UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSR
Investment Company Act file number: 811-00043
Deutsche DWS Investment Trust
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 9/30 |
Date of reporting period: | 9/30/2021 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) |
2 | | | DWS CROCI® U.S. Fund |
DWS CROCI® U.S. Fund | | | 3 |
Portfolio Management Review | (Unaudited) |
4 | | | DWS CROCI® U.S. Fund |
DWS CROCI® U.S. Fund | | | 5 |
6 | | | DWS CROCI® U.S. Fund |
* | Not held at September 30, 2021. |
— | 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. |
— | 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. |
DWS CROCI® U.S. Fund | | | 7 |
8 | | | DWS CROCI® U.S. Fund |
Performance Summary | September 30, 2021 (Unaudited) |
Class A | 1-Year | 5-Year | Life
of Fund* |
Average Annual Total Returns as of 9/30/21 | |||
Unadjusted for Sales Charge | 25.24% | 7.69% | 5.26% |
Adjusted
for the Maximum Sales Charge (max 5.75% load) |
18.04% | 6.42% | 4.31% |
Russell 1000® Value Index† | 35.01% | 10.94% | 9.16% |
Class T | 1-Year | 5-Year | Life
of Fund* |
Average Annual Total Returns as of 9/30/21 | |||
Unadjusted for Sales Charge | 25.23% | 7.70% | 5.25% |
Adjusted
for the Maximum Sales Charge (max 2.50% load) |
22.10% | 7.16% | 4.84% |
Russell 1000® Value Index† | 35.01% | 10.94% | 10.11% |
Class C | 1-Year | 5-Year | Life
of Fund* |
Average Annual Total Returns as of 9/30/21 | |||
Unadjusted for Sales Charge | 24.18% | 6.85% | 4.44% |
Adjusted
for the Maximum Sales Charge (max 1.00% CDSC) |
24.18% | 6.85% | 4.44% |
Russell 1000® Value Index† | 35.01% | 10.94% | 9.16% |
Class R | 1-Year | Life of Fund* |
Average Annual Total Returns as of 9/30/21 | ||
No Sales Charges | 24.92% | 4.89% |
Russell 1000® Value Index† | 35.01% | 9.79% |
Class R6 | 1-Year | 5-Year | Life
of Fund* |
Average Annual Total Returns as of 9/30/21 | |||
No Sales Charges | 25.68% | 8.08% | 5.62% |
Russell 1000® Value Index† | 35.01% | 10.94% | 9.16% |
Class S | 1-Year | 5-Year | Life
of Fund* |
Average Annual Total Returns as of 9/30/21 | |||
No Sales Charges | 25.63% | 8.05% | 5.56% |
Russell 1000® Value Index† | 35.01% | 10.94% | 9.16% |
DWS CROCI® U.S. Fund | | | 9 |
Institutional Class | 1-Year | 5-Year | Life
of Fund* |
Average Annual Total Returns as of 9/30/21 | |||
No Sales Charges | 25.65% | 8.00% | 5.56% |
Russell 1000® Value Index† | 35.01% | 10.94% | 9.16% |
10 | | | DWS CROCI® U.S. Fund |
* | The 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. |
† | Russell 1000® Value Index is an unmanaged market capitalization-weighted index of value-oriented stocks of the largest U.S. domiciled companies that are included in the Russell 1000 Index. Value-oriented stocks tend to have lower price-to-book ratios and lower forecasted growth values. Russell 1000 Index is an unmanaged price-only index of the 1,000 largest capitalized companies that are domiciled in the U.S. and whose common stocks are traded. |
Class A | Class T | Class C | Class R | Class R6 | Class S | Institutional
Class | |
Net Asset Value | |||||||
9/30/21 | $12.02 | $12.02 | $11.84 | $12.00 | $12.04 | $12.04 | $12.03 |
9/30/20 | $ 9.80 | $ 9.81 | $ 9.66 | $ 9.78 | $ 9.82 | $ 9.82 | $ 9.81 |
Distribution Information as of 9/30/21 | |||||||
Income Dividends, Twelve Months | $ .22 | $ .23 | $ .14 | $ .19 | $ .26 | $ .26 | $ .26 |
DWS CROCI® U.S. Fund | | | 11 |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) | 9/30/21 | 9/30/20 |
Common Stocks | 100% | 99% |
Cash Equivalents | 0% | 1% |
100% | 100% |
Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral) | 9/30/21 | 9/30/20 |
Information Technology | 32% | 18% |
Health Care | 21% | 27% |
Financials | 11% | 12% |
Consumer Discretionary | 10% | 5% |
Consumer Staples | 10% | 20% |
Industrials | 7% | 5% |
Communication Services | 7% | 13% |
Materials | 1% | — |
Energy | 1% | — |
100% | 100% |
12 | | | DWS CROCI® U.S. Fund |
Ten Largest Equity Holdings at September 30, 2021 (34.2% of Net Assets) | |
1 Facebook, Inc. | 5.0% |
Operator of social networking Web site | |
2 SS&C Technologies Holdings, Inc. | 4.8% |
Developer of financial software solutions | |
3 Johnson & Johnson | 4.5% |
Provider of health care products | |
4 Oracle Corp. | 3.3% |
Provider of database management software | |
5 Broadcom, Inc. | 3.2% |
Designer and developer of digital analog semiconductors | |
6 Expeditors International of Washington, Inc. | 3.0% |
Provider of international logistics services | |
7 Cisco Systems, Inc. | 2.8% |
Developer of computer network products | |
8 Philip Morris International, Inc. | 2.6% |
Seller and distributor of tobacco products | |
9 Pfizer, Inc. | 2.6% |
Manufacturer of prescription pharmaceuticals and nonprescription self-medications | |
10 Dollar General Corp. | 2.4% |
Operator of chain discount retail stores |
DWS CROCI® U.S. Fund | | | 13 |
Investment Portfolio | as of September 30, 2021 |
Shares | Value ($) | ||
Common Stocks 99.8% | |||
Communication Services 6.7% | |||
Interactive Media & Services 5.0% | |||
Facebook, Inc. “A” * | 102,426 | 34,762,360 | |
Media 1.7% | |||
Fox Corp. “A” (a) | 248,284 | 9,958,671 | |
ViacomCBS, Inc. “B” | 44,590 | 1,761,751 | |
11,720,422 | |||
Consumer Discretionary 10.6% | |||
Distributors 0.3% | |||
Genuine Parts Co. | 17,813 | 2,159,470 | |
Hotels, Restaurants & Leisure 0.6% | |||
Boyd Gaming Corp.* | 64,365 | 4,071,730 | |
Household Durables 1.3% | |||
D.R. Horton, Inc. | 108,002 | 9,068,928 | |
Internet & Direct Marketing Retail 1.3% | |||
eBay, Inc. | 132,667 | 9,242,910 | |
Multiline Retail 2.5% | |||
Dollar General Corp. | 80,738 | 17,127,759 | |
Specialty Retail 4.4% | |||
Advance Auto Parts, Inc. | 8,864 | 1,851,601 | |
AutoNation, Inc.* | 21,498 | 2,617,596 | |
AutoZone, Inc.* | 8,314 | 14,117,089 | |
Bath & Body Works, Inc. | 31,107 | 1,960,674 | |
Lowe’s Companies, Inc. | 49,436 | 10,028,587 | |
30,575,547 | |||
Textiles, Apparel & Luxury Goods 0.2% | |||
Tapestry, Inc. | 43,425 | 1,607,594 | |
Consumer Staples 9.6% | |||
Beverages 0.9% | |||
Constellation Brands, Inc. “A” | 30,826 | 6,494,730 | |
Food & Staples Retailing 2.0% | |||
Kroger Co. | 344,119 | 13,912,731 |
14 | | | DWS CROCI® U.S. Fund |
Shares | Value ($) | ||
Food Products 2.8% | |||
J M Smucker Co. (a) | 107,983 | 12,961,199 | |
Tyson Foods, Inc. “A” | 81,364 | 6,422,874 | |
19,384,073 | |||
Tobacco 3.9% | |||
Altria Group, Inc. | 198,492 | 9,035,356 | |
Philip Morris International, Inc. | 192,767 | 18,272,384 | |
27,307,740 | |||
Energy 1.1% | |||
Oil, Gas & Consumable Fuels | |||
ONEOK, Inc. | 36,128 | 2,095,063 | |
Pioneer Natural Resources Co. (a) | 21,390 | 3,561,649 | |
Williams Companies, Inc. | 76,006 | 1,971,595 | |
7,628,307 | |||
Financials 11.0% | |||
Banks 5.8% | |||
Bank of America Corp. | 203,088 | 8,621,086 | |
JPMorgan Chase & Co. | 79,971 | 13,090,453 | |
SVB Financial Group* | 10,605 | 6,860,162 | |
U.S. Bancorp. (a) | 204,506 | 12,155,837 | |
40,727,538 | |||
Capital Markets 3.9% | |||
Bank of New York Mellon Corp. | 265,001 | 13,737,652 | |
Northern Trust Corp. | 33,328 | 3,593,092 | |
State Street Corp. | 119,677 | 10,139,035 | |
27,469,779 | |||
Consumer Finance 1.3% | |||
Capital One Financial Corp. | 36,115 | 5,849,546 | |
Discover Financial Services | 24,714 | 3,036,115 | |
8,885,661 | |||
Health Care 20.7% | |||
Biotechnology 5.0% | |||
AbbVie, Inc. | 155,949 | 16,822,219 | |
Amgen, Inc. | 65,596 | 13,948,989 | |
Biogen, Inc.* | 13,457 | 3,808,197 | |
34,579,405 | |||
Health Care Providers & Services 6.3% | |||
Cardinal Health, Inc. | 157,580 | 7,793,907 |
DWS CROCI® U.S. Fund | | | 15 |
Shares | Value ($) | ||
HCA Healthcare, Inc. | 30,439 | 7,388,154 | |
Laboratory Corp. of America Holdings* | 42,693 | 12,015,518 | |
McKesson Corp. | 28,575 | 5,697,284 | |
Quest Diagnostics, Inc. | 66,782 | 9,704,092 | |
Tenet Healthcare Corp.* (a) | 26,125 | 1,735,745 | |
44,334,700 | |||
Pharmaceuticals 9.4% | |||
Bristol-Myers Squibb Co. | 270,815 | 16,024,124 | |
Johnson & Johnson | 193,893 | 31,313,719 | |
Pfizer, Inc. | 417,739 | 17,966,954 | |
65,304,797 | |||
Industrials 7.1% | |||
Aerospace & Defense 0.9% | |||
Northrop Grumman Corp. | 16,591 | 5,975,249 | |
Air Freight & Logistics 3.0% | |||
Expeditors International of Washington, Inc. | 176,838 | 21,066,711 | |
Industrial Conglomerates 1.6% | |||
3M Co. | 64,851 | 11,376,162 | |
Machinery 0.8% | |||
Stanley Black & Decker, Inc. | 30,871 | 5,411,995 | |
Professional Services 0.8% | |||
Leidos Holdings, Inc. | 41,014 | 3,942,676 | |
ManpowerGroup, Inc. | 16,877 | 1,827,441 | |
5,770,117 | |||
Information Technology 31.7% | |||
Communications Equipment 2.8% | |||
Cisco Systems, Inc. | 357,370 | 19,451,649 | |
Electronic Equipment, Instruments & Components 1.0% | |||
Flex Ltd.* | 102,279 | 1,808,293 | |
Jabil, Inc. | 93,927 | 5,482,519 | |
7,290,812 | |||
IT Services 6.6% | |||
Amdocs Ltd. (a) | 211,743 | 16,031,063 | |
Cognizant Technology Solutions Corp. “A” | 179,539 | 13,323,589 | |
International Business Machines Corp. | 118,868 | 16,514,331 | |
45,868,983 | |||
Semiconductors & Semiconductor Equipment 12.7% | |||
Applied Materials, Inc. | 82,806 | 10,659,616 |
16 | | | DWS CROCI® U.S. Fund |
Shares | Value ($) | ||
Broadcom, Inc. | 45,573 | 22,099,715 | |
Intel Corp. | 215,850 | 11,500,488 | |
KLA Corp. | 15,999 | 5,351,825 | |
Lam Research Corp. | 9,570 | 5,446,766 | |
Micron Technology, Inc. | 92,458 | 6,562,669 | |
Qorvo, Inc.* | 38,625 | 6,457,714 | |
QUALCOMM, Inc. | 64,044 | 8,260,395 | |
Skyworks Solutions, Inc. | 49,155 | 8,099,761 | |
Teradyne, Inc. | 37,594 | 4,104,137 | |
88,543,086 | |||
Software 8.1% | |||
Oracle Corp. | 267,128 | 23,274,862 | |
SS&C Technologies Holdings, Inc. | 480,612 | 33,354,473 | |
56,629,335 | |||
Technology Hardware, Storage & Peripherals 0.5% | |||
Hewlett Packard Enterprise Co. | 124,147 | 1,769,095 | |
HP, Inc. | 77,569 | 2,122,288 | |
3,891,383 | |||
Materials 1.3% | |||
Chemicals 0.3% | |||
Olin Corp. | 39,928 | 1,926,526 | |
Containers & Packaging 0.7% | |||
Amcor PLC | 256,857 | 2,976,973 | |
Westrock Co. | 36,621 | 1,824,824 | |
4,801,797 | |||
Metals & Mining 0.3% | |||
Nucor Corp. (a) | 26,548 | 2,614,713 | |
Total Common Stocks (Cost $653,048,308) | 696,984,699 | ||
Securities Lending Collateral 1.7% | |||
DWS
Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.01% (b) (c) (Cost $11,815,247) |
11,815,247 | 11,815,247 | |
Cash Equivalents 0.2% | |||
DWS
Central Cash Management Government Fund, 0.03% (b) (Cost $1,533,116) |
1,533,116 | 1,533,116 |
DWS CROCI® U.S. Fund | | | 17 |
%
of Net Assets |
Value ($) | ||
Total Investment Portfolio (Cost $666,396,671) | 101.7 | 710,333,062 | |
Other Assets and Liabilities, Net | (1.7) | (11,547,565) | |
Net Assets | 100.0 | 698,785,497 |
Value
($) at 9/30/2020 |
Pur-
chases Cost ($) |
Sales
Proceeds ($) |
Net
Real- ized Gain/ (Loss) ($) |
Net
Change in Unreal- ized Appreci- ation (Depreci- ation) ($) |
Income
($) |
Capital
Gain Distri- butions ($) |
Number
of Shares at 9/30/2021 |
Value
($) at 9/30/2021 |
Securities Lending Collateral 1.7% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.01% (b) (c) | ||||||||
15,255,840 | — | 3,440,593 (d) | — | — | 18,833 | — | 11,815,247 | 11,815,247 |
Cash Equivalents 0.2% | ||||||||
DWS Central Cash Management Government Fund, 0.03% (b) | ||||||||
3,880,618 | 75,081,802 | 77,429,304 | — | — | 1,678 | — | 1,533,116 | 1,533,116 |
19,136,458 | 75,081,802 | 80,869,897 | — | — | 20,511 | — | 13,348,363 | 13,348,363 |
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at September 30, 2021 amounted to $11,499,391, which is 1.7% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended September 30, 2021. |
18 | | | DWS CROCI® U.S. Fund |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $696,984,699 | $— | $— | $696,984,699 |
Short-Term Investments (a) | 13,348,363 | — | — | 13,348,363 |
Total | $710,333,062 | $ — | $ — | $710,333,062 |
(a) | See Investment Portfolio for additional detailed categorizations. |
DWS CROCI® U.S. Fund | | | 19 |
Assets | |
Investments in non-affiliated securities, at value (cost $653,048,308) — including $11,499,391 of securities loaned | $ 696,984,699 |
Investment in DWS Government & Agency Securities Portfolio (cost $11,815,247)* | 11,815,247 |
Investment in DWS Central Cash Management Government Fund (cost $1,533,116) | 1,533,116 |
Cash | 10,000 |
Receivable for Fund shares sold | 7,124 |
Dividends receivable | 1,015,433 |
Interest receivable | 662 |
Other assets | 27,294 |
Total assets | 711,393,575 |
Liabilities | |
Payable upon return of securities loaned | 11,815,247 |
Payable for Fund shares redeemed | 183,852 |
Accrued management fee | 252,409 |
Accrued Trustees' fees | 8,749 |
Other accrued expenses and payables | 347,821 |
Total liabilities | 12,608,078 |
Net assets, at value | $ 698,785,497 |
Net Assets Consist of | |
Distributable earnings (loss) | 51,343,126 |
Paid-in capital | 647,442,371 |
Net assets, at value | $ 698,785,497 |
* | Represents collateral on securities loaned. |
20 | | | DWS CROCI® U.S. Fund |
Net Asset Value | |
Class A | |
Net
Asset Value and redemption price per share ($103,234,240 ÷ 8,590,446 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) |
$ 12.02 |
Maximum offering price per share (100 ÷ 94.25 of $12.02) | $ 12.75 |
Class T | |
Net
Asset Value and redemption price per share ($12,917 ÷ 1,074 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)** |
$ 12.02 |
Maximum offering price per share (100 ÷ 97.50 of $12.02) | $ 12.33 |
Class C | |
Net
Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($1,501,485 ÷ 126,764 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) |
$ 11.84 |
Class R | |
Net
Asset Value, offering and redemption price per share ($1,364,481 ÷ 113,728 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) |
$ 12.00 |
Class R6 | |
Net
Asset Value, offering and redemption price per share ($247,865 ÷ 20,583 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) |
$ 12.04 |
Class S | |
Net
Asset Value, offering and redemption price per share ($585,743,450 ÷ 48,657,367 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) |
$ 12.04 |
Institutional Class | |
Net
Asset Value, offering and redemption price per share ($6,681,059 ÷ 555,326 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) |
$ 12.03 |
** | Net asset value and redemption price per share may not recalculate due to rounding of net assets and/or shares outstanding. |
DWS CROCI® U.S. Fund | | | 21 |
Investment Income | |
Income: | |
Dividends | $ 17,809,412 |
Income distributions — DWS Central Cash Management Government Fund | 1,678 |
Securities lending income, net of borrower rebates | 18,833 |
Total income | 17,829,923 |
Expenses: | |
Management fee | 2,946,462 |
Administration fee | 672,487 |
Services to shareholders | 809,249 |
Distribution and service fees | 280,211 |
Custodian fee | 7,439 |
Professional fees | 88,504 |
Reports to shareholders | 47,366 |
Registration fees | 83,942 |
Trustees' fees and expenses | 27,501 |
Other | 35,708 |
Total expenses before expense reductions | 4,998,869 |
Expense reductions | (345) |
Total expenses after expense reductions | 4,998,524 |
Net investment income | 12,831,399 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from investments | 82,997,431 |
Change in net unrealized appreciation (depreciation) on investments | 57,437,122 |
Net gain (loss) | 140,434,553 |
Net increase (decrease) in net assets resulting from operations | $ 153,265,952 |
22 | | | DWS CROCI® U.S. Fund |
Years Ended September 30, | ||
Increase (Decrease) in Net Assets | 2021 | 2020 |
Operations: | ||
Net investment income | $ 12,831,399 | $ 16,069,505 |
Net realized gain (loss) | 82,997,431 | (84,462,942) |
Change
in net unrealized appreciation (depreciation) |
57,437,122 | (14,982,009) |
Net increase (decrease) in net assets resulting from operations | 153,265,952 | (83,375,446) |
Distributions to shareholders: | ||
Class A | (2,109,892) | (7,738,657) |
Class T | (242) | (712) |
Class C | (26,033) | (181,194) |
Class R | (21,927) | (91,003) |
Class R6 | (3,390) | (9,295) |
Class S | (13,329,219) | (41,300,034) |
Institutional Class | (161,563) | (991,341) |
Total distributions | (15,652,266) | (50,312,236) |
Fund share transactions: | ||
Proceeds from shares sold | 23,794,341 | 48,915,957 |
Reinvestment of distributions | 14,877,731 | 47,826,730 |
Payments for shares redeemed | (117,429,156) | (127,898,863) |
Net increase (decrease) in net assets from Fund share transactions | (78,757,084) | (31,156,176) |
Increase (decrease) in net assets | 58,856,602 | (164,843,858) |
Net assets at beginning of period | 639,928,895 | 804,772,753 |
Net assets at end of period | $ 698,785,497 | $ 639,928,895 |
DWS CROCI® U.S. Fund | | | 23 |
DWS CROCI® U.S. Fund — Class A | |||||
Years Ended September 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $9.80 | $11.70 | $11.83 | $11.21 | $9.51 |
Income (loss) from investment operations: | |||||
Net investment incomea | .18 | .21 | .21 | .17 | .16 |
Net realized and unrealized gain (loss) | 2.26 | (1.41) | .04 | .69 | 1.55 |
Total from investment operations | 2.44 | (1.20) | .25 | .86 | 1.71 |
Less distributions from: | |||||
Net investment income | (.22) | (.19) | (.25) | (.11) | (.01) |
Net realized gains | — | (.51) | (.13) | (.13) | — |
Total distributions | (.22) | (.70) | (.38) | (.24) | (.01) |
Net asset value, end of period | $12.02 | $9.80 | $11.70 | $11.83 | $11.21 |
Total Return (%)b | 25.24 | (11.40) | 2.61 | 7.87 | 17.94 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 103 | 101 | 132 | 147 | 154 |
Ratio of expenses (%) | .98 | 1.01 | .99 | 1.01 | .96 |
Ratio of net investment income (%) | 1.59 | 1.94 | 1.88 | 1.48 | 1.50 |
Portfolio turnover rate (%) | 108 | 138 | 95 | 98 | 100 |
a | Based on average shares outstanding during the period. |
b | Total return does not reflect the effect of any sales charges. |
24 | | | DWS CROCI® U.S. Fund |
DWS CROCI® U.S. Fund — Class T | |||||
Years Ended September 30, | Period
Ended | ||||
2021 | 2020 | 2019 | 2018 | 9/30/17 a | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $9.81 | $11.71 | $11.85 | $11.21 | $10.68 |
Income (loss) from investment operations: | |||||
Net investment incomeb | .19 | .21 | .22 | .18 | .05 |
Net realized and unrealized gain (loss) | 2.25 | (1.40) | .03 | .69 | .48 |
Total from investment operations | 2.44 | (1.19) | .25 | .87 | .53 |
Less distributions from: | |||||
Net investment income | (.23) | (.20) | (.26) | (.10) | — |
Net realized gains | — | (.51) | (.13) | (.13) | — |
Total distributions | (.23) | (.71) | (.39) | (.23) | — |
Net asset value, end of period | $12.02 | $9.81 | $11.71 | $11.85 | $11.21 |
Total Return (%)c | 25.23 | (11.32) | 2.70 | 7.87 | 4.96 d* |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ thousands) | 13 | 10 | 12 | 11 | 10 |
Ratio of expenses before expense reductions (%) | .94 | .92 | .92 | .93 | 1.05 ** |
Ratio of expenses after expense reductions (%) | .94 | .92 | .92 | .93 | 1.04 ** |
Ratio of net investment income (%) | 1.63 | 2.04 | 1.97 | 1.57 | 1.53 ** |
Portfolio turnover rate (%) | 108 | 138 | 95 | 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. |
* | Not annualized |
** | Annualized |
DWS CROCI® U.S. Fund | | | 25 |
DWS CROCI® U.S. Fund — Class C | |||||
Years Ended September 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $9.66 | $11.55 | $11.68 | $11.06 | $9.45 |
Income (loss) from investment operations: | |||||
Net investment incomea | .09 | .12 | .12 | .08 | .08 |
Net realized and unrealized gain (loss) | 2.23 | (1.40) | .05 | .69 | 1.53 |
Total from investment operations | 2.32 | (1.28) | .17 | .77 | 1.61 |
Less distributions from: | |||||
Net investment income | (.14) | (.10) | (.17) | (.02) | — |
Net realized gains | — | (.51) | (.13) | (.13) | — |
Total distributions | (.14) | (.61) | (.30) | (.15) | — |
Net asset value, end of period | $11.84 | $9.66 | $11.55 | $11.68 | $11.06 |
Total Return (%)b | 24.18 | (12.16) c | 1.90 | 7.05 | 17.04 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 2 | 2 | 4 | 6 | 16 |
Ratio of expenses before expense reductions (%) | 1.84 | 1.81 | 1.73 | 1.75 | 1.72 |
Ratio of expenses after expense reductions (%) | 1.84 | 1.78 | 1.73 | 1.75 | 1.72 |
Ratio of net investment income (%) | .78 | 1.15 | 1.11 | .70 | .74 |
Portfolio turnover rate (%) | 108 | 138 | 95 | 98 | 100 |
a | Based on average shares outstanding during the period. |
b | Total return does not reflect the effect of any sales charges. |
c | Total return would have been lower had certain expenses not been reduced. |
26 | | | DWS CROCI® U.S. Fund |
DWS CROCI® U.S. Fund — Class R | |||||
Years Ended September 30, | Period
Ended | ||||
2021 | 2020 | 2019 | 2018 | 9/30/17 a | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $9.78 | $11.68 | $11.82 | $11.19 | $9.67 |
Income (loss) from investment operations: | |||||
Net investment incomeb | .15 | .18 | .17 | .14 | .10 |
Net realized and unrealized gain (loss) | 2.26 | (1.41) | .04 | .70 | 1.42 |
Total from investment operations | 2.41 | (1.23) | .21 | .84 | 1.52 |
Less distributions from: | |||||
Net investment income | (.19) | (.16) | (.22) | (.08) | — |
Net realized gains | — | (.51) | (.13) | (.13) | — |
Total distributions | (.19) | (.67) | (.35) | (.21) | — |
Net asset value, end of period | $12.00 | $9.78 | $11.68 | $11.82 | $11.19 |
Total Return (%) | 24.92 c | (11.70) c | 2.30 c | 7.54 c | 15.72 * |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 1 | 1 | 2 | 2 | 2 |
Ratio of expenses before expense reductions (%) | 1.29 | 1.33 | 1.34 | 1.39 | 1.27 ** |
Ratio of expenses after expense reductions (%) | 1.28 | 1.30 | 1.29 | 1.29 | 1.27 ** |
Ratio of net investment income (%) | 1.28 | 1.66 | 1.57 | 1.20 | 1.19 ** |
Portfolio turnover rate (%) | 108 | 138 | 95 | 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. |
* | Not annualized |
** | Annualized |
DWS CROCI® U.S. Fund | | | 27 |
DWS CROCI® U.S. Fund — Class R6 | |||||
Years Ended September 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $9.82 | $11.73 | $11.87 | $11.24 | $9.53 |
Income (loss) from investment operations: | |||||
Net investment incomea | .22 | .25 | .26 | .22 | .20 |
Net realized and unrealized gain (loss) | 2.26 | (1.40) | .02 | .70 | 1.54 |
Total from investment operations | 2.48 | (1.15) | .28 | .92 | 1.74 |
Less distributions from: | |||||
Net investment income | (.26) | (.25) | (.29) | (.16) | (.03) |
Net realized gains | — | (.51) | (.13) | (.13) | — |
Total distributions | (.26) | (.76) | (.42) | (.29) | (.03) |
Net asset value, end of period | $12.04 | $9.82 | $11.73 | $11.87 | $11.24 |
Total Return (%) | 25.68 | (11.08) b | 3.07 b | 8.23 b | 18.30 b |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ thousands) | 248 | 127 | 143 | 138 | 128 |
Ratio of expenses before expense reductions (%) | .63 | .65 | .64 | .61 | .62 |
Ratio of expenses after expense reductions (%) | .63 | .63 | .59 | .59 | .61 |
Ratio of net investment income (%) | 1.92 | 2.33 | 2.30 | 1.91 | 1.96 |
Portfolio turnover rate (%) | 108 | 138 | 95 | 98 | 100 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
28 | | | DWS CROCI® U.S. Fund |
DWS CROCI® U.S. Fund — Class S | |||||
Years Ended September 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $9.82 | $11.73 | $11.86 | $11.23 | $9.51 |
Income (loss) from investment operations: | |||||
Net investment incomea | .22 | .24 | .25 | .21 | .19 |
Net realized and unrealized gain (loss) | 2.26 | (1.40) | .03 | .70 | 1.55 |
Total from investment operations | 2.48 | (1.16) | .28 | .91 | 1.74 |
Less distributions from: | |||||
Net investment income | (.26) | (.24) | (.28) | (.15) | (.02) |
Net realized gains | — | (.51) | (.13) | (.13) | — |
Total distributions | (.26) | (.75) | (.41) | (.28) | (.02) |
Net asset value, end of period | $12.04 | $9.82 | $11.73 | $11.86 | $11.23 |
Total Return (%) | 25.63 | (11.08) | 2.98 | 8.17 | 18.33 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 586 | 530 | 660 | 706 | 718 |
Ratio of expenses (%) | .67 | .67 | .67 | .67 | .67 |
Ratio of net investment income (%) | 1.90 | 2.28 | 2.21 | 1.83 | 1.79 |
Portfolio turnover rate (%) | 108 | 138 | 95 | 98 | 100 |
a | Based on average shares outstanding during the period. |
DWS CROCI® U.S. Fund | | | 29 |
DWS CROCI® U.S. Fund — Institutional Class | |||||
Years Ended September 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $9.81 | $11.72 | $11.86 | $11.23 | $9.53 |
Income (loss) from investment operations: | |||||
Net investment incomea | .22 | .25 | .24 | .21 | .19 |
Net realized and unrealized gain (loss) | 2.26 | (1.42) | .03 | .70 | 1.54 |
Total from investment operations | 2.48 | (1.17) | .27 | .91 | 1.73 |
Less distributions from: | |||||
Net investment income | (.26) | (.23) | (.28) | (.15) | (.03) |
Net realized gains | — | (.51) | (.13) | (.13) | — |
Total distributions | (.26) | (.74) | (.41) | (.28) | (.03) |
Net asset value, end of period | $12.03 | $9.81 | $11.72 | $11.86 | $11.23 |
Total Return (%) | 25.65 b | (11.11) b | 2.88 b | 8.18 | 18.20 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 7 | 6 | 7 | 9 | 7 |
Ratio of expenses before expense reductions (%) | .67 | .71 | .71 | .68 | .66 |
Ratio of expenses after expense reductions (%) | .67 | .67 | .69 | .68 | .66 |
Ratio of net investment income (%) | 1.91 | 2.32 | 2.14 | 1.84 | 1.87 |
Portfolio turnover rate (%) | 108 | 138 | 95 | 98 | 100 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
30 | | | DWS CROCI® U.S. Fund |
A. | Organization and Significant Accounting Policies |
DWS CROCI® U.S. Fund | | | 31 |
32 | | | DWS CROCI® U.S. Fund |
DWS CROCI® U.S. Fund | | | 33 |
Undistributed ordinary income* | $ 9,696,571 |
Capital loss carryforwards | $ (1,323,000) |
Net unrealized appreciation (depreciation) on investments | $ 42,969,091 |
34 | | | DWS CROCI® U.S. Fund |
Years Ended September 30, | ||
2021 | 2020 | |
Distributions from ordinary income* | $ 15,652,266 | $ 23,939,981 |
Distributions from long-term capital gains | $ — | $ 26,372,255 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
B. | Purchases and Sales of Securities |
C. | Related Parties |
DWS CROCI® U.S. Fund | | | 35 |
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% |
Class A | 1.09% |
Class T | 1.09% |
Class C | 1.84% |
Class R | 1.30% |
Class R6 | .84% |
Class S | .84% |
Institutional Class | .67% |
36 | | | DWS CROCI® U.S. Fund |
Class A | 1.01% | ||
Class T | 1.01% | ||
Class C | 1.76% | ||
Class R | 1.26% | ||
Class R6 | .67% | ||
Class S | .76% | ||
Institutional Class | .67% |
Class R | $ 142 |
Institutional Class | 203 |
$ 345 |
DWS CROCI® U.S. Fund | | | 37 |
Services to Shareholders | Total
Aggregated |
Unpaid
at September 30, 2021 |
Class A | $ 59,971 | $ 9,556 |
Class T | 26 | 4 |
Class C | 1,884 | 279 |
Class R | 58 | 13 |
Class R6 | 97 | 11 |
Class S | 319,082 | 50,795 |
Institutional Class | 475 | 89 |
$ 381,593 | $ 60,747 |
Sub-Recordkeeping | Total
Aggregated |
Class A | $ 114,426 |
Class C | 2,981 |
Class R | 2,741 |
Class S | 207,034 |
Institutional Class | 7,659 |
$ 334,841 |
Distribution Fee | Total
Aggregated |
Unpaid
at September 30, 2021 |
Class C | $ 13,638 | $ 967 |
Class R | 3,255 | 289 |
$ 16,893 | $ 1,256 |
38 | | | DWS CROCI® U.S. Fund |
Service Fee | Total
Aggregated |
Unpaid
at September 30, 2021 |
Annual
Rate |
Class A | $ 255,673 | $ 44,302 | .24% |
Class T | 18 | 9 | .15% |
Class C | 4,372 | 1,113 | .24% |
Class R | 3,255 | 661 | .25% |
$ 263,318 | $ 46,085 |
DWS CROCI® U.S. Fund | | | 39 |
D. | Line of Credit |
E. | Fund Share Transactions |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 331,528 | $ 3,733,903 | 590,567 | $ 5,963,928 |
Class C | 8,699 | 99,200 | 16,279 | 178,645 |
Class R | 8,528 | 94,162 | 65,092 | 586,818 |
Class R6 | 7,347 | 88,040 | 36 | 378 |
Class S | 521,630 | 5,932,626 | 1,826,059 | 18,153,421 |
Institutional Class | 1,220,691 | 13,846,410 | 2,344,404 | 24,032,767 |
$ 23,794,341 | $ 48,915,957 |
40 | | | DWS CROCI® U.S. Fund |
Year
Ended September 30, 2021 |
Year
Ended September 30, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 193,559 | $ 2,024,624 | 610,286 | $ 7,475,998 |
Class T | 23 | 242 | 58 | 712 |
Class C | 2,498 | 25,926 | 13,396 | 162,897 |
Class R | 2,094 | 21,927 | 7,423 | 91,003 |
Class R6 | 325 | 3,390 | 759 | 9,295 |
Class S | 1,209,575 | 12,640,059 | 3,194,358 | 39,098,601 |
Institutional Class | 15,475 | 161,563 | 80,737 | 988,224 |
$ 14,877,731 | $ 47,826,730 | |||
Shares redeemed | ||||
Class A | (2,230,100) | $ (24,501,470) | (2,176,583) | $ (23,003,614) |
Class C | (87,699) | (999,067) | (144,131) | (1,512,100) |
Class R | (13,532) | (145,166) | (98,433) | (901,645) |
Class R6 | (30) | (309) | (73) | (896) |
Class S | (7,028,315) | (76,968,307) | (7,349,560) | (77,833,465) |
Institutional Class | (1,314,377) | (14,814,837) | (2,427,602) | (24,647,143) |
$ (117,429,156) | $ (127,898,863) | |||
Net increase (decrease) | ||||
Class A | (1,705,013) | $ (18,742,943) | (975,730) | $ (9,563,688) |
Class T | 23 | 242 | 58 | 712 |
Class C | (76,502) | (873,941) | (114,456) | (1,170,558) |
Class R | (2,910) | (29,077) | (25,918) | (223,824) |
Class R6 | 7,642 | 91,121 | 722 | 8,777 |
Class S | (5,297,110) | (58,395,622) | (2,329,143) | (20,581,443) |
Institutional Class | (78,211) | (806,864) | (2,461) | 373,848 |
$ (78,757,084) | $ (31,156,176) |
F. | Other — COVID-19 Pandemic |
DWS CROCI® U.S. Fund | | | 41 |
42 | | | DWS CROCI® U.S. Fund |
DWS CROCI® U.S. Fund | | | 43 |
44 | | | DWS CROCI® U.S. Fund |
— | 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. |
DWS CROCI® U.S. Fund | | | 45 |
Actual Fund Return | Class A | Class T | Class C | Class R | Class R6 | Class S | Institutional
Class |
Beginning Account Value 4/1/21 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 9/30/21 | $1,035.30 | $1,034.40 | $1,029.60 | $1,033.60 | $1,036.10 | $1,036.10 | $1,036.20 |
Expenses Paid per $1,000* | $ 4.95 | $ 4.69 | $ 9.41 | $ 6.53 | $ 3.16 | $ 3.37 | $ 3.42 |
Hypothetical 5% Fund Return | Class A | Class T | Class C | Class R | Class R6 | Class S | Institutional
Class |
Beginning Account Value 4/1/21 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 9/30/21 | $1,020.21 | $1,020.46 | $1,015.79 | $1,018.65 | $1,021.96 | $1,021.76 | $1,021.71 |
Expenses Paid per $1,000* | $ 4.91 | $ 4.66 | $ 9.35 | $ 6.48 | $ 3.14 | $ 3.35 | $ 3.40 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class T | Class C | Class R | Class R6 | Class S | Institutional
Class |
DWS CROCI® U.S. Fund | .97% | .92% | 1.85% | 1.28% | .62% | .66% | .67% |
46 | | | DWS CROCI® U.S. Fund |
Tax Information | (Unaudited) |
DWS CROCI® U.S. Fund | | | 47 |
— | During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees” ). |
— | The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant” ). |
— | The Board also received extensive information throughout the year regarding performance of the Fund. |
— | The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations. |
— | In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements. |
48 | | | DWS CROCI® U.S. Fund |
DWS CROCI® U.S. Fund | | | 49 |
50 | | | DWS CROCI® U.S. Fund |
DWS CROCI® U.S. Fund | | | 51 |
52 | | | DWS CROCI® U.S. Fund |
Name,
Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 |
Business
Experience and Directorships During the Past Five Years |
Number
of Funds in DWS Fund Complex Overseen |
Other
Directorships Held by Board Member |
Keith R. Fox, CFA (1954)Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) | 72 | — |
DWS CROCI® U.S. Fund | | | 53 |
Name,
Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 |
Business
Experience and Directorships During the Past Five Years |
Number
of Funds in DWS Fund Complex Overseen |
Other
Directorships Held by Board Member |
John W. Ballantine (1946)Board Member since 1999 | Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); Not-for-Profit Directorships: Palm Beach Civic Assn.; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; Former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population wellbeing and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company (2003–2021); and Prisma Energy International; Former Not-for-Profit Directorships: Public Radio International | 72 | — |
Dawn-Marie Driscoll (1946)Board Member since 1987 | Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 72 | — |
54 | | | DWS CROCI® U.S. Fund |
Name,
Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 |
Business
Experience and Directorships During the Past Five Years |
Number
of Funds in DWS Fund Complex Overseen |
Other
Directorships Held by Board Member |
Richard J. Herring (1946)Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (1994–2020); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018) | 72 | Director, Aberdeen Japan Fund (since 2007) |
William McClayton (1944)Board Member since 2004 | Private equity investor (since October 2009); formerly: Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Former Directorships: Board of Managers, YMCA of Metropolitan Chicago; Trustee, Ravinia Festival | 72 | — |
Rebecca W. Rimel (1951)Board Member since 1995 | Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); Director, The Bridgespan Group (nonprofit organization) (since October 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021) | 72 | Director,
Becton Dickinson and Company2 (medical technology company) (2012–present) |
William N. Searcy, Jr. (1946)Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 72 | — |
DWS CROCI® U.S. Fund | | | 55 |
Name,
Year of Birth, Position with the Trust/Corporation and Length of Time Served4 |
Business
Experience and Directorships During the Past Five Years |
Hepsen Uzcan5 (1974)President and Chief Executive Officer, 2017–present | Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present) |
John Millette6 (1962)Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford7 (1984)Assistant Secretary, (2019–present) | Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated Tax Solutions. |
Diane Kenneally6 (1966)Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
Paul Antosca6 (1957)Assistant Treasurer, 2007–present | Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
Sheila Cadogan6 (1966)Assistant Treasurer, 2017–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan6 (1970)Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
56 | | | DWS CROCI® U.S. Fund |
Name,
Year of Birth, Position with the Trust/Corporation and Length of Time Served4 |
Business
Experience and Directorships During the Past Five Years |
Caroline Pearson6 (1962)Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021) |
Christian
Rijs5 (1980)Anti-Money Laundering Compliance Officer, since October 6, 2021 |
DWS Americas Head of Anti-Financial Crime and AML Officer, DWS; AML Officer, DWS Trust Company (since October 6, 2021); AML Officer, DBX ETF Trust (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since October 6, 2021.); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
4 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
5 | Address: 875 Third Avenue, New York, NY 10022. |
6 | Address: 100 Summer Street, Boston, MA 02110. |
7 | Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256. |
DWS CROCI® U.S. Fund | | | 57 |
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 posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information. |
Principal Underwriter | If
you have questions, comments or complaints, contact:DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148 |
58 | | | DWS CROCI® U.S. Fund |
Investment Management | DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor” ), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group” ), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group. |
DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles. |
Class A | Class 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 Class R6 | ||
Automated Information Line | DWS/Ascensus Plan Access (800) 728-3337 | |
24-hour access to your retirement plan account. | ||
Web Site | dws.com | |
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | ||
Log in/register to manage retirement account assets at https://www.mykplan.com/participantsecure_net/login.aspx. | ||
For More Information | (800) 728-3337 | |
To speak with a service representative. | ||
Written Correspondence | DWS
Service Company222 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 |
DWS CROCI® U.S. Fund | | | 59 |
(b) Not applicable | |
ITEM 2. | CODE OF ETHICS |
As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer.
There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.
A copy of the code of ethics is filed as an exhibit to this Form N-CSR. | |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. William McClayton, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. | |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
DWS CROCI US Fund
form n-csr disclosure re: AUDIT FEES
The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
Fiscal Year Ended September 30, |
Audit Fees Billed to Fund | Audit-Related Fees Billed to Fund |
Tax Fees Billed to Fund | All Other Fees Billed to Fund |
2021 | $53,933 | $0 | $7,880 | $0 |
2020 | $53,933 | $0 | $8,565 | $0 |
The above “Tax Fees” were billed for professional services rendered for tax preparation.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers
The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.
Fiscal Year Ended September 30, |
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers |
Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
2021 | $0 | $487,049 | $0 |
2020 | $0 | $625,431 | $0 |
The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.
Non-Audit Services
The following table shows the amount of fees that EY billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s independence.
Fiscal Year Ended September 30, |
Total Non-Audit Fees Billed to Fund (A) |
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B) |
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C) |
Total of (A), (B) and (C) |
2021 | $7,880 | $487,049 | $0 | $494,929 |
2020 | $8,565 | $625,431 | $0 | $633,996 |
All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.
Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.
***
In connection with the audit of the 2020 and 2021 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.
***
Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund’s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue to act as the Independent Registered Public Accounting Firm for the Fund.
· | EY advised the Fund’s Audit Committee that various covered persons within EY and EY’s affiliates held investments in, or had other financial relationships with, entities within the DWS Funds “investment company complex” (as defined in Regulation S-X) (the “DWS Funds Complex”). EY informed the Audit Committee that these investments and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none of the breaches involved any professionals who were part of the audit engagement team for the Fund or in the position to influence the audit engagement team for the Fund. |
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 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) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | DWS CROCI® U.S. Fund, a series of Deutsche DWS Investment Trust |
By: |
/s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 11/29/2021 |
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: | 11/29/2021 |
By: |
/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 11/29/2021 |
DWS
Principal Executive and Principal Financial Officer Code of Ethics
For the Registered Management Investment Companies Listed on Appendix A
Effective Date
January 31, 2005
Date Last Reviewed
April 14, 2021
I. Overview | 3 |
II. Purposes of the Officer Code | 3 |
III. Responsibilities of Covered Officers | 4 |
A. Honest and Ethical Conduct | 4 |
B. Conflicts of Interest | 4 |
C. Use of Personal Fund Shareholder Information | 6 |
D. Public Communications | 6 |
E. Compliance with Applicable Laws, Rules and Regulations | 7 |
IV. Violation Reporting | 7 |
A. Overview | 7 |
B. How to Report | 8 |
C. Process for Violation Reporting to the Fund Board | 8 |
D. Sanctions for Code Violations | 8 |
V. Waivers from the Officer Code | 8 |
VI. Amendments to the Code | 9 |
VII. Acknowledgement and Certification of Adherence to the Officer Code | 9 |
VIII. Scope of Responsibilities | 9 |
IX. Recordkeeping | 9 |
X. Confidentiality | 9 |
Appendices | 11 |
Appendix A: List of Officers Covered under the Code, by Board | 11 |
Appendix B: Acknowledgement and Certification | 12 |
Appendix C: Definitions | 14 |
I. | Overview |
This Principal Executive Officer and Principal Financial Officer Code of Ethics (“Officer Code”) sets forth the policies, practices, and values expected to be exhibited in the conduct of the Principal Executive Officers and Principal Financial Officers of the investment companies (each a “Fund” and together, the “Funds”) they serve (“Covered Officers”). A list of Covered Officers and Funds is included on Appendix A.
The Boards of the Funds listed on Appendix A have elected to implement the Officer Code, pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the SEC’s rules thereunder, to promote and demonstrate honest and ethical conduct in their Covered Officers.
DWS represents the asset management activities conducted by DWS Investment Management Americas, Inc., DWS International GmbH or their affiliates that may serve as investment adviser to each Fund. All Covered Officers are also employees of DWS. Thus, in addition to adhering to the Officer Code, these individuals must comply with DWS policies and procedures, such as the DWS Code of Ethics governing personal trading activities, as adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940.[1] In addition, such individuals also must comply with other applicable Fund policies and procedures.
The DWS Compliance Officer, who shall not be a Covered Officer and who shall serve as such subject to the approval of the Fund’s Board (or committee thereof), is primarily responsible for implementing and enforcing this Code. The DWS Compliance Officer has the authority to interpret this Officer Code and its applicability to particular circumstances. Any questions about the Officer Code should be directed to the DWS Compliance Officer.
The DWS Compliance Officer and his or her contact information can be found in Appendix A.
II. | Purposes of the Officer Code |
The purposes of the Officer Code are to deter wrongdoing and to:
· | promote honest and ethical conduct among Covered Officers, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; |
· | promote full, fair, accurate, timely and understandable disclosures in reports and documents that the Funds file with or submit to the SEC (and in other public communications from the Funds) and that are within the Covered Officer’s responsibilities; |
· | promote compliance with applicable laws, rules and regulations; |
· | encourage the prompt internal reporting of violations of the Officer Code to the DWS Compliance Officer; and |
· | establish accountability for adherence to the Officer Code. |
Any questions about the Officer Code should be referred to the DWS Compliance Officer.
III. | Responsibilities of Covered Officers |
It is the duty of every Covered Officer to encourage and demonstrate honest and ethical conduct, as well as adhere to and require adherence to the Officer Code and any other applicable policies and procedures designed to promote this behavior. Covered Officers must at all times conduct themselves with integrity and distinction, putting first the interests of the Fund(s) they serve. Covered Officers must be honest and candid while maintaining confidentiality of information where required by law, DWS policy or Fund policy.
Covered Officers also must, at all times, act in good faith, responsibly and with due care, competence and diligence, without misrepresenting or being misleading about material facts or allowing their independent judgment to be subordinated. Covered Officers also should maintain skills appropriate and necessary for the performance of their duties for the Fund(s). Covered Officers also must responsibly use and control all Fund assets and resources entrusted to them.
Covered Officers may not retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of the Officer Code or applicable laws or regulations. Covered Officers should create an environment that encourages the exchange of information, including concerns of the type that this Code is designed to address.
A “conflict of interest” occurs when a Covered Officer’s personal interests interfere with the interests of the Fund for which he or she serves as an officer. Covered Officers may not improperly use their position with a Fund for personal or private gain to themselves, their family, or any other person. Similarly, Covered Officers may not use their personal influence or personal relationships to influence decisions or other Fund business or operational matters where they would benefit personally at the Fund’s expense or to the Fund’s detriment. Covered Officers may not cause the Fund to take action, or refrain from taking action, for their personal benefit at the Fund’s expense or to the Fund’s detriment. Some examples of conflicts of interest follow (this is not an all-inclusive list): being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member who is an employee of a Fund service provider or is otherwise associated with the Fund; or having an ownership interest in, or having any consulting or employment relationship with, any Fund service provider other than DWS or its affiliates.
Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Fund that already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as “affiliated persons” of the Fund. Covered Officers must comply with applicable laws and regulations. Therefore, any violations of existing statutory and regulatory prohibitions on individual behavior could be considered a violation of this Code.
As to conflicts arising from, or as a result of the advisory relationship (or any other relationships) between the Fund and DWS, of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to DWS’s fiduciary duties to the Fund, the Covered Officers will in the normal course of their duties (whether formally for the Fund or for DWS, or for both) be involved in establishing policies and implementing decisions which will have different effects on DWS and the Fund. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contract relationship between the Fund and DWS, and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Fund.
Covered Officers should avoid actual conflicts of interest, and appearances of conflicts of interest, between the Covered Officer’s duties to the Fund and his or her personal interests beyond those contemplated or anticipated by applicable regulatory schemes. If a Covered Officer suspects or knows of a conflict or an appearance of one, the Covered Officer must immediately report the matter to the DWS Compliance Officer. If a Covered Officer, in lieu of reporting such a matter to the DWS Compliance Officer, may report the matter directly to the Fund’s Board (or committee thereof), as appropriate (e.g., if the conflict involves the DWS Compliance Officer or the Covered Officer reasonably believes it would be futile to report the matter to the DWS Compliance Officer).
When actual, apparent or suspected conflicts of interest arise in connection with a Covered Officer, DWS personnel aware of the matter should promptly contact the DWS Compliance Officer. There will be no reprisal or retaliation against the person reporting the matter.
Upon receipt of a report of a possible conflict, the DWS Compliance Officer will take steps to determine whether a conflict exists. In so doing, the DWS Compliance Officer may take any actions he or she determines to be appropriate in his or her sole discretion and may use all reasonable resources, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.[2] The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund’s Board (or committee thereof). Otherwise, such costs will be borne by DWS or other appropriate Fund service provider.
After full review of a report of a possible conflict of interest, the DWS Compliance Officer may determine that no conflict or reasonable appearance of a conflict exists. If, however, the DWS Compliance Officer determines that an actual conflict exists, the Compliance Officer will resolve the conflict solely in the interests of the Fund, and will report the conflict and its resolution to the Fund’s Board (or committee thereof). If the DWS Compliance Officer determines that the appearance of a conflict exists, the DWS Compliance Officer will take appropriate steps to remedy such appearance. In lieu of determining whether a conflict exists and/or resolving a conflict, the DWS Compliance Officer instead may refer the matter to the Fund’s Board (or committee thereof), as appropriate. However, the DWS Compliance Officer must refer the matter to the Fund’s Board (or committee thereof) if the DWS Compliance Officer is directly involved in the conflict or under similar appropriate circumstances.
After responding to a report of a possible conflict of interest, the DWS Compliance Officer will discuss the matter with the person reporting it (and with the Covered Officer at issue, if different) for purposes of educating those involved on conflicts of interests (including how to detect and avoid them, if appropriate).
Appropriate resolution of conflicts may restrict the personal activities of the Covered Officer and/or his family, friends or other persons.
Solely because a conflict is disclosed to the DWS Compliance Officer (and/or the Board or Committee thereof) and/or resolved by the DWS Compliance Officer does not mean that the conflict or its resolution constitutes a waiver from the Code’s requirements.
Any questions about conflicts of interests, including whether a particular situation might be a conflict or an appearance of one, should be directed to the DWS Compliance Officer.
C. Use of Personal Fund Shareholder Information
A Covered Officer may not use or disclose personal information about Fund shareholders, except in the performance of his or her duties for the Fund. Each Covered Officer also must abide by the Funds’ and DWS’s privacy policies under SEC Regulation S-P.
In connection with his or her responsibilities for or involvement with a Fund’s public communications and disclosure documents (e.g., shareholder reports, registration statements, press releases), each Covered Officer must provide information to Fund service providers (within the DWS organization or otherwise) and to the Fund’s Board (and any committees thereof), independent auditors, government regulators and self-regulatory organizations that is fair, accurate, complete, objective, relevant, timely and understandable.
Further, within the scope of their duties, Covered Officers having direct or supervisory authority over Fund disclosure documents or other public Fund communications will, to the extent appropriate within their area of responsibility, endeavor to ensure full, fair, timely, accurate and understandable disclosure in Fund disclosure documents. Such Covered Officers will oversee, or appoint others to oversee, processes for the timely and accurate creation and review of all public reports and regulatory filings. Within the scope of his or her responsibilities as a Covered Officer, each Covered Officer also will familiarize himself or herself with the disclosure requirements applicable to the Fund, as well as the business and financial operations of the Fund. Each Covered Officer also will adhere to, and will promote adherence to, applicable disclosure controls, processes and procedures, including DWS’s Disclosure Controls and Procedures, which govern the process by which Fund disclosure documents are created and reviewed.
To the extent that Covered Officers participate in the creation of a Fund’s books or records, they must do so in a way that promotes the accuracy, fairness and timeliness of those records.
E. Compliance with Applicable Laws, Rules and Regulations
In connection with his or her duties and within the scope of his or her responsibilities as a Covered Officer, each Covered Officer must comply with governmental laws, rules and regulations, accounting standards, and Fund policies/procedures that apply to his or her role, responsibilities and duties with respect to the Funds (“Applicable Laws”). These requirements do not impose on Covered Officers any additional substantive duties. Additionally, Covered Officers should promote compliance with Applicable Laws.
If a Covered Officer knows of any material violations of Applicable Laws or suspects that such a violation may have occurred, the Covered Officer is expected to promptly report the matter to the DWS Compliance Officer.
IV. | Violation Reporting |
Each Covered Officer must promptly report to the DWS Compliance Officer, and promote the reporting of, any known or suspected violations of the Officer Code. Failure to report a violation may be a violation of the Officer Code.
Examples of violations of the Officer Code include, but are not limited to, the following:
· | Unethical or dishonest behavior |
· | Obvious lack of adherence to policies surrounding review and approval of public communications and regulatory filings |
· | Failure to report violations of the Officer Code |
· | Known or obvious deviations from Applicable Laws |
· | Failure to acknowledge and certify adherence to the Officer Code |
The DWS Compliance Officer has the authority to take any and all action he or she considers appropriate in his or her sole discretion to investigate known or suspected Code violations, including consulting with the Fund’s Board, the independent Board members, a Board committee, the Fund’s legal counsel and/or counsel to the independent Board members. The Compliance Officer also has the authority to use all reasonable resources to investigate violations, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.[3] The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund’s Board (or committee thereof). Otherwise, such costs will be borne by DWS.
B. | How to Report |
Any known or suspected violations of the Officer Code must be promptly reported to the DWS Compliance Officer.
C. | Process for Violation Reporting to the Fund Board |
The DWS Compliance Officer will promptly report any violations of the Code to the Fund’s Board (or committee thereof).
D. | Sanctions for Code Violations |
Violations of the Code will be taken seriously. In response to reported or otherwise known violations, DWS and the relevant Fund’s Board may impose sanctions within the scope of their respective authority over the Covered Officer at issue. Sanctions imposed by DWS could include termination of employment. Sanctions imposed by a Fund’s Board could include termination of association with the Fund.
V. | Waivers from the Officer Code |
A Covered Officer may request a waiver from the Officer Code by transmitting a written request for a waiver to the DWS Compliance Officer.[4] The request must include the rationale for the request and must explain how the waiver would be in furtherance of the standards of conduct described in and underlying purposes of the Officer Code. The DWS Compliance Officer will present this information to the Fund’s Board (or committee thereof). The Board (or committee) will determine whether to grant the requested waiver. If the Board (or committee) grants the requested waiver, the DWS Compliance Officer thereafter will monitor the activities subject to the waiver, as appropriate, and will promptly report to the Fund’s Board (or committee thereof) regarding such activities, as appropriate.
The DWS Compliance Officer will coordinate and facilitate any required public disclosures of any waivers granted or any implicit waivers.
VI. | Amendments to the Code |
The DWS Compliance Officer will review the Officer Code from time to time for its continued appropriateness and will propose any amendments to the Fund’s Board (or committee thereof) on a timely basis. In addition, the Board (or committee thereof) will review the Officer Code at least annually for its continued appropriateness and may amend the Code as necessary or appropriate.
The DWS Compliance Officer will coordinate and facilitate any required public disclosures of Code amendments.
VII. | Acknowledgement and Certification of Adherence to the Officer Code |
Each Covered Officer must sign a statement upon appointment as a Covered Officer and annually thereafter acknowledging that he or she has received and read the Officer Code, as amended or updated, and confirming that he or she has complied with it (see Appendix B: Acknowledgement and Certification of Obligations Under the Officer Code).
Understanding and complying with the Officer Code and truthfully completing the Acknowledgement and Certification Form is each Covered Officer’s obligation.
The DWS Compliance Officer will maintain such Acknowledgements in the Fund’s books and records.
VIII. | Scope of Responsibilities |
A Covered Officer’s responsibilities under the Officer Code are limited to:
(1) | Fund matters over which the Officer has direct responsibility or control, matters in which the Officer routinely participates, and matters with which the Officer is otherwise involved (i.e., matters within the scope of the Covered Officer’s responsibilities as a Fund officer); and |
(2) | Fund matters of which the Officer has actual knowledge. |
IX. | Recordkeeping |
The DWS Compliance Officer will create and maintain appropriate records regarding the implementation and operation of the Officer Code, including records relating to conflicts of interest determinations and investigations of possible Code violations.
X. | Confidentiality |
All reports and records prepared or maintained pursuant to this Officer Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Officer Code, such matters shall not be disclosed to anyone other than the DWS Compliance Officer, the Fund’s Board (or committee thereof), legal counsel, independent auditors, and any consultants engaged by the Compliance Officer.
Appendix A: List of Officers Covered under the Code, by Board
Fund Board | Principal Executive Officer | Principal Financial Officer | Treasurer |
DWS Funds | Hepsen Uzcan | Diane Kenneally | Diane Kenneally |
Germany Funds* | Hepsen Uzcan | Diane Kenneally | Diane Kenneally |
* | The Central and Eastern Europe Fund, Inc., The European Equity Fund, Inc. and |
The New Germany Fund, Inc.
DWS Compliance Officer:
Scott Hogan
Chief Compliance Officer of the DWS Funds/Germany Funds
Phone: (617) 295-3986
Email: scott-d.hogan@dws.com
As of: April 14, 2021
Appendix B: Acknowledgement and Certification
Initial Acknowledgement and Certification
of Obligations Under the Officer Code
Print Name Department Location Telephone
1. | I acknowledge and certify that I am a Covered Officer under the DWS Principal Executive and Financial Officer Code of Ethics (“Officer Code”), and therefore subject to all of its requirements and provisions. |
2. | I have received and read the Officer Code and I understand the requirements and provisions set forth in the Officer Code. |
3. | I have disclosed any conflicts of interest of which I am aware to the DWS Compliance Officer. |
4. | I will act in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders. |
5. | I will report any known or suspected violations of the Officer Code in a timely manner to the DWS Compliance Officer. |
______________________________ ____________________
Signature Date
Annual Acknowledgement and Certification
of Obligations Under the Officer Code
Print Name Department Location Telephone
1. | I acknowledge and certify that I am a Covered Officer under the DWS Principal Executive and Financial Officer Code of Ethics (“Officer Code”), and therefore subject to all of its requirements and provisions. |
2. | I have received and read the Officer Code, and I understand the requirements and provisions set forth in the Officer Code. |
3. | I have adhered to the Officer Code. |
4. | I have not knowingly been a party to any conflict of interest, nor have I had actual knowledge about actual or apparent conflicts of interest that I did not report to the DWS Compliance Officer in accordance with the Officer Code’s requirements. |
5. | I have acted in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders. |
6. | With respect to the duties I perform for the Fund as a Fund officer, I believe that effective processes are in place to create and file public reports and documents in accordance with applicable regulations. |
7. | With respect to the duties I perform for the Fund as a Fund officer, I have complied to the best of my knowledge with all Applicable Laws (as that term is defined in the Officer Code) and have appropriately monitored those persons under my supervision for compliance with Applicable Laws. |
8. | I have reported any known or suspected violations of the Officer Code in a timely manner to the DWS Compliance Officer. |
______________________________ ____________________
Signature Date
Individual holding the office of President of the Fund or series of Funds, or a person performing a similar function.
Principal Financial Officer
Individual holding the office of Treasurer of the Fund or series of Funds, or a person performing a similar function.
Registered Investment Management Investment Company
Registered investment companies other than a face-amount certificate company or a unit investment trust.
Waiver
A waiver is an approval of an exemption from a Code requirement.
Implicit Waiver
An implicit waiver is the failure to take action within a reasonable period of time regarding a material departure from a requirement or provision of the Officer Code that has been made known to the DWS Compliance Officer or the Fund’s Board (or committee thereof).
[1] The obligations imposed by the Officer Code are separate from, and in addition to, any obligations imposed under codes of ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, and any other code of conduct applicable to Covered Officers in whatever capacity they serve. The Officer Code does not incorporate any of those other codes and, accordingly, violations of those codes will not necessarily be considered violations of the Officer Code and waivers granted under those codes would not necessarily require a waiver to be granted under this Code. Sanctions imposed under those codes may be considered in determining appropriate sanctions for any violation of this Code.
[2] For example, retaining a Fund’s independent accounting firm may require pre-approval by the Fund’s audit committee.
[3] For example, retaining a Fund’s independent accounting firm may require pre-approval by the Fund’s audit committee.
[4] Of course, it is not a waiver of the Officer Code if the Fund’s Board (or committee thereof) determines that a matter is not a deviation from the Officer Code’s requirements or is otherwise not covered by the Code.
President
Form N-CSR Certification under Sarbanes Oxley Act
I, Hepsen Uzcan, certify that:
1) | I have reviewed this report, filed on behalf of DWS CROCI® U.S. Fund, a series of Deutsche DWS Investment Trust, on Form N-CSR; | ||
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; | ||
4) | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: | ||
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | ||
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | ||
5) | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | ||
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and | ||
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting | ||
11/29/2021 | /s/Hepsen Uzcan |
Hepsen Uzcan | |
President |
Chief Financial Officer and Treasurer
Form N-CSR Certification under Sarbanes Oxley Act
I, Diane Kenneally, certify that:
1) | I have reviewed this report, filed on behalf of DWS CROCI® U.S. Fund, a series of Deutsche DWS Investment Trust, on Form N-CSR; | ||
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; | ||
4) | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: | ||
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | ||
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | ||
5) | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | ||
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and | ||
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting | ||
11/29/2021 | /s/Diane Kenneally |
Diane Kenneally | |
Chief Financial Officer and Treasurer |
President
Section 906 Certification under Sarbanes Oxley Act
I, Hepsen Uzcan, certify that:
1. | I have reviewed this report, filed on behalf of DWS CROCI® U.S. Fund, a series of Deutsche DWS Investment Trust, on Form N-CSR; |
2. | Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
11/29/2021 | /s/Hepsen Uzcan |
Hepsen Uzcan | |
President |
Chief Financial Officer and Treasurer
Section 906 Certification under Sarbanes Oxley Act
I, Diane Kenneally, certify that:
1. | I have reviewed this report, filed on behalf of DWS CROCI® U.S. Fund, a series of Deutsche DWS Investment Trust, on Form N-CSR; |
2. | Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
11/29/2021 | /s/Diane Kenneally |
Diane Kenneally | |
Chief Financial Officer and Treasurer |