| Investment Portfolio | as of December 31, 2019 (Unaudited) |
DWS Small Cap Core Fund
| Shares | Value ($) | |||||||||
| Common Stocks 98.9% | ||||||||||
| Communication Services 1.4% | ||||||||||
| Media | ||||||||||
| Liberty Latin America Ltd. "A"* | 231,165 | 4,461,484 | ||||||||
| Consumer Discretionary 9.5% | ||||||||||
| Auto Components 1.5% | ||||||||||
| Linamar Corp. | 78,072 | 2,953,815 | ||||||||
| Tenneco, Inc. "A" | 147,789 | 1,936,036 | ||||||||
| 4,889,851 | ||||||||||
| Diversified Consumer Services 2.1% | ||||||||||
| K12, Inc.* | 343,992 | 7,000,237 | ||||||||
| Hotels, Restaurants & Leisure 0.9% | ||||||||||
| Papa John's International, Inc. (a) | 47,378 | 2,991,921 | ||||||||
| Household Durables 1.9% | ||||||||||
| Installed Building Products, Inc.* | 91,576 | 6,306,839 | ||||||||
| Specialty Retail 2.8% | ||||||||||
| Camping World Holdings, Inc. "A" (a) | 230,108 | 3,391,792 | ||||||||
| Designer Brands, Inc. "A" | 119,851 | 1,886,455 | ||||||||
| RH* | 11,500 | 2,455,250 | ||||||||
| Tailored Brands, Inc. (a) | 150,317 | 622,312 | ||||||||
| The Children's Place, Inc. (a) | 12,436 | 777,499 | ||||||||
| 9,133,308 | ||||||||||
| Textiles, Apparel & Luxury Goods 0.3% | ||||||||||
| Movado Group, Inc. | 42,205 | 917,537 | ||||||||
| Consumer Staples 2.4% | ||||||||||
| Beverages 1.2% | ||||||||||
| The Boston Beer Co., Inc. "A"* | 10,852 | 4,100,428 | ||||||||
| Personal Products 1.2% | ||||||||||
| Medifast, Inc. (a) | 34,753 | 3,808,234 | ||||||||
| Energy 6.7% | ||||||||||
| Energy Equipment & Services 2.4% | ||||||||||
| Dril-Quip, Inc.* | 60,738 | 2,849,220 | ||||||||
| ION Geophysical Corp.* | 312,799 | 2,715,095 | ||||||||
| SEACOR Marine Holdings, Inc.* | 74,974 | 1,033,892 | ||||||||
| Transocean Ltd.* (a) | 175,000 | 1,204,000 | ||||||||
| 7,802,207 | ||||||||||
| Oil, Gas & Consumable Fuels 4.3% | ||||||||||
| California Resources Corp.* (a) | 241,877 | 2,184,149 | ||||||||
| Contango Oil & Gas Co.* (a) | 3,300,000 | 12,111,000 | ||||||||
| 14,295,149 | ||||||||||
| Financials 13.3% | ||||||||||
| Banks 5.9% | ||||||||||
| Cadence BanCorp. | 127,833 | 2,317,612 | ||||||||
| Eagle Bancorp., Inc. | 26,287 | 1,278,337 | ||||||||
| Hancock Whitney Corp. | 103,977 | 4,562,511 | ||||||||
| OFG Bancorp. | 367,687 | 8,681,090 | ||||||||
| UMB Financial Corp. | 39,052 | 2,680,529 | ||||||||
| 19,520,079 | ||||||||||
| Capital Markets 1.6% | ||||||||||
| Blucora, Inc.* | 146,361 | 3,825,877 | ||||||||
| Moelis & Co. "A" | 40,000 | 1,276,800 | ||||||||
| 5,102,677 | ||||||||||
| Consumer Finance 1.5% | ||||||||||
| Elevate Credit, Inc.* | 252,646 | 1,124,275 | ||||||||
| Navient Corp. | 267,985 | 3,666,035 | ||||||||
| 4,790,310 | ||||||||||
| Insurance 2.3% | ||||||||||
| Argo Group International Holdings Ltd. | 48,520 | 3,190,190 | ||||||||
| FBL Financial Group, Inc. "A" | 23,739 | 1,398,939 | ||||||||
| Selective Insurance Group, Inc. | 47,494 | 3,096,134 | ||||||||
| 7,685,263 | ||||||||||
| Thrifts & Mortgage Finance 2.0% | ||||||||||
| Walker & Dunlop, Inc. | 88,760 | 5,740,997 | ||||||||
| WSFS Financial Corp. | 22,137 | 973,806 | ||||||||
| 6,714,803 | ||||||||||
| Health Care 20.2% | ||||||||||
| Biotechnology 2.3% | ||||||||||
| Arena Pharmaceuticals, Inc.* | 62,438 | 2,835,934 | ||||||||
| Ligand Pharmaceuticals, Inc.* | 29,886 | 3,116,811 | ||||||||
| Retrophin, Inc.* | 123,779 | 1,757,662 | ||||||||
| 7,710,407 | ||||||||||
| Health Care Equipment & Supplies 1.1% | ||||||||||
| Cardiovascular Systems, Inc.* | 71,217 | 3,460,434 | ||||||||
| Health Care Providers & Services 12.9% | ||||||||||
| AMN Healthcare Services, Inc.* | 94,648 | 5,897,517 | ||||||||
| Brookdale Senior Living, Inc.* | 430,000 | 3,126,100 | ||||||||
| Centene Corp.* | 24,215 | 1,522,397 | ||||||||
| Cross Country Healthcare, Inc.* | 696,255 | 8,090,483 | ||||||||
| Magellan Health, Inc.* | 44,296 | 3,466,162 | ||||||||
| Molina Healthcare, Inc.* | 36,379 | 4,936,267 | ||||||||
| Option Care Health, Inc.* | 964,514 | 3,597,637 | ||||||||
| Providence Service Corp.* | 117,428 | 6,949,389 | ||||||||
| Tivity Health, Inc.* | 230,000 | 4,679,350 | ||||||||
| 42,265,302 | ||||||||||
| Health Care Technology 1.0% | ||||||||||
| HMS Holdings Corp.* | 111,190 | 3,291,224 | ||||||||
| Pharmaceuticals 2.9% | ||||||||||
| ANI Pharmaceuticals, Inc.* | 55,000 | 3,391,850 | ||||||||
| Avadel Pharmaceuticals PLC (ADR)* (a) | 322,239 | 2,432,904 | ||||||||
| Axsome Therapeutics, Inc.* | 18,493 | 1,911,437 | ||||||||
| Mallinckrodt PLC* | 92,981 | 324,504 | ||||||||
| Pacira BioSciences, Inc.* | 33,888 | 1,535,126 | ||||||||
| 9,595,821 | ||||||||||
| Industrials 16.1% | ||||||||||
| Aerospace & Defense 1.6% | ||||||||||
| Ducommun, Inc.* | 103,042 | 5,206,712 | ||||||||
| Building Products 1.0% | ||||||||||
| Masonite International Corp.* | 44,437 | 3,208,796 | ||||||||
| Commercial Services & Supplies 1.9% | ||||||||||
| Atento SA* | 709,608 | 2,043,671 | ||||||||
| The Brink's Co. | 47,687 | 4,324,257 | ||||||||
| 6,367,928 | ||||||||||
| Electrical Equipment 2.5% | ||||||||||
| Allied Motion Technologies, Inc. | 46,299 | 2,245,501 | ||||||||
| Thermon Group Holdings, Inc.* | 220,000 | 5,896,000 | ||||||||
| 8,141,501 | ||||||||||
| Machinery 3.3% | ||||||||||
| Chart Industries, Inc.* | 51,366 | 3,466,691 | ||||||||
| Hillenbrand, Inc. | 104,073 | 3,466,672 | ||||||||
| Hyster-Yale Materials Handling, Inc. | 67,398 | 3,973,786 | ||||||||
| 10,907,149 | ||||||||||
| Marine 1.0% | ||||||||||
| Star Bulk Carriers Corp. (a) | 275,316 | 3,251,482 | ||||||||
| Professional Services 0.3% | ||||||||||
| Mistras Group, Inc.* | 70,263 | 1,002,653 | ||||||||
| Trading Companies & Distributors 4.5% | ||||||||||
| H&E Equipment Services, Inc. | 99,009 | 3,309,871 | ||||||||
| Rush Enterprises, Inc. "A" | 165,000 | 7,672,500 | ||||||||
| Titan Machinery, Inc.* | 249,519 | 3,687,891 | ||||||||
| 14,670,262 | ||||||||||
| Information Technology 16.2% | ||||||||||
| Electronic Equipment, Instruments & Components 1.4% | ||||||||||
| Belden, Inc. | 24,376 | 1,340,680 | ||||||||
| Benchmark Electronics, Inc. | 101,364 | 3,482,867 | ||||||||
| 4,823,547 | ||||||||||
| IT Services 4.8% | ||||||||||
| Cardtronics PLC "A"* | 101,312 | 4,523,581 | ||||||||
| EVERTEC, Inc. | 152,278 | 5,183,543 | ||||||||
| ManTech International Corp. "A" | 75,000 | 5,991,000 | ||||||||
| 15,698,124 | ||||||||||
| Semiconductors & Semiconductor Equipment 2.5% | ||||||||||
| Cabot Microelectronics Corp. | 23,608 | 3,407,107 | ||||||||
| Entegris, Inc. | 25,223 | 1,263,420 | ||||||||
| Kulicke & Soffa Industries, Inc. | 127,800 | 3,476,160 | ||||||||
| 8,146,687 | ||||||||||
| Software 7.5% | ||||||||||
| Agilysys, Inc.* | 313,515 | 7,966,416 | ||||||||
| Bill.Com Holdings, Inc.* | 3,132 | 119,173 | ||||||||
| Intelligent Systems Corp.* (a) | 19,005 | 759,060 | ||||||||
| j2 Global, Inc. | 73,386 | 6,877,002 | ||||||||
| QAD, Inc. "A" | 85,294 | 4,344,023 | ||||||||
| Verint Systems, Inc.* | 80,576 | 4,460,687 | ||||||||
| 24,526,361 | ||||||||||
| Materials 6.1% | ||||||||||
| Chemicals 1.5% | ||||||||||
| Huntsman Corp. | 207,894 | 5,022,719 | ||||||||
| Construction Materials 0.3% | ||||||||||
| U.S. Concrete, Inc.* | 20,000 | 833,200 | ||||||||
| Metals & Mining 4.3% | ||||||||||
| Cleveland-Cliffs, Inc. (a) | 863,799 | 7,255,911 | ||||||||
| Coeur Mining, Inc.* | 594,034 | 4,799,795 | ||||||||
| First Quantum Minerals Ltd. | 194,579 | 1,973,436 | ||||||||
| 14,029,142 | ||||||||||
| Real Estate 5.4% | ||||||||||
| Equity Real Estate Investment Trusts (REITs) | ||||||||||
| CatchMark Timber Trust, Inc. "A" | 180,412 | 2,069,326 | ||||||||
| Community Healthcare Trust, Inc. | 99,545 | 4,266,499 | ||||||||
| Farmland Partners, Inc. (a) | 669,185 | 4,537,074 | ||||||||
| QTS Realty Trust, Inc. "A" | 51,999 | 2,821,986 | ||||||||
| SITE Centers Corp. | 289,216 | 4,054,808 | ||||||||
| 17,749,693 | ||||||||||
| Utilities 1.6% | ||||||||||
| Multi-Utilities | ||||||||||
| NorthWestern Corp. | 71,846 | 5,149,203 | ||||||||
| Total Common Stocks (Cost $279,730,024) | 324,578,674 | |||||||||
| Convertible Preferred Stocks 0.7% | ||||||||||
| Health Care 0.1% | ||||||||||
| Providence Service Corp., 5.5% (b) | 1,212 | 179,855 | ||||||||
| Energy 0.6 | ||||||||||
| Contango Oil & Gas Co., 4.0% | 50,000 | 1,835,000 | ||||||||
| Total Convertible Preferred Stocks (Cost $1,121,200) | 2,014,855 | |||||||||
| Securities Lending Collateral 8.5% | ||||||||||
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 1.50% (c) (d) (Cost $28,058,626) | 28,058,626 | 28,058,626 | ||||||||
| Cash Equivalents 0.7% | ||||||||||
| DWS Central Cash Management Government Fund, 1.62% (c) (Cost $2,440,290) | 2,440,290 | 2,440,290 | ||||||||
| % of Net Assets |
Value ($) | |||||||||
| Total Investment Portfolio (Cost $311,350,140) | 108.8 | 357,092,445 | ||||||||
| Other Assets and Liabilities, Net | (8.8) | (28,944,596) | ||||||||
| Net Assets | 100.0 | 328,147,849 | ||||||||
| For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. | |
| A summary of the Fund's transactions with affiliated investments during the period ended December 31, 2019 are as follows: | |
| Value ($) 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 8.5% | |||||||||||||||||
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 1.50% (c) (d) | |||||||||||||||||
| 28,165,173 | — | 106,547(e) | — | — | 182,368 | — | 28,058,626 | 28,058,626 | |||||||||
| Cash Equivalents 0.7% | |||||||||||||||||
| DWS Central Cash Management Government Fund, 1.62% (c) | |||||||||||||||||
| 9,176,221 | 15,047,292 | 21,783,223 | — | — | 25,127 | — | 2,440,290 | 2,440,290 | |||||||||
| 37,341,394 | 15,047,292 | 21,889,770 | — | — | 207,495 | — | 30,498,916 | 30,498,916 | |||||||||
| * | 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 December 31, 2019 amounted to $27,562,247, which is 8.4% of net assets. |
| (b) | Investment was valued using significant unobservable inputs. |
| (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 December 31, 2019. |
| ADR: American Depositary Receipt | |
|
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 (f) | $ | 324,578,674 | $ | — | $ | — | $ | 324,578,674 |
| Convertible Preferred Stocks (f) | — | 1,835,000 | 179,855 | 2,014,855 | ||||
| Short-Term Investments (f) | 30,498,916 | — | — | 30,498,916 | ||||
| Total | $ | 355,077,590 | $ | 1,835,000 | $ | 179,855 | $ | 357,092,445 |
| (f) | See Investment Portfolio for additional detailed categorizations. |