NPORT-EX 2 NPORT_724C_50264431_0523.htm EDGAR HTML
Investment Portfolioas of May 31, 2023 (Unaudited)
DWS Equity Sector Strategy Fund  
 
 
Shares
Value ($)
 
Common Stocks 85.2%
Communication Services 10.5%
Diversified Telecommunication Services 1.2%
AT&T, Inc.
22,539
354,539
Lumen Technologies, Inc.
2,984
5,908
Verizon Communications, Inc.
13,444
479,010
 
839,457
Entertainment 2.4%
Activision Blizzard, Inc.*
1,392
111,639
Electronic Arts, Inc.
1,095
140,160
Live Nation Entertainment, Inc.*
515
41,169
Netflix, Inc.*
1,632
645,015
Take-Two Interactive Software, Inc.*
577
79,470
Walt Disney Co.*
6,829
600,679
Warner Bros Discovery, Inc.*
8,089
91,244
 
1,709,376
Interactive Media & Services 6.0%
Alphabet, Inc. "A"*
12,304
1,511,792
Alphabet, Inc. "C"*
11,314
1,395,808
Match Group, Inc.*
1,205
41,573
Meta Platforms, Inc. "A"*
5,239
1,386,868
 
4,336,041
Media 0.7%
Charter Communications, Inc. "A"*
214
69,796
Comcast Corp. "A"
8,212
323,142
Fox Corp. "A"
1,117
34,851
Interpublic Group of Companies, Inc.
616
22,909
Omnicom Group, Inc.
343
30,249
Paramount Global "B"
1,420
21,598
 
502,545
Wireless Telecommunication Services 0.2%
T-Mobile U.S., Inc.*
1,275
174,994
Consumer Discretionary 5.7%
Automobile Components 0.5%
Aptiv PLC*
2,768
243,805
BorgWarner, Inc.
2,559
113,441
 
357,246
Broadline Retail 2.0%
Amazon.com, Inc.*
12,088
1,457,571
Hotels, Restaurants & Leisure 1.7%
Booking Holdings, Inc.*
65
163,070
Chipotle Mexican Grill, Inc.*
43
89,289
Darden Restaurants, Inc.
340
53,897
Domino's Pizza, Inc.
200
57,970
Expedia Group, Inc.*
400
38,284
Hilton Worldwide Holdings, Inc.
590
80,311
Marriott International, Inc. "A"
571
95,808
McDonald's Corp.
1,346
383,758
Starbucks Corp.
2,348
229,259
Yum! Brands, Inc.
627
80,688
 
1,272,334
Specialty Retail 1.5%
AutoZone, Inc.*
36
85,926
Home Depot, Inc.
1,869
529,768
Lowe's Companies, Inc.
629
126,511
O'Reilly Automotive, Inc.*
102
92,138
Ross Stores, Inc.
750
77,715
TJX Companies, Inc.
800
61,432
Tractor Supply Co.
200
41,918
Ulta Beauty, Inc.*
120
49,180
 
1,064,588
Consumer Staples 5.7%
Beverages 2.0%
Coca-Cola Co.
9,284
553,883
Constellation Brands, Inc. "A"
370
89,899
Keurig Dr Pepper, Inc.
1,766
54,958
Molson Coors Beverage Co. "B"
665
41,130
Monster Beverage Corp.*
1,773
103,933
PepsiCo, Inc.
3,271
596,467
 
1,440,270
Consumer Staples Distribution & Retail 1.9%
Costco Wholesale Corp.
935
478,309
Dollar General Corp.
300
60,327
Dollar Tree, Inc.*
200
26,976
Kroger Co.
1,635
74,114
Sysco Corp.
1,201
84,010
Target Corp.
1,200
157,116
Walgreens Boots Alliance, Inc.
1,670
50,718
Walmart, Inc.
2,994
439,729
 
1,371,299
Household Products 1.2%
Church & Dwight Co., Inc.
452
41,787
Clorox Co.
244
38,596
Colgate-Palmolive Co.
1,570
116,777
Kimberly-Clark Corp.
635
85,268
Procter & Gamble Co.
4,392
625,860
 
908,288
Personal Products 0.1%
Estee Lauder Companies, Inc. "A"
516
94,959
Tobacco 0.5%
Altria Group, Inc.
2,583
114,737
Philip Morris International, Inc.
2,498
224,845
 
339,582
Energy 1.2%
Energy Equipment & Services
Baker Hughes Co.
6,934
188,952
Halliburton Co.
6,693
191,754
Schlumberger NV
10,597
453,870
 
834,576
Financials 11.8%
Banks 5.2%
Bank of America Corp.
27,265
757,694
Citigroup, Inc.
7,306
323,802
Fifth Third Bancorp.
1,179
28,614
JPMorgan Chase & Co.
11,031
1,497,017
M&T Bank Corp.
618
73,641
PNC Financial Services Group, Inc.
1,381
159,961
Regions Financial Corp.
3,172
54,781
Truist Financial Corp.
5,575
169,870
U.S. Bancorp.
5,640
168,636
Wells Fargo & Co.
13,153
523,621
 
3,757,637
Financial Services 3.8%
Berkshire Hathaway, Inc. "B"*
3,311
1,063,096
Fidelity National Information Services, Inc.
1,185
64,665
Fiserv, Inc.*
1,147
128,682
FleetCor Technologies, Inc.*
96
21,749
Global Payments, Inc.
439
42,886
Jack Henry & Associates, Inc.
180
27,520
Mastercard, Inc. "A"
1,550
565,781
PayPal Holdings, Inc.*
2,333
144,623
Visa, Inc. "A"
3,000
663,090
 
2,722,092
Insurance 2.8%
Aflac, Inc.
1,670
107,231
Allstate Corp.
769
83,398
American International Group, Inc.
2,250
118,867
Aon PLC "A"
588
181,275
Arch Capital Group Ltd.*
700
48,790
Arthur J. Gallagher & Co.
585
117,193
Assurant, Inc.
158
18,958
Brown & Brown, Inc.
624
38,894
Chubb Ltd.
1,209
224,632
Cincinnati Financial Corp.
430
41,495
Everest Re Group Ltd.
111
37,742
Globe Life, Inc.
244
25,176
Hartford Financial Services Group, Inc.
950
65,094
Lincoln National Corp.
466
9,749
Loews Corp.
537
30,072
Marsh & McLennan Companies, Inc.
1,378
238,642
MetLife, Inc.
1,930
95,632
Principal Financial Group, Inc.
654
42,811
Progressive Corp.
1,648
210,796
Prudential Financial, Inc.
1,043
82,074
Travelers Companies, Inc.
660
111,698
W.R. Berkley Corp.
560
31,181
Willis Towers Watson PLC
304
66,530
 
2,027,930
Health Care 16.5%
Biotechnology 3.0%
AbbVie, Inc.
5,270
727,049
Amgen, Inc.
1,617
356,791
Biogen, Inc.*
444
131,606
Gilead Sciences, Inc.
3,819
293,834
Incyte Corp.*
552
33,975
Moderna, Inc.*
1,014
129,498
Regeneron Pharmaceuticals, Inc.*
321
236,115
Vertex Pharmaceuticals, Inc.*
710
229,735
 
2,138,603
Health Care Equipment & Supplies 3.7%
Abbott Laboratories
4,972
507,144
Align Technology, Inc.*
197
55,684
Baxter International, Inc.
1,426
58,067
Becton, Dickinson & Co.
789
190,749
Boston Scientific Corp.*
4,059
208,957
DexCom, Inc.*
1,060
124,296
Edwards Lifesciences Corp.*
1,712
144,202
GE HealthCare Technologies, Inc.
1,148
91,277
Hologic, Inc.*
696
54,907
IDEXX Laboratories, Inc.*
227
105,503
Intuitive Surgical, Inc.*
1,011
311,226
Medtronic PLC
3,866
319,950
ResMed, Inc.
412
86,845
STERIS PLC
275
54,992
Stryker Corp.
907
249,951
Teleflex, Inc.
120
28,170
The Cooper Companies, Inc.
135
50,157
Zimmer Biomet Holdings, Inc.
569
72,456
 
2,714,533
Health Care Providers & Services 3.1%
AmerisourceBergen Corp.
300
51,045
Cardinal Health, Inc.
537
44,195
Centene Corp.*
1,173
73,207
Cigna Group
728
180,114
CVS Health Corp.
2,973
202,253
Elevance Health, Inc.
486
217,641
HCA Healthcare, Inc.
454
119,942
Humana, Inc.
255
127,977
Laboratory Corp. of America Holdings
183
38,893
McKesson Corp.
287
112,171
Molina Healthcare, Inc.*
109
29,855
Quest Diagnostics, Inc.
228
30,244
UnitedHealth Group, Inc.
2,040
993,970
 
2,221,507
Life Sciences Tools & Services 0.8%
Agilent Technologies, Inc.
508
58,761
Danaher Corp.
798
183,237
IQVIA Holdings, Inc.*
319
62,814
Thermo Fisher Scientific, Inc.
542
275,585
 
580,397
Pharmaceuticals 5.9%
Bristol-Myers Squibb Co.
6,199
399,464
Catalent, Inc.*
549
20,439
Eli Lilly & Co.
2,248
965,426
Johnson & Johnson
7,612
1,180,317
Merck & Co., Inc.
7,219
797,050
Organon & Co.
766
14,853
Pfizer, Inc.
16,078
611,286
Viatris, Inc.
3,363
30,771
Zoetis, Inc.
1,354
220,715
 
4,240,321
Industrials 7.8%
Aerospace & Defense 2.8%
Boeing Co.*
1,932
397,412
General Dynamics Corp.
800
163,344
Howmet Aerospace, Inc.
1,318
56,345
Huntington Ingalls Industries, Inc.
150
30,207
L3Harris Technologies, Inc.
679
119,450
Lockheed Martin Corp.
841
373,412
Northrop Grumman Corp.
517
225,148
Raytheon Technologies Corp.
5,229
481,800
Textron, Inc.
718
44,423
TransDigm Group, Inc.
185
143,125
 
2,034,666
Electrical Equipment 0.9%
AMETEK, Inc.
813
117,942
Eaton Corp. PLC
1,407
247,491
Emerson Electric Co.
2,092
162,507
Generac Holdings, Inc.*
223
24,289
Rockwell Automation, Inc.
419
116,733
 
668,962
Ground Transportation 1.5%
CSX Corp.
9,069
278,146
J.B. Hunt Transport Services, Inc.
304
50,759
Norfolk Southern Corp.
989
205,890
Old Dominion Freight Line, Inc.
320
99,341
Union Pacific Corp.
2,470
475,525
 
1,109,661
Industrial Conglomerates 0.8%
3M Co.
1,052
98,162
General Electric Co.
1,986
201,639
Honeywell International, Inc.
1,274
244,098
 
543,899
Machinery 0.6%
Caterpillar, Inc.
803
165,217
Deere & Co.
421
145,658
Illinois Tool Works, Inc.
380
83,117
Otis Worldwide Corp.
300
23,853
Parker-Hannifin Corp.
100
32,044
 
449,889
Passenger Airlines 0.8%
Alaska Air Group, Inc.*
1,264
56,791
American Airlines Group, Inc.*
7,314
108,101
Delta Air Lines, Inc.*
4,408
160,143
Southwest Airlines Co.
3,311
98,900
United Airlines Holdings, Inc.*
2,742
130,149
 
554,084
Professional Services 0.4%
Automatic Data Processing, Inc.
961
200,840
Paychex, Inc.
738
77,438
 
278,278
Information Technology 20.0%
Communications Equipment 1.6%
Arista Networks, Inc.*
838
139,393
Cisco Systems, Inc.
15,781
783,842
F5, Inc.*
207
30,549
Juniper Networks, Inc.
1,558
47,317
Motorola Solutions, Inc.
652
183,812
 
1,184,913
IT Services 1.2%
Accenture PLC "A"
1,275
390,048
Akamai Technologies, Inc.*
400
36,848
Cognizant Technology Solutions Corp. "A"
1,047
65,427
EPAM Systems, Inc.*
141
36,183
Gartner, Inc.*
194
66,515
International Business Machines Corp.
2,002
257,437
VeriSign, Inc.*
225
50,247
 
902,705
Semiconductors & Semiconductor Equipment 2.6%
Advanced Micro Devices, Inc.*
1,298
153,437
Analog Devices, Inc.
426
75,696
Applied Materials, Inc.
707
94,243
Broadcom, Inc.
327
264,203
Intel Corp.
3,252
102,243
KLA Corp.
149
66,005
Lam Research Corp.
136
83,871
Microchip Technology, Inc.
521
39,210
Micron Technology, Inc.
891
60,766
NVIDIA Corp.
1,691
639,773
NXP Semiconductors NV
258
46,208
ON Semiconductor Corp.*
403
33,691
QUALCOMM, Inc.
911
103,316
Texas Instruments, Inc.
720
125,194
 
1,887,856
Software 8.6%
Adobe, Inc.*
876
365,984
ANSYS, Inc.*
167
54,040
Autodesk, Inc.*
509
101,489
Cadence Design Systems, Inc.*
493
113,839
Fortinet, Inc.*
1,222
83,499
Intuit, Inc.
514
215,428
Microsoft Corp.
12,598
4,137,057
Oracle Corp.
2,585
273,855
Roper Technologies, Inc.
249
113,101
Salesforce, Inc.*
1,644
367,237
ServiceNow, Inc.*
398
216,822
Synopsys, Inc.*
318
144,677
 
6,187,028
Technology Hardware, Storage & Peripherals 6.0%
Apple, Inc.
23,869
4,230,780
Hewlett Packard Enterprise Co.
2,243
32,344
HP, Inc.
1,642
47,717
 
4,310,841
Materials 1.5%
Chemicals 1.0%
Air Products & Chemicals, Inc.
303
81,549
Albemarle Corp.
367
71,026
Corteva, Inc.
1,561
83,498
Dow, Inc.
662
32,292
DuPont de Nemours, Inc.
1,000
67,190
Ecolab, Inc.
618
102,001
International Flavors & Fragrances, Inc.
400
30,916
Linde PLC
475
167,989
PPG Industries, Inc.
446
58,555
Sherwin-Williams Co.
227
51,706
The Mosaic Co.
800
25,568
 
772,290
Metals & Mining 0.5%
Freeport-McMoRan, Inc.
6,300
216,342
Newmont Corp.
3,026
122,704
 
339,046
Real Estate 1.5%
Retail REITs 0.2%
Realty Income Corp.
1,102
65,503
Simon Property Group, Inc.
625
65,718
 
131,221
Specialized REITs 1.3%
American Tower Corp.
1,192
219,852
Crown Castle, Inc.
1,136
128,607
Digital Realty Trust, Inc.
760
77,870
Equinix, Inc.
236
175,950
Extra Space Storage, Inc.
312
45,012
Iron Mountain, Inc.
685
36,593
Public Storage
362
102,555
SBA Communications Corp.
249
55,223
VICI Properties, Inc.
2,257
69,809
Weyerhaeuser Co.
1,678
48,091
 
959,562
Utilities 3.0%
Electric Utilities 2.1%
Alliant Energy Corp.
641
32,986
American Electric Power Co., Inc.
1,305
108,472
Constellation Energy Corp.
853
71,669
Duke Energy Corp.
1,948
173,937
Edison International
961
64,887
Entergy Corp.
507
49,787
Evergy, Inc.
577
33,379
Eversource Energy
878
60,784
Exelon Corp.
2,500
99,125
FirstEnergy Corp.
1,451
54,253
NextEra Energy, Inc.
4,979
365,757
NRG Energy, Inc.
602
20,341
PG&E Corp.*
3,500
59,290
Pinnacle West Capital Corp.
250
19,320
PPL Corp.
1,878
49,204
Southern Co.
2,709
188,953
Xcel Energy, Inc.
1,323
86,379
 
1,538,523
Gas Utilities 0.1%
Atmos Energy Corp.
571
65,825
Independent Power & Renewable Electricity Producers 0.1%
AES Corp.
2,369
46,764
Multi-Utilities 0.7%
Ameren Corp.
507
41,102
CenterPoint Energy, Inc.
1,254
35,375
CMS Energy Corp.
579
33,570
Consolidated Edison, Inc.
703
65,590
Dominion Energy, Inc.
1,622
81,554
DTE Energy Co.
385
41,426
NiSource, Inc.
804
21,620
Public Service Enterprise Group, Inc.
994
59,392
Sempra Energy
600
86,118
WEC Energy Group, Inc.
603
52,672
 
518,419
Total Common Stocks (Cost $62,770,928)
61,590,578
 
Exchange-Traded Funds 4.3%
Energy Select Sector SPDR Fund
37,000
2,833,830
Materials Select Sector SPDR Fund
4,000
300,080
Total Exchange-Traded Funds (Cost $2,982,772)
3,133,910
 
Cash Equivalents 11.4%
DWS Central Cash Management Government Fund, 5.13% (a) (Cost $8,242,101)
8,242,101
8,242,101
 
 
 
 
% of
Net Assets
Value ($)
Total Investment Portfolio (Cost $73,995,801)
100.9
72,966,589
Other Assets and Liabilities, Net
(0.9
)
(642,610
)
Net Assets
100.0
72,323,979
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended May 31, 2023 are as follows: 
Value ($) at
8/31/2022
Purchases
Cost ($)
Sales
Proceeds ($)
Net Realized
Gain/
(Loss) ($)
Net Change in
Unrealized
Appreciation
(Depreciation) ($)
Income ($)
Capital Gain
Distributions ($)
Number
of Shares
at
5/31/2023
Value ($) at
5/31/2023
Cash Equivalents 11.4%
DWS Central Cash Management Government Fund, 5.13% (a)
6,900,694
25,346,136
24,004,729
—
—
225,419
—
8,242,101
8,242,101
 
*
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.
 
REIT: Real Estate Investment Trust
SPDR: Standard & Poor's Depositary Receipt
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 May 31, 2023 in valuing the Fund's investments.  
Assets
Level 1
Level 2
Level 3
Total
Common Stocks (a)
$61,590,578
$—
$—
$61,590,578
Exchange-Traded Funds
3,133,910
—
—
3,133,910
Short-Term Investments
8,242,101
—
—
8,242,101
Total
$72,966,589
$—
$—
$72,966,589
 
(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
DESSF-PH3
R-080548-2 (1/25)