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Form N-PX · fund registrantSEC filer no. 926425

DEUTSCHE DWS ASSET ALLOCATION TRUST

fund voting report, part of DWS

Vote records reported
3,638year to 30 June 2026
Against management
6.6%240 of 3,638 marked votes
Say-on-pay support
82.2%for, of for + against + abstain
Shareholder-proposal support
44.0%for, of for + against + abstain
92.4% for6.6% against1.0% other6.6% against management3,638 votes

foragainstabstain, withhold or otheramber tick: the portion cast against management

DEUTSCHE DWS ASSET ALLOCATION TRUST reported 3,638 vote records for the year to 30 June 2026. It marked 6.6% of its votes as cast against management (240 of 3,638), close to the median fund registrant, which was 6.2%.

Weighted by the number of shares voted, the against-management share is 7.5%. The two figures differ when the votes against management fall on larger or smaller holdings than the rest.

On pay and on shareholder proposals: it voted for 82.2% of the section 14A say-on-pay items it reported (the median fund registrant: 91.6%) and it voted for 44.0% of the proposals put forward by security holders (the median fund registrant: 27.5%).

By category, votes against management were most frequent in CORPORATE GOVERNANCE (39.9% of 173), HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE (38.1% of 21) and OTHER SOCIAL ISSUES (35.7% of 70).

Compared with other filers

Each rate is defined once, in the methodology. The median is taken over 1,241 fund registrants with at least 25 vote records in the season.

year to 30 June 2026This filerMedian fund registrantAll filers pooled
Against-management share6.6%6.2%10.6%
Say-on-pay support rate82.2%91.6%86.0%
Shareholder-proposal support rate44.0%27.5%33.9%
Shares on loan, share of shares held0.00%0.00%3.12%
Largest families, year to 30 June 2026Against managementSay-on-pay supportShareholder-proposal support
Vanguard20.1%94.1%42.0%
BlackRock and iShares7.5%88.3%11.9%
Fidelity6.0%94.7%27.6%
Dimensional16.4%78.9%57.4%
State Street and SPDR16.9%77.1%50.4%

Votes by category

Filers choose one or more categories for each vote, so a vote can appear in more than one row. Category names are printed as Form N-PX defines them.

Category (as the form names it)VotesForAgainstAgainst managementSplit
DIRECTOR ELECTIONS2,6652,602372.4%
SECTION 14A SAY-ON-PAY VOTES2682124617.9%
AUDIT-RELATED26526500.0%
SHAREHOLDER RIGHTS AND DEFENSES1712523.5%
EXTRAORDINARY TRANSACTIONS75214.3%
CAPITAL STRUCTURE474706.4%
COMPENSATION106792725.5%
CORPORATE GOVERNANCE1731215239.9%
ENVIRONMENT OR CLIMATE5184313.7%
HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE2191238.1%
DIVERSITY, EQUITY, AND INCLUSION314279.7%
OTHER SOCIAL ISSUES70264435.7%

By season

SeasonVote recordsAgainst managementSay-on-pay supportShareholder-proposal supportSplit
year to 30 June 20244,3447.9%91.7%58.4%
year to 30 June 20253,9986.5%89.1%45.7%
year to 30 June 20263,6386.6%82.2%44.0%

Say-on-pay votes against management

Counting one say-on-pay item per company meeting, DEUTSCHE DWS ASSET ALLOCATION TRUST voted against management on 45 of the 257 it marked either way (17.5%) in the year to 30 June 2026. The 40 companies with the most reporting filers are listed.

Shareholder proposals it supported

Of 217 proposals from security holders that could be told apart in the filings and on which it cast a vote, DEUTSCHE DWS ASSET ALLOCATION TRUST voted for 95 (43.8%). The 40 at the companies with the most reporting filers are listed. Titles are the most common wording among filers; where a wording could name a person, the SEC category is printed instead.

CompanyMeetingProposal
Microsoft Corporation5 Dec 2025Report on Human Rights Due Diligence
Microsoft Corporation5 Dec 2025Report on Al and Machine Learning Tools for Oil and Gas Development and Production
Microsoft Corporation5 Dec 2025Report on Al Data Usage Oversight
Microsoft Corporation5 Dec 2025Report on Data Operations in Human Rights Hotspots
NVIDIA Corporation24 Jun 2026Approval of a non-binding stockholder proposal requesting the replacement of supermajority voting...
Alphabet Inc.5 Jun 2026Shareholder proposal regarding a report on AI data usage oversight
Alphabet Inc.5 Jun 2026Shareholder proposal regarding a report on AI-generated misinformation
Alphabet Inc.5 Jun 2026Shareholder proposal regarding a report on data privacy
Alphabet Inc.5 Jun 2026Shareholder proposal regarding AI Board oversight
Alphabet Inc.5 Jun 2026Shareholder proposal regarding equal shareholder voting
Visa Inc.27 Jan 2026Shareholder proposal on shareholder right to act by written consent.
Visa Inc.27 Jan 2026Shareholder proposal on report on online sexual exploitation.
JPMorgan Chase & Co.19 May 2026Independent board chairman
Mastercard Incorporated16 Jun 2026Consideration of a stockholder proposal regarding shareholder right to act by written consent
Eli Lilly and Company4 May 2026Shareholder proposal to prepare an annual lobbying report.
Eli Lilly and Company4 May 2026Shareholder proposal to adopt a policy and amend the bylaws to require an independent board chair.
AbbVie Inc.8 May 2026Stockholder Proposal - to Adopt a Policy to Require an Independent Chair
Netflix, Inc.4 Jun 2026Stockholder proposal entitled, "Proposal 4 - Shareholder Right to Act by Written Consent,"
The Home Depot, Inc.21 May 2026Shareholder Proposal Regarding Report on Customer Data Privacy Risks
The Home Depot, Inc.21 May 2026Shareholder Proposal Regarding Report on Sufficiency of Associates' Access to Healthcare
Merck & Co., Inc.26 May 2026Shareholder proposal regarding a report on political contributions.
Bank of America Corporation4 May 2026Shareholder proposal requesting independent board chair
Walmart Inc.4 Jun 2026Report on Workplace Health and Safety Governance
Walmart Inc.4 Jun 2026Human rights or human capital/workforce
Berkshire Hathaway Inc.2 May 2026Shareholder proposal requesting that the Company issue a report disclosing the Board's oversight framework...
PEPSICO, INC.6 May 2026Shareholder Proposal - Report Evaluating the Treatment of Animals within Supply Chain.
The Coca-Cola Company29 Apr 2026Vote on a shareowner proposal requesting a report on risks related to ingredients
The Coca-Cola Company29 Apr 2026Vote on a shareowner proposal requesting a report on the Company's plans to increase sustainability disclosure
Advanced Micro Devices, Inc.13 May 2026Stockholder proposal requesting changes to the stockholder right to call a special meeting.
McDonald's Corporation20 May 2026Advisory Vote on Shareholders' Right to Act by Written Consent.
NextEra Energy, Inc.21 May 2026Report on Plans to Reduce and Align GHG Emissions with Paris Agreement Goals
QUALCOMM Incorporated17 Mar 2026Stockholder proposal entitled "Shareholder Ability to Call for a Special Meeting."
International Business Machines Corporation28 Apr 2026Stockholder Proposal Requesting a Right to Act by Written Consent
AT&T INC.14 May 2026Shareholder Right to Act by Written Consent
Wells Fargo & Company28 Apr 2026Require Independent Board Chair
Wells Fargo & Company28 Apr 2026Shareholder Proposal - Govern by Majority Vote.
ServiceNow, Inc.21 May 2026Shareholder proposal regarding shareholder right to act by written consent.
Texas Instruments Incorporated16 Apr 2026Stockholder proposal to permit stockholders to act by written consent.
The Goldman Sachs Group, Inc.29 Apr 2026Shareholder Proposal Regarding Lobbying Disclosure
The Goldman Sachs Group, Inc.29 Apr 2026Shareholder Proposal Regarding Special Shareholder Meeting Thresholds

Shares on loan

DEUTSCHE DWS ASSET ALLOCATION TRUST reported no shares on loan for the year to 30 June 2026. Shares lent out at the record date cannot be voted by the lender, which is why Form N-PX asks for the figure. More on lending and votes.

Fund series in this filing

1 series reported votes. A vote record can list several series. Series with 500 or more vote records have their own page.

SeriesVote recordsAgainst managementSay-on-pay supportShareholder-proposal support
DWS Equity Sector Strategy Fund3,6386.6%82.5%44.0%

The filings

These figures are read from the filer's own Form N-PX. If a vote on this page looks wrong, the filing is the record: a dispute about a filed vote is a matter for the filer, and an error in how this site read the filing is a matter for corrections.

Questions

How did DEUTSCHE DWS ASSET ALLOCATION TRUST vote on executive pay?

In the year to 30 June 2026 DEUTSCHE DWS ASSET ALLOCATION TRUST reported 258 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 212 were for (82.2%), 46 against and 0 abstentions. Counting one item per company meeting, it voted against management on 45 of the 257 say-on-pay items it marked either way.

How often does DEUTSCHE DWS ASSET ALLOCATION TRUST vote against management?

6.6% of the time in the year to 30 June 2026: 240 of the 3,638 votes it marked as for or against management. Form N-PX asks each filer to state, vote by vote, whether the vote was for or against management's recommendation; this figure counts those marks.

Did DEUTSCHE DWS ASSET ALLOCATION TRUST support shareholder proposals on climate?

In the category ENVIRONMENT OR CLIMATE it reported 50 votes on proposals from security holders in the year to 30 June 2026 and voted for 7 of them (14.0%). Across every category it voted for 44.0% of security-holder proposals. Filers choose the category for each vote, so the same proposal can sit in different categories in different filings.

Is this the result of the meetings?

No. Form N-PX shows how this filer voted the shares it held. It does not show how other shareholders voted or whether a proposal was approved. Companies report certified results separately, on Form 8-K.

Where does the data come from?

From the Form N-PX filings of this filer on the SEC's EDGAR system, read as filed. The SEC does not verify the contents. Amended filings (N-PX/A) replace the filings they amend. Data on this page runs through 23 Sep 2026.

Provenance: SEC EDGAR, Form N-PX and N-PX/A filings by DEUTSCHE DWS ASSET ALLOCATION TRUST (filer no. 926425), read as filed and not verified by the SEC. Amended filings replace the filings they amend. Filings read through 23 Sep 2026; page built 26 Sep 2026.