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: | 9/30 |
Date of reporting period: | 3/31/2024 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) | |
Contents
2 | | | DWS Small Cap Growth Fund |
Class A | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 3/31/24 | ||||
Unadjusted for Sales Charge | 19.28% | 18.23% | 6.66% | 5.93% |
Adjusted for the Maximum Sales Charge (max 5.75% load) | 12.42% | 11.43% | 5.40% | 5.31% |
Russell 2000® Growth Index† | 21.30% | 20.35% | 7.38% | 7.89% |
Class C | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 3/31/24 | ||||
Unadjusted for Sales Charge | 18.79% | 17.35% | 5.86% | 5.14% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 17.79% | 17.35% | 5.86% | 5.14% |
Russell 2000® Growth Index† | 21.30% | 20.35% | 7.38% | 7.89% |
Class R6 | 6-Month‡ | 1-Year | 5-Year | Life of Class* |
Average Annual Total Returns as of 3/31/24 | ||||
No Sales Charges | 19.46% | 18.65% | 7.02% | 6.57% |
Russell 2000® Growth Index† | 21.30% | 20.35% | 7.38% | 8.32% |
Class S | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 3/31/24 | ||||
No Sales Charges | 19.41% | 18.50% | 6.94% | 6.20% |
Russell 2000® Growth Index† | 21.30% | 20.35% | 7.38% | 7.89% |
Institutional Class | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 3/31/24 | ||||
No Sales Charges | 19.42% | 18.57% | 6.95% | 6.22% |
Russell 2000® Growth Index† | 21.30% | 20.35% | 7.38% | 7.89% |
DWS Small Cap Growth Fund | | | 3 |
![](https://capedge.com/proxy/N-CSRS/0000088053-24-000470/imga170f1ce3.jpg)
* | Class R6 shares commenced operations on August 25, 2014. |
† | The Russell 2000 Growth Index is an unmanaged, capitalization-weighted measure of 2,000 of the smallest capitalized U.S. companies with a greater-than-average growth orientation and whose common stocks trade on the NYSE, NYSE Alternext U.S. (formerly known as “AMEX” ) and Nasdaq. |
‡ | Total returns shown for periods less than one year are not annualized. |
4 | | | DWS Small Cap Growth Fund |
Class A | Class C | Class R6 | Class S | Institutional Class | |
Net Asset Value | |||||
3/31/24 | $33.15 | $24.84 | $34.36 | $35.79 | $36.45 |
9/30/23 | $28.03 | $21.15 | $29.00 | $30.22 | $30.76 |
Distribution Information as of 3/31/24 | |||||
Capital Gain Distributions | $.2580 | $.2580 | $.2580 | $.2580 | $.2580 |
DWS Small Cap Growth Fund | | | 5 |
6 | | | DWS Small Cap Growth Fund |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 3/31/24 | 9/30/23 |
Common Stocks | 99% | 96% |
Cash Equivalents | 1% | 4% |
Other Investments | 0% | 0% |
100% | 100% |
Sector Diversification (As a % of Common Stocks) | 3/31/24 | 9/30/23 |
Industrials | 23% | 22% |
Information Technology | 21% | 20% |
Health Care | 21% | 21% |
Consumer Discretionary | 12% | 12% |
Financials | 7% | 7% |
Materials | 5% | 4% |
Consumer Staples | 5% | 4% |
Energy | 4% | 6% |
Real Estate | 2% | 3% |
Communication Services | 0% | 1% |
Utilities | 0% | 0% |
100% | 100% |
DWS Small Cap Growth Fund | | | 7 |
Ten Largest Equity Holdings at March 31, 2024 (26.0% of Net Assets) | |
1Builders FirstSource, Inc. | 3.9% |
Manufacturer and distributor of building products to professional homebuilders | |
2Casey’s General Stores, Inc. | 2.9% |
Operator of convenience stores in the Midwest | |
3Varonis Systems, Inc. | 2.7% |
Designs and develops data security software solutions | |
4Eagle Materials, Inc. | 2.5% |
Manufacturer of building products | |
5Rush Enterprises, Inc. | 2.5% |
Retailer of new and used heavy-duty trucks and buses and provider of maintenance, leasing and financing services | |
6TopBuild Corp. | 2.5% |
Provider of insulation installation services | |
7RadNet, Inc. | 2.4% |
Owns and operates outpatient diagnostic imaging centers | |
8Agilysys, Inc. | 2.4% |
Distributor of computer technology solutions | |
9Maximus, Inc. | 2.1% |
Provider of program management and consulting services to state and local governments | |
10The Brink’s Co. | 2.1% |
Provides business and security services |
8 | | | DWS Small Cap Growth Fund |
Shares | Value ($) | ||
Common Stocks 98.3% | |||
Communication Services 0.4% | |||
Diversified Telecommunication Services | |||
Iridium Communications, Inc. | 48,100 | 1,258,296 | |
Consumer Discretionary 11.4% | |||
Automobile Components 0.9% | |||
Fox Factory Holding Corp.* | 50,481 | 2,628,546 | |
Diversified Consumer Services 2.1% | |||
Stride, Inc.* | 95,212 | 6,003,116 | |
Hotels, Restaurants & Leisure 1.8% | |||
Hilton Grand Vacations, Inc.* | 61,520 | 2,904,359 | |
Jack in the Box, Inc. | 35,391 | 2,423,576 | |
5,327,935 | |||
Household Durables 3.7% | |||
Helen of Troy Ltd.* | 16,016 | 1,845,684 | |
LGI Homes, Inc.* | 16,438 | 1,912,890 | |
TopBuild Corp.* | 16,427 | 7,239,872 | |
10,998,446 | |||
Leisure Products 1.1% | |||
YETI Holdings, Inc.* | 85,422 | 3,293,018 | |
Specialty Retail 1.8% | |||
Burlington Stores, Inc.* | 6,261 | 1,453,741 | |
Camping World Holdings, Inc. “A” | 132,768 | 3,697,589 | |
5,151,330 | |||
Consumer Staples 4.4% | |||
Consumer Staples Distribution & Retail 2.9% | |||
Casey’s General Stores, Inc. | 26,694 | 8,500,704 | |
Household Products 1.5% | |||
Church & Dwight Co., Inc. | 32,867 | 3,428,357 | |
Spectrum Brands Holdings, Inc. | 12,226 | 1,088,236 | |
4,516,593 | |||
Energy 4.2% | |||
Energy Equipment & Services 0.4% | |||
Liberty Energy, Inc. | 52,561 | 1,089,064 |
DWS Small Cap Growth Fund | | | 9 |
Shares | Value ($) | ||
Oil, Gas & Consumable Fuels 3.8% | |||
Crescent Energy Co. “A” | 98,107 | 1,167,474 | |
Kosmos Energy Ltd.* | 309,000 | 1,841,640 | |
Matador Resources Co. | 55,500 | 3,705,735 | |
Ovintiv, Inc. | 52,500 | 2,724,750 | |
Southwestern Energy Co.* | 237,978 | 1,803,873 | |
11,243,472 | |||
Financials 7.2% | |||
Banks 1.8% | |||
Live Oak Bancshares, Inc. | 54,736 | 2,272,091 | |
Synovus Financial Corp. | 50,875 | 2,038,053 | |
The Bancorp, Inc.* | 33,579 | 1,123,553 | |
5,433,697 | |||
Capital Markets 2.8% | |||
Affiliated Managers Group, Inc. | 15,215 | 2,548,056 | |
Moelis & Co. “A” | 83,995 | 4,768,396 | |
Raymond James Financial, Inc. | 7,065 | 907,288 | |
8,223,740 | |||
Financial Services 0.6% | |||
WEX, Inc.* | 7,244 | 1,720,667 | |
Insurance 2.0% | |||
Kinsale Capital Group, Inc. | 11,200 | 5,877,088 | |
Health Care 20.4% | |||
Biotechnology 5.9% | |||
Apellis Pharmaceuticals, Inc.* | 26,776 | 1,573,893 | |
Arrowhead Pharmaceuticals, Inc.* | 43,058 | 1,231,459 | |
Beam Therapeutics, Inc.* | 14,653 | 484,135 | |
Biohaven Ltd.* | 9,843 | 538,314 | |
Blueprint Medicines Corp.* | 26,434 | 2,507,529 | |
Catalyst Pharmaceuticals, Inc.* | 42,200 | 672,668 | |
Halozyme Therapeutics, Inc.* | 30,500 | 1,240,740 | |
Insmed, Inc.* | 50,440 | 1,368,437 | |
Kiniksa Pharmaceuticals Ltd. “A” * | 52,406 | 1,033,970 | |
Neurocrine Biosciences, Inc.* | 23,378 | 3,224,294 | |
Travere Therapeutics, Inc.* | 111,387 | 858,794 | |
Ultragenyx Pharmaceutical, Inc.* | 24,052 | 1,122,988 | |
Vaxcyte, Inc.* | 21,900 | 1,495,989 | |
17,353,210 |
10 | | | DWS Small Cap Growth Fund |
Shares | Value ($) | ||
Health Care Equipment & Supplies 2.9% | |||
Alphatec Holdings, Inc.* | 50,668 | 698,712 | |
Axonics, Inc.* | 11,501 | 793,224 | |
Globus Medical, Inc. “A” * | 20,338 | 1,090,930 | |
Haemonetics Corp.* | 13,754 | 1,173,904 | |
Inari Medical, Inc.* | 15,300 | 734,094 | |
Masimo Corp.* | 2,164 | 317,784 | |
Merit Medical Systems, Inc.* | 28,100 | 2,128,575 | |
Shockwave Medical, Inc.* | 2,500 | 814,075 | |
STAAR Surgical Co.* | 22,951 | 878,564 | |
8,629,862 | |||
Health Care Providers & Services 8.7% | |||
AMN Healthcare Services, Inc.* | 73,870 | 4,617,614 | |
HealthEquity, Inc.* | 38,037 | 3,104,960 | |
ModivCare, Inc.* | 17,978 | 421,584 | |
Molina Healthcare, Inc.* | 12,660 | 5,201,108 | |
Option Care Health, Inc.* | 116,897 | 3,920,725 | |
Privia Health Group, Inc.* | 53,100 | 1,040,229 | |
RadNet, Inc.* | 148,276 | 7,215,110 | |
25,521,330 | |||
Life Sciences Tools & Services 0.2% | |||
OmniAb, Inc.* | 93,869 | 508,775 | |
Pharmaceuticals 2.7% | |||
Arvinas, Inc.* | 16,500 | 681,120 | |
EyePoint Pharmaceuticals, Inc.* | 31,800 | 657,306 | |
Intra-Cellular Therapies, Inc.* | 42,700 | 2,954,840 | |
Ligand Pharmaceuticals, Inc.* | 19,157 | 1,400,377 | |
Pacira BioSciences, Inc.* | 76,241 | 2,227,762 | |
7,921,405 | |||
Industrials 22.1% | |||
Aerospace & Defense 2.0% | |||
Ducommun, Inc.* | 114,433 | 5,870,413 | |
Building Products 5.3% | |||
Builders FirstSource, Inc.* | 54,677 | 11,402,888 | |
Masonite International Corp.* | 32,279 | 4,243,075 | |
15,645,963 | |||
Commercial Services & Supplies 4.4% | |||
MSA Safety, Inc. | 17,173 | 3,324,521 |
DWS Small Cap Growth Fund | | | 11 |
Shares | Value ($) | ||
Tetra Tech, Inc. | 18,139 | 3,350,455 | |
The Brink’s Co. | 66,738 | 6,165,256 | |
12,840,232 | |||
Electrical Equipment 1.3% | |||
Allient, Inc. | 32,014 | 1,142,259 | |
Atkore, Inc. | 5,094 | 969,694 | |
Thermon Group Holdings, Inc.* | 51,271 | 1,677,587 | |
3,789,540 | |||
Machinery 0.6% | |||
Chart Industries, Inc.* | 11,200 | 1,844,864 | |
Professional Services 3.6% | |||
Kforce, Inc. | 63,149 | 4,453,268 | |
Maximus, Inc. | 74,339 | 6,237,042 | |
10,690,310 | |||
Trading Companies & Distributors 4.9% | |||
H&E Equipment Services, Inc. | 82,334 | 5,284,196 | |
Rush Enterprises, Inc. “A” | 138,339 | 7,403,904 | |
Titan Machinery, Inc.* | 64,268 | 1,594,489 | |
14,282,589 | |||
Information Technology 20.9% | |||
Communications Equipment 0.7% | |||
Calix, Inc.* | 60,697 | 2,012,712 | |
Electronic Equipment, Instruments & Components 2.0% | |||
Advanced Energy Industries, Inc. | 42,567 | 4,340,983 | |
Fabrinet* | 8,700 | 1,644,474 | |
5,985,457 | |||
Semiconductors & Semiconductor Equipment 4.8% | |||
FormFactor, Inc.* | 49,487 | 2,258,092 | |
Impinj, Inc.* | 15,908 | 2,042,746 | |
Power Integrations, Inc. | 36,913 | 2,641,125 | |
Semtech Corp.* | 54,007 | 1,484,652 | |
SiTime Corp.* | 26,313 | 2,453,161 | |
Ultra Clean Holdings, Inc.* | 67,108 | 3,082,942 | |
13,962,718 | |||
Software 11.7% | |||
Agilysys, Inc.* | 84,885 | 7,152,410 | |
Aspen Technology, Inc.* | 8,375 | 1,786,220 | |
Envestnet, Inc.* | 57,666 | 3,339,438 | |
Five9, Inc.* | 14,531 | 902,520 |
12 | | | DWS Small Cap Growth Fund |
Shares | Value ($) | ||
Rapid7, Inc.* | 35,548 | 1,743,274 | |
SPS Commerce, Inc.* | 24,940 | 4,611,406 | |
Tenable Holdings, Inc.* | 74,926 | 3,703,592 | |
Tyler Technologies, Inc.* | 3,652 | 1,552,137 | |
Varonis Systems, Inc.* | 166,598 | 7,858,428 | |
Workiva, Inc.* | 21,160 | 1,794,368 | |
34,443,793 | |||
Technology Hardware, Storage & Peripherals 1.7% | |||
Super Micro Computer, Inc.* | 5,000 | 5,050,150 | |
Materials 4.5% | |||
Construction Materials 2.5% | |||
Eagle Materials, Inc. | 27,252 | 7,405,731 | |
Metals & Mining 2.0% | |||
Arch Resources, Inc. | 13,900 | 2,234,981 | |
Cleveland-Cliffs, Inc.* | 160,880 | 3,658,411 | |
5,893,392 | |||
Real Estate 2.4% | |||
Diversified REITs 1.0% | |||
Essential Properties Realty Trust, Inc. | 112,841 | 3,008,341 | |
Industrial REITs 0.8% | |||
EastGroup Properties, Inc. | 12,220 | 2,196,789 | |
Specialized REITs 0.6% | |||
Four Corners Property Trust, Inc. | 77,435 | 1,894,835 | |
Utilities 0.4% | |||
Water Utilities | |||
American States Water Co. | 17,400 | 1,256,976 | |
Total Common Stocks (Cost $184,111,399) | 289,275,099 | ||
Other Investments 0.0% | |||
Health Care 0.0% | |||
Life Sciences Tools & Services | |||
OmniAb, Inc. $12.50 Earnout* (a) (b) | 7,265 | 0 | |
OmniAb, Inc. $15.00 Earnout* (a) (b) | 7,265 | 0 | |
Total Other Investments (Cost $0) | 0 |
DWS Small Cap Growth Fund | | | 13 |
Shares | Value ($) | ||
Cash Equivalents 1.4% | |||
DWS Central Cash Management Government Fund, 5.36% (c) (Cost $4,107,342) | 4,107,342 | 4,107,342 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $188,218,741) | 99.7 | 293,382,441 | |
Other Assets and Liabilities, Net | 0.3 | 856,605 | |
Net Assets | 100.0 | 294,239,046 |
Value ($) at 9/30/2023 | 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 3/31/2024 | Value ($) at 3/31/2024 |
Securities Lending Collateral 0.0% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 5.26% (c) (d) | ||||||||
1,569,150 | — | 1,569,150 (e) | — | — | 1,076 | — | — | — |
Cash Equivalents 1.4% | ||||||||
DWS Central Cash Management Government Fund, 5.36% (c) | ||||||||
10,953,236 | 11,252,402 | 18,098,296 | — | — | 203,433 | — | 4,107,342 | 4,107,342 |
12,522,386 | 11,252,402 | 19,667,446 | — | — | 204,509 | — | 4,107,342 | 4,107,342 |
* | Non-income producing security. |
(a) | 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. |
(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. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended March 31, 2024. |
REIT: Real Estate Investment Trust |
14 | | | DWS Small Cap Growth Fund |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $289,275,099 | $— | $— | $289,275,099 |
Other Investments | — | — | 0 | 0 |
Short-Term Investments | 4,107,342 | — | — | 4,107,342 |
Total | $293,382,441 | $— | $0 | $293,382,441 |
(a) | See Investment Portfolio for additional detailed categorizations. |
DWS Small Cap Growth Fund | | | 15 |
Assets | |
Investments in non-affiliated securities, at value (cost $184,111,399) | $289,275,099 |
Investment in DWS Central Cash Management Government Fund (cost $4,107,342) | 4,107,342 |
Cash | 59,135 |
Foreign currency, at value (cost $31) | 30 |
Receivable for investments sold | 2,185,874 |
Receivable for Fund shares sold | 11,863 |
Dividends receivable | 104,679 |
Affiliated securities lending income receivable | 47 |
Other assets | 39,478 |
Total assets | 295,783,547 |
Liabilities | |
Payable for investments purchased | 1,038,100 |
Payable for Fund shares redeemed | 102,236 |
Accrued management fee | 161,903 |
Accrued Trustees' fees | 1,647 |
Other accrued expenses and payables | 240,615 |
Total liabilities | 1,544,501 |
Net assets, at value | $294,239,046 |
Net Assets Consist of | |
Distributable earnings (loss) | 109,409,967 |
Paid-in capital | 184,829,079 |
Net assets, at value | $294,239,046 |
16 | | | DWS Small Cap Growth Fund |
Net Asset Value | |
Class A | |
Net Asset Value and redemption price per share ($121,403,711 ÷ 3,662,735 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $33.15 |
Maximum offering price per share (100 ÷ 94.25 of $33.15) | $35.17 |
Class C | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($1,893,967 ÷ 76,245 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $24.84 |
Class R6 | |
Net Asset Value, offering and redemption price per share ($656,958 ÷ 19,122 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $34.36 |
Class S | |
Net Asset Value, offering and redemption price per share ($164,034,078 ÷ 4,582,637 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $35.79 |
Institutional Class | |
Net Asset Value, offering and redemption price per share ($6,250,332 ÷ 171,483 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $36.45 |
DWS Small Cap Growth Fund | | | 17 |
Investment Income | |
Income: | |
Dividends | $895,714 |
Income distributions — DWS Central Cash Management Government Fund | 203,433 |
Affiliated securities lending income | 1,076 |
Total income | 1,100,223 |
Expenses: | |
Management fee | 892,105 |
Administration fee | 133,129 |
Services to shareholders | 259,280 |
Distribution and service fees | 141,133 |
Professional fees | 32,064 |
Reports to shareholders | 24,465 |
Registration fees | 36,215 |
Trustees' fees and expenses | 5,577 |
Other | 13,447 |
Total expenses before expense reductions | 1,537,415 |
Expense reductions | (4,709 ) |
Total expenses after expense reductions | 1,532,706 |
Net investment income (loss) | (432,483 ) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from investments | 4,772,735 |
Change in net unrealized appreciation (depreciation) on investments | 44,831,138 |
Net gain (loss) | 49,603,873 |
Net increase (decrease) in net assets resulting from operations | $49,171,390 |
18 | | | DWS Small Cap Growth Fund |
Six Months Ended March 31, 2024 | Year Ended September 30, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2023 |
Operations: | ||
Net investment income (loss) | $(432,483 ) | $(469,268 ) |
Net realized gain (loss) | 4,772,735 | 2,173,936 |
Change in net unrealized appreciation (depreciation) | 44,831,138 | 22,985,762 |
Net increase (decrease) in net assets resulting from operations | 49,171,390 | 24,690,430 |
Distributions to shareholders: | ||
Class A | (967,150 ) | (429,385 ) |
Class C | (21,278 ) | (11,732 ) |
Class R | (22,769 )* | (9,254 ) |
Class R6 | (4,795 ) | (1,036 ) |
Class S | (1,221,432 ) | (542,745 ) |
Institutional Class | (44,605 ) | (19,010 ) |
Total distributions | (2,282,029 ) | (1,013,162 ) |
Fund share transactions: | ||
Proceeds from shares sold | 3,817,690 | 7,024,462 |
Reinvestment of distributions | 2,194,655 | 975,872 |
Payments for shares redeemed | (21,875,977 ) | (30,097,790 ) |
Net increase (decrease) in net assets from Fund share transactions | (15,863,632 ) | (22,097,456 ) |
Increase (decrease) in net assets | 31,025,729 | 1,579,812 |
Net assets at beginning of period | 263,213,317 | 261,633,505 |
Net assets at end of period | $294,239,046 | $263,213,317 |
* | For the period from October 1, 2023 to March 25, 2024 (Class R liquidation date). |
DWS Small Cap Growth Fund | | | 19 |
DWS Small Cap Growth Fund — Class A | ||||||
Six Months Ended 3/31/24 | Years Ended September 30, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $28.03 | $25.76 | $39.34 | $29.18 | $26.56 | $36.89 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | (.07) | (.09) | (.20) | (.25) | (.11) | (.08) |
Net realized and unrealized gain (loss) | 5.45 | 2.47 | (9.56) | 10.41 | 2.73 | (4.59) |
Total from investment operations | 5.38 | 2.38 | (9.76) | 10.16 | 2.62 | (4.67) |
Less distributions from: | ||||||
Net realized gains | (.26) | (.11) | (3.82) | — | — | (5.66) |
Net asset value, end of period | $33.15 | $28.03 | $25.76 | $39.34 | $29.18 | $26.56 |
Total Return (%)b,c | 19.28 * | 9.22 | (27.45) | 34.82 | 9.86 | (11.78) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 121 | 108 | 107 | 164 | 134 | 145 |
Ratio of expenses before expense reductions (%) | 1.26 ** | 1.27 | 1.23 | 1.21 | 1.25 | 1.26 |
Ratio of expenses after expense reductions (%) | 1.26 ** | 1.25 | 1.22 | 1.21 | 1.22 | 1.21 |
Ratio of net investment income (loss) (%) | (.46 )** | (.31) | (.61) | (.67) | (.41) | (.30) |
Portfolio turnover rate (%) | 3 * | 6 | 14 | 20 | 14 | 16 |
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 |
20 | | | DWS Small Cap Growth Fund |
DWS Small Cap Growth Fund — Class C | ||||||
Six Months Ended 3/31/24 | Years Ended September 30, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $21.15 | $19.60 | $31.06 | $23.21 | $21.29 | $31.10 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | (.13) | (.22) | (.34) | (.42) | (.25) | (.24) |
Net realized and unrealized gain (loss) | 4.08 | 1.88 | (7.30) | 8.27 | 2.17 | (3.91) |
Total from investment operations | 3.95 | 1.66 | (7.64) | 7.85 | 1.92 | (4.15) |
Less distributions from: | ||||||
Net realized gains | (.26) | (.11) | (3.82) | — | — | (5.66) |
Net asset value, end of period | $24.84 | $21.15 | $19.60 | $31.06 | $23.21 | $21.29 |
Total Return (%)b,c | 18.79 * | 8.45 | (27.99) | 33.82 | 9.02 | (12.41) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 2 | 2 | 2 | 4 | 5 | 5 |
Ratio of expenses before expense reductions (%) | 2.19 ** | 2.16 | 2.12 | 2.07 | 2.10 | 2.06 |
Ratio of expenses after expense reductions (%) | 2.00 ** | 1.99 | 1.97 | 1.96 | 1.97 | 1.96 |
Ratio of net investment income (loss) (%) | (1.20 )** | (1.05) | (1.36) | (1.41) | (1.16) | (1.05) |
Portfolio turnover rate (%) | 3 * | 6 | 14 | 20 | 14 | 16 |
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 Small Cap Growth Fund | | | 21 |
DWS Small Cap Growth Fund — Class R6 | ||||||
Six Months Ended 3/31/24 | Years Ended September 30, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $29.00 | $26.55 | $40.29 | $29.78 | $27.03 | $37.32 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | (.01) | .01 | (.08) | (.13) | (.02) | (.01) |
Net realized and unrealized gain (loss) | 5.63 | 2.55 | (9.84) | 10.64 | 2.77 | (4.62) |
Total from investment operations | 5.62 | 2.56 | (9.92) | 10.51 | 2.75 | (4.63) |
Less distributions from: | ||||||
Net realized gains | (.26) | (.11) | (3.82) | — | — | (5.66) |
Net asset value, end of period | $34.36 | $29.00 | $26.55 | $40.29 | $29.78 | $27.03 |
Total Return (%) | 19.46 * | 9.63 | (27.18 )b | 35.29 | 10.17 | (11.50) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ thousands) | 657 | 528 | 257 | 319 | 222 | 306 |
Ratio of expenses before expense reductions (%) | .89 ** | .90 | .91 | .87 | .89 | .89 |
Ratio of expenses after expense reductions (%) | .89 ** | .90 | .86 | .87 | .89 | .89 |
Ratio of net investment income (loss) (%) | (.08 )** | .03 | (.25) | (.34) | (.08) | (.02) |
Portfolio turnover rate (%) | 3 * | 6 | 14 | 20 | 14 | 16 |
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 |
22 | | | DWS Small Cap Growth Fund |
DWS Small Cap Growth Fund — Class S | ||||||
Six Months Ended 3/31/24 | Years Ended September 30, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $30.22 | $27.69 | $41.90 | $30.99 | $28.14 | $38.60 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | (.03) | (.02) | (.12) | (.16) | (.05) | (.01) |
Net realized and unrealized gain (loss) | 5.86 | 2.66 | (10.27) | 11.07 | 2.90 | (4.79) |
Total from investment operations | 5.83 | 2.64 | (10.39) | 10.91 | 2.85 | (4.80) |
Less distributions from: | ||||||
Net realized gains | (.26) | (.11) | (3.82) | — | — | (5.66) |
Net asset value, end of period | $35.79 | $30.22 | $27.69 | $41.90 | $30.99 | $28.14 |
Total Return (%) | 19.41 * | 9.52 b | (27.26 )b | 35.20 | 10.13 b | (11.56 )b |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 164 | 146 | 144 | 214 | 174 | 184 |
Ratio of expenses before expense reductions (%) | 1.00 ** | 1.01 | .98 | .95 | .99 | 1.00 |
Ratio of expenses after expense reductions (%) | 1.00 ** | 1.00 | .96 | .95 | .97 | .95 |
Ratio of net investment income (loss) (%) | (.20 )** | (.06) | (.35) | (.41) | (.16) | (.04) |
Portfolio turnover rate (%) | 3 * | 6 | 14 | 20 | 14 | 16 |
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 Small Cap Growth Fund | | | 23 |
DWS Small Cap Growth Fund — Institutional Class | ||||||
Six Months Ended 3/31/24 | Years Ended September 30, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $30.76 | $28.18 | $42.54 | $31.48 | $28.58 | $39.09 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | (.03) | (.01) | (.11) | (.17) | (.05) | (.01) |
Net realized and unrealized gain (loss) | 5.98 | 2.70 | (10.43) | 11.23 | 2.95 | (4.84) |
Total from investment operations | 5.95 | 2.69 | (10.54) | 11.06 | 2.90 | (4.85) |
Less distributions from: | ||||||
Net realized gains | (.26) | (.11) | (3.82) | — | — | (5.66) |
Net asset value, end of period | $36.45 | $30.76 | $28.18 | $42.54 | $31.48 | $28.58 |
Total Return (%) | 19.42 * | 9.53 | (27.20 )b | 35.13 b | 10.15 b | (11.55 )b |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 6 | 5 | 5 | 9 | 10 | 9 |
Ratio of expenses before expense reductions (%) | .97 ** | .97 | .93 | .97 | .99 | .99 |
Ratio of expenses after expense reductions (%) | .97 ** | .97 | .91 | .96 | .97 | .95 |
Ratio of net investment income (loss) (%) | (.17 )** | (.03) | (.31) | (.42) | (.17) | (.05) |
Portfolio turnover rate (%) | 3 * | 6 | 14 | 20 | 14 | 16 |
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 |
24 | | | DWS Small Cap Growth Fund |
DWS Small Cap Growth Fund | | | 25 |
26 | | | DWS Small Cap Growth Fund |
DWS Small Cap Growth Fund | | | 27 |
28 | | | DWS Small Cap Growth Fund |
First $500 million of the Fund’s average daily net assets | .65% |
Next $1.0 billion of such net assets | .60% |
Next $2.5 billion of such net assets | .55% |
Next $2.5 billion of such net assets | .54% |
Next $2.5 billion of such net assets | .53% |
Next $2.5 billion of such net assets | .52% |
Over $11.5 billion of such net assets | .51% |
DWS Small Cap Growth Fund | | | 29 |
Class A | 1.26% |
Class C | 2.00% |
Class R | 1.50% |
Class R6 | 1.01% |
Class S | 1.01% |
Institutional Class | 1.01% |
Class C | 2.01% | |
Class R | 1.51% |
Class A | $1,682 |
Class C | 1,677 |
Class R | 1,350 |
$4,709 |
30 | | | DWS Small Cap Growth Fund |
Services to Shareholders | Total Aggregated | Unpaid at March 31, 2024 |
Class A | $55,671 | $19,103 |
Class C | 1,102 | 373 |
Class R | 112 | 38 |
Class R6 | 101 | 38 |
Class S | 75,751 | 26,827 |
Institutional Class | 350 | 124 |
$133,087 | $46,503 |
Sub-Recordkeeping | Total Aggregated |
Class A | $45,613 |
Class C | 2,030 |
Class R | 2,986 |
Class S | 34,195 |
Institutional Class | 2,861 |
$87,685 |
DWS Small Cap Growth Fund | | | 31 |
Distribution Fee | Total Aggregated | Unpaid at March 31, 2024 |
Class C | $6,833 | $1,193 |
Class R | 2,986 | 393 |
$9,819 | $1,586 |
Service Fee | Total Aggregated | Unpaid at March 31, 2024 | Annualized Rate |
Class A | $126,174 | $51,102 | .23% |
Class C | 2,161 | 1,047 | .24% |
Class R | 2,979 | 907 | .25% |
$131,314 | $53,056 |
32 | | | DWS Small Cap Growth Fund |
DWS Small Cap Growth Fund | | | 33 |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 40,809 | $1,230,971 | 96,232 | $2,740,986 |
Class C | 2,503 | 56,645 | 5,012 | 107,778 |
Class R | 3,767 * | 109,833 * | 13,101 | 354,211 |
Class R6 | 1,550 | 45,018 | 12,109 | 346,184 |
Class S | 47,952 | 1,547,938 | 77,218 | 2,337,015 |
Institutional Class | 25,963 | 827,285 | 36,322 | 1,138,288 |
$3,817,690 | $7,024,462 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 30,635 | $921,813 | 14,605 | $409,228 |
Class C | 941 | 21,278 | 552 | 11,732 |
Class R | 788 * | 22,769 * | 343 | 9,254 |
Class R6 | 154 | 4,795 | 36 | 1,036 |
Class S | 36,323 | 1,179,395 | 17,441 | 525,655 |
Institutional Class | 1,349 | 44,605 | 618 | 18,967 |
$2,194,655 | $975,872 | |||
Shares redeemed | ||||
Class A | (247,251 ) | $(7,369,261 ) | (441,685 ) | $(12,451,625 ) |
Class C | (10,567 ) | (244,242 ) | (37,466 ) | (801,786 ) |
Class R | (97,813 )* | (2,997,358 )* | (8,256 ) | (226,778 ) |
Class R6 | (807 ) | (24,460 ) | (3,584 ) | (109,345 ) |
Class S | (321,761 ) | (10,486,413 ) | (483,768 ) | (14,757,534 ) |
Institutional Class | (23,220 ) | (754,243 ) | (56,867 ) | (1,750,722 ) |
$(21,875,977 ) | $(30,097,790 ) |
34 | | | DWS Small Cap Growth Fund |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | |||
Shares | Dollars | Shares | Dollars | |
Net increase (decrease) | ||||
Class A | (175,807 ) | $(5,216,477 ) | (330,848 ) | $(9,301,411 ) |
Class C | (7,123 ) | (166,319 ) | (31,902 ) | (682,276 ) |
Class R | (93,258 )* | (2,864,756 )* | 5,188 | 136,687 |
Class R6 | 897 | 25,353 | 8,561 | 237,875 |
Class S | (237,486 ) | (7,759,080 ) | (389,109 ) | (11,894,864 ) |
Institutional Class | 4,092 | 117,647 | (19,927 ) | (593,467 ) |
$(15,863,632 ) | $(22,097,456 ) |
* | For the period from October 1, 2023 to March 25, 2024 (Class R liquidation date). |
DWS Small Cap Growth Fund | | | 35 |
36 | | | DWS Small Cap Growth Fund |
DWS Small Cap Growth Fund | | | 37 |
Actual Fund Return | Class A | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 10/1/23 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 3/31/24 | $1,192.80 | $1,187.90 | $1,194.60 | $1,194.10 | $1,194.20 |
Expenses Paid per $1,000* | $6.91 | $10.94 | $4.88 | $5.49 | $5.32 |
Hypothetical 5% Fund Return | Class A | Class C | Class R6 | Class S | Institutional Class |
Beginning Account Value 10/1/23 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 3/31/24 | $1,018.70 | $1,015.00 | $1,020.55 | $1,020.00 | $1,020.15 |
Expenses Paid per $1,000* | $6.36 | $10.08 | $4.50 | $5.05 | $4.90 |
* | 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 183 (the number of days in the most recent six-month period), then divided by 366. |
Annualized Expense Ratios | Class A | Class C | Class R6 | Class S | Institutional Class |
DWS Small Cap Growth Fund | 1.26% | 2.00% | .89% | 1.00% | .97% |
38 | | | DWS Small Cap Growth Fund |
DWS Small Cap Growth Fund | | | 39 |
40 | | | DWS Small Cap Growth Fund |
DWS Small Cap Growth Fund | | | 41 |
42 | | | DWS Small Cap Growth Fund |
DWS Small Cap Growth Fund | | | 43 |
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 the 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 |
44 | | | DWS Small Cap 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 | SSDAX | SSDCX | SSDSX | SSDIX |
CUSIP Number | 25157M 885 | 25157M 703 | 25157M 604 | 25157M 505 |
Fund Number | 471 | 771 | 2314 | 1471 |
For shareholders of Class R6 | |
Automated Information Line | DWS/Ascensus Plan Access (800) 728-3337 |
24-hour access to your retirement plan account. | |
Web Site | dws.com |
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | |
Log in/register to manage retirement account assets at https://www.mykplan.com/participantsecure_net/login.aspx. | |
For More Information | (800) 728-3337 |
To speak with a service representative. | |
Written Correspondence | DWS Service Company 222 South Riverside Plaza Chicago, IL 60606-5806 |
Class R6 | |
Nasdaq Symbol | SSDZX |
CUSIP Number | 25157M 596 |
Fund Number | 1614 |
DWS Small Cap Growth Fund | | | 45 |
(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. | 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 Small Cap Growth Fund, a series of Deutsche DWS Investment Trust |
By: | /s/Hepsen Uzcan Hepsen Uzcan Principal Executive |
Date: | 5/30/2024 |
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 Principal Executive |
Date: | 5/30/2024 |
By: | /s/Diane Kenneally Diane Kenneally Principal Financial Officer |
Date: | 5/30/2024 |