Investment Portfolio as of December 31, 2019 (Unaudited)

DWS Capital Growth Fund

		Shares			Value ($)
Common Stocks 98.3%
Communication Services 12.9%
Entertainment 6.4%
Activision Blizzard, Inc.	366,498				21,777,311
Live Nation Entertainment, Inc.*	143,901				10,284,605
Netflix, Inc.*	55,383				17,920,277
Spotify Technology SA*	131,628				19,684,967
Walt Disney Co.	246,690				35,678,775
					105,345,935
Interactive Media & Services 5.3%
Alphabet, Inc. "A"*	23,828				31,914,985
Alphabet, Inc. "C"*	27,810				37,182,526
Facebook, Inc. "A"*	81,786				16,786,577
Pinterest, Inc. "A"*	54,563				1,017,054
					86,901,142
Wireless Telecommunication Services 1.2%
T-Mobile U.S., Inc.*	246,715				19,347,390
Consumer Discretionary 14.3%
Hotels, Restaurants & Leisure 3.0%
Las Vegas Sands Corp.	126,432				8,728,865
McDonald's Corp.	150,711				29,782,001
Planet Fitness, Inc. "A"*	139,036				10,383,209
					48,894,075
Internet & Direct Marketing Retail 4.4%
Amazon.com, Inc.*	39,408				72,819,679
Multiline Retail 1.3%
Dollar General Corp.	133,550				20,831,129
Specialty Retail 4.7%
Burlington Stores, Inc.*	78,836				17,976,973
CarMax, Inc.*	194,563				17,057,338
Home Depot, Inc.	189,024				41,279,061
					76,313,372
Textiles, Apparel & Luxury Goods 0.9%
Lululemon Athletica, Inc.*	66,960				15,512,623
Consumer Staples 3.3%
Food & Staples Retailing 1.2%
Costco Wholesale Corp.	67,070				19,713,214
Food Products 1.4%
Mondelez International, Inc. "A"	421,653				23,224,647
Personal Products 0.7%
Estee Lauder Companies, Inc. "A"	54,279				11,210,785
Energy 0.4%
Oil, Gas & Consumable Fuels
Concho Resources, Inc.	69,452				6,081,912
Financials 5.4%
Capital Markets 1.6%
Intercontinental Exchange, Inc.	290,052				26,844,313
Consumer Finance 1.2%
American Express Co.	157,927				19,660,332
Insurance 2.6%
Progressive Corp.	593,768				42,982,865
Health Care 12.6%
Biotechnology 1.4%
Alexion Pharmaceuticals, Inc.*	90,396				9,776,327
BioMarin Pharmaceutical, Inc.*	81,693				6,907,143
Exact Sciences Corp.*	66,451				6,145,389
					22,828,859
Health Care Equipment & Supplies 6.0%
Becton, Dickinson & Co.	178,509				48,549,093
Danaher Corp.	167,542				25,714,346
DexCom, Inc.*	74,970				16,398,938
The Cooper Companies, Inc.	25,467				8,182,292
					98,844,669
Life Sciences Tools & Services 3.0%
Thermo Fisher Scientific, Inc.	148,996				48,404,330
Pharmaceuticals 2.2%
Bristol-Myers Squibb Co.	101,385				6,507,903
Zoetis, Inc.	219,836				29,095,295
					35,603,198
Industrials 9.7%
Aerospace & Defense 2.6%
Boeing Co.	81,658				26,600,910
TransDigm Group, Inc.	27,308				15,292,480
					41,893,390
Electrical Equipment 1.7%
AMETEK, Inc.	273,721				27,300,933
Industrial Conglomerates 1.4%
Roper Technologies, Inc.	63,907				22,637,777
Machinery 0.7%
Parker-Hannifin Corp.	60,171				12,384,395
Professional Services 2.6%
TransUnion	267,510				22,901,531
Verisk Analytics, Inc.	131,011				19,565,183
					42,466,714
Road & Rail 0.7%
Norfolk Southern Corp.	60,873				11,817,275
Information Technology 37.1%
IT Services 9.7%
Cognizant Technology Solutions Corp. "A"	284,047				17,616,595
Fiserv, Inc.*	294,266				34,025,978
FleetCor Technologies, Inc.*	48,881				14,064,041
Global Payments, Inc.	150,700				27,511,792
Visa, Inc. "A"	351,593				66,064,325
					159,282,731
Semiconductors & Semiconductor Equipment 1.8%
Analog Devices, Inc.	72,518				8,618,039
NVIDIA Corp.	85,687				20,162,151
					28,780,190
Software 18.0%
Adobe, Inc.*	94,912				31,302,927
DocuSign, Inc.*	91,456				6,777,804
Intuit, Inc.	81,175				21,262,168
Microsoft Corp.	869,313				137,090,660
Nuance Communications, Inc.*	691,634				12,331,834
Proofpoint, Inc.*	120,503				13,831,334
salesforce.com, Inc.*	126,598				20,589,899
ServiceNow, Inc.*	69,164				19,526,381
Synopsys, Inc.*	114,919				15,996,725
VMware, Inc. "A"*	99,322				15,076,086
					293,785,818
Technology Hardware, Storage & Peripherals 7.6%
Apple, Inc.	406,799				119,456,526
Pure Storage, Inc. "A"*	306,853				5,250,255
					124,706,781
Materials 0.7%
Construction Materials
Vulcan Materials Co.	80,006				11,520,064
Real Estate 1.9%
Equity Real Estate Investment Trusts (REITs)
Equinix, Inc.	28,610				16,699,657
Prologis, Inc.	160,722				14,326,759
					31,026,416
Total Common Stocks (Cost $751,028,687)			1,608,966,953
Cash Equivalents 1.8%
DWS Central Cash Management Government Fund, 1.62% (a) (Cost $28,472,139)	28,472,139				28,472,139
		% of Net Assets			Value ($)
Total Investment Portfolio (Cost $779,500,826)	100.1			1,637,439,092
Other Assets and Liabilities, Net	(0.1)			(1,267,888)
Net Assets	100.0			1,636,171,204

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, 2019 are as follows:

Value ($) at           9/30/2019	Purchases Cost ($)	Sales Proceeds ($)	Net Realized Gain/ (Loss) ($)	Net Change in Unrealized Appreci- ation (Deprecia- tion) ($)	Income ($)	Capital Gain Distribu- tions ($)	Number of Shares at 12/31/2019	Value ($) at 12/31/2019
Securities Lending Collateral 0.0%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 1.50% (a) (b)
1,515,100	—	1,515,100 (c)	—	—	310	—	—	—
Cash Equivalents 1.8%
DWS Central Cash Management Government Fund, 1.62% (a)
22,076,364	45,817,959	39,422,184	—	—	134,464	—	28,472,139	28,472,139
23,591,464	45,817,959	40,937,284	—	—	134,774	—	28,472,139	28,472,139

*	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 December 31, 2019.

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, 2019 in valuing the Fund's investments.

Assets		Level 1		Level 2		Level 3		Total
Common Stocks (d)	$	1,608,966,953	$	—	$	—	$	1,608,966,953
Short-Term Investments		28,472,139		—		—		28,472,139
Total	$	1,637,439,092	$	—	$	—	$	1,637,439,092

(d) See Investment Portfolio for additional detailed categorizations.