Investment Portfolioas of September 30, 2022 (Unaudited)
DWS Equity 500 Index Fund
DWS Equity 500 Index Fund (the “Fund”) is a feeder fund that invests substantially all of its assets in a “master portfolio”, the Deutsche DWS Equity 500 Index Portfolio (the “Portfolio”) and owns a pro rata interest in the Portfolio’s net assets. At September 30, 2022, the Fund owned approximately 31% of the Portfolio’s outstanding interests. The Portfolio’s Schedule of Investments is set forth below.
Shares | Value ($) | ||
Common Stocks 98.3% | |||
Communication Services 7.9% | |||
Diversified Telecommunication Services 0.9% | |||
AT&T, Inc. | �� 329,500 | 5,054,530 | |
Lumen Technologies, Inc. | 43,811 | 318,944 | |
Verizon Communications, Inc. | 194,146 | 7,371,724 | |
12,745,198 | |||
Entertainment 1.3% | |||
Activision Blizzard, Inc. | 32,913 | 2,446,752 | |
Electronic Arts, Inc. | 12,214 | 1,413,282 | |
Live Nation Entertainment, Inc.* | 6,494 | 493,804 | |
Netflix, Inc.* | 20,557 | 4,839,940 | |
Take-Two Interactive Software, Inc.* | 7,282 | 793,738 | |
Walt Disney Co.* | 84,225 | 7,944,944 | |
Warner Bros Discovery, Inc.* (a) | 103,307 | 1,188,031 | |
19,120,491 | |||
Interactive Media & Services 4.7% | |||
Alphabet, Inc. "A"* | 277,272 | 26,521,067 | |
Alphabet, Inc. "C"* | 247,858 | 23,831,547 | |
Match Group, Inc.* | 12,978 | 619,699 | |
Meta Platforms, Inc. "A"* | 105,439 | 14,305,963 | |
Twitter, Inc.* | 31,093 | 1,363,117 | |
66,641,393 | |||
Media 0.7% | |||
Charter Communications, Inc. "A"* | 5,132 | 1,556,792 | |
Comcast Corp. "A" | 203,580 | 5,971,001 | |
DISH Network Corp. "A"* | 11,890 | 164,439 | |
Fox Corp. "A" | 14,139 | 433,785 | |
Fox Corp. "B" | 6,387 | 182,029 | |
Interpublic Group of Companies, Inc. | 17,958 | 459,725 | |
News Corp. "A" | 17,301 | 261,418 | |
News Corp. "B" | 5,883 | 90,716 | |
Omnicom Group, Inc. | 9,652 | 608,945 | |
Paramount Global "B" (a) | 23,329 | 444,184 | |
10,173,034 | |||
Wireless Telecommunication Services 0.3% | |||
T-Mobile U.S., Inc.* | 27,805 | 3,730,597 | |
Consumer Discretionary 11.5% | |||
Auto Components 0.1% | |||
Aptiv PLC* | 12,634 | 988,105 | |
BorgWarner, Inc. | 10,912 | 342,637 | |
1,330,742 |
Automobiles 2.6% | |||
Ford Motor Co. | 182,595 | 2,045,064 | |
General Motors Co. | 67,346 | 2,161,133 | |
Tesla, Inc.* | 123,129 | 32,659,967 | |
36,866,164 | |||
Distributors 0.1% | |||
Genuine Parts Co. | 6,560 | 979,539 | |
LKQ Corp. | 12,003 | 565,941 | |
Pool Corp. | 1,842 | 586,143 | |
2,131,623 | |||
Hotels, Restaurants & Leisure 1.9% | |||
Booking Holdings, Inc.* | 1,836 | 3,016,934 | |
Caesars Entertainment, Inc.* | 9,745 | 314,374 | |
Carnival Corp.* | 45,570 | 320,357 | |
Chipotle Mexican Grill, Inc.* | 1,283 | 1,928,041 | |
Darden Restaurants, Inc. | 5,627 | 710,803 | |
Domino's Pizza, Inc. | 1,661 | 515,242 | |
Expedia Group, Inc.* | 6,930 | 649,272 | |
Hilton Worldwide Holdings, Inc. | 12,659 | 1,526,929 | |
Las Vegas Sands Corp.* | 15,283 | 573,418 | |
Marriott International, Inc. "A" | 12,807 | 1,794,773 | |
McDonald's Corp. | 34,056 | 7,858,081 | |
MGM Resorts International | 15,187 | 451,358 | |
Norwegian Cruise Line Holdings Ltd.* | 19,574 | 222,361 | |
Royal Caribbean Cruises Ltd.* | 10,239 | 388,058 | |
Starbucks Corp. | 53,062 | 4,471,004 | |
Wynn Resorts Ltd.* | 4,682 | 295,106 | |
Yum! Brands, Inc. | 13,060 | 1,388,800 | |
26,424,911 | |||
Household Durables 0.3% | |||
D.R. Horton, Inc. | 14,423 | 971,389 | |
Garmin Ltd. | 7,257 | 582,810 | |
Lennar Corp. "A" | 11,950 | 890,872 | |
Mohawk Industries, Inc.* | 2,393 | 218,218 | |
Newell Brands, Inc. | 17,024 | 236,463 | |
NVR, Inc.* | 146 | 582,114 | |
PulteGroup, Inc. | 10,538 | 395,175 | |
Whirlpool Corp. | 2,609 | 351,719 | |
4,228,760 | |||
Internet & Direct Marketing Retail 3.4% | |||
Amazon.com, Inc.* | 409,773 | 46,304,349 | |
eBay, Inc. | 25,477 | 937,808 | |
Etsy, Inc.* | 5,806 | 581,355 | |
47,823,512 | |||
Leisure Products 0.0% | |||
Hasbro, Inc. | 5,892 | 397,239 | |
Multiline Retail 0.5% | |||
Dollar General Corp. | 10,494 | 2,517,091 | |
Dollar Tree, Inc.* | 9,767 | 1,329,289 | |
Target Corp. | 21,430 | 3,179,997 | |
7,026,377 | |||
Specialty Retail 2.2% | |||
Advance Auto Parts, Inc. | 2,845 | 444,787 | |
AutoZone, Inc.* | 901 | 1,929,879 | |
Bath & Body Works, Inc. | 10,470 | 341,322 |
Best Buy Co., Inc. | 9,454 | 598,816 | |
CarMax, Inc.* | 7,336 | 484,323 | |
Home Depot, Inc. | 47,509 | 13,109,634 | |
Lowe's Companies, Inc. | 29,539 | 5,547,720 | |
O'Reilly Automotive, Inc.* | 2,947 | 2,072,772 | |
Ross Stores, Inc. | 16,090 | 1,355,904 | |
TJX Companies, Inc. | 54,105 | 3,361,003 | |
Tractor Supply Co. | 5,122 | 952,077 | |
Ulta Beauty, Inc.* | 2,387 | 957,641 | |
31,155,878 | |||
Textiles, Apparel & Luxury Goods 0.4% | |||
NIKE, Inc. "B" | 58,381 | 4,852,629 | |
Ralph Lauren Corp. | 1,993 | 169,265 | |
Tapestry, Inc. | 11,637 | 330,840 | |
VF Corp. | 15,257 | 456,337 | |
5,809,071 | |||
Consumer Staples 6.8% | |||
Beverages 1.8% | |||
Brown-Forman Corp. "B" | 8,326 | 554,262 | |
Coca-Cola Co. | 180,176 | 10,093,460 | |
Constellation Brands, Inc. "A" | 7,370 | 1,692,742 | |
Keurig Dr Pepper, Inc. | 39,348 | 1,409,445 | |
Molson Coors Beverage Co. "B" | 8,479 | 406,907 | |
Monster Beverage Corp.* | 17,714 | 1,540,409 | |
PepsiCo, Inc. | 63,875 | 10,428,232 | |
26,125,457 | |||
Food & Staples Retailing 1.6% | |||
Costco Wholesale Corp. | 20,485 | 9,674,451 | |
Kroger Co. | 30,109 | 1,317,269 | |
Sysco Corp. | 23,463 | 1,659,069 | |
Walgreens Boots Alliance, Inc. | 33,019 | 1,036,796 | |
Walmart, Inc. | 65,882 | 8,544,895 | |
22,232,480 | |||
Food Products 1.1% | |||
Archer-Daniels-Midland Co. | 25,901 | 2,083,736 | |
Campbell Soup Co. | 9,146 | 430,960 | |
Conagra Brands, Inc. | 22,562 | 736,198 | |
General Mills, Inc. | 27,581 | 2,112,980 | |
Hormel Foods Corp. | 13,454 | 611,350 | |
Kellogg Co. | 11,773 | 820,107 | |
Kraft Heinz Co. | 36,855 | 1,229,114 | |
Lamb Weston Holdings, Inc. | 6,566 | 508,077 | |
McCormick & Co., Inc. | 11,543 | 822,670 | |
Mondelez International, Inc. "A" | 63,501 | 3,481,760 | |
The Hershey Co. | 6,858 | 1,511,983 | |
The J.M. Smucker Co. | 4,930 | 677,431 | |
Tyson Foods, Inc. "A" (a) | 13,195 | 869,946 | |
15,896,312 | |||
Household Products 1.4% | |||
Church & Dwight Co., Inc. | 11,176 | 798,414 | |
Clorox Co. | 5,660 | 726,687 | |
Colgate-Palmolive Co. | 38,741 | 2,721,555 | |
Kimberly-Clark Corp. | 15,548 | 1,749,772 | |
Procter & Gamble Co. | 110,495 | 13,949,994 | |
19,946,422 |
Personal Products 0.2% | |||
Estee Lauder Companies, Inc. "A" | 10,715 | 2,313,369 | |
Tobacco 0.7% | |||
Altria Group, Inc. | 83,281 | 3,362,887 | |
Philip Morris International, Inc. | 71,691 | 5,951,070 | |
9,313,957 | |||
Energy 4.5% | |||
Energy Equipment & Services 0.3% | |||
Baker Hughes Co. | 46,913 | 983,296 | |
Halliburton Co. | 42,214 | 1,039,309 | |
Schlumberger NV | 65,077 | 2,336,264 | |
4,358,869 | |||
Oil, Gas & Consumable Fuels 4.2% | |||
APA Corp. | 15,115 | 516,782 | |
Chevron Corp. | 83,275 | 11,964,119 | |
ConocoPhillips | 58,857 | 6,023,425 | |
Coterra Energy, Inc. | 36,807 | 961,399 | |
Devon Energy Corp. | 30,264 | 1,819,774 | |
Diamondback Energy, Inc. | 8,227 | 991,025 | |
EOG Resources, Inc. | 27,065 | 3,023,973 | |
EQT Corp. | 17,085 | 696,214 | |
Exxon Mobil Corp. | 192,698 | 16,824,462 | |
Hess Corp. | 12,859 | 1,401,503 | |
Kinder Morgan, Inc. | 91,088 | 1,515,704 | |
Marathon Oil Corp. | 31,467 | 710,525 | |
Marathon Petroleum Corp. | 23,062 | 2,290,749 | |
Occidental Petroleum Corp. | 34,467 | 2,117,997 | |
ONEOK, Inc. | 20,693 | 1,060,309 | |
Phillips 66 | 22,185 | 1,790,773 | |
Pioneer Natural Resources Co. | 11,037 | 2,389,842 | |
Valero Energy Corp. | 18,224 | 1,947,234 | |
Williams Companies, Inc. (a) | 56,610 | 1,620,744 | |
59,666,553 | |||
Financials 10.8% | |||
Banks 3.6% | |||
Bank of America Corp. | 323,017 | 9,755,113 | |
Citigroup, Inc. | 89,537 | 3,731,007 | |
Citizens Financial Group, Inc. | 22,801 | 783,442 | |
Comerica, Inc. | 6,158 | 437,834 | |
Fifth Third Bancorp. | 31,683 | 1,012,589 | |
First Republic Bank | 8,466 | 1,105,236 | |
Huntington Bancshares, Inc. | 66,712 | 879,264 | |
JPMorgan Chase & Co. | 135,537 | 14,163,617 | |
KeyCorp. | 42,707 | 684,166 | |
M&T Bank Corp. | 8,107 | 1,429,426 | |
PNC Financial Services Group, Inc. | 18,978 | 2,835,693 | |
Regions Financial Corp. | 43,508 | 873,206 | |
Signature Bank | 2,859 | 431,709 | |
SVB Financial Group* | 2,746 | 922,052 | |
Truist Financial Corp. | 61,284 | 2,668,305 | |
U.S. Bancorp. | 62,464 | 2,518,548 |
Wells Fargo & Co. | 175,313 | 7,051,089 | |
Zions Bancorp. NA | 7,173 | 364,819 | |
51,647,115 | |||
Capital Markets 2.9% | |||
Ameriprise Financial, Inc. | 4,995 | 1,258,490 | |
Bank of New York Mellon Corp. | 33,982 | 1,308,987 | |
BlackRock, Inc. | 6,968 | 3,834,351 | |
Cboe Global Markets, Inc. | 4,864 | 570,888 | |
Charles Schwab Corp. | 70,565 | 5,071,506 | |
CME Group, Inc. | 16,611 | 2,942,306 | |
FactSet Research Systems, Inc. | 1,743 | 697,392 | |
Franklin Resources, Inc. | 13,576 | 292,155 | |
Intercontinental Exchange, Inc. | 25,783 | 2,329,494 | |
Invesco Ltd. | 21,138 | 289,591 | |
MarketAxess Holdings, Inc. | 1,729 | 384,685 | |
Moody's Corp. | 7,301 | 1,774,946 | |
Morgan Stanley | 61,862 | 4,887,717 | |
MSCI, Inc. | 3,724 | 1,570,746 | |
Nasdaq, Inc. | 15,623 | 885,512 | |
Northern Trust Corp. | 9,629 | 823,857 | |
Raymond James Financial, Inc. | 9,118 | 901,041 | |
S&P Global, Inc. | 15,735 | 4,804,682 | |
State Street Corp. | 17,085 | 1,038,939 | |
T. Rowe Price Group, Inc. | 10,411 | 1,093,259 | |
The Goldman Sachs Group, Inc. | 15,775 | 4,622,864 | |
41,383,408 | |||
Consumer Finance 0.5% | |||
American Express Co. | 27,723 | 3,740,110 | |
Capital One Financial Corp. | 17,733 | 1,634,450 | |
Discover Financial Services | 12,627 | 1,148,047 | |
Synchrony Financial | 22,289 | 628,327 | |
7,150,934 | |||
Diversified Financial Services 1.6% | |||
Berkshire Hathaway, Inc. "B"* | 83,441 | 22,280,416 | |
Insurance 2.2% | |||
Aflac, Inc. | 26,601 | 1,494,976 | |
Allstate Corp. | 12,484 | 1,554,632 | |
American International Group, Inc. | 35,070 | 1,665,124 | |
Aon PLC "A" | 9,756 | 2,613,340 | |
Arthur J. Gallagher & Co. | 9,761 | 1,671,278 | |
Assurant, Inc. | 2,427 | 352,570 | |
Brown & Brown, Inc. | 10,716 | 648,104 | |
Chubb Ltd. | 19,278 | 3,506,283 | |
Cincinnati Financial Corp. | 7,351 | 658,429 | |
Everest Re Group Ltd. | 1,875 | 492,075 | |
Globe Life, Inc. | 4,143 | 413,057 | |
Hartford Financial Services Group, Inc. | 14,956 | 926,375 | |
Lincoln National Corp. | 7,151 | 314,000 | |
Loews Corp. | 9,451 | 471,038 | |
Marsh & McLennan Companies, Inc. | 23,072 | 3,444,419 | |
MetLife, Inc. | 31,018 | 1,885,274 | |
Principal Financial Group, Inc. | 10,829 | 781,312 | |
Progressive Corp. | 26,994 | 3,136,973 | |
Prudential Financial, Inc. | 17,090 | 1,465,980 | |
Travelers Companies, Inc. | 10,958 | 1,678,766 |
W.R. Berkley Corp. | 9,394 | 606,664 | |
Willis Towers Watson PLC | 5,089 | 1,022,584 | |
30,803,253 | |||
Health Care 14.8% | |||
Biotechnology 2.2% | |||
AbbVie, Inc. (a) | 81,748 | 10,971,399 | |
Amgen, Inc. | 24,738 | 5,575,945 | |
Biogen, Inc.* | 6,711 | 1,791,837 | |
Gilead Sciences, Inc. | 57,906 | 3,572,221 | |
Incyte Corp.* | 8,617 | 574,237 | |
Moderna, Inc.* | 15,554 | 1,839,260 | |
Regeneron Pharmaceuticals, Inc.* | 4,955 | 3,413,351 | |
Vertex Pharmaceuticals, Inc.* | 11,850 | 3,431,049 | |
31,169,299 | |||
Health Care Equipment & Supplies 2.6% | |||
Abbott Laboratories | 80,976 | 7,835,238 | |
ABIOMED, Inc.* | 2,069 | 508,271 | |
Align Technology, Inc.* | 3,396 | 703,346 | |
Baxter International, Inc. | 23,430 | 1,261,940 | |
Becton, Dickinson & Co. | 13,192 | 2,939,573 | |
Boston Scientific Corp.* | 66,514 | 2,576,087 | |
DENTSPLY SIRONA, Inc. | 9,929 | 281,487 | |
DexCom, Inc.* | 18,101 | 1,457,855 | |
Edwards Lifesciences Corp.* | 28,697 | 2,371,233 | |
Hologic, Inc.* | 11,547 | 745,012 | |
IDEXX Laboratories, Inc.* | 3,855 | 1,255,959 | |
Intuitive Surgical, Inc.* | 16,516 | 3,095,759 | |
Medtronic PLC | 61,460 | 4,962,895 | |
ResMed, Inc. | 6,734 | 1,470,032 | |
STERIS PLC | 4,628 | 769,544 | |
Stryker Corp. | 15,567 | 3,152,940 | |
Teleflex, Inc. | 2,143 | 431,729 | |
The Cooper Companies, Inc. | 2,267 | 598,261 | |
Zimmer Biomet Holdings, Inc. | 9,667 | 1,010,685 | |
37,427,846 | |||
Health Care Providers & Services 3.6% | |||
AmerisourceBergen Corp. | 7,184 | 972,211 | |
Cardinal Health, Inc. | 12,739 | 849,436 | |
Centene Corp.* | 26,463 | 2,059,086 | |
Cigna Corp. | 14,103 | 3,913,159 | |
CVS Health Corp. | 60,751 | 5,793,823 | |
DaVita, Inc.* | 2,597 | 214,954 | |
Elevance Health, Inc. | 11,096 | 5,040,247 | |
HCA Healthcare, Inc. | 9,958 | 1,830,181 | |
Henry Schein, Inc.* | 6,238 | 410,273 | |
Humana, Inc. | 5,854 | 2,840,302 | |
Laboratory Corp. of America Holdings | 4,195 | 859,178 | |
McKesson Corp. | 6,648 | 2,259,456 | |
Molina Healthcare, Inc.* | 2,689 | 886,940 | |
Quest Diagnostics, Inc. | 5,298 | 650,011 | |
UnitedHealth Group, Inc. | 43,247 | 21,841,465 | |
Universal Health Services, Inc. "B" | 2,927 | 258,103 | |
50,678,825 | |||
Life Sciences Tools & Services 1.9% | |||
Agilent Technologies, Inc. | 13,803 | 1,677,755 |
Bio-Rad Laboratories, Inc. "A"* | 984 | 410,466 | |
Bio-Techne Corp. | 1,801 | 511,484 | |
Charles River Laboratories International, Inc.* | 2,417 | 475,666 | |
Danaher Corp. | 30,272 | 7,818,955 | |
Illumina, Inc.* | 7,300 | 1,392,767 | |
IQVIA Holdings, Inc.* | 8,632 | 1,563,600 | |
Mettler-Toledo International, Inc.* | 1,038 | 1,125,317 | |
PerkinElmer, Inc. | 5,776 | 695,026 | |
Thermo Fisher Scientific, Inc. | 18,115 | 9,187,747 | |
Waters Corp.* | 2,718 | 732,582 | |
West Pharmaceutical Services, Inc. | 3,429 | 843,808 | |
26,435,173 | |||
Pharmaceuticals 4.5% | |||
Bristol-Myers Squibb Co. | 98,771 | 7,021,630 | |
Catalent, Inc.* | 8,310 | 601,312 | |
Eli Lilly & Co. | 36,461 | 11,789,664 | |
Johnson & Johnson | 121,569 | 19,859,512 | |
Merck & Co., Inc. | 117,133 | 10,087,494 | |
Organon & Co. | 11,277 | 263,882 | |
Pfizer, Inc. | 259,507 | 11,356,026 | |
Viatris, Inc. | 55,400 | 472,008 | |
Zoetis, Inc. | 21,678 | 3,214,631 | |
64,666,159 | |||
Industrials 7.7% | |||
Aerospace & Defense 1.6% | |||
Boeing Co.* | 25,791 | 3,122,774 | |
General Dynamics Corp. | 10,402 | 2,206,992 | |
Howmet Aerospace, Inc. | 17,491 | 540,997 | |
Huntington Ingalls Industries, Inc. | 1,814 | 401,801 | |
L3Harris Technologies, Inc. | 8,839 | 1,837,010 | |
Lockheed Martin Corp. | 10,911 | 4,214,810 | |
Northrop Grumman Corp. | 6,722 | 3,161,491 | |
Raytheon Technologies Corp. | 68,276 | 5,589,073 | |
Textron, Inc. | 9,717 | 566,113 | |
TransDigm Group, Inc. | 2,377 | 1,247,497 | |
22,888,558 | |||
Air Freight & Logistics 0.6% | |||
C.H. Robinson Worldwide, Inc. | 5,706 | 549,545 | |
Expeditors International of Washington, Inc. | 7,567 | 668,242 | |
FedEx Corp. | 10,998 | 1,632,873 | |
United Parcel Service, Inc. "B" | 33,835 | 5,465,706 | |
8,316,366 | |||
Airlines 0.2% | |||
Alaska Air Group, Inc.* | 5,698 | 223,077 | |
American Airlines Group, Inc.* | 29,356 | 353,446 | |
Delta Air Lines, Inc.* | 29,834 | 837,142 | |
Southwest Airlines Co.* | 27,617 | 851,708 | |
United Airlines Holdings, Inc.* | 15,507 | 504,443 | |
2,769,816 | |||
Building Products 0.4% | |||
A.O. Smith Corp. | 5,909 | 287,059 | |
Allegion PLC | 4,085 | 366,343 | |
Carrier Global Corp. | 38,942 | 1,384,778 | |
Fortune Brands Home & Security, Inc. | 6,135 | 329,388 | |
Johnson Controls International PLC | 31,836 | 1,566,968 |
Masco Corp. | 10,441 | 487,490 | |
Trane Technologies PLC | 10,708 | 1,550,625 | |
5,972,651 | |||
Commercial Services & Supplies 0.5% | |||
Cintas Corp. | 3,969 | 1,540,726 | |
Copart, Inc.* | 9,909 | 1,054,318 | |
Republic Services, Inc. | 9,477 | 1,289,251 | |
Rollins, Inc. | 10,874 | 377,110 | |
Waste Management, Inc. | 17,383 | 2,784,931 | |
7,046,336 | |||
Construction & Engineering 0.0% | |||
Quanta Services, Inc. | 6,592 | 839,755 | |
Electrical Equipment 0.5% | |||
AMETEK, Inc. | 10,657 | 1,208,610 | |
Eaton Corp. PLC | 18,452 | 2,460,759 | |
Emerson Electric Co. | 27,318 | 2,000,224 | |
Generac Holdings, Inc.* (a) | 2,990 | 532,639 | |
Rockwell Automation, Inc. | 5,312 | 1,142,664 | |
7,344,896 | |||
Industrial Conglomerates 0.8% | |||
3M Co. | 25,838 | 2,855,099 | |
General Electric Co. | 50,716 | 3,139,828 | |
Honeywell International, Inc. | 31,159 | 5,202,618 | |
11,197,545 | |||
Machinery 1.6% | |||
Caterpillar, Inc. | 24,413 | 4,005,685 | |
Cummins, Inc. | 6,499 | 1,322,612 | |
Deere & Co. | 12,856 | 4,292,490 | |
Dover Corp. | 6,641 | 774,208 | |
Fortive Corp. | 16,601 | 967,838 | |
IDEX Corp. | 3,520 | 703,472 | |
Illinois Tool Works, Inc. | 13,062 | 2,359,650 | |
Ingersoll Rand, Inc. | 18,449 | 798,104 | |
Nordson Corp. | 2,484 | 527,279 | |
Otis Worldwide Corp. | 19,370 | 1,235,806 | |
PACCAR, Inc. | 16,096 | 1,347,074 | |
Parker-Hannifin Corp. | 5,890 | 1,427,206 | |
Pentair PLC | 7,446 | 302,531 | |
Snap-on, Inc. | 2,527 | 508,811 | |
Stanley Black & Decker, Inc. | 6,770 | 509,172 | |
Westinghouse Air Brake Technologies Corp. | 8,307 | 675,774 | |
Xylem, Inc. | 8,298 | 724,913 | |
22,482,625 | |||
Professional Services 0.4% | |||
CoStar Group, Inc.* | 18,293 | 1,274,107 | |
Equifax, Inc. | 5,689 | 975,265 | |
Jacobs Solutions, Inc. | 5,947 | 645,190 | |
Leidos Holdings, Inc. | 6,429 | 562,345 | |
Nielsen Holdings PLC | 16,905 | 468,607 | |
Robert Half International, Inc. | 5,183 | 396,499 | |
Verisk Analytics, Inc. | 7,268 | 1,239,412 | |
5,561,425 | |||
Road & Rail 0.9% | |||
CSX Corp. | 99,209 | 2,642,928 | |
J.B. Hunt Transport Services, Inc. | 3,844 | 601,278 |
Norfolk Southern Corp. | 10,890 | 2,283,089 | |
Old Dominion Freight Line, Inc. | 4,210 | 1,047,322 | |
Union Pacific Corp. | 28,888 | 5,627,960 | |
12,202,577 | |||
Trading Companies & Distributors 0.2% | |||
Fastenal Co. | 26,695 | 1,229,038 | |
United Rentals, Inc.* | 3,245 | 876,539 | |
W.W. Grainger, Inc. | 2,095 | 1,024,853 | |
3,130,430 | |||
Information Technology 25.9% | |||
Communications Equipment 0.8% | |||
Arista Networks, Inc.* | 11,402 | 1,287,172 | |
Cisco Systems, Inc. | 191,483 | 7,659,320 | |
F5, Inc.* | 2,761 | 399,599 | |
Juniper Networks, Inc. | 14,716 | 384,382 | |
Motorola Solutions, Inc. | 7,736 | 1,732,632 | |
11,463,105 | |||
Electronic Equipment, Instruments & Components 0.6% | |||
Amphenol Corp. "A" | 27,601 | 1,848,163 | |
CDW Corp. | 6,269 | 978,466 | |
Corning, Inc. | 34,772 | 1,009,083 | |
Keysight Technologies, Inc.* | 8,318 | 1,308,920 | |
TE Connectivity Ltd. | 14,811 | 1,634,542 | |
Teledyne Technologies, Inc.* | 2,158 | 728,260 | |
Trimble, Inc.* | 11,536 | 626,059 | |
Zebra Technologies Corp. "A"* | 2,377 | 622,798 | |
8,756,291 | |||
IT Services 4.3% | |||
Accenture PLC "A" | 29,250 | 7,526,025 | |
Akamai Technologies, Inc.* | 7,183 | 576,939 | |
Automatic Data Processing, Inc. | 19,217 | 4,346,693 | |
Broadridge Financial Solutions, Inc. | 5,504 | 794,337 | |
Cognizant Technology Solutions Corp. "A" | 24,011 | 1,379,192 | |
DXC Technology Co.* | 10,390 | 254,347 | |
EPAM Systems, Inc.* | 2,618 | 948,213 | |
Fidelity National Information Services, Inc. | 28,136 | 2,126,238 | |
Fiserv, Inc.* | 29,561 | 2,766,023 | |
FleetCor Technologies, Inc.* | 3,490 | 614,833 | |
Gartner, Inc.* | 3,665 | 1,014,069 | |
Global Payments, Inc. | 12,814 | 1,384,553 | |
International Business Machines Corp. | 41,779 | 4,963,763 | |
Jack Henry & Associates, Inc. | 3,317 | 604,590 | |
Mastercard, Inc. "A" | 39,457 | 11,219,203 | |
Paychex, Inc. | 14,757 | 1,655,883 | |
PayPal Holdings, Inc.* | 53,457 | 4,601,044 | |
VeriSign, Inc.* | 4,276 | 742,741 | |
Visa, Inc. "A" | 75,608 | 13,431,761 | |
60,950,447 | |||
Semiconductors & Semiconductor Equipment 4.7% | |||
Advanced Micro Devices, Inc.* | 74,637 | 4,729,000 | |
Analog Devices, Inc. | 24,057 | 3,352,102 | |
Applied Materials, Inc. | 40,262 | 3,298,666 | |
Broadcom, Inc. | 18,674 | 8,291,443 | |
Enphase Energy, Inc.* | 6,255 | 1,735,575 | |
Intel Corp. | 189,881 | 4,893,233 |
KLA Corp. | 6,569 | 1,987,977 | |
Lam Research Corp. | 6,340 | 2,320,440 | |
Microchip Technology, Inc. | 25,615 | 1,563,283 | |
Micron Technology, Inc. | 51,019 | 2,556,052 | |
Monolithic Power Systems, Inc. | 2,058 | 747,877 | |
NVIDIA Corp. | 115,781 | 14,054,656 | |
NXP Semiconductors NV | 12,096 | 1,784,281 | |
ON Semiconductor Corp.* | 19,899 | 1,240,305 | |
Qorvo, Inc.* | 4,667 | 370,606 | |
QUALCOMM, Inc. | 51,933 | 5,867,390 | |
Skyworks Solutions, Inc. | 7,323 | 624,432 | |
SolarEdge Technologies, Inc.* | 2,589 | 599,250 | |
Teradyne, Inc. | 7,193 | 540,554 | |
Texas Instruments, Inc. | 42,259 | 6,540,848 | |
67,097,970 | |||
Software 8.4% | |||
Adobe, Inc.* | 21,637 | 5,954,502 | |
ANSYS, Inc.* | 4,079 | 904,314 | |
Autodesk, Inc.* | 10,043 | 1,876,032 | |
Cadence Design Systems, Inc.* | 12,666 | 2,070,004 | |
Ceridian HCM Holding, Inc.* | 7,057 | 394,345 | |
Citrix Systems, Inc. | 5,694 | 592,176 | |
Fortinet, Inc.* | 30,273 | 1,487,313 | |
Intuit, Inc. | 13,039 | 5,050,266 | |
Microsoft Corp. | 344,784 | 80,300,194 | |
NortonLifeLock, Inc. | 26,927 | 542,310 | |
Oracle Corp. | 70,242 | 4,289,679 | |
Paycom Software, Inc.* | 2,272 | 749,737 | |
PTC, Inc.* | 5,014 | 524,464 | |
Roper Technologies, Inc. | 4,877 | 1,753,964 | |
Salesforce, Inc.* | 46,007 | 6,617,647 | |
ServiceNow, Inc.* | 9,363 | 3,535,563 | |
Synopsys, Inc.* | 7,075 | 2,161,483 | |
Tyler Technologies, Inc.* | 1,905 | 661,988 | |
119,465,981 | |||
Technology Hardware, Storage & Peripherals 7.1% | |||
Apple, Inc. | 698,442 | 96,524,685 | |
Hewlett Packard Enterprise Co. | 59,455 | 712,271 | |
HP, Inc. | 42,245 | 1,052,745 | |
NetApp, Inc. | 10,181 | 629,695 | |
Seagate Technology Holdings PLC | 8,843 | 470,713 | |
Western Digital Corp.* | 14,791 | 481,447 | |
99,871,556 | |||
Materials 2.5% | |||
Chemicals 1.8% | |||
Air Products & Chemicals, Inc. | 10,238 | 2,382,690 | |
Albemarle Corp. | 5,405 | 1,429,298 | |
Celanese Corp. | 4,614 | 416,829 | |
CF Industries Holdings, Inc. | 9,214 | 886,847 | |
Corteva, Inc. | 33,217 | 1,898,352 | |
Dow, Inc. | 33,218 | 1,459,267 | |
DuPont de Nemours, Inc. | 23,270 | 1,172,808 | |
Eastman Chemical Co. | 5,770 | 409,959 | |
Ecolab, Inc. | 11,461 | 1,655,198 | |
FMC Corp. | 5,735 | 606,190 | |
International Flavors & Fragrances, Inc. | 11,774 | 1,069,432 |
Linde PLC | 23,051 | 6,214,319 | |
LyondellBasell Industries NV "A" | 11,788 | 887,401 | |
PPG Industries, Inc. | 10,805 | 1,196,005 | |
Sherwin-Williams Co. | 10,910 | 2,233,822 | |
The Mosaic Co. | 15,962 | 771,443 | |
24,689,860 | |||
Construction Materials 0.1% | |||
Martin Marietta Materials, Inc. | 2,890 | 930,840 | |
Vulcan Materials Co. | 6,155 | 970,705 | |
1,901,545 | |||
Containers & Packaging 0.3% | |||
Amcor PLC | 70,217 | 753,428 | |
Avery Dennison Corp. | 3,678 | 598,411 | |
Ball Corp. | 14,541 | 702,621 | |
International Paper Co. | 16,592 | 525,966 | |
Packaging Corp. of America | 4,283 | 480,938 | |
Sealed Air Corp. | 6,589 | 293,276 | |
Westrock Co. | 11,787 | 364,101 | |
3,718,741 | |||
Metals & Mining 0.3% | |||
Freeport-McMoRan, Inc. | 66,345 | 1,813,209 | |
Newmont Corp. | 36,492 | 1,533,759 | |
Nucor Corp. | 12,119 | 1,296,612 | |
4,643,580 | |||
Real Estate 2.8% | |||
Equity Real Estate Investment Trusts (REITs) 2.7% | |||
Alexandria Real Estate Equities, Inc. | 6,865 | 962,404 | |
American Tower Corp. | 21,553 | 4,627,429 | |
AvalonBay Communities, Inc. | 6,434 | 1,185,079 | |
Boston Properties, Inc. | 6,520 | 488,804 | |
Camden Property Trust | 4,900 | 585,305 | |
Crown Castle, Inc. | 20,052 | 2,898,517 | |
Digital Realty Trust, Inc. | 13,194 | 1,308,581 | |
Duke Realty Corp. | 17,691 | 852,706 | |
Equinix, Inc. | 4,206 | 2,392,541 | |
Equity Residential | 15,611 | 1,049,371 | |
Essex Property Trust, Inc. | 3,007 | 728,386 | |
Extra Space Storage, Inc. | 6,115 | 1,056,122 | |
Federal Realty Investment Trust | 3,378 | 304,425 | |
Healthpeak Properties, Inc. | 24,769 | 567,706 | |
Host Hotels & Resorts, Inc. | 32,660 | 518,641 | |
Invitation Homes, Inc. | 27,033 | 912,904 | |
Iron Mountain, Inc. | 13,268 | 583,394 | |
Kimco Realty Corp. | 28,393 | 522,715 | |
Mid-America Apartment Communities, Inc. | 5,302 | 822,181 | |
Prologis, Inc. | 34,260 | 3,480,816 | |
Public Storage | 7,319 | 2,143,076 | |
Realty Income Corp. | 28,692 | 1,669,874 | |
Regency Centers Corp. | 7,016 | 377,812 | |
SBA Communications Corp. | 4,976 | 1,416,418 | |
Simon Property Group, Inc. | 15,064 | 1,351,994 | |
UDR, Inc. | 14,417 | 601,333 | |
Ventas, Inc. | 18,624 | 748,126 | |
VICI Properties, Inc. | 44,469 | 1,327,400 | |
Vornado Realty Trust | 7,444 | 172,403 |
Welltower, Inc. | 21,584 | 1,388,283 | |
Weyerhaeuser Co. | 34,330 | 980,465 | |
38,025,211 | |||
Real Estate Management & Development 0.1% | |||
CBRE Group, Inc. "A"* | 14,913 | 1,006,777 | |
Utilities 3.1% | |||
Electric Utilities 2.0% | |||
Alliant Energy Corp. | 11,479 | 608,272 | |
American Electric Power Co., Inc. | 23,604 | 2,040,566 | |
Constellation Energy Corp. (a) | 15,097 | 1,255,920 | |
Duke Energy Corp. | 35,532 | 3,305,187 | |
Edison International | 17,757 | 1,004,691 | |
Entergy Corp. | 9,394 | 945,318 | |
Evergy, Inc. | 10,736 | 637,718 | |
Eversource Energy | 16,175 | 1,261,003 | |
Exelon Corp. (a) | 45,839 | 1,717,129 | |
FirstEnergy Corp. | 24,954 | 923,298 | |
NextEra Energy, Inc. | 90,795 | 7,119,236 | |
NRG Energy, Inc. | 11,145 | 426,519 | |
PG&E Corp.* | 74,389 | 929,863 | |
Pinnacle West Capital Corp. | 5,424 | 349,902 | |
PPL Corp. | 34,018 | 862,356 | |
Southern Co. | 48,979 | 3,330,572 | |
Xcel Energy, Inc. | 25,474 | 1,630,336 | |
28,347,886 | |||
Gas Utilities 0.0% | |||
Atmos Energy Corp. | 6,441 | 656,016 | |
Independent Power & Renewable Electricity Producers 0.1% | |||
AES Corp. | 31,450 | 710,770 | |
Multi-Utilities 0.9% | |||
Ameren Corp. | 12,083 | 973,286 | |
CenterPoint Energy, Inc. | 29,048 | 818,573 | |
CMS Energy Corp. | 13,388 | 779,717 | |
Consolidated Edison, Inc. | 16,431 | 1,409,122 | |
Dominion Energy, Inc. | 38,391 | 2,653,202 | |
DTE Energy Co. | 9,005 | 1,036,025 | |
NiSource, Inc. | 18,567 | 467,703 | |
Public Service Enterprise Group, Inc. | 23,035 | 1,295,258 | |
Sempra Energy | 14,492 | 2,172,930 | |
WEC Energy Group, Inc. | 14,556 | 1,301,743 | |
12,907,559 | |||
Water Utilities 0.1% | |||
American Water Works Co., Inc. | 8,342 | 1,085,795 | |
Total Common Stocks (Cost $429,037,530) | 1,394,152,907 |
Principal Amount ($) | Value ($) | ||
Government & Agency Obligations 0.2% | |||
U.S. Treasury Obligations | |||
U.S. Treasury Bills, 0.323% (b), 11/25/2022 (c) (Cost $2,652,604) | 2,660,000 | 2,648,981 |
Shares | Value ($) | ||
Securities Lending Collateral 0.2% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 2.79% (d) (e) (Cost $3,192,329) | 3,192,329 | 3,192,329 | |
Cash Equivalents 1.6% | |||
DWS Central Cash Management Government Fund, 2.84% (d) (Cost $22,389,681) | 22,389,681 | 22,389,681 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $457,272,144) | 100.3 | 1,422,383,898 | |
Other Assets and Liabilities, Net | (0.3) | (4,228,435) | |
Net Assets | 100.0 | 1,418,155,463 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended September 30, 2022 are as follows:
Value ($) at 12/31/2021 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 9/30/2022 | Value ($) at 9/30/2022 |
Securities Lending Collateral 0.2% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 2.79% (d) (e) | ||||||||
12,413,546 | — | 9,221,217 (f) | — | — | 6,357 | — | 3,192,329 | 3,192,329 |
Cash Equivalents 1.6% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 2.84% (d) | ||||||||
25,082,012 | 140,474,516 | 143,166,847 | — | — | 97,269 | — | 22,389,681 | 22,389,681 |
37,495,558 | 140,474,516 | 152,388,064 | — | — | 103,626 | — | 25,582,010 | 25,582,010 |
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at September 30, 2022 amounted to $2,922,436, which is 0.2% of net assets. |
(b) | Annualized yield at time of purchase; not a coupon rate. |
(c) | At September 30, 2022, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended September 30, 2022. |
At September 30, 2022, open futures contracts purchased were as follows:
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Depreciation ($) |
S&P 500 E-Mini Index | USD | 12/16/2022 | 133 | 26,180,026 | 23,949,975 | (2,230,051) |
Currency Abbreviation(s)
USD | United States Dollar |
Fair Value Measurements
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of September 30, 2022 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Communication Services | $112,410,713 | $— | $— | $112,410,713 |
Consumer Discretionary | 163,194,277 | — | — | 163,194,277 |
Consumer Staples | 95,827,997 | — | — | 95,827,997 |
Energy | 64,025,422 | — | — | 64,025,422 |
Financials | 153,265,126 | — | — | 153,265,126 |
Health Care | 210,377,302 | — | — | 210,377,302 |
Industrials | 109,752,980 | — | — | 109,752,980 |
Information Technology | 367,013,174 | 592,176 | — | 367,605,350 |
Materials | 34,953,726 | — | — | 34,953,726 |
Real Estate | 39,031,988 | — | — | 39,031,988 |
Utilities | 43,708,026 | — | — | 43,708,026 |
Government & Agency Obligations | — | 2,648,981 | — | 2,648,981 |
Short-Term Investments (a) | 25,582,010 | — | — | 25,582,010 |
Total | $1,419,142,741 | $3,241,157 | $— | $1,422,383,898 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | ||||
Futures Contracts | $(2,230,051) | $— | $— | $(2,230,051) |
Total | $(2,230,051) | $— | $— | $(2,230,051) |
(a) | See Investment Portfolio for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
Derivatives
The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of September 30, 2022 categorized by the primary underlying risk exposure.
Primary Underlying Risk Disclosure | Futures Contracts |
Equity Contracts | $ (2,230,051) |
OBTAIN AN OPEN-END FUND PROSPECTUS
To obtain a summary prospectus, if available, or prospectus, download one from fundsus.dws.com, talk to your financial representative or call (800) 728-3337. We advise you to carefully consider the product's objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest.
CLOSED-END FUNDS
Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.
NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE
DE500-PH3
R-080548-1 (1/23)