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Form N-CSR DEUTSCHE DWS INVESTMENT For: Jul 31

September 30, 2022 11:16 AM EDT

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

 

FORM N-CSR

 

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: 7/31/2022

 

ITEM 1. REPORT TO STOCKHOLDERS
   
  (a)

July 31, 2022
Annual Report
to Shareholders
DWS Large Cap Focus Growth Fund


Contents
This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.
Stocks may decline in value. The Fund may lend securities to approved institutions. Please read the prospectus for details.
War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.
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.
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
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DWS Large Cap Focus Growth Fund

Letter to Shareholders
Dear Shareholder:
Financial markets experienced several negative impacts which began in late February with the Russia-Ukraine war and have continued through the second quarter due to volatility in energy, rise in inflation, pressure on supply chains, and slower corporate earnings growth. Global monetary authorities have moved aggressively to tame inflation which in turn has created a swift decline in equity and fixed income markets. While our portfolio managers do believe markets will stabilize in the near term, the longer-term effects of these headwinds remain uncertain. De-globalization and a desire for energy independence across Europe and North America may continue to push prices upwards, and we expect inflation will remain higher than average over the next decade.
In periods such as this, real capital preservation becomes more challenging. Our portfolio managers continue to assess risks and form opinions on how these headwinds may impact investment portfolios over multiple time horizons. Yields for bonds can be impacted by economic risks, rising inflation, and slowing monetary support. We expect a moderate rise in government bond yields while short term spread widening may offer potential over the next year. For equities, we expect continued volatility in the short-term, however we do have a favorable view on companies with solid balance sheets and business models over a twelve-month horizon. We believe alternatives such as real estate, infrastructure and commodities may help in preserving capital given pricing power and correlation to inflation.
In our view, the current environment underscores the value add of active portfolio management. We also believe that the strong partnership between our portfolio managers and our CIO Office which synthesizes the views of more than 900 DWS economists, analysts and investment professionals around the world makes an important difference in making strategic and tactical decisions for the DWS Funds. Thank you for your trust. We welcome the opportunity to help you navigate these unusual times. For ongoing updates to our market and economic outlook, please visit the “Insights”  section of dws.com.
Best regards,
Hepsen Uzcan
President, DWS Funds
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
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Portfolio Management Review(Unaudited)
Market Overview and Fund Performance
All performance information below is historical and does not guarantee future results. Returns shown are for Class A shares, unadjusted for sales charges. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws.com for the most recent month-end performance of all share classes. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had. Please refer to pages 9through 10for more complete performance information.
DWS Large Cap Focus Growth Fund returned –17.75% and underperformed the –11.93% return for its benchmark, the Russell 1000® Growth Index, during the 12-month period that ended on July 31, 2022. The Fund outperformed its Morningstar peer group, Large Growth, in the five- and 10-year periods that ended on the same date.
Management Process
Portfolio management aims to add value through stock selection. In choosing securities, portfolio management employs a risk-balanced bottom-up selection process to identify companies it believes have above average and sustainable growth potential.
The U.S. equity market experienced a sizable decline in the past 12 months. After performing reasonably well through November 2021, stocks subsequently began to weaken due to the emergence of the Omicron variant of COVID-19, rising inflation, and the U.S. Federal Reserve’s (Fed’s) indications that it would begin to tighten monetary policy. Stocks took another leg lower in early 2022 after Russia’s invasion of Ukraine fueled concerns about the potential for even higher inflation. The Fed and other world central banks responded by raising interest rates aggressively, which dampened the outlook for both economic growth and corporate profits.
The Russell 1000 Growth Index fell sharply in response to these developments, erasing all of the gain it had achieved in 2021. Growth stocks lagged the broader market by a considerable margin in the period, reflecting the disproportionate impact that rising interest rates tend to have on growth stocks.
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DWS Large Cap Focus Growth Fund

Fund Performance
We hold a portion of the portfolio in companies with above-average valuations whose prices we believe are justified by their long-term growth potential. These stocks, which tend to feature above-average volatility, generally appeared among the Fund’s largest detractors in the annual period. Rather than avoiding such companies altogetherthereby missing out on some of the market’s most compelling growth ideaswe seek to balance these holdings with positions in larger, steadier growers. While this approach can sometimes lead to short-term divergences with the index, we believe it is consistent with our primary goal of longer-term outperformance.
“Numerous stocks have lost ground even as their earnings estimates have risen, illustrating the impact that deteriorating investor sentiment has had on valuations.” 
The weakness in smaller, faster growers was most evident in the consumer discretionary sector. Here, the Fund was hurt by its positions in YETI Holdings, Inc., Chewy, Inc., Chegg, Inc.,* and CarMax, Inc., all of which benefited from outsized consumer and user demand during the pandemic. All four stocks experienced sizable downturns amid the broader sell-off in the growth category and sequential deceleration in underlying trends. Although positions in Home Depot, Inc. and McDonald’s Corp.* provided a measure of ballast, the benefit was insufficient to offset the underperformance of these holdings.
The industrials sector, though a small weighting in the Fund, also proved to be a challenging area over the past 12 months. Kornit Digital Ltd.* benefited from strong initial demand for its more flexible, efficient, and environmentally friendly digital textile printing solutions, but a slowdown in orders and competitive dynamics put pressure on its share price. Shares of the medical technology provider Clarivate PLC,* which struggled to deliver its growth targets in the volatile macroeconomic environment, also lost ground.
Our stock picks in healthcare underperformed, as well. DexCom, Inc., a producer of continuous glucose-monitoring technology, sold off due to investors’ reaction to the company’s continued investments for several product and market- expansion opportunities. Exact Sciences Corp. also
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declined amid broader weakness in the life-science sector, as well uncertainty regarding a competitor’s pending trial for a blood-based cancer screening test. Eargo, Inc.* was another detractor of note. The stock fell sharply after a reimbursement audit triggered an investigation by the Department of Justice. We have since sold the stock from the portfolio.
On the other hand, stock selection in communication services contributed positively. Here, we benefited from a position in T-Mobile US, Inc. which showed solid net subscriber additions and executed on the targeted synergies from its merger with Sprint. A zero weighting in Meta Platforms, Inc. (formerly Facebook) also contributed to relative performance. The stock lagged due to the potential for increased regulation, slowing growth, and uncertainty surrounding shifts in its core business strategy.
Progressive Corp. was the leading contributor outside of communication services. The auto insurer registered a double-digit gain thanks to growth in its commercial vehicle insurance segment, as well as rising profit margins stemming from lower auto loss ratios and its implementation of higher rates.
Outlook
The correction in the growth category has been accompanied by unusually large declines in a broad range of individual stocks. In many cases, share prices have become disconnected from underlying fundamentals. Numerous stocks have lost ground even as their earnings estimates have risen, illustrating the impact that deteriorating investor sentiment has had on valuations. In our view, this may signal that the shares of many companies in the growth category have “overshot”  to the downside. Long-term investors may therefore have a widened opportunity set of stocks trading at more attractive entry points, particularly with respect to those that have demonstrated improving business fundamentals. Among those we favor are businesses that not only feature resiliency, but also the ability to adapt to turbulent economic conditions. By adjusting their business models and boosting productivity and efficiencies for both themselves and other companies, they have better chances of achieving stable, sustainable profit margins and earnings. We believe these traits should help the related stocks attain premium valuations in time.
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DWS Large Cap Focus Growth Fund

Considering the unprecedented macroeconomic scenario and the unpredictability of what lies ahead, we see patience, long-term thinking, selectivity, and risk management as the main virtues we should pursue as we manage the portfolio. Geopolitics and central bank policy will likely remain key factors in near-term performance, but we also think it’s critical to stay focused on the important structural themes that could drive longer-term trends. For example, we continue to seek opportunities in companies poised to capitalize on developments such as digital transformation, demographic shifts, life sciences and preventative health care, the energy transition, and information services. These trends have been in place for many years, and we believe they can continue despite the recent disruptions in the world economy. We therefore aim to tune out the short-term “noise”  and use elevated uncertainty to our advantage by assessing companies based on their prospects at least two years into the future.
*
Not held on July 31, 2022.
Portfolio Manager
Sebastian P. Werner, PhD, Head of Investment Strategy Equity
Portfolio Manager of the Fund. Began managing the Fund in 2016.
Joined DWS in 2008; previously, he served as a Research Assistant for the Endowed Chair of Asset Management at the European Business School, Oestrich-Winkel while earning his PhD.
Portfolio Manager for Global and US Growth Equities: New York.
MBA in International Management from the Thunderbird School of Global Management; Masters Degree (“Diplom-Kaufmann” ) and PhD in Finance (“Dr.rer.pol.” ) from the European Business School, Oestrich-Winkel.
The views expressed reflect those of the portfolio manager only through the end of the period of the report as stated on the cover. The portfolio manager’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.
Terms to Know
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.
Morningstar Large-Growth Funds invest in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large-cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). Most of these portfolios focus on
DWS Large Cap Focus Growth Fund
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companies in rapidly expanding industries. The average category returns for the one-, five- and 10-year periods ended July 31, 2022 were -17.73%, 12.73% and 13.64%, respectively.
Overweight means that a fund holds a higher weighting in a given sector or security than its benchmark index. Underweight means that a fund holds a lower weighting.
Contribution and detraction incorporate both an investment’s total return and its weighting in the Fund.
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DWS Large Cap Focus Growth Fund

Performance SummaryJuly 31, 2022 (Unaudited)
Class A
1-Year
5-Year
10-Year
Average Annual Total Returnsas of 7/31/22
Unadjusted for Sales Charge
–17.75%
13.51%
14.14%
Adjusted for the Maximum Sales Charge
(max 5.75% load)
–22.48%
12.17%
13.47%
Russell 1000® Growth Index
–11.93%
16.30%
15.95%
Class C
1-Year
5-Year
10-Year
Average Annual Total Returnsas of 7/31/22
Unadjusted for Sales Charge
–18.38%
12.66%
13.29%
Adjusted for the Maximum Sales Charge
(max 1.00% CDSC)
–18.38%
12.66%
13.29%
Russell 1000® Growth Index
–11.93%
16.30%
15.95%
Class S
1-Year
5-Year
10-Year
Average Annual Total Returnsas of 7/31/22
No Sales Charges
–17.55%
13.79%
14.43%
Russell 1000® Growth Index
–11.93%
16.30%
15.95%
Institutional Class
1-Year
5-Year
10-Year
Average Annual Total Returnsas of 7/31/22
No Sales Charges
–17.55%
13.80%
14.44%
Russell 1000® Growth Index
–11.93%
16.30%
15.95%
Performance in the Average Annual Total Returns table above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws.com for the Fund’s most recent month-end performance. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.
The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated December 1, 2021 are 1.14%, 1.91%, 0.87% and 0.89% for Class A, Class C, Class S and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.
Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.
Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
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Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
Growth of an Assumed $10,000 Investment
(Adjusted for Maximum Sales Charge)
 Yearly periods ended July 31

The Fund’s growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 5.75%. This results in a net initial investment of $9,425.
The growth of $10,000 is cumulative.
Performance of other share classes will vary based on the sales charges and the fee structure of those classes.
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.
 
Class A
Class C
Class S
Institutional
Class
Net Asset Value
7/31/22
$60.10
$46.44
$63.98
$65.07
7/31/21
$79.81
$63.65
$84.33
$85.64
Distribution Information as of 7/31/22
Capital Gain Distributions
$7.10
$7.10
$7.10
$7.10
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DWS Large Cap Focus Growth Fund

Portfolio Summary(Unaudited)
Asset Allocation(As a % of Investment Portfolio excluding
Securities Lending Collateral)
7/31/22
7/31/21
Common Stocks
95%
99%
Cash Equivalents
5%
1%
 
100%
100%
Sector Diversification(As a % of Investment Portfolio
excluding Securities Lending Collateral and Cash Equivalents)
7/31/22
7/31/21
Information Technology
47%
41%
Health Care
16%
16%
Consumer Discretionary
12%
15%
Communication Services
10%
11%
Industrials
6%
7%
Financials
6%
4%
Consumer Staples
3%
2%
Real Estate
2%
Materials
2%
 
100%
100%
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Ten Largest Equity Holdings at July 31, 2022(56.4% of Net Assets)
 1Apple, Inc.
12.1%
Designs, manufactures and markets personal computers and related
computing and mobile-communication devices
 
 2Microsoft Corp.
10.6%
Develops, manufactures, licenses, sells and supports software products
 
 3Alphabet, Inc.
6.4%
Holding company with subsidiaries that provide Web-based search, maps,
hardware products and various software applications
 
 4Amazon.com, Inc.
6.2%
Online retailer offering a wide range of products
 
 5Thermo Fisher Scientific, Inc.
4.8%
Manufacturer of measurement instruments that monitor, collect and analyze
information for various industries
 
 6Visa, Inc.
4.3%
Operates a retail electronic payments network and manages global
financial services
 
 7Progressive Corp.
3.5%
Provider of property and casualty insurance
 
 8Costco Wholesale Corp.
3.1%
Operator of wholesale warehouse stores
 
 9ServiceNow, Inc.
2.8%
Designs, develops and produces prepackaged computer software, cloud
services and IT service management platform
 
10Zoetis, Inc.
2.6%
Developer and manufacturer of animal health medicines
 
Portfolio holdings and characteristics are subject to change.
For more complete details about the Fund’s investment portfolio, see page 13. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 51for contact information.
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DWS Large Cap Focus Growth Fund

Investment Portfolioas of July 31, 2022
 
Shares
Value ($)
Common Stocks 94.2%
 
Communication Services 9.8%
 
Interactive Media & Services 7.4%
 
Alphabet, Inc. “A” *
 
   164,400
19,123,008
Match Group, Inc.*
 
    43,214
  3,168,018
 
 
 
22,291,026
Wireless Telecommunication Services 2.4%
 
T-Mobile U.S., Inc.*
 
    50,000
  7,153,000
Consumer Discretionary 11.3%
 
Internet & Direct Marketing Retail 6.6%
 
Amazon.com, Inc.*
 
   137,660
18,577,217
Chewy, Inc. “A” * (a)
 
    33,000
  1,280,730
 
 
 
19,857,947
Leisure Products 1.2%
 
YETI Holdings, Inc.*
 
    70,458
  3,577,153
Specialty Retail 2.8%
 
CarMax, Inc.*
 
    21,000
  2,090,340
Home Depot, Inc.
 
    20,668
  6,219,828
 
 
 
8,310,168
Textiles, Apparel & Luxury Goods 0.7%
 
Lululemon Athletica, Inc.*
 
     6,752
  2,096,563
Consumer Staples 3.1%
 
Food & Staples Retailing
 
Costco Wholesale Corp.
 
    17,286
  9,356,912
Financials 5.2%
 
Capital Markets 1.7%
 
Intercontinental Exchange, Inc.
 
    48,851
  4,982,313
Insurance 3.5%
 
Progressive Corp.
 
    90,562
10,420,064
Health Care 15.2%
 
Biotechnology 0.5%
 
Exact Sciences Corp.*
 
    34,195
  1,542,194
Health Care Equipment & Supplies 5.1%
 
DexCom, Inc.*
 
    80,272
  6,588,726
Hologic, Inc.*
 
    41,003
  2,926,794
The accompanying notes are an integral part of the financial statements.
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Shares
Value ($)
Intuitive Surgical, Inc.*
 
    19,306
  4,443,662
iRhythm Technologies, Inc.*
 
     8,000
  1,237,040
 
 
 
15,196,222
Health Care Providers & Services 1.2%
 
agilon health, Inc.*
 
   142,000
  3,554,260
Health Care Technology 0.5%
 
Certara, Inc.*
 
    70,928
  1,630,635
Life Sciences Tools & Services 5.3%
 
Azenta, Inc.
 
    22,000
  1,501,720
Thermo Fisher Scientific, Inc.
 
    23,956
14,335,510
 
 
 
15,837,230
Pharmaceuticals 2.6%
 
Zoetis, Inc.
 
    42,604
  7,777,360
Industrials 5.7%
 
Aerospace & Defense 0.6%
 
Axon Enterprise, Inc.*
 
    15,200
  1,674,888
Building Products 0.4%
 
AZEK Co., Inc.*
 
    52,609
  1,087,954
Electrical Equipment 3.4%
 
AMETEK, Inc.
 
    50,072
  6,183,892
Generac Holdings, Inc.*
 
    15,500
  4,158,650
 
 
 
10,342,542
Professional Services 1.3%
 
TransUnion
 
    51,106
  4,049,129
Information Technology 43.9%
 
IT Services 7.3%
 
Fiserv, Inc.*
 
    15,891
  1,679,361
Globant SA*
 
    37,000
  7,371,880
Visa, Inc. “A” 
 
    60,361
12,803,172
 
 
 
21,854,413
Semiconductors & Semiconductor Equipment 5.0%
 
Advanced Micro Devices, Inc.*
 
    47,100
  4,449,537
Applied Materials, Inc.
 
    43,000
  4,557,140
NVIDIA Corp.
 
    32,500
  5,902,975
 
 
 
14,909,652
Software 19.5%
 
Atlassian Corp. PLC “A” *
 
    15,000
  3,139,800
Confluent, Inc. “A” * (a)
 
    23,500
    598,075
The accompanying notes are an integral part of the financial statements.
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DWS Large Cap Focus Growth Fund

 
Shares
Value ($)
Datadog, Inc. “A” *
 
    16,440
  1,677,044
Microsoft Corp.
 
   113,223
31,786,225
Paylocity Holding Corp.*
 
     5,500
  1,132,615
Roper Technologies, Inc.
 
    12,213
  5,333,051
Salesforce, Inc.*
 
    34,008
  6,258,152
ServiceNow, Inc.*
 
    18,789
  8,392,295
 
 
 
58,317,257
Technology Hardware, Storage & Peripherals 12.1%
 
Apple, Inc.
 
   222,930
36,228,354
Total Common Stocks (Cost $114,542,561)
282,047,236
Securities Lending Collateral 0.9%
DWS Government & Agency Securities Portfolio “DWS
Government Cash Institutional Shares” , 1.55% (b) (c)
(Cost $2,617,268)
 
2,617,268
  2,617,268
Cash Equivalents 5.4%
DWS Central Cash Management Government Fund,
1.62% (b) (Cost $16,280,493)
 
16,280,493
16,280,493
 
 
% of
Net Assets
Value ($)
Total Investment Portfolio (Cost $133,440,322)
 
100.5
300,944,997
Other Assets and Liabilities, Net
 
(0.5)
(1,612,638)
Net Assets
 
100.0
299,332,359
The accompanying notes are an integral part of the financial statements.
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A summary of the Fund’s transactions with affiliated investments during the year ended July 31, 2022 are as follows:
Value ($)
at
7/31/2021
Pur-
chases
Cost
($)
Sales
Proceeds
($)
Net
Real-
ized
Gain/
(Loss)
($)
Net
Change
in
Unreal-
ized
Appreci-
ation
(Depreci-
ation)
($)
Income
($)
Capital
Gain
Distri-
butions
($)
Number of
Shares at
7/31/2022
Value ($)
at
7/31/2022
Securities Lending Collateral 0.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” ,
1.55% (b) (c)
26,692,663
24,075,395 (d)
18,820
2,617,268
2,617,268
Cash Equivalents 5.4%
DWS Central Cash Management Government Fund, 1.62% (b)
4,519,877
60,756,725
48,996,109
13,016
16,280,493
16,280,493
31,212,540
60,756,725
73,071,504
31,836
18,897,761
18,897,761
*
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 July 31, 2022 amounted to $1,620,399, which is 0.5% 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 year ended July 31, 2022.
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 July 31, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.
Assets
Level 1
Level 2
Level 3
Total
Common Stocks (a)
$282,047,236
$
$
$282,047,236
Short-Term Investments (a)
18,897,761
18,897,761
Total
$300,944,997
$
$
$300,944,997
(a)
See Investment Portfolio for additional detailed categorizations.
The accompanying notes are an integral part of the financial statements.
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DWS Large Cap Focus Growth Fund

Statement of Assets and Liabilities
as of July 31, 2022
Assets
 
Investments in non-affiliated securities, at value (cost $114,542,561)
including $1,620,399 of securities loaned
$282,047,236
Investment in DWS Government & Agency Securities Portfolio
(cost $2,617,268)*
  2,617,268
Investment in DWS Central Cash Management Government Fund
(cost $16,280,493)
16,280,493
Cash
     10,020
Foreign currency, at value (cost $527)
        473
Receivable for investments sold
  4,483,472
Receivable for Fund shares sold
      6,432
Dividends receivable
     29,404
Interest receivable
      2,232
Other assets
     23,117
Total assets
305,500,147
Liabilities
 
Payable upon return of securities loaned
  2,617,268
Payable for investments purchased
  2,958,203
Payable for Fund shares redeemed
    255,954
Accrued management fee
    132,621
Accrued Trustees' fees
      3,967
Other accrued expenses and payables
    199,775
Total liabilities
6,167,788
Net assets, at value
$299,332,359
Net Assets Consist of
 
Distributable earnings (loss)
175,771,090
Paid-in capital
123,561,269
Net assets, at value
$299,332,359
*
Represents collateral on securities loaned.
The accompanying notes are an integral part of the financial statements.
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17

Statement of Assets and Liabilities as of July 31, 2022 (continued)
Net Asset Value
 
Class A
 
Net Asset Value and redemption price per share
($34,685,912 ÷ 577,140 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$       60.10
Maximum offering price per share (100 ÷ 94.25 of $60.10)
$       63.77
Class C
 
Net Asset Value, offering and redemption price
(subject to contingent deferred sales charge) per share
($3,603,596 ÷ 77,597 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$       46.44
Class S
 
Net Asset Value, offering and redemption price per share
($245,475,896 ÷ 3,836,816 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$       63.98
Institutional Class
 
Net Asset Value, offering and redemption price per share
($15,566,955 ÷ 239,246 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$       65.07
The accompanying notes are an integral part of the financial statements.
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DWS Large Cap Focus Growth Fund

Statement of Operations
for the year ended July 31, 2022
Investment Income
 
Income:
 
Dividends
$1,424,149
Interest
527
Income distributions DWS Central Cash Management Government Fund
13,016
Securities lending income, net of borrower rebates
18,820
Total income
1,456,512
Expenses:
 
Management fee
2,208,606
Administration fee
348,349
Services to shareholders
379,169
Distribution and service fees
146,345
Custodian fee
4,997
Professional fees
88,101
Reports to shareholders
37,532
Registration fees
63,473
Trustees' fees and expenses
16,540
Other
21,106
Total expenses before expense reductions
3,314,218
Expense reductions
(177,079)
Total expenses after expense reductions
3,137,139
Net investment income (loss)
(1,680,627)
Realized and Unrealized Gain (Loss)
 
Net realized gain (loss) from investments
13,917,804
Change in net unrealized appreciation (depreciation) on:
 
Investments
(77,970,357)
Foreign currency
(54)
 
(77,970,411)
Net gain (loss)
(64,052,607)
Net increase (decrease) in net assets resulting from operations
$(65,733,234)
The accompanying notes are an integral part of the financial statements.
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19

Statements of Changes in Net Assets
 
Years Ended July 31,
Increase (Decrease) in Net Assets
2022
2021
Operations:
 
 
Net investment income (loss)
$(1,680,627)
$(839,469)
Net realized gain (loss)
13,917,804
28,914,987
Change in net unrealized appreciation
(depreciation)
(77,970,411)
68,651,005
Net increase (decrease) in net assets resulting
from operations
(65,733,234)
96,726,523
Distributions to shareholders:
 
 
Class A
(3,883,975)
(1,747,910)
Class C
(583,005)
(352,844)
Class S
(26,825,912)
(11,377,035)
Institutional Class
(1,971,351)
(604,553)
Total distributions
(33,264,243)
(14,082,342)
Fund share transactions:
 
 
Proceeds from shares sold
25,457,267
41,823,945
Reinvestment of distributions
31,745,554
13,459,071
Payments for shares redeemed
(59,231,209)
(51,599,581)
Net increase (decrease) in net assets from Fund
share transactions
(2,028,388)
3,683,435
Increase (decrease) in net assets
(101,025,865)
86,327,616
Net assets at beginning of period
400,358,224
314,030,608
Net assets at end of period
$299,332,359
$400,358,224
The accompanying notes are an integral part of the financial statements.
20
|
DWS Large Cap Focus Growth Fund

Financial Highlights
DWS Large Cap Focus Growth Fund Class A
 
Years Ended July 31,
 
2022
2021
2020
2019
2018
Selected Per Share Data
Net asset value, beginning of period
$79.81
$63.63
$50.70
$47.19
$42.39
Income (loss) from investment operations:
 
 
 
 
 
Net investment income (loss)a
(.48)
(.30)
(.12)
(.04)
(.06)
Net realized and unrealized gain (loss)
(12.13)
19.48
16.01
6.07
6.46
Total from investment operations
(12.61)
19.18
15.89
6.03
6.40
Less distributions from:
 
 
 
 
 
Net realized gains
(7.10)
(3.00)
(2.96)
(2.52)
(1.60)
Net asset value, end of period
$60.10
$79.81
$63.63
$50.70
$47.19
Total Return (%)b,c
(17.75)
31.03
32.91
13.92
15.47
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)
35
44
36
29
26
Ratio of expenses before expense reductions(%)
1.15
1.14
1.18
1.22
1.22
Ratio of expenses after expense reductions(%)
1.08
1.09
1.12
1.15
1.22
Ratio of net investment income (loss) (%)
(.68)
(.43)
(.23)
(.08)
(.15)
Portfolio turnover rate (%)
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.
The accompanying notes are an integral part of the financial statements.
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21

DWS Large Cap Focus Growth Fund Class C
 
Years Ended July 31,
 
2022
2021
2020
2019
2018
Selected Per Share Data
Net asset value, beginning of period
$63.65
$51.67
$42.00
$39.84
$36.29
Income (loss) from investment operations:
 
 
 
 
 
Net investment income (loss)a
(.79)
(.66)
(.42)
(.32)
(.33)
Net realized and unrealized gain (loss)
(9.32)
15.64
13.05
5.00
5.48
Total from investment operations
(10.11)
14.98
12.63
4.68
5.15
Less distributions from:
 
 
 
 
 
Net realized gains
(7.10)
(3.00)
(2.96)
(2.52)
(1.60)
Net asset value, end of period
$46.44
$63.65
$51.67
$42.00
$39.84
Total Return (%)b,c
(18.38)
30.05
31.92
13.07
14.60
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)
4
6
6
5
6
Ratio of expenses before expense reductions(%)
1.92
1.91
1.93
1.96
1.97
Ratio of expenses after expense reductions(%)
1.83
1.84
1.87
1.90
1.97
Ratio of net investment income (loss) (%)
(1.43)
(1.16)
(.97)
(.82)
(.89)
Portfolio turnover rate (%)
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.
The accompanying notes are an integral part of the financial statements.
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|
DWS Large Cap Focus Growth Fund

DWS Large Cap Focus Growth Fund Class S
 
Years Ended July 31,
 
2022
2021
2020
2019
2018
Selected Per Share Data
Net asset value, beginning of period
$84.33
$66.92
$53.11
$49.22
$44.09
Income (loss) from investment operations:
 
 
 
 
 
Net investment income (loss)a
(.32)
(.14)
.01
.08
.06
Net realized and unrealized gain (loss)
(12.93)
20.55
16.82
6.37
6.72
Total from investment operations
(13.25)
20.41
16.83
6.45
6.78
Less distributions from:
 
 
 
 
 
Net investment income
(.06)
(.04)
(.05)
Net realized gains
(7.10)
(3.00)
(2.96)
(2.52)
(1.60)
Total distributions
(7.10)
(3.00)
(3.02)
(2.56)
(1.65)
Net asset value, end of period
$63.98
$84.33
$66.92
$53.11
$49.22
Total Return (%)
(17.55)b
31.35b
33.23b
14.24b
15.75
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)
245
325
260
223
209
Ratio of expenses before expense reductions(%)
.88
.87
.91
.94
.95
Ratio of expenses after expense reductions(%)
.83
.84
.87
.90
.95
Ratio of net investment income (loss) (%)
(.43)
(.19)
.02
.16
.12
Portfolio turnover rate (%)
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.
The accompanying notes are an integral part of the financial statements.
DWS Large Cap Focus Growth Fund
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23

DWS Large Cap Focus Growth Fund Institutional Class
 
Years Ended July 31,
 
2022
2021
2020
2019
2018
Selected Per Share Data
Net asset value, beginning of period
$85.64
$67.92
$53.83
$49.88
$44.65
Income (loss) from investment operations:
 
 
 
 
 
Net investment income (loss)a
(.33)
(.17)
.01
.03
.06
Net realized and unrealized gain (loss)
(13.14)
20.89
17.10
6.49
6.82
Total from investment operations
(13.47)
20.72
17.11
6.52
6.88
Less distributions from:
 
 
 
 
 
Net investment income
(.06)
(.05)
(.05)
Net realized gains
(7.10)
(3.00)
(2.96)
(2.52)
(1.60)
Total distributions
(7.10)
(3.00)
(3.02)
(2.57)
(1.65)
Net asset value, end of period
$65.07
$85.64
$67.92
$53.83
$49.88
Total Return (%)
(17.55)b
31.36b
33.31
14.18b
15.78
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)
16
26
13
2
10
Ratio of expenses before expense reductions(%)
.91
.89
.86
1.01
.94
Ratio of expenses after expense reductions(%)
.83
.84
.86
.90
.94
Ratio of net investment income (loss) (%)
(.42)
(.23)
.01
.06
.13
Portfolio turnover rate (%)
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.
The accompanying notes are an integral part of the financial statements.
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|
DWS Large Cap Focus Growth Fund

Notes to Financial Statements
A.
Organization and Significant Accounting Policies
DWS Large Cap Focus Growth Fund (the “Fund” ) is a diversified series of Deutsche DWS Investment Trust (the “Trust” ), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act” ), as an open-end management investment company organized as a Massachusetts business trust.
The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are subject to an initial sales charge. Class C shares are not subject to an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class C shares automatically convert to Class A shares in the same fund after 8 years, provided that the Fund or the financial intermediary through which the shareholder purchased the Class C shares has records verifying that the Class C shares have been held for at least 8 years. Class S shares are not subject to initial or contingent deferred sales charges and are available through certain intermediary relationships with financial services firms, or can be purchased by establishing an account directly with the Fund’s transfer agent. Institutional Class shares are not subject to initial or contingent deferred sales charges and are generally available only to qualified institutions.
Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.
The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” ) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.
Security Valuation.Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.
DWS Large Cap Focus Growth Fund
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25

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.
Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.
Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Disclosure about the classification of fair value measurements is included in a table following the Fund’s Investment Portfolio.
Securities Lending.Deutsche Bank AG, as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities
26
|
DWS Large Cap Focus Growth Fund

and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. As of period end, any securities on loan were collateralized by cash. During the year ended July 31, 2022, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of July 31, 2022) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of July 31, 2022, the Fund had securities on loan, which were classified as common stocks in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements was overnight and continuous.
Federal Income Taxes.The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.
The Fund has reviewed the tax positions for the open tax years as of July 31, 2022 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.
Distribution of Income and Gains.Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders
DWS Large Cap Focus Growth Fund
|
27

annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.
The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.
At July 31, 2022, the Fund’s components of distributable earnings (accumulated losses) on a net tax basis were as follows:
Undistributed long-term capital gains
$8,397,946
Net unrealized appreciation (depreciation) on investments
$167,373,198
At July 31, 2022, the aggregate cost of investments for federal income tax purposes was $133,571,799. The net unrealized appreciation for all investments based on tax cost was $167,373,198. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $179,060,687 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $11,687,489.
In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:
 
Years Ended July 31,
 
2022
2021
Distributions from ordinary income*
$7,357,033
$
Distributions from long-term capital gains
$ 25,907,210
$14,082,342
*
For tax purposes, short-term capital gain distributions are considered ordinary
income distributions.
Expenses.Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.
Contingencies.In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification
28
|
DWS Large Cap Focus Growth Fund

clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.
Real Estate Investment Trusts.The Fund periodically recharacterizes distributions received from a Real Estate Investment Trust (“REIT” ) investment based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available timely from a REIT, the recharacterization will be estimated for financial reporting purposes and a recharacterization will be made in the following year when such information becomes available. Distributions received from REITs in excess of income are recorded as either a reduction of cost of investments or realized gains.
Other.Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.
B.
Purchases and Sales of Securities
During the year ended July 31, 2022, purchases and sales of investment securities (excluding short-term investments) aggregated $46,332,083 and $97,494,519, respectively.
C.
Related Parties
Management Agreement.Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA”  or the “Advisor” ), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group” ), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.
Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net
DWS Large Cap Focus Growth Fund
|
29

assets of the Fund, computed and accrued daily and payable monthly, at the following annual rates:
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%
Accordingly, for the year ended July 31, 2022, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.615% of the Fund’s average daily net assets.
For the period from August 1, 2021 through September 30, 2021, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:
Class A
1.09%
Class C
1.84%
Class S
.84%
Institutional Class
.84%
Effective October 1, 2021 through November 30, 2022, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:
Class A
 
1.08%
Class C
 
1.83%
Class S
 
.83%
Institutional Class
 
.83%
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|
DWS Large Cap Focus Growth Fund

For the year ended July 31, 2022, fees waived and/or expenses reimbursed for each class are as follows:
Class A
$26,216
Class C
4,153
Class S
131,849
Institutional Class
14,861
 
$177,079
Administration Fee.Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee (“Administration Fee” ) of 0.097% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the year ended July 31, 2022, the Administration Fee was $348,349, of which $23,295 is unpaid.
Service Provider Fees.DWS Service Company (“DSC” ), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST” ), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended July 31, 2022, the amounts charged to the Fund by DSC were as follows:
Services to Shareholders
Total
Aggregated
Unpaid at
July 31, 2022
Class A
$12,025
$1,981
Class C
649
108
Class S
132,456
21,751
Institutional Class
298
51
 
$145,428
$23,891
In addition, for the year ended July 31, 2022, the amounts charged to the Fund for recordkeeping and other administrative services provided by
DWS Large Cap Focus Growth Fund
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31

unaffiliated third parties, included in the Statement of Operations under “Services to shareholders,”  were as follows:
Sub-Recordkeeping
Total
Aggregated
Class A
$35,209
Class C
5,821
Class S
130,984
Institutional Class
23,882
 
$195,896
Distribution and Service Fees.Under the Fund’s Class C 12b-1 Plan, DWS Distributors, Inc. (“DDI” ), an affiliate of the Advisor, receives a fee (“Distribution Fee” ) of 0.75% of the average daily net assets of Class C shares. In accordance with the Fund’s Underwriting and Distribution Services Agreement, DDI enters into related selling group agreements with various firms at various rates for sales of Class C shares. For the year ended July 31, 2022, the Distribution Fee was as follows:
Distribution Fee
Total
Aggregated
Unpaid at
July 31, 2022
Class C
$ 36,198
$2,192
In addition, DDI provides information and administrative services for a fee (“Service Fee” ) to Class A and C shareholders at an annual rate of up to 0.25% of the average daily net assets for each such class. DDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the year ended July 31, 2022, the Service Fee was as follows:
Service Fee
Total
Aggregated
Unpaid at
July 31, 2022
Annual
Rate
Class A
$98,214
$ 13,699
.24%
Class C
11,933
1,491
.25%
 
$110,147
$15,190
 
Underwriting Agreement and Contingent Deferred Sales Charge.DDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the year ended July 31, 2022 aggregated $3,136.
In addition, DDI receives any contingent deferred sales charge (“CDSC” ) from Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is 1% of the value of the shares redeemed for Class C. For the year ended July 31, 2022, the CDSC for
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DWS Large Cap Focus Growth Fund

Class C shares aggregated $10. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares.
Other Service Fees.Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended July 31, 2022, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders”  aggregated $1,777, of which $230 is unpaid.
Trustees’ Fees and Expenses.The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.
Affiliated Cash Management Vehicles.The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund’s assets invested in DWS ESG Liquidity Fund.
Securities Lending Agent Fees.Deutsche Bank AG serves as securities lending agent for the Fund. For the year ended July 31, 2022, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $1,499.
D.
Line of Credit
The Fund and other affiliated funds (the “Participants” ) share in a $375 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at July 31, 2022.
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E.
Fund Share Transactions
The following table summarizes share and dollar activity in the Fund:
 
Year Ended
July 31, 2022
Year Ended
July 31, 2021
 
Shares
Dollars
Shares
Dollars
Shares sold
Class A
58,939
$4,296,343
95,406
$6,627,061
Class C
  7,744
   442,851
29,858
1,646,994
Class S
149,092
11,038,454
302,750
22,152,179
Institutional Class
140,926
9,679,619
153,516
11,397,711
 
 
$25,457,267
 
$41,823,945
Shares issued to shareholders in reinvestment of distributions
Class A
47,270
$3,638,823
24,494
$1,646,726
Class C
  9,748
   582,624
  6,505
   350,387
Class S
312,304
25,552,756
153,094
10,857,405
Institutional Class
23,691
1,971,351
  8,393
   604,553
 
 
$31,745,554
 
$13,459,071
Shares redeemed
Class A
(77,508)
$(5,442,960)
(138,155)
$(9,680,002)
Class C
(30,531)
(1,673,108)
(53,987)
(3,032,633)
Class S
(481,644)
(35,567,029)
(476,741)
(34,893,377)
Institutional Class
(223,817)
(16,548,112)
(52,765)
(3,993,569)
 
 
$(59,231,209)
 
$(51,599,581)
Net increase (decrease)
Class A
28,701
$2,492,206
(18,255)
$(1,406,215)
Class C
(13,039)
   (647,633)
(17,624)
(1,035,252)
Class S
(20,248)
1,024,181
(20,897)
(1,883,793)
Institutional Class
(59,200)
(4,897,142)
109,144
8,008,695
 
 
$(2,028,388)
 
$3,683,435
F.
Other COVID-19 Pandemic
A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding
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DWS Large Cap Focus Growth Fund

the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to significant portions of the population remaining unvaccinated and/or the lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and the pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on the Fund and reflect the consequences as appropriate in the Fund’s accounting and financial reporting.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Deutsche DWS Investment Trust and Shareholders of DWS Large Cap Focus Growth Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of DWS Large Cap Focus Growth Fund (the “Fund” ) (one of the funds constituting Deutsche DWS Investment Trust) (the “Trust” ), including the investment portfolio, as of July 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the related notes (collectively referred to as the “financial statements” ). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Investment Trust) at July 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the four years in the period then ended, in conformity with U.S. generally accepted accounting principles.
The financial highlights for the year ended July 31, 2018 were audited by another independent registered public accounting firm whose report, dated September 21, 2018, expressed an unqualified opinion on those financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB” ) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are
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DWS Large Cap Focus Growth Fund

required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2022, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.
Boston, Massachusetts
September 22, 2022
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Information About Your Fund’s Expenses
As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads) and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses
with the ongoing expenses of investing in other mutual funds.In the most recent six-month period, the Fund limited these expenses; had it not done
so, expenses would have been higher.The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (February 1, 2022 to July 31, 2022).
The tables illustrate your Fund’s expenses in two ways:
— 
Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000”  line under the share class you hold.
— 
Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000”  line of the tables is useful in comparing ongoing expenses only and will not help you determine the
relative total expense of owning different funds.Subject to certain exceptions, an account maintenance fee of $20.00 assessed once per calendar year for Classes A, C and S shares may apply for accounts with balances less than $10,000. This fee is not included in these tables. If it was, the estimate of expenses paid for Classes A, C and S shares during the period would be higher, and account value during the period would be lower, by this amount.
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DWS Large Cap Focus Growth Fund

Expenses and Value of a $1,000 Investment
for the six months ended July 31, 2022 (Unaudited)
Actual Fund Return
Class A
Class C
Class S
Institutional
Class
Beginning Account Value 2/1/22
$1,000.00
$1,000.00
$1,000.00
$1,000.00
Ending Account Value 7/31/22
$863.10
$859.80
$864.10
$864.30
Expenses Paid per $1,000*
$4.99
$8.44
$3.84
$3.84
Hypothetical 5% Fund Return
Class A
Class C
Class S
Institutional
Class
Beginning Account Value 2/1/22
$1,000.00
$1,000.00
$1,000.00
$1,000.00
Ending Account Value 7/31/22
$1,019.44
$1,015.72
$1,020.68
$1,020.68
Expenses Paid per $1,000*
$5.41
$9.15
$4.16
$4.16
*
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 181 (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
   1.08%
   1.83%
   .83%
   .83%
For more information, please refer to the Fund’s prospectus.
For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to tools.finra.org/fund_analyzer/.
Tax Information (Unaudited)
The Fund paid distributions of $5.51 per share from net long-term capital gains during its year ended July 31, 2022.
Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $15,259,000 as capital gain dividends for its year ended July 31, 2022.
For corporate shareholders, 19% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund’s fiscal year ended July 31, 2022, qualified for the dividends received deduction.
For federal income tax purposes, the Fund designates approximately $1,600,000, or the maximum amount allowable under tax law, as qualified dividend income.
Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please call (800) 728-3337.
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Liquidity Risk Management
In accordance with Rule 22e-4 (the “Liquidity Rule” ) under the Investment Company Act of 1940 (the “1940 Act” ), your Fund has adopted a liquidity risk management program (the “Program” ), and the Board has designated DWS Investment Management Americas, Inc. (“DIMA” ) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). DIMA has designated a committee (the “Committee” ) composed of personnel from multiple departments within DIMA and its affiliates that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.
In February 2022, as required by the Program and the Liquidity Rule, DIMA provided the Board with an annual written report (the “Report” ) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2020 through November 30, 2021 (the “Reporting Period” ). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum”  as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, DIMA stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. DIMA also reported that there were no material changes made to the Program during the Reporting Period.
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DWS Large Cap Focus Growth Fund

Advisory Agreement Board Considerations and Fee Evaluation
The Board of Trustees (hereinafter referred to as the “Board”  or “Trustees” ) approved the renewal of DWS Large Cap Focus Growth Fund’s (the “Fund” ) investment management agreement (the “Agreement” ) with DWS Investment Management Americas, Inc. (“DIMA” ) in September 2021.
In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:
— 
During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees” ).
— 
The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant” ).
— 
The Board also received extensive information throughout the year regarding performance of the Fund.
— 
The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.
— 
In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.
In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA (“DWS Group” ). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group’s
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shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.
As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps.
While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.
Nature, Quality and Extent of Services.The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA’s approach to addressing such risks. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar” ), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review”  (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2020, the Fund’s performance (Class A shares) was in the 2nd quartile of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the one- and three-year periods and has underperformed its benchmark in the five-year period ended December 31, 2020.
Fees and Expenses.The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge” ) and the Fee Consultant regarding investment
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DWS Large Cap Focus Growth Fund

management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund’s administrative services agreement, were higher than the median (3rd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2020). The Board noted that the Fund’s Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2020, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) (“Broadridge Universe Expenses” ). The Board also reviewed data comparing each other operational share class’s total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund’s total (net) operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds (“DWS Funds” ) and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds” ) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.
On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.
Profitability.The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the
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profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.
Economies of Scale.The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.
Other Benefits to DIMA and Its Affiliates.The Board also considered the character and amount of other incidental or “fall-out”  benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.
Compliance.The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.
Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.
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DWS Large Cap Focus Growth Fund

Board Members and Officers
The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston
Street, Boston, MA 02199-3600.Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.
The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in the DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.
Independent Board Members/Independent Advisory Board Members
Name, Year of
Birth, Position
with the Trust/
Corporation
and Length of
Time Served1
Business Experience and Directorships
During the Past Five Years
Number of
Funds in
DWS Fund
Complex
Overseen
Other
Directorships
Held by Board
Member
Keith R. Fox,
CFA (1954)
Chairperson
since 2017, and
Board Member
since 1996
Managing General Partner, Exeter Capital
Partners (a series of private investment
funds) (since 1986). Directorships:
Progressive International Corporation (kitchen
goods designer and distributor); former
Chairman, National Association of Small
Business Investment Companies; Former
Directorships: ICI Mutual Insurance
Company; BoxTop Media Inc. (advertising);
Sun Capital Advisers Trust (mutual funds)
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Name, Year of
Birth, Position
with the Trust/
Corporation
and Length of
Time Served1
Business Experience and Directorships
During the Past Five Years
Number of
Funds in
DWS Fund
Complex
Overseen
Other
Directorships
Held by Board
Member
John W.
Ballantine
(1946)
Board Member
since 1999
Retired; formerly, Executive Vice President
and Chief Risk Management Officer, First
Chicago NBD Corporation/The First National
Bank of Chicago (1996–1998); Executive Vice
President and Head of International Banking
(1995–1996); Not-for-Profit Directorships:
Window to the World Communications
(public media); Life Director of Harris Theater
for Music and Dance (Chicago); Life Director
of Hubbard Street Dance Chicago; Former
Directorships: Director and Chairman of the
Board, Healthways, Inc.2 (population
wellbeing and wellness services)
(2003–2014); Stockwell Capital Investments
PLC (private equity); Enron Corporation; FNB
Corporation; Tokheim Corporation; First Oak
Brook Bancshares, Inc.; Oak Brook Bank;
Portland General Electric2 (utility company
(2003–2021); and Prisma Energy
International; Former Not-for-Profit
Directorships: Public Radio International;
Palm Beach Civic Assn.
70
Dawn-Marie
Driscoll (1946)
Board Member
since 1987
Advisory Board and former Executive Fellow,
Hoffman Center for Business Ethics, Bentley
University; formerly: Partner, Palmer & Dodge
(law firm) (1988–1990); Vice President of
Corporate Affairs and General Counsel,
Filene’s (retail) (1978–1988); Directorships:
Trustee and former Chairman of the Board,
Southwest Florida Community Foundation
(charitable organization); Former
Directorships: ICI Mutual Insurance Company
(2007–2015); Sun Capital Advisers Trust
(mutual funds) (2007–2012), Investment
Company Institute (audit, executive,
nominating committees) and Independent
Directors Council (governance,
executive committees)
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DWS Large Cap Focus Growth Fund

Name, Year of
Birth, Position
with the Trust/
Corporation
and Length of
Time Served1
Business Experience and Directorships
During the Past Five Years
Number of
Funds in
DWS Fund
Complex
Overseen
Other
Directorships
Held by Board
Member
Richard J.
Herring (1946)
Board Member
since 1990
Jacob Safra Professor of International
Banking and Professor of Finance, The
Wharton School, University of Pennsylvania
(since July 1972); formerly: Director, The
Wharton Financial Institutions Center
(1994–2020); Vice Dean and Director,
Wharton Undergraduate Division (1995–2000)
and Director, The Lauder Institute of
International Management Studies
(2000–2006); Member FDIC Systemic Risk
Advisory Committee since 2011, member
Systemic Risk Council since 2012 and
member of the Advisory Board at the Yale
Program on Financial Stability since 2013;
Former Directorships: Co-Chair of the
Shadow Financial Regulatory Committee
(2003–2015), Executive Director of The
Financial Economists Roundtable
(2008–2015), Director of The Thai Capital Fund
(2007–2013), Director of The Aberdeen
Singapore Fund (2007–2018), Director, The
Aberdeen Japan Fund (2007-2021) and
Nonexecutive Director of Barclays Bank
DE (2010–2018)
70
William
McClayton
(1944)
Board Member
since 2004
Private equity investor (since October 2009);
formerly: Managing Director, Diamond
Management & Technology Consultants, Inc.
(global consulting firm) (2001–2009); Senior
Partner, Arthur Andersen LLP (accounting)
(1966–2001); Former Directorships: Board of
Managers, YMCA of Metropolitan Chicago;
Trustee, Ravinia Festival
70
Chad D. Perry
(1972)
Board Member
or Advisory
Board Member
since 20213
Executive Vice President, General Counsel
and Secretary, Tanger Factory Outlet Centers,
Inc.2 (since 2011); formerly Executive Vice
President and Deputy General Counsel, LPL
Financial Holdings Inc.2 (2006–2011); Senior
Corporate Counsel, EMC Corporation
(2005–2006); Associate, Ropes & Gray
LLP (1997–2005)
214
Director - Great
Elm Capital
Corp. (business
development
company)
(since 2022)
DWS Large Cap Focus Growth Fund
|
47

Name, Year of
Birth, Position
with the Trust/
Corporation
and Length of
Time Served1
Business Experience and Directorships
During the Past Five Years
Number of
Funds in
DWS Fund
Complex
Overseen
Other
Directorships
Held by Board
Member
Rebecca W.
Rimel (1951)
Board Member
since 1995
Director, The Bridgespan Group (nonprofit
organization) (since October 2020); formerly:
Executive Vice President, The Glenmede Trust
Company (investment trust and wealth
management) (1983–2004); Board Member,
Investor Education (charitable organization)
(2004–2005); Former Directorships: Trustee,
Executive Committee, Philadelphia Chamber
of Commerce (2001–2007); Director, Viasys
Health Care2 (January 2007–June 2007);
Trustee, Thomas Jefferson Foundation
(charitable organization) (1994–2012);
President, Chief Executive Officer and
Director (1994–2020) and Senior Advisor
(2020-2021), The Pew Charitable Trusts
(charitable organization); Director,
BioTelemetry Inc.2 (acquired by Royal Philips
in 2021) (healthcare) (2009–2021); Director,
Becton Dickinson and Company2 (medical
technology company) (2012-2022)
70
Catherine
Schrand (1964)
Board Member
or Advisory
Board Member
since 20213
Celia Z. Moh Professor of Accounting (since
2016) and Professor of Accounting (since
1994), The Wharton School, University of
Pennsylvania; formerly Vice Dean, Wharton
Doctoral Programs (2016–2019)
214
William N.
Searcy, Jr.
(1946)
Board Member
since 1993
Private investor since October 2003; formerly:
Pension & Savings Trust Officer, Sprint
Corporation2 (telecommunications)
(November 1989–September 2003); Former
Directorships: Trustee, Sun Capital Advisers
Trust (mutual funds) (1998–2012)
70
48
|
DWS Large Cap Focus Growth Fund

Officers5
Name, Year of Birth, Position
with the Trust/Corporation
and Length of Time Served6
Business Experience and Directorships During the
Past Five Years
Hepsen Uzcan7 (1974)
President and Chief Executive
Officer, 2017–present
Fund Administration (Head since 2017), DWS; Secretary,
DWS USA Corporation (2018–present); Assistant Secretary,
DWS Distributors, Inc. (2018–present); Director and Vice
President, DWS Service Company (2018–present); Assistant
Secretary, DWS Investment Management Americas, Inc.
(2018–present); Director and President, DB Investment
Managers, Inc. (2018–present); President and Chief
Executive Officer, The European Equity Fund, Inc., The New
Germany Fund, Inc. and The Central and Eastern Europe
Fund, Inc. (2017–present); formerly: Vice President for the
Deutsche funds (2016–2017); Assistant Secretary for the
DWS funds (2013–2019); Assistant Secretary, The European
Equity Fund, Inc., The New Germany Fund, Inc. and The
Central and Eastern Europe Fund, Inc. (2013–2020);
Directorships: Interested Director, The European Equity
Fund, Inc., The New Germany Fund, Inc. and The Central and
Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual
Insurance Company (since October 16, 2020); and
Episcopalian Charities of New York (2018–present)
John Millette8 (1962)
Vice President and
Secretary, 1999–present
Legal (Associate General Counsel), DWS; Chief Legal
Officer, DWS Investment Management Americas, Inc.
(2015–present); Director and Vice President, DWS Trust
Company (2016–present); Secretary, DBX ETF Trust
(2020–present); Vice President, DBX Advisors LLC
(2021–present); Secretary, The European Equity Fund, Inc.,
The New Germany Fund, Inc. and The Central and Eastern
Europe Fund, Inc. 2011–present); formerly: Secretary,
Deutsche Investment Management Americas Inc.
(2015–2017); and Assistant Secretary, DBX ETF
Trust (2019–2020)
Ciara Crawford9 (1984)
Assistant
Secretary, (2019–present)
Fund Administration (Specialist), DWS (2015–present);
formerly, Legal Assistant at Accelerated Tax Solutions
Diane Kenneally8 (1966)
Chief Financial Officer and
Treasurer, 2018–present
Fund Administration Treasurer’s Office (Co-Head since 2018),
DWS; Treasurer, Chief Financial Officer and Controller, DBX
ETF Trust (2019–present); Treasurer and Chief Financial
Officer, The European Equity Fund, Inc., The New Germany
Fund, Inc. and The Central and Eastern Europe Fund, Inc.
(2018–present); formerly: Assistant Treasurer for the DWS
funds (2007–2018)
Paul Antosca8 (1957)
Assistant
Treasurer, 2007–present
Fund Administration Tax (Head), DWS; and Assistant
Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan8 (1966)
Assistant
Treasurer, 2017–present
Fund Administration Treasurer’s Office (Co-Head since 2018),
DWS; Director and Vice President, DWS Trust Company
(2018–present); Assistant Treasurer, DBX ETF Trust
(2019–present); Assistant Treasurer, The European Equity
Fund, Inc., The New Germany Fund, Inc. and The Central and
Eastern Europe Fund, Inc. (2018–present)
Scott D. Hogan8 (1970)
Chief Compliance
Officer, 2016–present
Anti-Financial Crime & Compliance US (Senior Team Lead),
DWS; Chief Compliance Officer, The European Equity Fund,
Inc., The New Germany Fund, Inc. and The Central and
Eastern Europe Fund, Inc. (2016–present)
DWS Large Cap Focus Growth Fund
|
49

Name, Year of Birth, Position
with the Trust/Corporation
and Length of Time Served6
Business Experience and Directorships During the
Past Five Years
Caroline Pearson8 (1962)
Chief Legal
Officer, 2010–present
Legal (Senior Team Lead), DWS; Assistant Secretary, DBX
ETF Trust (2020–present); Chief Legal Officer, DBX Advisors
LLC (2020–present); Chief Legal Officer, The European
Equity Fund, Inc., The New Germany Fund, Inc. and The
Central and Eastern Europe Fund, Inc. (2012–present);
formerly: Secretary, Deutsche AM Distributors, Inc.
(2002–2017); Secretary, Deutsche AM Service Company
(2010–2017); and Chief Legal Officer, DBX Strategic Advisors
LLC (2020–2021)
Christian Rijs7 (1980)
Anti-Money Laundering
Compliance Officer,
since October 6, 2021
Senior Team Lead Anti-Financial Crime and Compliance,
DWS; AML Officer, DWS Trust Company (since November 2,
2021); AML Officer, DBX ETF Trust (since October 21, 2021);
AML Officer, The European Equity Fund, Inc., The New
Germany Fund, Inc. and The Central and Eastern Europe
Fund, Inc. (since November 12, 2021); formerly: DWS UK &
Ireland Head of Anti-Financial Crime and MLRO
1
The length of time served represents the year in which the Board Member joined the
board of one or more DWS funds currently overseen by the Board.
2
A publicly held company with securities registered pursuant to Section 12 of the
Securities Exchange Act of 1934.
3
Mr. Perry and Ms. Schrand are Advisory Board Members of Deutsche DWS Asset
Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS
Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional
Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust,
Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche
DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust,
Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash
Management Portfolio. Mr. Perry and Ms. Schrand are Board Members of each
other Trust.
4
Mr. Perry and Ms. Schrand oversee 21 funds in the DWS Fund Complex as Board
Members of various Trusts. Mr. Perry and Ms. Schrand are Advisory Board Members of
various Trusts/Corporations comprised of 49 funds in the DWS Fund Complex.
5
As a result of their respective positions held with the Advisor or its affiliates, these
individuals are considered “interested persons”  of the Advisor within the meaning of the
1940 Act. Interested persons receive no compensation from the Fund.
6
The length of time served represents the year in which the officer was first elected in
such capacity for one or more DWS funds.
7
Address: 875 Third Avenue, New York, NY 10022.
8
Address: 100 Summer Street, Boston, MA 02110.
9
Address: 5201 Gate Parkway, Jacksonville, FL 32256.
Certain officers hold similar positions for other investment companies for which DIMA or an affiliate serves as the Advisor.
The Fund’s Statement of Additional Information (“SAI” ) includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: