Investment Portfolio | as of March 31, 2021 (Unaudited) |
DWS Communications Fund
Shares | Value ($) | ||
Common Stocks 95.5% | |||
Communications Equipment 0.6% | |||
Telefonaktiebolaget LM Ericsson (ADR) | 53,776 | 709,305 | |
Diversified Telecommunication Services 8.7% | |||
AT&T, Inc. | 87,426 | 2,646,385 | |
Deutsche Telekom AG (Registered) | 48,021 | 968,455 | |
Hellenic Telecommunications Organization SA | 32,912 | 528,325 | |
Orange SA | 84,039 | 1,035,878 | |
Verizon Communications, Inc. | 81,207 | 4,722,187 | |
9,901,230 | |||
Electronic Equipment, Instruments & Components 0.7% | |||
Dolby Laboratories, Inc. “A” | 8,515 | 840,601 | |
Entertainment 21.2% | |||
Activision Blizzard, Inc. | 26,637 | 2,477,241 | |
IMAX Corp.* | 53,127 | 1,067,853 | |
Live Nation Entertainment, Inc.* | 11,221 | 949,858 | |
Netflix, Inc.* | 11,372 | 5,932,317 | |
Nintendo Co., Ltd. | 2,000 | 1,120,593 | |
ROBLOX Corp. “A”* | 4,054 | 262,821 | |
Spotify Technology SA* | 5,152 | 1,380,478 | |
Tencent Music Entertainment Group (ADR)* | 27,783 | 569,274 | |
Walt Disney Co.* | 49,322 | 9,100,895 | |
Zynga, Inc. “A”* | 106,561 | 1,087,988 | |
23,949,318 | |||
Equity Real Estate Investment Trusts (REITs) 2.4% | |||
American Tower Corp. | 3,132 | 748,736 | |
Crown Castle International Corp. | 8,446 | 1,453,810 | |
QTS Realty Trust, Inc. “A” (a) | 8,987 | 557,553 | |
2,760,099 | |||
Interactive Media & Services 40.8% | |||
Alphabet, Inc. “A”* | 6,189 | 12,764,936 | |
Alphabet, Inc. “C”* | 6,429 | 13,299,222 | |
Facebook, Inc. “A”* | 53,760 | 15,833,933 | |
Match Group, Inc.* | 14,043 | 1,929,227 | |
Snap, Inc. “A”* | 39,860 | 2,084,280 | |
Spark Networks SE (ADR)* | 35,036 | 261,018 | |
46,172,616 | |||
IT Services 1.0% | |||
Akamai Technologies, Inc.* | 6,321 | 644,110 | |
GDS Holdings Ltd. (ADR)* (a) | 5,798 | 470,160 | |
1,114,270 |
Media 12.0% | |||
Cable One, Inc. | 588 | 1,075,076 | |
Charter Communications, Inc. “A”* | 4,453 | 2,747,590 | |
Comcast Corp. “A” | 95,770 | 5,182,115 | |
Discovery, Inc. “A”* (a) | 18,747 | 814,745 | |
DISH Network Corp. “A”* | 18,391 | 665,754 | |
Liberty Media Corp. “A”* | 10,623 | 468,262 | |
New York Times Co. “A” | 22,198 | 1,123,663 | |
Nordic Entertainment Group AB “B”* | 17,632 | 786,550 | |
Sirius XM Holdings, Inc. (a) | 109,606 | 667,500 | |
13,531,255 | |||
Professional Services 0.7% | |||
RELX PLC | 29,135 | 730,074 | |
Software 0.4% | |||
PubMatic, Inc. “A”* (a) | 9,642 | 475,543 | |
Wireless Telecommunication Services 7.0% | |||
KDDI Corp. | 64,600 | 1,982,441 | |
SoftBank Group Corp. | 22,700 | 1,936,368 | |
T-Mobile U.S., Inc.* | 27,089 | 3,393,981 | |
Vodafone Group PLC | 353,194 | 643,066 | |
7,955,856 | |||
Total Common Stocks (Cost $70,097,218) | 108,140,167 |
Principal Amount ($) | Value ($) | ||
Corporate Bonds 0.8% | |||
Media | |||
Discovery Communications LLC, 5.0%, 9/20/2037 (Cost $773,303) | 768,000 | 901,099 |
Convertible Bonds 2.1% | |||
Software | |||
Five9, Inc., 144A, 0.5%, 6/1/2025 | 424,000 | 566,040 | |
Nuance Communications, Inc., 1.25%, 4/1/2025 | 602,000 | 1,367,684 | |
RingCentral, Inc., Zero Coupon, 3/1/2025 | 440,000 | 482,075 | |
Total Convertible Bonds (Cost $1,505,580) | 2,415,799 |
Shares | Value ($) | ||
Securities Lending Collateral 2.4% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (b) (c) (Cost $2,675,935) | 2,675,935 | 2,675,935 | |
Cash Equivalents 1.6% | |||
DWS Central Cash Management Government Fund, 0.04% (b) (Cost $1,807,610) | 1,807,610 | 1,807,610 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $76,859,646) | 102.4 | 115,940,610 | |
Other Assets and Liabilities, Net | (2.4) | (2,688,987) | |
Net Assets | 100.0 | 113,251,623 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended March 31, 2021 are as follows:
Value ($) at 12/31/2020 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 3/31/2021 | Value ($) at 3/31/2021 |
Securities Lending Collateral 2.4% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.01% (b) (c) | ||||||||
2,855,569 | — | 179,634 (d) | — | — | 2,867 | — | 2,675,935 | 2,675,935 |
Cash Equivalents 1.6% | ||||||||
DWS Central Cash Management Government Fund, 0.04% (b) | ||||||||
2,396,597 | 5,785,929 | 6,374,916 | — | — | 131 | — | 1,807,610 | 1,807,610 |
5,252,166 | 5,785,929 | 6,554,550 | — | — | 2,998 | — | 4,483,545 | 4,483,545 |
* | 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 March 31, 2021 amounted to $2,617,560, which is 2.3% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended March 31, 2021. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
ADR: American 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 March 31, 2021 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Communications Equipment | $709,305 | $— | $— | $709,305 |
Diversified Telecommunication Services | 7,368,572 | 2,532,658 | — | 9,901,230 |
Electronic Equipment, Instruments & Components | 840,601 | — | — | 840,601 |
Entertainment | 22,828,725 | 1,120,593 | — | 23,949,318 |
Equity Real Estate Investment Trusts (REITs) | 2,760,099 | — | — | 2,760,099 |
Interactive Media & Services | 46,172,615 | — | — | 46,172,615 |
IT Services | 1,114,270 | — | — | 1,114,270 |
Media | 12,744,706 | 786,551 | — | 13,531,257 |
Professional Services | — | 730,074 | — | 730,074 |
Software | 475,543 | — | — | 475,543 |
Wireless Telecommunication Services | 3,393,981 | 4,561,874 | — | 7,955,855 |
Corporate Bonds | — | 901,099 | — | 901,099 |
Convertible Bonds | — | 2,415,799 | — | 2,415,799 |
Short-Term Investments (a) | 4,483,545 | — | — | 4,483,545 |
Total | $102,891,962 | $13,048,648 | $— | $115,940,610 |
(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
DCF-PH1
R-080548-1 (1/23)