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Form N-CSRS DEUTSCHE DWS INVESTMENT For: Jan 31

March 28, 2024 9:51 AM EDT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

 

FORM N-CSRS

 

Investment Company Act file number: 811-00043

 

Deutsche DWS Investment Trust

(Exact Name of Registrant as Specified in Charter)

 

875 Third Avenue

New York, NY 10022-6225

(Address of Principal Executive Offices) (Zip Code)

 

Registrant’s Telephone Number, including Area Code: (212) 454-4500

 

Diane Kenneally

100 Summer Street

Boston, MA 02110

(Name and Address of Agent for Service)

 

Date of fiscal year end: 7/31
   
Date of reporting period: 1/31/2024

 

ITEM 1. REPORT TO STOCKHOLDERS
   
  (a)
   

January 31, 2024
Semiannual 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, natural disasters, climate change 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

Performance SummaryJanuary 31, 2024 (Unaudited)
Class A
6-Month
1-Year
5-Year
10-Year
Average Annual Total Returnsas of 1/31/24
Unadjusted for Sales Charge
10.20%
32.44%
15.96%
13.68%
Adjusted for the Maximum Sales Charge
(max 5.75% load)
3.86%
24.82%
14.60%
13.01%
Russell 1000® Growth Index
9.65%
34.99%
18.04%
15.48%
Average Annual Total Returnsas of 12/31/23 (most recent calendar quarter end)
Unadjusted for Sales Charge
40.74%
17.21%
13.09%
Adjusted for the Maximum Sales Charge
(max 5.75% load)
32.65%
15.83%
12.42%
Russell 1000® Growth Index
42.68%
19.50%
14.86%
Class C
6-Month
1-Year
5-Year
10-Year
Average Annual Total Returnsas of 1/31/24
Unadjusted for Sales Charge
9.77%
31.45%
15.09%
12.83%
Adjusted for the Maximum Sales Charge
(max 1.00% CDSC)
8.77%
31.45%
15.09%
12.83%
Russell 1000® Growth Index
9.65%
34.99%
18.04%
15.48%
Average Annual Total Returnsas of 12/31/23 (most recent calendar quarter end)
Unadjusted for Sales Charge
39.70%
16.34%
12.24%
Adjusted for the Maximum Sales Charge
(max 1.00% CDSC)
39.70%
16.34%
12.24%
Russell 1000® Growth Index
42.68%
19.50%
14.86%
Class S
6-Month
1-Year
5-Year
10-Year
Average Annual Total Returnsas of 1/31/24
No Sales Charges
10.32%
32.77%
16.25%
13.97%
Russell 1000® Growth Index
9.65%
34.99%
18.04%
15.48%
Average Annual Total Returnsas of 12/31/23 (most recent calendar quarter end)
No Sales Charges
41.11%
17.50%
13.37%
Russell 1000® Growth Index
42.68%
19.50%
14.86%
DWS Large Cap Focus Growth Fund
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3

Institutional Class
6-Month
1-Year
5-Year
10-Year
Average Annual Total Returnsas of 1/31/24
No Sales Charges
10.33%
32.76%
16.26%
13.97%
Russell 1000® Growth Index
9.65%
34.99%
18.04%
15.48%
Average Annual Total Returnsas of 12/31/23 (most recent calendar quarter end)
No Sales Charges
41.12%
17.51%
13.38%
Russell 1000® Growth Index
42.68%
19.50%
14.86%
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 be lower or higher than the performance data quoted. 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, 2023 are 1.17%, 1.93%, 0.90% and 0.91% 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.
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.
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DWS Large Cap Focus Growth Fund

Growth of an Assumed $10,000 Investment
(Adjusted for Maximum Sales Charge)
 Yearly periods ended January 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.
Total returns shown for periods less than one year are not annualized.
 
Class A
Class C
Class S
Institutional
Class
Net Asset Value
1/31/24
$70.01
$52.39
$75.13
$76.49
7/31/23
$64.74
$48.94
$69.31
$70.54
Distribution Information as of 1/31/24
Capital Gain Distributions
$1.2795
$1.2795
$1.2795
$1.2795
DWS Large Cap Focus Growth Fund
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5

Portfolio Management Team
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; Master’s Degree (“Diplom-Kaufmann” ) and PhD in Finance (“Dr.rer.pol.” ) from the European Business School, Oestrich-Winkel.
Daniel Fletcher, CFA, Senior Portfolio Manager Equity.
Portfolio Manager of the Fund. Began managing the Fund in 2022.
Joined DWS in 2017 with twenty-four years of industry experience. Prior to joining, he worked in portfolio management and equity research at Neuberger Berman, with a focus on technology, media and telecommunications companies. Before that, he worked as a telecommunications services analyst and in equity research management at Lehman Brothers. Previously, he served in investment research and execution functions at The Batavia Group and as a structured finance analyst at Deloitte & Touche.
Portfolio Manager and Analyst for US Equities: New York.
BA in Communications from William Paterson University; MBA in Finance from Rutgers Graduate School of Management.
John Moody, Portfolio Manager Equity.
Portfolio Manager of the Fund. Began managing the Fund in 2023.
Joined DWS in 1998. Prior to his current role, served as a Business Manager for Active Equity. Previously, he was a Portfolio Analyst for EAFE, Global and Technology funds and an Investment Accountant for International Funds. He began his career as a Client Service Associate for the International Institutional Equity Group.
Portfolio Analyst/Portfolio Manager: New York.
BS in Business Management, Fairfield University.
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DWS Large Cap Focus Growth Fund

Portfolio Summary(Unaudited)
Asset Allocation(As a % of Investment Portfolio)
1/31/24
7/31/23
Common Stocks
99%
100%
Cash Equivalents
1%
0%
 
100%
100%
Sector Diversification(As a % of Investment Portfolio
excluding Cash Equivalents)
1/31/24
7/31/23
Information Technology
43%
43%
Health Care
13%
16%
Financials
12%
10%
Communication Services
11%
10%
Consumer Discretionary
11%
10%
Industrials
5%
7%
Consumer Staples
4%
3%
Real Estate
1%
1%
 
100%
100%
DWS Large Cap Focus Growth Fund
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7

Ten Largest Equity Holdings at January 31, 2024(60.5% of Net Assets)
 1Microsoft Corp.
12.2%
Develops, manufactures, licenses, sells and supports software products
 
 2Apple, Inc.
8.5%
Designs, manufactures and markets personal computers and related computing
and mobile-communication devices
 
 3Alphabet, Inc.
7.0%
Holding company with subsidiaries that provide web-based search, maps,
hardware products and various software applications
 
 4Amazon.com, Inc.
6.5%
Online retailer offering a wide range of products
 
 5NVIDIA Corp.
6.5%
Designs, develops and markets three dimensional (3D) graphic processors
 
 6Progressive Corp.
4.9%
Provider of property and casualty insurance
 
 7Visa, Inc.
4.4%
Operates a retail electronic payments network and manages global
financial services
 
 8Costco Wholesale Corp.
3.7%
Operator of wholesale warehouse stores
 
 9ServiceNow, Inc.
3.7%
Designs, develops and produces prepackaged computer software, cloud services
and IT service management platform
 
10Dexcom, Inc.
3.1%
Operates as a medical device company
 
Portfolio holdings and characteristics are subject to change.
For more complete details about the Fund’s investment portfolio, see page 9. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 38for contact information.
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DWS Large Cap Focus Growth Fund

Investment Portfolioas of January 31, 2024 (Unaudited)
 
Shares
Value ($)
Common Stocks 99.6%
Communication Services 11.3%
Entertainment 0.5%
ROBLOX Corp. “A” *
 
42,000
1,630,020
Interactive Media & Services 9.1%
Alphabet, Inc. “A” *
 
164,400
23,032,440
Match Group, Inc.*
 
40,300
1,546,714
Meta Platforms, Inc. “A” *
 
13,800
5,383,932
 
 
29,963,086
Wireless Telecommunication Services 1.7%
T-Mobile U.S., Inc.
 
34,300
5,530,189
Consumer Discretionary 11.2%
Broadline Retail 6.5%
Amazon.com, Inc.*
 
137,660
21,364,832
Hotels, Restaurants & Leisure 1.0%
DraftKings, Inc. “A” *
 
51,200
1,999,360
Planet Fitness, Inc. “A” *
 
16,958
1,149,074
 
 
3,148,434
Leisure Products 0.9%
YETI Holdings, Inc.*
 
70,458
3,098,038
Specialty Retail 1.4%
Home Depot, Inc.
 
12,650
4,464,944
Textiles, Apparel & Luxury Goods 1.4%
Lululemon Athletica, Inc.*
 
10,240
4,647,117
Consumer Staples 3.7%
Consumer Staples Distribution & Retail 3.7%
Costco Wholesale Corp.
 
17,286
12,011,696
Financials 11.7%
Capital Markets 1.8%
Intercontinental Exchange, Inc.
 
45,600
5,806,248
Financial Services 5.0%
Fiserv, Inc.*
 
15,891
2,254,456
Visa, Inc. “A” 
 
52,600
14,373,476
 
 
16,627,932
The accompanying notes are an integral part of the financial statements.
DWS Large Cap Focus Growth Fund
|
9

 
Shares
Value ($)
Insurance 4.9%
Progressive Corp.
 
90,562
16,142,677
Health Care 13.3%
Biotechnology 0.8%
Exact Sciences Corp.*
 
41,500
2,714,100
Health Care Equipment & Supplies 7.2%
Dexcom, Inc.*
 
85,000
10,314,750
Intuitive Surgical, Inc.*
 
18,200
6,883,604
iRhythm Technologies, Inc.*
 
17,000
2,036,260
Stryker Corp.
 
13,700
4,596,076
 
 
23,830,690
Health Care Providers & Services 0.4%
agilon health, Inc.*
 
209,300
1,232,777
Health Care Technology 0.6%
Certara, Inc.*
 
56,928
919,956
Evolent Health, Inc. “A” *
 
36,000
1,058,760
 
 
1,978,716
Life Sciences Tools & Services 2.5%
Thermo Fisher Scientific, Inc.
 
15,200
8,192,496
Pharmaceuticals 1.8%
Zoetis, Inc.
 
31,300
5,878,453
Industrials 4.9%
Aerospace & Defense 1.2%
Axon Enterprise, Inc.*
 
15,200
3,785,712
Building Products 0.7%
AZEK Co., Inc. “A” *
 
62,600
2,413,856
Construction & Engineering 0.4%
Valmont Industries, Inc.
 
5,000
1,128,550
Electrical Equipment 1.8%
AMETEK, Inc.
 
30,100
4,877,705
Vertiv Holdings Co.
 
20,000
1,126,600
 
 
6,004,305
Professional Services 0.8%
Paylocity Holding Corp.*
 
6,958
1,102,217
TransUnion
 
22,000
1,522,180
 
 
2,624,397
The accompanying notes are an integral part of the financial statements.
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DWS Large Cap Focus Growth Fund

 
Shares
Value ($)
Information Technology 42.5%
IT Services 2.3%
Globant SA*
 
32,400
7,640,244
Semiconductors & Semiconductor Equipment 9.2%
Advanced Micro Devices, Inc.*
 
22,100
3,705,949
Applied Materials, Inc.
 
31,206
5,127,146
NVIDIA Corp.
 
34,600
21,288,342
 
 
30,121,437
Software 22.5%
Confluent, Inc. “A” *
 
44,000
983,840
CyberArk Software Ltd.*
 
5,400
1,260,792
Datadog, Inc. “A” *
 
10,540
1,311,598
Doubleverify Holdings, Inc.*
 
29,500
1,180,295
Microsoft Corp.
 
100,300
39,877,274
PowerSchool Holdings, Inc. “A” *
 
100,000
2,354,000
Roper Technologies, Inc.
 
11,100
5,960,700
Salesforce, Inc.*
 
16,600
4,666,094
ServiceNow, Inc.*
 
15,680
12,001,472
Sprout Social, Inc. “A” *
 
43,000
2,637,190
Workiva, Inc.*
 
15,761
1,464,827
 
 
73,698,082
Technology Hardware, Storage & Peripherals 8.5%
Apple, Inc.
 
151,796
27,991,182
Real Estate 1.0%
Real Estate Management & Development 1.0%
CoStar Group, Inc.*
 
39,081
3,262,482
Total Common Stocks (Cost $106,478,918)
326,932,692
Cash Equivalents 0.9%
DWS Central Cash Management Government Fund, 5.36%
(a) (Cost $2,782,966)
 
2,782,966
2,782,966
 
 
% of
Net Assets
Value ($)
Total Investment Portfolio (Cost $109,261,884)
 
100.5
329,715,658
Other Assets and Liabilities, Net
 
(0.5
)
(1,540,844
)
Net Assets
 
100.0
328,174,814
The accompanying notes are an integral part of the financial statements.
DWS Large Cap Focus Growth Fund
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11

A summary of the Fund’s transactions with affiliated investments during the period ended January 31, 2024 are as follows:
Value ($)
at
7/31/2023
Pur-
chases
Cost
($)
Sales
Proceeds
($)
Net
Real-
ized
Gain/
(Loss)
($)
Net
Change
in
Unreal-
ized
Appreci-
ation
(Depreci-
ation)
($)
Income
($)
Capital
Gain
Distri-
butions
($)
Number of
Shares at
1/31/2024
Value ($)
at
1/31/2024
Securities Lending Collateral 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” ,
5.26% (a) (b)
0 (c)
902
Cash Equivalents 0.9%
DWS Central Cash Management Government Fund, 5.36% (a)
1,201,096
21,133,164
19,551,294
82,701
2,782,966
2,782,966
1,201,096
21,133,164
19,551,294
83,603
2,782,966
2,782,966
*
Non-income producing security.
(a)
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate
shown is the annualized seven-day yield at period end.
(b)
Represents cash collateral held in connection with securities lending. Income earned by
the Fund is net of borrower rebates.
(c)
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount
invested in cash collateral for the period ended January 31, 2024.
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 January 31, 2024 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)
$326,932,692
$
$
$326,932,692
Short-Term Investments
2,782,966
2,782,966
Total
$329,715,658
$
$
$329,715,658
(a)
See Investment Portfolio for additional detailed categorizations.
The accompanying notes are an integral part of the financial statements.
12
|
DWS Large Cap Focus Growth Fund

Statement of Assets and Liabilities
as of January 31, 2024 (Unaudited)
Assets
Investments in non-affiliated securities, at value (cost $106,478,918)
$326,932,692
Investment in DWS Central Cash Management Government Fund
(cost $2,782,966)
2,782,966
Cash
10,000
Foreign currency, at value (cost $527)
500
Receivable for Fund shares sold
1,953
Dividends receivable
13,522
Interest receivable
6,979
Other assets
36,673
Total assets
329,785,285
Liabilities
 
Payable for investments purchased
1,125,201
Payable for Fund shares redeemed
167,560
Accrued management fee
147,642
Accrued Trustees' fees
2,476
Other accrued expenses and payables
167,592
Total liabilities
1,610,471
Net assets, at value
$328,174,814
Net Assets Consist of
 
Distributable earnings (loss)
224,172,666
Paid-in capital
104,002,148
Net assets, at value
$328,174,814
The accompanying notes are an integral part of the financial statements.
DWS Large Cap Focus Growth Fund
|
13

Statement of Assets and Liabilities as of January 31, 2024 (Unaudited) (continued)
Net Asset Value
 
Class A
Net Asset Value and redemption price per share
($36,611,873 ÷ 522,976 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$70.01
Maximum offering price per share (100 ÷ 94.25 of $70.01)
$74.28
Class C
Net Asset Value, offering and redemption price
(subject to contingent deferred sales charge) per share
($2,176,518 ÷ 41,542 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$52.39
Class S
Net Asset Value, offering and redemption price per share
($275,590,789 ÷ 3,667,948 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$75.13
Institutional Class
Net Asset Value, offering and redemption price per share
($13,795,634 ÷ 180,349 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$76.49
The accompanying notes are an integral part of the financial statements.
14
|
DWS Large Cap Focus Growth Fund

Statement of Operations
for the six months ended January 31, 2024 (Unaudited)
Investment Income
 
Income:
Dividends
$900,661
Income distributions DWS Central Cash Management Government Fund
82,701
Securities lending income, net of borrower rebates
902
Total income
984,264
Expenses:
Management fee
935,342
Administration fee
147,525
Services to shareholders
159,607
Distribution and service fees
51,745
Professional fees
41,402
Reports to shareholders
19,870
Registration fees
30,628
Trustees' fees and expenses
7,246
Other
9,551
Total expenses before expense reductions
1,402,916
Expense reductions
(128,068
)
Total expenses after expense reductions
1,274,848
Net investment income (loss)
(290,584
)
Realized and Unrealized Gain (Loss)
 
Net realized gain (loss) from investments
4,902,385
Change in net unrealized appreciation (depreciation) on:
Investments
26,003,494
Foreign currency
(9
)
 
26,003,485
Net gain (loss)
30,905,870
Net increase (decrease) in net assets resulting from operations
$30,615,286
The accompanying notes are an integral part of the financial statements.
DWS Large Cap Focus Growth Fund
|
15

Statements of Changes in Net Assets
 
Six Months
Ended
January 31, 2024
Year Ended
July 31,
Increase (Decrease) in Net Assets
(Unaudited)
2023
Operations:
Net investment income (loss)
$(290,584
)
$(950,396
)
Net realized gain (loss)
4,902,385
8,622,244
Change in net unrealized appreciation
(depreciation)
26,003,485
26,945,641
Net increase (decrease) in net assets resulting
from operations
30,615,286
34,617,489
Distributions to shareholders:
Class A
(662,537
)
(1,410,997
)
Class C
(50,764
)
(148,107
)
Class S
(4,671,941
)
(9,492,334
)
Institutional Class
(227,949
)
(470,973
)
Total distributions
(5,613,191
)
(11,522,411
)
Fund share transactions:
Proceeds from shares sold
6,634,935
9,025,029
Reinvestment of distributions
5,355,367
11,015,879
Payments for shares redeemed
(17,856,877
)
(33,429,051
)
Net increase (decrease) in net assets from Fund
share transactions
(5,866,575
)
(13,388,143
)
Increase (decrease) in net assets
19,135,520
9,706,935
Net assets at beginning of period
309,039,294
299,332,359
Net assets at end of period
$328,174,814
$309,039,294
The accompanying notes are an integral part of the financial statements.
16
|
DWS Large Cap Focus Growth Fund

Financial Highlights
DWS Large Cap Focus Growth Fund Class A
 
Six Months
Ended 1/31/24
Years Ended July 31,
 
(Unaudited)
2023
2022
2021
2020
2019
Selected Per Share Data
Net asset value, beginning
of period
$64.74
$60.10
$79.81
$63.63
$50.70
$47.19
Income (loss) from investment
operations:
Net investment income
(loss)a
(.13
)
(.31
)
(.48
)
(.30
)
(.12
)
(.04
)
Net realized and unrealized
gain (loss)
6.68
7.51
(12.13
)
19.48
16.01
6.07
Total from investment
operations
6.55
7.20
(12.61
)
19.18
15.89
6.03
Less distributions from:
Net realized gains
(1.28
)
(2.56
)
(7.10
)
(3.00
)
(2.96
)
(2.52
)
Net asset value, end
of period
$70.01
$64.74
$60.10
$79.81
$63.63
$50.70
Total Return (%)b,c
10.20
*
12.96
(17.75
)
31.03
32.91
13.92
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period
($ millions)
37
36
35
44
36
29
Ratio of expenses before
expense reductions(%)
1.15
**
1.17
1.15
1.14
1.18
1.22
Ratio of expenses after
expense reductions(%)
1.05
**
1.06
1.08
1.09
1.12
1.15
Ratio of net investment
income (loss) (%)
(.41
)**
(.56
)
(.68
)
(.43
)
(.23
)
(.08
)
Portfolio turnover rate (%)
5
*
11
13
20
21
26
a
Based on average shares outstanding during the period.
b
Total return does not reflect the effect of any sales charges.
c
Total return would have been lower had certain expenses not been reduced.
*
Not annualized
**
Annualized
The accompanying notes are an integral part of the financial statements.
DWS Large Cap Focus Growth Fund
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17

DWS Large Cap Focus Growth Fund Class C
 
Six Months
Ended 1/31/24
Years Ended July 31,
 
(Unaudited)
2023
2022
2021
2020
2019
Selected Per Share Data
Net asset value, beginning
of period
$48.94
$46.44
$63.65
$51.67
$42.00
$39.84
Income (loss) from investment
operations:
Net investment income
(loss)a
(.28
)
(.56
)
(.79
)
(.66
)
(.42
)
(.32
)
Net realized and unrealized
gain (loss)
5.01
5.62
(9.32
)
15.64
13.05
5.00
Total from investment
operations
4.73
5.06
(10.11
)
14.98
12.63
4.68
Less distributions from:
Net realized gains
(1.28
)
(2.56
)
(7.10
)
(3.00
)
(2.96
)
(2.52
)
Net asset value, end
of period
$52.39
$48.94
$46.44
$63.65
$51.67
$42.00
Total Return (%)b,c
9.77
*
12.14
(18.38
)
30.05
31.92
13.07
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period
($ millions)
2
2
4
6
6
5
Ratio of expenses before
expense reductions(%)
1.94
**
1.93
1.92
1.91
1.93
1.96
Ratio of expenses after
expense reductions(%)
1.80
**
1.81
1.83
1.84
1.87
1.90
Ratio of net investment
income (loss) (%)
(1.16
)**
(1.30
)
(1.43
)
(1.16
)
(.97
)
(.82
)
Portfolio turnover rate (%)
5
*
11
13
20
21
26
a
Based on average shares outstanding during the period.
b
Total return does not reflect the effect of any sales charges.
c
Total return would have been lower had certain expenses not been reduced.
*
Not annualized
**
Annualized
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
 
Six Months
Ended 1/31/24
Years Ended July 31,
 
(Unaudited)
2023
2022
2021
2020
2019
Selected Per Share Data
Net asset value, beginning
of period
$69.31
$63.98
$84.33
$66.92
$53.11
$49.22
Income (loss) from investment
operations:
Net investment income
(loss)a
(.05
)
(.19
)
(.32
)
(.14
)
.01
.08
Net realized and unrealized
gain (loss)
7.15
8.08
(12.93
)
20.55
16.82
6.37
Total from investment
operations
7.10
7.89
(13.25
)
20.41
16.83
6.45
Less distributions from:
Net investment income
(.06
)
(.04
)
Net realized gains
(1.28
)
(2.56
)
(7.10
)
(3.00
)
(2.96
)
(2.52
)
Total distributions
(1.28
)
(2.56
)
(7.10
)
(3.00
)
(3.02
)
(2.56
)
Net asset value, end
of period
$75.13
$69.31
$63.98
$84.33
$66.92
$53.11
Total Return (%)b
10.32
*
13.26
(17.55
)
31.35
33.23
14.24
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period
($ millions)
276
258
245
325
260
223
Ratio of expenses before expense
reductions(%)
.88
**
.90
.88
.87
.91
.94
Ratio of expenses after expense
reductions(%)
.80
**
.81
.83
.84
.87
.90
Ratio of net investment
income (loss) (%)
(.16
)**
(.31
)
(.43
)
(.19
)
.02
.16
Portfolio turnover rate (%)
5
*
11
13
20
21
26
a
Based on average shares outstanding during the period.
b
Total return would have been lower had certain expenses not been reduced.
*
Not annualized
**
Annualized
The accompanying notes are an integral part of the financial statements.
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19

DWS Large Cap Focus Growth Fund Institutional Class
 
Six Months
Ended 1/31/24
Years Ended July 31,
 
(Unaudited)
2023
2022
2021
2020
2019
Selected Per Share Data
Net asset value, beginning
of period
$70.54
$65.07
$85.64
$67.92
$53.83
$49.88
Income (loss) from investment
operations:
Net investment income
(loss)a
(.06
)
(.19
)
(.33
)
(.17
)
.01
.03
Net realized and unrealized
gain (loss)
7.29
8.22
(13.14
)
20.89
17.10
6.49
Total from investment
operations
7.23
8.03
(13.47
)
20.72
17.11
6.52
Less distributions from:
Net investment income
(.06
)
(.05
)
Net realized gains
(1.28
)
(2.56
)
(7.10
)
(3.00
)
(2.96
)
(2.52
)
Total distributions
(1.28
)
(2.56
)
(7.10
)
(3.00
)
(3.02
)
(2.57
)
Net asset value, end
of period
$76.49
$70.54
$65.07
$85.64
$67.92
$53.83
Total Return (%)
10.33
b*
13.26
b
(17.55
)b
31.36
b
33.31
14.18
b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period
($ millions)
14
13
16
26
13
2
Ratio of expenses before expense
reductions(%)
.90
**
.91
.91
.89
.86
1.01
Ratio of expenses after expense
reductions(%)
.80
**
.81
.83
.84
.86
.90
Ratio of net investment
income (loss) (%)
(.16
)**
(.31
)
(.42
)
(.23
)
.01
.06
Portfolio turnover rate (%)
5
*
11
13
20
21
26
a
Based on average shares outstanding during the period.
b
Total return would have been lower had certain expenses not been reduced.
*
Not annualized
**
Annualized
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 (Unaudited)
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.
The Fund’s Board has designated DWS Investment Management Americas, Inc. (the “Advisor” ) as the valuation designee for the Fund
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21

pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee” ) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.
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 Pricing Committee 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.
22
|
DWS Large Cap Focus Growth Fund

Disclosure about the classification of fair value measurements is included in a table following the Fund’s Investment Portfolio.
Securities Lending.National Financial Services LLC (Fidelity Agency Lending), as securities 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 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 securities 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. During the six months ended January 31, 2024, the Fund invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.11% annualized effective rate as of January 31, 2024) 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 securities 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 January 31, 2024, the Fund had no securities on loan.
Federal Income Taxes.The Fund’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.
From January 1, 2023 through July 31, 2023, the Fund elects to defer qualified late year losses of approximately $646,000 of net ordinary losses and treat them as arising in the fiscal year ending July 31, 2024.
At January 31, 2024, the aggregate cost of investments for federal income tax purposes was $109,456,047. The net unrealized appreciation
DWS Large Cap Focus Growth Fund
|
23

for all investments based on tax cost was $220,259,611. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $228,865,603 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $8,605,992.
The Fund has reviewed the tax positions for the open tax years as of July 31, 2023 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 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 and net investment losses. The Fund may utilize a portion of the proceeds from capital shares redeemed as a distribution from net investment income and realized capital gains. 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.
The tax character of current year distributions will be determined at the end of the current fiscal year.
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 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” )
24
|
DWS Large Cap Focus Growth Fund

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 six months ended January 31, 2024, purchases and sales of investment securities (excluding short-term investments) aggregated $16,051,633 and $28,261,280, 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.
Prior to October 1, 2023, under the Investment Management Agreement with the Advisor, the Fund paid a monthly management fee based on the average daily net 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%
Effective October 1, 2023, under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the
DWS Large Cap Focus Growth Fund
|
25

average daily net assets of the Fund, computed and accrued daily and payable monthly, at the following annual rates:
First $500 million of the Fund’s average daily net assets
.615%
Next $1.5 billion of such net assets
.565%
Over $2.0 billion of such net assets
.515%
Accordingly, for the six months ended January 31, 2024, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.615% of the Fund’s average daily net assets.
For the period from August 1, 2023 through September 30, 2023, 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, interest expense and acquired fund fees and expenses) of each class as follows:
Class A
1.06%
Class C
1.81%
Class S
.81%
Institutional Class
.81%
Effective October 1, 2023 through November 30, 2024, 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, interest expense and acquired fund fees and expenses) of each class as follows:
Class A
1.05%
Class C
1.80%
Class S
.80%
Institutional Class
.80%
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|
DWS Large Cap Focus Growth Fund

For the six months ended January 31, 2024, fees waived and/or expenses reimbursed for each class are as follows:
Class A
$17,082
Class C
1,464
Class S
103,727
Institutional Class
5,795
 
$128,068
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 six months ended January 31, 2024, the Administration Fee was $147,525, of which $26,661 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 SS&C GIDS, Inc. (“SS&C” ), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the six months ended January 31, 2024, the amounts charged to the Fund by DSC were as follows:
Services to Shareholders
Total
Aggregated
Unpaid at
January 31, 2024
Class A
$5,520
$1,824
Class C
296
112
Class S
64,890
22,269
Institutional Class
123
43
 
$70,829
$24,248
In addition, for the six months ended January 31, 2024, the amounts charged to the Fund for recordkeeping and other administrative services
DWS Large Cap Focus Growth Fund
|
27

provided by unaffiliated third parties, included in the Statement of Operations under “Services to shareholders,”  were as follows:
Sub-Recordkeeping
Total
Aggregated
Class A
$14,054
Class C
1,288
Class S
47,004
Institutional Class
6,076
 
$68,422
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 six months ended January 31, 2024, the Distribution Fee was as follows:
Distribution Fee
Total
Aggregated
Unpaid at
January 31, 2024
Class C
$7,778
$1,377
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 six months ended January 31, 2024, the Service Fee was as follows:
Service Fee
Total
Aggregated
Unpaid at
January 31, 2024
Annualized
Rate
Class A
$41,429
$14,888
.24%
Class C
2,538
1,097
.24%
 
$43,967
$15,985
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 six months ended January 31, 2024 aggregated $1,542.
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 six months ended January 31, 2024, there
28
|
DWS Large Cap Focus Growth Fund

was no CDSC for Class C Shares. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the six months ended January 31, 2024, DDI received $200 for 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 six months ended January 31, 2024, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders”  aggregated $1,035, of which $340 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.
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 January 31, 2024.
DWS Large Cap Focus Growth Fund
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29

E.
Fund Share Transactions
The following table summarizes share and dollar activity in the Fund:
 
Six Months Ended
January 31, 2024
Year Ended
July 31, 2023
 
Shares
Dollars
Shares
Dollars
Shares sold
Class A
20,248
$1,314,321
42,001
$2,406,482
Class C
3,280
159,781
4,555
196,241
Class S
53,163
3,722,946
63,022
3,803,230
Institutional Class
20,509
1,437,887
43,921
2,619,076
 
$6,634,935
$9,025,029
Shares issued to shareholders in reinvestment of distributions
Class A
9,235
$619,917
24,675
$1,299,137
Class C
1,009
50,764
3,704
148,107
Class S
61,873
4,456,737
161,679
9,097,662
Institutional Class
3,109
227,949
8,224
470,973
 
$5,355,367
$11,015,879
Shares redeemed
Class A
(60,414
)
$(3,792,856
)
(89,909
)
$(5,024,958
)
Class C
(8,401
)
(408,180
)
(40,202
)
(1,696,594
)
Class S
(173,661
)
(12,054,845
)
(334,944
)
(19,920,399
)
Institutional Class
(22,868
)
(1,600,996
)
(111,792
)
(6,787,100
)
 
$(17,856,877
)
$(33,429,051
)
Net increase (decrease)
Class A
(30,931
)
$(1,858,618
)
(23,233
)
$(1,319,339
)
Class C
(4,112
)
(197,635
)
(31,943
)
(1,352,246
)
Class S
(58,625
)
(3,875,162
)
(110,243
)
(7,019,507
)
Institutional Class
750
64,840
(59,647
)
(3,697,051
)
 
$(5,866,575
)
$(13,388,143
)
30
|
DWS Large Cap Focus Growth Fund

Other Information (Unaudited)
Regulatory Update Tailored Shareholder Report
Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund (“ETF” ) annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring “concise and visually engaging”  shareholder reports highlighting key information, including a simplified expense presentation, performance information, portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Fund’s current shareholder reports, including the Fund’s investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also include a revised definition of “appropriate broad-based securities market index”  that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of the amended rules and form amendments on the content of the Fund’s current shareholder reports.
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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 (August 1, 2023 to January 31, 2024).
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 January 31, 2024 (Unaudited)
Actual Fund Return
Class A
Class C
Class S
Institutional
Class
Beginning Account Value 8/1/23
$1,000.00
$1,000.00
$1,000.00
$1,000.00
Ending Account Value 1/31/24
$1,102.00
$1,097.70
$1,103.20
$1,103.30
Expenses Paid per $1,000*
$5.55
$9.49
$4.23
$4.23
Hypothetical 5% Fund Return
Class A
Class C
Class S
Institutional
Class
Beginning Account Value 8/1/23
$1,000.00
$1,000.00
$1,000.00
$1,000.00
Ending Account Value 1/31/24
$1,019.86
$1,016.09
$1,021.11
$1,021.11
Expenses Paid per $1,000*
$5.33
$9.12
$4.06
$4.06
*
Expenses are equal to the Fund’s annualized expense ratio for each share class,
multiplied by the average account value over the period, multiplied by 184 (the number of
days in the most recent six-month period), then divided by 366.
Annualized Expense Ratios
Class A
Class C
Class S
Institutional
Class
DWS Large Cap Focus Growth Fund
1.05%
1.80%
.80%
.80%
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/.
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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 2023.
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, profitability, economies of scale, and fall-out benefits 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 as part 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
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DWS Large Cap Focus Growth Fund

throughout the world. DWS Group is majority-owned by Deutsche Bank AG, with approximately 20% of its shares publicly traded.
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, 2022, the Fund’s performance (Class A shares) was in the 3rd quartile, 3rd quartile and 2nd quartile, respectively, 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 underperformed its benchmark in the one-, three- and five-year periods ended December 31, 2022.
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 management fee rates paid to other investment advisors by similar funds
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(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, 2022). The Board noted that, effective October 1, 2023, in connection with the 2023 contract renewal process, DIMA agreed to lower the first breakpoint in the Fund’s contractual management fee schedule. 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, 2022, 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
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DWS Large Cap Focus Growth Fund

management firms. The Board noted that, while information regarding the 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; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel; and (iii) ongoing efforts to enhance the compliance program.
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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Account Management Resources
For More
Information
The automated telephone system allows you to access personalized
account information and obtain information on other DWS funds
using either your voice or your telephone keypad. Certain account
types within Classes A, C and S also have the ability to purchase,
exchange or redeem shares using this system.
For more information, contact your financial representative. You may
also access our automated telephone system or speak with a
Shareholder Service representative by calling:
(800) 728-3337
Web Site
dws.com
View your account transactions and balances, trade shares, monitor
your asset allocation, subscribe to fund and account updates by
e-mail, and change your address, 24 hours a day.
Obtain prospectuses and applications, news about DWS funds,
insight from DWS economists and investment specialists and access
to DWS fund account information.
Written
Correspondence
DWS
PO Box 219151
Kansas City, MO 64121-9151
Proxy Voting
The Fund’s policies and procedures for voting proxies for portfolio
securities and information about how the Fund voted proxies related
to its portfolio securities during the most recent 12-month period
ended June 30 are available on our Web site
dws.com/en-us/resources/proxy-voting or on the SEC’s Web site
sec.gov. To obtain a written copy of the Fund’s policies and
procedures without charge, upon request, call us toll free at
(800) 728-3337.
Portfolio Holdings
Following the Fund’s fiscal first and third quarter-end, a complete
portfolio holdings listing is posted on dws.com and is available free
of charge by contacting your financial intermediary or, if you are a
direct investor, by calling (800) 728-3337. In addition, the portfolio
holdings listing is filed with the SEC on the Fund’s Form N-PORT and
will be available on the SEC’s Web site at sec.gov. Additional portfolio
holdings for the Fund are also posted on dws.com from time to time.
Please see the Fund’s current prospectus for more information.
Principal
Underwriter
If you have questions, comments or complaints, contact:
DWS Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808
(800) 621-1148
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DWS Large Cap Focus Growth Fund

Investment
Management
DWS Investment Management Americas, Inc. (“DIMA”  or the
“Advisor” ), which is part of the DWS Group GmbH & Co. KGaA
(“DWS Group” ), is the investment advisor for the Fund. DIMA and its
predecessors have more than 90 years of experience managing
mutual funds and DIMA provides a full range of investment advisory
services to both institutional and retail clients. DIMA is an indirect,
wholly owned subsidiary of DWS Group.
 
DWS Group is a global organization that offers a wide range of
investing expertise and resources, including hundreds of portfolio
managers and analysts and an office network that reaches the
world’s major investment centers. This well-resourced global
investment platform brings together a wide variety of experience and
investment insight across industries, regions, asset classes and
investing styles.
 
Class A
Class C
Class S
Institutional
Class
Nasdaq Symbol
SGGAX
SGGCX
SCQGX
SGGIX
CUSIP Number
25157M695
25157M737
25157M745
25157M752
Fund Number
469
769
2060
1469
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222 South Riverside Plaza
Chicago, IL 60606-5808
DLCFGF-3
(R-026259-14 3/24)