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        <pctVal>1.295432631881</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US 10YR NOTE (CBT)JUN26</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01XB0H674"/>
        </identifiers>
        <balance>-25.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-13932.70000000</valUSD>
        <pctVal>-0.02345255244</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Board of Trade</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CBOT 10 Year U.S. Treasury Notes</indexName>
                <indexIdentifier>TYM6 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-06-18</expDate>
            <notionalAmt>-2831379.80000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-13932.70000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iShares Core MSCI Europe ETF</name>
        <lei>549300XU2KDV0C5LCG21</lei>
        <title>iShares Core MSCI Europe ETF</title>
        <cusip>46434V738</cusip>
        <identifiers>
          <isin value="US46434V7385"/>
        </identifiers>
        <balance>16196.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1239155.96000000</valUSD>
        <pctVal>2.085839079641</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DWS</name>
        <lei>549300V295OG0NZ7UA89</lei>
        <title>DWS Emerging Markets Equity Fund 'Institutional'</title>
        <cusip>25156G780</cusip>
        <identifiers>
          <isin value="US25156G7806"/>
        </identifiers>
        <balance>60730.16000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1611778.55000000</valUSD>
        <pctVal>2.713065018319</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DWS</name>
        <lei>TWIQP8VKJK957HT5V127</lei>
        <title>DWS High Income Fund 'Institutional'</title>
        <cusip>25155T635</cusip>
        <identifiers>
          <isin value="US25155T6358"/>
        </identifiers>
        <balance>1266936.80000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5675876.88000000</valUSD>
        <pctVal>9.554056300983</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DWS</name>
        <lei>U72UPDOVVEAXSRWTZF97</lei>
        <title>DWS Enhanced Commodity Strategy Fund 'Institutional'</title>
        <cusip>25159L836</cusip>
        <identifiers>
          <isin value="US25159L8366"/>
        </identifiers>
        <balance>116597.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>771872.13000000</valUSD>
        <pctVal>1.299272331499</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard Total International Bond ETF</name>
        <lei>549300BXRBFWS9SORH32</lei>
        <title>Vanguard Total International Bond ETF</title>
        <cusip>92203J407</cusip>
        <identifiers>
          <isin value="US92203J4076"/>
        </identifiers>
        <balance>66908.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3291873.60000000</valUSD>
        <pctVal>5.541125428732</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iShares MSCI Japan ETF</name>
        <lei>5493008I6YRUC6I0S051</lei>
        <title>iShares MSCI Japan ETF</title>
        <cusip>46434G822</cusip>
        <identifiers>
          <isin value="US46434G8226"/>
        </identifiers>
        <balance>10415.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>962033.55000000</valUSD>
        <pctVal>1.619366116365</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iShares U.S. Treasury Bond ETF</name>
        <lei>549300YMK9GAMCTG8G20</lei>
        <title>iShares U.S. Treasury Bond ETF</title>
        <cusip>46429B267</cusip>
        <identifiers>
          <isin value="US46429B2676"/>
        </identifiers>
        <balance>372790.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8712102.30000000</valUSD>
        <pctVal>14.66485578068</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iShares GNMA Bond ETF</name>
        <lei>5493000KODSFW8LTTF91</lei>
        <title>iShares GNMA Bond ETF</title>
        <cusip>46429B333</cusip>
        <identifiers>
          <isin value="US46429B3336"/>
        </identifiers>
        <balance>171789.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7776888.03000000</valUSD>
        <pctVal>13.09063386256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iShares MSCI Pacific ex Japan ETF</name>
        <lei>549300BD232B3QSQRR65</lei>
        <title>iShares MSCI Pacific ex Japan ETF</title>
        <cusip>464286665</cusip>
        <identifiers>
          <isin value="US4642866655"/>
        </identifiers>
        <balance>6141.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>348808.80000000</valUSD>
        <pctVal>0.587140803779</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DWS</name>
        <lei>KKQKEDL2J9UGWEWMX474</lei>
        <title>DWS Small Cap Core Fund 'S'</title>
        <cusip>25157M810</cusip>
        <identifiers>
          <isin value="US25157M8102"/>
        </identifiers>
        <balance>16829.14000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>913990.76000000</valUSD>
        <pctVal>1.538496934348</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US ULTRA BOND CBT JUN26</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01XB0MZQ3"/>
        </identifiers>
        <balance>6.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>5983.38000000</valUSD>
        <pctVal>0.010071668325</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Board of Trade</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CBOT Ultra Long-Term U.S. Treasury Bond Futures</indexName>
                <indexIdentifier>WNM6 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-06-18</expDate>
            <notionalAmt>723579.12000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>5983.38000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US LONG BOND(CBT) JUN26</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01XB0N4P2"/>
        </identifiers>
        <balance>7.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>5449.92000000</valUSD>
        <pctVal>0.009173708946</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Board of Trade</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CBOT U.S. Long Bond Futures</indexName>
                <indexIdentifier>USM6 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-06-18</expDate>
            <notionalAmt>823831.33000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>5449.92000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US 3YR NOTE (CBT) JUN26</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01XK4WR00"/>
        </identifiers>
        <balance>15.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>7944.60000000</valUSD>
        <pctVal>0.013372939070</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Board of Trade</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CBOT 3 Year U.S. Treasury Notes Futures</indexName>
                <indexIdentifier>3YM6 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-06-30</expDate>
            <notionalAmt>3204985.08000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>7944.60000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard S&amp;P 500 ETF</name>
        <lei>549300D8V8ZP5GRJOC71</lei>
        <title>Vanguard S&amp;P 500 ETF</title>
        <cusip>922908363</cusip>
        <identifiers>
          <isin value="US9229083632"/>
        </identifiers>
        <balance>1389.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>876514.56000000</valUSD>
        <pctVal>1.475414219145</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-17</ncom:dateSigned>
      <ncom:nameOfApplicant>DEUTSCHE DWS ASSET ALLOCATION TRUST</ncom:nameOfApplicant>
      <ncom:signature>Diane Kenneally</ncom:signature>
      <ncom:signerName>Diane Kenneally</ncom:signerName>
      <ncom:title>Treasurer and Chief Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
