Investment Portfolioas of January 31, 2023 (Unaudited)
DWS Science and Technology Fund
Shares | Value ($) | ||
Common Stocks 94.6% | |||
Communication Services 12.5% | |||
Entertainment 0.4% | |||
Spotify Technology SA* | 31,753 | 3,579,198 | |
Interactive Media & Services 12.1% | |||
Alphabet, Inc. “A”* | 667,474 | 66,294,669 | |
Match Group, Inc.* | 98,155 | 5,312,149 | |
Meta Platforms, Inc. “A”* | 308,099 | 45,897,508 | |
117,504,326 | |||
Consumer Discretionary 5.8% | |||
Internet & Direct Marketing Retail | |||
Amazon.com, Inc.* | 540,608 | 55,752,903 | |
Health Care 3.1% | |||
Biotechnology 0.0% | |||
ViaCyte, Inc.* (a) | 2,585 | 59 | |
Health Care Equipment & Supplies 0.5% | |||
DexCom, Inc.* | 42,550 | 4,556,680 | |
Life Sciences Tools & Services 1.6% | |||
Danaher Corp. | 18,722 | 4,949,722 | |
Illumina, Inc.* | 20,163 | 4,318,915 | |
Thermo Fisher Scientific, Inc. | 11,048 | 6,301,006 | |
15,569,643 | |||
Pharmaceuticals 1.0% | |||
Eli Lilly & Co. | 29,196 | 10,047,803 | |
Industrials 3.4% | |||
Aerospace & Defense 0.7% | |||
BWX Technologies, Inc. | 106,030 | 6,452,986 | |
Industrial Conglomerates 0.7% | |||
Honeywell International, Inc. | 33,576 | 6,999,924 | |
Professional Services 1.1% | |||
Verisk Analytics, Inc. | 59,900 | 10,889,221 | |
Road & Rail 0.9% | |||
Uber Technologies, Inc.* | 267,187 | 8,264,094 | |
Information Technology 69.8% | |||
Communications Equipment 4.4% | |||
Ciena Corp.* | 289,911 | 15,081,170 | |
F5, Inc.* | 36,587 | 5,402,436 |
Lumentum Holdings, Inc.* | 55,865 | 3,361,956 | |
Motorola Solutions, Inc. | 71,745 | 18,439,183 | |
42,284,745 | |||
IT Services 15.1% | |||
Automatic Data Processing, Inc. | 67,812 | 15,312,628 | |
Cloudflare, Inc. “A”* | 71,437 | 3,779,732 | |
EPAM Systems, Inc.* | 25,805 | 8,584,033 | |
Fidelity National Information Services, Inc. | 125,013 | 9,380,975 | |
Globant SA* | 27,226 | 4,415,513 | |
Mastercard, Inc. “A” | 135,555 | 50,236,683 | |
Twilio, Inc. “A”* | 44,476 | 2,661,444 | |
Visa, Inc. “A” | 221,815 | 51,064,031 | |
145,435,039 | |||
Semiconductors & Semiconductor Equipment 18.3% | |||
Advanced Micro Devices, Inc.* | 223,815 | 16,819,697 | |
Analog Devices, Inc. | 124,724 | 21,386,424 | |
ASML Holding NV (Registered) | 11,566 | 7,643,276 | |
Broadcom, Inc. | 30,538 | 17,865,035 | |
Intel Corp. | 104,200 | 2,944,692 | |
Lam Research Corp. | 29,794 | 14,899,979 | |
MACOM Technology Solutions Holdings, Inc.* | 79,877 | 5,353,357 | |
Marvell Technology, Inc. | 85,061 | 3,670,382 | |
MKS Instruments, Inc. | 135,730 | 13,887,894 | |
NVIDIA Corp. | 298,056 | 58,231,201 | |
Skyworks Solutions, Inc. | 71,542 | 7,846,011 | |
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 66,381 | 6,155,510 | |
176,703,458 | |||
Software 23.9% | |||
Adobe, Inc.* | 30,662 | 11,355,365 | |
Aspen Technology, Inc.* | 82,573 | 16,411,384 | |
Atlassian Corp. “A”* | 18,407 | 2,974,939 | |
Box, Inc. “A”* | 411,845 | 13,174,922 | |
Five9, Inc.* | 70,493 | 5,553,438 | |
Fortinet, Inc.* | 138,420 | 7,244,903 | |
HashiCorp, Inc. “A”* | 60,743 | 1,954,710 | |
Intuit, Inc. | 39,926 | 16,875,522 | |
Microsoft Corp. | 286,410 | 70,975,262 | |
Paylocity Holding Corp.* | 50,648 | 10,549,472 | |
Salesforce, Inc.* | 114,439 | 19,222,319 | |
ServiceNow, Inc.* | 31,930 | 14,532,301 | |
Synopsys, Inc.* | 57,353 | 20,288,624 | |
Tenable Holdings, Inc.* | 204,318 | 8,219,713 | |
Workiva, Inc.* | 131,683 | 11,394,530 | |
230,727,404 | |||
Technology Hardware, Storage & Peripherals 8.1% | |||
Apple, Inc. | 473,308 | 68,293,611 | |
NetApp, Inc. | 70,531 | 4,671,268 | |
Super Micro Computer, Inc.* | 76,700 | 5,547,711 | |
78,512,590 | |||
Total Common Stocks (Cost $486,934,280) | 913,280,073 | ||
Other Investments 0.0% | |||
Adams Capital Management III LP (1.2% limited partnership interest)* (b) | — | 25,140 |
Adams Capital Management LP (3.6% limited partnership interest)* (b) | — | 30,224 | |
Geocapital IV, L.P. (2.9% limited partnership interest)* (b) | — | 10,110 | |
Total Other Investments (Cost $5,892,966) | 65,474 | ||
Preferred Stocks 0.0% | |||
Health Care | |||
Biotechnology | |||
ViaCyte, Inc., Series A* (a) | 4,853 | 111 | |
ViaCyte, Inc., Series B* (a) | 4,557 | 104 | |
ViaCyte, Inc., Series C* (a) | 772 | 18 | |
Total Preferred Stocks (Cost $0) | 233 | ||
Cash Equivalents 5.5% | |||
DWS Central Cash Management Government Fund, 4.26% (c) (Cost $53,371,577) | 53,371,577 | 53,371,577 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $546,198,823) | 100.1 | 966,717,357 | |
Other Assets and Liabilities, Net | (0.1) | (1,032,090) | |
Net Assets | 100.0 | 965,685,267 |
For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended January 31, 2023 are as follows:
Value ($) at 10/31/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 1/31/2023 | Value ($) at 1/31/2023 |
Securities Lending Collateral 0.0% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.12% (c) (d) | ||||||||
— | 0 (e) | — | — | — | 146 | — | — | — |
Cash Equivalents 5.5% | ||||||||
DWS Central Cash Management Government Fund, 4.26% (c) | ||||||||
31,478,882 | 62,940,665 | 41,047,970 | — | — | 526,826 | — | 53,371,577 | 53,371,577 |
31,478,882 | 62,940,665 | 41,047,970 | — | — | 526,972 | — | 53,371,577 | 53,371,577 |
* | Non-income producing security. |
(a) | Investment was valued using significant unobservable inputs. |
(b) | The Fund may purchase securities that are subject to legal or contractual restrictions on resale ("restricted securities"). Restricted securities are securities which have not been registered with the Securities and Exchange Commission under the Securities Act of 1933. The Fund may be unable to sell a restricted security and it may be more difficult to determine a market value for a restricted security. Moreover, if adverse market conditions were to develop during the period between the Fund's decision to sell a restricted security and the point at which the Fund is permitted or able to sell such security, the Fund might obtain a price less favorable than the price that prevailed when it decided to sell. This investment practice, therefore, could have the effect of increasing the level of illiquidity of the Fund. The future value of these securities is uncertain and there may be changes in the estimated value of these securities. |
Schedule of Restricted Securities | Acquisition Date | Cost ($) | Value ($) | Value as % of Net Assets |
Adams Capital Management III LP** | October 1997 to April 2008 | 4,029,217 | 25,140 | 0.0 |
Schedule of Restricted Securities | Acquisition Date | Cost ($) | Value ($) | Value as % of Net Assets |
Adams Capital Management LP** | August 2000 to November 2000 | 1,863,749 | 30,224 | 0.0 |
Geocapital IV, L.P.** | April 1996 to March 2000 | 0 | 10,110 | 0.0 |
Total Restricted Securities | 5,892,966 | 65,474 | 0.0 |
** | These securities represent venture capital funds. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended January 31, 2023. |
ADR: American Depositary Receipt |
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 January 31, 2023 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | ||||
Communication Services | $121,083,524 | $— | $— | $121,083,524 |
Consumer Discretionary | 55,752,903 | — | — | 55,752,903 |
Health Care | 30,174,126 | — | 59 | 30,174,185 |
Industrials | 32,606,225 | — | — | 32,606,225 |
Information Technology | 673,663,236 | — | — | 673,663,236 |
Other Investments (b) | — | — | — | 65,474 |
Preferred Stocks | — | — | 233 | 233 |
Short-Term Investments | 53,371,577 | — | — | 53,371,577 |
Total | $966,651,591 | $— | $292 | $966,717,357 |
(a) | See Investment Portfolio for additional detailed categorizations. |
(b) | Investments measured at NAV as a practical expedient. |
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
DSTF-PH1
R-080548-2 (1/25)