478 | 1,980,472 | |
iShares U.S. Treasury Bond ETF | 312,357 | 7,107,684 | |
Vanguard Intermediate-Term Corporate Bond ETF | 77,143 | 6,014,068 | |
Vanguard Total International Bond ETF | 101,457 | 4,845,586 | |
Total Fixed Income — Exchange-Traded Funds (Cost $36,832,733) | 34,419,702 |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 13 |
Principal Amount ($) | Value ($) | ||
Short-Term U.S. Treasury Obligations 0.7% | |||
U.S. Treasury Bills, 2.004% (b), 4/20/2023 (c) (Cost $463,706) | 465,000 | 462,036 |
Shares | Value ($) | ||
Fixed Income — Money Market Funds 1.4% | |||
DWS Central Cash Management Government Fund, 4.51% (a) (d), 1/1/2030 (Cost $865,594) | 865,594 | 865,594 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $61,040,319) | 100.1 | 63,510,837 | |
Other Assets and Liabilities, Net | (0.1) | (63,948) | |
Net Assets | 100.0 | 63,446,889 |
Value ($) at 8/31/2022 | Pur- chases Cost ($) | Sales Proceeds ($) | Net Real- ized Gain/ (Loss) ($) | Net Change in Unreal- ized Appreci- ation (Depreci- ation) ($) | Income ($) | Capital Gain Distri- butions ($) | Number of Shares at 2/28/2023 | Value ($) at 2/28/2023 |
Exchange-Traded Funds 0.0% | ||||||||
Xtrackers Msci Japan Hedged Equity ETF (a) | ||||||||
— | 668,614 | 627,023 | (41,591) | — | 249 | — | — | — |
Equity — Equity Funds 26.6% | ||||||||
DWS Core Equity Fund “Institutional” (a) | ||||||||
7,906,034 | 1,325,849 | 2,139,700 | 581,111 | (940,188) | 34,353 | 508,097 | 248,821 | 6,733,106 |
DWS Emerging Markets Equity Fund “Institutional” (a) | ||||||||
1,376,567 | 697,702 | 199,700 | (31,493) | (9,825) | 38,402 | — | 110,437 | 1,833,251 |
DWS ESG Core Equity Fund “Institutional” (a) | ||||||||
6,298,439 | 223,985 | 1,347,700 | 65,681 | (124,962) | 65,443 | 158,543 | 303,048 | 5,115,443 |
DWS RREEF Global Infrastructure Fund “Institutional” (a) | ||||||||
701,159 | 732,421 | 377,000 | (23,110) | (101,492) | 7,254 | 66,666 | 63,099 | 931,978 |
DWS RREEF Real Estate Securities Fund “Institutional” (a) | ||||||||
1,802,768 | 15,991 | 458,600 | (109,065) | (6,047) | 15,992 | — | 63,361 | 1,245,047 |
DWS Small Cap Core Fund “S” (a) | ||||||||
1,414,139 | 10,139 | 445,000 | 124,502 | (94,625) | 3,064 | 7,074 | 22,977 | 1,009,155 |
14 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Value ($) at 8/31/2022 | Pur- chases Cost ($) | Sales Proceeds ($) | Net Real- ized Gain/ (Loss) ($) | Net Change in Unreal- ized Appreci- ation (Depreci- ation) ($) | Income ($) | Capital Gain Distri- butions ($) | Number of Shares at 2/28/2023 | Value ($) at 2/28/2023 |
Fixed Income — Bond Funds 7.1% | ||||||||
DWS Enhanced Commodity Strategy Fund “Institutional” (a) | ||||||||
755,999 | 768,118 | 593,000 | (118,735) | (188,225) | 235,218 | — | 105,254 | 624,157 |
DWS High Income Fund “Institutional” (a) | ||||||||
3,291,799 | 978,182 | 365,200 | (21,483) | 6,249 | 89,213 | 1,968 | 923,883 | 3,889,547 |
Fixed Income — Money Market Funds 1.4% | ||||||||
DWS Central Cash Management Government Fund, 4.51% (a) (d) | ||||||||
15,047,011 | 10,815,705 | 24,997,122 | — | — | 69,660 | — | 865,594 | 865,594 |
38,593,915 | 16,236,706 | 31,550,045 | 425,817 | (1,459,115) | 558,848 | 742,348 | 2,706,474 | 22,247,278 |
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. |
(b) | Annualized yield at time of purchase; not a coupon rate. |
(c) | At February 28, 2023, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(d) | The rate shown is the annualized seven-day yield at period end. |
MSCI: Morgan Stanley Capital International |
S&P: Standard & Poor’s |
SPDR: Standard & Poor’s Depositary Receipt |
TIPS: Treasury Inflation-Protected Securities |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation ($) |
Euro Stoxx 50 Index | EUR | 3/17/2023 | 1 | 41,934 | 44,920 | 2,986 |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Depreciation ($) |
10 Year U.S. Treasury Note | USD | 6/21/2023 | 9 | 1,003,051 | 1,004,906 | (1,855) |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 15 |
EUR | Euro |
USD | United States Dollar |
Assets | Level 1 | Level 2 | Level 3 | Total |
Equity — Equity Funds | $16,867,980 | $ — | $— | $16,867,980 |
Equity — Exchange-Traded Funds | 6,381,821 | — | — | 6,381,821 |
Fixed Income — Bond Funds | 4,513,704 | — | — | 4,513,704 |
Fixed Income — Exchange-Traded Funds | 34,419,702 | — | — | 34,419,702 |
Short- Term U.S. Treasury Obligations | — | 462,036 | — | 462,036 |
Fixed Income — Money Market Funds | 865,594 | — | — | 865,594 |
Derivatives (a) | ||||
Futures Contracts | 2,986 | — | — | 2,986 |
Total | $63,051,787 | $462,036 | $— | $63,513,823 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (a) | ||||
Futures Contracts | $ (1,855) | $ — | $— | $ (1,855) |
Total | $(1,855) | $— | $— | $(1,855) |
(a) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
16 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Shares | Value ($) | ||
Equity — Equity Funds 46.3% | |||
DWS Core Equity Fund “Institutional” (a) | 246,955 | 6,682,597 | |
DWS Emerging Markets Equity Fund “Institutional” (a) | 53,819 | 893,392 | |
DWS RREEF Global Infrastructure Fund “Institutional” (a) | 42,282 | 624,505 | |
DWS RREEF Real Estate Securities Fund “Institutional” (a) | 43,932 | 863,270 | |
DWS Small Cap Core Fund “S” (a) | 15,601 | 685,185 | |
Total Equity — Equity Funds (Cost $6,126,789) | 9,748,949 | ||
Equity — Exchange-Traded Funds 14.4% | |||
Invesco CurrencyShares Japanese Yen Trust | 3,049 | 208,735 | |
iShares Core MSCI Europe ETF | 20,455 | 1,047,705 | |
iShares MSCI Japan ETF | 11,213 | 627,255 | |
iShares MSCI Pacific ex Japan ETF | 7,614 | 330,600 | |
SPDR S&P Emerging Asia Pacific ETF | 6,485 | 633,610 | |
SPDR S&P Global Natural Resources ETF | 3,424 | 196,914 | |
Total Equity — Exchange-Traded Funds (Cost $2,822,849) | 3,044,819 | ||
Fixed Income — Bond Funds 5.1% | |||
DWS Emerging Markets Fixed Income Fund “Institutional” (a) | 7 | 48 | |
DWS Enhanced Commodity Strategy Fund “Institutional” (a) | 53,494 | 317,220 | |
DWS High Income Fund “Institutional” (a) | 179,768 | 756,822 | |
Total Fixed Income — Bond Funds (Cost $1,073,147) | 1,074,090 | ||
Fixed Income — Exchange-Traded Funds 30.2% | |||
iShares 7-10 Year Treasury Bond ETF, “B” | 15,634 | 1,497,112 | |
iShares Core International Aggregate Bond ETF | 17,439 | 836,026 | |
iShares GNMA Bond ETF | 34,411 | 1,501,008 | |
iShares JP Morgan USD Emerging Markets Bond ETF | 6,336 | 540,081 | |
iShares TIPS Bond ETF | 2,984 | 319,825 | |
Vanguard Intermediate-Term Corporate Bond ETF | 21,466 | 1,673,489 | |
Total Fixed Income — Exchange-Traded Funds (Cost $6,634,406) | 6,367,541 |
Principal Amount ($) | Value ($) | ||
Short-Term U.S. Treasury Obligations 1.4% | |||
U.S. Treasury Bills, 2.006% (b), 4/20/2023 (c) (Cost $309,137) | 310,000 | 308,024 |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 17 |
Shares | Value ($) | ||
Fixed Income — Money Market Funds 2.6% | |||
DWS Central Cash Management Government Fund, 4.51% (a) (d), 1/1/2030 (Cost $545,552) | 545,552 | 545,552 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $17,511,880) | 100.0 | 21,088,975 | |
Other Assets and Liabilities, Net | (0.0) | (10,350) | |
Net Assets | 100.0 | 21,078,625 |
Value ($) at 8/31/2022 | Pur- chases Cost ($) | Sales Proceeds ($) | Net Real- ized Gain/ (Loss) ($) | Net Change in Unreal- ized Appreci- ation (Depreci- ation) ($) | Income ($) | Capital Gain Distri- butions ($) | Number of Shares at 2/28/2023 | Value ($) at 2/28/2023 |
Exchange-Traded Funds 0.0% | ||||||||
Xtrackers MSCI Japan Hedged Equity ETF (a) | ||||||||
903,862 | — | 926,719 | 16,689 | 6,168 | 162 | — | — | — |
Equity — Equity Funds 46.3% | ||||||||
DWS Core Equity Fund “Institutional” (a) | ||||||||
7,092,111 | 1,053,679 | 1,105,900 | 183,432 | (540,725) | 32,858 | 509,120 | 246,955 | 6,682,597 |
DWS Emerging Markets Equity Fund “Institutional” (a) | ||||||||
654,695 | 340,065 | 86,100 | (14,725) | (543) | 19,365 | — | 53,819 | 893,392 |
DWS RREEF Global Infrastructure Fund “Institutional” (a) | ||||||||
440,076 | 262,420 | — | — | (77,991) | 4,584 | 42,236 | 42,282 | 624,505 |
DWS RREEF Real Estate Securities Fund “Institutional” (a) | ||||||||
1,192,195 | 70,573 | 323,500 | (67,183) | (8,815) | 10,373 | — | 43,932 | 863,270 |
DWS Small Cap Core Fund “S” (a) | ||||||||
905,923 | 6,883 | 245,950 | (37,425) | 55,754 | 2,081 | 4,803 | 15,601 | 685,185 |
Fixed Income — Bond Funds 5.1% | ||||||||
DWS Emerging Markets Fixed Income Fund “Institutional” (a) | ||||||||
47 | — | — | — | 1 | — | — | 7 | 48 |
DWS Enhanced Commodity Strategy Fund “Institutional” (a) | ||||||||
346,388 | 297,807 | 186,100 | (47,497) | (93,378) | 107,906 | — | 53,494 | 317,220 |
DWS High Income Fund “Institutional” (a) | ||||||||
590,020 | 230,143 | 59,900 | (2,189) | (1,252) | 16,288 | 356 | 179,768 | 756,822 |
18 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Value ($) at 8/31/2022 | Pur- chases Cost ($) | Sales Proceeds ($) | Net Real- ized Gain/ (Loss) ($) | Net Change in Unreal- ized Appreci- ation (Depreci- ation) ($) | Income ($) | Capital Gain Distri- butions ($) | Number of Shares at 2/28/2023 | Value ($) at 2/28/2023 |
Fixed Income — Money Market Funds 2.6% | ||||||||
DWS Central Cash Management Government Fund, 4.51% (a) (d) | ||||||||
3,109,525 | 2,027,080 | 4,591,053 | — | — | 17,007 | — | 545,552 | 545,552 |
15,234,842 | 4,288,650 | 7,525,222 | 31,102 | (660,781) | 210,624 | 556,515 | 1,181,410 | 11,368,591 |
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. |
(b) | Annualized yield at time of purchase; not a coupon rate. |
(c) | At February 28, 2023, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(d) | The rate shown is the annualized seven-day yield at period end. |
MSCI: Morgan Stanley Capital International |
S&P: Standard & Poor’s |
SPDR: Standard & Poor’s Depositary Receipt |
TIPS: Treasury Inflation-Protected Securities |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation ($) |
Euro Stoxx 50 Index | EUR | 3/17/2023 | 10 | 442,319 | 449,205 | 6,886 |
EUR | Euro |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 19 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Equity — Equity Funds | $ 9,748,949 | $ — | $— | $ 9,748,949 |
Equity — Exchange-Traded Funds | 3,044,819 | — | — | 3,044,819 |
Fixed Income — Bond Funds | 1,074,090 | — | — | 1,074,090 |
Fixed Income — Exchange-Traded Funds | 6,367,541 | — | — | 6,367,541 |
Short- Term U.S. Treasury Obligations | — | 308,024 | — | 308,024 |
Fixed Income — Money Market Funds | 545,552 | — | — | 545,552 |
Derivatives (a) | ||||
Futures Contracts | 6,886 | — | — | 6,886 |
Total | $20,787,837 | $308,024 | $— | $21,095,861 |
(a) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
20 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Assets | DWS Multi-Asset Conservative Allocation Fund | DWS Multi-Asset Moderate Allocation Fund |
Investments in non-affiliated securities and Underlying Funds, at value (cost $43,295,417, $9,766,392) | $ 41,263,559 | $ 9,720,384 |
Investments in affiliated Underlying Funds, at value (cost $17,744,902, $7,745,488) | 22,247,278 | 11,368,591 |
Cash | 6,985 | 16,317 |
Receivable for Fund shares sold | 2,034 | 4,393 |
Interest receivable | 6,920 | 2,456 |
Other assets | 28,810 | 23,578 |
Total assets | 63,555,586 | 21,135,719 |
Liabilities | ||
Payable for Fund shares redeemed | 25,091 | 2,650 |
Payable for variation margin on futures contracts | 1,256 | 1,046 |
Accrued Trustees' fees | 1,330 | 750 |
Other accrued expenses and payables | 81,020 | 52,648 |
Total liabilities | 108,697 | 57,094 |
Net assets, at value | $63,446,889 | $21,078,625 |
Net Assets Consist of | ||
Distributable earnings (loss) | 2,478,245 | 4,074,402 |
Paid-in capital | 60,968,644 | 17,004,223 |
Net assets, at value | $63,446,889 | $21,078,625 |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 21 |
Net Asset Value | DWS Multi-Asset Conservative Allocation Fund | DWS Multi-Asset Moderate Allocation Fund |
Class A | ||
Net assets applicable to shares outstanding | 27,048,955 | 14,593,111 |
Shares outstanding of beneficial interest, $.01 par value, unlimited number of shares authorized | 2,223,094 | 1,659,119 |
Net Asset Value and redemption price per share | $ 12.17 | $ 8.80 |
Maximum offering price per share (100 ÷ 94.25 of net asset value) | $ 12.91 | $ 9.34 |
Class C | ||
Net assets applicable to shares outstanding | 1,020,186 | 863,774 |
Shares outstanding of beneficial interest, $.01 par value, unlimited number of shares authorized | 83,914 | 98,067 |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share | $ 12.16 | $ 8.81 |
Class S | ||
Net assets applicable to shares outstanding | 35,377,748 | 5,621,740 |
Shares outstanding of beneficial interest, $.01 par value, unlimited number of shares authorized | 2,912,067 | 640,345 |
Net Asset Value, offering and redemption price per share | $ 12.15 | $ 8.78 |
22 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Investment Income | DWS Multi-Asset Conservative Allocation Fund | DWS Multi-Asset Moderate Allocation Fund |
Income: | ||
Dividends | $ 584,162 | $ 133,375 |
Income distributions from affiliated Underlying Funds | 558,848 | 210,624 |
Total income | 1,143,010 | 343,999 |
Expenses: | ||
Management fee | 33,955 | 11,236 |
Administration fee | 31,939 | 10,225 |
Services to shareholders | 53,960 | 20,704 |
Distribution and service fees | 38,483 | 22,146 |
Custodian fee | 2,534 | 2,572 |
Audit fee | 22,616 | 22,308 |
Legal fees | 9,393 | 8,888 |
Tax fees | 3,940 | 3,940 |
Reports to shareholders | 13,689 | 10,136 |
Registration fees | 22,130 | 21,866 |
Trustees' fees and expenses | 2,480 | 1,448 |
Other | 4,727 | 3,764 |
Total expenses before expense reductions | 239,846 | 139,233 |
Expense reductions | (46,763) | (76,844) |
Total expenses after expense reductions | 193,083 | 62,389 |
Net investment income | 949,927 | 281,610 |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) from: | ||
Sale of affiliated Underlying Funds | 425,817 | 31,102 |
Sale of non-affiliated Underlying Funds | (661,983) | (43,055) |
Capital gain distributions from affiliated Underlying Funds | 742,348 | 556,515 |
Futures | (72,482) | 3,899 |
433,700 | 548,461 | |
Change in net unrealized appreciation (depreciation) on: | ||
Affiliated Underlying Funds | (1,459,115) | (660,781) |
Non-affiliated Underlying Funds | (176,709) | (6,060) |
Futures | 13,518 | (2,752) |
Foreign currency | 15,437 | 4,697 |
(1,606,869) | (664,896) | |
Net gain (loss) | (1,173,169) | (116,435) |
Net increase (decrease) in net assets resulting from operations | $ (223,242) | $ 165,175 |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 23 |
DWS Multi-Asset Conservative Allocation Fund | ||
Six Months Ended February 28, 2023 | Year Ended August 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2022 |
Operations: | ||
Net investment income | $ 949,927 | $ 1,530,591 |
Net realized gain (loss) | 433,700 | (31,171) |
Change in net unrealized appreciation (depreciation) | (1,606,869) | (11,972,587) |
Net increase (decrease) in net assets resulting from operations | (223,242) | (10,473,167) |
Distributions to shareholders: | ||
Class A | (306,609) | (2,536,819) |
Class C | (7,360) | (76,684) |
Class S | (462,783) | (3,544,841) |
Total distributions | (776,752) | (6,158,344) |
Fund share transactions: | ||
Proceeds from shares sold | 1,331,982 | 4,556,369 |
Reinvestment of distributions | 753,939 | 5,980,124 |
Payments for shares redeemed | (7,445,344) | (8,968,265) |
Net increase (decrease) in net assets from Fund share transactions | (5,359,423) | 1,568,228 |
Increase (decrease) in net assets | (6,359,417) | (15,063,283) |
Net assets at beginning of period | 69,806,306 | 84,869,589 |
Net assets at end of period | $63,446,889 | $69,806,306 |
24 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
DWS Multi-Asset Moderate Allocation Fund | ||
Six Months Ended February 28, 2023 | Year Ended August 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2022 |
Operations: | ||
Net investment income | $ 281,610 | $ 428,193 |
Net realized gain (loss) | 548,461 | 754,245 |
Change in net unrealized appreciation (depreciation) | (664,896) | (4,370,005) |
Net increase (decrease) in net assets resulting from operations | 165,175 | (3,187,567) |
Distributions to shareholders: | ||
Class A | (425,300) | (1,680,170) |
Class C | (19,109) | (101,729) |
Class S | (174,414) | (608,991) |
Total distributions | (618,823) | (2,390,890) |
Fund share transactions: | ||
Proceeds from shares sold | 431,625 | 3,099,797 |
Reinvestment of distributions | 611,840 | 2,362,008 |
Payments for shares redeemed | (1,240,372) | (5,201,866) |
Net increase (decrease) in net assets from Fund share transactions | (196,907) | 259,939 |
Increase (decrease) in net assets | (650,555) | (5,318,518) |
Net assets at beginning of period | 21,729,180 | 27,047,698 |
Net assets at end of period | $21,078,625 | $21,729,180 |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 25 |
DWS Multi-Asset Conservative Allocation Fund — Class A | ||||||
Six Months Ended 2/28/23 | Years Ended August 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $12.34 | $15.27 | $13.97 | $13.42 | $13.20 | $12.93 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .17 | .25 | .17 | .23 | .30 | .22 |
Net realized and unrealized gain (loss) | (.21) | (2.08) | 1.67 | .60 | .18 | .27 |
Total from investment operations | (.04) | (1.83) | 1.84 | .83 | .48 | .49 |
Less distributions from: | ||||||
Net investment income | (.13) | (.26) | (.22) | (.28) | (.26) | (.22) |
Net realized gains | — | (.84) | (.32) | — | — | — |
Total distributions | (.13) | (1.10) | (.54) | (.28) | (.26) | (.22) |
Net asset value, end of period | $12.17 | $12.34 | $15.27 | $13.97 | $13.42 | $13.20 |
Total Return (%)b,c,d | (.27)* | (12.89) | 13.46 | 6.38 | 3.69 | 3.80 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 27 | 29 | 35 | 33 | 35 | 36 |
Ratio of expenses before expense reductions (%)e | .87** | .81 | .79 | .83 | .81 | .82 |
Ratio of expenses after expense reductions (%)e | .72** | .65 | .67 | .62 | .66 | .73 |
Ratio of net investment income (%) | 2.75** | 1.83 | 1.20 | 1.70 | 2.30 | 1.70 |
Portfolio turnover rate (%) | 24* | 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. |
* | Not annualized |
** | Annualized |
26 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
DWS Multi-Asset Conservative Allocation Fund — Class C | ||||||
Six Months Ended 2/28/23 | Years Ended August 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $12.33 | $15.26 | $13.95 | $13.41 | $13.19 | $12.92 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .12 | .15 | .07 | .13 | .21 | .13 |
Net realized and unrealized gain (loss) | (.20) | (2.09) | 1.67 | .60 | .17 | .26 |
Total from investment operations | (.08) | (1.94) | 1.74 | .73 | .38 | .39 |
Less distributions from: | ||||||
Net investment income | (.09) | (.15) | (.11) | (.19) | (.16) | (.12) |
Net realized gains | — | (.84) | (.32) | — | — | — |
Total distributions | (.09) | (.99) | (.43) | (.19) | (.16) | (.12) |
Net asset value, end of period | $12.16 | $12.33 | $15.26 | $13.95 | $13.41 | $13.19 |
Total Return (%)b,c,d | (.65)* | (13.55) | 12.70 | 5.59 | 2.84 | 3.02 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 1 | 1 | 1 | 2 | 2 | 3 |
Ratio of expenses before expense reductions (%)e | 1.69** | 1.62 | 1.61 | 1.64 | 1.60 | 1.55 |
Ratio of expenses after expense reductions (%)e | 1.47** | 1.40 | 1.42 | 1.37 | 1.41 | 1.48 |
Ratio of net investment income (%) | 1.93** | 1.07 | .48 | .95 | 1.61 | .97 |
Portfolio turnover rate (%) | 24* | 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. |
* | Not annualized |
** | Annualized |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 27 |
DWS Multi-Asset Conservative Allocation Fund — Class S | ||||||
Six Months Ended 2/28/23 | Years Ended August 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $12.32 | $15.25 | $13.95 | $13.40 | $13.18 | $12.91 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .18 | .29 | .21 | .26 | .33 | .25 |
Net realized and unrealized gain (loss) | (.20) | (2.09) | 1.66 | .61 | .18 | .27 |
Total from investment operations | (.02) | (1.80) | 1.87 | .87 | .51 | .52 |
Less distributions from: | ||||||
Net investment income | (.15) | (.29) | (.25) | (.32) | (.29) | (.25) |
Net realized gains | — | (.84) | (.32) | — | — | — |
Total distributions | (.15) | (1.13) | (.57) | (.32) | (.29) | (.25) |
Net asset value, end of period | $12.15 | $12.32 | $15.25 | $13.95 | $13.40 | $13.18 |
Total Return (%)b,c | (.14)* | (12.68) | 13.76 | 6.65 | 3.96 | 4.06 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 35 | 39 | 48 | 45 | 46 | 48 |
Ratio of expenses before expense reductions (%)d | .60** | .55 | .53 | .55 | .55 | .54 |
Ratio of expenses after expense reductions (%)d | .47** | .40 | .42 | .37 | .41 | .48 |
Ratio of net investment income (%) | 3.01** | 2.08 | 1.45 | 1.94 | 2.55 | 1.95 |
Portfolio turnover rate (%) | 24* | 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. |
* | Not annualized |
** | Annualized |
28 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
DWS Multi-Asset Moderate Allocation Fund — Class A | ||||||
Six Months Ended 2/28/23 | Years Ended August 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $8.99 | $11.26 | $9.78 | $9.66 | $10.07 | $9.88 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .12 | .17 | .09 | .13 | .17 | .13 |
Net realized and unrealized gain (loss) | (.06) | (1.44) | 1.81 | .56 | (.10) | .61 |
Total from investment operations | .06 | (1.27) | 1.90 | .69 | .07 | .74 |
Less distributions from: | ||||||
Net investment income | (.13) | (.21) | (.08) | (.23) | (.13) | (.13) |
Net realized gains | (.12) | (.79) | (.34) | (.34) | (.35) | (.42) |
Total distributions | (.25) | (1.00) | (.42) | (.57) | (.48) | (.55) |
Net asset value, end of period | $8.80 | $8.99 | $11.26 | $9.78 | $9.66 | $10.07 |
Total Return (%)b,c,d | .80* | (12.45) | 20.00 | 7.12 | 1.27 | 7.60 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 15 | 15 | 19 | 16 | 19 | 20 |
Ratio of expenses before expense reductions (%)e | 1.35** | 1.24 | 1.18 | 1.30 | 1.25 | 1.16 |
Ratio of expenses after expense reductions (%)e | .63** | .60 | .74 | .68 | .70 | .66 |
Ratio of net investment income (%) | 2.64** | 1.71 | .86 | 1.34 | 1.79 | 1.27 |
Portfolio turnover rate (%) | 24* | 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. |
* | Not annualized |
** | Annualized |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 29 |
DWS Multi-Asset Moderate Allocation Fund — Class C | ||||||
Six Months Ended 2/28/23 | Years Ended August 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $8.97 | $11.23 | $9.75 | $9.63 | $10.03 | $9.84 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .08 | .10 | .01 | .06 | .10 | .05 |
Net realized and unrealized gain (loss) | (.05) | (1.44) | 1.81 | .55 | (.09) | .61 |
Total from investment operations | .03 | (1.34) | 1.82 | .61 | .01 | .66 |
Less distributions from: | ||||||
Net investment income | (.07) | (.13) | (.00)* | (.15) | (.06) | (.05) |
Net realized gains | (.12) | (.79) | (.34) | (.34) | (.35) | (.42) |
Total distributions | (.19) | (.92) | (.34) | (.49) | (.41) | (.47) |
Net asset value, end of period | $8.81 | $8.97 | $11.23 | $9.75 | $9.63 | $10.03 |
Total Return (%)b,c,d | .38** | (13.08) | 19.14 | 6.30 | .59 | 6.79 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 1 | 1 | 2 | 2 | 2 | 3 |
Ratio of expenses before expense reductions (%)e | 2.17*** | 2.05 | 1.95 | 2.02 | 1.96 | 1.85 |
Ratio of expenses after expense reductions (%)e | 1.37*** | 1.35 | 1.48 | 1.43 | 1.45 | 1.41 |
Ratio of net investment income (%) | 1.92*** | .99 | .11 | .61 | 1.06 | .55 |
Portfolio turnover rate (%) | 24** | 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. |
** | Not annualized |
*** | Annualized |
30 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
DWS Multi-Asset Moderate Allocation Fund — Class S | ||||||
Six Months Ended 2/28/23 | Years Ended August 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $8.99 | $11.25 | $9.78 | $9.66 | $10.07 | $9.87 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .13 | .19 | .12 | .15 | .19 | .15 |
Net realized and unrealized gain (loss) | (.07) | (1.42) | 1.80 | .56 | (.10) | .63 |
Total from investment operations | .06 | (1.23) | 1.92 | .71 | .09 | .78 |
Less distributions from: | ||||||
Net investment income | (.15) | (.24) | (.11) | (.25) | (.15) | (.16) |
Net realized gains | (.12) | (.79) | (.34) | (.34) | (.35) | (.42) |
Total distributions | (.27) | (1.03) | (.45) | (.59) | (.50) | (.58) |
Net asset value, end of period | $8.78 | $8.99 | $11.25 | $9.78 | $9.66 | $10.07 |
Total Return (%)b,c | .83* | (12.13) | 20.20 | 7.41 | 1.54 | 7.99 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 6 | 6 | 7 | 6 | 6 | 6 |
Ratio of expenses before expense reductions (%)d | 1.10** | 1.00 | .94 | 1.03 | .97 | .87 |
Ratio of expenses after expense reductions (%)d | .38** | .35 | .49 | .43 | .45 | .41 |
Ratio of net investment income (%) | 2.88** | 1.94 | 1.10 | 1.59 | 2.05 | 1.53 |
Portfolio turnover rate (%) | 24* | 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. |
* | Not annualized |
** | Annualized |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 31 |
32 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 33 |
34 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 35 |
36 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Assets Derivative | DWS Multi-Asset Conservative Allocation Fund | DWS Multi-Asset Moderate Allocation Fund | ||||
Equity Contracts (a) | $ 2,986 | $ 6,886 | ||||
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) | $ (1,855) | $ — | ||||
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) | $ 46,900 | $ 15,137 | |||||
Interest Rate Contracts (a) | (119,382) | (11,238) | |||||
$(72,482) | $3,899 | ||||||
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 | | | 37 |
Change in Net Unrealized Appreciation (Depreciation) | DWS Multi-Asset Conservative Allocation Fund | DWS Multi-Asset Moderate Allocation Fund | |||||
Equity Contracts (a) | $ (2,028) | $ (5,152) | |||||
Interest Rate Contracts (a) | 15,546 | 2,400 | |||||
$ 13,518 | $ (2,752) | ||||||
Each of the above derivatives is located in the following Statements of Operations accounts: |
(a) | Change in net unrealized appreciation (depreciation) on futures contracts |
38 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
DWS Multi-Asset Conservative Allocation Fund | DWS Multi-Asset Moderate Allocation Fund | |
Class A | 1.09% | 1.06% |
Class C | 1.84% | 1.81% |
Class S | .84% | .81% |
DWS Multi-Asset Conservative Allocation Fund | DWS Multi-Asset Moderate Allocation Fund | |
Class A | 1.05% | 1.10% |
Class C | 1.80% | 1.85% |
Class S | .80% | .85% |
DWS Multi-Asset Conservative Allocation Fund | |
Class A | $ 20,703 |
Class C | 1,153 |
Class S | 24,907 |
$ 46,763 |
DWS Multi-Asset Moderate Allocation Fund | |
Class A | $ 53,205 |
Class C | 3,580 |
Class S | 20,059 |
$ 76,844 |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 39 |
Administration Fee | Total Aggregated | Unpaid at February 28, 2023 |
DWS Multi-Asset Conservative Allocation Fund | $31,939 | $4,862 |
DWS Multi-Asset Moderate Allocation Fund | $10,225 | $1,605 |
Services to Shareholders | Total Aggregated | Unpaid at February 28, 2023 |
DWS Multi-Asset Conservative Allocation Fund | ||
Class A | $ 9,120 | $ 3,162 |
Class C | 395 | 88 |
Class S | 18,423 | 6,299 |
$ 27,938 | $ 9,549 | |
DWS Multi-Asset Moderate Allocation Fund | ||
Class A | 5,032 | 1,699 |
Class C | 351 | 129 |
Class S | 3,057 | 1,026 |
$ 8,440 | $ 2,854 |
40 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Sub-Recordkeeping | Total Aggregated |
DWS Multi-Asset Conservative Allocation Fund | |
Class A | $ 12,358 |
Class C | 748 |
Class S | 6,190 |
$ 19,296 | |
DWS Multi-Asset Moderate Allocation Fund | |
Class A | 7,631 |
Class C | 705 |
Class S | 1,413 |
$ 9,749 |
Distribution Fee | Total Aggregated | Unpaid at February 28, 2023 |
DWS Multi-Asset Conservative Allocation Fund | ||
Class C | $ 3,840 | $ 595 |
DWS Multi-Asset Moderate Allocation Fund | ||
Class C | 3,382 | 510 |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 41 |
Service Fee | Total Aggregated | Unpaid at February 28, 2023 | Annualized Rate |
DWS Multi-Asset Conservative Allocation Fund | |||
Class A | $ 33,363 | $ 11,245 | .24% |
Class C | 1,280 | 591 | .25% |
$ 34,643 | $ 11,836 | ||
DWS Multi-Asset Moderate Allocation Fund | |||
Class A | 17,657 | 7,129 | .24% |
Class C | 1,107 | 404 | .25% |
$ 18,764 | $ 7,533 |
Other Service Fees | Total Aggregated | Unpaid at February 28, 2023 |
DWS Multi-Asset Conservative Allocation Fund | $710 | $85 |
DWS Multi-Asset Moderate Allocation Fund | $710 | $85 |
42 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Six Months Ended February 28, 2023 | Year Ended August 31, 2022 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 48,690 | $ 592,561 | 152,374 | $ 2,033,579 |
Class C | 19,412 | 233,262 | 25,187 | 350,085 |
Class S | 41,797 | 506,159 | 155,436 | 2,172,705 |
$ 1,331,982 | $ 4,556,369 |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 43 |
Six Months Ended February 28, 2023 | Year Ended August 31, 2022 | |||
Shares | Dollars | Shares | Dollars | |
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 25,353 | $ 298,704 | 174,270 | $ 2,475,558 |
Class C | 623 | 7,342 | 5,368 | 76,489 |
Class S | 38,078 | 447,893 | 241,942 | 3,428,077 |
$ 753,939 | $ 5,980,124 | |||
Shares redeemed | ||||
Class A | (240,014) | $ (2,852,560) | (257,949) | $ (3,510,628) |
Class C | (23,755) | (288,716) | (33,061) | (470,020) |
Class S | (353,134) | (4,304,068) | (363,665) | (4,987,617) |
$ (7,445,344) | $ (8,968,265) | |||
Net increase (decrease) | ||||
Class A | (165,971) | $ (1,961,295) | 68,695 | $ 998,509 |
Class C | (3,720) | (48,112) | (2,506) | (43,446) |
Class S | (273,259) | (3,350,016) | 33,713 | 613,165 |
$ (5,359,423) | $ 1,568,228 |
Six Months Ended February 28, 2023 | Year Ended August 31, 2022 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 39,601 | $ 351,089 | 246,788 | $ 2,484,444 |
Class C | 1,052 | 9,367 | 7,622 | 78,270 |
Class S | 8,005 | 71,169 | 53,325 | 537,083 |
$ 431,625 | $ 3,099,797 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 48,492 | $ 418,486 | 158,516 | $ 1,653,325 |
Class C | 2,207 | 19,109 | 9,726 | 101,729 |
Class S | 20,237 | 174,245 | 58,305 | 606,954 |
$ 611,840 | $ 2,362,008 |
44 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Six Months Ended February 28, 2023 | Year Ended August 31, 2022 | |||
Shares | Dollars | Shares | Dollars | |
Shares redeemed | ||||
Class A | (108,683) | $ (968,715) | (411,211) | $ (4,098,514) |
Class C | (11,530) | (102,544) | (46,219) | (483,962) |
Class S | (18,958) | (169,113) | (62,869) | (619,390) |
$ (1,240,372) | $ (5,201,866) | |||
Net increase (decrease) | ||||
Class A | (20,590) | $ (199,140) | (5,907) | $ 39,255 |
Class C | (8,271) | (74,068) | (28,871) | (303,963) |
Class S | 9,284 | 76,301 | 48,761 | 524,647 |
$ (196,907) | $ 259,939 |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 45 |
46 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
Actual Fund Return | Class A | Class C | Class S |
Beginning Account Value 9/1/22 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 2/28/23 | $997.30 | $993.50 | $998.60 |
Expenses Paid per $1,000* | $3.57 | $7.27 | $2.33 |
Hypothetical 5% Fund Return | Class A | Class C | Class S |
Beginning Account Value 9/1/22 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 2/28/23 | $1,021.22 | $1,017.50 | $1,022.46 |
Expenses Paid per $1,000* | $3.61 | $7.35 | $2.36 |
* | 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 181 (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 | .72% | 1.47% | .47% |
** | 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 | | | 47 |
Actual Fund Return | Class A | Class C | Class S |
Beginning Account Value 9/1/22 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 2/28/23 | $1,008.00 | $1,003.80 | $1,008.30 |
Expenses Paid per $1,000* | $3.14 | $6.81 | $1.89 |
Hypothetical 5% Fund Return | Class A | Class C | Class S |
Beginning Account Value 9/1/22 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 2/28/23 | $1,021.67 | $1,018.00 | $1,022.91 |
Expenses Paid per $1,000* | $3.16 | $6.85 | $1.91 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (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 | .63% | 1.37% | .38% |
** | The Fund invests in other funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. These ratios do not include these indirect fees and expenses. |
48 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 49 |
50 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 51 |
52 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 53 |
54 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
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 |
DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund | | | 55 |
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 |
56 | | | DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Moderate Allocation Fund |
(b) Not applicable | ||
ITEM 2. | CODE OF ETHICS | |
Not applicable. | ||
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT | |
Not applicable | ||
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES | |
Not applicable | ||
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | 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) | Not applicable | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | DWS Multi-Asset Conservative Allocation Fund and DWS Multi-Asset Moderate Allocation Fund, each a series of Deutsche DWS Asset Allocation Trust |
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 4/28/2023 |
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: | 4/28/2023 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 4/28/2023 |