<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0000926425</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000006100</seriesId>
        <classId>C000016765</classId>
        <classId>C000016768</classId>
        <classId>C000016769</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>DEUTSCHE DWS ASSET ALLOCATION TRUST</regName>
      <regFileNumber>811-08606</regFileNumber>
      <regCik>0000926425</regCik>
      <regLei>OBQCJCH5PLZP8KWUJD96</regLei>
      <regStreet1>875 Third Avenue</regStreet1>
      <regCity>NEW YORK</regCity>
      <regStateConditional regCountry="US" regState="US-NY"/>
      <regZipOrPostalCode>10022-6225</regZipOrPostalCode>
      <regPhone>212-454-4500</regPhone>
      <seriesName>DWS Multi-Asset Conservative Allocation Fund</seriesName>
      <seriesId>S000006100</seriesId>
      <seriesLei>S7IR47PGROLTGHFDOJ96</seriesLei>
      <repPdEnd>2025-08-31</repPdEnd>
      <repPdDate>2025-05-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>59657153.32</totAssets>
      <totLiabs>110650.43</totLiabs>
      <netAssets>59546502.89</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>6875.12000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000016765" rtn1="-1.80000000" rtn2="0.08000000" rtn3="1.87000000"/>
          <monthlyTotReturn classId="C000016768" rtn1="-1.90000000" rtn2="0.08000000" rtn3="1.79000000"/>
          <monthlyTotReturn classId="C000016769" rtn1="-1.82000000" rtn2="0.16000000" rtn3="1.87000000"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <equityContracts>
            <mon1 netRealizedGain="-23736.82000000" netUnrealizedAppr="-28584.66000000"/>
            <mon2 netRealizedGain="-21091.01000000" netUnrealizedAppr="-9139.41000000"/>
            <mon3 netRealizedGain="-7049.70000000" netUnrealizedAppr="43200.69000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="-23736.82000000" netUnrealizedAppr="-28584.66000000"/>
              <instrMon2 netRealizedGain="-21091.01000000" netUnrealizedAppr="-9139.41000000"/>
              <instrMon3 netRealizedGain="-7049.70000000" netUnrealizedAppr="43200.69000000"/>
            </futureCategory>
          </equityContracts>
          <foreignExchgContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="-3193.50000000"/>
            <mon3 netRealizedGain="-9522.66000000" netUnrealizedAppr="3193.50000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="-3193.50000000"/>
              <instrMon3 netRealizedGain="-9522.66000000" netUnrealizedAppr="3193.50000000"/>
            </futureCategory>
          </foreignExchgContracts>
          <interestRtContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="-7289.05000000"/>
            <mon2 netRealizedGain="-1742.60000000" netUnrealizedAppr="-6128.71000000"/>
            <mon3 netRealizedGain="-60480.12000000" netUnrealizedAppr="27488.48000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="-7289.05000000"/>
              <instrMon2 netRealizedGain="-1742.60000000" netUnrealizedAppr="-6128.71000000"/>
              <instrMon3 netRealizedGain="-60480.12000000" netUnrealizedAppr="27488.48000000"/>
            </futureCategory>
          </interestRtContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="-54745.97000000" netUnrealizedAppr="-1135810.99000000"/>
        <othMon2 netRealizedGain="-1182053.39000000" netUnrealizedAppr="1194787.46000000"/>
        <othMon3 netRealizedGain="-66238.91000000" netUnrealizedAppr="1103174.90000000"/>
      </returnInfo>
      <mon1Flow redemption="700794.31000000" reinvestment="387935.97000000" sales="253852.75000000"/>
      <mon2Flow redemption="651409.01000000" reinvestment="0.00000000" sales="172427.32000000"/>
      <mon3Flow redemption="672310.58000000" reinvestment="0.00000000" sales="114405.60000000"/>


      <varInfo>

        <fundsDesignatedInfo>
          <nameDesignatedIndex>95% S&amp;P Target, 4% FTSE EPRA Nareit, 1% BBG Commodity</nameDesignatedIndex>
          <indexIdentifier>DJUFOESNP</indexIdentifier>

        </fundsDesignatedInfo>

      </varInfo>
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>iShares JP Morgan USD Emerging</name>
        <lei>549300LRIF3NWCU26A80</lei>
        <title>iShares JP Morgan USD Emerging Markets Bond ETF</title>
        <cusip>464288281</cusip>
        <identifiers>
          <isin value="US4642882819"/>
        </identifiers>
        <balance>37945.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3437817.00000000</valUSD>
        <pctVal>5.773331485730</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 Intermediate-Term Corporate Bond ETF</name>
        <lei>VKDXEYNPEMWGHJ22MR31</lei>
        <title>Vanguard Intermediate-Term Corporate Bond ETF</title>
        <cusip>92206C870</cusip>
        <identifiers>
          <isin value="US92206C8709"/>
        </identifiers>
        <balance>73163.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5978880.36000000</valUSD>
        <pctVal>10.04069100589</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>VanEck J. P. Morgan EM Local Currency Bond ETF</name>
        <lei>549300CNWPR88MZBEA63</lei>
        <title>VanEck J. P. Morgan EM Local Currency Bond ETF</title>
        <cusip>92189H300</cusip>
        <identifiers>
          <isin value="US92189H3003"/>
        </identifiers>
        <balance>36724.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>906348.32000000</valUSD>
        <pctVal>1.522084884941</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 SEP25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01R98QCZ9"/>
        </identifiers>
        <balance>2.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1760.09000000</valUSD>
        <pctVal>0.002955824296</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>WNU5 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2025-09-19</expDate>
            <notionalAmt>230364.91000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>1760.09000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DWS</name>
        <lei>549300PVLPCCDJRWQR23</lei>
        <title>DWS RREEF Global Infrastructure Fund  'Institutional'</title>
        <cusip>25156A858</cusip>
        <identifiers>
          <isin value="US25156A8586"/>
        </identifiers>
        <balance>56095.12000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>937910.39000000</valUSD>
        <pctVal>1.575088954816</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 Global Real Estate Securities Fund</name>
        <lei>S3F7OHQGFS84K9XEJE32</lei>
        <title>DWS Global Real Estate Securities Fund</title>
        <cusip>25159L406</cusip>
        <identifiers>
          <isin value="US25159L4068"/>
        </identifiers>
        <balance>131344.51000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>966695.60000000</valUSD>
        <pctVal>1.623429677786</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>Xtrackers RREEF Global Natural Resources ETF</name>
        <lei>529900FTFUUP6MXH3A36</lei>
        <title>Xtrackers RREEF Global Natural Resources ETF</title>
        <cusip>23306X837</cusip>
        <identifiers>
          <isin value="US23306X8377"/>
        </identifiers>
        <balance>4720.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>117121.61000000</valUSD>
        <pctVal>0.196689317282</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>5493003GD84DGSXJ7618</lei>
        <title>DWS Central Cash Management Government Fund</title>
        <cusip>25160K306</cusip>
        <identifiers>
          <isin value="US25160K3068"/>
        </identifiers>
        <balance>1049614.74000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1049614.74000000</valUSD>
        <pctVal>1.762680743718</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</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>BSFDGTJIOB5CFE60ND57</lei>
        <title>DWS Equity 500 Index Fund</title>
        <cusip>25159R106</cusip>
        <identifiers>
          <isin value="US25159R1068"/>
        </identifiers>
        <balance>73597.47000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11712300.74000000</valUSD>
        <pctVal>19.66916640199</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 2YR NOTE (CBT) SEP25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01RJ2TYQ0"/>
        </identifiers>
        <balance>9.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1876.21000000</valUSD>
        <pctVal>0.003150831550</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 2 Year U.S. Treasury Notes Futures</indexName>
                <indexIdentifier>TUU5 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2025-09-30</expDate>
            <notionalAmt>1865061.29000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>1876.21000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DWS</name>
        <lei>2EGUP71H6PBMSKMC3J09</lei>
        <title>DWS RREEF Real Estate Securities Fund 'Institutional'</title>
        <cusip>25159L737</cusip>
        <identifiers>
          <isin value="US25159L7376"/>
        </identifiers>
        <balance>17138.97000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>373800.85000000</valUSD>
        <pctVal>0.627746100708</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 iBoxx $ Investment Grade Corporate Bond ETF</name>
        <lei>549300FYCXFXG8POR355</lei>
        <title>iShares iBoxx $ Investment Grade Corporate Bond ETF</title>
        <cusip>464287242</cusip>
        <identifiers>
          <isin value="US4642872422"/>
        </identifiers>
        <balance>19323.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2082439.71000000</valUSD>
        <pctVal>3.497165423546</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>Eurex Deutschland</name>
        <lei>529900LN3S50JPU47S06</lei>
        <title>EURO STOXX 50 JUN25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG018BS2XR3"/>
        </identifiers>
        <balance>10.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88070800"/>
        <valUSD>-4107.15000000</valUSD>
        <pctVal>-0.00689738238</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Eurex Deutschland</counterpartyName>
              <counterpartyLei>529900LN3S50JPU47S06</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>EURO STOXX 50 Index</indexName>
                <indexIdentifier>SX5E Index</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2025-06-20</expDate>
            <notionalAmt>540417.20000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-4107.15000000</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>39539.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2597712.30000000</valUSD>
        <pctVal>4.362493469681</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>105178.43000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2055186.52000000</valUSD>
        <pctVal>3.451397513295</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>811439.56000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3570334.05000000</valUSD>
        <pctVal>5.995875285229</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 3YR NOTE (CBT) SEP25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01RJ2TX91"/>
        </identifiers>
        <balance>18.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>7132.39000000</valUSD>
        <pctVal>0.011977848662</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>3YU5 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2025-09-30</expDate>
            <notionalAmt>3799305.11000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>7132.39000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <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>77532.30000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>445035.42000000</valUSD>
        <pctVal>0.747374570127</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>142926.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7067690.70000000</valUSD>
        <pctVal>11.86919526249</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)SEP25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01R98QBS9"/>
        </identifiers>
        <balance>-18.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-8417.79000000</valUSD>
        <pctVal>-0.01413649768</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>TYU5 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2025-09-19</expDate>
            <notionalAmt>-1985082.21000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-8417.79000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <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>15209.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1127291.08000000</valUSD>
        <pctVal>1.893127262372</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>202072.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4599158.72000000</valUSD>
        <pctVal>7.723642022262</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>157249.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6821461.62000000</valUSD>
        <pctVal>11.45568805711</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>9818.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>473816.68000000</valUSD>
        <pctVal>0.795708659625</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>21877.10000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1098668.06000000</valUSD>
        <pctVal>1.845058914760</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>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912797PW1</cusip>
        <identifiers>
          <isin value="US912797PW16"/>
        </identifiers>
        <balance>285800.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>282436.33000000</valUSD>
        <pctVal>0.474312203559</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-11</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <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) SEP25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01R98QFJ0"/>
        </identifiers>
        <balance>7.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>5231.17000000</valUSD>
        <pctVal>0.008785016325</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>USU5 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2025-09-19</expDate>
            <notionalAmt>784237.58000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>5231.17000000</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>3537.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1916205.12000000</valUSD>
        <pctVal>3.217997744619</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 5YR NOTE (CBT) SEP25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01RJ2TYZ0"/>
        </identifiers>
        <balance>2.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>604.44000000</valUSD>
        <pctVal>0.001015072205</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 5 Year U.S. Treasury Notes</indexName>
                <indexIdentifier>FVU5 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2025-09-30</expDate>
            <notionalAmt>215770.56000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>604.44000000</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 10YR ULTRA FUT SEP25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01R98QCH9"/>
        </identifiers>
        <balance>-15.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-8580.29000000</valUSD>
        <pctVal>-0.01440939363</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>Ultra 10 Year U.S. Treasury Notes Futures</indexName>
                <indexIdentifier>UXYU5 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2025-09-19</expDate>
            <notionalAmt>-1679622.84000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-8580.29000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <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>2025-06-27</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>
  <documents>XXXX</documents>
</edgarSubmission>
