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
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
2 | | | DWS Equity Sector Strategy Fund |
![](https://capedge.com/proxy/N-CSRS/0000088053-23-000294/g487220img68188a423.jpg)
![](https://capedge.com/proxy/N-CSRS/0000088053-23-000294/g487220imgab955f724.jpg)
DWS Equity Sector Strategy Fund | | | 3 |
Class A | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 2/28/23 | ||||
Unadjusted for Sales Charge | 2.86% | –6.60% | 4.39% | 4.78% |
Adjusted for the Maximum Sales Charge (max 5.75% load) | –3.06% | –11.97% | 3.16% | 4.17% |
S&P 500® Index† | 1.26% | –7.69% | 9.82% | 12.25% |
Average Annual Total Returns as of 12/31/22 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | –16.41% | 3.71% | 4.80% | |
Adjusted for the Maximum Sales Charge (max 5.75% load) | –21.22% | 2.49% | 4.19% | |
S&P 500® Index† | –18.11% | 9.42% | 12.56% |
Class C | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 2/28/23 | ||||
Unadjusted for Sales Charge | 2.51% | –7.29% | 3.59% | 3.99% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 1.51% | –7.29% | 3.59% | 3.99% |
S&P 500® Index† | 1.26% | –7.69% | 9.82% | 12.25% |
Average Annual Total Returns as of 12/31/22 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | –17.03% | 2.92% | 4.01% | |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | –17.03% | 2.92% | 4.01% | |
S&P 500® Index† | –18.11% | 9.42% | 12.56% |
Class S | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 2/28/23 | ||||
No Sales Charges | 3.03% | –6.35% | 4.65% | 5.04% |
S&P 500® Index† | 1.26% | –7.69% | 9.82% | 12.25% |
Average Annual Total Returns as of 12/31/22 (most recent calendar quarter end) | ||||
No Sales Charges | –16.22% | 3.98% | 5.06% | |
S&P 500® Index† | –18.11% | 9.42% | 12.56% |
4 | | | DWS Equity Sector Strategy Fund |
![](https://capedge.com/proxy/N-CSRS/0000088053-23-000294/g487220img1e5d8bad5.jpg)
† | S&P 500 Index is an unmanaged, capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. |
‡ | Total returns shown for periods less than one year are not annualized. |
DWS Equity Sector Strategy Fund | | | 5 |
Class A | Class C | Class S | Institutional Class | |
Net Asset Value | ||||
2/28/23 | $13.10 | $12.90 | $13.14 | $13.14 |
12/1/22 (commencement of operations of Institutional Class) | $— | $— | $— | $13.62 |
8/31/22 | $12.93 | $12.68 | $12.98 | $— |
Distribution Information as of 2/28/23 | ||||
Income Dividends, Six Months | $.20 | $.10 | $.24 | $.24* |
* | For the period from December 1, 2022 (commencement of operations of Institutional Class) through February 28, 2023. |
6 | | | DWS Equity Sector Strategy Fund |
DWS Equity Sector Strategy Fund | | | 7 |
8 | | | DWS Equity Sector Strategy Fund |
Asset Allocation (As a % of Investment Portfolio) | 2/28/23 | 8/31/22 |
Common Stocks | 85% | 87% |
Cash Equivalents | 9% | 10% |
Exchange-Traded Funds | 6% | 3% |
100% | 100% |
Sector Diversification (As a % of Common Stocks) | 2/28/23 | 8/31/22 |
Information Technology | 26% | 27% |
Health Care | 20% | 19% |
Financials | 13% | 12% |
Communication Services | 12% | 11% |
Industrials | 8% | 7% |
Consumer Discretionary | 6% | 9% |
Consumer Staples | 6% | 5% |
Utilities | 4% | 4% |
Real Estate | 3% | 4% |
Energy | 1% | 2% |
Materials | 1% | — |
100% | 100% |
DWS Equity Sector Strategy Fund | | | 9 |
Ten Largest Equity Holdings at February 28, 2023 (23.8% of Net Assets) | |
1Apple, Inc. | 5.3% |
Designs, manufactures and markets personal computers and related computing and mobile-communication devices | |
2Microsoft Corp. | 4.3% |
Develops, manufactures, licenses, sells and supports software products | |
3Alphabet, Inc. | 3.2% |
Holding company with subsidiaries that provide Web-based search, maps, hardware products and various software applications | |
4JPMorgan Chase & Co. | 2.0% |
Provider of global financial services | |
5Amazon.com, Inc. | 2.0% |
Online retailer offering a wide range of products | |
6Berkshire Hathaway, Inc. | 1.5% |
Holding company of insurance business and a variety of other businesses | |
7Johnson & Johnson | 1.5% |
Provider of health care products | |
8Meta Platforms, Inc. | 1.4% |
Operator of social networking web site | |
9UnitedHealth Group, Inc. | 1.4% |
Operator of organized health systems | |
10Visa, Inc. | 1.2% |
Provider of financial transaction processing services and global financial services |
10 | | | DWS Equity Sector Strategy Fund |
Shares | Value ($) | ||
Common Stocks 83.6% | |||
Communication Services 10.2% | |||
Diversified Telecommunication Services 1.4% | |||
AT&T, Inc. | 22,539 | 426,212 | |
Lumen Technologies, Inc. | 2,984 | 10,146 | |
Verizon Communications, Inc. | 13,444 | 521,762 | |
958,120 | |||
Entertainment 2.5% | |||
Activision Blizzard, Inc. | 2,992 | 228,140 | |
Electronic Arts, Inc. | 1,095 | 121,479 | |
Live Nation Entertainment, Inc.* | 515 | 37,111 | |
Netflix, Inc.* | 1,632 | 525,716 | |
Take-Two Interactive Software, Inc.* | 577 | 63,211 | |
Walt Disney Co.* | 6,829 | 680,237 | |
Warner Bros Discovery, Inc.* | 8,089 | 126,350 | |
1,782,244 | |||
Interactive Media & Services 4.7% | |||
Alphabet, Inc. “A” * | 13,319 | 1,199,509 | |
Alphabet, Inc. “C” * | 12,122 | 1,094,617 | |
Match Group, Inc.* | 1,205 | 49,911 | |
Meta Platforms, Inc. “A” * | 5,768 | 1,009,054 | |
3,353,091 | |||
Media 1.3% | |||
Charter Communications, Inc. “A” * | 412 | 151,455 | |
Comcast Corp. “A” | 16,212 | 602,600 | |
Fox Corp. “A” | 1,117 | 39,117 | |
Interpublic Group of Companies, Inc. | 1,416 | 50,325 | |
Omnicom Group, Inc. | 743 | 67,294 | |
Paramount Global “B” | 2,120 | 45,410 | |
956,201 | |||
Wireless Telecommunication Services 0.3% | |||
T-Mobile U.S., Inc.* | 1,275 | 181,279 | |
Consumer Discretionary 5.0% | |||
Auto Components 0.6% | |||
Aptiv PLC* | 2,768 | 321,863 | |
BorgWarner, Inc. | 2,559 | 128,666 | |
450,529 |
DWS Equity Sector Strategy Fund | | | 11 |
Shares | Value ($) | ||
Hotels, Restaurants & Leisure 1.8% | |||
Booking Holdings, Inc.* | 75 | 189,300 | |
Chipotle Mexican Grill, Inc.* | 43 | 64,116 | |
Darden Restaurants, Inc. | 218 | 31,172 | |
Domino’s Pizza, Inc. | 94 | 27,637 | |
Expedia Group, Inc.* | 180 | 19,615 | |
Hilton Worldwide Holdings, Inc. | 540 | 78,035 | |
Las Vegas Sands Corp.* | 853 | 49,022 | |
Marriott International, Inc. “A” | 521 | 88,174 | |
McDonald’s Corp. | 1,446 | 381,614 | |
MGM Resorts International | 849 | 36,516 | |
Starbucks Corp. | 2,178 | 222,352 | |
Yum! Brands, Inc. | 607 | 77,186 | |
1,264,739 | |||
Internet & Direct Marketing Retail 2.0% | |||
Amazon.com, Inc.* | 15,047 | 1,417,879 | |
Specialty Retail 0.6% | |||
AutoZone, Inc.* | 31 | 77,083 | |
Home Depot, Inc. | 581 | 172,290 | |
Lowe’s Companies, Inc. | 329 | 67,692 | |
O’Reilly Automotive, Inc.* | 102 | 84,670 | |
Ulta Beauty, Inc.* | 79 | 40,985 | |
442,720 | |||
Consumer Staples 4.8% | |||
Beverages 1.8% | |||
Coca-Cola Co. | 8,711 | 518,392 | |
Constellation Brands, Inc. “A” | 347 | 77,624 | |
Keurig Dr Pepper, Inc. | 1,657 | 57,249 | |
Molson Coors Beverage Co. “B” | 624 | 33,190 | |
Monster Beverage Corp.* | 832 | 84,664 | |
PepsiCo, Inc. | 3,069 | 532,564 | |
1,303,683 | |||
Food & Staples Retailing 0.7% | |||
Costco Wholesale Corp. | 469 | 227,080 | |
Kroger Co. | 711 | 30,673 | |
Sysco Corp. | 499 | 37,210 | |
Walgreens Boots Alliance, Inc. | 733 | 26,044 | |
Walmart, Inc. | 1,441 | 204,809 | |
525,816 |
12 | | | DWS Equity Sector Strategy Fund |
Shares | Value ($) | ||
Food Products 0.5% | |||
Archer-Daniels-Midland Co. | 539 | 42,904 | |
General Mills, Inc. | 587 | 46,672 | |
Kellogg Co. | 386 | 25,453 | |
Kraft Heinz Co. | 726 | 28,271 | |
McCormick & Co., Inc. | 413 | 30,694 | |
Mondelez International, Inc. “A” | 1,312 | 85,516 | |
The Hershey Co. | 150 | 35,748 | |
Tyson Foods, Inc. “A” | 491 | 29,087 | |
324,345 | |||
Household Products 1.2% | |||
Church & Dwight Co., Inc. | 447 | 37,450 | |
Clorox Co. | 243 | 37,772 | |
Colgate-Palmolive Co. | 1,602 | 117,427 | |
Kimberly-Clark Corp. | 630 | 78,781 | |
Procter & Gamble Co. | 4,448 | 611,867 | |
883,297 | |||
Personal Products 0.2% | |||
Estee Lauder Companies, Inc. “A” | 475 | 115,449 | |
Tobacco 0.4% | |||
Altria Group, Inc. | 2,083 | 96,714 | |
Philip Morris International, Inc. | 1,798 | 174,945 | |
271,659 | |||
Energy 1.2% | |||
Energy Equipment & Services | |||
Baker Hughes Co. | 5,640 | 172,584 | |
Halliburton Co. | 5,425 | 196,548 | |
Schlumberger Ltd. | 8,634 | 459,415 | |
828,547 | |||
Financials 10.8% | |||
Banks 6.3% | |||
Bank of America Corp. | 24,782 | 850,023 | |
Citigroup, Inc. | 6,641 | 336,632 | |
Citizens Financial Group, Inc. | 1,675 | 69,948 | |
Comerica, Inc. | 450 | 31,545 | |
Fifth Third Bancorp. | 2,337 | 84,833 | |
First Republic Bank | 601 | 73,929 | |
Huntington Bancshares, Inc. | 4,891 | 74,930 |
DWS Equity Sector Strategy Fund | | | 13 |
Shares | Value ($) | ||
JPMorgan Chase & Co. | 10,026 | 1,437,227 | |
KeyCorp. | 3,167 | 57,925 | |
M&T Bank Corp. | 618 | 95,969 | |
PNC Financial Services Group, Inc. | 1,381 | 218,088 | |
Regions Financial Corp. | 3,172 | 73,971 | |
Signature Bank | 203 | 23,355 | |
SVB Financial Group* | 198 | 57,046 | |
Truist Financial Corp. | 4,275 | 200,711 | |
U.S. Bancorp. | 4,399 | 209,964 | |
Wells Fargo & Co. | 11,955 | 559,136 | |
Zions Bancorp NA | 502 | 25,411 | |
4,480,643 | |||
Diversified Financial Services 1.5% | |||
Berkshire Hathaway, Inc. “B” * | 3,511 | 1,071,487 | |
Insurance 3.0% | |||
Aflac, Inc. | 1,618 | 110,267 | |
Allstate Corp. | 745 | 95,941 | |
American International Group, Inc. | 2,180 | 133,220 | |
Aon PLC “A” | 568 | 172,700 | |
Arthur J. Gallagher & Co. | 565 | 105,853 | |
Assurant, Inc. | 158 | 20,128 | |
Brown & Brown, Inc. | 624 | 34,988 | |
Chubb Ltd. | 1,169 | 246,682 | |
Cincinnati Financial Corp. | 417 | 50,332 | |
Everest Re Group Ltd. | 111 | 42,621 | |
Globe Life, Inc. | 244 | 29,692 | |
Hartford Financial Services Group, Inc. | 920 | 72,018 | |
Lincoln National Corp. | 466 | 14,781 | |
Loews Corp. | 537 | 32,805 | |
Marsh & McLennan Companies, Inc. | 1,338 | 216,943 | |
MetLife, Inc. | 1,870 | 134,135 | |
Principal Financial Group, Inc. | 634 | 56,781 | |
Progressive Corp. | 1,598 | 229,345 | |
Prudential Financial, Inc. | 1,011 | 101,100 | |
Travelers Companies, Inc. | 639 | 118,292 | |
W.R. Berkley Corp. | 560 | 37,066 | |
Willis Towers Watson PLC | 294 | 68,902 | |
2,124,592 |
14 | | | DWS Equity Sector Strategy Fund |
Shares | Value ($) | ||
Health Care 16.9% | |||
Biotechnology 3.2% | |||
AbbVie, Inc. | 5,270 | 811,053 | |
Amgen, Inc. | 1,617 | 374,594 | |
Biogen, Inc.* | 444 | 119,818 | |
Gilead Sciences, Inc. | 3,819 | 307,544 | |
Incyte Corp.* | 552 | 42,493 | |
Moderna, Inc.* | 1,014 | 140,753 | |
Regeneron Pharmaceuticals, Inc.* | 321 | 244,095 | |
Vertex Pharmaceuticals, Inc.* | 710 | 206,106 | |
2,246,456 | |||
Health Care Equipment & Supplies 3.6% | |||
Abbott Laboratories | 4,972 | 505,752 | |
Align Technology, Inc.* | 197 | 60,972 | |
Baxter International, Inc. | 1,426 | 56,969 | |
Becton, Dickinson & Co. | 789 | 185,060 | |
Boston Scientific Corp.* | 4,059 | 189,636 | |
DexCom, Inc.* | 1,060 | 117,671 | |
Edwards Lifesciences Corp.* | 1,712 | 137,713 | |
GE HealthCare Technologies, Inc.* | 1,148 | 87,248 | |
Hologic, Inc.* | 696 | 55,429 | |
IDEXX Laboratories, Inc.* | 227 | 107,425 | |
Intuitive Surgical, Inc.* | 1,011 | 231,913 | |
Medtronic PLC | 3,866 | 320,105 | |
ResMed, Inc. | 412 | 87,756 | |
STERIS PLC | 275 | 51,708 | |
Stryker Corp. | 907 | 238,432 | |
Teleflex, Inc. | 120 | 28,588 | |
The Cooper Companies, Inc. | 135 | 44,141 | |
Zimmer Biomet Holdings, Inc. | 569 | 70,482 | |
2,577,000 | |||
Health Care Providers & Services 3.2% | |||
AmerisourceBergen Corp. | 300 | 46,668 | |
Cardinal Health, Inc. | 537 | 40,656 | |
Centene Corp.* | 1,173 | 80,233 | |
Cigna Group | 728 | 212,649 | |
CVS Health Corp. | 2,973 | 248,364 | |
Elevance Health, Inc. | 486 | 228,260 | |
HCA Healthcare, Inc. | 454 | 110,526 | |
Humana, Inc. | 255 | 126,230 |
DWS Equity Sector Strategy Fund | | | 15 |
Shares | Value ($) | ||
Laboratory Corp. of America Holdings | 183 | 43,803 | |
McKesson Corp. | 287 | 100,396 | |
Molina Healthcare, Inc.* | 109 | 30,011 | |
Quest Diagnostics, Inc. | 228 | 31,546 | |
UnitedHealth Group, Inc. | 2,040 | 970,918 | |
2,270,260 | |||
Life Sciences Tools & Services 1.8% | |||
Agilent Technologies, Inc. | 616 | 87,453 | |
Bio-Rad Laboratories, Inc. “A” * | 49 | 23,414 | |
Bio-Techne Corp. | 336 | 24,407 | |
Charles River Laboratories International, Inc.* | 112 | 24,566 | |
Danaher Corp. | 1,347 | 333,423 | |
Illumina, Inc.* | 348 | 69,322 | |
IQVIA Holdings, Inc.* | 387 | 80,678 | |
Mettler-Toledo International, Inc.* | 52 | 74,553 | |
PerkinElmer, Inc. | 284 | 35,378 | |
Thermo Fisher Scientific, Inc. | 780 | 422,573 | |
Waters Corp.* | 130 | 40,416 | |
West Pharmaceutical Services, Inc. | 163 | 51,676 | |
1,267,859 | |||
Pharmaceuticals 5.1% | |||
Bristol-Myers Squibb Co. | 5,575 | 384,452 | |
Catalent, Inc.* | 494 | 33,701 | |
Eli Lilly & Co. | 2,022 | 629,287 | |
Johnson & Johnson | 6,846 | 1,049,218 | |
Merck & Co., Inc. | 6,492 | 689,710 | |
Organon & Co. | 688 | 16,849 | |
Pfizer, Inc. | 14,458 | 586,561 | |
Viatris, Inc. | 3,024 | 34,473 | |
Zoetis, Inc. | 1,218 | 203,406 | |
3,627,657 | |||
Industrials 7.0% | |||
Aerospace & Defense 3.0% | |||
Boeing Co.* | 1,932 | 389,395 | |
General Dynamics Corp. | 800 | 182,328 | |
Howmet Aerospace, Inc. | 1,318 | 55,593 | |
Huntington Ingalls Industries, Inc. | 150 | 32,280 | |
L3Harris Technologies, Inc. | 679 | 143,398 | |
Lockheed Martin Corp. | 841 | 398,853 |
16 | | | DWS Equity Sector Strategy Fund |
Shares | Value ($) | ||
Northrop Grumman Corp. | 517 | 239,945 | |
Raytheon Technologies Corp. | 5,229 | 512,913 | |
Textron, Inc. | 718 | 52,076 | |
TransDigm Group, Inc. | 185 | 137,616 | |
2,144,397 | |||
Airlines 0.6% | |||
Alaska Air Group, Inc.* | 992 | 47,447 | |
American Airlines Group, Inc.* | 5,740 | 91,725 | |
Delta Air Lines, Inc.* | 3,459 | 132,618 | |
Southwest Airlines Co. | 2,598 | 87,241 | |
United Airlines Holdings, Inc.* | 2,152 | 111,818 | |
470,849 | |||
Electrical Equipment 1.0% | |||
AMETEK, Inc. | 813 | 115,088 | |
Eaton Corp. PLC | 1,407 | 246,127 | |
Emerson Electric Co. | 2,092 | 173,029 | |
Generac Holdings, Inc.* | 223 | 26,762 | |
Rockwell Automation, Inc. | 419 | 123,576 | |
684,582 | |||
Industrial Conglomerates 0.9% | |||
3M Co. | 1,252 | 134,890 | |
General Electric Co. | 2,386 | 202,118 | |
Honeywell International, Inc. | 1,524 | 291,816 | |
628,824 | |||
Road & Rail 1.5% | |||
CSX Corp. | 8,080 | 246,359 | |
J.B. Hunt Transport Services, Inc. | 304 | 54,960 | |
Norfolk Southern Corp. | 881 | 198,067 | |
Old Dominion Freight Line, Inc. | 320 | 108,563 | |
Union Pacific Corp. | 2,201 | 456,223 | |
1,064,172 | |||
Information Technology 21.3% | |||
Communications Equipment 1.3% | |||
Arista Networks, Inc.* | 672 | 93,206 | |
Cisco Systems, Inc. | 12,845 | 621,955 | |
F5, Inc.* | 161 | 23,020 |
DWS Equity Sector Strategy Fund | | | 17 |
Shares | Value ($) | ||
Juniper Networks, Inc. | 1,000 | 30,780 | |
Motorola Solutions, Inc. | 537 | 141,129 | |
910,090 | |||
Electronic Equipment, Instruments & Components 0.6% | |||
Amphenol Corp. “A” | 1,250 | 96,900 | |
CDW Corp. | 285 | 57,690 | |
Corning, Inc. | 1,591 | 54,014 | |
Keysight Technologies, Inc.* | 382 | 61,105 | |
TE Connectivity Ltd. | 648 | 82,503 | |
Teledyne Technologies, Inc.* | 94 | 40,427 | |
Trimble, Inc.* | 499 | 25,978 | |
Zebra Technologies Corp. “A” * | 105 | 31,526 | |
450,143 | |||
IT Services 5.1% | |||
Accenture PLC “A” | 1,608 | 427,005 | |
Akamai Technologies, Inc.* | 436 | 31,654 | |
Automatic Data Processing, Inc. | 1,048 | 230,371 | |
Broadridge Financial Solutions, Inc. | 311 | 43,783 | |
Cognizant Technology Solutions Corp. “A” | 1,327 | 83,110 | |
EPAM Systems, Inc.* | 154 | 47,378 | |
Fidelity National Information Services, Inc. | 1,510 | 95,689 | |
Fiserv, Inc.* | 1,468 | 168,952 | |
FleetCor Technologies, Inc.* | 214 | 45,965 | |
Gartner, Inc.* | 212 | 69,496 | |
Global Payments, Inc. | 697 | 78,203 | |
International Business Machines Corp. | 2,291 | 296,226 | |
Jack Henry & Associates, Inc. | 196 | 32,191 | |
Mastercard, Inc. “A” | 2,180 | 774,532 | |
Paychex, Inc. | 805 | 88,872 | |
PayPal Holdings, Inc.* | 2,870 | 211,232 | |
VeriSign, Inc.* | 245 | 48,223 | |
Visa, Inc. “A” | 3,946 | 867,883 | |
3,640,765 | |||
Semiconductors & Semiconductor Equipment 2.3% | |||
Advanced Micro Devices, Inc.* | 1,298 | 101,997 | |
Analog Devices, Inc. | 426 | 78,158 | |
Applied Materials, Inc. | 707 | 82,118 | |
Broadcom, Inc. | 327 | 194,333 | |
Enphase Energy, Inc.* | ��� 162 | 34,106 | |
Intel Corp. | 3,252 | 81,072 |
18 | | | DWS Equity Sector Strategy Fund |
Shares | Value ($) | ||
KLA Corp. | 149 | 56,528 | |
Lam Research Corp. | 136 | 66,097 | |
Microchip Technology, Inc. | 521 | 42,217 | |
Micron Technology, Inc. | 891 | 51,518 | |
Monolithic Power Systems, Inc. | 57 | 27,604 | |
NVIDIA Corp. | 1,991 | 462,231 | |
NXP Semiconductors NV | 258 | 46,048 | |
ON Semiconductor Corp.* | 403 | 31,196 | |
QUALCOMM, Inc. | 911 | 112,536 | |
Skyworks Solutions, Inc. | 190 | 21,198 | |
SolarEdge Technologies, Inc.* | 74 | 23,526 | |
Teradyne, Inc. | 191 | 19,318 | |
Texas Instruments, Inc. | 720 | 123,444 | |
1,655,245 | |||
Software 6.6% | |||
Adobe, Inc.* | 776 | 251,385 | |
ANSYS, Inc.* | 167 | 50,703 | |
Autodesk, Inc.* | 409 | 81,264 | |
Cadence Design Systems, Inc.* | 493 | 95,119 | |
Fortinet, Inc.* | 1,222 | 72,636 | |
Intuit, Inc. | 514 | 209,290 | |
Microsoft Corp. | 12,298 | 3,067,367 | |
Oracle Corp. | 2,585 | 225,929 | |
Roper Technologies, Inc. | 190 | 81,738 | |
Salesforce, Inc.* | 1,644 | 268,975 | |
ServiceNow, Inc.* | 398 | 172,004 | |
Synopsys, Inc.* | 318 | 115,676 | |
4,692,086 | |||
Technology Hardware, Storage & Peripherals 5.4% | |||
Apple, Inc. | 25,296 | 3,728,882 | |
Hewlett Packard Enterprise Co. | 2,243 | 35,013 | |
HP, Inc. | 1,642 | 48,472 | |
3,812,367 | |||
Materials 0.7% | |||
Chemicals | |||
Air Products & Chemicals, Inc. | 203 | 58,054 | |
Albemarle Corp. | 99 | 25,177 | |
Corteva, Inc. | 661 | 41,174 | |
Dow, Inc. | 662 | 37,866 |
DWS Equity Sector Strategy Fund | | | 19 |
Shares | Value ($) | ||
DuPont de Nemours, Inc. | 476 | 34,762 | |
Ecolab, Inc. | 238 | 37,930 | |
Linde PLC | 475 | 165,476 | |
PPG Industries, Inc. | 246 | 32,487 | |
Sherwin-Williams Co. | 227 | 50,246 | |
483,172 | |||
Real Estate 2.8% | |||
Equity Real Estate Investment Trusts (REITs) 2.7% | |||
Alexandria Real Estate Equities, Inc. | 337 | 50,476 | |
American Tower Corp. | 1,092 | 216,227 | |
AvalonBay Communities, Inc. | 335 | 57,794 | |
Boston Properties, Inc. | 335 | 21,936 | |
Camden Property Trust | 253 | 29,034 | |
Crown Castle, Inc. | 1,016 | 132,842 | |
Digital Realty Trust, Inc. | 660 | 68,792 | |
Equinix, Inc. | 211 | 145,225 | |
Equity Residential | 828 | 51,767 | |
Essex Property Trust, Inc. | 155 | 35,349 | |
Extra Space Storage, Inc. | 312 | 51,371 | |
Healthpeak Properties, Inc. | 1,268 | 30,508 | |
Host Hotels & Resorts, Inc. | 1,694 | 28,459 | |
Iron Mountain, Inc. | 685 | 36,134 | |
Kimco Realty Corp. | 1,419 | 29,246 | |
Mid-America Apartment Communities, Inc. | 271 | 43,387 | |
Prologis, Inc. | 2,128 | 262,595 | |
Public Storage | 362 | 108,220 | |
Realty Income Corp. | 1,400 | 89,530 | |
SBA Communications Corp. | 249 | 64,578 | |
Simon Property Group, Inc. | 769 | 93,887 | |
UDR, Inc. | 671 | 28,746 | |
Ventas, Inc. | 904 | 43,980 | |
VICI Properties, Inc. | 2,257 | 75,677 | |
Welltower, Inc. | 1,011 | 74,935 | |
Weyerhaeuser Co. | 1,678 | 52,437 | |
1,923,132 | |||
Real Estate Management & Development 0.1% | |||
CBRE Group, Inc. “A” * | 684 | 58,236 |
20 | | | DWS Equity Sector Strategy Fund |
Shares | Value ($) | ||
Utilities 2.9% | |||
Electric Utilities 2.0% | |||
Alliant Energy Corp. | 613 | 31,428 | |
American Electric Power Co., Inc. | 1,249 | 109,875 | |
Constellation Energy Corp. | 816 | 61,110 | |
Duke Energy Corp. | 1,864 | 175,701 | |
Edison International | 919 | 60,847 | |
Entergy Corp. | 485 | 49,892 | |
Evergy, Inc. | 552 | 32,463 | |
Eversource Energy | 840 | 63,302 | |
Exelon Corp. | 2,392 | 96,613 | |
FirstEnergy Corp. | 1,388 | 54,882 | |
NextEra Energy, Inc. | 4,764 | 338,387 | |
NRG Energy, Inc. | 576 | 18,887 | |
PPL Corp. | 1,797 | 48,645 | |
Southern Co. | 2,592 | 163,451 | |
Xcel Energy, Inc. | 1,266 | 81,746 | |
1,387,229 | |||
Gas Utilities 0.1% | |||
Atmos Energy Corp. | 571 | 64,414 | |
Independent Power & Renewable Electricity Producers 0.1% | |||
AES Corp. | 2,369 | 58,467 | |
Multi-Utilities 0.7% | |||
Ameren Corp. | 507 | 41,934 | |
CenterPoint Energy, Inc. | 1,254 | 34,886 | |
CMS Energy Corp. | 579 | 34,144 | |
Consolidated Edison, Inc. | 703 | 62,813 | |
Dominion Energy, Inc. | 1,622 | 90,216 | |
DTE Energy Co. | 385 | 42,238 | |
NiSource, Inc. | 804 | 22,054 | |
Public Service Enterprise Group, Inc. | 994 | 60,067 | |
Sempra Energy | 600 | 89,976 | |
WEC Energy Group, Inc. | 603 | 53,462 | |
531,790 | |||
Total Common Stocks (Cost $65,047,310) | 59,385,512 | ||
Exchange-Traded Funds 6.0% | |||
Energy Select Sector SPDR Fund | 36,000 | 3,012,840 |
DWS Equity Sector Strategy Fund | | | 21 |
Shares | Value ($) | ||
SPDR S&P 500 ETF Trust | 3,000 | 1,188,780 | |
Vanguard Real Estate ETF | 1,000 | 85,720 | |
Total Exchange-Traded Funds (Cost $3,865,375) | 4,287,340 | ||
Cash Equivalents 9.4% | |||
DWS Central Cash Management Government Fund, 4.51% (a) (Cost $6,653,938) | 6,653,938 | 6,653,938 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $75,566,623) | 99.0 | 70,326,790 | |
Other Assets and Liabilities, Net | 1.0 | 698,304 | |
Net Assets | 100.0 | 71,025,094 |
Value ($) 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 |
Cash Equivalents 9.4% | ||||||||
DWS Central Cash Management Government Fund, 4.51% (a) | ||||||||
6,900,694 | 15,629,995 | 15,876,751 | — | — | 121,343 | — | 6,653,938 | 6,653,938 |
* | Non-income producing security. |
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
S&P: Standard & Poor’s |
SPDR: Standard & Poor’s Depositary Receipt |
22 | | | DWS Equity Sector Strategy Fund |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $59,385,512 | $— | $— | $59,385,512 |
Exchange-Traded Funds | 4,287,340 | — | — | 4,287,340 |
Short-Term Investments | 6,653,938 | — | — | 6,653,938 |
Total | $70,326,790 | $— | $— | $70,326,790 |
(a) | See Investment Portfolio for additional detailed categorizations. |
DWS Equity Sector Strategy Fund | | | 23 |
Assets | |
Investments in non-affiliated securities, at value (cost $68,912,685) | $ 63,672,852 |
Investment in DWS Central Cash Management Government Fund (cost $6,653,938) | 6,653,938 |
Cash | 16,297 |
Receivable for investments sold | 622,272 |
Receivable for Fund shares sold | 3,981 |
Dividends receivable | 92,558 |
Interest receivable | 29,924 |
Other assets | 39,685 |
Total assets | 71,131,507 |
Liabilities | |
Payable for investments purchased | 16,297 |
Payable for Fund shares redeemed | 9,053 |
Accrued Trustees' fees | 1,374 |
Other accrued expenses and payables | 79,689 |
Total liabilities | 106,413 |
Net assets, at value | $71,025,094 |
Net Assets Consist of | |
Distributable earnings (loss) | (8,957,741) |
Paid-in capital | 79,982,835 |
Net assets, at value | $71,025,094 |
24 | | | DWS Equity Sector Strategy Fund |
Net Asset Value | |
Class A | |
Net Asset Value and redemption price per share ($28,738,825 ÷ 2,193,337 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 13.10 |
Maximum offering price per share (100 ÷ 94.25 of $13.10) | $ 13.90 |
Class C | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($561,374 ÷ 43,505 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 12.90 |
Class S | |
Net Asset Value, offering and redemption price per share ($41,715,078 ÷ 3,174,395 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 13.14 |
Institutional Class | |
Net Asset Value, offering and redemption price per share ($9,817 ÷ 747 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 13.14 |
DWS Equity Sector Strategy Fund | | | 25 |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $106) | $ 571,629 |
Income distributions — DWS Central Cash Management Government Fund | 121,343 |
Total income | 692,972 |
Expenses: | |
Management fee | 95,642 |
Administration fee | 34,252 |
Services to shareholders | 71,743 |
Distribution and service fees | 37,698 |
Custodian fee | 5,185 |
Audit fee | 22,848 |
Legal fees | 21,395 |
Tax fees | 3,940 |
Reports to shareholders | 15,498 |
Registration fees | 26,237 |
Trustees' fees and expenses | 2,617 |
Other | 6,729 |
Total expenses before expense reductions | 343,784 |
Expense reductions | (134,721) |
Total expenses after expense reductions | 209,063 |
Net investment income | 483,909 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from investments | (1,262,864) |
Change in net unrealized appreciation (depreciation) on investments | 2,855,285 |
Net gain (loss) | 1,592,421 |
Net increase (decrease) in net assets resulting from operations | $ 2,076,330 |
26 | | | DWS Equity Sector Strategy Fund |
Six Months Ended February 28, 2023 | Year Ended August 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2022 |
Operations: | ||
Net investment income | $ 483,909 | $ 704,434 |
Net realized gain (loss) | (1,262,864) | (1,743,988) |
Change in net unrealized appreciation (depreciation) | 2,855,285 | (9,914,781) |
Net increase (decrease) in net assets resulting from operations | 2,076,330 | (10,954,335) |
Distributions to shareholders: | ||
Class A | (442,784) | (9,443,677) |
Class C | (4,830) | (228,655) |
Class S | (747,259) | (13,274,465) |
Institutional Class* | (173) | — |
Total distributions | (1,195,046) | (22,946,797) |
Fund share transactions: | ||
Proceeds from shares sold | 577,876 | 1,923,058 |
Reinvestment of distributions | 1,170,456 | 22,466,339 |
Payments for shares redeemed | (4,039,789) | (9,598,966) |
Net increase (decrease) in net assets from Fund share transactions | (2,291,457) | 14,790,431 |
Increase (decrease) in net assets | (1,410,173) | (19,110,701) |
Net assets at beginning of period | 72,435,267 | 91,545,968 |
Net assets at end of period | $71,025,094 | $72,435,267 |
* | For the period from December 1, 2022 (commencement of operations of Institutional Class) through February 28, 2023. |
DWS Equity Sector Strategy Fund | | | 27 |
DWS Equity Sector Strategy 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 | $12.93 | $19.81 | $16.02 | $15.64 | $15.88 | $15.73 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .08 | .11 | .14 | .18 | .34 | .28 |
Net realized and unrealized gain (loss) | .29 | (1.91) | 3.96 | 1.43 | (.29) | .13 |
Total from investment operations | .37 | (1.80) | 4.10 | 1.61 | .05 | .41 |
Less distributions from: | �� | |||||
Net investment income | (.20) | — | (.31) | (1.18) | (.29) | (.26) |
Net realized gains | — | (5.08) | — | (.05) | — | — |
Total distributions | (.20) | (5.08) | (.31) | (1.23) | (.29) | (.26) |
Net asset value, end of period | $13.10 | $12.93 | $19.81 | $16.02 | $15.64 | $15.88 |
Total Return (%)b,c | 2.86* | (12.92) | 25.86d | 10.44d | .56d | 2.59d |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 29 | 30 | 37 | 32 | 33 | 37 |
Ratio of expenses before expense reductions (%) | 1.10** | 1.02 | .81e | .86e | .87e | .83e |
Ratio of expenses after expense reductions (%) | .73** | .73 | .76e | .71e | .69e | .70e |
Ratio of net investment income (%) | 1.23** | .71 | .78 | 1.19 | 2.24 | 1.75 |
Portfolio turnover rate (%) | 23* | 38 | 136 | 63 | 93 | 35 |
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 invested in other funds and indirectly bore its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund was invested. This ratio does not include these indirect fees and expenses. |
* | Not annualized |
** | Annualized |
28 | | | DWS Equity Sector Strategy Fund |
DWS Equity Sector Strategy 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 | $12.68 | $19.65 | $15.90 | $15.52 | $15.75 | $15.60 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | .03 | (.01) | (.01) | .07 | .23 | .18 |
Net realized and unrealized gain (loss) | .29 | (1.88) | 3.93 | 1.40 | (.28) | .11 |
Total from investment operations | .32 | (1.89) | 3.92 | 1.47 | (.05) | .29 |
Less distributions from: | ||||||
Net investment income | (.10) | — | (.17) | (1.04) | (.18) | (.14) |
Net realized gains | — | (5.08) | — | (.05) | — | — |
Total distributions | (.10) | (5.08) | (.17) | (1.09) | (.18) | (.14) |
Net asset value, end of period | $12.90 | $12.68 | $19.65 | $15.90 | $15.52 | $15.75 |
Total Return (%)b,c | 2.51* | (13.60) | 24.84d | 9.57d | (.15)d | 1.82d |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 1 | 1 | 1 | 1 | 1 | 2 |
Ratio of expenses before expense reductions (%) | 2.03** | 1.91 | 1.65e | 1.69e | 1.65e | 1.59e |
Ratio of expenses after expense reductions (%) | 1.48** | 1.48 | 1.58e | 1.46e | 1.44e | 1.45e |
Ratio of net investment income (loss) (%) | .48** | (.04) | (.07) | .44 | 1.53 | 1.11 |
Portfolio turnover rate (%) | 23* | 38 | 136 | 63 | 93 | 35 |
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 invested in other funds and indirectly bore its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund was invested. This ratio does not include these indirect fees and expenses. |
* | Not annualized |
** | Annualized |
DWS Equity Sector Strategy Fund | | | 29 |
DWS Equity Sector Strategy 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 | $12.98 | $19.83 | $16.03 | $15.66 | $15.90 | $15.75 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .10 | .15 | .18 | .22 | .38 | .33 |
Net realized and unrealized gain (loss) | .30 | (1.92) | 3.97 | 1.43 | (.29) | .12 |
Total from investment operations | .40 | (1.77) | 4.15 | 1.65 | .09 | .45 |
Less distributions from: | ||||||
Net investment income | (.24) | — | (.35) | (1.23) | (.33) | (.30) |
Net realized gains | — | (5.08) | — | (.05) | — | — |
Total distributions | (.24) | (5.08) | (.35) | (1.28) | (.33) | (.30) |
Net asset value, end of period | $13.14 | $12.98 | $19.83 | $16.03 | $15.66 | $15.90 |
Total Return (%)b | 3.03* | (12.73) | 26.23c | 10.66c | .82c | 2.85c |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 42 | 42 | 53 | 46 | 46 | 51 |
Ratio of expenses before expense reductions (%) | .87** | .80 | .58d | .63d | .65d | .60d |
Ratio of expenses after expense reductions (%) | .48** | .48 | .53d | .46d | .44d | .45d |
Ratio of net investment income (%) | 1.48** | .96 | 1.01 | 1.44 | 2.50 | 2.03 |
Portfolio turnover rate (%) | 23* | 38 | 136 | 63 | 93 | 35 |
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 invested in other funds and indirectly bore its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund was invested. This ratio does not include these indirect fees and expenses. |
* | Not annualized |
** | Annualized |
30 | | | DWS Equity Sector Strategy Fund |
DWS Equity Sector Strategy Fund — Institutional Class | |
Period Ended | |
2/28/23 (Unaudited)a | |
Selected Per Share Data | |
Net asset value, beginning of period | $13.62 |
Income (loss) from investment operations: | |
Net investment incomeb | .05 |
Net realized and unrealized gain (loss) | (.29) |
Total from investment operations | (.24) |
Less distributions from: | |
Net investment income | (.24) |
Net asset value, end of period | $13.14 |
Total Return (%)c | (1.81)* |
Ratios to Average Net Assets and Supplemental Data | |
Net assets, end of period ($ thousands) | 10 |
Ratio of expenses before expense reductions (%) | .88** |
Ratio of expenses after expense reductions (%) | .48** |
Ratio of net investment income (%) | 1.60** |
Portfolio turnover rate (%) | 23d |
a | For the period from December 1, 2022 (commencement of operations) to February 28, 2023. |
b | Based on average shares outstanding during the period. |
c | Total return would have been lower had certain expenses not been reduced. |
d | Represents the Fund’s portfolio turnover rate for the year ended February 28, 2023. |
* | Not annualized |
** | Annualized |
DWS Equity Sector Strategy Fund | | | 31 |
32 | | | DWS Equity Sector Strategy Fund |
DWS Equity Sector Strategy Fund | | | 33 |
34 | | | DWS Equity Sector Strategy Fund |
DWS Equity Sector Strategy Fund | | | 35 |
Class A | .73% |
Class C | 1.48% |
Class S | .48% |
Institutional Class | .48% |
Class A | $ 52,166 |
Class C | 1,654 |
Class S | 80,891 |
Institutional Class | 10 |
$ 134,721 |
36 | | | DWS Equity Sector Strategy Fund |
Services to Shareholders | Total Aggregated | Unpaid at February 28, 2023 |
Class A | $ 10,762 | $ 3,641 |
Class C | 521 | 186 |
Class S | 29,899 | 9,980 |
Institutional Class | 3 | 3 |
$ 41,185 | $ 13,810 |
Sub-Recordkeeping | Total Aggregated |
Class A | $ 11,622 |
Class C | 488 |
Class S | 6,339 |
$ 18,449 |
Distribution Fee | Total Aggregated | Unpaid at February 28, 2023 |
Class C | $ 2,277 | $ 332 |
DWS Equity Sector Strategy Fund | | | 37 |
Service Fee | Total Aggregated | Unpaid at February 28, 2023 | Annualized Rate |
Class A | $ 34,670 | $ 11,669 | .24% |
Class C | 751 | 316 | .25% |
$ 35,421 | $ 11,985 |
38 | | | DWS Equity Sector Strategy Fund |
Six Months Ended February 28, 2023 | Year Ended August 31, 2022 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 20,961 | $ 273,437 | 78,190 | $ 1,162,250 |
Class C | 477 | 6,064 | 2,111 | 32,233 |
Class S | 21,828 | 288,375 | 47,624 | 728,575 |
Institutional Class* | 734 | 10,000 | — | — |
$ 577,876 | $ 1,923,058 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 32,756 | $ 432,290 | 605,113 | $ 9,197,715 |
Class C | 371 | 4,830 | 14,510 | 217,507 |
Class S | 55,379 | 733,163 | 856,373 | 13,051,117 |
Institutional Class* | 13 | 173 | — | — |
$ 1,170,456 | $ 22,466,339 | |||
Shares redeemed | ||||
Class A | (146,303) | $ (1,902,246) | (287,512) | $ (4,267,190) |
Class C | (10,627) | (135,031) | (10,235) | (151,897) |
Class S | (155,112) | (2,002,512) | (333,304) | (5,179,879) |
$ (4,039,789) | $ (9,598,966) |
DWS Equity Sector Strategy Fund | | | 39 |
Six Months Ended February 28, 2023 | Year Ended August 31, 2022 | |||
Shares | Dollars | Shares | Dollars | |
Net increase (decrease) | ||||
Class A | (92,586) | $ (1,196,519) | 395,791 | $ 6,092,775 |
Class C | (9,779) | (124,137) | 6,386 | 97,843 |
Class S | (77,905) | (980,974) | 570,693 | 8,599,813 |
Institutional Class* | 747 | 10,173 | — | — |
$ (2,291,457) | $ 14,790,431 |
* | For the period from December 1, 2022 (commencement of operations of Institutional Class) through February 28, 2023. |
40 | | | DWS Equity Sector Strategy Fund |
DWS Equity Sector Strategy Fund | | | 41 |
Actual Fund Return | Class A | Class C | Class S | Institutional Class* |
Beginning Account Value 9/1/22 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 2/28/23 | $1,028.60 | $1,025.10 | $1,030.30 | $981.90 |
Expenses Paid per $1,000** | $3.67 | $7.43 | $2.42 | $1.17 |
Hypothetical 5% Fund Return | Class A | Class C | Class S | Institutional Class |
Beginning Account Value 9/1/22 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 2/28/23 | $1,021.17 | $1,017.46 | $1,022.41 | $1,022.41 |
Expenses Paid per $1,000** | $3.66 | $7.40 | $2.41 | $2.41 |
* | Expenses are equal to Institutional Class annualized expense ratio, multiplied by the average account value over the period, multiplied by 90 (the number of days in the period December 1, 2022 (commencement of operations) to February 28, 2023), then divided by 365. |
** | Expenses (hypothetical expenses if Institutional Class had been in existence from September 1, 2022) 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 | Institutional Class |
DWS Equity Sector Strategy Fund | .73% | 1.48% | .48% | .48% |
42 | | | DWS Equity Sector Strategy Fund |
DWS Equity Sector Strategy Fund | | | 43 |
44 | | | DWS Equity Sector Strategy Fund |
DWS Equity Sector Strategy Fund | | | 45 |
46 | | | DWS Equity Sector Strategy Fund |
DWS Equity Sector Strategy Fund | | | 47 |
48 | | | DWS Equity Sector Strategy 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 Equity Sector Strategy Fund | | | 49 |
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. |
Class A | Class C | Class S | Institutional Class | |
Nasdaq Symbol | SUPAX | SUPCX | SPGRX | SNPTX |
CUSIP Number | 25158W 783 | 25158W 817 | 25158W 825 | 25158W 767 |
Fund Number | 482 | 782 | 2082 | 1482 |
50 | | | DWS Equity Sector Strategy 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 Equity Sector Strategy Fund, 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 |