Investment Portfolioas of December 31, 2022 (Unaudited)
DWS Small Cap Core Fund
Shares | Value ($) | ||
Common Stocks 84.4% | |||
Communication Services 3.9% | |||
Diversified Telecommunication Services 2.4% | |||
IDT Corp. "B"* | 125,000 | 3,521,250 | |
Iridium Communications, Inc. | 150,000 | 7,710,000 | |
Liberty Latin America Ltd. "C"* | 51,111 | 388,444 | |
11,619,694 | |||
Interactive Media & Services 1.0% | |||
Ziff Davis, Inc.* | 65,000 | 5,141,500 | |
Media 0.5% | |||
Thryv Holdings, Inc.* | 125,000 | 2,375,000 | |
Consumer Discretionary 7.0% | |||
Auto Components 0.5% | |||
Linamar Corp. | 50,000 | 2,263,663 | |
Diversified Consumer Services 2.7% | |||
Stride, Inc.* | 425,000 | 13,294,000 | |
Hotels, Restaurants & Leisure 1.7% | |||
International Game Technology PLC | 175,000 | 3,969,000 | |
Papa John's International, Inc. | 55,000 | 4,527,050 | |
8,496,050 | |||
Household Durables 1.7% | |||
Installed Building Products, Inc. | 65,000 | 5,564,000 | |
LGI Homes, Inc.* | 30,000 | 2,778,000 | |
8,342,000 | |||
Specialty Retail 0.4% | |||
Camping World Holdings, Inc. "A" (a) | 100,000 | 2,232,000 | |
Consumer Staples 0.8% | |||
Personal Products | |||
Medifast, Inc. | 34,000 | 3,921,900 | |
Energy 11.0% | |||
Energy Equipment & Services 0.5% | |||
Liberty Energy, Inc. | 150,000 | 2,401,500 | |
Oil, Gas & Consumable Fuels 10.5% | |||
Antero Resources Corp.* | 300,000 | 9,297,000 | |
Arch Resources, Inc. | 40,000 | 5,711,600 | |
California Resources Corp. | 110,000 | 4,786,100 | |
Crescent Energy Co. "A" (a) | 645,000 | 7,733,550 | |
Kosmos Energy Ltd.* | 500,000 | 3,180,000 | |
Northern Oil and Gas, Inc. | 100,000 | 3,082,000 | |
PBF Energy, Inc. "A" | 140,000 | 5,709,200 |
PDC Energy, Inc. | 100,000 | 6,348,000 | |
Peabody Energy Corp.* | 225,000 | 5,944,500 | |
51,791,950 | |||
Financials 10.9% | |||
Banks 6.3% | |||
Cadence Bank | 172,500 | 4,253,850 | |
First BanCorp. | 475,000 | 6,042,000 | |
Frontier Acquisition Corp.* | 100,000 | 1,008,000 | |
Hancock Whitney Corp. | 85,000 | 4,113,150 | |
OFG Bancorp. | 340,000 | 9,370,400 | |
The Bancorp, Inc.* | 116,182 | 3,297,245 | |
UMB Financial Corp. | 35,000 | 2,923,200 | |
31,007,845 | |||
Capital Markets 1.7% | |||
Blucora, Inc.* | 248,858 | 6,353,345 | |
Moelis & Co. "A" | 50,000 | 1,918,500 | |
8,271,845 | |||
Insurance 0.6% | |||
Selective Insurance Group, Inc. | 35,000 | 3,101,350 | |
Thrifts & Mortgage Finance 2.3% | |||
Essent Group Ltd. | 150,000 | 5,832,000 | |
Walker & Dunlop, Inc. | 75,000 | 5,886,000 | |
11,718,000 | |||
Health Care 14.1% | |||
Biotechnology 0.8% | |||
BioAtla, Inc.* | 250,000 | 2,062,500 | |
Travere Therapeutics, Inc.* | 92,400 | 1,943,172 | |
4,005,672 | |||
Health Care Equipment & Supplies 1.5% | |||
Lantheus Holdings, Inc.* | 85,000 | 4,331,600 | |
Nevro Corp.* | 65,000 | 2,574,000 | |
OraSure Technologies, Inc.* | 150,000 | 723,000 | |
7,628,600 | |||
Health Care Providers & Services 9.2% | |||
AMN Healthcare Services, Inc.* | 50,000 | 5,141,000 | |
Brookdale Senior Living, Inc.* | 600,000 | 1,638,000 | |
Cross Country Healthcare, Inc.* | 650,000 | 17,270,500 | |
ModivCare, Inc.* | 45,000 | 4,037,850 | |
Molina Healthcare, Inc.* | 18,000 | 5,943,960 | |
Option Care Health, Inc.* | 175,000 | 5,265,750 | |
Owens & Minor, Inc.* | 130,000 | 2,538,900 | |
RadNet, Inc.* | 187,500 | 3,530,625 | |
45,366,585 | |||
Health Care Technology 0.5% | |||
Pear Therapeutics, Inc.* (a) | 350,000 | 413,000 | |
Teladoc Health, Inc.* | 100,000 | 2,365,000 | |
2,778,000 | |||
Life Sciences Tools & Services 0.8% | |||
Azenta, Inc.* | 60,000 | 3,493,200 | |
OmniAb, Inc.* | 98,001 | 352,803 | |
3,846,003 |
Pharmaceuticals 1.3% | |||
Axsome Therapeutics, Inc.* | 30,000 | 2,313,900 | |
Ligand Pharmaceuticals, Inc.* | 20,000 | 1,336,000 | |
Pacira BioSciences, Inc.* | 70,000 | 2,702,700 | |
6,352,600 | |||
Industrials 14.4% | |||
Aerospace & Defense 1.0% | |||
Ducommun, Inc.* | 95,000 | 4,746,200 | |
Building Products 3.1% | |||
AZEK Co., Inc.* | 200,000 | 4,064,000 | |
Builders FirstSource, Inc.* | 115,000 | 7,461,200 | |
Masonite International Corp.* | 50,000 | 4,030,500 | |
15,555,700 | |||
Commercial Services & Supplies 0.4% | |||
The Brink's Co. | 39,000 | 2,094,690 | |
Electrical Equipment 0.6% | |||
Allied Motion Technologies, Inc. | 25,000 | 870,250 | |
Thermon Group Holdings, Inc.* | 100,000 | 2,008,000 | |
2,878,250 | |||
Professional Services 0.2% | |||
Mistras Group, Inc.* | 156,100 | 769,573 | |
Trading Companies & Distributors 9.1% | |||
H&E Equipment Services, Inc. | 110,000 | 4,994,000 | |
Rush Enterprises, Inc. "A" | 100,000 | 5,228,000 | |
Titan Machinery, Inc.* | 200,000 | 7,946,000 | |
Veritiv Corp. | 180,000 | 21,907,800 | |
WESCO International, Inc.* | 40,000 | 5,008,000 | |
45,083,800 | |||
Information Technology 8.0% | |||
Communications Equipment 1.4% | |||
Calix, Inc.* | 100,000 | 6,843,000 | |
Electronic Equipment, Instruments & Components 0.2% | |||
Benchmark Electronics, Inc. | 44,075 | 1,176,362 | |
IT Services 1.7% | |||
Cantaloupe, Inc.* | 335,000 | 1,457,250 | |
EVERTEC, Inc. | 220,000 | 7,123,600 | |
8,580,850 | |||
Semiconductors & Semiconductor Equipment 1.3% | |||
Entegris, Inc. | 11,715 | 768,387 | |
Kulicke & Soffa Industries, Inc. | 125,000 | 5,532,500 | |
6,300,887 | |||
Software 3.4% | |||
Agilysys, Inc.* | 100,000 | 7,914,000 | |
Consensus Cloud Solutions, Inc.* | 26,666 | 1,433,564 | |
CoreCard Corp.* (a) | 19,005 | 550,575 | |
Verint Systems, Inc.* | 185,000 | 6,711,800 | |
16,609,939 |
Materials 4.9% | |||
Chemicals 1.3% | |||
Huntsman Corp. | 200,000 | 5,496,000 | |
Tronox Holdings PLC "A" | 70,000 | 959,700 | |
6,455,700 | |||
Metals & Mining 3.6% | |||
Alpha Metallurgical Resources, Inc. | 50,000 | 7,319,500 | |
Cleveland-Cliffs, Inc.* | 650,000 | 10,471,500 | |
17,791,000 | |||
Real Estate 4.8% | |||
Equity Real Estate Investment Trusts (REITs) | |||
Community Healthcare Trust, Inc. | 65,000 | 2,327,000 | |
Farmland Partners, Inc. | 650,000 | 8,099,000 | |
Phillips Edison & Co., Inc. | 200,000 | 6,368,000 | |
PotlatchDeltic Corp. | 46,000 | 2,023,540 | |
Veris Residential, Inc.* | 300,000 | 4,779,000 | |
23,596,540 | |||
Utilities 4.6% | |||
Electric Utilities | |||
IDACORP, Inc. | 100,000 | 10,785,000 | |
PNM Resources, Inc. | 250,000 | 12,197,500 | |
22,982,500 | |||
Total Common Stocks (Cost $297,758,562) | 417,420,748 | ||
Other Investments 0.0% | |||
ION Geophysical Corp. Escrow* | 1,133,000 | 124,630 | |
OmniAb, Inc. $12.50 Earnout* (b) (c) | 7,584 | 0 | |
OmniAb, Inc. $15.00 Earnout* (b) (c) | 7,584 | 0 | |
Total Other Investments (Cost $898,371) | 124,630 |
Contracts/ Notional Amount | Value ($) | ||
Put Options Purchased 3.1% | |||
Exchange-Traded Options | |||
iShares Russell 2000 ETF, Expiration Date 6/30/2023, Strike Price $175.0 | 1,000 100,000 | 1,195,000 | |
iShares Russell 2000 ETF, Expiration Date 12/15/2023, Strike Price $180.0 | 3,000 300,000 | 5,397,000 | |
iShares Russell 2000 ETF, Expiration Date 12/15/2023, Strike Price $170.0 | 3,000 300,000 | 4,089,000 | |
iShares Russell 2000 ETF, Expiration Date 12/15/2023, Strike Price $190.0 | 2,000 200,000 | 4,602,000 | |
Total Put Options Purchased (Cost $12,855,008) | 15,283,000 |
Shares | Value ($) | ||
Securities Lending Collateral 2.0% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) (Cost $9,655,131) | 9,655,131 | 9,655,131 |
Cash Equivalents 12.2% | |||
DWS Central Cash Management Government Fund, 4.2% (d) (Cost $60,346,645) | 60,346,645 | 60,346,645 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $381,513,717) | 101.7 | 502,830,154 | |
Other Assets and Liabilities, Net | (1.7) | (8,266,431) | |
Net Assets | 100.0 | 494,563,723 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended December 31, 2022 are as follows:
Value ($) at 9/30/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 12/31/2022 | Value ($) at 12/31/2022 |
Securities Lending Collateral 2.0% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) | ||||||||
12,818,779 | — | 3,163,648 (f) | — | — | 57,608 | — | 9,655,131 | 9,655,131 |
Cash Equivalents 12.2% | ||||||||
DWS Central Cash Management Government Fund, 4.2% (d) | ||||||||
42,283,024 | 57,007,915 | 38,944,294 | — | — | 482,303 | — | 60,346,645 | 60,346,645 |
55,101,803 | 57,007,915 | 42,107,942 | — | — | 539,911 | — | 70,001,776 | 70,001,776 |
* | 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 December 31, 2022 amounted to $9,335,398, which is 1.9% of net assets. |
(b) | Earnout Shares: Will vest based upon the achievement of certain volume-weighted average trading prices (VWAP) for shares of OmniAb Inc. Earnout Shares are not transferrable until the vesting condition for the applicable tranche of Earnout Shares has been achieved. |
(c) | Investment was valued using significant unobservable inputs. |
(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 December 31, 2022. |
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 December 31, 2022 in valuing the Fund’s investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $417,420,748 | $— | $— | $417,420,748 |
Other Investments | — | 124,630 | 0 | 124,630 |
Put Options Purchased | 15,283,000 | — | — | 15,283,000 |
Short-Term Investments (a) | 70,001,776 | — | — | 70,001,776 |
Total | $502,705,524 | $124,630 | $0 | $502,830,154 |
(a) | See Investment Portfolio for additional detailed categorizations. |
Derivatives
The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of December 31, 2022 categorized by the primary underlying risk exposure.
Primary Underlying Risk Disclosure | Options |
Equity Contracts | $ 2,427,992 |
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
DSCCF-PH1
R-080548-2 (1/25)