N-CSRS 1 sr33119cus.htm DWS CROCI U.S. FUND

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)

 

345 Park Avenue

New York, NY 10154-0004

(Address of Principal Executive Offices) (Zip Code)

 

Registrant’s Telephone Number, including Area Code: (212) 250-2500

 

Diane Kenneally

One International Place

Boston, MA 02110

(Name and Address of Agent for Service)

 

Date of fiscal year end: 9/30
   
Date of reporting period: 3/31/2019

 

ITEM 1. REPORT TO STOCKHOLDERS
   

Table of Contents

LOGO

March 31, 2019

Semiannual Report

to Shareholders

DWS CROCI® U.S. Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s Web site (dws.com), and you will be notified by mail each time a report is posted and provided with a Web site link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank), or if you are a direct investor, by calling (800) 728-3337 or sending an email request to service@dws.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 728-3337 or send an email request to service@dws.com to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with DWS if you invest directly with the Fund.

 

LOGO

 


Table of Contents

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.

The Fund will be managed using the CROCI® Investment Process which is based on portfolio management’s belief that, over time, stocks which display more favorable financial metrics (for example, the CROCI® Economic P/E Ratio) as generated by this process may outperform stocks which display less favorable metrics. This premise may not prove to be correct and prospective investors should evaluate this assumption prior to investing in the Fund. Stocks may decline in value. The Fund may lend securities to approved institutions. Please read the prospectus for details.

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

 

2   |   DWS CROCI® U.S. Fund  


Table of Contents

Letter to Shareholders

Dear Shareholder:

The picture for the economy and markets continues to be positive with corporate fundamentals continuing to be solid, a tight labor market and inflation near the Federal Reserve Bank’s target.

Nevertheless, the fourth quarter of 2018 introduced a level of volatility that investors have not seen in quite a while. That trend continues, triggered by uncertainty around trade conflicts, the withdrawal of liquidity by central banks, higher interest rates and concerns around European hot spots such as Italy and the United Kingdom.

While these issues bear close watching, our Chief Investment Officer (“CIO”) believes that the markets remain broadly attractive. The rate hike cycle appears to be nearing its end, inflation remains under control and recession is not on the near horizon.

The “Insights” section of our Web site, dws.com, is home to a comprehensive library of market and economic views around current developments, opportunities and emerging risks. We invite you to visit us online often to stay apprised of the market landscape and what it may mean for you.

Best regards,

 

LOGO   

LOGO

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.

 

  DWS CROCI® U.S. Fund   |     3  


Table of Contents
Performance Summary   March 31, 2019 (Unaudited)

 

Class A   6-Month     1-Year     Life of Fund*  
Average Annual Total Returns as of 3/31/19      
Unadjusted for Sales Charge     –2.57%       2.36%       4.55%  
Adjusted for the Maximum Sales Charge
(max 5.75% load)
    –8.17%       –3.52%       3.00%  
S&P 500® Index     –1.72%       9.50%       10.08%  
Class T   6-Month     1-Year     Life of Class**  
Average Annual Total Returns as of 3/31/19      
Unadjusted for Sales Charge     –2.57%       2.36%       4.48%  
Adjusted for the Maximum Sales Charge
(max 2.50% load)
    –5.00%       –0.20%       3.81%  
S&P 500® Index     –1.72%       9.50%       10.76%  
Class C   6-Month     1-Year     Life of Fund*  
Average Annual Total Returns as of 3/31/19      
Unadjusted for Sales Charge     –2.95%       1.57%       3.73%  
Adjusted for the Maximum Sales Charge
(max 1.00% CDSC)
    –3.89%       1.57%       3.73%  
S&P 500® Index     –1.72%       9.50%       10.08%  
Class R   6-Month     1-Year     Life of Class**  
Average Annual Total Returns as of 3/31/19      
No Sales Charges     –2.69%       2.06%       4.15%  
S&P 500® Index     –1.72%       9.50%       12.82%  
Class R6   6-Month     1-Year     Life of Fund*  
Average Annual Total Returns as of 3/31/19      
No Sales Charges     –2.38%       2.72%       4.87%  
S&P 500® Index     –1.72%       9.50%       10.08%  
Class S   6-Month     1-Year     Life of Fund*  
Average Annual Total Returns as of 3/31/19      
No Sales Charges     –2.38%       2.64%       4.80%  
S&P 500® Index     –1.72%       9.50%       10.08%  
Institutional Class   6-Month     1-Year     Life of Fund*  
Average Annual Total Returns as of 3/31/19      
No Sales Charges     –2.39%       2.72%       4.83%  
S&P 500® Index     –1.72%       9.50%       10.08%  

 

4   |   DWS CROCI® U.S. Fund  


Table of Contents

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 February 1, 2019 are 1.01%, 0.93%, 1.75%, 1.39%, 0.61%, 0.67% and 0.68% for Class A, Class T, Class C, Class R, Class R6, 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.

Returns shown for Class T shares for the period prior to its inception on June 5, 2017 are derived from the historical performance of Institutional Class shares of DWS CROCI® U.S. Fund during such periods and have been adjusted to reflect the higher total annual operating expenses and applicable sales charges of Class T. Any difference in expenses will affect performance.

Returns shown for Class R shares for the period prior to its inception on December 9, 2016 are derived from the historical performance of Institutional Class shares of DWS CROCI® U.S. Fund during such periods and have been adjusted to reflect the higher total annual operating expenses of Class R. Any difference in expenses will affect performance.

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.

 

  DWS CROCI® U.S. Fund   |     5  


Table of Contents
Growth of an Assumed $10,000 Investment
(Adjusted for Maximum Sales Charge)

 

LOGO

 

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 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.

 

*

Deutsche CROCI® U.S. Fund commenced operations on April 13, 2015.

 

**

Class T shares commenced operations on June 5, 2017. Class R shares commenced operations on December 9, 2016.

 

 

The Standard & Poor’s 500 (S&P 500) Index is an unmanaged, capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

 

 

Total returns shown for periods less than one year are not annualized.

 

    Class A     Class T     Class C     Class R     Class R6     Class S     Institutional
Class
 
Net Asset Value              
3/31/19   $ 11.11     $ 11.11     $ 11.00     $ 11.11     $ 11.11     $ 11.11     $ 11.11  
9/30/18   $ 11.83     $ 11.85     $ 11.68     $ 11.82     $ 11.87     $ 11.86     $ 11.86  
Distribution Information as of 3/31/19

 

Income Distributions, Six Months   $ .25     $ .26     $ .17     $ .22     $ .29     $ .28     $ .28  
Capital Gain Distributions, Six Months   $ .13     $ .13     $ .13     $ .13     $ .13     $ .13     $ .13  

 

6   |   DWS CROCI® U.S. Fund  


Table of Contents

Portfolio Management Team

Di Kumble, CFA, Managing Director

Portfolio Manager of the Fund. Began managing the Fund in 2015.

 

Joined DWS in 2003 with seven years of industry experience. Prior to joining, she served as a Portfolio Manager at Graham Capital Management. Previously, she worked as a Quantitative Strategist at ITG Inc. and Morgan Stanley.

 

Senior Portfolio Manager, Head of Tax Managed Equities: New York.

 

BS, Beijing University; PhD in Chemistry, Princeton University.

John Moody, Vice President

Portfolio Manager of the Fund. Began managing the Fund in 2016.

 

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.

 

Portfolio Summary      (Unaudited)  
Asset Allocation (As a % of Investment Portfolio)    3/31/19      9/30/18  
Common Stocks      99%        100%  
Cash Equivalents      1%        0%  
       100%        100%  
Sector Diversification (As a % of Investment Portfolio
excluding Cash Equivalents)
   3/31/19      9/30/18  
Financials      36%        22%  
Health Care      13%        15%  
Industrials      10%        14%  
Materials      10%        10%  
Consumer Discretionary      8%        10%  
Communication Services      7%         
Utilities      5%        7%  
Information Technology      5%        12%  
Consumer Staples      3%        10%  
Energy      3%         
       100%        100%  

 

  DWS CROCI® U.S. Fund   |     7  


Table of Contents
Ten Largest Equity Holdings at March 31, 2019 (26.7% of Net Assets)
  1     Garmin Ltd.   3.1%
        Provider of navigation, communications and information devices    
  2     Tyson Foods, Inc.   2.8%
        Distributor and marketer of chicken, beef, pork, prepared foods and related allied products    
  3     Exelon Corp.   2.6%
        Utility services holding company    
  4     Merck & Co., Inc.   2.6%
        Global pharmaceutical company    
  5     DTE Energy Co.   2.6%
        Generator and distributor of electric energy    
  6     Celgene Corp.   2.6%
        Global biopharmaceutical company    
  7     D.R. Horton, Inc.   2.6%
        Constructor and seller of single family homes designed primarily for the entry-level and move-up markets    
  8     Eaton Corp. PLC   2.6%
        Manufacturer of engineered products for the industrial, vehicle, construction, commercial, and aerospace markets    
  9     Cummins, Inc.   2.6%
        Designer and manufacturer of diesel engines    
  10     Amgen, Inc.   2.6%
        Developer, manufacturer and marketer of human therapeutics    

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 41 for contact information.

 

8   |   DWS CROCI® U.S. Fund  


Table of Contents
Investment Portfolio   as of March 31, 2019 (Unaudited)

 

    Shares     Value ($)  
Common Stocks 99.1%    
Communication Services 7.3%    

Entertainment 4.3%

   

Viacom, Inc. “B”

    696,388       19,547,611  

Walt Disney Co.

    134,857       14,973,173  
   

 

 

 
      34,520,784  

Media 3.0%

   

CBS Corp. “B”

    400,875       19,053,589  

Fox Corp. “A”*

    134,254       4,928,464  
   

 

 

 
      23,982,053  
Consumer Discretionary 7.9%    

Auto Components 2.3%

   

BorgWarner, Inc.

    484,271       18,600,849  

Household Durables 5.6%

   

D.R. Horton, Inc.

    507,928       21,018,060  

Garmin Ltd.

    283,485       24,478,930  
   

 

 

 
      45,496,990  
Consumer Staples 2.8%    

Food Products

   

Tyson Foods, Inc. “A”

    324,239       22,511,914  
Energy 2.5%    

Oil, Gas & Consumable Fuels

   

Phillips 66

    211,521       20,130,454  
Financials 36.1%    

Banks 23.8%

   

Bank of America Corp.

    697,382       19,240,769  

BB&T Corp.

    400,378       18,629,588  

Citigroup, Inc.

    315,889       19,654,614  

Huntington Bancshares, Inc.

    1,448,936       18,372,509  

JPMorgan Chase & Co.

    192,337       19,470,275  

KeyCorp

    1,159,387       18,260,345  

M&T Bank Corp.

    117,887       18,510,617  

PNC Financial Services Group, Inc.

    163,511       20,056,259  

U.S. Bancorp.

    395,607       19,064,301  

Wells Fargo & Co.

    412,406       19,927,458  
   

 

 

 
      191,186,735  

 

The accompanying notes are an integral part of the financial statements.

 

  DWS CROCI® U.S. Fund   |     9  


Table of Contents
    Shares     Value ($)  

Capital Markets 4.7%

   

Bank of New York Mellon Corp.

    383,083       19,318,876  

State Street Corp.

    287,262       18,904,712  
   

 

 

 
      38,223,588  

Consumer Finance 7.6%

   

Capital One Financial Corp.

    248,895       20,332,232  

Discover Financial Services

    284,777       20,264,731  

Synchrony Financial

    639,333       20,394,723  
   

 

 

 
      60,991,686  
Health Care 12.5%    

Biotechnology 7.6%

   

Amgen, Inc.

    107,748       20,469,965  

Celgene Corp.*

    223,846       21,117,631  

Gilead Sciences, Inc.

    300,383       19,527,899  
   

 

 

 
      61,115,495  

Pharmaceuticals 4.9%

   

Bristol-Myers Squibb Co.

    392,923       18,746,356  

Merck & Co., Inc.

    254,361       21,155,205  
   

 

 

 
      39,901,561  
Industrials 10.1%    

Electrical Equipment 2.6%

   

Eaton Corp. PLC

    257,840       20,771,590  

Machinery 5.1%

   

Cummins, Inc.

    130,610       20,619,401  

PACCAR, Inc.

    298,097       20,312,329  
   

 

 

 
      40,931,730  

Professional Services 2.4%

   

ManpowerGroup, Inc.

    240,446       19,882,480  
Information Technology 4.9%    

IT Services 2.4%

   

Amdocs Ltd.

    362,408       19,609,897  

Semiconductors & Semiconductor Equipment 2.5%

   

Micron Technology, Inc.*

    483,476       19,982,063  
Materials 9.7%    

Chemicals 4.7%

   

Eastman Chemical Co.

    245,416       18,622,166  

LyondellBasell Industries NV “A”

    231,599       19,472,844  
   

 

 

 
      38,095,010  

Containers & Packaging 2.5%

   

WestRock Co.

    519,856       19,936,478  

 

The accompanying notes are an integral part of the financial statements.

 

10   |   DWS CROCI® U.S. Fund  


Table of Contents
    Shares     Value ($)  

Metals & Mining 2.5%

   

Nucor Corp.

    341,137       19,905,344  
Utilities 5.3%    

Electric Utilities 2.7%

   

Exelon Corp.

    423,836       21,246,899  

Multi-Utilities 2.6%

   

DTE Energy Co.

    169,475       21,140,311  
Total Common Stocks (Cost $823,147,149)       798,163,911  
Cash Equivalents 0.8%    

DWS Central Cash Management Government Fund, 2.47% (a) (Cost $6,257,337)

    6,257,337       6,257,337  
    % of Net
Assets
    Value ($)  
Total Investment Portfolio (Cost $829,404,486)     99.9       804,421,248  
Other Assets and Liabilities, Net     0.1       415,854  

 

 
Net Assets     100.0       804,837,102  

A summary of the Fund’s transactions with affiliated investments during the period ended March 31, 2019 are as follows:

 

 

Value ($)
at
9/30/2018
    Pur-
chases
Cost
($)
   

Sales

Proceeds

($)

    Net
Realized
Gain/
(loss)
($)
   

Net

Change
in

Unreal-
ized

Appreci-
ation

(Depreci-
ation)

($)

    Income
($)
   

Capital

Gain

Distri-
bution

($)

    Number of
Shares at
3/31/32019
    Value ($)
at
3/31/2019
 
  Securities Lending Collateral 0.00%  
 
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”,
2.36% (a) (b)
 
 
                                7,929                    
  Cash Equivalents 0.8%  
  DWS Central Cash Management Government Fund, 2.47% (a)    
  1,438,960       48,963,437       44,145,060                   82,023             6,257,337       6,257,337  
  1,438,960       48,963,437       44,145,060                   89,952             6,257,337       6,257,337  

 

*

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 collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

 

The accompanying notes are an integral part of the financial statements.

 

  DWS CROCI® U.S. Fund   |     11  


Table of Contents

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 March 31, 2019 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 (c)   $ 798,163,911     $                 —     $                 —      $ 798,163,911  
Short-Term Investment     6,257,337                    6,257,337  
Total   $ 804,421,248     $     $      $ 804,421,248  

 

(c)

See Investment Portfolio for additional detailed categorizations.

 

The accompanying notes are an integral part of the financial statements.

 

12   |   DWS CROCI® U.S. Fund  


Table of Contents

Statement of Assets and Liabilities

 

as of March 31, 2019 (Unaudited)        
Assets

 

Investments in non-affiliated securities, at value (cost $823,147,149)

  $ 798,163,911  

Investment in DWS Central Cash Management Government Fund
(cost $6,257,337)

    6,257,337  

Cash

    4,579  

Receivable for Fund shares sold

    9,897  

Dividends receivable

    1,392,866  

Interest receivable

    9,417  

Other assets

    73,111  

Total assets

    805,911,118  

Liabilities

       

Payable for Fund shares redeemed

    344,908  

Accrued Management fee

    294,746  

Accrued Trustees’ fees

    11,681  

Other accrued expenses and payables

    422,681  

Total liabilities

    1,074,016  

Net assets, at value

  $ 804,837,102  

Net Assets Consist of

 

Distributable earnings (loss)

    4,300,319  

Paid-in capital

    800,536,783  

Net assets, at value

  $ 804,837,102  

 

The accompanying notes are an integral part of the financial statements.

 

  DWS CROCI® U.S. Fund   |     13  


Table of Contents
Statement of Assets and Liabilities as of March 31, 2019 (Unaudited) (continued)    

 

Net Asset Value        

Class A

 

Net Asset Value and redemption price per share
($135,354,782 ÷ 12,187,755 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)

  $ 11.11  

Maximum offering price per share (100 ÷ 94.25 of $11.11)

  $ 11.79  

Class T

 

Net Asset Value and redemption price per share
($11,033 ÷ 993 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)

  $ 11.11  

Maximum offering price per share (100 ÷ 97.5 of $11.11)

  $ 11.39  

Class C

 

Net Asset Value, offering and redemption price (subject to
contingent deferred sales charge) per share
($4,425,898 ÷ 402,336 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)

  $ 11.00  

Class R

 

Net Asset Value, offering and redemption price per share
($1,827,898 ÷ 164,599 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)

  $ 11.11  

Class R6

 

Net Asset Value, offering and redemption price per share
($135,565 ÷ 12,198 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)

  $ 11.11  

Class S

 

Net Asset Value, offering and redemption price per share
($651,892,067 ÷ 58,676,126 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)

  $ 11.11  

Institutional Class

 

Net Asset Value, offering and redemption price per share
($11,189,859 ÷ 1,007,586 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
  $ 11.11  

 

The accompanying notes are an integral part of the financial statements.

 

14   |   DWS CROCI® U.S. Fund  


Table of Contents

Statement of Operations

 

for the six months ended March 31, 2019 (Unaudited)        
Investment Income        

Income:

 
Dividends   $ 10,850,743  
Income distributions — DWS Central Cash Management
Government Fund
    82,023  
Securities lending income, net of borrower rebates     7,929  
Total income     10,940,695  

Expenses:

 
Management fee     1,691,473  
Administration fee     397,994  
Services to shareholders     480,048  
Distribution and service fees     189,821  
Custodian fee     5,680  
Professional fees     51,370  
Reports to shareholders     30,088  
Registration fees     40,723  
Trustees’ fees and expenses     21,490  
Other     30,841  
Total expenses before expense reductions     2,939,528  
Expense reductions     (1,549)  
Total expenses after expense reductions     2,937,979  
Net investment income     8,002,716  
Realized and Unrealized Gain (Loss)        
Net realized gain (loss) from investments     26,990,691  
Change in net unrealized appreciation (depreciation) on investments     (57,955,941)  
Net gain (loss)     (30,965,250)  
Net increase (decrease) in net assets resulting from operations   $ (22,962,534)  

 

The accompanying notes are an integral part of the financial statements.

 

  DWS CROCI® U.S. Fund   |     15  


Table of Contents

Statements of Changes in Net Assets

 

Increase (Decrease) in Net Assets   Six Months
Ended
March 31, 2019
(Unaudited)
    Year Ended
September 30,
2018
 
Operations:    
Net investment income (loss)   $ 8,002,716     $ 15,578,503  
Net realized gain (loss)     26,990,691       94,111,596  
Change in net unrealized appreciation (depreciation)     (57,955,941     (40,104,286
Net increase (decrease) in net assets resulting from operations     (22,962,534     69,585,813  
Distributions to shareholders:    

Class A

    (4,557,949     (3,316,648

Class T

    (373     (222

Class C

    (139,374     (221,164

Class R

    (57,611     (38,432

Class R6

    (5,000     (3,268

Class S

    (24,389,767     (17,640,806

Institutional Class

    (285,160     (175,836
Total distributions     (29,435,234     (21,396,376
Fund share transactions:    
Proceeds from shares sold     16,156,213       30,814,970  
Reinvestment of distributions     28,054,295       20,384,921  
Payments for shares redeemed     (56,548,419     (128,322,025
Net increase (decrease) in net assets from Fund share transactions     (12,337,911     (77,122,134
Increase (decrease) in net assets     (64,735,679     (28,932,697
Net assets at beginning of period     869,572,781       898,505,478  
Net assets at end of period   $ 804,837,102     $ 869,572,781  

 

The accompanying notes are an integral part of the financial statements.

 

16   |   DWS CROCI® U.S. Fund  


Table of Contents

Financial Highlights

 

    Six Months
Ended 3/31/19
    Years Ended September 30,     Period
Ended
 
Class A   (Unaudited)     2018     2017     2016     9/30/15a  
Selected Per Share Data

 

                       
Net asset value, beginning of period   $ 11.83     $ 11.21     $ 9.51     $ 8.65     $ 10.00  
Income (loss) from investment operations:

 

     

Net investment income (loss)b

    .09       .17       .16       .15       .06  

Net realized and unrealized gain (loss)

    (.43     .69       1.55       .81       (1.41

Total from investment operations

    (.34     .86       1.71       .96       (1.35
Less distributions from:          

Net investment income

    (.25     (.11     (.01     (.10      

Net realized gains

    (.13     (.13                  

Total distributions

    (.38     (.24     (.01     (.10      
Net asset value, end of period   $ 11.11     $ 11.83     $ 11.21     $ 9.51     $ 8.65  
Total Return (%)c     (2.57 )**      7.87       17.94       11.26 d      (13.50 )d** 
Ratios to Average Net Assets and Supplemental Data

 

Net assets, end of period ($ millions)     135       147       154       .39       .19  
Ratio of expenses before expense reductions (%)     1.01 *      1.01       .96       3.35       4.62 *  
Ratio of expenses after expense reductions (%)     1.01 *      1.01       .96       1.06       1.06 * 
Ratio of net investment income (loss) (%)     1.73 *      1.48       1.50       1.68       1.45 * 
Portfolio turnover rate (%)     52 **      98       100       98       29 ** 

 

a 

For the period from April 13, 2015 (commencement of operations) to September 30, 2015.

 

b 

Based on average shares outstanding during the period.

 

c 

Total return does not reflect the effect of any sales charges.

 

d 

Total return would have been lower had certain expenses not been reduced.

 

* 

Annualized

 

** 

Not annualized

 

The accompanying notes are an integral part of the financial statements.

 

  DWS CROCI® U.S. Fund   |     17  


Table of Contents
Class T  

Six Months
Ended 3/31/19

(Unaudited)

   

Year

Ended
9/30/18

   

Period
Ended

9/30/17a

 
Selected Per Share Data

 

       
Net asset value, beginning of period     $11.85       $11.21       $10.68  
Income (loss) from investment operations:

 

 

Net investment income (loss)b

    .10       .18       .05  

Net realized and unrealized gain (loss)

    (.45     .69       .48  

Total from investment operations

    (.35     .87       .53  
Less distributions from:      

Net investment income

    (.26     (.10      

Net realized gains

    (.13     (.13      

Total distributions

    (.39     (.23      
Net asset value, end of period     $11.11       $11.85       $11.21  
Total Return (%)c     (2.57 )**      7.87       4.96 d** 
Ratios to Average Net Assets and Supplemental Data:

 

Net assets, end of period ($ thousands)     11       11       10  
Ratio of expenses before expense reductions (%)     .94 *      .93       1.05 * 
Ratio of expenses after expense reductions (%)     .94 *      .93       1.04 * 
Ratio of net investment income (loss) (%)     1.81 *      1.57       1.53 * 
Portfolio turnover rate (%)     52 **      98       100 e 

 

a 

For the period from June 5, 2017 (commencement of operations) to September 30, 2017.

 

b 

Based on average shares outstanding during the period.

 

c 

Total return does not reflect the effect of any sales charges.

 

d 

Total return would have been lower had certain expenses not been reduced.

 

e 

Represents the Fund’s portfolio turnover rate for the year ended September 30, 2017.

 

* 

Annualized

 

** 

Not annualized

 

The accompanying notes are an integral part of the financial statements.

 

18   |   DWS CROCI® U.S. Fund  


Table of Contents
    Six Months
Ended 3/31/19
    Years Ended September 30,     Period
Ended
 
Class C   (Unaudited)     2018     2017     2016     9/30/15a  
Selected Per Share Data

 

                       
Net asset value, beginning of period   $ 11.68     $ 11.06     $ 9.45     $ 8.61     $ 10.00  
Income (loss) from investment operations:

 

     

Net investment income (loss)b

    .05       .08       .08       .09       .03  

Net realized and unrealized gain (loss)

    (.43     .69       1.53       .81       (1.42

Total from investment operations

    (.38     .77       1.61       .90       (1.39
Less distributions from:          

Net investment income

    (.17     (.02           (.06      

Net realized gains

    (.13     (.13                  

Total distributions

    (.30     (.15           (.06      
Net asset value, end of period   $ 11.00     $ 11.68     $ 11.06     $ 9.45     $ 8.61  
Total Return (%)c     (2.95 )d**      7.05       17.04       10.47 d      (13.90 )d** 
Ratios to Average Net Assets and Supplemental Data

 

Net assets, end of period ($ millions)     4       6       16       1       .12  
Ratio of expenses before expense reductions (%)     1.80 *      1.75       1.72       4.09       5.38 *  
Ratio of expenses after expense reductions (%)     1.76 *      1.75       1.72       1.81       1.81 *  
Ratio of net investment income (loss) (%)     .98 *      .70       .74       .95       .71 *  
Portfolio turnover rate (%)     52 **      98       100       98       29 **  

 

a 

For the period from April 13, 2015 (commencement of operations) to September 30, 2015.

 

b 

Based on average shares outstanding during the period.

 

c 

Total return does not reflect the effect of any sales charges.

 

d 

Total return would have been lower had certain expenses not been reduced.

 

* 

Annualized

 

** 

Not annualized

 

The accompanying notes are an integral part of the financial statements.

 

  DWS CROCI® U.S. Fund   |     19  


Table of Contents
Class R   Six Months
Ended 3/31/19
(Unaudited)
    Year
Ended
9/30/18
   

Period
Ended

9/30/17a

 
Selected Per Share Data

 

       
Net asset value, beginning of period     $11.82       $11.19       $9.67  
Income (loss) from investment operations:      

Net investment income (loss)b

    .08       .14       .10  

Net realized and unrealized gain (loss)

    (.44     .70       1.42  

Total from investment operations

    (.36     .84       1.52  
Less distributions from:      

Net investment income

    (.22     (.08      

Net realized gains

    (.13     (.13      

Total distributions

    (.35     (.21      
Net asset value, end of period     $11.11       $11.82       $11.19  
Total Return (%)     (2.69 )c**      7.54 c      15.72 ** 
Ratios to Average Net Assets and Supplemental Data:

 

Net assets, end of period ($ millions)     2       2       2  
Ratio of expenses before expense reduction (%)     1.34 *      1.39       1.27 * 
Ratio of expenses after expense reduction (%)     1.29 *      1.29       1.27 * 
Ratio of net investment income (loss) (%)     1.45 *      1.20       1.19 * 
Portfolio turnover rate (%)     52 **      98       100 d 

 

a 

For the period from December 9, 2016 (commencement of operations) to September 30, 2017.

 

b 

Based on average shares outstanding during the period.

 

c 

Total return would have been lower had certain expenses not been reduced.

 

d 

Represents the Fund’s portfolio turnover rate for the year ended September 30, 2017.

 

* 

Annualized

 

** 

Not annualized

 

The accompanying notes are an integral part of the financial statements.

 

20   |   DWS CROCI® U.S. Fund  


Table of Contents
    Six Months
Ended 3/31/19
    Years Ended September 30,     Period
Ended
 
Class R6   (Unaudited)     2018     2017     2016     9/30/15a  
Selected Per Share Data

 

                       
Net asset value, beginning of period     $11.87       $11.24       $9.53       $8.66       $10.00  
Income (loss) from investment operations:

 

     

Net investment income (loss)b

    .12       .22       .20       .18       .08  

Net realized and unrealized gain (loss)

    (.46     .70       1.54       .81       (1.42

Total from investment operations

    (.34     .92       1.74       .99       (1.34
Less distributions from:          

Net investment income

    (.29     (.16     (.03     (.12      

Net realized gains

    (.13     (.13                  

Total distributions

    (.42     (.29     (.03     (.12      
Net asset value, end of period     $11.11       $11.87       $11.24       $9.53       $8.66  
Total Return (%)c     (2.38 )**      8.23       18.30       11.57       (13.40 )** 
Ratios to Average Net Assets and Supplemental Data:

 

Net assets, end of period ($ thousands)     136       138       128       97       87  
Ratio of expenses before expense reductions (%)     .64 *      .61       .62       3.07       4.36 *  
Ratio of expenses after expense reductions (%)     .59 *      .59       .61       .81       .81 *  
Ratio of net investment income (loss) (%)     2.16 *      1.91       1.96       1.95       1.72 *  
Portfolio turnover rate (%)     52 **      98       100       98       29 **  

 

a 

For the period from April 13, 2015 (commencement of operations) to September 30, 2015.

 

b 

Based on average shares outstanding during the period.

 

c 

Total return would have been lower had certain expenses not been reduced.

 

* 

Annualized

 

** 

Not annualized

 

The accompanying notes are an integral part of the financial statements.

 

  DWS CROCI® U.S. Fund   |     21  


Table of Contents
    Six Months
Ended 3/31/19
    Years Ended September 30,     Period
Ended
 
Class S   (Unaudited)     2018     2017     2016     9/30/15a  
Selected Per Share Data

 

                       
Net asset value, beginning of period     $11.86       $11.23       $9.51       $8.65       $10.00  
Income (loss) from investment operations:

 

       

Net investment income (loss)b

    .11       .21       .19       .16       .08  

Net realized and unrealized gain (loss)

    (.45     .70       1.55       .82       (1.43

Total from investment operations

    (.34     .91       1.74       .98       (1.35
Less distributions from:          

Net investment income

    (.28     (.15     (.02     (.12      

Net realized gains

    (.13     (.13                  

Total distributions

    (.41     (.28     (.02     (.12      
Net asset value, end of period     $11.11       $11.86       $11.23       $9.51       $8.65  
Total Return (%)     (2.38 )**      8.17       18.33       11.44 c      (13.50 )c** 
Ratios to Average Net Assets and Supplemental Data

 

Net assets, end of period ($ millions)     652       706       718       .55       .11  
Ratio of expenses before expense reductions (%)     .67 *      .67       .67       3.22       4.37 *  
Ratio of expenses after expense reductions (%)     .67 *      .67       .67       .91       .84 *  
Ratio of net investment income (loss) (%)     2.08 *      1.83       1.79       1.81       1.71 *  
Portfolio turnover rate (%)     52 **      98       100       98       29 **  

 

a 

For the period from April 13, 2015 (commencement of operations) to September 30, 2015.

 

b 

Based on average shares outstanding during the period.

 

c 

Total return would have been lower had certain expenses not been reduced.

 

* 

Annualized

 

** 

Not annualized

 

The accompanying notes are an integral part of the financial statements.

 

22   |   DWS CROCI® U.S. Fund  


Table of Contents
    Six Months
Ended 3/31/19
    Years Ended September 30,     Period
Ended
 
Institutional Class   (Unaudited)     2018     2017     2016     9/30/15a  
Selected Per Share Data

 

                       
Net asset value, beginning of period     $11.86       $11.23       $9.53       $8.66       $10.00  
Income (loss) from investment operations:

 

       

Net investment income (loss)b

    .12       .21       .19       .18       .08  

Net realized and unrealized gain (loss)

    (.46     .70       1.54       .81       (1.42

Total from investment operations

    (.34     .91       1.73       .99       (1.34
Less distributions from:          

Net investment income

    (.28     (.15     (.03     (.12      

Net realized gains

    (.13     (.13                  

Total distributions

    (.41     (.28     (.03     (.12      
Net asset value, end of period     $11.11       $11.86       $11.23       $9.53       $8.66  
Total Return (%)     (2.39 )**      8.18       18.20       11.57 c      (13.40 )c** 
Ratios to Average Net Assets and Supplemental Data

 

Net assets, end of period ($ millions)     11       9       7       5       4  
Ratio of expenses before expense reductions (%)     .68 *      .68       .66       3.05       4.34 *  
Ratio of expenses after expense reductions (%)     .68 *      .68       .66       .81       .81 *  
Ratio of net investment income (loss) (%)     2.11 *      1.84       1.87       1.95       1.72 *  
Portfolio turnover rate (%)     52 **      98       100       98       29 **  

 

a 

For the period from April 13, 2015 (commencement of operations) to September 30, 2015.

 

b 

Based on average shares outstanding during the period.

 

c 

Total return would have been lower had certain expenses not been reduced.

 

* 

Annualized

 

** 

Not annualized

 

The accompanying notes are an integral part of the financial statements.

 

  DWS CROCI® U.S. Fund   |     23  


Table of Contents
Notes to Financial Statements   (Unaudited)  

A. Organization and Significant Accounting Policies

DWS CROCI® U.S. 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 T shares are subject to an initial sales charge and are only available through certain financial intermediaries. Class T shares are closed to new purchases, except in connection with the investment of dividends or other distributions. 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 10 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 10 years. Class R and Class R6 shares are not subject to initial or contingent deferred sales charges and are generally available only to certain retirement plans. Class S shares are not subject to initial or contingent deferred sales charges and are only available to a limited group of investors. 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.

 

24   |   DWS CROCI® U.S. Fund  


Table of Contents

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.

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.

 

 

  DWS CROCI® U.S. Fund   |     25  


Table of Contents

Securities Lending. Brown Brothers Harriman & Co. 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 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 and/or U.S. Treasury Securities 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 effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the six months ended March 31, 2019, 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 (0.11% annualized effective rate as of March 31, 2019) 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 March 31, 2019, 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, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

At September 30, 2018, the aggregate cost of investments for federal income tax purposes was $838,392,957. The net unrealized appreciation for all investments based on tax cost was $31,729,434. This consisted of aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost of $57,943,470 and aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value of $26,214,036.

 

26   |   DWS CROCI® U.S. Fund  


Table of Contents

The Fund has reviewed the tax positions for the open tax years as of September 30, 2018 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 net investment losses incurred by the Fund and 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.

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.

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.

 

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B. Purchases and Sales of Securities

During the six months ended March 31, 2019, purchases and sales of investment securities (excluding short-term investments) aggregated $417,408,715 and $441,190,983, 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 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      .425%  
Next $500 million of such net assets      .400%  
Next $1.0 billion of such net assets      .375%  
Next $1.0 billion of such net assets      .350%  
Next $1.0 billion of such net assets      .325%  
Over $5.0 billion of such net assets      .300%  

Accordingly, for the six months ended March 31, 2019, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.425% of the Fund’s average daily net assets.

For the period from October 1, 2018 through January 31, 2020, 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) of each classes as follows:

 

Class A      1.04%  
Class T      1.04%  
Class C      1.76%  
Class R      1.29%  
Class R6      .59%  
Class S      .69%  
Institutional Class      .69%  

 

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For the six months ended March 31, 2019, fees waived and/or expenses reimbursed for certain classes are as follows:

 

Class C   $ 1,034  
Class R     481  
Class R6     34  
    $ 1,549  

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 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the six months ended March 31, 2019, the Administration Fee was $397,994, of which $69,107 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 of 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 six months ended March 31, 2019, the amounts charged to the Fund by DSC were as follows:

 

Services to Shareholders   Total
Aggregated
   

Unpaid at

March 31, 2019

 
Class A   $ 31,211     $ 11,219  
Class T     11       4  
Class C     1,843       1,390  
Class R     78       27  
Class R6     35       12  
Class S     159,095       59,083  
Institutional Class     514       188  
    $ 192,787     $ 71,923  

In addition, for the six months ended March 31, 2019, the amounts charged to the Fund for recordkeeping and other administrative services

 

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provided by unaffiliated third parties, included in the Statement of Operations under “Services to shareholders,” were as follows:

 

Sub-Recordkeeping   Total
Aggregated
 
Class A   $ 92,131  
Class C     3,733  
Class R     2,263  
Class S     117,233  
Institutional Class     3,441  
    $ 218,801  

Distribution and Service Fees. Under the Fund’s Class C and Class R 12b-1 plans, DWS Distributors, Inc. (“DDI”), an affiliate of the Advisor, receives a fee (“Distribution Fee”) of 0.75% and 0.25% of average daily net assets of Class C and Class R shares, respectively. In accordance with the Fund’s Underwriting and Distribution Service 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 March 31, 2019, the Distribution Fee was as follows:

 

Distribution Fee   Total
Aggregated
   

Unpaid at

March 31, 2019

 
Class C   $ 18,661     $ 2,987  
Class R     2,292       394  
    $ 20,953     $ 3,381  

In addition, DDI provides information and administrative services for a fee (“Service Fee”) to Class A, T, C and R shareholders at an annual rate of up to 0.25% of 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 March 31, 2019, the Service Fee was as follows:

 

Service Fee   Total
Aggregated
   

Unpaid at

March 31, 2019

   

Annualized

Rate

 
Class A   $ 160,612     $ 52,275       .24
Class T     8       8       .15
Class C     5,960       2,220       .24
Class R     2,288       835       .25
    $ 168,868     $ 55,338          

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 March 31, 2019 aggregated $636.

 

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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 March 31, 2019, the CDSC for Class C shares aggregated $3. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the six months ended March 31, 2019, DDI received $183 for Class A shares.

Typesetting and Filing Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the six months ended March 31, 2019, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $9,714, all of which 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 $400 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 rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if the one-month

 

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LIBOR exceeds the Federal Funds Rate, the amount of such excess. 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 March 31, 2019.

E. Fund Share Transactions

The following table summarizes share and dollar activity in the Fund:

 

      Six Months Ended
March 31, 2019
    

Year Ended

September 30, 2018

 
      Shares      Dollars      Shares      Dollars  
Shares sold

 

Class A      638,630      $ 6,541,370        1,485,038      $ 17,213,062  
Class C      5,660        60,476        19,401        219,860  
Class R      6,400        65,330        8,518        98,363  
Class R6      141        1,613                
Class S      494,860        5,368,818        925,905        10,719,887  
Institutional Class      365,363        4,118,606        221,236        2,563,798  
              $ 16,156,213               $ 30,814,970  
Shares issued to shareholders in reinvestment of distributions

 

Class A      443,613      $ 4,405,075        274,856      $ 3,182,829  
Class T      38        373        19        222  
Class C      13,043        128,606        17,963        206,399  
Class R      5,796        57,611        3,319        38,432  
Class R6      504        5,000        282        3,268  
Class S      2,335,991        23,172,470        1,450,124        16,777,935  
Institutional Class      28,746        285,160        15,198        175,836  
              $ 28,054,295               $ 20,384,921  
Shares redeemed

 

Class A      (1,334,757    $ (14,472,719      (3,096,038    $ (35,790,522
Class C      (103,642      (1,138,480      (1,028,250      (11,807,675
Class R      (16,483      (183,407      (28,995      (333,691
Class R6      (51      (503      (29      (340
Class S      (3,657,825      (39,413,481      (6,830,574      (78,997,863
Institutional Class      (123,891      (1,339,829      (120,721      (1,391,934
              $ (56,548,419             $ (128,322,025

 

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      Six Months Ended
March 31, 2019
    

Year Ended

September 30, 2018

 
      Shares      Dollars      Shares      Dollars  

 

Net increase (decrease)

 

Class A      (252,514    $ (3,526,274      (1,336,144    $ (15,394,631
Class T      38        373        19        222  
Class C      (84,939      (949,398      (990,886      (11,381,416
Class R      (4,287      (60,466      (17,158      (196,896
Class R6      594        6,110        253        2,928  
Class S      (826,974      (10,872,193      (4,454,545      (51,500,042
Institutional Class      270,218        3,063,937        115,713        1,347,701  
              $ (12,337,911             $ (77,122,134

 

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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 for Class C, R and R6 shares; 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 (October 1, 2018 to March 31, 2019).

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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Expenses and Value of a $1,000 Investment
for the six months ended March 31, 2019 (Unaudited)
 
Actual Fund
Return
  Class A     Class T     Class C     Class R     Class R6     Class S     Institutional
Class
 
Beginning Account Value 10/1/18   $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00  
Ending Account Value 3/31/19   $ 974.30     $ 974.30     $ 970.50     $ 973.10     $ 976.20     $ 976.20     $ 976.10  
Expenses Paid per $1,000*   $ 4.97     $ 4.63     $ 8.65     $ 6.35     $ 2.91     $ 3.30     $ 3.35  
Hypothetical
5% Fund
Return
  Class A     Class T     Class C     Class R     Class R6     Class S     Institutional
Class
 
Beginning Account Value 10/1/18   $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00  
Ending Account Value 3/31/19   $ 1,019.90     $ 1,020.24     $ 1,016.16     $ 1,018.50     $ 1,021.99     $ 1,021.59     $ 1,021.54  
Expenses Paid per $1,000*   $ 5.09     $ 4.73     $ 8.85     $ 6.49     $ 2.97     $ 3.38     $ 3.43  

 

*

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 182 (the number of days in the most recent six-month period), then divided by 365.

 

Annualized
Expense
Ratios
  Class A     Class T     Class C     Class R     Class R6     Class S     Institutional
Class
 
DWS CROCI U.S. Fund     1.01     .94     1.76     1.29     .59     .67     .68

For more information, please refer to the Fund’s prospectuses.

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 CROCI® U.S. Fund’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) in September 2018.

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’s Contract Committee 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”). Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

 

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 Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA has 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

 

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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 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. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

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 reviewed the Fund’s performance 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-year period ended December 31, 2017, the Fund’s performance (Class A shares) was in the 1st 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 underperformed its benchmark in the one-year period ended December 31, 2017.

 

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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 (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 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2017). The Board considered that, effective October 1, 2016, DIMA agreed to lower its management fee and implement new management fee breakpoints to accommodate the merger of Deutsche Large Cap Value Fund into the Fund. The Board noted that the Fund’s Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be lower than the median (2nd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2017, 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 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

 

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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 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 noted that DIMA pays a licensing fee to an affiliate related to the Fund’s use of the CROCI® strategy. 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.

 

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Based on all of the information considered and the conclusions reached, the Board unanimously 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, T, 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 filed with the SEC on Form N-Q or Form N-PORT (available for filings after March 31, 2019). The Fund’s Form N-Q or Form N-PORT will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings 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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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 reached 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 T    Class C    Class S    Institutional
Class
Nasdaq Symbol    DCUAX    DCUUX    DCUCX    DCUSX    DCUIX
CUSIP Number    25157M 588    25157M 448    25157M 570    25157M 547    25157M 554
Fund Number    1020    1720    1320    2020    1420
For shareholders of Class R and R6
Automated Information Line   

DWS/Ascensus Plan Access (800) 728-3337

 

24-hour access to your retirement plan account.

Web Site   

dws.com

 

Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to Deutsche fund account information.

 

Log in/register to manage retirement account assets at

https://www.mykplan.com/participantsecure_net/login.aspx.

For More Information   

(800) 728-3337

 

To speak with a service representative.

Written Correspondence   

DWS Service Company

 

222 South Riverside Plaza

Chicago, IL 60606-5806

      Class R    Class R6                  
Nasdaq Symbol    DCUTX    DCURX     

 

    

 

    

 

CUSIP Number    25157M 513    25157M 562     

 

    

 

    

 

Fund Number    1520    1620     

 

    

 

    

 

 

42   |   DWS CROCI® U.S. Fund  


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Privacy Statement

 

FACTS   What Does DWS Do With Your Personal Information?
Why?   Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
What?  

The types of personal information we collect and share can include:

 

 Social Security number

 

 Account balances

 

 Purchase and transaction history

 

 Bank account information

 

 Contact information such as mailing address, e-mail address and telephone number

How?   All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons DWS chooses to share and whether you can limit this sharing.

 

Reasons we can share your personal
information
  Does DWS share?   Can you limit
this sharing?
For our everyday business purposes —
such as to process your transactions, maintain your account(s), respond to court orders or legal investigations
  Yes   No
For our marketing purposes — to offer our products and services to you   Yes   No
For joint marketing with other financial companies   No   We do not share
For our affiliates’ everyday business purposes — information about your transactions and experiences   No   We do not share
For our affiliates’ everyday business purposes — information about your creditworthiness   No   We do not share
For non-affiliates to market to you   No   We do not share

 

Questions?   Call (800) 728-3337 or e-mail us at service@dws.com

 

  DWS CROCI® U.S. Fund   |     43  


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Who we are    
Who is providing this notice?   DWS Distributors, Inc; DWS Investment Management Americas, Inc.; DWS Trust Company; the DWS Funds
What we do    
How does DWS protect my personal information?   To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does DWS collect my personal information?  

We collect your personal information, for example, when you:

 

 open an account

 

 give us your contact information

 

 provide bank account information for ACH or wire transactions

 

 tell us where to send money

 

 seek advice about your investments

Why can’t I limit all sharing?  

Federal law gives you the right to limit only

 

sharing for affiliates’ everyday business purposes

 

information about your creditworthiness

 

affiliates from using your information to market to you

 

sharing for non-affiliates to market to you

 

State laws and individual companies may give you additional rights to limit sharing.

Definitions    
Affiliates   Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank (“DB”) name, such as DB AG Frankfurt.
Non-affiliates  

Companies not related by common ownership or control. They can be financial and non-financial companies.

 

Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.

Joint marketing   A formal agreement between non-affiliated financial companies that together market financial products or services to you. DWS does not jointly market.

Rev. 3/2019

 

44   |   DWS CROCI® U.S. Fund  


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LOGO

 

DCUS-3

(R-046067-4 5/19)

   
ITEM 2. CODE OF ETHICS
   
  Not applicable.
   
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
   
  Not applicable
   
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
   
  Not applicable
   
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
   
  Not applicable
   
ITEM 6. SCHEDULE OF INVESTMENTS
   
  Not applicable
   
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
   
  Not applicable
   
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
   
  Not applicable
   
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
   
  Not applicable
   
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
   
  There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board.  The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600.
   
ITEM 11. CONTROLS AND PROCEDURES
   
  (a) The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
   
  (b) There have been no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
   
ITEM 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
   
  Not applicable
   
ITEM 13. EXHIBITS
   
  (a)(1) Not applicable
   
  (a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
   
  (a)(3) Not applicable
   
  (a)(4)(i) Certification pursuant to Item 4.01 of Form 8-K under the Exchange Act (17 CFR 249.308) is attached hereto.
   
  (a)(4)(ii) Letter from former accountant pursuant to Item 304(a) under Regulation S-K is attached hereto.
   
  (b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.
       

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Registrant: DWS CROCI® U.S. Fund, a series of Deutsche DWS Investment Trust
   
   
By:

/s/Hepsen Uzcan

Hepsen Uzcan

President

   
Date: 6/6/2019

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

By:

/s/Hepsen Uzcan

Hepsen Uzcan

President

   
Date: 6/6/2019
   
   
   
By:

/s/Diane Kenneally

Diane Kenneally

Chief Financial Officer and Treasurer

   
Date: 6/6/2019