Investment Portfolioas of September 30, 2023 (Unaudited)
Deutsche DWS Equity 500 Index Portfolio
Shares | Value ($) | ||
Common Stocks 98.9% | |||
Communication Services 8.8% | |||
Diversified Telecommunication Services 0.7% | |||
AT&T, Inc. | 285,277 | 4,284,860 | |
Verizon Communications, Inc. | 167,782 | 5,437,815 | |
9,722,675 | |||
Entertainment 1.3% | |||
Activision Blizzard, Inc. | 28,524 | 2,670,702 | |
Electronic Arts, Inc. | 9,829 | 1,183,412 | |
Live Nation Entertainment, Inc.* | 5,613 | 466,103 | |
Netflix, Inc.* | 17,683 | 6,677,101 | |
Take-Two Interactive Software, Inc.* | 6,329 | 888,528 | |
Walt Disney Co.* | 73,078 | 5,922,972 | |
Warner Bros Discovery, Inc.* | 88,393 | 959,948 | |
18,768,766 | |||
Interactive Media & Services 5.8% | |||
Alphabet, Inc. "A"* | 236,741 | 30,979,927 | |
Alphabet, Inc. "C"* | 201,336 | 26,546,152 | |
Match Group, Inc.* | 10,825 | 424,069 | |
Meta Platforms, Inc. "A"* | 88,678 | 26,622,023 | |
84,572,171 | |||
Media 0.8% | |||
Charter Communications, Inc. "A"* | 4,061 | 1,786,109 | |
Comcast Corp. "A" | 164,253 | 7,282,978 | |
Fox Corp. "A" | 10,373 | 323,638 | |
Fox Corp. "B" | 5,196 | 150,061 | |
Interpublic Group of Companies, Inc. | 15,212 | 435,976 | |
News Corp. "A" | 15,257 | 306,055 | |
News Corp. "B" | 4,685 | 97,776 | |
Omnicom Group, Inc. | 7,856 | 585,115 | |
Paramount Global "B" | 18,236 | 235,244 | |
11,202,952 | |||
Wireless Telecommunication Services 0.2% | |||
T-Mobile U.S., Inc.* | 20,662 | 2,893,713 | |
Consumer Discretionary 10.5% | |||
Automobile Components 0.1% | |||
Aptiv PLC* | 11,297 | 1,113,771 | |
BorgWarner, Inc. | 9,570 | 386,341 | |
1,500,112 | |||
Automobiles 2.2% | |||
Ford Motor Co. | 156,504 | 1,943,780 | |
General Motors Co. | 54,922 | 1,810,778 | |
Tesla, Inc.* | 110,170 | 27,566,738 | |
31,321,296 | |||
Broadline Retail 3.3% | |||
Amazon.com, Inc.* | 362,266 | 46,051,254 |
eBay, Inc. | 21,208 | 935,061 | |
Etsy, Inc.* | 4,804 | 310,242 | |
47,296,557 | |||
Distributors 0.1% | |||
Genuine Parts Co. | 5,590 | 807,084 | |
LKQ Corp. | 10,488 | 519,261 | |
Pool Corp. | 1,583 | 563,706 | |
1,890,051 | |||
Hotels, Restaurants & Leisure 2.1% | |||
Airbnb, Inc. "A"* | 17,021 | 2,335,451 | |
Booking Holdings, Inc.* | 1,424 | 4,391,545 | |
Caesars Entertainment, Inc.* | 8,393 | 389,016 | |
Carnival Corp.* | 39,700 | 544,684 | |
Chipotle Mexican Grill, Inc.* | 1,098 | 2,011,349 | |
Darden Restaurants, Inc. | 4,797 | 687,026 | |
Domino's Pizza, Inc. | 1,399 | 529,927 | |
Expedia Group, Inc.* | 5,522 | 569,153 | |
Hilton Worldwide Holdings, Inc. | 10,428 | 1,566,077 | |
Las Vegas Sands Corp. | 13,073 | 599,266 | |
Marriott International, Inc. "A" | 10,013 | 1,968,155 | |
McDonald's Corp. | 29,068 | 7,657,674 | |
MGM Resorts International* | 11,394 | 418,844 | |
Norwegian Cruise Line Holdings Ltd.* | 17,097 | 281,759 | |
Royal Caribbean Cruises Ltd.* | 9,421 | 868,051 | |
Starbucks Corp. | 45,704 | 4,171,404 | |
Wynn Resorts Ltd. | 3,886 | 359,105 | |
Yum! Brands, Inc. | 11,211 | 1,400,702 | |
30,749,188 | |||
Household Durables 0.3% | |||
D.R. Horton, Inc. | 12,126 | 1,303,181 | |
Garmin Ltd. | 6,111 | 642,877 | |
Lennar Corp. "A" | 10,136 | 1,137,563 | |
Mohawk Industries, Inc.* | 2,044 | 175,396 | |
NVR, Inc.* | 129 | 769,266 | |
PulteGroup, Inc. | 8,828 | 653,713 | |
Whirlpool Corp. | 2,161 | 288,926 | |
4,970,922 | |||
Leisure Products 0.0% | |||
Hasbro, Inc. | 5,312 | 351,336 | |
Specialty Retail 2.0% | |||
AutoZone, Inc.* | 725 | 1,841,493 | |
Bath & Body Works, Inc. | 8,726 | 294,939 | |
Best Buy Co., Inc. | 7,700 | 534,919 | |
CarMax, Inc.* | 6,463 | 457,128 | |
Home Depot, Inc. | 40,110 | 12,119,637 | |
Lowe's Companies, Inc. | 23,382 | 4,859,715 | |
O'Reilly Automotive, Inc.* | 2,410 | 2,190,353 | |
Ross Stores, Inc. | 13,621 | 1,538,492 | |
TJX Companies, Inc. | 45,891 | 4,078,792 | |
Tractor Supply Co. | 4,360 | 885,298 | |
Ulta Beauty, Inc.* | 1,990 | 794,905 | |
29,595,671 | |||
Textiles, Apparel & Luxury Goods 0.4% | |||
NIKE, Inc. "B" | 48,906 | 4,676,392 | |
Ralph Lauren Corp. | 1,572 | 182,493 |
Tapestry, Inc. | 8,926 | 256,623 | |
VF Corp. | 13,638 | 240,983 | |
5,356,491 | |||
Consumer Staples 6.5% | |||
Beverages 1.6% | |||
Brown-Forman Corp. "B" | 7,170 | 413,637 | |
Coca-Cola Co. | 155,398 | 8,699,180 | |
Constellation Brands, Inc. "A" | 6,445 | 1,619,822 | |
Keurig Dr Pepper, Inc. | 40,249 | 1,270,661 | |
Molson Coors Beverage Co. "B" | 7,381 | 469,358 | |
Monster Beverage Corp.* | 29,732 | 1,574,309 | |
PepsiCo, Inc. | 54,909 | 9,303,781 | |
23,350,748 | |||
Consumer Staples Distribution & Retail 1.8% | |||
Costco Wholesale Corp. | 17,686 | 9,991,882 | |
Dollar General Corp. | 8,812 | 932,310 | |
Dollar Tree, Inc.* | 8,347 | 888,538 | |
Kroger Co. | 26,231 | 1,173,837 | |
Sysco Corp. | 20,274 | 1,339,098 | |
Target Corp. | 18,372 | 2,031,392 | |
Walgreens Boots Alliance, Inc. | 28,391 | 631,416 | |
Walmart, Inc. | 56,952 | 9,108,333 | |
26,096,806 | |||
Food Products 1.0% | |||
Archer-Daniels-Midland Co. | 21,423 | 1,615,723 | |
Bunge Ltd. | 5,969 | 646,144 | |
Campbell Soup Co. | 7,712 | 316,809 | |
Conagra Brands, Inc. | 18,814 | 515,880 | |
General Mills, Inc. | 23,420 | 1,498,646 | |
Hormel Foods Corp. | 11,296 | 429,587 | |
Kellogg Co. | 10,569 | 628,961 | |
Kraft Heinz Co. | 31,815 | 1,070,257 | |
Lamb Weston Holdings, Inc. | 5,692 | 526,282 | |
McCormick & Co., Inc. | 10,038 | 759,274 | |
Mondelez International, Inc. "A" | 54,414 | 3,776,332 | |
The Hershey Co. | 6,019 | 1,204,281 | |
The J.M. Smucker Co. | 4,094 | 503,194 | |
Tyson Foods, Inc. "A" | 11,327 | 571,900 | |
14,063,270 | |||
Household Products 1.3% | |||
Church & Dwight Co., Inc. | 9,722 | 890,827 | |
Clorox Co. | 4,931 | 646,257 | |
Colgate-Palmolive Co. | 32,988 | 2,345,777 | |
Kimberly-Clark Corp. | 13,526 | 1,634,617 | |
Procter & Gamble Co. | 94,084 | 13,723,092 | |
19,240,570 | |||
Personal Care Products 0.2% | |||
Estee Lauder Companies, Inc. "A" | 9,160 | 1,324,078 | |
Kenvue, Inc. | 68,496 | 1,375,400 | |
2,699,478 | |||
Tobacco 0.6% | |||
Altria Group, Inc. | 70,775 | 2,976,089 | |
Philip Morris International, Inc. | 61,940 | 5,734,405 | |
8,710,494 |
Energy 4.7% | |||
Energy Equipment & Services 0.4% | |||
Baker Hughes Co. | 40,192 | 1,419,581 | |
Halliburton Co. | 36,006 | 1,458,243 | |
Schlumberger NV | 56,599 | 3,299,722 | |
6,177,546 | |||
Oil, Gas & Consumable Fuels 4.3% | |||
APA Corp. | 12,571 | 516,668 | |
Chevron Corp. | 70,766 | 11,932,563 | |
ConocoPhillips | 47,731 | 5,718,174 | |
Coterra Energy, Inc. | 30,104 | 814,313 | |
Devon Energy Corp. | 25,578 | 1,220,071 | |
Diamondback Energy, Inc. | 7,128 | 1,103,985 | |
EOG Resources, Inc. | 23,205 | 2,941,466 | |
EQT Corp. | 14,437 | 585,853 | |
Exxon Mobil Corp. | 159,680 | 18,775,174 | |
Hess Corp. | 11,084 | 1,695,852 | |
Kinder Morgan, Inc. | 77,292 | 1,281,501 | |
Marathon Oil Corp. | 24,053 | 643,418 | |
Marathon Petroleum Corp. | 15,949 | 2,413,722 | |
Occidental Petroleum Corp. | 26,445 | 1,715,751 | |
ONEOK, Inc. | 23,232 | 1,473,606 | |
Phillips 66 | 17,760 | 2,133,864 | |
Pioneer Natural Resources Co. | 9,293 | 2,133,208 | |
Targa Resources Corp. | 8,965 | 768,480 | |
Valero Energy Corp. | 14,085 | 1,995,985 | |
Williams Companies, Inc. | 48,771 | 1,643,095 | |
61,506,749 | |||
Financials 12.7% | |||
Banks 3.0% | |||
Bank of America Corp. | 275,786 | 7,551,021 | |
Citigroup, Inc. | 76,811 | 3,159,236 | |
Citizens Financial Group, Inc. | 19,016 | 509,629 | |
Comerica, Inc. | 5,344 | 222,043 | |
Fifth Third Bancorp. | 27,247 | 690,167 | |
Huntington Bancshares, Inc. | 57,158 | 594,443 | |
JPMorgan Chase & Co. | 115,929 | 16,812,024 | |
KeyCorp. | 37,782 | 406,534 | |
M&T Bank Corp. | 6,574 | 831,282 | |
PNC Financial Services Group, Inc. | 15,808 | 1,940,748 | |
Regions Financial Corp. | 37,053 | 637,312 | |
Truist Financial Corp. | 53,332 | 1,525,829 | |
U.S. Bancorp. | 62,184 | 2,055,803 | |
Wells Fargo & Co. | 145,922 | 5,962,373 | |
Zions Bancorp. NA | 6,023 | 210,142 | |
43,108,586 | |||
Capital Markets 2.8% | |||
Ameriprise Financial, Inc. | 4,092 | 1,349,051 | |
Bank of New York Mellon Corp. | 31,008 | 1,322,491 | |
BlackRock, Inc. | 5,596 | 3,617,758 | |
Blackstone, Inc. | 28,309 | 3,033,026 | |
Cboe Global Markets, Inc. | 4,193 | 654,989 | |
Charles Schwab Corp. | 59,329 | 3,257,162 | |
CME Group, Inc. | 14,344 | 2,871,956 |
FactSet Research Systems, Inc. | 1,512 | 661,137 | |
Franklin Resources, Inc. | 11,385 | 279,843 | |
Intercontinental Exchange, Inc. | 22,797 | 2,508,126 | |
Invesco Ltd. | 18,468 | 268,155 | |
MarketAxess Holdings, Inc. | 1,531 | 327,083 | |
Moody's Corp. | 6,334 | 2,002,621 | |
Morgan Stanley | 50,870 | 4,154,553 | |
MSCI, Inc. | 3,152 | 1,617,228 | |
Nasdaq, Inc. | 13,506 | 656,257 | |
Northern Trust Corp. | 8,251 | 573,279 | |
Raymond James Financial, Inc. | 7,499 | 753,125 | |
S&P Global, Inc. | 12,979 | 4,742,656 | |
State Street Corp. | 12,716 | 851,463 | |
T. Rowe Price Group, Inc. | 8,950 | 938,587 | |
The Goldman Sachs Group, Inc. | 13,144 | 4,253,004 | |
40,693,550 | |||
Consumer Finance 0.4% | |||
American Express Co. | 23,207 | 3,462,252 | |
Capital One Financial Corp. | 15,309 | 1,485,739 | |
Discover Financial Services | 9,983 | 864,827 | |
Synchrony Financial | 16,717 | 511,039 | |
6,323,857 | |||
Financial Services 4.3% | |||
Berkshire Hathaway, Inc. "B"* | 72,741 | 25,481,172 | |
Fidelity National Information Services, Inc. | 23,668 | 1,308,130 | |
Fiserv, Inc.* | 24,339 | 2,749,334 | |
FleetCor Technologies, Inc.* | 2,956 | 754,785 | |
Global Payments, Inc. | 10,434 | 1,203,979 | |
Jack Henry & Associates, Inc. | 2,853 | 431,203 | |
Mastercard, Inc. "A" | 33,187 | 13,139,065 | |
PayPal Holdings, Inc.* | 43,835 | 2,562,594 | |
Visa, Inc. "A" | 64,100 | 14,743,641 | |
62,373,903 | |||
Insurance 2.2% | |||
Aflac, Inc. | 21,524 | 1,651,967 | |
Allstate Corp. | 10,485 | 1,168,134 | |
American International Group, Inc. | 28,397 | 1,720,858 | |
Aon PLC "A" | 8,078 | 2,619,049 | |
Arch Capital Group Ltd.* | 14,846 | 1,183,375 | |
Arthur J. Gallagher & Co. | 8,588 | 1,957,463 | |
Assurant, Inc. | 2,160 | 310,133 | |
Brown & Brown, Inc. | 9,365 | 654,052 | |
Chubb Ltd. | 16,348 | 3,403,327 | |
Cincinnati Financial Corp. | 6,252 | 639,517 | |
Everest Group Ltd. | 1,770 | 657,856 | |
Globe Life, Inc. | 3,425 | 372,400 | |
Hartford Financial Services Group, Inc. | 12,150 | 861,556 | |
Loews Corp. | 7,559 | 478,560 | |
Marsh & McLennan Companies, Inc. | 19,659 | 3,741,108 | |
MetLife, Inc. | 25,167 | 1,583,256 | |
Principal Financial Group, Inc. | 8,927 | 643,369 | |
Progressive Corp. | 23,336 | 3,250,705 | |
Prudential Financial, Inc. | 14,581 | 1,383,591 | |
Travelers Companies, Inc. | 9,092 | 1,484,814 | |
W.R. Berkley Corp. | 8,015 | 508,872 | |
Willis Towers Watson PLC | 4,237 | 885,363 | |
31,159,325 |
Health Care 13.2% | |||
Biotechnology 2.1% | |||
AbbVie, Inc. | 70,419 | 10,496,656 | |
Amgen, Inc. | 21,347 | 5,737,220 | |
Biogen, Inc.* | 5,722 | 1,470,611 | |
Gilead Sciences, Inc. | 49,734 | 3,727,066 | |
Incyte Corp.* | 7,241 | 418,313 | |
Moderna, Inc.* | 13,190 | 1,362,395 | |
Regeneron Pharmaceuticals, Inc.* | 4,261 | 3,506,632 | |
Vertex Pharmaceuticals, Inc.* | 10,320 | 3,588,677 | |
30,307,570 | |||
Health Care Equipment & Supplies 2.5% | |||
Abbott Laboratories | 69,188 | 6,700,858 | |
Align Technology, Inc.* | 2,834 | 865,277 | |
Baxter International, Inc. | 20,197 | 762,235 | |
Becton Dickinson & Co. | 11,563 | 2,989,382 | |
Boston Scientific Corp.* | 58,335 | 3,080,088 | |
DENTSPLY SIRONA, Inc. | 8,176 | 279,292 | |
Dexcom, Inc.* | 15,586 | 1,454,174 | |
Edwards Lifesciences Corp.* | 24,368 | 1,688,215 | |
GE HealthCare Technologies, Inc. | 15,685 | 1,067,207 | |
Hologic, Inc.* | 9,764 | 677,621 | |
IDEXX Laboratories, Inc.* | 3,325 | 1,453,923 | |
Insulet Corp.* | 2,868 | 457,417 | |
Intuitive Surgical, Inc.* | 14,019 | 4,097,613 | |
Medtronic PLC | 53,080 | 4,159,349 | |
ResMed, Inc. | 5,869 | 867,849 | |
STERIS PLC | 3,935 | 863,418 | |
Stryker Corp. | 13,478 | 3,683,133 | |
Teleflex, Inc. | 1,819 | 357,270 | |
The Cooper Companies, Inc. | 1,965 | 624,890 | |
Zimmer Biomet Holdings, Inc. | 8,326 | 934,344 | |
37,063,555 | |||
Health Care Providers & Services 3.0% | |||
Cardinal Health, Inc. | 10,127 | 879,226 | |
Cencora, Inc. | 6,677 | 1,201,660 | |
Centene Corp.* | 21,589 | 1,487,050 | |
Cigna Group | 11,810 | 3,378,487 | |
CVS Health Corp. | 51,224 | 3,576,460 | |
DaVita, Inc.* | 2,201 | 208,060 | |
Elevance Health, Inc. | 9,408 | 4,096,431 | |
HCA Healthcare, Inc. | 8,022 | 1,973,252 | |
Henry Schein, Inc.* | 5,185 | 384,986 | |
Humana, Inc. | 4,945 | 2,405,841 | |
Laboratory Corp. of America Holdings | 3,518 | 707,294 | |
McKesson Corp. | 5,381 | 2,339,928 | |
Molina Healthcare, Inc.* | 2,304 | 755,459 | |
Quest Diagnostics, Inc. | 4,586 | 558,850 | |
UnitedHealth Group, Inc. | 36,959 | 18,634,358 | |
Universal Health Services, Inc. "B" | 2,454 | 308,541 | |
42,895,883 | |||
Life Sciences Tools & Services 1.5% | |||
Agilent Technologies, Inc. | 11,825 | 1,322,272 | |
Bio-Rad Laboratories, Inc. "A"* | 821 | 294,287 | |
Bio-Techne Corp. | 6,146 | 418,358 | |
Charles River Laboratories International, Inc.* | 1,976 | 387,257 |
Danaher Corp. | 26,213 | 6,503,445 | |
Illumina, Inc.* | 6,327 | 868,571 | |
IQVIA Holdings, Inc.* | 7,317 | 1,439,620 | |
Mettler-Toledo International, Inc.* | 878 | 972,885 | |
Revvity, Inc. | 4,990 | 552,393 | |
Thermo Fisher Scientific, Inc. | 15,396 | 7,792,993 | |
Waters Corp.* | 2,353 | 645,216 | |
West Pharmaceutical Services, Inc. | 2,975 | 1,116,250 | |
22,313,547 | |||
Pharmaceuticals 4.1% | |||
Bristol-Myers Squibb Co. | 83,412 | 4,841,233 | |
Catalent, Inc.* | 7,150 | 325,540 | |
Eli Lilly & Co. | 31,812 | 17,087,180 | |
Johnson & Johnson | 96,083 | 14,964,927 | |
Merck & Co., Inc. | 101,254 | 10,424,099 | |
Organon & Co. | 10,326 | 179,259 | |
Pfizer, Inc. | 225,381 | 7,475,888 | |
Viatris, Inc. | 46,500 | 458,490 | |
Zoetis, Inc. | 18,376 | 3,197,056 | |
58,953,672 | |||
Industrials 8.2% | |||
Aerospace & Defense 1.5% | |||
Axon Enterprise, Inc.* | 2,749 | 547,024 | |
Boeing Co.* | 22,626 | 4,336,952 | |
General Dynamics Corp. | 9,021 | 1,993,370 | |
Howmet Aerospace, Inc. | 15,736 | 727,790 | |
Huntington Ingalls Industries, Inc. | 1,637 | 334,897 | |
L3Harris Technologies, Inc. | 7,580 | 1,319,830 | |
Lockheed Martin Corp. | 8,923 | 3,649,150 | |
Northrop Grumman Corp. | 5,665 | 2,493,676 | |
RTX Corp. | 58,063 | 4,178,794 | |
Textron, Inc. | 8,075 | 630,981 | |
TransDigm Group, Inc.* | 2,201 | 1,855,729 | |
22,068,193 | |||
Air Freight & Logistics 0.5% | |||
C.H. Robinson Worldwide, Inc. | 4,580 | 394,476 | |
Expeditors International of Washington, Inc. | 5,905 | 676,890 | |
FedEx Corp. | 9,227 | 2,444,417 | |
United Parcel Service, Inc. "B" | 28,876 | 4,500,902 | |
8,016,685 | |||
Building Products 0.4% | |||
A.O. Smith Corp. | 4,902 | 324,169 | |
Allegion PLC | 3,540 | 368,868 | |
Carrier Global Corp. | 33,628 | 1,856,266 | |
Johnson Controls International PLC | 27,111 | 1,442,576 | |
Masco Corp. | 8,848 | 472,926 | |
Trane Technologies PLC | 9,087 | 1,843,843 | |
6,308,648 | |||
Commercial Services & Supplies 0.5% | |||
Cintas Corp. | 3,463 | 1,665,738 | |
Copart, Inc.* | 34,340 | 1,479,711 | |
Republic Services, Inc. | 8,275 | 1,179,270 | |
Rollins, Inc. | 11,201 | 418,133 | |
Waste Management, Inc. | 14,648 | 2,232,941 | |
6,975,793 |
Construction & Engineering 0.1% | |||
Quanta Services, Inc. | 5,777 | 1,080,703 | |
Electrical Equipment 0.6% | |||
AMETEK, Inc. | 9,222 | 1,362,643 | |
Eaton Corp. PLC | 15,898 | 3,390,725 | |
Emerson Electric Co. | 22,705 | 2,192,622 | |
Generac Holdings, Inc.* | 2,532 | 275,887 | |
Rockwell Automation, Inc. | 4,597 | 1,314,144 | |
8,536,021 | |||
Ground Transportation 0.8% | |||
CSX Corp. | 80,085 | 2,462,614 | |
J.B. Hunt Transport Services, Inc. | 3,270 | 616,460 | |
Norfolk Southern Corp. | 9,008 | 1,773,945 | |
Old Dominion Freight Line, Inc. | 3,572 | 1,461,448 | |
Union Pacific Corp. | 24,317 | 4,951,671 | |
11,266,138 | |||
Industrial Conglomerates 0.8% | |||
3M Co. | 22,145 | 2,073,215 | |
General Electric Co. | 43,413 | 4,799,307 | |
Honeywell International, Inc. | 26,463 | 4,888,775 | |
11,761,297 | |||
Machinery 1.8% | |||
Caterpillar, Inc. | 20,344 | 5,553,912 | |
Cummins, Inc. | 5,662 | 1,293,540 | |
Deere & Co. | 10,895 | 4,111,555 | |
Dover Corp. | 5,539 | 772,746 | |
Fortive Corp. | 14,087 | 1,044,692 | |
IDEX Corp. | 2,994 | 622,812 | |
Illinois Tool Works, Inc. | 10,921 | 2,515,215 | |
Ingersoll Rand, Inc. | 16,118 | 1,027,039 | |
Nordson Corp. | 2,217 | 494,768 | |
Otis Worldwide Corp. | 16,534 | 1,327,845 | |
PACCAR, Inc. | 20,779 | 1,766,631 | |
Parker-Hannifin Corp. | 5,146 | 2,004,470 | |
Pentair PLC | 6,789 | 439,588 | |
Snap-on, Inc. | 2,097 | 534,861 | |
Stanley Black & Decker, Inc. | 6,215 | 519,450 | |
Westinghouse Air Brake Technologies Corp. | 7,132 | 757,918 | |
Xylem, Inc. | 9,536 | 868,062 | |
25,655,104 | |||
Passenger Airlines 0.2% | |||
Alaska Air Group, Inc.* | 5,116 | 189,701 | |
American Airlines Group, Inc.* | 26,833 | 343,731 | |
Delta Air Lines, Inc. | 25,633 | 948,421 | |
Southwest Airlines Co. | 23,634 | 639,772 | |
United Airlines Holdings, Inc.* | 13,038 | 551,508 | |
2,673,133 | |||
Professional Services 0.8% | |||
Automatic Data Processing, Inc. | 16,434 | 3,953,692 | |
Broadridge Financial Solutions, Inc. | 4,704 | 842,251 | |
Ceridian HCM Holding, Inc.* | 6,345 | 430,508 | |
Equifax, Inc. | 4,893 | 896,300 | |
Jacobs Solutions, Inc. | 4,996 | 681,954 | |
Leidos Holdings, Inc. | 5,390 | 496,742 | |
Paychex, Inc. | 12,832 | 1,479,914 |
Paycom Software, Inc. | 1,990 | 515,947 | |
Robert Half, Inc. | 4,345 | 318,402 | |
Verisk Analytics, Inc. | 5,757 | 1,360,034 | |
10,975,744 | |||
Trading Companies & Distributors 0.2% | |||
Fastenal Co. | 22,891 | 1,250,764 | |
United Rentals, Inc. | 2,725 | 1,211,453 | |
W.W. Grainger, Inc. | 1,771 | 1,225,249 | |
3,687,466 | |||
Information Technology 27.2% | |||
Communications Equipment 0.9% | |||
Arista Networks, Inc.* | 9,927 | 1,825,873 | |
Cisco Systems, Inc. | 162,538 | 8,738,043 | |
F5, Inc.* | 2,427 | 391,087 | |
Juniper Networks, Inc. | 13,316 | 370,051 | |
Motorola Solutions, Inc. | 6,653 | 1,811,213 | |
13,136,267 | |||
Electronic Equipment, Instruments & Components 0.6% | |||
Amphenol Corp. "A" | 23,882 | 2,005,849 | |
CDW Corp. | 5,380 | 1,085,469 | |
Corning, Inc. | 30,619 | 932,961 | |
Keysight Technologies, Inc.* | 7,120 | 942,047 | |
TE Connectivity Ltd. | 12,529 | 1,547,707 | |
Teledyne Technologies, Inc.* | 1,875 | 766,088 | |
Trimble, Inc.* | 9,691 | 521,957 | |
Zebra Technologies Corp. "A"* | 2,032 | 480,629 | |
8,282,707 | |||
IT Services 1.2% | |||
Accenture PLC "A" | 25,168 | 7,729,344 | |
Akamai Technologies, Inc.* | 5,955 | 634,446 | |
Cognizant Technology Solutions Corp. "A" | 20,290 | 1,374,445 | |
DXC Technology Co.* | 7,596 | 158,225 | |
EPAM Systems, Inc.* | 2,280 | 582,973 | |
Gartner, Inc.* | 3,158 | 1,085,120 | |
International Business Machines Corp. | 36,332 | 5,097,380 | |
VeriSign, Inc.* | 3,551 | 719,184 | |
17,381,117 | |||
Semiconductors & Semiconductor Equipment 7.3% | |||
Advanced Micro Devices, Inc.* | 64,480 | 6,629,834 | |
Analog Devices, Inc. | 20,012 | 3,503,901 | |
Applied Materials, Inc. | 33,510 | 4,639,459 | |
Broadcom, Inc. | 16,463 | 13,673,838 | |
Enphase Energy, Inc.* | 5,404 | 649,291 | |
First Solar, Inc.* | 4,266 | 689,343 | |
Intel Corp. | 167,087 | 5,939,943 | |
KLA Corp. | 5,454 | 2,501,532 | |
Lam Research Corp. | 5,319 | 3,333,790 | |
Microchip Technology, Inc. | 21,653 | 1,690,017 | |
Micron Technology, Inc. | 43,707 | 2,973,387 | |
Monolithic Power Systems, Inc. | 1,910 | 882,420 | |
NVIDIA Corp. | 98,543 | 42,865,219 | |
NXP Semiconductors NV | 10,286 | 2,056,377 | |
ON Semiconductor Corp.* | 17,063 | 1,586,006 | |
Qorvo, Inc.* | 3,962 | 378,252 | |
QUALCOMM, Inc. | 44,527 | 4,945,169 |
Skyworks Solutions, Inc. | 6,313 | 622,399 | |
SolarEdge Technologies, Inc.* | 2,308 | 298,909 | |
Teradyne, Inc. | 6,185 | 621,345 | |
Texas Instruments, Inc. | 36,207 | 5,757,275 | |
106,237,706 | |||
Software 10.0% | |||
Adobe, Inc.* | 18,184 | 9,272,022 | |
ANSYS, Inc.* | 3,457 | 1,028,630 | |
Autodesk, Inc.* | 8,581 | 1,775,495 | |
Cadence Design Systems, Inc.* | 10,839 | 2,539,578 | |
Fair Isaac Corp.* | 1,001 | 869,398 | |
Fortinet, Inc.* | 25,869 | 1,517,993 | |
Gen Digital, Inc. | 22,169 | 391,948 | |
Intuit, Inc. | 11,178 | 5,711,287 | |
Microsoft Corp. | 296,401 | 93,588,616 | |
Oracle Corp. | 62,791 | 6,650,823 | |
Palo Alto Networks, Inc.* | 12,216 | 2,863,919 | |
PTC, Inc.* | 4,746 | 672,413 | |
Roper Technologies, Inc. | 4,252 | 2,059,159 | |
Salesforce, Inc.* | 38,863 | 7,880,639 | |
ServiceNow, Inc.* | 8,142 | 4,551,052 | |
Synopsys, Inc.* | 6,069 | 2,785,489 | |
Tyler Technologies, Inc.* | 1,653 | 638,289 | |
144,796,750 | |||
Technology Hardware, Storage & Peripherals 7.2% | |||
Apple, Inc. | 586,355 | 100,389,840 | |
Hewlett Packard Enterprise Co. | 51,501 | 894,572 | |
HP, Inc. | 34,545 | 887,806 | |
NetApp, Inc. | 8,466 | 642,400 | |
Seagate Technology Holdings PLC | 7,529 | 496,538 | |
Western Digital Corp.* | 12,589 | 574,436 | |
103,885,592 | |||
Materials 2.4% | |||
Chemicals 1.7% | |||
Air Products & Chemicals, Inc. | 8,855 | 2,509,507 | |
Albemarle Corp. | 4,703 | 799,698 | |
Celanese Corp. | 3,876 | 486,515 | |
CF Industries Holdings, Inc. | 7,700 | 660,198 | |
Corteva, Inc. | 28,572 | 1,461,743 | |
Dow, Inc. | 27,830 | 1,434,915 | |
DuPont de Nemours, Inc. | 18,395 | 1,372,083 | |
Eastman Chemical Co. | 4,889 | 375,084 | |
Ecolab, Inc. | 10,119 | 1,714,159 | |
FMC Corp. | 4,873 | 326,345 | |
International Flavors & Fragrances, Inc. | 10,158 | 692,471 | |
Linde PLC | 19,445 | 7,240,346 | |
LyondellBasell Industries NV "A" | 10,343 | 979,482 | |
PPG Industries, Inc. | 9,433 | 1,224,403 | |
Sherwin-Williams Co. | 9,474 | 2,416,344 | |
The Mosaic Co. | 12,884 | 458,670 | |
24,151,963 | |||
Construction Materials 0.1% | |||
Martin Marietta Materials, Inc. | 2,474 | 1,015,528 | |
Vulcan Materials Co. | 5,313 | 1,073,332 | |
2,088,860 |
Containers & Packaging 0.2% | |||
Amcor PLC | 58,532 | 536,153 | |
Avery Dennison Corp. | 3,203 | 585,092 | |
Ball Corp. | 12,475 | 621,006 | |
International Paper Co. | 13,554 | 480,760 | |
Packaging Corp. of America | 3,580 | 549,709 | |
Sealed Air Corp. | 5,766 | 189,471 | |
Westrock Co. | 10,555 | 377,869 | |
3,340,060 | |||
Metals & Mining 0.4% | |||
Freeport-McMoRan, Inc. | 57,139 | 2,130,713 | |
Newmont Corp. | 31,934 | 1,179,961 | |
Nucor Corp. | 9,908 | 1,549,116 | |
Steel Dynamics, Inc. | 6,203 | 665,086 | |
5,524,876 | |||
Real Estate 2.3% | |||
Health Care REITs 0.2% | |||
Healthpeak Properties, Inc. | 22,217 | 407,904 | |
Ventas, Inc. | 15,938 | 671,468 | |
Welltower, Inc. | 20,693 | 1,695,171 | |
2,774,543 | |||
Hotel & Resort REITs 0.0% | |||
Host Hotels & Resorts, Inc. | 28,012 | 450,153 | |
Industrial REITs 0.3% | |||
Prologis, Inc. | 36,847 | 4,134,602 | |
Office REITs 0.1% | |||
Alexandria Real Estate Equities, Inc. | 6,219 | 622,522 | |
Boston Properties, Inc. | 5,846 | 347,720 | |
970,242 | |||
Real Estate Management & Development 0.1% | |||
CBRE Group, Inc. "A"* | 12,352 | 912,319 | |
CoStar Group, Inc.* | 16,389 | 1,260,150 | |
2,172,469 | |||
Residential REITs 0.3% | |||
AvalonBay Communities, Inc. | 5,642 | 968,957 | |
Camden Property Trust | 4,253 | 402,249 | |
Equity Residential | 13,681 | 803,211 | |
Essex Property Trust, Inc. | 2,553 | 541,466 | |
Invitation Homes, Inc. | 22,831 | 723,514 | |
Mid-America Apartment Communities, Inc. | 4,763 | 612,760 | |
UDR, Inc. | 11,985 | 427,505 | |
4,479,662 | |||
Retail REITs 0.3% | |||
Federal Realty Investment Trust | 3,015 | 273,249 | |
Kimco Realty Corp. | 24,240 | 426,382 | |
Realty Income Corp. | 28,260 | 1,411,304 | |
Regency Centers Corp. | 6,640 | 394,682 | |
Simon Property Group, Inc. | 13,085 | 1,413,573 | |
3,919,190 | |||
Specialized REITs 1.0% | |||
American Tower Corp. | 18,586 | 3,056,468 | |
Crown Castle, Inc. | 17,394 | 1,600,770 |
Digital Realty Trust, Inc. | 12,070 | 1,460,711 | |
Equinix, Inc. | 3,727 | 2,706,771 | |
Extra Space Storage, Inc. | 8,533 | 1,037,442 | |
Iron Mountain, Inc. | 11,548 | 686,529 | |
Public Storage | 6,343 | 1,671,507 | |
SBA Communications Corp. | 4,320 | 864,734 | |
VICI Properties, Inc. | 40,107 | 1,167,114 | |
Weyerhaeuser Co. | 29,146 | 893,616 | |
15,145,662 | |||
Utilities 2.4% | |||
Electric Utilities 1.6% | |||
Alliant Energy Corp. | 10,366 | 502,233 | |
American Electric Power Co., Inc. | 20,626 | 1,551,488 | |
Constellation Energy Corp. | 12,825 | 1,398,951 | |
Duke Energy Corp. | 30,636 | 2,703,933 | |
Edison International | 15,259 | 965,742 | |
Entergy Corp. | 8,539 | 789,858 | |
Evergy, Inc. | 9,029 | 457,770 | |
Eversource Energy | 13,886 | 807,471 | |
Exelon Corp. | 39,860 | 1,506,309 | |
FirstEnergy Corp. | 20,369 | 696,212 | |
NextEra Energy, Inc. | 80,721 | 4,624,506 | |
NRG Energy, Inc. | 9,256 | 356,541 | |
PG&E Corp.* | 83,458 | 1,346,178 | |
Pinnacle West Capital Corp. | 4,631 | 341,212 | |
PPL Corp. | 29,212 | 688,235 | |
Southern Co. | 43,368 | 2,806,777 | |
Xcel Energy, Inc. | 22,000 | 1,258,840 | |
22,802,256 | |||
Gas Utilities 0.0% | |||
Atmos Energy Corp. | 5,918 | 626,894 | |
Independent Power & Renewable Electricity Producers 0.0% | |||
AES Corp. | 26,125 | 397,100 | |
Multi-Utilities 0.7% | |||
Ameren Corp. | 10,378 | 776,586 | |
CenterPoint Energy, Inc. | 25,036 | 672,217 | |
CMS Energy Corp. | 11,494 | 610,446 | |
Consolidated Edison, Inc. | 13,650 | 1,167,484 | |
Dominion Energy, Inc. | 33,493 | 1,496,132 | |
DTE Energy Co. | 8,335 | 827,499 | |
NiSource, Inc. | 16,828 | 415,315 | |
Public Service Enterprise Group, Inc. | 19,925 | 1,133,932 | |
Sempra | 25,224 | 1,715,989 | |
WEC Energy Group, Inc. | 12,578 | 1,013,158 | |
9,828,758 | |||
Water Utilities 0.1% | |||
American Water Works Co., Inc. | 7,749 | 959,558 | |
Total Common Stocks (Cost $371,175,331) | 1,433,722,922 |
Principal Amount ($) | Value ($) | ||
Government & Agency Obligations 0.0% | |||
U.S. Treasury Obligations | |||
U.S. Treasury Bills, 5.287% (a), 10/26/2023 (b) (Cost $836,925) | 840,000 | 837,041 |
Shares | Value ($) | ||
Cash Equivalents 1.0% | |||
DWS Central Cash Management Government Fund, 5.36% (c) (Cost $14,247,467) | 14,247,467 | 14,247,467 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $386,259,723) | 99.9 | 1,448,807,430 | |
Other Assets and Liabilities, Net | 0.1 | 792,301 | |
Net Assets | 100.0 | 1,449,599,731 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended September 30, 2023 are as follows:
Value ($) at 12/31/2022 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 9/30/2023 | Value ($) at 9/30/2023 |
Securities Lending Collateral 0.0% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.25% (c) (d) | ||||||||
350,418 | — | 350,418 (e) | — | — | 143 | — | — | — |
Cash Equivalents 1.0% | ||||||||
DWS Central Cash Management Government Fund, 5.36% (c) | ||||||||
6,023,842 | 222,690,982 | 214,467,357 | — | — | 496,882 | — | 14,247,467 | 14,247,467 |
6,374,260 | 222,690,982 | 214,817,775 | — | — | 497,025 | — | 14,247,467 | 14,247,467 |
* | Non-income producing security. |
(a) | Annualized yield at time of purchase; not a coupon rate. |
(b) | At September 30, 2023, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended September 30, 2023. |
REIT: Real Estate Investment Trust |
At September 30, 2023, open futures contracts purchased were as follows:
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Depreciation ($) |
S&P 500 E-Mini Index | USD | 12/15/2023 | 74 | 16,657,135 | 16,004,350 | (652,785 ) |
Currency Abbreviation(s)
USD | United States Dollar |
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 September 30, 2023 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $1,433,722,922 | $— | $— | $1,433,722,922 |
Government & Agency Obligations | — | 837,041 | — | 837,041 |
Short-Term Investments | 14,247,467 | — | — | 14,247,467 |
Total | $1,447,970,389 | $837,041 | $— | $1,448,807,430 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | ||||
Futures Contracts | $(652,785 ) | $— | $— | $(652,785 ) |
Total | $(652,785 ) | $— | $— | $(652,785 ) |
(a) | See Investment Portfolio for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
Derivatives
The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of September 30, 2023 categorized by the primary underlying risk exposure.
Primary Underlying Risk Disclosure | Futures Contracts |
Equity Contracts | $(652,785 ) |
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
DE500-PH3
R-080548-2 (1/25)