Investment Portfolioas of June 30, 2023 (Unaudited)
DWS Core Equity Fund
Shares | Value ($) | ||
Common Stocks 99.4% | |||
Communication Services 8.4% | |||
Entertainment 0.9% | |||
Spotify Technology SA* | 225,391 | 36,186,525 | |
Interactive Media & Services 6.5% | |||
Alphabet, Inc. "A"* | 555,780 | 66,526,866 | |
Alphabet, Inc. "C"* | 921,598 | 111,485,710 | |
Match Group, Inc.* | 281,826 | 11,794,418 | |
Meta Platforms, Inc. "A"* | 223,092 | 64,022,943 | |
253,829,937 | |||
Wireless Telecommunication Services 1.0% | |||
T-Mobile U.S., Inc.* | 286,018 | 39,727,900 | |
Consumer Discretionary 11.3% | |||
Automobile Components 1.1% | |||
Lear Corp. | 307,329 | 44,117,078 | |
Automobiles 0.4% | |||
Tesla, Inc.* | 58,405 | 15,288,677 | |
Broadline Retail 2.5% | |||
Amazon.com, Inc.* | 655,649 | 85,470,404 | |
Macy's, Inc. | 672,752 | 10,797,669 | |
96,268,073 | |||
Distributors 0.4% | |||
Genuine Parts Co. | 99,870 | 16,901,000 | |
Diversified Consumer Services 0.2% | |||
ADT, Inc. | 1,318,771 | 7,952,189 | |
Hotels, Restaurants & Leisure 2.4% | |||
DraftKings, Inc. "A"* | 467,405 | 12,418,951 | |
Hilton Worldwide Holdings, Inc. | 134,090 | 19,516,799 | |
Hyatt Hotels Corp. "A" | 223,960 | 25,661,337 | |
Wendy's Co. | 1,694,735 | 36,860,486 | |
94,457,573 | |||
Household Durables 0.8% | |||
Whirlpool Corp. | 197,896 | 29,444,946 | |
Leisure Products 0.5% | |||
Brunswick Corp. | 229,505 | 19,884,313 | |
Specialty Retail 0.9% | |||
Bath & Body Works, Inc. | 455,146 | 17,067,975 | |
Five Below, Inc.* | 101,700 | 19,988,118 | |
37,056,093 |
Textiles, Apparel & Luxury Goods 2.1% | |||
Deckers Outdoor Corp.* | 45,489 | 24,002,726 | |
Lululemon Athletica, Inc.* | 36,176 | 13,692,616 | |
PVH Corp. | 521,567 | 44,317,548 | |
82,012,890 | |||
Consumer Staples 6.5% | |||
Beverages 3.0% | |||
Coca-Cola Co. | 709,443 | 42,722,657 | |
Constellation Brands, Inc. "A" | 195,983 | 48,237,296 | |
PepsiCo, Inc. | 149,622 | 27,712,987 | |
118,672,940 | |||
Consumer Staples Distribution & Retail 0.5% | |||
Kroger Co. | 407,080 | 19,132,760 | |
Household Products 1.2% | |||
Church & Dwight Co., Inc. | 484,347 | 48,546,100 | |
Personal Care Products 1.3% | |||
Coty, Inc. "A"* | 3,971,536 | 48,810,177 | |
Tobacco 0.5% | |||
Philip Morris International, Inc. | 206,585 | 20,166,828 | |
Energy 3.9% | |||
Energy Equipment & Services 0.8% | |||
Schlumberger NV | 700,010 | 34,384,491 | |
Oil, Gas & Consumable Fuels 3.1% | |||
Cheniere Energy, Inc. | 274,166 | 41,771,932 | |
Devon Energy Corp. | 679,286 | 32,836,685 | |
HF Sinclair Corp. | 1,039,503 | 46,372,229 | |
120,980,846 | |||
Financials 12.2% | |||
Banks 4.5% | |||
Bank of America Corp. | 770,181 | 22,096,493 | |
Huntington Bancshares, Inc. | 1,817,666 | 19,594,439 | |
JPMorgan Chase & Co. | 674,658 | 98,122,260 | |
Wells Fargo & Co. | 911,088 | 38,885,236 | |
178,698,428 | |||
Capital Markets 3.7% | |||
Ameriprise Financial, Inc. | 132,195 | 43,909,891 | |
LPL Financial Holdings, Inc. | 203,277 | 44,198,518 | |
MSCI, Inc. | 84,616 | 39,709,443 | |
S&P Global, Inc. | 44,496 | 17,838,001 | |
145,655,853 | |||
Financial Services 3.3% | |||
Apollo Global Management, Inc. | 297,157 | 22,824,629 | |
Mastercard, Inc. "A" | 41,559 | 16,345,155 | |
PayPal Holdings, Inc.* | 103,489 | 6,905,821 | |
Visa, Inc. "A" | 346,945 | 82,392,499 | |
128,468,104 |
Insurance 0.7% | |||
Aflac, Inc. | 225,879 | 15,766,354 | |
Marsh & McLennan Companies, Inc. | 53,088 | 9,984,791 | |
25,751,145 | |||
Health Care 12.0% | |||
Biotechnology 3.5% | |||
AbbVie, Inc. | 350,674 | 47,246,308 | |
Amgen, Inc. | 213,318 | 47,360,862 | |
Gilead Sciences, Inc. | 127,136 | 9,798,372 | |
Moderna, Inc.* | 288,139 | 35,008,889 | |
139,414,431 | |||
Health Care Equipment & Supplies 1.5% | |||
Becton, Dickinson & Co. | 134,104 | 35,404,797 | |
Stryker Corp. | 71,224 | 21,729,730 | |
57,134,527 | |||
Health Care Providers & Services 4.2% | |||
Centene Corp.* | 698,828 | 47,135,949 | |
Cigna Group | 120,213 | 33,731,768 | |
CVS Health Corp. | 199,170 | 13,768,622 | |
Elevance Health, Inc. | 116,898 | 51,936,612 | |
McKesson Corp. | 46,310 | 19,788,726 | |
166,361,677 | |||
Life Sciences Tools & Services 0.4% | |||
Danaher Corp. | 62,847 | 15,083,280 | |
Pharmaceuticals 2.4% | |||
Bristol-Myers Squibb Co. | 635,776 | 40,657,875 | |
Johnson & Johnson | 261,639 | 43,306,487 | |
Merck & Co., Inc. | 85,173 | 9,828,113 | |
93,792,475 | |||
Industrials 10.2% | |||
Aerospace & Defense 3.1% | |||
General Dynamics Corp. | 166,050 | 35,725,657 | |
Lockheed Martin Corp. | 67,468 | 31,060,918 | |
Northrop Grumman Corp. | 119,912 | 54,655,890 | |
121,442,465 | |||
Building Products 1.4% | |||
Owens Corning | 410,938 | 53,627,409 | |
Commercial Services & Supplies 1.6% | |||
Waste Management, Inc. | 358,820 | 62,226,565 | |
Electrical Equipment 0.4% | |||
Emerson Electric Co. | 177,865 | 16,077,217 | |
Ground Transportation 0.6% | |||
J.B. Hunt Transport Services, Inc. | 128,301 | 23,226,330 | |
Machinery 2.7% | |||
Caterpillar, Inc. | 253,167 | 62,291,740 | |
Cummins, Inc. | 73,114 | 17,924,628 | |
PACCAR, Inc. | 323,921 | 27,095,992 | |
107,312,360 |
Professional Services 0.4% | |||
Verisk Analytics, Inc. | 70,098 | 15,844,251 | |
Information Technology 27.1% | |||
Communications Equipment 0.6% | |||
Cisco Systems, Inc. | 438,887 | 22,708,013 | |
IT Services 0.4% | |||
Accenture PLC "A" | 59,827 | 18,461,416 | |
Semiconductors & Semiconductor Equipment 5.0% | |||
Advanced Micro Devices, Inc.* | 327,041 | 37,253,240 | |
Intel Corp. | 868,105 | 29,029,431 | |
Lam Research Corp. | 50,644 | 32,557,002 | |
NVIDIA Corp. | 105,964 | 44,824,891 | |
QUALCOMM, Inc. | 449,188 | 53,471,340 | |
197,135,904 | |||
Software 12.1% | |||
Adobe, Inc.* | 44,842 | 21,927,290 | |
Microsoft Corp. | 922,800 | 314,250,312 | |
Oracle Corp. | 807,997 | 96,224,363 | |
Salesforce, Inc.* | 124,813 | 26,367,994 | |
Synopsys, Inc.* | 39,211 | 17,072,861 | |
475,842,820 | |||
Technology Hardware, Storage & Peripherals 9.0% | |||
Apple, Inc. | 1,820,602 | 353,142,170 | |
Materials 2.8% | |||
Chemicals 1.1% | |||
Corteva, Inc. | 152,744 | 8,752,231 | |
DuPont de Nemours, Inc. | 163,305 | 11,666,509 | |
Linde PLC | 59,358 | 22,620,147 | |
43,038,887 | |||
Metals & Mining 1.7% | |||
Cleveland-Cliffs, Inc.* | 2,310,957 | 38,731,640 | |
United States Steel Corp. | 1,081,126 | 27,038,961 | |
65,770,601 | |||
Real Estate 2.5% | |||
Industrial REITs 1.0% | |||
Prologis, Inc. | 328,839 | 40,325,526 | |
Residential REITs 0.9% | |||
AvalonBay Communities, Inc. | 189,685 | 35,901,680 | |
Specialized REITs 0.6% | |||
Iron Mountain, Inc. | 410,919 | 23,348,418 | |
Utilities 2.5% | |||
Electric Utilities 1.4% | |||
FirstEnergy Corp. | 391,765 | 15,231,823 | |
NextEra Energy, Inc. | 354,137 | 26,276,965 | |
NRG Energy, Inc. | 390,497 | 14,600,683 | |
56,109,471 |
Multi-Utilities 0.2% | |||
Public Service Enterprise Group, Inc. | 146,004 | 9,141,311 | |
Water Utilities 0.9% | |||
American Water Works Co., Inc. | 240,907 | 34,389,474 | |
Total Common Stocks (Cost $2,588,390,678) | 3,909,253,544 |
Contracts/ Notional Amount | Value ($) | ||
Put Options Purchased 0.0% | |||
Options on Exchange-Traded Futures Contracts | |||
S&P 500 E-Mini Future, Expiration Date 9/15/2023, Strike Price $3,600.0 (Cost $760,464) | 200 10,000 | 65,000 |
Shares | Value ($) | ||
Cash Equivalents 0.6% | |||
DWS Central Cash Management Government Fund, 5.13% (a) (Cost $25,462,123) | 25,462,123 | 25,462,123 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $2,614,613,265) | 100.0 | 3,934,780,667 | |
Other Assets and Liabilities, Net | (0.0 ) | (1,600,169 ) | |
Net Assets | 100.0 | 3,933,180,498 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended June 30, 2023 are as follows:
Value ($) 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 6/30/2023 | Value ($) at 6/30/2023 |
Securities Lending Collateral 0.0% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.03% (a) (b) | ||||||||
— | 0 (c) | — | — | — | 303 | — | — | — |
Cash Equivalents 0.6% | ||||||||
DWS Central Cash Management Government Fund, 5.13% (a) | ||||||||
14,969,450 | 269,799,919 | 259,307,246 | — | — | 899,956 | — | 25,462,123 | 25,462,123 |
14,969,450 | 269,799,919 | 259,307,246 | — | — | 900,259 | — | 25,462,123 | 25,462,123 |
* | Non-income producing security. |
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(b) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(c) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2023. |
REIT: Real Estate Investment Trust |
S&P: Standard & Poor's |
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 June 30, 2023 in valuing the Fund’s investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $3,909,253,544 | $— | $— | $3,909,253,544 |
Put Options Purchased | 65,000 | — | — | 65,000 |
Short-Term Investments | 25,462,123 | — | — | 25,462,123 |
Total | $3,934,780,667 | $— | $— | $3,934,780,667 |
(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 June 30, 2023 categorized by the primary underlying risk exposure.
Primary Underlying Risk Disclosure | Options |
Equity Contracts | $(695,464 ) |
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
DCEF-PH3
R-080548-2 (1/25)