0000088053-22-000419.txt : 20220401 0000088053-22-000419.hdr.sgml : 20220401 20220401095605 ACCESSION NUMBER: 0000088053-22-000419 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20220131 FILED AS OF DATE: 20220401 DATE AS OF CHANGE: 20220401 EFFECTIVENESS DATE: 20220401 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEUTSCHE DWS INVESTMENT TRUST CENTRAL INDEX KEY: 0000088064 IRS NUMBER: 042212654 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-00043 FILM NUMBER: 22796207 BUSINESS ADDRESS: STREET 1: 875 THIRD AVENUE CITY: NEW YORK STATE: NY ZIP: 10022-6225 BUSINESS PHONE: 212-454-4500 MAIL ADDRESS: STREET 1: 875 THIRD AVENUE CITY: NEW YORK STATE: NY ZIP: 10022-6225 FORMER COMPANY: FORMER CONFORMED NAME: DEUTSCHE INVESTMENT TRUST DATE OF NAME CHANGE: 20140811 FORMER COMPANY: FORMER CONFORMED NAME: DWS INVESTMENT TRUST DATE OF NAME CHANGE: 20060207 FORMER COMPANY: FORMER CONFORMED NAME: INVESTMENT TRUST DATE OF NAME CHANGE: 19980529 0000088064 S000005707 DWS Large Cap Focus Growth Fund C000015684 Class A SGGAX C000015687 Class C SGGCX C000015689 Class S SCQGX C000015690 Institutional Class SGGIX N-CSRS 1 sr13122lcfg.htm DWS LARGE CAP FOCUS GROWTH

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

 

FORM N-CSRS

 

Investment Company Act file number: 811-00043

 

Deutsche DWS Investment Trust

(Exact Name of Registrant as Specified in Charter)

 

875 Third Avenue

New York, NY 10022-6225

(Address of Principal Executive Offices) (Zip Code)

 

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

 

Diane Kenneally

100 Summer Street

Boston, MA 02110

(Name and Address of Agent for Service)

 

Date of fiscal year end: 7/31
   
Date of reporting period: 1/31/2022

 

ITEM 1. REPORT TO STOCKHOLDERS
   
  (a)
   

January 31, 2022
Semiannual Report
to Shareholders
DWS Large Cap Focus Growth Fund

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

Letter to Shareholders
Dear Shareholder:
While 2022 began with a moderately positive outlook for the economy given good corporate earnings and continued support from central banks, that shifted in late February as a result of escalating tensions between Russia and Ukraine, leading to a major conflict and subsequently a war. The attack on Ukraine has created an incredible humanitarian crisis as well as an economic and geopolitical emergency. At the time of this letter, our investors are focused on continuously assessing risks and forming opinions on the impact of this crisis on inflation, global trade, and the future of the world economy. As the current situation changes each day there is great uncertainty, and as such, we expect volatility to remain high until this conflict is resolved allowing markets to stabilize.
Our CIO Office expects that decisive interventions by central banks and other authorities will help ease current stress on financial systems. We also expect that the U.S. Federal Reserve (the “Fed” ) will remain on its course to fight increasing inflation expectations by increasing the key interest rates several times over the course of the year. Even more than the Fed, we believe that the European Central Bank (the “ECB” ) will focus on fighting recession and financial security risks as an immediate priority by continuing to monitor the impact of higher energy prices and dependencies on Russian gas imports. This may delay ECB changes to the net asset purchasing program. Our view is that the scope and pace of a future recovery from the resolution of the Ukraine crisis is likely to remain uneven among regions, asset classes and investment sectors.
In our view, the current market environment is one that underscores the value and importance of active portfolio management. We also believe that the strong partnership between our portfolio managers and our CIO Office, which synthesizes the views of more than 900 DWS economists, analysts and investment professionals around the world, makes an important difference in executing strategic and tactical decisions for the DWS Funds. As always, thank you for your trust. We welcome the opportunity to help you navigate these unusual times. For ongoing updates to our market and economic outlook, please visit the “Insights”  section of dws.com.
Best regards,
Hepsen Uzcan
President, DWS Funds
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
DWS Large Cap Focus Growth Fund | 3

Performance Summary January 31, 2022 (Unaudited)
Class A 6-Month 1-Year 5-Year 10-Year
Average Annual Total Returns as of 1/31/22
Unadjusted for Sales Charge –4.71% 9.53% 19.95% 16.34%
Adjusted for the Maximum Sales Charge
(max 5.75% load)
–10.19% 3.24% 18.53% 15.65%
Russell 1000® Growth Index –0.06% 17.52% 22.28% 18.03%
Average Annual Total Returns as of 12/31/21 (most recent calendar quarter end)
Unadjusted for Sales Charge   23.40% 23.71% 18.54%
Adjusted for the Maximum Sales Charge
(max 5.75% load)
  16.31% 22.26% 17.84%
Russell 1000® Growth Index   27.60% 25.32% 19.79%
Class C 6-Month 1-Year 5-Year 10-Year
Average Annual Total Returns as of 1/31/22
Unadjusted for Sales Charge –5.07% 8.71% 19.05% 15.47%
Adjusted for the Maximum Sales Charge
(max 1.00% CDSC)
–5.92% 8.71% 19.05% 15.47%
Russell 1000® Growth Index –0.06% 17.52% 22.28% 18.03%
Average Annual Total Returns as of 12/31/21 (most recent calendar quarter end)
Unadjusted for Sales Charge   22.47% 22.79% 17.66%
Adjusted for the Maximum Sales Charge
(max 1.00% CDSC)
  22.47% 22.79% 17.66%
Russell 1000® Growth Index   27.60% 25.32% 19.79%
Class S 6-Month 1-Year 5-Year 10-Year
Average Annual Total Returns as of 1/31/22
No Sales Charges –4.59% 9.82% 20.25% 16.63%
Russell 1000® Growth Index –0.06% 17.52% 22.28% 18.03%
Average Annual Total Returns as of 12/31/21 (most recent calendar quarter end)
No Sales Charges   23.72% 24.02% 18.84%
Russell 1000® Growth Index   27.60% 25.32% 19.79%
    
4 | DWS Large Cap Focus Growth Fund

Institutional Class 6-Month 1-Year 5-Year 10-Year
Average Annual Total Returns as of 1/31/22
No Sales Charges –4.60% 9.80% 20.26% 16.64%
Russell 1000® Growth Index –0.06% 17.52% 22.28% 18.03%
Average Annual Total Returns as of 12/31/21 (most recent calendar quarter end)
No Sales Charges   23.71% 24.03% 18.86%
Russell 1000® Growth Index   27.60% 25.32% 19.79%
Performance in the Average Annual Total Returns table above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws.com for the Fund’s most recent month-end performance. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.
The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated December 1, 2021 are 1.14%, 1.91%, 0.87% and 0.89% for Class A, Class C, Class S and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.
Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.
Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
DWS Large Cap Focus Growth Fund | 5

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

Yearly periods ended January 31

The Fund’s growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 5.75%. This results in a net initial investment of $9,425.
The growth of $10,000 is cumulative.
Performance of other share classes will vary based on the sales charges and the fee structure of those classes.
The Russell 1000® Growth Index is an unmanaged index that consists of those stocks in the Russell 1000® Index that have higher price-to-book ratios and higher forecasted growth values. The Russell 1000® Index is an unmanaged price-only index of the 1,000 largest capitalized companies that are domiciled in the U.S. and whose common stocks are traded.
Total returns shown for periods less than one year are not annualized.
  Class A Class C Class S Institutional
Class
Net Asset Value
1/31/22 $69.63 $54.01 $74.04 $75.29
7/31/21 $79.81 $63.65 $84.33 $85.64
Distribution Information  as of 1/31/22
Capital Gain Distributions $ 7.10 $ 7.10 $ 7.10 $ 7.10
6 | DWS Large Cap Focus Growth Fund

Portfolio Manager
Sebastian P. Werner, PhD, Head of Investment Strategy Equity
Portfolio Manager of the Fund. Began managing the Fund in 2016.
—  Joined DWS in 2008; previously, he served as a Research Assistant for the Endowed Chair of Asset Management at the European Business School, Oestrich-Winkel while earning his PhD.
—  Portfolio Manager for Global and US Growth Equities: New York.
—  MBA in International Management from the Thunderbird School of Global Management; Master’s Degree (“Diplom-Kaufmann” ) and PhD in Finance (“Dr.rer.pol.” ) from the European Business School, Oestrich-Winkel.
DWS Large Cap Focus Growth Fund | 7

Portfolio Summary (Unaudited)
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) 1/31/22 7/31/21
Common Stocks 98% 99%
Cash Equivalents 2% 1%
  100% 100%
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) 1/31/22 7/31/21
Information Technology 46% 41%
Consumer Discretionary 14% 15%
Health Care 13% 16%
Communication Services 11% 11%
Industrials 9% 7%
Financials 5% 4%
Consumer Staples 2% 2%
Real Estate 2%
Materials 2%
  100% 100%
    
8 | DWS Large Cap Focus Growth Fund

Ten Largest Equity Holdings at January 31, 2022 (54.0% of Net Assets)
 1 Apple, Inc. 11.2%
Designs, manufactures and markets personal computers and related computing and mobile-communication devices  
 2 Microsoft Corp. 10.2%
Develops, manufactures, licenses, sells and supports software products  
 3 Alphabet, Inc. 6.3%
Holding company with subsidiaries that provide Web-based search, maps, hardware products and various software applications  
 4 Amazon.com, Inc. 5.8%
Online retailer offering a wide range of products  
 5 NVIDIA Corp. 4.2%
Designs, develops and markets three dimensional (3D) graphic processors  
 6 Thermo Fisher Scientific, Inc. 3.9%
Manufacturer of measurement instruments that monitor, collect and analyze information for various industries  
 7 Visa, Inc. 3.9%
Operates a retail electronic payments network and manages global financial services  
 8 ServiceNow, Inc. 3.1%
Designs, develops and produces prepackaged computer software, cloud services and IT service management platform  
 9 Progressive Corp. 2.8%
Provider of property and casualty insurance  
10 Globant SA 2.6%
Provider of engineering, design and innovation services  
Portfolio holdings and characteristics are subject to change.
For more complete details about the Fund’s investment portfolio, see page 10. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 39 for contact information.
DWS Large Cap Focus Growth Fund | 9

Investment Portfolio as of January 31, 2022 (Unaudited)
  Shares Value ($)
Common Stocks 98.4%  
Communication Services 10.5%  
Entertainment 1.4%  
Netflix, Inc.*      11,800    5,040,252
Interactive Media & Services 7.9%  
Alphabet, Inc. “A” *       8,750  23,678,112
Match Group, Inc.*      46,000   5,184,200
MediaAlpha, Inc. “A” * (a)      62,100     922,185
      29,784,497
Wireless Telecommunication Services 1.2%  
T-Mobile U.S., Inc.*      42,200    4,564,774
Consumer Discretionary 13.4%  
Diversified Consumer Services 0.4%  
Chegg, Inc.*      55,000    1,455,850
Hotels, Restaurants & Leisure 0.6%  
McDonald’s Corp.       8,000    2,075,600
Internet & Direct Marketing Retail 6.6%  
Amazon.com, Inc.*       7,327  21,918,501
Chewy, Inc. “A” * (a)      58,400   2,780,424
      24,698,925
Leisure Products 1.3%  
YETI Holdings, Inc.*      75,000    4,918,500
Specialty Retail 3.3%  
CarMax, Inc.*      39,200   4,357,864
Home Depot, Inc.      22,000   8,073,560
      12,431,424
Textiles, Apparel & Luxury Goods 1.2%  
Lululemon Athletica, Inc.*      14,000    4,672,640
Consumer Staples 2.5%  
Food & Staples Retailing  
Costco Wholesale Corp.      18,400    9,294,392
Financials 5.0%  
Capital Markets 1.7%  
Intercontinental Exchange, Inc.      52,000    6,586,320
The accompanying notes are an integral part of the financial statements.
10 | DWS Large Cap Focus Growth Fund

  Shares Value ($)
Consumer Finance 0.5%  
SoFi Technologies, Inc.* (a)     146,200    1,824,576
Insurance 2.8%  
Progressive Corp.      96,400 10,474,824
Health Care 13.2%  
Biotechnology 0.8%  
Exact Sciences Corp.*      36,399    2,779,428
Health Care Equipment & Supplies 4.9%  
DexCom, Inc.*      18,700   8,049,976
Hologic, Inc.*      66,000   4,635,840
Intuitive Surgical, Inc.*      20,550   5,839,899
      18,525,715
Health Care Providers & Services 0.6%  
agilon health, Inc.* (a)     142,000    2,354,360
Health Care Technology 0.5%  
Certara, Inc.*      75,500    2,018,115
Life Sciences Tools & Services 4.0%  
Thermo Fisher Scientific, Inc.      25,500 14,823,150
Pharmaceuticals 2.4%  
Zoetis, Inc.      45,350    9,060,476
Industrials 8.8%  
Aerospace & Defense 0.6%  
Axon Enterprise, Inc.*      14,000    1,959,020
Building Products 0.5%  
AZEK Co., Inc.*      56,000    1,849,680
Electrical Equipment 2.7%  
AMETEK, Inc.      53,300   7,289,841
Generac Holdings, Inc.*      10,100   2,852,038
      10,141,879
Industrial Conglomerates 1.5%  
Roper Technologies, Inc.      13,000    5,683,080
Machinery 0.7%  
Kornit Digital Ltd.*      25,500    2,679,030
Professional Services 2.8%  
Clarivate PLC*     300,000   4,938,000
TransUnion      54,400   5,609,728
      10,547,728
The accompanying notes are an integral part of the financial statements.
DWS Large Cap Focus Growth Fund | 11

  Shares Value ($)
Information Technology 45.0%  
IT Services 7.5%  
Fiserv, Inc.*      37,140   3,925,698
Globant SA*      38,000   9,696,840
Visa, Inc. “A”       64,252  14,531,875
      28,154,413
Semiconductors & Semiconductor Equipment 8.6%  
Advanced Micro Devices, Inc.*      69,000   7,883,251
Applied Materials, Inc.      54,100   7,475,538
Azenta, Inc.      15,000   1,265,100
NVIDIA Corp.      64,000  15,671,040
      32,294,929
Software 17.7%  
Atlassian Corp. PLC “A” *      12,000   3,892,080
Datadog, Inc. “A” *      17,500   2,556,925
DocuSign, Inc.*      11,407   1,434,658
Microsoft Corp.     122,650  38,141,697
salesforce.com, Inc.*      36,200   8,421,206
ServiceNow, Inc.*      20,000  11,715,600
      66,162,166
Technology Hardware, Storage & Peripherals 11.2%  
Apple, Inc.     240,187 41,979,884
Total Common Stocks (Cost $154,350,072) 368,835,627
Securities Lending Collateral 1.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.01% (b) (c)
(Cost $6,595,174)
  6,595,174    6,595,174
Cash Equivalents 1.7%
DWS Central Cash Management Government Fund, 0.05% (b) (Cost $6,509,123)   6,509,123    6,509,123
    % of
Net Assets
Value ($)
Total Investment Portfolio (Cost $167,454,369)   101.9 381,939,924
Other Assets and Liabilities, Net   (1.9) (6,946,428)
Net Assets   100.0 374,993,496
The accompanying notes are an integral part of the financial statements.
12 | DWS Large Cap Focus Growth Fund

A summary of the Fund’s transactions with affiliated investments during the period ended January 31, 2022 are as follows:
Value ($)
at
7/31/2021
Pur-
chases
Cost
($)
Sales
Proceeds
($)
Net
Real-
ized
Gain/
(Loss)
($)
Net
Change
in
Unreal-
ized
Appreci-
ation
(Depreci-
ation)
($)
Income
($)
Capital
Gain
Distri-
butions
($)
Number of
Shares at
1/31/2022
Value ($)
at
1/31/2022
Securities Lending Collateral 1.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.01% (b) (c)
26,692,663 20,097,489 (d) 9,145 6,595,174 6,595,174
Cash Equivalents 1.7%
DWS Central Cash Management Government Fund, 0.05% (b)
4,519,877 34,139,369 32,150,123 683 6,509,123 6,509,123
31,212,540 34,139,369 52,247,612 9,828 13,104,297 13,104,297
* 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 January 31, 2022 amounted to $7,004,879, which is 1.9% 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 period ended January 31, 2022.
The accompanying notes are an integral part of the financial statements.
DWS Large Cap Focus Growth Fund | 13

Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of January 31, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.
Assets Level 1 Level 2 Level 3 Total
Common Stocks (a) $368,835,627 $— $— $368,835,627
Short-Term Investments (a)  13,104,297  13,104,297
Total $381,939,924 $ $ $381,939,924
(a) See Investment Portfolio for additional detailed categorizations.
The accompanying notes are an integral part of the financial statements.
14 | DWS Large Cap Focus Growth Fund

Statement of Assets and Liabilities
as of January 31, 2022 (Unaudited)

Assets  
Investments in non-affiliated securities, at value (cost $154,350,072) — including $7,004,879 of securities loaned $ 368,835,627
Investment in DWS Government & Agency Securities Portfolio (cost $6,595,174)*   6,595,174
Investment in DWS Central Cash Management Government Fund (cost $6,509,123)   6,509,123
Foreign currency, at value (cost $527)         520
Receivable for Fund shares sold     230,994
Dividends receivable      14,739
Interest receivable         818
Other assets      43,550
Total assets 382,230,545
Liabilities  
Payable upon return of securities loaned   6,595,174
Payable for Fund shares redeemed     267,617
Accrued management fee     185,034
Accrued Trustees' fees       1,322
Other accrued expenses and payables     187,902
Total liabilities 7,237,049
Net assets, at value $ 374,993,496
Net Assets Consist of  
Distributable earnings (loss) 222,840,726
Paid-in capital 152,152,770
Net assets, at value $ 374,993,496
*  Represents collateral on securities loaned.
The accompanying notes are an integral part of the financial statements.
DWS Large Cap Focus Growth Fund | 15

Statement of Assets and Liabilities as of January 31, 2022 (Unaudited) (continued)

Net Asset Value  
Class A  
Net Asset Value and redemption price per share
($40,995,210 ÷ 588,748 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$       69.63
Maximum offering price per share (100 ÷ 94.25 of $69.63) $       73.88
Class C  
Net Asset Value, offering and redemption price
(subject to contingent deferred sales charge) per share
($4,931,870 ÷ 91,318 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
$       54.01
Class S  
Net Asset Value, offering and redemption price per share
($302,728,094 ÷ 4,088,857 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
$       74.04
Institutional Class  
Net Asset Value, offering and redemption price per share
($26,338,322 ÷ 349,808 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
$       75.29
The accompanying notes are an integral part of the financial statements.
16 | DWS Large Cap Focus Growth Fund

Statement of Operations
for the six months ended January 31, 2022 (Unaudited)

Investment Income  
Income:  
Dividends $  819,146
Interest 527
Income distributions — DWS Central Cash Management Government Fund 683
Securities lending income, net of borrower rebates 10,219
Total income 830,575
Expenses:  
Management fee 1,252,288
Administration fee 197,515
Services to shareholders 197,474
Distribution and service fees 82,334
Custodian fee 2,332
Professional fees 42,088
Reports to shareholders 17,662
Registration fees 27,612
Trustees' fees and expenses 6,500
Other 10,596
Total expenses before expense reductions 1,836,401
Expense reductions (55,516)
Total expenses after expense reductions 1,780,885
Net investment income (loss) (950,310)
Realized and Unrealized Gain (Loss)  
Net realized gain (loss) from investments 14,956,823
Change in net unrealized appreciation (depreciation) on:  
Investments (30,989,477)
Foreign currency (7)
  (30,989,484)
Net gain (loss) (16,032,661)
Net increase (decrease) in net assets resulting from operations $ (16,982,971)
The accompanying notes are an integral part of the financial statements.
DWS Large Cap Focus Growth Fund | 17

Statements of Changes in Net Assets
  Six Months
Ended
January 31, 2022
Year Ended
July 31,
Increase (Decrease) in Net Assets (Unaudited) 2021
Operations:    
Net investment income (loss) $  (950,310) $  (839,469)
Net realized gain (loss) 14,956,823 28,914,987
Change in net unrealized appreciation
(depreciation)
(30,989,484) 68,651,005
Net increase (decrease) in net assets resulting from operations (16,982,971) 96,726,523
Distributions to shareholders:    
Class A (3,883,975) (1,747,910)
Class C (583,005) (352,844)
Class S (26,825,912) (11,377,035)
Institutional Class (1,971,351) (604,553)
Total distributions (33,264,243) (14,082,342)
Fund share transactions:    
Proceeds from shares sold 15,731,881 41,823,945
Reinvestment of distributions 31,745,554 13,459,071
Payments for shares redeemed (22,594,949) (51,599,581)
Net increase (decrease) in net assets from Fund share transactions 24,882,486 3,683,435
Increase (decrease) in net assets (25,364,728) 86,327,616
Net assets at beginning of period 400,358,224 314,030,608
Net assets at end of period $374,993,496 $400,358,224
 
The accompanying notes are an integral part of the financial statements.
18 | DWS Large Cap Focus Growth Fund

Financial Highlights
DWS Large Cap Focus Growth Fund Class A
  Six Months
Ended 1/31/22
Years Ended July 31,
  (Unaudited) 2021 2020 2019 2018 2017
Selected Per Share Data
Net asset value, beginning of period $79.81 $63.63 $50.70 $47.19 $42.39 $38.46
Income (loss) from investment operations:            
Net investment income (loss)a (.27) (.30) (.12) (.04) (.06) .02
Net realized and unrealized gain (loss) (2.81) 19.48 16.01 6.07 6.46 6.61
Total from investment operations (3.08) 19.18 15.89 6.03 6.40 6.63
Less distributions from:            
Net realized gains (7.10) (3.00) (2.96) (2.52) (1.60) (2.70)
Net asset value, end of period $69.63 $79.81 $63.63 $50.70 $47.19 $42.39
Total Return (%)b,c (4.71) * 31.03 32.91 13.92 15.47 18.45
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 41 44 36 29 26 25
Ratio of expenses before
expense reductions (%)
1.13 ** 1.14 1.18 1.22 1.22 1.25
Ratio of expenses after
expense reductions (%)
1.08 ** 1.09 1.12 1.15 1.22 1.21
Ratio of net investment income (loss) (%) (.68) ** (.43) (.23) (.08) (.15) .05
Portfolio turnover rate (%) 9 * 20 21 26 36 30
a Based on average shares outstanding during the period.
b Total return does not reflect the effect of any sales charges.
c Total return would have been lower had certain expenses not been reduced.
* Not annualized
** Annualized
The accompanying notes are an integral part of the financial statements.
DWS Large Cap Focus Growth Fund | 19

DWS Large Cap Focus Growth Fund Class C
  Six Months
Ended 1/31/22
Years Ended July 31,
  (Unaudited) 2021 2020 2019 2018 2017
Selected Per Share Data
Net asset value, beginning of period $63.65 $51.67 $42.00 $39.84 $36.29 $33.54
Income (loss) from investment operations:            
Net investment income (loss)a (.45) (.66) (.42) (.32) (.33) (.23)
Net realized and unrealized gain (loss) (2.09) 15.64 13.05 5.00 5.48 5.68
Total from investment operations (2.54) 14.98 12.63 4.68 5.15 5.45
Less distributions from:            
Net realized gains (7.10) (3.00) (2.96) (2.52) (1.60) (2.70)
Net asset value, end of period $54.01 $63.65 $51.67 $42.00 $39.84 $36.29
Total Return (%)b,c (5.07) * 30.05 31.92 13.07 14.60 17.60
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 5 6 6 5 6 6
Ratio of expenses before
expense reductions (%)
1.91 ** 1.91 1.93 1.96 1.97 1.99
Ratio of expenses after
expense reductions (%)
1.83 ** 1.84 1.87 1.90 1.97 1.96
Ratio of net investment income (loss) (%) (1.43) ** (1.16) (.97) (.82) (.89) (.70)
Portfolio turnover rate (%) 9 * 20 21 26 36 30
a Based on average shares outstanding during the period.
b Total return does not reflect the effect of any sales charges.
c Total return would have been lower had certain expenses not been reduced.
* Not annualized
** Annualized
The accompanying notes are an integral part of the financial statements.
20 | DWS Large Cap Focus Growth Fund

DWS Large Cap Focus Growth Fund Class S
  Six Months
Ended 1/31/22
Years Ended July 31,
  (Unaudited) 2021 2020 2019 2018 2017
Selected Per Share Data
Net asset value, beginning of period $84.33 $66.92 $53.11 $49.22 $44.09 $39.86
Income (loss) from investment operations:            
Net investment income (loss)a (.18) (.14) .01 .08 .06 .12
Net realized and unrealized gain (loss) (3.01) 20.55 16.82 6.37 6.72 6.88
Total from investment operations (3.19) 20.41 16.83 6.45 6.78 7.00
Less distributions from:            
Net investment income (.06) (.04) (.05) (.07)
Net realized gains (7.10) (3.00) (2.96) (2.52) (1.60) (2.70)
Total distributions (7.10) (3.00) (3.02) (2.56) (1.65) (2.77)
Net asset value, end of period $74.04 $84.33 $66.92 $53.11 $49.22 $44.09
Total Return (%) (4.59) b* 31.35 b 33.23 b 14.24 b 15.75 18.77 b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 303 325 260 223 209 198
Ratio of expenses before
expense reductions (%)
.86 ** .87 .91 .94 .95 .98
Ratio of expenses after
expense reductions (%)
.83 ** .84 .87 .90 .95 .96
Ratio of net investment income (loss) (%) (.43) ** (.19) .02 .16 .12 .30
Portfolio turnover rate (%) 9 * 20 21 26 36 30
a Based on average shares outstanding during the period.
b Total return would have been lower had certain expenses not been reduced.
* Not annualized
** Annualized
The accompanying notes are an integral part of the financial statements.
DWS Large Cap Focus Growth Fund | 21

DWS Large Cap Focus Growth Fund Institutional Class
  Six Months
Ended 1/31/22
Years Ended July 31,
  (Unaudited) 2021 2020 2019 2018 2017
Selected Per Share Data
Net asset value, beginning of period $85.64 $67.92 $53.83 $49.88 $44.65 $40.34
Income (loss) from investment operations:            
Net investment income (loss)a (.18) (.17) .01 .03 .06 .12
Net realized and unrealized gain (loss) (3.07) 20.89 17.10 6.49 6.82 6.96
Total from investment operations (3.25) 20.72 17.11 6.52 6.88 7.08
Less distributions from:            
Net investment income (.06) (.05) (.05) (.07)
Net realized gains (7.10) (3.00) (2.96) (2.52) (1.60) (2.70)
Total distributions (7.10) (3.00) (3.02) (2.57) (1.65) (2.77)
Net asset value, end of period $75.29 $85.64 $67.92 $53.83 $49.88 $44.65
Total Return (%) (4.60) b* 31.36 b 33.31 14.18 b 15.78 18.76 b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 26 26 13 2 10 8
Ratio of expenses before
expense reductions (%)
.89 ** .89 .86 1.01 .94 .98
Ratio of expenses after
expense reductions (%)
.83 ** .84 .86 .90 .94 .96
Ratio of net investment income (loss) (%) (.43) ** (.23) .01 .06 .13 .30
Portfolio turnover rate (%) 9 * 20 21 26 36 30
a Based on average shares outstanding during the period.
b Total return would have been lower had certain expenses not been reduced.
* Not annualized
** Annualized
The accompanying notes are an integral part of the financial statements.
22 | DWS Large Cap Focus Growth Fund

Notes to Financial Statements (Unaudited)
A. Organization and Significant Accounting Policies
DWS Large Cap Focus Growth Fund (the “Fund” ) is a diversified series of Deutsche DWS Investment Trust (the “Trust” ), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act” ), as an open-end management investment company organized as a Massachusetts business trust.
The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are subject to an initial sales charge. Class C shares are not subject to an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class C shares automatically convert to Class A shares in the same fund after 8 years, provided that the Fund or the financial intermediary through which the shareholder purchased the Class C shares has records verifying that the Class C shares have been held for at least 8 years. Class S shares are not subject to initial or contingent deferred sales charges and are available through certain intermediary relationships with financial services firms, or can be purchased by establishing an account directly with the Fund’s transfer agent. Institutional Class shares are not subject to initial or contingent deferred sales charges and are generally available only to qualified institutions.
Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.
The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” ) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.
Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.
DWS Large Cap Focus Growth Fund | 23

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.
Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Disclosure about the classification of fair value measurements is included in a table following the Fund’s Investment Portfolio.
Securities Lending. Deutsche Bank AG, as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities
24 | DWS Large Cap Focus Growth Fund

and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. As of period end, any securities on loan were collateralized by cash. During the six months ended January 31, 2022, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.04% annualized effective rate as of January 31, 2022) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of January 31, 2022, the Fund had securities on loan, which were classified as common stocks in the Investment Portfolio. Due to the increased market values of securities on loan on January 31, 2022, the value of the related collateral was less than the value of securities on loan at period end. On the next business day, additional collateral was received, and the value of collateral exceeded the value of the securities on loan. As of period end, the remaining contractual maturity of the collateral agreements was overnight and continuous.
Federal Income Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.
At January 31, 2022, the aggregate cost of investments for federal income tax purposes was $167,631,489. The net unrealized appreciation for all investments based on tax cost was $214,308,435. This consisted of aggregate gross unrealized appreciation for all investments for which
DWS Large Cap Focus Growth Fund | 25

there was an excess of value over tax cost of $228,999,315 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $14,690,880.
The Fund has reviewed the tax positions for the open tax years as of July 31, 2021 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.
Distribution of Income and Gains. Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.
The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.
The tax character of current year distributions will be determined at the end of the current fiscal year.
Expenses. Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.
Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.
Real Estate Investment Trusts. The Fund periodically recharacterizes distributions received from a Real Estate Investment Trust (“REIT” ) investment based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available timely from a REIT, the recharacterization will be estimated for financial reporting purposes and a
26 | DWS Large Cap Focus Growth Fund

recharacterization will be made in the following year when such information becomes available. Distributions received from REITs in excess of income are recorded as either a reduction of cost of investments or realized gains.
Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.
B. Purchases and Sales of Securities
During the six months ended January 31, 2022, purchases and sales of investment securities (excluding short-term investments) aggregated $34,614,389 and $47,008,334, respectively.
C. Related Parties
Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA”  or the “Advisor” ), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group” ), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.
Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly, at the following annual rates:
First $1.5 billion of the Fund’s average daily net assets .615%
Next $500 million of such net assets .565%
Over $2.0 billion of such net assets .515%
Accordingly, for the six months ended January 31, 2022, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.615% of the Fund’s average daily net assets.
For the period from August 1, 2021 through September 30, 2021, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses
DWS Large Cap Focus Growth Fund | 27

such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:
Class A 1.09%
Class C 1.84%
Class S .84%
Institutional Class .84%
Effective October 1, 2021 through November 30, 2022, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:
Class A   1.08%
Class C   1.83%
Class S   .83%
Institutional Class   .83%
For the six months ended January 31, 2022, fees waived and/or expenses reimbursed for each class are as follows:
Class A $  9,393
Class C 2,032
Class S 37,382
Institutional Class 6,709
  $ 55,516
Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee (“Administration Fee” ) of 0.097% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the six months ended January 31, 2022, the Administration Fee was $197,515, of which $31,225 is unpaid.
Service Provider Fees. DWS Service Company (“DSC” ), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST” ), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing
28 | DWS Large Cap Focus Growth Fund

fee it receives from the Fund. For the six months ended January 31, 2022, the amounts charged to the Fund by DSC were as follows:
Services to Shareholders Total
Aggregated
Unpaid at
January 31, 2022
Class A $  6,194 $  2,161
Class C 368 152
Class S 67,712 22,979
Institutional Class 134 30
  $ 74,408 $ 25,322
In addition, for the six months ended January 31, 2022, the amounts charged to the Fund for recordkeeping and other administrative services provided by unaffiliated third parties, included in the Statement of Operations under “Services to shareholders,”  were as follows:
Sub-Recordkeeping Total
Aggregated
Class A $  18,090
Class C 3,310
Class S 67,754
Institutional Class 14,054
  $ 103,208
Distribution and Service Fees. Under the Fund’s Class C 12b-1 Plan, DWS Distributors, Inc. (“DDI” ), an affiliate of the Advisor, receives a fee (“Distribution Fee” ) of 0.75% of the average daily net assets of Class C shares. In accordance with the Fund’s Underwriting and Distribution Services Agreement, DDI enters into related selling group agreements with various firms at various rates for sales of Class C shares. For the six months ended January 31, 2022, the Distribution Fee was as follows:
Distribution Fee Total
Aggregated
Unpaid at
January 31, 2022
Class C $ 20,751 $ 3,175
In addition, DDI provides information and administrative services for a fee (“Service Fee” ) to Class A and C shareholders at an annual rate of up to 0.25% of the average daily net assets for each such class. DDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder
DWS Large Cap Focus Growth Fund | 29

accounts the firms service. For the six months ended January 31, 2022, the Service Fee was as follows:
Service Fee Total
Aggregated
Unpaid at
January 31, 2022
Annualized
Rate
Class A $ 54,674 $ 18,594 .24%
Class C 6,909 2,126 .25%
  $ 61,583 $ 20,720  
Underwriting Agreement and Contingent Deferred Sales Charge. DDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the six months ended January 31, 2022 aggregated $1,779.
In addition, DDI receives any contingent deferred sales charge (“CDSC” ) from Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is 1% of the value of the shares redeemed for Class C. For the six months ended January 31, 2022, the CDSC for Class C shares aggregated $10. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares.
Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended January 31, 2022, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders”  aggregated $895, of which $860 is unpaid.
Trustees’ Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.
Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the
30 | DWS Large Cap Focus Growth Fund

investment management fee payable on the Fund’s assets invested in DWS ESG Liquidity Fund.
Securities Lending Agent Fees. Deutsche Bank AG serves as securities lending agent for the Fund. For the six months ended January 31, 2022, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $769.
D. Line of Credit
The Fund and other affiliated funds (the “Participants” ) share in a $350 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at January 31, 2022.
E. Fund Share Transactions
The following table summarizes share and dollar activity in the Fund:
  Six Months Ended
January 31, 2022
Year Ended
July 31, 2021
  Shares Dollars Shares Dollars
Shares sold
Class A  27,616  $  2,242,563  95,406  $  6,627,061
Class C   7,019    406,963  29,858  1,646,994
Class S 102,123  7,888,398 302,750 22,152,179
Institutional Class  69,712  5,193,957 153,516 11,397,711
    $  15,731,881   $  41,823,945
Shares issued to shareholders in reinvestment of distributions
Class A  47,270  $  3,638,823  24,494  $  1,646,726
Class C   9,748    582,624   6,505    350,387
Class S 312,304 25,552,756 153,094 10,857,405
Institutional Class  23,691  1,971,351   8,393    604,553
    $  31,745,554   $  13,459,071
DWS Large Cap Focus Growth Fund | 31

  Six Months Ended
January 31, 2022
Year Ended
July 31, 2021
  Shares Dollars Shares Dollars
Shares redeemed
Class A  (34,577)  $  (2,754,491) (138,155)  $  (9,680,002)
Class C  (16,085)  (1,007,825)  (53,987)  (3,032,633)
Class S (182,634) (15,247,825) (476,741) (34,893,377)
Institutional Class  (42,041)  (3,584,808)  (52,765)  (3,993,569)
    $ (22,594,949)   $ (51,599,581)
Net increase (decrease)
Class A  40,309  $  3,126,895  (18,255)  $  (1,406,215)
Class C     682     (18,238)  (17,624)  (1,035,252)
Class S 231,793 18,193,329  (20,897)  (1,883,793)
Institutional Class  51,362  3,580,500 109,144  8,008,695
    $  24,882,486   $  3,683,435
F. Other COVID-19 Pandemic
A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to low vaccination rates and/or the lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and the pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on the Fund and reflect the consequences as appropriate in the Fund’s accounting and financial reporting.
32 | DWS Large Cap Focus Growth Fund

Information About Your Fund’s Expenses
As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads) and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (August 1, 2021 to January 31, 2022).
The tables illustrate your Fund’s expenses in two ways:
—  Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000”  line under the share class you hold.
—  Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000”  line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. Subject to certain exceptions, an account maintenance fee of $20.00 assessed once per calendar year for Classes A, C and S shares may apply for accounts with balances less than $10,000. This fee is not included in these tables. If it was, the estimate of expenses paid for Classes A, C and S shares during the period would be higher, and account value during the period would be lower, by this amount.
DWS Large Cap Focus Growth Fund | 33

Expenses and Value of a $1,000 Investment
for the six months ended January 31, 2022 (Unaudited)

Actual Fund Return Class A Class C Class S Institutional
Class
Beginning Account Value 8/1/21 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value 1/31/22 $ 952.90 $ 949.30 $ 954.10 $ 954.00
Expenses Paid per $1,000* $ 5.32 $ 8.99 $ 4.09 $ 4.09
Hypothetical 5% Fund Return Class A Class C Class S Institutional
Class
Beginning Account Value 8/1/21 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value 1/31/22 $1,019.76 $1,015.98 $1,021.02 $1,021.02
Expenses Paid per $1,000* $ 5.50 $ 9.30 $ 4.23 $ 4.23
* Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 365.
Annualized Expense Ratios Class A Class C Class S Institutional
Class
DWS Large Cap Focus Growth Fund    1.08%    1.83%    .83%    .83%
For more information, please refer to the Fund’s prospectus.
For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to tools.finra.org/fund_analyzer/.
34 | DWS Large Cap Focus Growth Fund

Advisory Agreement Board Considerations and Fee Evaluation
The Board of Trustees (hereinafter referred to as the “Board”  or “Trustees” ) approved the renewal of DWS Large Cap Focus Growth Fund’s (the “Fund” ) investment management agreement (the “Agreement” ) with DWS Investment Management Americas, Inc. (“DIMA” ) in September 2021.
In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:
—  During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees” ).
—  The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant” ).
—  The Board also received extensive information throughout the year regarding performance of the Fund.
—  The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.
—  In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.
In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA (“DWS Group” ). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group’s
DWS Large Cap Focus Growth Fund | 35

shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.
As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps.
While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.
Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA’s approach to addressing such risks. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar” ), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review”  (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2020, the Fund’s performance (Class A shares) was in the 2nd quartile of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the one- and three-year periods and has underperformed its benchmark in the five-year period ended December 31, 2020.
Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge” ) and the Fee Consultant regarding investment
36 | DWS Large Cap Focus Growth Fund

management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund’s administrative services agreement, were higher than the median (3rd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2020). The Board noted that the Fund’s Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2020, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) (“Broadridge Universe Expenses” ). The Board also reviewed data comparing each other operational share class’s total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund’s total (net) operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds (“DWS Funds” ) and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds” ) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.
On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.
Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the
DWS Large Cap Focus Growth Fund | 37

profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.
Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.
Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental or “fall-out”  benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.
Compliance. The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.
Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.
38 | DWS Large Cap Focus Growth Fund

Account Management Resources
For More Information The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, C and S also have the ability to purchase, exchange or redeem shares using this system.
For more information, contact your financial representative. You may also access our automated telephone system or speak with a Shareholder Service representative by calling:
(800) 728-3337
Web Site dws.com
View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day.
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information.
Written Correspondence DWS
PO Box 219151
Kansas City, MO 64121-9151
Proxy Voting The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337.
Portfolio Holdings Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with 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
DWS Large Cap Focus Growth Fund | 39

Investment Management DWS Investment Management Americas, Inc. (“DIMA”  or the “Advisor” ), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group” ), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group.
  DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles.
  Class A Class C Class S Institutional Class
Nasdaq Symbol SGGAX SGGCX SCQGX SGGIX
CUSIP Number 25157M 695 25157M 737 25157M 745 25157M 752
Fund Number 469 769 2060 1469
40 | DWS Large Cap Focus Growth Fund

Privacy Statement
FACTS What Does DWS Do With Your Personal Information?
Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
What? The types of personal information we collect and share can include:
Social Security number
Account balances
Purchase and transaction history
Bank account information
Contact information such as mailing address, e-mail address and telephone number
How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons DWS chooses to share and whether you can limit this sharing.
Reasons we can share your personal information Does DWS share? Can you limit
this sharing?
For our everyday business purposes —such as to process your transactions, maintain your account(s), respond to court orders or legal investigations Yes No
For our marketing purposes — to offer our products and services to you Yes No
For joint marketing with other financial companies No We do not share
For our affiliates’ everyday business purposes — information about your transactions and experiences No We do not share
For our affiliates’ everyday business purposes — information about your creditworthiness No We do not share
For non-affiliates to market to you No We do not share
Questions? Call (800) 728-3337 or e-mail us at service@dws.com
    
DWS Large Cap Focus Growth Fund | 41

Who we are
Who is providing this notice? DWS Distributors, Inc; DWS Investment Management Americas,
Inc.; DWS Trust Company; the DWS Funds
What we do
How does DWS protect my personal information? To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards, secured files, and secured buildings.
How does DWS collect my personal information? We collect your personal information, for example, when you:
open an account
give us your contact information
provide bank account information for ACH or wire transactions
tell us where to send money
seek advice about your investments
Why can’t I limit all sharing? Federal law gives you the right to limit only
sharing for affiliates’ everyday business purposes
information about your creditworthiness
affiliates from using your information to market to you
sharing for non-affiliates to market to you
State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates Companies related by common ownership or control. They can be
financial or non-financial companies. Our affiliates include financial
companies with the DWS or Deutsche Bank (“DB” ) name, such as
DB AG Frankfurt.
Non-affiliates Companies not related by common ownership or control. They can
be financial and non-financial companies.
Non-affiliates we share with include account service providers,
service quality monitoring services, mailing service providers and
verification services to help in the fight against money laundering
and fraud.
Joint marketing A formal agreement between non-affiliated financial companies that
together market financial products or services to you. DWS does not
jointly market.
California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.
Rev. 12/2021
42 | DWS Large Cap Focus Growth Fund

Notes

222 South Riverside Plaza
Chicago, IL 60606-5808
DLCFGF-3
(R-026259-12 3/22)

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

/s/Hepsen Uzcan

Hepsen Uzcan

President

   
Date: 4/1/2022

 

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: 4/1/2022
   
   
   
By:

/s/Diane Kenneally

Diane Kenneally

Chief Financial Officer and Treasurer

   
Date: 4/1/2022

 

EX-99.CERT 2 ex99cert.htm CERTIFICATION

President

Form N-CSRS Certification under Sarbanes Oxley Act

 

I, Hepsen Uzcan, certify that:

 

1) I have reviewed this report, filed on behalf of DWS Large Cap Focus Growth Fund, a series of Deutsche DWS Investment Trust, on Form N-CSRS;
     
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
       

 

4/1/2022 /s/Hepsen Uzcan
  Hepsen Uzcan
  President
 
 

 

Chief Financial Officer and Treasurer

Form N-CSRS Certification under Sarbanes Oxley Act

 

I, Diane Kenneally, certify that:

 

1) I have reviewed this report, filed on behalf of DWS Large Cap Focus Growth Fund, a series of Deutsche DWS Investment Trust, on Form N-CSRS;
     
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
       

 

4/1/2022 /s/Diane Kenneally
  Diane Kenneally
  Chief Financial Officer and Treasurer

 

EX-99.906 CERT 3 ex99906cert.htm 906 CERTIFICATION

President

Section 906 Certification under Sarbanes Oxley Act

 

 

 

I, Hepsen Uzcan, certify that:

 

1. I have reviewed this report, filed on behalf of DWS Large Cap Focus Growth Fund, a series of Deutsche DWS Investment Trust, on Form N-CSRS;
   
2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (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.

 

 

4/1/2022 /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 Large Cap Focus Growth Fund, a series of Deutsche DWS Investment Trust, on Form N-CSRS;
   
2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (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.

 

 

4/1/2022 /s/Diane Kenneally
  Diane Kenneally
  Chief Financial Officer and Treasurer

 

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