Investment Portfolioas of February 28, 2023 (Unaudited)
DWS ESG Core Equity Fund
Shares | Value ($) | ||
Common Stocks 98.4% | |||
Communication Services 7.1% | |||
Diversified Telecommunication Services 0.3% | |||
AT&T, Inc. | 24,666 | 466,434 | |
Entertainment 1.8% | |||
Take-Two Interactive Software, Inc.* | 6,321 | 692,466 | |
Walt Disney Co.* | 25,905 | 2,580,397 | |
Warner Bros Discovery, Inc.* | 5,967 | 93,204 | |
3,366,067 | |||
Interactive Media & Services 5.0% | |||
Alphabet, Inc. “A”* | 101,898 | 9,176,934 | |
Consumer Discretionary 11.5% | |||
Auto Components 0.9% | |||
Lear Corp. | 11,160 | 1,558,494 | |
Automobiles 1.1% | |||
Tesla, Inc.* | 9,758 | 2,007,318 | |
Hotels, Restaurants & Leisure 2.8% | |||
Hilton Worldwide Holdings, Inc. | 20,818 | 3,008,409 | |
Hyatt Hotels Corp. “A”* | 9,308 | 1,081,962 | |
Starbucks Corp. | 10,452 | 1,067,045 | |
5,157,416 | |||
Internet & Direct Marketing Retail 0.9% | |||
Amazon.com, Inc.* | 17,353 | 1,635,173 | |
Specialty Retail 3.2% | |||
Best Buy Co., Inc. | 20,972 | 1,742,983 | |
Five Below, Inc.* | 5,427 | 1,108,736 | |
Lowe's Companies, Inc. | 9,219 | 1,896,809 | |
TJX Companies, Inc. | 15,590 | 1,194,194 | |
5,942,722 | |||
Textiles, Apparel & Luxury Goods 2.6% | |||
NIKE, Inc. “B” | 25,214 | 2,995,171 | |
PVH Corp. | 8,301 | 666,073 | |
Tapestry, Inc. | 26,949 | 1,172,551 | |
4,833,795 | |||
Consumer Staples 6.1% | |||
Beverages 4.0% | |||
Keurig Dr Pepper, Inc. | 28,268 | 976,659 | |
Molson Coors Beverage Co. “B” | 25,991 | 1,382,461 | |
PepsiCo, Inc. | 28,799 | 4,997,491 | |
7,356,611 |
Food & Staples Retailing 0.9% | |||
Albertsons Cos., Inc. “A” | 79,731 | 1,585,052 | |
Food Products 0.5% | |||
Kellogg Co. | 13,322 | 878,453 | |
Personal Products 0.7% | |||
Coty, Inc. “A”* | 122,406 | 1,383,188 | |
Energy 4.9% | |||
Oil, Gas & Consumable Fuels | |||
Cheniere Energy, Inc. | 12,411 | 1,952,747 | |
Chevron Corp. | 8,621 | 1,385,998 | |
Exxon Mobil Corp. | 39,283 | 4,317,594 | |
HF Sinclair Corp. | 17,233 | 856,825 | |
Valero Energy Corp. | 4,433 | 583,959 | |
9,097,123 | |||
Financials 12.1% | |||
Banks 3.3% | |||
Bank of America Corp. | 84,932 | 2,913,167 | |
Citigroup, Inc. | 30,103 | 1,525,921 | |
JPMorgan Chase & Co. | 11,536 | 1,653,686 | |
6,092,774 | |||
Capital Markets 4.5% | |||
Ameriprise Financial, Inc. | 3,634 | 1,245,989 | |
KKR & Co., Inc. | 32,257 | 1,817,682 | |
MSCI, Inc. | 2,171 | 1,133,588 | |
The Goldman Sachs Group, Inc. | 8,012 | 2,817,420 | |
Tradeweb Markets, Inc. “A” | 16,064 | 1,138,777 | |
8,153,456 | |||
Consumer Finance 1.6% | |||
American Express Co. | 16,937 | 2,946,869 | |
Insurance 2.7% | |||
Allstate Corp. | 20,946 | 2,697,426 | |
Hartford Financial Services Group, Inc. | 29,374 | 2,299,396 | |
4,996,822 | |||
Health Care 13.9% | |||
Biotechnology 4.8% | |||
Amgen, Inc. | 14,979 | 3,470,035 | |
Biogen, Inc.* | 8,973 | 2,421,454 | |
Moderna, Inc.* | 7,936 | 1,101,596 | |
Vertex Pharmaceuticals, Inc.* | 6,191 | 1,797,186 | |
8,790,271 | |||
Health Care Equipment & Supplies 0.6% | |||
Hologic, Inc.* | 13,808 | 1,099,669 | |
Health Care Providers & Services 6.1% | |||
Centene Corp.* | 34,864 | 2,384,698 | |
Cigna Group | 16,674 | 4,870,475 | |
CVS Health Corp. | 9,392 | 784,608 |
HCA Healthcare, Inc. | 9,285 | 2,260,433 | |
Tenet Healthcare Corp.* | 15,848 | 927,583 | |
11,227,797 | |||
Pharmaceuticals 2.4% | |||
Bristol-Myers Squibb Co. | 38,288 | 2,640,340 | |
Merck & Co., Inc. | 16,112 | 1,711,739 | |
4,352,079 | |||
Industrials 8.5% | |||
Aerospace & Defense 0.5% | |||
Howmet Aerospace, Inc. | 21,633 | 912,480 | |
Air Freight & Logistics 1.7% | |||
United Parcel Service, Inc. “B” | 17,375 | 3,170,764 | |
Building Products 0.6% | |||
Owens Corning | 11,590 | 1,133,386 | |
Commercial Services & Supplies 1.2% | |||
Republic Services, Inc. | 17,833 | 2,299,209 | |
Electrical Equipment 1.0% | |||
ChargePoint Holdings, Inc.* (a) | 53,189 | 604,227 | |
Sunrun, Inc.* | 21,032 | 505,610 | |
Vertiv Holdings Co. | 42,341 | 688,041 | |
1,797,878 | |||
Industrial Conglomerates 2.2% | |||
General Electric Co. | 46,823 | 3,966,376 | |
Machinery 0.5% | |||
Deere & Co. | 2,119 | 888,369 | |
Professional Services 0.8% | |||
Verisk Analytics, Inc. | 8,942 | 1,530,066 | |
Information Technology 26.5% | |||
Communications Equipment 1.2% | |||
Cisco Systems, Inc. | 44,304 | 2,145,200 | |
IT Services 1.2% | |||
Fidelity National Information Services, Inc. | 11,026 | 698,718 | |
Mastercard, Inc. “A” | 2,114 | 751,083 | |
PayPal Holdings, Inc.* | 10,184 | 749,542 | |
2,199,343 | |||
Semiconductors & Semiconductor Equipment 4.4% | |||
Advanced Micro Devices, Inc.* | 14,738 | 1,158,112 | |
Enphase Energy, Inc.* | 3,546 | 746,539 | |
Lam Research Corp. | 2,177 | 1,058,044 | |
Micron Technology, Inc. | 28,437 | 1,644,227 | |
NVIDIA Corp. | 6,739 | 1,564,526 | |
QUALCOMM, Inc. | 6,083 | 751,433 | |
Skyworks Solutions, Inc. | 10,503 | 1,171,820 | |
8,094,701 | |||
Software 11.8% | |||
Adobe, Inc.* | 2,932 | 949,821 | |
Microsoft Corp. | 59,094 | 14,739,226 |
Oracle Corp. | 32,138 | 2,808,861 | |
Salesforce, Inc.* | 13,345 | 2,183,375 | |
Zoom Video Communications, Inc. “A”* | 12,752 | 951,172 | |
21,632,455 | |||
Technology Hardware, Storage & Peripherals 7.9% | |||
Apple, Inc. | 98,866 | 14,573,837 | |
Materials 2.4% | |||
Chemicals 2.0% | |||
DuPont de Nemours, Inc. | 29,339 | 2,142,627 | |
International Flavors & Fragrances, Inc. | 17,145 | 1,597,914 | |
3,740,541 | |||
Metals & Mining 0.4% | |||
Newmont Corp. | 17,014 | 741,981 | |
Real Estate 3.2% | |||
Equity Real Estate Investment Trusts (REITs) 3.0% | |||
Digital Realty Trust, Inc. | 9,411 | 980,908 | |
Iron Mountain, Inc. | 48,166 | 2,540,756 | |
Medical Properties Trust, Inc. (a) | 66,982 | 689,915 | |
VICI Properties, Inc. | 36,605 | 1,227,366 | |
5,438,945 | |||
Real Estate Management & Development 0.2% | |||
Opendoor Technologies, Inc.* (a) | 264,597 | 381,020 | |
Utilities 2.2% | |||
Multi-Utilities 0.5% | |||
Sempra Energy | 5,620 | 842,775 | |
Water Utilities 1.7% | |||
American Water Works Co., Inc. | 22,862 | 3,209,368 | |
Total Common Stocks (Cost $144,718,367) | 180,803,211 | ||
Securities Lending Collateral 0.7% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.39% (b) (c) (Cost $1,205,252) | 1,205,252 | 1,205,252 | |
Cash Equivalents 1.5% | |||
DWS Central Cash Management Government Fund, 4.51% (b) (Cost $2,749,010) | 2,749,010 | 2,749,010 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $148,672,629) | 100.6 | 184,757,473 | |
Other Assets and Liabilities, Net | (0.6) | (1,090,418) | |
Net Assets | 100.0 | 183,667,055 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 are as follows:
Value ($) at 11/30/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 2/28/2023 | Value ($) at 2/28/2023 |
Securities Lending Collateral 0.7% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.39% (b) (c) | ||||||||
— | 1,205,252 (d) | — | — | — | 2,526 | — | 1,205,252 | 1,205,252 |
Cash Equivalents 1.5% | ||||||||
DWS Central Cash Management Government Fund, 4.51% (b) | ||||||||
925,202 | 6,375,160 | 4,551,352 | — | — | 18,384 | — | 2,749,010 | 2,749,010 |
925,202 | 7,580,412 | 4,551,352 | — | — | 20,910 | — | 3,954,262 | 3,954,262 |
* | 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 February 28, 2023 amounted to $1,163,162, which is 0.6% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2023. |
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 February 28, 2023 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $180,803,211 | $— | $— | $180,803,211 |
Short-Term Investments (a) | 3,954,262 | — | — | 3,954,262 |
Total | $184,757,473 | $— | $— | $184,757,473 |
(a) | See Investment Portfolio for additional detailed categorizations. |
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
DECEF-PH1
R-080548-2 (1/25)