NPORT-EX 2 NPORT_KE8P_26944009_0623.htm EDGAR HTML
Investment Portfolioas of June 30, 2023 (Unaudited)
DWS Small Cap Growth Fund  
 
 
Shares
Value ($)
 
Common Stocks 96.1%
Communication Services 1.0%
Diversified Telecommunication Services
Iridium Communications, Inc.
48,100
2,987,972
Consumer Discretionary 12.2%
Automobile Components 1.9%
Fox Factory Holding Corp.*
50,481
5,477,693
Diversified Consumer Services 1.2%
Stride, Inc.*
95,212
3,544,743
Hotels, Restaurants & Leisure 2.2%
Hilton Grand Vacations, Inc.*
61,520
2,795,469
Jack in the Box, Inc.
35,391
3,451,684
 
6,247,153
Household Durables 3.3%
Helen of Troy Ltd.*
21,416
2,313,356
iRobot Corp.*
10,807
489,017
LGI Homes, Inc.*
16,438
2,217,322
TopBuild Corp.*
16,427
4,369,910
 
9,389,605
Leisure Products 1.2%
YETI Holdings, Inc.*
85,422
3,317,791
Specialty Retail 2.4%
Burlington Stores, Inc.*
6,261
985,419
Camping World Holdings, Inc. “A” (a)
132,768
3,996,317
National Vision Holdings, Inc.*
52,444
1,273,865
The Children's Place, Inc.*
27,073
628,364
 
6,883,965
Consumer Staples 3.8%
Consumer Staples Distribution & Retail 2.3%
Casey's General Stores, Inc.
26,694
6,510,133
Household Products 1.5%
Church & Dwight Co., Inc.
32,867
3,294,259
Spectrum Brands Holdings, Inc.
12,226
954,239
 
4,248,498
Energy 5.4%
Oil, Gas & Consumable Fuels
Arch Resources, Inc.
13,900
1,567,364
Crescent Energy Co. “A” (a)
98,107
1,022,275
Denbury, Inc.*
43,900
3,786,814
Kosmos Energy Ltd.*
309,000
1,850,910
Matador Resources Co.
55,500
2,903,760
Ovintiv, Inc.
52,500
1,998,675
Southwestern Energy Co.*
414,978
2,494,018
 
15,623,816
Financials 6.2%
Banks 1.5%
Live Oak Bancshares, Inc.
54,736
1,440,104
South State Corp.
19,430
1,278,494
Synovus Financial Corp.
50,875
1,538,969
 
4,257,567
Capital Markets 2.6%
Affiliated Managers Group, Inc.
15,215
2,280,577
Moelis & Co. “A”
83,995
3,808,333
Raymond James Financial, Inc.
13,365
1,386,886
 
7,475,796
Financial Services 0.4%
WEX, Inc.*
7,244
1,318,915
Insurance 1.7%
Kinsale Capital Group, Inc.
13,000
4,864,600
Health Care 21.8%
Biotechnology 5.2%
Apellis Pharmaceuticals, Inc.*
26,776
2,439,294
Arrowhead Pharmaceuticals, Inc.*
43,058
1,535,448
Beam Therapeutics, Inc.*
14,653
467,870
Biohaven, Ltd.*
9,843
235,445
Blueprint Medicines Corp.*
28,334
1,790,709
Catalyst Pharmaceuticals, Inc.*
42,200
567,168
Halozyme Therapeutics, Inc.*
30,500
1,100,135
Insmed, Inc.*
50,440
1,064,284
Kiniksa Pharmaceuticals Ltd. “A”*
52,406
737,877
Neurocrine Biosciences, Inc.*
23,378
2,204,545
Travere Therapeutics, Inc.*
111,387
1,710,904
Ultragenyx Pharmaceutical, Inc.*
24,052
1,109,519
 
14,963,198
Health Care Equipment & Supplies 4.5%
Axonics, Inc.*
34,301
1,731,171
Globus Medical, Inc. “A”*
20,338
1,210,924
Haemonetics Corp.*
13,754
1,171,016
Inari Medical, Inc.*
8,600
500,004
Masimo Corp.*
8,964
1,475,026
Merit Medical Systems, Inc.*
28,100
2,350,284
Omnicell, Inc.*
17,300
1,274,491
Outset Medical, Inc.*
63,219
1,382,600
Shockwave Medical, Inc.*
2,500
713,525
STAAR Surgical Co.*
22,951
1,206,534
 
13,015,575
Health Care Providers & Services 9.0%
AMN Healthcare Services, Inc.*
73,870
8,060,695
HealthEquity, Inc.*
38,037
2,401,656
ModivCare, Inc.*
17,978
812,785
Molina Healthcare, Inc.*
12,660
3,813,698
Option Care Health, Inc.*
116,897
3,797,984
Privia Health Group, Inc.*
53,100
1,386,441
RadNet, Inc.*
165,276
5,391,303
 
25,664,562
Life Sciences Tools & Services 0.5%
BioLife Solutions, Inc.*
45,922
1,014,876
OmniAb, Inc.*
93,870
472,166
 
1,487,042
Pharmaceuticals 2.6%
Arvinas, Inc.*
16,500
409,530
Intra-Cellular Therapies, Inc.*
42,700
2,703,764
Ligand Pharmaceuticals, Inc.*
19,157
1,381,220
Pacira BioSciences, Inc.*
76,241
3,054,977
 
7,549,491
Industrials 21.8%
Aerospace & Defense 2.0%
Ducommun, Inc.*
129,533
5,643,753
Building Products 5.7%
Builders FirstSource, Inc.*
78,948
10,736,928
Masonite International Corp.*
54,779
5,611,561
 
16,348,489
Commercial Services & Supplies 3.9%
MSA Safety, Inc.
17,173
2,987,415
Tetra Tech, Inc.
21,639
3,543,170
The Brink's Co.
66,738
4,526,838
 
11,057,423
Construction & Engineering 1.3%
MasTec, Inc.*
31,069
3,665,210
Electrical Equipment 0.9%
Allied Motion Technologies, Inc.
32,014
1,278,639
Thermon Group Holdings, Inc.*
51,271
1,363,809
 
2,642,448
Professional Services 4.1%
Kforce, Inc.
89,649
5,617,406
Maximus, Inc.
74,339
6,282,389
 
11,899,795
Trading Companies & Distributors 3.9%
H&E Equipment Services, Inc.
82,334
3,766,781
Rush Enterprises, Inc. “A”
92,226
5,601,807
Titan Machinery, Inc.*
64,268
1,895,906
 
11,264,494
Information Technology 18.5%
Communications Equipment 1.0%
Calix, Inc.*
56,297
2,809,783
Electronic Equipment, Instruments & Components 1.6%
Advanced Energy Industries, Inc.
42,567
4,744,092
Semiconductors & Semiconductor Equipment 4.8%
FormFactor, Inc.*
49,487
1,693,445
Impinj, Inc.*
15,908
1,426,152
Power Integrations, Inc.
36,913
3,494,554
Semtech Corp.*
54,007
1,375,018
SiTime Corp.*
26,313
3,104,145
Ultra Clean Holdings, Inc.*
67,108
2,580,974
 
13,674,288
Software 10.7%
Agilysys, Inc.*
91,985
6,313,850
Aspen Technology, Inc.*
8,375
1,403,734
CoreCard Corp.* (a)
21,055
533,955
Envestnet, Inc.*
57,666
3,422,477
Five9, Inc.*
14,531
1,198,081
Rapid7, Inc.*
35,548
1,609,614
SPS Commerce, Inc.*
24,940
4,789,976
Tenable Holdings, Inc.*
74,926
3,263,027
Tyler Technologies, Inc.*
3,652
1,520,948
Varonis Systems, Inc.*
166,598
4,439,837
Workiva, Inc.*
21,160
2,151,126
 
30,646,625
Technology Hardware, Storage & Peripherals 0.4%
Super Micro Computer, Inc.*
5,000
1,246,250
Materials 2.9%
Construction Materials 1.8%
Eagle Materials, Inc.
27,252
5,080,318
Metals & Mining 1.1%
Cleveland-Cliffs, Inc.*
187,380
3,140,488
Real Estate 2.5%
Diversified REITs 1.0%
Essential Properties Realty Trust, Inc.
126,641
2,981,129
Industrial REITs 0.8%
EastGroup Properties, Inc.
12,220
2,121,392
Specialized REITs 0.7%
Four Corners Property Trust, Inc.
77,435
1,966,849
Total Common Stocks (Cost $203,053,306)
275,760,941
 
Other Investments 0.0%
Health Care 0.0%
Life Sciences Tools & Services
OmniAb, Inc. $12.50 Earnout* (b) (c)
7,265
0
OmniAb, Inc. $15.00 Earnout* (b) (c)
7,265
0
Total Other Investments (Cost $0)
0
 
Securities Lending Collateral 0.7%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional
Shares", 5.03% (d) (e)
(Cost $2,017,575)
2,017,575
2,017,575
 
Cash Equivalents 4.0%
DWS Central Cash Management Government Fund,
5.13% (d) (Cost $11,348,721)
11,348,721
11,348,721
 
 
 
 
% of
Net Assets
Value ($)
Total Investment Portfolio (Cost $216,419,602)
100.8
289,127,237
Other Assets and Liabilities, Net
(0.8
)
(2,263,462
)
Net Assets
100.0
286,863,775
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended June 30, 2023 are as follows: 
Value ($) 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
6/30/2023
Value ($) at
6/30/2023
Securities Lending Collateral 0.7%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.03% (d) (e)
5,115,675
—
3,098,100 (f)
—
—
53,834
—
2,017,575
2,017,575
Cash Equivalents 4.0%
DWS Central Cash Management Government Fund, 5.13% (d)
11,049,497
19,816,952
19,517,728
—
—
356,023
—
11,348,721
11,348,721
16,165,172
19,816,952
22,615,828
—
—
409,857
—
13,366,296
13,366,296
 
*
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 June 30, 2023 amounted to $1,960,542, which is 0.7% of net assets.
(b)
Earnout Shares: Will vest based upon the achievement of certain volume-weighted average trading prices (VWAP) for shares of
OmniAb Inc. Earnout Shares are not transferrable until the vesting condition for the applicable tranche of Earnout Shares has
been achieved.
(c)
Investment was valued using significant unobservable inputs.
(d)
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at
period end.
(e)
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(f)
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period
ended June 30, 2023.
 
REIT: Real Estate Investment Trust
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 June 30, 2023 in valuing the Fund's investments.  
Assets
Level 1
Level 2
Level 3
Total
Common Stocks (a)
$275,760,941
$—
$—
$275,760,941
Other Investments
—
—
0
0
Short-Term Investments (a)
13,366,296
—
—
13,366,296
Total
$289,127,237
$—
$0
$289,127,237
 
(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
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