Investment Portfolioas of August 31, 2023 (Unaudited)
DWS ESG Core Equity Fund
Shares | Value ($) | ||
Common Stocks 98.4% | |||
Communication Services 8.4% | |||
Diversified Telecommunication Services 0.2% | |||
AT&T, Inc. | 24,666 | 364,810 | |
Entertainment 1.6% | |||
Take-Two Interactive Software, Inc.* | 6,321 | 898,846 | |
Walt Disney Co.* | 25,905 | 2,167,731 | |
Warner Bros Discovery, Inc.* | 5,967 | 78,406 | |
3,144,983 | |||
Interactive Media & Services 6.6% | |||
Alphabet, Inc. “A”* | 96,731 | 13,171,860 | |
Consumer Discretionary 10.8% | |||
Automobile Components 0.8% | |||
Lear Corp. | 11,160 | 1,608,044 | |
Automobiles 1.3% | |||
Tesla, Inc.* | 9,758 | 2,518,345 | |
Broadline Retail 1.2% | |||
Amazon.com, Inc.* | 17,353 | 2,394,888 | |
Hotels, Restaurants & Leisure 2.6% | |||
Hilton Worldwide Holdings, Inc. | 20,818 | 3,094,596 | |
Hyatt Hotels Corp. “A” | 9,308 | 1,046,312 | |
Starbucks Corp. | 10,452 | 1,018,443 | |
5,159,351 | |||
Household Durables 0.6% | |||
PulteGroup, Inc. | 13,802 | 1,132,592 | |
Leisure Products 0.5% | |||
Brunswick Corp. | 12,134 | 960,042 | |
Specialty Retail 3.0% | |||
Best Buy Co., Inc. | 20,972 | 1,603,310 | |
Five Below, Inc.* | 5,427 | 933,227 | |
Lowe's Companies, Inc. | 9,219 | 2,124,795 | |
TJX Companies, Inc. | 15,590 | 1,441,763 | |
6,103,095 | |||
Textiles, Apparel & Luxury Goods 0.8% | |||
PVH Corp. | 8,301 | 693,963 | |
Tapestry, Inc. | 26,949 | 897,941 | |
1,591,904 | |||
Consumer Staples 5.7% | |||
Beverages 3.6% | |||
Keurig Dr Pepper, Inc. | 28,268 | 951,218 |
Molson Coors Beverage Co. “B” | 17,317 | 1,099,457 | |
PepsiCo, Inc. | 28,799 | 5,123,918 | |
7,174,593 | |||
Consumer Staples Distribution & Retail 1.0% | |||
Performance Food Group Co.* | 15,401 | 956,864 | |
Walmart, Inc. | 6,147 | 999,564 | |
1,956,428 | |||
Food Products 0.4% | |||
Kellogg Co. | 13,322 | 812,908 | |
Personal Care Products 0.7% | |||
Coty, Inc. “A”* | 122,406 | 1,415,013 | |
Energy 3.9% | |||
Oil, Gas & Consumable Fuels | |||
Cheniere Energy, Inc. | 9,453 | 1,542,729 | |
Chevron Corp. | 8,621 | 1,388,843 | |
Exxon Mobil Corp. | 29,356 | 3,264,094 | |
HF Sinclair Corp. | 17,233 | 949,366 | |
Valero Energy Corp. | 4,433 | 575,847 | |
7,720,879 | |||
Financials 11.7% | |||
Banks 3.0% | |||
Bank of America Corp. | 84,932 | 2,435,000 | |
Citigroup, Inc. | 46,099 | 1,903,428 | |
JPMorgan Chase & Co. | 11,536 | 1,688,063 | |
6,026,491 | |||
Capital Markets 4.2% | |||
Ameriprise Financial, Inc. | 3,634 | 1,226,766 | |
KKR & Co., Inc. | 32,257 | 2,026,062 | |
MSCI, Inc. | 2,171 | 1,180,199 | |
The Goldman Sachs Group, Inc. | 8,012 | 2,625,612 | |
Tradeweb Markets, Inc. “A” | 16,064 | 1,388,412 | |
8,447,051 | |||
Consumer Finance 1.4% | |||
American Express Co. | 16,937 | 2,675,877 | |
Financial Services 1.4% | |||
Fidelity National Information Services, Inc. | 11,026 | 615,912 | |
Mastercard, Inc. “A” | 2,114 | 872,321 | |
PayPal Holdings, Inc.* | 20,752 | 1,297,208 | |
2,785,441 | |||
Insurance 1.7% | |||
Allstate Corp. | 12,001 | 1,293,828 | |
Hartford Financial Services Group, Inc. | 29,374 | 2,109,640 | |
3,403,468 | |||
Health Care 13.1% | |||
Biotechnology 4.9% | |||
Amgen, Inc. | 14,979 | 3,839,717 | |
Biogen, Inc.* | 5,875 | 1,570,740 | |
Moderna, Inc.* | 4,924 | 556,756 |
Regeneron Pharmaceuticals, Inc.* | 1,941 | 1,604,217 | |
Vertex Pharmaceuticals, Inc.* | 6,191 | 2,156,573 | |
9,728,003 | |||
Health Care Equipment & Supplies 0.5% | |||
Hologic, Inc.* | 13,808 | 1,032,010 | |
Health Care Providers & Services 5.6% | |||
Centene Corp.* | 34,864 | 2,149,366 | |
Cigna Group | 16,674 | 4,606,359 | |
CVS Health Corp. | 9,392 | 612,077 | |
HCA Healthcare, Inc. | 9,285 | 2,574,730 | |
Tenet Healthcare Corp.* | 15,848 | 1,229,171 | |
11,171,703 | |||
Pharmaceuticals 2.1% | |||
Bristol-Myers Squibb Co. | 38,288 | 2,360,455 | |
Merck & Co., Inc. | 16,112 | 1,755,886 | |
4,116,341 | |||
Industrials 8.6% | |||
Aerospace & Defense 0.5% | |||
Howmet Aerospace, Inc. | 21,633 | 1,070,185 | |
Air Freight & Logistics 1.0% | |||
United Parcel Service, Inc. “B” | 11,703 | 1,982,488 | |
Building Products 0.8% | |||
Owens Corning | 11,590 | 1,667,917 | |
Commercial Services & Supplies 1.3% | |||
Republic Services, Inc. | 17,833 | 2,570,270 | |
Electrical Equipment 1.2% | |||
ChargePoint Holdings, Inc.* (a) | 53,189 | 380,833 | |
Sunrun, Inc.* | 21,032 | 328,730 | |
Vertiv Holdings Co. | 42,341 | 1,667,812 | |
2,377,375 | |||
Industrial Conglomerates 2.3% | |||
General Electric Co. | 39,861 | 4,562,490 | |
Machinery 0.4% | |||
Deere & Co. | 2,119 | 870,782 | |
Professional Services 1.1% | |||
Verisk Analytics, Inc. | 8,942 | 2,165,931 | |
Information Technology 28.8% | |||
Communications Equipment 1.3% | |||
Cisco Systems, Inc. | 44,304 | 2,540,834 | |
Semiconductors & Semiconductor Equipment 5.3% | |||
Advanced Micro Devices, Inc.* | 14,738 | 1,558,102 | |
Lam Research Corp. | 2,177 | 1,529,125 | |
Micron Technology, Inc. | 14,828 | 1,037,070 | |
NVIDIA Corp. | 9,253 | 4,566,818 |
QUALCOMM, Inc. | 6,083 | 696,686 | |
Skyworks Solutions, Inc. | 10,503 | 1,142,096 | |
10,529,897 | |||
Software 12.9% | |||
Adobe, Inc.* | 2,932 | 1,639,985 | |
Microsoft Corp. | 54,569 | 17,885,535 | |
Oracle Corp. | 19,596 | 2,359,162 | |
Salesforce, Inc.* | 13,345 | 2,955,384 | |
Zoom Video Communications, Inc. “A”* | 12,752 | 905,775 | |
25,745,841 | |||
Technology Hardware, Storage & Peripherals 9.3% | |||
Apple, Inc. | 98,866 | 18,573,956 | |
Materials 2.4% | |||
Chemicals 1.7% | |||
DuPont de Nemours, Inc. | 29,339 | 2,255,876 | |
International Flavors & Fragrances, Inc. | 17,145 | 1,207,865 | |
3,463,741 | |||
Metals & Mining 0.7% | |||
Newmont Corp. | 17,014 | 670,692 | |
Nucor Corp. | 4,031 | 693,735 | |
1,364,427 | |||
Real Estate 3.0% | |||
Health Care REITs 0.3% | |||
Medical Properties Trust, Inc. | 66,982 | 483,610 | |
Specialized REITs 2.7% | |||
Digital Realty Trust, Inc. | 9,411 | 1,239,617 | |
Iron Mountain, Inc. | 48,166 | 3,060,468 | |
VICI Properties, Inc. | 36,605 | 1,128,898 | |
5,428,983 | |||
Utilities 2.0% | |||
Multi-Utilities 0.4% | |||
Sempra | 11,240 | 789,273 | |
Water Utilities 1.6% | |||
American Water Works Co., Inc. | 22,862 | 3,171,874 | |
Total Common Stocks (Cost $139,890,273) | 195,975,994 |
Contracts/ Notional Amount | Value ($) | ||
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 | 10 500 | 250 | |
S&P 500 E-Mini Future, Expiration Date 10/31/2023, Strike Price $4,250.0 | 20 1,000 | 22,250 | |
S&P 500 E-Mini Future, Expiration Date 10/31/2023, Strike Price $4,300.0 | 20 1,000 | 27,250 | |
Total Put Options Purchased (Cost $106,118) | 49,750 |
Shares | Value ($) | ||
Securities Lending Collateral 0.2% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.27% (b) (c) (Cost $398,910) | 398,910 | 398,910 | |
Cash Equivalents 1.6% | |||
DWS Central Cash Management Government Fund, 5.35% (b) (Cost $3,251,735) | 3,251,735 | 3,251,735 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $143,647,036) | 100.2 | 199,676,389 | |
Other Assets and Liabilities, Net | (0.2 ) | (381,738 ) | |
Net Assets | 100.0 | 199,294,651 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended August 31, 2023 are as follows:
Value ($) 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 8/31/2023 | Value ($) at 8/31/2023 |
Securities Lending Collateral 0.2% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.27% (b) (c) | ||||||||
— | 398,910 (d) | — | — | — | 8,907 | — | 398,910 | 398,910 |
Cash Equivalents 1.6% | ||||||||
DWS Central Cash Management Government Fund, 5.35% (b) | ||||||||
925,202 | 16,167,846 | 13,841,313 | — | — | 78,321 | — | 3,251,735 | 3,251,735 |
925,202 | 16,566,756 | 13,841,313 | — | — | 87,228 | — | 3,650,645 | 3,650,645 |
* | 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 August 31, 2023 amounted to $380,826, which is 0.2% 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 August 31, 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 August 31, 2023 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $195,975,994 | $— | $— | $195,975,994 |
Put Options Purchased | 49,750 | — | — | 49,750 |
Short-Term Investments (a) | 3,650,645 | — | — | 3,650,645 |
Total | $199,676,389 | $— | $— | $199,676,389 |
(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 August 31, 2023 categorized by the primary underlying risk exposure.
Primary Underlying Risk Disclosure | Options |
Equity Contracts | $(56,368 ) |
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-PH3
R-080548-2 (1/25)