0000088053-12-001292.txt : 20121203 0000088053-12-001292.hdr.sgml : 20121203 20121130173528 ACCESSION NUMBER: 0000088053-12-001292 CONFORMED SUBMISSION TYPE: 497K PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20121203 DATE AS OF CHANGE: 20121130 EFFECTIVENESS DATE: 20121203 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS INVESTMENT TRUST CENTRAL INDEX KEY: 0000088064 IRS NUMBER: 042212654 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497K SEC ACT: 1933 Act SEC FILE NUMBER: 002-13628 FILM NUMBER: 121235630 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: INVESTMENT TRUST DATE OF NAME CHANGE: 19980529 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER INVESTMENT TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER GROWTH & INCOME FUND DATE OF NAME CHANGE: 19910402 0000088064 S000005707 DWS Large Cap Focus Growth Fund C000015684 Class A SGGAX C000015686 Class B SGGBX C000015687 Class C SGGCX C000015689 Class S SCQGX C000015690 Institutional Class SGGIX 497K 1 k120112inv_lcfg.txt 497K FILING - INVESTMENT TRUST - DWS LARGE CAP FOCUS GROWTH FUND Summary Prospectus December 1, 2012 [DWS INVESTMENTS LOGO] Deutsche Bank Group DWS LARGE CAP FOCUS GROWTH FUND CLASS/Ticker A SGGAX B SGGBX C SGGCX INST SGGIX S SCQGX
Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, Statement of Additional Information (SAI) and other information about the fund online at https://www.dws-investments.com/mutualpros. You can also get this information at no cost by e-mailing a request to service@dws.com, calling (800) 728-3337 or asking your financial advisor. The prospectus and SAI, both dated December 1, 2012, as supplemented, are incorporated by reference into this Summary Prospectus. INVESTMENT OBJECTIVE The fund seeks long-term growth of capital. FEES AND EXPENSES OF THE FUND These are the fees and expenses you may pay when you buy and hold shares. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in DWS funds. More information about these and other discounts is available from your financial professional and in Choosing a Share Class in the prospectus (p. 9) and Purchase and Redemption of Shares in the fund's SAI (p. II-15). SHAREHOLDER FEES (paid directly from your investment)
A B C INST S ---------- --------- --------- ------ ----- Maximum sales charge (load) imposed on purchases, as % of offering price 5.75 None None None None ------------------------------------ ---- -- -- ------ --- Maximum deferred sales charge (load), as % of redemption proceeds None 4.00 1.00 None None ------------------------------------ ------ ---- ---- ------ --- Account Maintenance Fee (annually, for fund balances below $10,000 and subject to certain exceptions) $ 20 $20 $20 None $20 ------------------------------------ ------- ---- ---- ------ ---
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment)
A B C INST S --------- --------- --------- ---------- ---------- Management fee 0.62 0.62 0.62 0.62 0.62 ----------------------------------- ---- ---- ---- ---- ---- Distribution/service (12b-1) fees 0.25 1.00 1.00 None None ----------------------------------- ---- ---- ---- ----- ----- Other expenses 0.39 0.51 0.38 0.34 0.42 ----------------------------------- ---- ---- ---- ----- ----- TOTAL ANNUAL OPERATING EXPENSES 1.26 2.13 2.00 0.96 1.04 ----------------------------------- ---- ---- ---- ----- ----- Less fee waiver/expense reimburse- ment 0.06 0.18 0.05 0.01 0.09 ----------------------------------- ---- ---- ---- ----- ----- NET ANNUAL OPERATING EXPENSES 1.20 1.95 1.95 0.95 0.95 ----------------------------------- ---- ---- ---- ----- -----
The Advisor has contractually agreed through November 30, 2013 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses at ratios no higher than 1.20%, 1.95%, 1.95%, 0.95% and 0.95% (excluding extraordinary expenses, taxes, brokerage and interest expense) for Class A, Class B, Class C, Institutional Class and Class S, respectively. The agreement may only be terminated with the consent of the fund's Board. EXAMPLE This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses (including one year of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
YEARS A B C INST S ------- -------- -------- -------- -------- -------- 1 $ 690 $ 598 $ 298 $ 97 $ 97 -- ----- ----- ----- ----- ----- 3 946 950 623 305 322 -- ----- ----- ----- ----- ----- 5 1,221 1,328 1,073 530 565 -- ----- ----- ----- ----- ----- 10 2,005 2,022 2,323 1,177 1,263 -- ----- ----- ----- ----- -----
You would pay the following expenses if you did not redeem your shares:
YEARS A B C INST S ------- -------- -------- -------- -------- -------- 1 $ 690 $ 198 $ 198 $ 97 $ 97 -- ----- ----- ----- ----- ----- 3 946 650 623 305 322 -- ----- ----- ----- ----- ----- 5 1,221 1,128 1,073 530 565 -- ----- ----- ----- ----- ----- 10 2,005 2,022 2,323 1,177 1,263 -- ----- ----- ----- ----- -----
Class B converts to Class A after six years; the Example for Class B reflects Class A fees after the conversion. PORTFOLIO TURNOVER The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may mean higher taxes if you are 1 investing in a taxable account. These costs are not reflected in annual fund operating expenses or in the expense example, and can affect the fund's performance. Portfolio turnover rate for fiscal year 2012: 74%. PRINCIPAL INVESTMENT STRATEGY MAIN INVESTMENTS. Under normal circumstances, the fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in large US companies that are similar in size to the companies in the Russell 1000 Growth Index (generally the 1,000 largest publicly traded companies in the United States). The fund's equity investments are mainly common stocks, but may also include other types of equities such as preferred stocks or convertible securities. The fund may also invest up to 20% of its assets in stocks and other securities of companies not publicly traded in the United States. The fund expects to invest in a portfolio consisting of approximately 35 issuers, although this number can vary depending on market conditions. MANAGEMENT PROCESS. In choosing stocks, portfolio management begins by utilizing a proprietary quantitative model to rank stocks based on a number of factors, including valuation and profitability. Portfolio management also applies fundamental techniques to identify companies that it believes display above-average earnings growth compared to other companies and have strong product lines, effective management and leadership positions within core markets. The factors considered and models used by portfolio management may change over time. Portfolio management may favor different types of securities from different industries and companies at different times. Portfolio management will normally sell a stock when it believes the price is unlikely to go higher, the company's fundamentals have changed, other investments offer better opportunities or in the course of adjusting the fund's emphasis on a given industry. SECURITIES LENDING. The fund may lend securities (up to one-third of total assets) to approved institutions. MAIN RISKS There are several risk factors that could hurt the fund's performance, cause you to lose money or cause the fund's performance to trail that of other investments. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. STOCK MARKET RISK. When stock prices fall, you should expect the value of your investment to fall as well. Stock prices can be hurt by poor management on the part of the stock's issuer, shrinking product demand and other business risks. These may affect single companies as well as groups of companies. In addition, movements in financial markets may adversely affect a stock's price, regardless of how well the company performs. To the extent the fund invests in a particular capitalization or market sector, the fund's performance may be proportionately affected by that segment's general performance. GROWTH INVESTING RISK. As a category, growth stocks may underperform value stocks (and the stock market as a whole) over any period of time. Because the prices of growth stocks are based largely on the expectation of future earnings, growth stock prices can decline rapidly and significantly in reaction to negative news about such factors as earnings, the economy, political developments, or other news. FOCUS RISK - LIMITED NUMBER OF SECURITIES. To the extent that the fund pursues a strategy of investing in a limited number of securities, it will have a relatively large exposure to the risks of each individual security and may be more volatile than a fund that invests more broadly. SECURITY SELECTION RISK. The securities in the fund's portfolio may decline in value. Portfolio management could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities or other matters. SECURITIES LENDING RISK. Any decline in the value of a portfolio security that occurs while the security is out on loan is borne by the fund and will adversely affect performance. Also, there may be delays in recovery of securities loaned or even a loss of rights in the collateral should the borrower of the securities fail financially while holding the security. COUNTERPARTY RISK. A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund. FOREIGN INVESTMENT RISK. The fund faces the risks inherent in foreign investing. Adverse political, economic or social developments could undermine the value of the fund's investments or prevent the fund from realizing their full value. Financial reporting standards for companies based in foreign markets differ from those in the US. Additionally, foreign securities markets generally are smaller and less liquid than US markets. To the extent that the fund invests in non-US dollar denominated foreign securities, changes in currency exchange rates may affect the US dollar value of foreign securities or the income or gain received on these securities. LIQUIDITY RISK. In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price. 2 DWS Large Cap Focus Growth Fund SUMMARY PROSPECTUS December 1, 2012 PRICING RISK. If market conditions make it difficult to value some investments, the fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different than the value realized upon such investment's sale. As a result, you could pay more than the market value when buying fund shares or receive less than the market value when selling fund shares. PAST PERFORMANCE How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. All performance figures below assume that dividends were reinvested. For more recent performance figures, go to www.dws-investments.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus. The bar chart and the after-tax returns below are shown for Class A shares (instead of Class S shares, which had been used in the past) because Class A shares now have 10 or more years of annual returns and are available to most investors. CALENDAR YEAR TOTAL RETURNS (%) (Class A) These year-by-year returns do not include sales charges, if any, and would be lower if they did. Returns for other classes were different and are not shown here. [BAR GRAPHIC OMITTED HERE] [BAR GRAPHIC DATA] 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 -29.89 24.71 4.22 7.93 6.93 12.43 -33.00 23.04 19.80 -5.32
Best Quarter: 14.34%, Q3 2010 Worst Quarter: -21.47%, Q4 2008 Year-to-Date as of 9/30/2012: 18.78%
AVERAGE ANNUAL TOTAL RETURNS (For periods ended 12/31/2011 expressed as a %) After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan.
CLASS 1 5 10 RETURN INCEPTION YEAR YEARS YEARS -------------------------- ------------ ----------- ---------- --------- CLASS A before tax 8/2/1999 -10.76 -0.18 0.41 -------------------------- ---------- ------- ------ ---- After tax on distributions() -10.76 -0.20 0.40 After tax on distribu- tions and sale of fund shares -6.99 -0.16 0.35 -------------------------- ---------- ------- ------ ---- CLASS B before tax 12/29/2000 -8.92 0.03 0.23 -------------------------- ---------- ------- ------ ---- CLASS C before tax 12/29/2000 -6.02 0.26 0.25 -------------------------- ---------- ------- ------ ---- INST CLASS before tax 12/29/2000 -5.03 1.46 1.45 -------------------------- ---------- ------- ------ ---- CLASS S before tax 5/15/1991 -5.11 1.23 1.25 -------------------------- ---------- ------- ------ ---- RUSSELL 1000 GROWTH INDEX (reflects no deduc- tion for fees, expenses or taxes) 2.64 2.50 2.60 -------------------------- ---------- ------- ------ ----
MANAGEMENT INVESTMENT ADVISOR Deutsche Investment Management Americas Inc. PORTFOLIO MANAGER(S) OWEN FITZPATRICK, CFA, MANAGING DIRECTOR. Lead Manager of the fund. Joined the fund in 2009. BRENDAN O'NEILL, CFA, DIRECTOR. Portfolio Manager of the fund. Joined the fund in 2007. THOMAS M. HYNES, JR., CFA, DIRECTOR. Portfolio Manager of the fund. Joined the fund in 2010. PURCHASE AND SALE OF FUND SHARES MINIMUM INITIAL INVESTMENT ($)
AUTOMATIC UGMAS/ INVESTMENT NON-IRA IRAS UTMAS PLANS ------------ -------------- -------- ------------------ A B C 1,000 500 1,000 500 ------- ----- --- ----- --- INST 1,000,000 N/A N/A N/A ------- --------- ---- ----- ---- S 2,500 1,000 1,000 1,000 ------- --------- ----- ----- -----
For participants in all group retirement plans, and in certain fee-based and wrap programs approved by the Advisor, there is no minimum initial investment and no minimum additional investment for Class A, C and S shares. For Section 529 college savings plans, there is no minimum initial investment and no minimum additional investment for Class S shares. In certain instances, the minimum initial investment may be waived for Institutional Class shares. There is no minimum additional investment for Institutional Class shares. Because Class B shares are closed to new investment, existing Class B shareholders may purchase Class A and C shares with a minimum initial investment of $50. The minimum additional investment in all other instances is $50. 3 DWS Large Cap Focus Growth Fund SUMMARY PROSPECTUS December 1, 2012 TO PLACE ORDERS MAIL New Accounts DWS Investments, PO Box 219356 Kansas City, MO 64121-9356 Additional Investments DWS Investments, PO Box 219154 Kansas City, MO 64121-9154 Exchanges and DWS Investments, PO Box 219557 Redemptions Kansas City, MO 64121-9557 EXPEDITED MAIL DWS Investments, 210 West 10th Street Kansas City, MO 64105-1614 WEB SITE www.dws-investments.com TELEPHONE (800) 728-3337 M - F 8 a.m. - 8 p.m. ET TDD LINE (800) 972-3006, M - F 8 a.m. - 8 p.m. ET
Initial investments must be sent by mail. You can make additional investments or sell shares of the fund on any business day at our web site, by mail, or by telephone. The fund is generally open on days when the New York Stock Exchange is open for regular trading. Class B shares are closed to new purchases, except for exchanges and the reinvestment of dividends or other distributions. Institutional Class shares are generally available only to qualified institutions. Class S shares are only available to a limited group of investors. TAX INFORMATION The fund's distributions are generally taxable to you as ordinary income or capital gains, except when your investment is in an IRA, 401(k), or other tax-deferred investment plan. PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information. 4 DWS Large Cap Focus Growth Fund SUMMARY PROSPECTUS December 1, 2012 DLCFGF-SUM