UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSRS
Investment Company Act file number: 811-00043
Deutsche DWS Investment Trust
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 7/31 |
Date of reporting period: | 1/31/2023 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) | |
Contents
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
2 | | | DWS Large Cap Focus Growth Fund |
DWS Large Cap Focus Growth Fund | | | 3 |
Class A | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 1/31/23 | ||||
Unadjusted for Sales Charge | –6.00% | –18.87% | 9.64% | 12.81% |
Adjusted for the Maximum Sales Charge (max 5.75% load) | –11.41% | –23.53% | 8.35% | 12.14% |
Russell 1000® Growth Index† | –4.71% | –16.02% | 11.22% | 14.53% |
Average Annual Total Returns as of 12/31/22 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | –33.76% | 8.99% | 12.20% | |
Adjusted for the Maximum Sales Charge (max 5.75% load) | –37.57% | 7.71% | 11.54% | |
Russell 1000® Growth Index† | –29.14% | 10.96% | 14.10% |
Class C | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 1/31/23 | ||||
Unadjusted for Sales Charge | –6.35% | –19.48% | 8.82% | 11.96% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | –7.23% | –19.48% | 8.82% | 11.96% |
Russell 1000® Growth Index† | –4.71% | –16.02% | 11.22% | 14.53% |
Average Annual Total Returns as of 12/31/22 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | –34.24% | 8.18% | 11.36% | |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | –34.24% | 8.18% | 11.36% | |
Russell 1000® Growth Index† | –29.14% | 10.96% | 14.10% |
Class S | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 1/31/23 | ||||
No Sales Charges | –5.89% | –18.68% | 9.92% | 13.09% |
Russell 1000® Growth Index† | –4.71% | –16.02% | 11.22% | 14.53% |
Average Annual Total Returns as of 12/31/22 (most recent calendar quarter end) | ||||
No Sales Charges | –33.60% | 9.26% | 12.48% | |
Russell 1000® Growth Index† | –29.14% | 10.96% | 14.10% |
4 | | | DWS Large Cap Focus Growth Fund |
Institutional Class | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 1/31/23 | ||||
No Sales Charges | –5.88% | –18.66% | 9.93% | 13.10% |
Russell 1000® Growth Index† | –4.71% | –16.02% | 11.22% | 14.53% |
Average Annual Total Returns as of 12/31/22 (most recent calendar quarter end) | ||||
No Sales Charges | –33.59% | 9.27% | 12.50% | |
Russell 1000® Growth Index† | –29.14% | 10.96% | 14.10% |
DWS Large Cap Focus Growth Fund | | | 5 |
† | The Russell 1000® Growth Index is an unmanaged index that consists of those stocks in the Russell 1000® Index that have higher price-to-book ratios and higher forecasted growth values. The Russell 1000® Index is an unmanaged price-only index of the 1,000 largest capitalized companies that are domiciled in the U.S. and whose common stocks are traded. |
‡ | Total returns shown for periods less than one year are not annualized. |
Class A | Class C | Class S | Institutional Class | |
Net Asset Value | ||||
1/31/23 | $53.87 | $40.87 | $57.59 | $58.62 |
7/31/22 | $60.10 | $46.44 | $63.98 | $65.07 |
Distribution Information as of 1/31/23 | ||||
Capital Gain Distributions | $2.56 | $2.56 | $2.56 | $2.56 |
6 | | | DWS Large Cap Focus Growth Fund |
DWS Large Cap Focus Growth Fund | | | 7 |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 1/31/23 | 7/31/22 |
Common Stocks | 96% | 95% |
Cash Equivalents | 4% | 5% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | 1/31/23 | 7/31/22 |
Information Technology | 42% | 47% |
Health Care | 18% | 16% |
Consumer Discretionary | 11% | 12% |
Communication Services | 10% | 10% |
Financials | 8% | 6% |
Industrials | 7% | 6% |
Consumer Staples | 4% | 3% |
100% | 100% |
8 | | | DWS Large Cap Focus Growth Fund |
Ten Largest Equity Holdings at January 31, 2023 (55.3% of Net Assets) | |
1 Apple, Inc. | 10.5% |
Designs, manufactures and markets personal computers and related computing and mobile-communication devices | |
2 Microsoft Corp. | 9.5% |
Develops, manufactures, licenses, sells and supports software products | |
3 Alphabet, Inc. | 6.2% |
Holding company with subsidiaries that provide Web-based search, maps, hardware products and various software applications | |
4 Amazon.com, Inc. | 5.4% |
Online retailer offering a wide range of products | |
5 Thermo Fisher Scientific, Inc. | 4.8% |
Manufacturer of measurement instruments that monitor, collect and analyze information for various industries | |
6 Progressive Corp. | 4.7% |
Provider of property and casualty insurance | |
7 Visa, Inc. | 4.6% |
Operates a retail electronic payments network and manages global financial services | |
8 Costco Wholesale Corp. | 3.4% |
Operator of wholesale warehouse stores | |
9 ServiceNow, Inc. | 3.2% |
Designs, develops and produces prepackaged computer software, cloud services and IT service management platform | |
10 DexCom, Inc. | 3.0% |
Operates as a medical device company |
DWS Large Cap Focus Growth Fund | | | 9 |
Shares | Value ($) | ||
Common Stocks 96.5% | |||
Communication Services 10.0% | |||
Interactive Media & Services 7.1% | |||
Alphabet, Inc. “A” * | 164,400 | 16,249,296 | |
Match Group, Inc.* | 43,214 | 2,338,742 | |
18,588,038 | |||
Wireless Telecommunication Services 2.9% | |||
T-Mobile U.S., Inc.* | 52,000 | 7,764,120 | |
Consumer Discretionary 10.5% | |||
Hotels, Restaurants & Leisure 0.5% | |||
Planet Fitness, Inc. “A” * | 16,958 | 1,435,495 | |
Internet & Direct Marketing Retail 6.0% | |||
Amazon.com, Inc.* | 137,660 | 14,196,876 | |
Chewy, Inc. “A” * | 20,000 | 901,200 | |
Xometry, Inc. “A” * (a) | 22,000 | 770,440 | |
15,868,516 | |||
Leisure Products 1.2% | |||
YETI Holdings, Inc.* | 70,458 | 3,153,700 | |
Specialty Retail 1.6% | |||
Home Depot, Inc. | 12,650 | 4,100,750 | |
Textiles, Apparel & Luxury Goods 1.2% | |||
Lululemon Athletica, Inc.* | 10,000 | 3,068,800 | |
Consumer Staples 3.4% | |||
Food & Staples Retailing | |||
Costco Wholesale Corp. | 17,286 | 8,835,566 | |
Financials 7.2% | |||
Capital Markets 2.0% | |||
Intercontinental Exchange, Inc. | 48,851 | 5,253,925 | |
Insurance 5.2% | |||
Assurant, Inc. | 10,300 | 1,365,677 | |
Progressive Corp. | 90,562 | 12,348,129 | |
13,713,806 | |||
Health Care 17.5% | |||
Biotechnology 0.9% | |||
Exact Sciences Corp.* | 34,195 | 2,308,847 |
10 | | | DWS Large Cap Focus Growth Fund |
Shares | Value ($) | ||
Health Care Equipment & Supplies 6.5% | |||
DexCom, Inc.* | 74,900 | 8,021,041 | |
Hologic, Inc.* | 41,003 | 3,336,414 | |
Intuitive Surgical, Inc.* | 19,306 | 4,743,291 | |
iRhythm Technologies, Inc.* | 12,000 | 1,179,600 | |
17,280,346 | |||
Health Care Providers & Services 1.6% | |||
agilon health, Inc.* | 154,200 | 3,355,392 | |
Oak Street Health, Inc.* | 27,000 | 784,620 | |
4,140,012 | |||
Health Care Technology 0.5% | |||
Certara, Inc.* | 70,928 | 1,376,003 | |
Life Sciences Tools & Services 5.3% | |||
Azenta, Inc.* | 22,000 | 1,229,800 | |
Thermo Fisher Scientific, Inc. | 22,200 | 12,661,326 | |
13,891,126 | |||
Pharmaceuticals 2.7% | |||
Zoetis, Inc. | 42,604 | 7,050,536 | |
Industrials 6.9% | |||
Aerospace & Defense 1.1% | |||
Axon Enterprise, Inc.* | 15,200 | 2,970,688 | |
Building Products 0.5% | |||
AZEK Co., Inc.* | 52,609 | 1,269,455 | |
Construction & Engineering 0.6% | |||
Valmont Industries, Inc. | 5,000 | 1,648,650 | |
Electrical Equipment 2.7% | |||
AMETEK, Inc. | 36,450 | 5,282,334 | |
Generac Holdings, Inc.* | 15,500 | 1,869,300 | |
7,151,634 | |||
Professional Services 2.0% | |||
CoStar Group, Inc.* | 20,000 | 1,558,000 | |
TransUnion | 51,106 | 3,666,856 | |
5,224,856 | |||
Information Technology 41.0% | |||
IT Services 7.9% | |||
Fiserv, Inc.* | 15,891 | 1,695,252 | |
Globant SA* | 37,000 | 6,000,660 |
DWS Large Cap Focus Growth Fund | | | 11 |
Shares | Value ($) | ||
Twilio, Inc. “A” * | 13,500 | 807,840 | |
Visa, Inc. “A” | 52,600 | 12,109,046 | |
20,612,798 | |||
Semiconductors & Semiconductor Equipment 5.4% | |||
Advanced Micro Devices, Inc.* | 35,500 | 2,667,825 | |
Applied Materials, Inc. | 43,000 | 4,794,070 | |
NVIDIA Corp. | 34,600 | 6,759,802 | |
14,221,697 | |||
Software 17.2% | |||
Atlassian Corp. “A” * | 8,500 | 1,373,770 | |
Confluent, Inc. “A” * | 33,000 | 762,300 | |
Datadog, Inc. “A” * | 16,440 | 1,229,876 | |
Microsoft Corp. | 100,300 | 24,855,343 | |
Paylocity Holding Corp.* | 5,500 | 1,145,595 | |
Roper Technologies, Inc. | 12,213 | 5,211,898 | |
Salesforce, Inc.* | 13,000 | 2,183,610 | |
ServiceNow, Inc.* | 18,789 | 8,551,437 | |
45,313,829 | |||
Technology Hardware, Storage & Peripherals 10.5% | |||
Apple, Inc. | 191,000 | 27,559,390 | |
Total Common Stocks (Cost $113,776,466) | 253,802,583 | ||
Securities Lending Collateral 0.1% | |||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 4.12% (b) (c) (Cost $130,650) | 130,650 | 130,650 | |
Cash Equivalents 3.6% | |||
DWS Central Cash Management Government Fund, 4.26% (b) (Cost $9,494,087) | 9,494,087 | 9,494,087 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $123,401,203) | 100.2 | 263,427,320 | |
Other Assets and Liabilities, Net | (0.2) | (478,807) | |
Net Assets | 100.0 | 262,948,513 |
12 | | | DWS Large Cap Focus Growth Fund |
Value ($) at 7/31/2022 | Pur- chases Cost ($) | Sales Proceeds ($) | Net Real- ized Gain/ (Loss) ($) | Net Change in Unreal- ized Appreci- ation (Depreci- ation) ($) | Income ($) | Capital Gain Distri- butions ($) | Number of Shares at 1/31/2023 | Value ($) at 1/31/2023 |
Securities Lending Collateral 0.1% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 4.12% (b) (c) | ||||||||
2,617,268 | — | 2,486,618 (d) | — | — | 964 | — | 130,650 | 130,650 |
Cash Equivalents 3.6% | ||||||||
DWS Central Cash Management Government Fund, 4.26% (b) | ||||||||
16,280,493 | 17,599,598 | 24,386,004 | — | — | 152,900 | — | 9,494,087 | 9,494,087 |
18,897,761 | 17,599,598 | 26,872,622 | — | — | 153,864 | — | 9,624,737 | 9,624,737 |
* | 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 January 31, 2023 amounted to $136,578, which is 0.1% 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 January 31, 2023. |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $253,802,583 | $— | $— | $253,802,583 |
Short-Term Investments (a) | 9,624,737 | — | — | 9,624,737 |
Total | $263,427,320 | $— | $— | $263,427,320 |
(a) | See Investment Portfolio for additional detailed categorizations. |
DWS Large Cap Focus Growth Fund | | | 13 |
Assets | |
Investments in non-affiliated securities, at value (cost $113,776,466) — including $136,578 of securities loaned | $ 253,802,583 |
Investment in DWS Government & Agency Securities Portfolio (cost $130,650)* | 130,650 |
Investment in DWS Central Cash Management Government Fund (cost $9,494,087) | 9,494,087 |
Cash | 10,000 |
Foreign currency, at value (cost $527) | 503 |
Receivable for Fund shares sold | 2,805 |
Dividends receivable | 15,977 |
Interest receivable | 22,819 |
Other assets | 39,232 |
Total assets | 263,518,656 |
Liabilities | |
Payable upon return of securities loaned | 130,650 |
Payable for Fund shares redeemed | 162,276 |
Accrued management fee | 108,677 |
Accrued Trustees' fees | 4,956 |
Other accrued expenses and payables | 163,584 |
Total liabilities | 570,143 |
Net assets, at value | $262,948,513 |
Net Assets Consist of | |
Distributable earnings (loss) | 146,172,740 |
Paid-in capital | 116,775,773 |
Net assets, at value | $262,948,513 |
14 | | | DWS Large Cap Focus Growth Fund |
Net Asset Value | |
Class A | |
Net Asset Value and redemption price per share ($30,355,188 ÷ 563,481 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 53.87 |
Maximum offering price per share (100 ÷ 94.25 of $53.87) | $ 57.16 |
Class C | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($2,196,191 ÷ 53,737 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 40.87 |
Class S | |
Net Asset Value, offering and redemption price per share ($219,987,708 ÷ 3,819,718 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 57.59 |
Institutional Class | |
Net Asset Value, offering and redemption price per share ($10,409,426 ÷ 177,584 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 58.62 |
DWS Large Cap Focus Growth Fund | | | 15 |
Investment Income | |
Income: | |
Dividends | $ 555,563 |
Income distributions — DWS Central Cash Management Government Fund | 152,900 |
Securities lending income, net of borrower rebates | 964 |
Total income | 709,427 |
Expenses: | |
Management fee | 817,032 |
Administration fee | 128,865 |
Services to shareholders | 156,046 |
Distribution and service fees | 50,965 |
Custodian fee | 2,144 |
Professional fees | 41,736 |
Reports to shareholders | 19,018 |
Registration fees | 31,272 |
Trustees' fees and expenses | 7,478 |
Other | 8,564 |
Total expenses before expense reductions | 1,263,120 |
Expense reductions | (124,917) |
Total expenses after expense reductions | 1,138,203 |
Net investment income (loss) | (428,776) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from investments | 9,830,155 |
Change in net unrealized appreciation (depreciation) on: | |
Investments | (27,478,558) |
Foreign currency | 30 |
(27,478,528) | |
Net gain (loss) | (17,648,373) |
Net increase (decrease) in net assets resulting from operations | $ (18,077,149) |
16 | | | DWS Large Cap Focus Growth Fund |
Six Months Ended January 31, 2023 | Year Ended July 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2022 |
Operations: | ||
Net investment income (loss) | $ (428,776) | $ (1,680,627) |
Net realized gain (loss) | 9,830,155 | 13,917,804 |
Change in net unrealized appreciation (depreciation) | (27,478,528) | (77,970,411) |
Net increase (decrease) in net assets resulting from operations | (18,077,149) | (65,733,234) |
Distributions to shareholders: | ||
Class A | (1,409,787) | (3,883,975) |
Class C | (148,107) | (583,005) |
Class S | (9,492,334) | (26,825,912) |
Institutional Class | (470,973) | (1,971,351) |
Total distributions | (11,521,201) | (33,264,243) |
Fund share transactions: | ||
Proceeds from shares sold | 3,740,275 | 25,457,267 |
Reinvestment of distributions | 11,014,668 | 31,745,554 |
Payments for shares redeemed | (21,540,439) | (59,231,209) |
Net increase (decrease) in net assets from Fund share transactions | (6,785,496) | (2,028,388) |
Increase (decrease) in net assets | (36,383,846) | (101,025,865) |
Net assets at beginning of period | 299,332,359 | 400,358,224 |
Net assets at end of period | $262,948,513 | $299,332,359 |
DWS Large Cap Focus Growth Fund | | | 17 |
DWS Large Cap Focus Growth Fund — Class A | ||||||
Six Months Ended 1/31/23 | Years Ended July 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $60.10 | $79.81 | $63.63 | $50.70 | $47.19 | $42.39 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | (.15) | (.48) | (.30) | (.12) | (.04) | (.06) |
Net realized and unrealized gain (loss) | (3.52) | (12.13) | 19.48 | 16.01 | 6.07 | 6.46 |
Total from investment operations | (3.67) | (12.61) | 19.18 | 15.89 | 6.03 | 6.40 |
Less distributions from: | ||||||
Net realized gains | (2.56) | (7.10) | (3.00) | (2.96) | (2.52) | (1.60) |
Net asset value, end of period | $53.87 | $60.10 | $79.81 | $63.63 | $50.70 | $47.19 |
Total Return (%)b,c | (6.00)* | (17.75) | 31.03 | 32.91 | 13.92 | 15.47 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 30 | 35 | 44 | 36 | 29 | 26 |
Ratio of expenses before expense reductions (%) | 1.17** | 1.15 | 1.14 | 1.18 | 1.22 | 1.22 |
Ratio of expenses after expense reductions (%) | 1.07** | 1.08 | 1.09 | 1.12 | 1.15 | 1.22 |
Ratio of net investment income (loss) (%) | (.53)** | (.68) | (.43) | (.23) | (.08) | (.15) |
Portfolio turnover rate (%) | 5* | 13 | 20 | 21 | 26 | 36 |
a | Based on average shares outstanding during the period. |
b | Total return does not reflect the effect of any sales charges. |
c | Total return would have been lower had certain expenses not been reduced. |
* | Not annualized |
** | Annualized |
18 | | | DWS Large Cap Focus Growth Fund |
DWS Large Cap Focus Growth Fund — Class C | ||||||
Six Months Ended 1/31/23 | Years Ended July 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $46.44 | $63.65 | $51.67 | $42.00 | $39.84 | $36.29 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | (.27) | (.79) | (.66) | (.42) | (.32) | (.33) |
Net realized and unrealized gain (loss) | (2.74) | (9.32) | 15.64 | 13.05 | 5.00 | 5.48 |
Total from investment operations | (3.01) | (10.11) | 14.98 | 12.63 | 4.68 | 5.15 |
Less distributions from: | ||||||
Net realized gains | (2.56) | (7.10) | (3.00) | (2.96) | (2.52) | (1.60) |
Net asset value, end of period | $40.87 | $46.44 | $63.65 | $51.67 | $42.00 | $39.84 |
Total Return (%)b,c | (6.35)* | (18.38) | 30.05 | 31.92 | 13.07 | 14.60 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 2 | 4 | 6 | 6 | 5 | 6 |
Ratio of expenses before expense reductions (%) | 1.97** | 1.92 | 1.91 | 1.93 | 1.96 | 1.97 |
Ratio of expenses after expense reductions (%) | 1.82** | 1.83 | 1.84 | 1.87 | 1.90 | 1.97 |
Ratio of net investment income (loss) (%) | (1.27)** | (1.43) | (1.16) | (.97) | (.82) | (.89) |
Portfolio turnover rate (%) | 5* | 13 | 20 | 21 | 26 | 36 |
a | Based on average shares outstanding during the period. |
b | Total return does not reflect the effect of any sales charges. |
c | Total return would have been lower had certain expenses not been reduced. |
* | Not annualized |
** | Annualized |
DWS Large Cap Focus Growth Fund | | | 19 |
DWS Large Cap Focus Growth Fund — Class S | ||||||
Six Months Ended 1/31/23 | Years Ended July 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $63.98 | $84.33 | $66.92 | $53.11 | $49.22 | $44.09 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | (.08) | (.32) | (.14) | .01 | .08 | .06 |
Net realized and unrealized gain (loss) | (3.75) | (12.93) | 20.55 | 16.82 | 6.37 | 6.72 |
Total from investment operations | (3.83) | (13.25) | 20.41 | 16.83 | 6.45 | 6.78 |
Less distributions from: | ||||||
Net investment income | — | — | — | (.06) | (.04) | (.05) |
Net realized gains | (2.56) | (7.10) | (3.00) | (2.96) | (2.52) | (1.60) |
Total distributions | (2.56) | (7.10) | (3.00) | (3.02) | (2.56) | (1.65) |
Net asset value, end of period | $57.59 | $63.98 | $84.33 | $66.92 | $53.11 | $49.22 |
Total Return (%) | (5.89)b* | (17.55)b | 31.35b | 33.23b | 14.24b | 15.75 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 220 | 245 | 325 | 260 | 223 | 209 |
Ratio of expenses before expense reductions (%) | .91** | .88 | .87 | .91 | .94 | .95 |
Ratio of expenses after expense reductions (%) | .82** | .83 | .84 | .87 | .90 | .95 |
Ratio of net investment income (loss) (%) | (.28)** | (.43) | (.19) | .02 | .16 | .12 |
Portfolio turnover rate (%) | 5* | 13 | 20 | 21 | 26 | 36 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
* | Not annualized |
** | Annualized |
20 | | | DWS Large Cap Focus Growth Fund |
DWS Large Cap Focus Growth Fund — Institutional Class | ||||||
Six Months Ended 1/31/23 | Years Ended July 31, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $65.07 | $85.64 | $67.92 | $53.83 | $49.88 | $44.65 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | (.08) | (.33) | (.17) | .01 | .03 | .06 |
Net realized and unrealized gain (loss) | (3.81) | (13.14) | 20.89 | 17.10 | 6.49 | 6.82 |
Total from investment operations | (3.89) | (13.47) | 20.72 | 17.11 | 6.52 | 6.88 |
Less distributions from: | ||||||
Net investment income | — | — | — | (.06) | (.05) | (.05) |
Net realized gains | (2.56) | (7.10) | (3.00) | (2.96) | (2.52) | (1.60) |
Total distributions | (2.56) | (7.10) | (3.00) | (3.02) | (2.57) | (1.65) |
Net asset value, end of period | $58.62 | $65.07 | $85.64 | $67.92 | $53.83 | $49.88 |
Total Return (%) | (5.88)b* | (17.55)b | 31.36b | 33.31 | 14.18b | 15.78 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 10 | 16 | 26 | 13 | 2 | 10 |
Ratio of expenses before expense reductions (%) | .93** | .91 | .89 | .86 | 1.01 | .94 |
Ratio of expenses after expense reductions (%) | .82** | .83 | .84 | .86 | .90 | .94 |
Ratio of net investment income (loss) (%) | (.27)** | (.42) | (.23) | .01 | .06 | .13 |
Portfolio turnover rate (%) | 5* | 13 | 20 | 21 | 26 | 36 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
* | Not annualized |
** | Annualized |
DWS Large Cap Focus Growth Fund | | | 21 |
22 | | | DWS Large Cap Focus Growth Fund |
DWS Large Cap Focus Growth Fund | | | 23 |
24 | | | DWS Large Cap Focus Growth Fund |
DWS Large Cap Focus Growth Fund | | | 25 |
26 | | | DWS Large Cap Focus Growth Fund |
First $1.5 billion of the Fund’s average daily net assets | .615% |
Next $500 million of such net assets | .565% |
Over $2.0 billion of such net assets | .515% |
Class A | 1.08% |
Class C | 1.83% |
Class S | .83% |
Institutional Class | .83% |
Class A | 1.06% | |
Class C | 1.81% | |
Class S | .81% | |
Institutional Class | .81% |
DWS Large Cap Focus Growth Fund | | | 27 |
Class A | $ 16,280 |
Class C | 2,127 |
Class S | 100,283 |
Institutional Class | 6,227 |
$ 124,917 |
Services to Shareholders | Total Aggregated | Unpaid at January 31, 2023 |
Class A | $ 5,826 | $ 2,080 |
Class C | 323 | 112 |
Class S | 65,624 | 22,635 |
Institutional Class | 152 | 51 |
$ 71,925 | $ 24,878 |
28 | | | DWS Large Cap Focus Growth Fund |
Sub-Recordkeeping | Total Aggregated |
Class A | $ 12,927 |
Class C | 2,207 |
Class S | 42,921 |
Institutional Class | 6,560 |
$ 64,615 |
Distribution Fee | Total Aggregated | Unpaid at January 31, 2023 |
Class C | $ 10,446 | $ 1,348 |
Service Fee | Total Aggregated | Unpaid at January 31, 2023 | Annualized Rate |
Class A | $ 37,326 | $ 12,294 | .24% |
Class C | 3,193 | 940 | .23% |
$ 40,519 | $ 13,234 |
DWS Large Cap Focus Growth Fund | | | 29 |
30 | | | DWS Large Cap Focus Growth Fund |
Six Months Ended January 31, 2023 | Year Ended July 31, 2022 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 14,935 | $ 811,004 | 58,939 | $ 4,296,343 |
Class C | 946 | 38,264 | 7,744 | 442,851 |
Class S | 28,066 | 1,628,621 | 149,092 | 11,038,454 |
Institutional Class | 21,763 | 1,262,386 | 140,926 | 9,679,619 |
$ 3,740,275 | $ 25,457,267 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 24,652 | $ 1,297,926 | 47,270 | $ 3,638,823 |
Class C | 3,705 | 148,107 | 9,748 | 582,624 |
Class S | 161,679 | 9,097,662 | 312,304 | 25,552,756 |
Institutional Class | 8,224 | 470,973 | 23,691 | 1,971,351 |
$ 11,014,668 | $ 31,745,554 | |||
Shares redeemed | ||||
Class A | (53,246) | $ (2,877,986) | (77,508) | $ (5,442,960) |
Class C | (28,511) | (1,182,910) | (30,531) | (1,673,108) |
Class S | (206,843) | (11,945,200) | (481,644) | (35,567,029) |
Institutional Class | (91,649) | (5,534,343) | (223,817) | (16,548,112) |
$ (21,540,439) | $ (59,231,209) | |||
Net increase (decrease) | ||||
Class A | (13,659) | $ (769,056) | 28,701 | $ 2,492,206 |
Class C | (23,860) | (996,539) | (13,039) | (647,633) |
Class S | (17,098) | (1,218,917) | (20,248) | 1,024,181 |
Institutional Class | (61,662) | (3,800,984) | (59,200) | (4,897,142) |
$ (6,785,496) | $ (2,028,388) |
DWS Large Cap Focus Growth Fund | | | 31 |
32 | | | DWS Large Cap Focus Growth Fund |
Actual Fund Return | Class A | Class C | Class S | Institutional Class |
Beginning Account Value 8/1/22 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 1/31/23 | $940.00 | $936.50 | $941.10 | $941.20 |
Expenses Paid per $1,000* | $5.23 | $8.88 | $4.01 | $4.01 |
Hypothetical 5% Fund Return | Class A | Class C | Class S | Institutional Class |
Beginning Account Value 8/1/22 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 1/31/23 | $1,019.81 | $1,016.03 | $1,021.07 | $1,021.07 |
Expenses Paid per $1,000* | $5.45 | $9.25 | $4.18 | $4.18 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class C | Class S | Institutional Class |
DWS Large Cap Focus Growth Fund | 1.07% | 1.82% | .82% | .82% |
DWS Large Cap Focus Growth Fund | | | 33 |
34 | | | DWS Large Cap Focus Growth Fund |
DWS Large Cap Focus Growth Fund | | | 35 |
36 | | | DWS Large Cap Focus Growth Fund |
DWS Large Cap Focus Growth Fund | | | 37 |
For More Information | The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, C and S also have the ability to purchase, exchange or redeem shares using this system. |
For more information, contact your financial representative. You may also access our automated telephone system or speak with a Shareholder Service representative by calling: (800) 728-3337 | |
Web Site | dws.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. |
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | |
Written Correspondence | DWS PO Box 219151 Kansas City, MO 64121-9151 |
Proxy Voting | The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337. |
Portfolio Holdings | Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information. |
Principal Underwriter | If you have questions, comments or complaints, contact: DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148 |
38 | | | DWS Large Cap Focus Growth Fund |
Investment Management | DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor” ), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group” ), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group. |
DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles. |
Class A | Class C | Class S | Institutional Class | |
Nasdaq Symbol | SGGAX | SGGCX | SCQGX | SGGIX |
CUSIP Number | 25157M 695 | 25157M 737 | 25157M 745 | 25157M 752 |
Fund Number | 469 | 769 | 2060 | 1469 |
DWS Large Cap Focus Growth Fund | | | 39 |
(b) Not applicable | ||
ITEM 2. | CODE OF ETHICS | |
Not applicable. | ||
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT | |
Not applicable | ||
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES | |
Not applicable | ||
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | SCHEDULE OF INVESTMENTS | |
Not applicable | ||
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
Not applicable | ||
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. | ||
ITEM 11. | CONTROLS AND PROCEDURES | |
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. | |
(b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. | |
ITEM 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. | |
Not applicable | ||
ITEM 13. | EXHIBITS | |
(a)(1) | Not applicable | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | DWS Large Cap Focus Growth Fund, a series of Deutsche DWS Investment Trust |
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 3/31/2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 3/31/2023 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 3/31/2023 |