NPORT-EX 2 NPORT_7271_87566758_1222.htm EDGAR HTML
Investment Portfolioas of December 31, 2022 (Unaudited)
DWS Capital Growth Fund  
 
 
Shares
Value ($)
 
Common Stocks 95.9%
 
Communication Services 9.9%
 
Entertainment 3.0%
 
Activision Blizzard, Inc.
 
   119,290
    9,131,650
Live Nation Entertainment, Inc.*
 
   148,010
   10,322,217
Netflix, Inc.*
 
    46,791
   13,797,730
Spotify Technology SA*
 
    80,274
    6,337,632
Walt Disney Co.*
 
    75,639
    6,571,516
 
 
 
46,160,745
Interactive Media & Services 5.5%
 
Alphabet, Inc. "A"*
 
   377,081
   33,269,857
Alphabet, Inc. "C"*
 
   406,213
   36,043,279
Match Group, Inc.*
 
154,675
6,417,466
Meta Platforms, Inc. "A"*
 
64,717
7,788,044
 
 
 
83,518,646
Wireless Telecommunication Services 1.4%
 
T-Mobile U.S., Inc.*
 
150,618
21,086,520
Consumer Discretionary 10.2%
 
Hotels, Restaurants & Leisure 1.5%
 
McDonald's Corp.
 
46,106
12,150,314
Planet Fitness, Inc. "A"*
 
134,071
10,564,795
 
 
 
22,715,109
Internet & Direct Marketing Retail 3.5%
 
Amazon.com, Inc.*
 
623,674
52,388,616
Multiline Retail 0.8%
 
Dollar General Corp.
 
49,120
12,095,800
Specialty Retail 2.9%
 
Burlington Stores, Inc.*
 
29,072
5,894,639
CarMax, Inc.*
 
85,979
5,235,261
Home Depot, Inc.
 
105,134
33,207,625
 
 
 
44,337,525
Textiles, Apparel & Luxury Goods 1.5%
 
Lululemon Athletica, Inc.*
 
43,483
13,931,084
NIKE, Inc. "B"
 
72,640
8,499,606
 
 
 
22,430,690
Consumer Staples 3.3%
 
Beverages 0.7%
 
Constellation Brands, Inc. "A"
 
46,877
10,863,745
Food & Staples Retailing 1.6%
 
Costco Wholesale Corp.
 
53,072
24,227,368
Personal Products 1.0%
 
Estee Lauder Companies, Inc. "A"
 
    58,281
   14,460,099
Financials 6.1%
 
Capital Markets 1.6%
 
Intercontinental Exchange, Inc.
 
   229,518
   23,546,252
Consumer Finance 0.5%
 
American Express Co.
 
    56,396
    8,332,509
Insurance 4.0%
 
Progressive Corp.
 
   469,842
   60,943,206
Health Care 15.9%
 
Biotechnology 0.3%
 
Exact Sciences Corp.*
 
    86,231
    4,269,297
Health Care Equipment & Supplies 4.6%
 
DexCom, Inc.*
 
   290,571
   32,904,260
Hologic, Inc.*
 
234,522
17,544,591
Intuitive Surgical, Inc.*
 
50,181
13,315,528
The Cooper Companies, Inc.
 
20,155
6,664,654
 
 
 
70,429,033
Health Care Providers & Services 2.6%
 
agilon health, Inc.*
 
403,891
6,518,801
UnitedHealth Group, Inc.
 
61,454
32,581,681
 
 
 
39,100,482
Life Sciences Tools & Services 6.9%
 
Charles River Laboratories International, Inc.*
 
40,093
8,736,265
Danaher Corp.
 
132,575
35,188,057
Thermo Fisher Scientific, Inc.
 
111,634
61,475,727
 
 
 
105,400,049
Pharmaceuticals 1.5%
 
Zoetis, Inc.
 
151,064
22,138,429
Industrials 6.9%
 
Aerospace & Defense 0.5%
 
TransDigm Group, Inc.
 
11,444
7,205,715
Building Products 0.3%
 
Trex Co., Inc.*
 
112,922
4,779,988
Electrical Equipment 2.0%
 
AMETEK, Inc.
 
166,616
23,279,588
Generac Holdings, Inc.*
 
71,952
7,242,688
 
 
 
30,522,276
Machinery 0.7%
 
Deere & Co.
 
26,460
11,344,990
Professional Services 2.3%
 
TransUnion
 
279,422
15,857,199
Verisk Analytics, Inc.
 
103,667
18,288,932
 
 
 
34,146,131
Road & Rail 1.1%
 
Norfolk Southern Corp.
 
    48,168
   11,869,558
Uber Technologies, Inc.*
 
   201,548
    4,984,282
 
 
 
16,853,840
Information Technology 41.1%
 
IT Services 5.9%
 
Cloudflare, Inc. "A"*
 
    87,962
    3,976,762
Global Payments, Inc.
 
    76,897
    7,637,410
Mastercard, Inc. "A"
 
   123,550
   42,962,042
Twilio, Inc. "A"*
 
   107,090
    5,243,126
Visa, Inc. "A"
 
   139,383
   28,958,212
 
 
 
88,777,552
Semiconductors & Semiconductor Equipment 5.4%
 
Advanced Micro Devices, Inc.*
 
   200,512
   12,987,162
Analog Devices, Inc.
 
128,721
21,114,106
Applied Materials, Inc.
 
167,811
16,341,435
MKS Instruments, Inc.
 
72,231
6,120,133
NVIDIA Corp.
 
176,039
25,726,339
 
 
 
82,289,175
Software 19.7%
 
Adobe, Inc.*
 
75,104
25,274,749
Aspen Technology, Inc.*
 
45,992
9,446,757
Atlassian Corp. Ltd. "A"*
 
34,744
4,470,858
Box, Inc. "A"*
 
181,890
5,662,236
Dynatrace, Inc.*
 
219,257
8,397,543
Five9, Inc.*
 
91,400
6,202,404
Intuit, Inc.
 
50,362
19,601,898
Microsoft Corp.
 
600,893
144,106,159
Roper Technologies, Inc.
 
34,978
15,113,644
Salesforce, Inc.*
 
80,318
10,649,364
ServiceNow, Inc.*
 
54,728
21,249,240
Synopsys, Inc.*
 
90,932
29,033,678
 
 
 
299,208,530
Technology Hardware, Storage & Peripherals 10.1%
 
Apple, Inc.
 
1,180,528
153,386,003
Materials 0.7%
 
Construction Materials
 
Vulcan Materials Co.
 
63,307
11,085,689
Real Estate 1.8%
 
Equity Real Estate Investment Trusts (REITs)
 
Equinix, Inc.
 
19,304
12,644,699
Prologis, Inc.
 
127,178
14,336,776
 
 
 
26,981,475
Total Common Stocks (Cost $666,618,790)
1,455,025,484
 
Cash Equivalents 4.2%
DWS Central Cash Management Government Fund, 4.2% (a) (Cost $64,364,641)
 
64,364,641
64,364,641
 
 
 
 
% of
Net Assets
Value ($)
Total Investment Portfolio (Cost $730,983,431)
 
100.1
1,519,390,125
Other Assets and Liabilities, Net
 
(0.1)
(1,723,109)
Net Assets
 
100.0
1,517,667,016
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, 2022 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 ($)
Number
of Shares
at
12/31/2022
Value ($) at
12/31/2022
Securities Lending Collateral 0.0%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b)
—
0 (c)
—
—
—
26
—
—
—
Cash Equivalents 4.2%
DWS Central Cash Management Government Fund, 4.2% (a)
37,794,028
94,691,794
68,121,181
—
—
545,882
—
64,364,641
64,364,641
37,794,028
94,691,794
68,121,181
—
—
545,908
—
64,364,641
64,364,641
 
*
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, 2022.
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, 2022 in valuing the Fund’s investments. 
Assets
Level 1
Level 2
Level 3
Total
Common Stocks (a)
$1,455,025,484
$—
$—
$1,455,025,484
Short-Term Investments
64,364,641
—
—
64,364,641
Total
$1,519,390,125
$—
$—
$1,519,390,125
 
(a)
See Investment Portfolio for additional detailed categorizations.
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
DCGF-PH1
R-080548-2 (1/25)