Investment Portfolioas of May 31, 2026 (Unaudited)
DWS Equity Sector Strategy Fund
 
 
Shares
Value ($)
Common Stocks 99.1%
Communication Services 11.6%
Entertainment 1.5%
Netflix, Inc.*
11,620
999,552
Walt Disney Co.
4,754
484,100
 
1,483,652
Interactive Media & Services 10.0%
Alphabet, Inc. "A"
10,719
4,076,865
Alphabet, Inc. "C"
8,652
3,256,872
Meta Platforms, Inc. "A"
4,553
2,879,818
 
10,213,555
Media 0.1%
Omnicom Group, Inc.
1,100
79,981
Consumer Discretionary 5.8%
Automobile Components 0.1%
Aptiv PLC*
868
58,972
Versigent PLC*
289
12,751
 
71,723
Broadline Retail 3.9%
Amazon.com, Inc.*
14,668
3,969,747
Hotels, Restaurants & Leisure 0.8%
Booking Holdings, Inc.
2,230
373,369
Domino's Pizza, Inc.
300
93,174
Expedia Group, Inc.
400
90,316
McDonald's Corp.
1,120
312,704
 
869,563
Specialty Retail 0.9%
Home Depot, Inc.
2,154
683,119
Lowe's Companies, Inc.
1,000
214,360
Tractor Supply Co.
1,500
47,295
 
944,774
Textiles, Apparel & Luxury Goods 0.1%
Lululemon Athletica, Inc.*
400
52,472
NIKE, Inc. "B"
1,100
50,853
 
103,325
Consumer Staples 1.5%
Beverages 0.7%
Coca-Cola Co.
4,234
334,528
Monster Beverage Corp.*
1,273
112,126
PepsiCo, Inc.
1,566
225,802
 
672,456
Consumer Staples Distribution & Retail 0.2%
Walmart, Inc.
2,082
240,991

Household Products 0.6%
Kimberly-Clark Corp.(a)
650
63,440
Procter & Gamble Co.
3,632
521,410
 
584,850
Energy 0.9%
Energy Equipment & Services 0.9%
Baker Hughes Co.
5,213
333,006
Halliburton Co.
4,828
187,568
SLB Ltd.
7,770
423,854
 
944,428
Financials 16.0%
Banks 5.6%
Bank of America Corp.
19,665
1,014,714
Citigroup, Inc.
5,206
655,435
Citizens Financial Group, Inc.
1,550
96,503
Fifth Third Bancorp.
1,900
94,867
Huntington Bancshares, Inc.
3,900
63,804
JPMorgan Chase & Co.
6,048
1,810,227
KeyCorp.
3,800
81,054
M&T Bank Corp.
468
101,139
PNC Financial Services Group, Inc.
1,531
338,535
Regions Financial Corp.(a)
2,700
75,600
Truist Financial Corp.
5,375
259,129
U.S. Bancorp.
6,040
331,294
Wells Fargo & Co.
10,003
775,633
 
5,697,934
Capital Markets 3.8%
Ameriprise Financial, Inc.
240
106,970
Bank of New York Mellon Corp.
1,550
216,116
Blackrock, Inc.
410
429,221
Blackstone, Inc.
1,685
197,094
Cboe Global Markets, Inc.(a)
200
66,712
Charles Schwab Corp.
4,600
401,810
CME Group, Inc.
450
123,093
FactSet Research Systems, Inc.(a)
200
49,094
Interactive Brokers Group, Inc. "A"
700
60,879
Intercontinental Exchange, Inc.
1,380
204,033
Invesco Ltd.
1,600
45,536
KKR & Co., Inc.
1,500
143,910
Moody's Corp.
150
67,988
Morgan Stanley
2,250
468,000
MSCI, Inc.
130
82,079
Nasdaq, Inc.
1,350
124,902
Northern Trust Corp.
550
90,997
Raymond James Financial, Inc.
350
50,194
S&P Global, Inc.
560
237,440
State Street Corp.
800
124,512
T. Rowe Price Group, Inc.
350
36,586
The Goldman Sachs Group, Inc.
480
492,269
 
3,819,435
Consumer Finance 0.4%
American Express Co.
1,300
411,411

Financial Services 3.4%
Apollo Global Management, Inc.(a)
1,145
147,373
Berkshire Hathaway, Inc. "B"*
2,896
1,374,094
Global Payments, Inc.
839
63,353
Jack Henry & Associates, Inc.
180
24,538
Mastercard, Inc. "A"
1,430
706,391
PayPal Holdings, Inc.
2,483
111,114
Visa, Inc. "A"
3,265
1,065,566
 
3,492,429
Insurance 2.8%
Aflac, Inc.
1,355
152,329
Allstate Corp.
756
155,804
American International Group, Inc.
1,832
135,989
Aon PLC "A"
661
208,916
Arch Capital Group Ltd.*
957
85,498
Arthur J. Gallagher & Co.
707
142,185
Assurant, Inc.
171
42,557
Brown & Brown, Inc.
655
36,844
Chubb Ltd.
1,017
317,030
Cincinnati Financial Corp.
465
73,200
Erie Indemnity Co. "A"
60
12,784
Everest Group Ltd.(a)
130
42,124
Globe Life, Inc.
264
40,455
Hartford Insurance Group, Inc.
927
117,850
Loews Corp.
460
47,633
Marsh & McLennan Companies, Inc.
1,600
255,952
MetLife, Inc.
1,786
147,684
Principal Financial Group, Inc.
707
73,259
Progressive Corp.
1,581
301,023
Prudential Financial, Inc.
1,377
138,581
Travelers Companies, Inc.
688
200,820
W.R. Berkley Corp.
882
56,042
Willis Towers Watson PLC
319
79,645
 
2,864,204
Health Care 11.7%
Biotechnology 3.0%
AbbVie, Inc.
5,112
1,112,985
Amgen, Inc.
1,583
533,138
Biogen, Inc.*
332
65,072
Gilead Sciences, Inc.
3,854
518,093
Incyte Corp.*
601
58,141
Regeneron Pharmaceuticals, Inc.
424
260,667
Vertex Pharmaceuticals, Inc.*
1,032
461,861
 
3,009,957
Health Care Equipment & Supplies 2.9%
Abbott Laboratories
6,572
562,563
Align Technology, Inc.*
337
58,958
Baxter International, Inc.(a)
1,546
29,034
Becton Dickinson & Co.
739
108,722
Boston Scientific Corp.*
6,009
290,295
Dexcom, Inc.*
1,640
120,933
Edwards Lifesciences Corp.*
2,142
185,219
GE HealthCare Technologies, Inc.
1,938
120,815
IDEXX Laboratories, Inc.*
207
116,651
Insulet Corp.*
220
31,887

Intuitive Surgical, Inc.*
866
367,738
Medtronic PLC
4,746
350,302
ResMed, Inc.
472
89,949
STERIS PLC
285
60,628
Stryker Corp.
1,347
410,956
The Cooper Companies, Inc.*
680
41,623
Zimmer Biomet Holdings, Inc.
519
42,729
 
2,989,002
Health Care Providers & Services 0.9%
Cencora, Inc.
450
121,212
Labcorp Holdings, Inc.
400
104,024
Quest Diagnostics, Inc.
500
97,450
UnitedHealth Group, Inc.
1,679
638,541
 
961,227
Life Sciences Tools & Services 0.8%
Agilent Technologies, Inc.
850
115,201
Danaher Corp.
1,290
235,644
IQVIA Holdings, Inc.*
400
72,884
Thermo Fisher Scientific, Inc.
705
347,220
Waters Corp.*
167
64,056
 
835,005
Pharmaceuticals 4.1%
Bristol-Myers Squibb Co.
4,029
230,378
Eli Lilly & Co.
1,588
1,754,740
Johnson & Johnson
4,852
1,093,301
Merck & Co., Inc.
5,919
702,704
Pfizer, Inc.
9,070
237,453
Viatris, Inc.
3,288
53,463
Zoetis, Inc.
1,024
79,554
 
4,151,593
Industrials 7.1%
Aerospace & Defense 3.2%
Boeing Co.*
1,505
347,881
GE Aerospace
2,261
732,021
General Dynamics Corp.
705
244,508
Howmet Aerospace, Inc.
898
231,909
Huntington Ingalls Industries, Inc.
200
61,634
L3Harris Technologies, Inc.
739
232,918
Lockheed Martin Corp.
641
340,018
Northrop Grumman Corp.
497
280,149
RTX Corp.
3,194
573,834
Textron, Inc.
438
40,191
TransDigm Group, Inc.
125
157,290
 
3,242,353
Building Products 0.2%
Johnson Controls International PLC
1,350
180,981
Commercial Services & Supplies 0.1%
Veralto Corp.
1,050
86,342
Electrical Equipment 1.6%
AMETEK, Inc.
1,077
243,240
Eaton Corp. PLC
1,671
669,403
Emerson Electric Co.
2,472
355,523
GE Vernova, Inc.
53
51,321

Generac Holdings, Inc.*
200
55,582
Hubbell, Inc.
260
123,139
Rockwell Automation, Inc.
383
172,756
 
1,670,964
Ground Transportation 0.3%
Uber Technologies, Inc.*
3,200
225,280
Union Pacific Corp.
450
118,188
 
343,468
Industrial Conglomerates 0.3%
Honeywell International, Inc.
1,454
345,848
Machinery 0.7%
Cummins, Inc.
320
206,922
Deere & Co.
100
54,218
Dover Corp.
250
52,840
Illinois Tool Works, Inc.
200
49,456
Ingersoll Rand, Inc.
600
42,984
Parker-Hannifin Corp.
235
198,488
Pentair PLC
654
46,329
Xylem, Inc.
840
92,014
 
743,251
Professional Services 0.5%
Automatic Data Processing, Inc.
1,150
255,116
Jacobs Solutions, Inc.
600
71,916
Paychex, Inc.
1,000
96,980
Verisk Analytics, Inc.
300
52,497
 
476,509
Trading Companies & Distributors 0.2%
United Rentals, Inc.
147
146,363
Information Technology 39.4%
Communications Equipment 1.7%
Arista Networks, Inc.*
3,575
570,105
Cisco Systems, Inc.
8,181
985,156
F5, Inc.*
150
57,518
Motorola Solutions, Inc.
437
176,233
 
1,789,012
Electronic Equipment, Instruments & Components 1.1%
Amphenol Corp. "A"
2,800
416,528
Corning, Inc.
1,600
289,856
Jabil, Inc.
300
109,368
Keysight Technologies, Inc.*
400
135,332
TE Connectivity PLC
650
138,716
Zebra Technologies Corp. "A"*
150
36,545
 
1,126,345
IT Services 1.3%
Accenture PLC "A"
1,925
360,110
Cognizant Technology Solutions Corp. "A"
1,911
106,548
EPAM Systems, Inc.*
461
47,234
International Business Machines Corp.
2,537
755,519
VeriSign, Inc.
180
51,368
 
1,320,779
Semiconductors & Semiconductor Equipment 18.8%
Advanced Micro Devices, Inc.*
3,558
1,836,284
Applied Materials, Inc.
2,277
1,024,786

Broadcom, Inc.
8,545
3,817,650
First Solar, Inc.*
200
61,358
KLA Corp.
339
651,460
Lam Research Corp.
3,440
1,094,539
Micron Technology, Inc.
2,350
2,281,850
Monolithic Power Systems, Inc.
120
187,945
NVIDIA Corp.
36,410
7,687,607
NXP Semiconductors NV
500
160,675
Qnity Electronics, Inc.
600
93,600
QUALCOMM, Inc.
741
186,006
Teradyne, Inc.
300
112,293
 
19,196,053
Software 7.9%
Adobe, Inc.*
1,106
286,686
Autodesk, Inc.*
740
171,169
Cadence Design Systems, Inc.*
150
56,240
Crowdstrike Holdings, Inc. "A"*
150
109,650
Fortinet, Inc.*
1,200
165,564
Microsoft Corp.
13,373
6,021,060
Oracle Corp.
435
98,214
Palo Alto Networks, Inc.*
600
169,014
Roper Technologies, Inc.
229
74,546
Salesforce, Inc.
2,959
565,465
ServiceNow, Inc.*
2,140
266,152
Synopsys, Inc.*
120
57,074
 
8,040,834
Technology Hardware, Storage & Peripherals 8.6%
Apple, Inc.
21,219
6,621,601
Dell Technologies, Inc. "C"
1,150
484,046
Hewlett Packard Enterprise Co.
3,300
142,032
NetApp, Inc.
550
95,860
Sandisk Corp.*
310
525,444
Seagate Technology Holdings PLC
500
439,900
Western Digital Corp.
800
424,968
 
8,733,851
Materials 1.0%
Chemicals 0.5%
Corteva, Inc.
1,691
132,372
Ecolab, Inc.
448
114,688
Linde PLC
390
194,099
PPG Industries, Inc.
640
72,307
 
513,466
Metals & Mining 0.5%
Freeport-McMoRan, Inc.
3,570
234,584
Newmont Corp.
2,626
288,361
 
522,945
Real Estate 0.2%
Real Estate Management & Development 0.1%
CBRE Group, Inc. "A"*
900
112,536
CoStar Group, Inc.*
1,100
35,420
 
147,956
Specialized REITs 0.1%
American Tower Corp.
280
52,349

Utilities 3.9%
Electric Utilities 2.7%
Alliant Energy Corp.
495
35,447
American Electric Power Co., Inc.
1,824
231,046
Constellation Energy Corp.
1,115
320,841
Duke Energy Corp.
2,638
323,762
Edison International
892
62,386
Entergy Corp.
1,550
169,028
Evergy, Inc.
626
51,357
Eversource Energy
752
51,339
Exelon Corp.
3,687
168,275
FirstEnergy Corp.
1,849
85,775
NextEra Energy, Inc.
5,976
519,972
NRG Energy, Inc.
453
60,738
PG&E Corp.
4,800
78,432
Pinnacle West Capital Corp.
400
39,896
PPL Corp.
1,337
47,316
Southern Co.
4,080
375,564
Xcel Energy, Inc.
2,032
161,544
 
2,782,718
Gas Utilities 0.1%
Atmos Energy Corp.
271
45,834
Independent Power & Renewable Electricity Producers 0.2%
Vistra Corp.
1,050
168,242
Multi-Utilities 0.9%
Ameren Corp.
830
89,615
CenterPoint Energy, Inc.
1,400
59,164
CMS Energy Corp.
1,100
79,827
Consolidated Edison, Inc.
750
79,223
Dominion Energy, Inc.
2,450
164,003
DTE Energy Co.
650
92,866
Public Service Enterprise Group, Inc.
1,750
137,637
Sempra
2,800
249,564
 
951,899
Total Common Stocks (Cost $59,352,786)
101,039,604
Rights 0.0%
Health Care
Hologic, Inc.,* (b) (Cost $9)
861
9
Exchange-Traded Funds 0.4%
State Street Energy Select Sector SPDR ETF (a) (Cost $244,114)
7,344
413,394
Securities Lending Collateral 0.0%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional
Shares", 3.51% (c) (d) (Cost $24,375)
24,375
24,375
Cash Equivalents 0.5%
DWS Central Cash Management Government Fund, 3.62% (c) (Cost $510,817)
510,817
510,817

 
 
% of
Net Assets
Value ($)
Total Investment Portfolio (Cost $60,132,101)
100.0
101,988,199
Other Assets and Liabilities, Net
(0.0
)
(20,816
)
Net Assets
100.0
101,967,383
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended May 31, 2026 are as follows:
Value ($) at
8/31/2025
Purchases
Cost ($)
Sales
Proceeds ($)
Net Realized
Gain/
(Loss) ($)
Net Change in
Unrealized
Appreciation
(Depreciation) ($)
Income ($)
Capital Gain
Distributions ($)
Number
of Shares
at
5/31/2026
Value ($) at
5/31/2026
Securities Lending Collateral 0.0%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares",
3.51% (c) (d)
24,375 (e)
122
24,375
24,375
Cash Equivalents 0.5%
DWS Central Cash Management Government Fund, 3.62% (c)
6,626,680
8,099,565
14,215,428
39,282
510,817
510,817
6,626,680
8,123,940
14,215,428
39,404
535,192
535,192
*
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 May 31, 2026 amounted to $751,673, which is 0.7% 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. In
addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $752,024.
(e)
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period
ended May 31, 2026.
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, 2026 in valuing the Fund's investments.
Assets
Level 1
Level 2
Level 3
Total
Common Stocks (a)
$101,039,604
$
$
$101,039,604
Rights
9
9
Exchange-Traded Funds
413,394
413,394
Short-Term Investments (a)
535,192
535,192
Total
$101,988,190
$
$9
$101,988,199
(a)
See Investment Portfolio for additional detailed categorizations.
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.
DESSF-PH3