N-CSR 1 ar113022ced.htm DWS CROCI EQUITY DIVIDEND FUND

SUNITED 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: 11/30
   
Date of reporting period: 11/30/2022

 

ITEM 1. REPORT TO STOCKHOLDERS
   
  (a)

November 30, 2022
Annual Report
to Shareholders
DWS CROCI® Equity Dividend Fund

This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
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DWS CROCI® Equity Dividend Fund

Stocks may decline in value. The Fund will be managed using the CROCI® Investment Process which is based on portfolio management’s belief that, over time, stocks which display more favorable financial metrics (for example, the CROCI® Economic P/E Ratio) as generated by this process may outperform stocks which display less favorable metrics. This premise may not prove to be correct and prospective investors should evaluate this assumption prior to investing in the Fund. Dividends are not guaranteed. If the dividend-paying stocks held by the Fund reduce or stop paying dividends, the Fund’s ability to generate income may be adversely affected. Preferred stocks, a type of dividend-paying stock, present certain additional risks. 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.
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Letter to Shareholders
Dear Shareholder:
Financial markets experienced several negative impacts which began in late February with the Russia-Ukraine war and continued through the remainder of the year due to volatility in energy, a rise in inflation, pressure on supply chains, and slower corporate earnings growth. Global monetary authorities have moved aggressively to tame inflation which in turn has created a swift decline in equity and fixed income markets. The longer-term effects of these headwinds remain uncertain. De-globalization and a desire for energy independence across Europe and North America may continue to push prices upwards, and we expect inflation will remain higher than average over the next decade.
In periods such as this, real capital preservation becomes more challenging. Our portfolio managers continue to assess risks and form opinions on how these headwinds may impact investment portfolios over multiple time horizons. Yields for bonds can be impacted by economic risks, rising inflation, and slowing monetary support. We expect a moderate rise in government bond yields while short term spread widening may offer potential over the next year. For equities, we expect continued volatility in the short-term, however we do have a favorable view on companies with solid balance sheets and business models over a twelve-month horizon. We believe alternatives such as real estate, infrastructure and commodities may help in preserving capital given pricing power and correlation to inflation. Overall, we believe a diversified and balanced portfolio may help mitigate portfolio volatility during this uncertain economic and market cycle.
In our view, the current environment underscores the value add 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 making strategic and tactical decisions for the DWS Funds. 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.
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DWS CROCI® Equity Dividend Fund

Portfolio Management Review(Unaudited)
Market Overview and Fund Performance
All performance information below is historical and does not guarantee future results. Returns shown are for Class A shares, unadjusted for sales charges. 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 most recent month-end performance of all share classes. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had. Please refer to pages 10through 12for more complete performance information.
Investment Process
Portfolio management selects stocks that it believes offer economic value utilizing the CROCI® strategy as the primary factor, among other factors, and seeks above-average dividend yield. The CROCI® strategy is an investment process based on a proprietary valuation technique that attempts to understand the value of a company by converting financial statement data into a set of economic inputs that are used to calculate a valuation metric called the CROCI® Economic Price Earnings Ratio which is comparable across markets, sectors and stocks. The CROCI® Economic Price Earnings Ratio seeks to measure the “real”  economic value rather than the “accounting”  value of a company’s invested capital, and the economic returns thereof. Portfolio management believes that, over time, companies with more favorable financial metrics, including CROCI® Economic Price Earnings Ratios, will outperform other companies. Portfolio Management employs a U.S.-specific strategy seeking to select approximately the forty best value companies under CROCI® coverage with additional screening on high dividend yield, dividend sustainability and price volatility.
The Fund is reviewed periodically (typically quarterly) and adjusted in accordance with the CROCI® strategy’s rules (re-selecting approximately forty stocks that will make up the fund). Portfolio Management targets low valuation combined with higher dividends and excludes stocks with undesirable characteristics such as, for example, high financial leverage, low cash returns and high volatility. All CROCI® financial metrics may be adjusted from time to time. Portfolio management may also use factors other than the CROCI® strategy in selecting investments. Portfolio management actively manages portfolio changes in an attempt to reduce market impact and transaction costs and to manage the portfolio with tax efficiency in mind.
DWS CROCI® Equity Dividend Fund returned 13.66% in the 12-month period that ended on November 30, 2022, outperforming the 2.42% gain of the Russell 1000 Value® Index. The Fund also outperformed the 4.30% average return for the funds in its Morningstar peer group, Large Value.
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U.S. equities experienced a meaningful decline and elevated volatility during the annual period. Persistently high inflation prompted the U.S. Federal Reserve (Fed) to end its quantitative easing program and raise interest rates by a total of 3.75 percentage points from March 2022 onward. Further, investors remained prepared for the Fed to continue raising rates through the early part of 2023. The challenging interest rate-outlook, in turn, fueled concerns that the year ahead could feature a sharp slowdown in economic growth and a corresponding decline in corporate earnings.
“The relative strength in the Fund’s three areas of emphasis—value, dividends, and low volatility—was a tailwind for performance.” 
Geopolitical factors also played a role in equities’ poor showing. Russia’s invasion of Ukraine, together with its impact on supply chains and commodity prices, was a key factor weighing on sentiment. China was another source of concern, as the government’s heightened regulatory focus and zero-COVID policy hindered the country’s economy and contributed to slower growth across the globe.
Although these developments weighed on the broader market, the value style posted a positive return and strongly outpaced growth. The Russell 1000 Value Index gained 2.42%, far ahead of the -21.64% return for the Russell 1000 Growth Index. Rising interest rates were a sizable headwind for growth stocks by reducing the value of their future earnings when discounted in today’s dollars. In contrast, value stocks were less affected by this trend since they tend to have higher current profits. Investors’ preference for shorter-dated cash flows, together with their heightened demand for defensive investments, contributed to outperformance for dividend-paying equities, as well. The MSCI USA High Dividend Yield Index returned 5.86% in the annual period. Lower-volatility stocks were a further beneficiary of investors’ demand for defensive companies in a time of elevated uncertainty.
The relative strength in the Fund’s three areas of emphasisvalue, dividends, and low volatilitywas a tailwind for performance. We believe this underscores the potential merits of our approach. The benefits of dividends and the defensive characteristics of the associated companies
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DWS CROCI® Equity Dividend Fund

have been obscured in recent years, during which the Fed’s “easy money”  policies led to outperformance for the growth style, encouraged speculation, and contributed to outsized returns for many lower-quality, higher-risk companies. This tend has now reversed, and the Fund has benefited in kind.
Fund Performance
The Fund’s positioning in the consumer staples sector was the primary driver of its positive relative performance in the past year. We had a large overweight in consumer staples, with 21.7% of the Fund’s assets invested in the category as of November 30, 2022, well in excess of the 14.5% weighting in the benchmark. Given the sector’s outperformance, this aspect of our positioning was a meaningful contributor. This wasn’t an active allocation decision on our part, but rather an indication of where our process has identified the largest number of stocks with compelling combinations of value, dividend yield, and volatility characteristics. Stock selection in the sector also proved beneficial. All but one of the Fund’s investments in consumer staples registered positive returns during the time they were held in the portfolio, and the majority produced double-digit gains. Campbell Soup Co.,* General Mills, Inc., and Conagra Brands, Inc. were the top individual contributors in the sector.
Selection in health care was a further plus. Similar to consumer staples, the Fund benefited from its positions in stocks that logged gains despite the unsteady performance for the market as a whole. Investments in large-cap pharmaceuticals seen as being less vulnerable to economic trends, including AbbVie, Inc., Bristol-Myers Squibb Co., and Merck & Co. Inc., were key contributors. Holdings in biotechnology stocks also added value, led by Amgen, Inc. and Gilead Sciences, Inc.
Selection in the information technology and industrials sectors further contributed. Amdocs Ltd. and International Business Machines Corp. were top contributors in the former. Lockheed Martin Corp.which benefited from the prospect of increased defense spending in the wake of Russia’s invasion of Ukraineled the way in industrials.
In terms of sector allocations, an underweight in the underperforming communication services sector was a key contibutor. On the other hand, a large underweight in energy detracted. Energy stocks far outpaced the
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broader market thanks to the rising prices of the underlying commodities and the improving capital discipline for many companies in the sector.
Stock selection in the consumer discretionary sector detracted from performance, primarily as a result of the Fund’s position in the GPS-technology producer Garmin Ltd. The stock was hurt by rising competition from Apple, Inc. as well as the larger concerns about the economy. Whirlpool Corp., which declined in sympathy with other housing-related stocks in the rising-rate environment, was an additional detractor of note. Additionally, holdings in several banking stocks were pressured by worries about weaker economic growth and narrowing net interest margins (the gap between the rates at which they borrow and lend). U.S. Bancorp, Bank of New York Mellon Corp.,* and Zions Bancorp* all posted double-digit losses and finished well behind the broader sector. Outside of consumer discretionary and financials, Intel Corp.*which experienced a persistent slowdown in its core businesswas the largest detractor.
Outlook and Positioning
Stocks suffered poor absolute returns and relative underperformance in the first nine months of 2022, and the outlook remained very murky at the close of the period. Still, valuations have fallen considerably this year as a broad range of negative news has been factored into market prices. We think this could set the stage for potential positive surprises in 2023 if central banks begin to slow their pace of monetary tightening or the downturn in economic growth proves smaller than expected. As always, we continue to use a disciplined, systematic approach to stock selection. We believe focusing on individual stock picking, rather than trying to construct a portfolio on the basis of short-term developments, is the most effective way to add value over time.
*
Not held on November 30, 2022.
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DWS CROCI® Equity Dividend Fund

Portfolio Manager
Di Kumble, CFA, Senior Portfolio Manager Equity
Portfolio Manager of the Fund. Began managing the Fund in 2014.
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.
The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.
Terms to Know
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.
Morningstar Large Value category portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The average category returns for the one-, five- and 10-year periods that ended on November 30, 2022 were 4.30%, 8.26% and 10.84%, respectively.
MSCI USA High Dividend Yield Index is based on the MSCI USA Index, its parent index, and includes large- and mid-cap stocks. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends.
It is not possible to invest directly in an index or category.
Contribution and detraction incorporate both an investment’s total return and its weighting in the Fund.
Overweight means that a fund holds a higher weighting in a given sector compared with its benchmark index. Underweight means that a fund holds a lower weighting.
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Performance SummaryNovember 30, 2022 (Unaudited)
Class A
1-Year
5-Year
10-Year
Average Annual Total Returnsas of 11/30/22
Unadjusted for Sales Charge
13.66%
7.21%
10.00%
Adjusted for the Maximum Sales Charge
(max 5.75% load)
7.12%
5.94%
9.35%
Russell 1000® Value Index
2.42%
7.86%
10.97%
Class C
1-Year
5-Year
10-Year
Average Annual Total Returnsas of 11/30/22
Unadjusted for Sales Charge
12.74%
6.39%
9.17%
Adjusted for the Maximum Sales Charge
(max 1.00% CDSC)
12.74%
6.39%
9.17%
Russell 1000® Value Index
2.42%
7.86%
10.97%
Class R
1-Year
5-Year
10-Year
Average Annual Total Returnsas of 11/30/22
No Sales Charges
13.30%
6.87%
9.69%
Russell 1000® Value Index
2.42%
7.86%
10.97%
Class R6
1-Year
5-Year
Life of
Class*
Average Annual Total Returnsas of 11/30/22
No Sales Charges
14.07%
7.58%
8.17%
Russell 1000® Value Index
2.42%
7.86%
8.14%
Class S
1-Year
5-Year
10-Year
Average Annual Total Returnsas of 11/30/22
No Sales Charges
13.90%
7.43%
10.25%
Russell 1000® Value Index
2.42%
7.86%
10.97%
Institutional Class
1-Year
5-Year
10-Year
Average Annual Total Returnsas of 11/30/22
No Sales Charges
14.01%
7.50%
10.30%
Russell 1000® Value Index
2.42%
7.86%
10.97%
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
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DWS CROCI® Equity Dividend Fund

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 March 1, 2022 are 1.01%, 1.83%, 1.36%, 0.66%, 0.82% and 0.78% for Class A, Class C, Class R, Class R6, Class S and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.
Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.
Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
Prior to April 1, 2014, the Fund had a different investment management team that operated with a different investment strategy. Performance would have been different if the Fund’s current investment strategy had been in effect. Please see the prospectus for details.
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.
Growth of an Assumed $10,000 Investment
(Adjusted for Maximum Sales Charge)
 Yearly periods ended November 30

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.
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Performance of other share classes will vary based on the sales charges and the fee structure of those classes.
*
Class R6 shares commenced operations on March 2, 2015.
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 C
Class R
Class R6
Class S
Institutional
Class
Net Asset Value
11/30/22
$56.47
$56.26
$56.25
$56.53
$56.46
$56.52
11/30/21
$54.61
$54.41
$54.40
$54.66
$54.59
$54.63
Distribution Information as of 11/30/22
Income Dividends, Twelve Months
$1.30
$.86
$1.12
$1.49
$1.40
$1.44
Capital Gain Distributions
$3.92
$3.92
$3.92
$3.92
$3.92
$3.92
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DWS CROCI® Equity Dividend Fund

Portfolio Summary(Unaudited)
Asset Allocation(As a % of Investment Portfolio excluding
Securities Lending Collateral)
11/30/22
11/30/21
Common Stocks
100%
100%
Cash Equivalents
0%
0%
 
100%
100%
Sector Diversification(As a % of Investment Portfolio
excluding Securities Lending Collateral and Cash Equivalents)
11/30/22
11/30/21
Consumer Staples
22%
38%
Health Care
20%
21%
Industrials
13%
12%
Financials
12%
10%
Information Technology
10%
10%
Consumer Discretionary
8%
2%
Utilities
5%
5%
Energy
5%
Communication Services
3%
Materials
2%
2%
 
100%
100%
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Ten Largest Equity Holdings at November 30, 2022(26.8% of Net Assets)
 1Gilead Sciences, Inc.
2.9%
Developer of nucleotide pharmaceuticals
 
 2Best Buy Co., Inc.
2.9%
Retailer of consumer electronics and home office equipment
 
 3International Business Machines Corp.
2.7%
Manufacturer of computers and provider of information processing services
 
 4Cisco Systems, Inc.
2.7%
Developer of computer network products
 
 5Lockheed Martin Corp.
2.6%
Developer and manufacturer of advanced technology products and services
 
 6Comcast Corp.
2.6%
Developer, manager, and operator of hybrid fiber-coaxial broadband cable
communications networks
 
 7ManpowerGroup, Inc.
2.6%
Provider of temporary and permanent placement services
 
 8Merck & Co., Inc.
2.6%
Provider of health solutions through its prescription medicines, vaccines, biologic
therapies and animal health products
 
 9PPL Corp.
2.6%
Distributor and seller of electricity and natural gas
 
10JPMorgan Chase & Co.
2.6%
Provider of global financial services
 
Portfolio holdings and characteristics are subject to change.
For more complete details about the Fund’s investment portfolio, see page 15. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 58for contact information.
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DWS CROCI® Equity Dividend Fund

Investment Portfolioas of November 30, 2022
 
Shares
Value ($)
Common Stocks 99.4%
 
Communication Services 2.6%
 
Media
 
Comcast Corp. “A” 
 
  692,352
25,367,777
Consumer Discretionary 7.6%
 
Household Durables 4.8%
 
Garmin Ltd.
 
  260,900
24,261,091
Whirlpool Corp.
 
  150,069
21,989,611
 
 
 
46,250,702
Specialty Retail 2.8%
 
Best Buy Co., Inc.
 
  325,148
27,735,124
Consumer Staples 21.7%
 
Beverages 2.4%
 
PepsiCo, Inc.
 
  123,521
22,914,381
Food Products 9.5%
 
Conagra Brands, Inc.
 
  625,498
23,756,414
General Mills, Inc.
 
  277,843
23,700,008
The J.M. Smucker Co.
 
  152,726
23,521,331
Tyson Foods, Inc. “A” 
 
  327,008
21,674,090
 
 
 
92,651,843
Household Products 4.9%
 
Colgate-Palmolive Co.
 
  291,384
22,576,432
Procter & Gamble Co.
 
  167,382
24,966,699
 
 
 
47,543,131
Tobacco 4.9%
 
Altria Group, Inc.
 
  479,120
22,317,410
Philip Morris International, Inc.
 
  248,945
24,812,348
 
 
 
47,129,758
Energy 4.7%
 
Oil, Gas & Consumable Fuels
 
Pioneer Natural Resources Co.
 
   88,492
20,883,227
Valero Energy Corp.
 
  185,229
24,750,299
 
 
 
45,633,526
The accompanying notes are an integral part of the financial statements.
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Shares
Value ($)
Financials 12.4%
 
Banks 7.3%
 
JPMorgan Chase & Co.
 
  182,099
25,162,440
Regions Financial Corp.
 
  991,692
23,017,172
U.S. Bancorp.
 
  500,816
22,732,038
 
 
 
70,911,650
Consumer Finance 5.1%
 
Discover Financial Services
 
  226,880
24,584,717
Synchrony Financial
 
  653,032
24,540,942
 
 
 
49,125,659
Health Care 20.1%
 
Biotechnology 8.0%
 
AbbVie, Inc.
 
  150,557
24,266,777
Amgen, Inc.
 
   85,721
24,550,494
Gilead Sciences, Inc.
 
  324,760
28,523,671
 
 
 
77,340,942
Health Care Equipment & Supplies 2.1%
 
Medtronic PLC
 
  257,042
20,316,600
Pharmaceuticals 10.0%
 
Bristol-Myers Squibb Co.
 
  300,864
24,153,362
Johnson & Johnson
 
  131,071
23,330,638
Merck & Co., Inc.
 
  229,322
25,252,938
Pfizer, Inc.
 
  493,145
24,721,359
 
 
 
97,458,297
Industrials 12.4%
 
Aerospace & Defense 2.6%
 
Lockheed Martin Corp.
 
   52,357
25,403,093
Air Freight & Logistics 2.3%
 
C.H. Robinson Worldwide, Inc.
 
  223,912
22,440,461
Building Products 2.4%
 
Masco Corp.
 
  447,732
22,735,831
Machinery 2.5%
 
Cummins, Inc.
 
   97,018
24,367,041
Professional Services 2.6%
 
ManpowerGroup, Inc.
 
  288,656
25,263,173
Information Technology 10.4%
 
Communications Equipment 2.6%
 
Cisco Systems, Inc.
 
  517,450
25,727,614
The accompanying notes are an integral part of the financial statements.
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DWS CROCI® Equity Dividend Fund

 
Shares
Value ($)
IT Services 5.2%
 
Amdocs Ltd.
 
  268,225
23,834,474
International Business Machines Corp.
 
  175,917
26,194,041
 
 
 
50,028,515
Semiconductors & Semiconductor Equipment 2.6%
 
Skyworks Solutions, Inc.
 
  259,621
24,824,960
Materials 2.4%
 
Chemicals
 
LyondellBasell Industries NV “A” 
 
  269,539
22,913,510
Utilities 5.1%
 
Electric Utilities 2.6%
 
PPL Corp.
 
  852,773
25,173,859
Multi-Utilities 2.5%
 
Sempra Energy
 
  147,752
24,554,905
Total Common Stocks (Cost $868,545,160)
963,812,352
Cash Equivalents 0.4%
DWS Central Cash Management Government Fund, 3.7%
(a) (Cost $3,767,952)
 
3,767,952
  3,767,952
 
 
% of
Net Assets
Value ($)
Total Investment Portfolio (Cost $872,313,112)
 
99.8
967,580,304
Other Assets and Liabilities, Net
 
0.2
1,905,875
Net Assets
 
100.0
969,486,179
The accompanying notes are an integral part of the financial statements.
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A summary of the Fund’s transactions with affiliated investments during the year ended November 30, 2022 are as follows:
Value ($)
at
11/30/2021
Pur-
chases
Cost
($)
Sales
Proceeds
($)
Net
Real-
ized
Gain/
(Loss)
($)
Net
Change
in
Unreal-
ized
Appreci-
ation
(Depreci-
ation)
($)
Income
($)
Capital
Gain
Distri-
butions
($)
Number of
Shares at
11/30/2022
Value ($)
at
11/30/2022
Securities Lending Collateral 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” ,
3.69% (a) (b)
638,175
638,175 (c)
3,024
Cash Equivalents 0.4%
DWS Central Cash Management Government Fund, 3.7% (a)
4,576,209
76,263,977
77,072,234
56,589
3,767,952
5,214,384
76,263,977
77,710,409
59,613
3,767,952
(a)
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate
shown is the annualized seven-day yield at period end.
(b)
Represents cash collateral held in connection with securities lending. Income earned by
the Fund is net of borrower rebates.
(c)
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount
invested in cash collateral for the year ended November 30, 2022.
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 November 30, 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)
$963,812,352
$
$
$963,812,352
Short-Term Investments
  3,767,952
  3,767,952
Total
$967,580,304
$
$
$967,580,304
(a)
See Investment Portfolio for additional detailed categorizations.
The accompanying notes are an integral part of the financial statements.
18
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DWS CROCI® Equity Dividend Fund

Statement of Assets and Liabilities
as of November 30, 2022
Assets
 
Investments in non-affiliated securities, at value (cost $868,545,160)
$963,812,352
Investment in DWS Central Cash Management Government Fund
(cost $3,767,952)
  3,767,952
Foreign currency, at value (cost $62)
          51
Receivable for Fund shares sold
    140,020
Dividends receivable
  3,598,378
Interest receivable
      9,898
Other assets
     47,238
Total assets
971,375,889
Liabilities
 
Payable for Fund shares redeemed
    773,551
Accrued management fee
    471,977
Accrued Trustees' fees
     10,450
Other accrued expenses and payables
    633,732
Total liabilities
1,889,710
Net assets, at value
$969,486,179
Net Assets Consist of
 
Distributable earnings (loss)
145,625,420
Paid-in capital
823,860,759
Net assets, at value
$969,486,179
The accompanying notes are an integral part of the financial statements.
DWS CROCI® Equity Dividend Fund
|
19

Statement of Assets and Liabilities as of November 30, 2022 (continued)
Net Asset Value
 
Class A
 
Net Asset Value and redemption price per share
($803,782,979 ÷ 14,234,169 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$       56.47
Maximum offering price per share (100 ÷ 94.25 of $56.47)
$       59.92
Class C
 
Net Asset Value, offering and redemption price
(subject to contingent deferred sales charge) per share
($13,803,155 ÷ 245,342 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$       56.26
Class R
 
Net Asset Value, offering and redemption price per share
($358,249 ÷ 6,369 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$       56.25
Class R6
 
Net Asset Value, offering and redemption price per share
($1,089,782 ÷ 19,278 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$       56.53
Class S
 
Net Asset Value, offering and redemption price per share
($45,240,353 ÷ 801,259 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$       56.46
Institutional Class
 
Net Asset Value, offering and redemption price per share
($105,211,661 ÷ 1,861,533 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$       56.52
The accompanying notes are an integral part of the financial statements.
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DWS CROCI® Equity Dividend Fund

Statement of Operations
for the year ended November 30, 2022
Investment Income
 
Income:
 
Dividends
$34,033,128
Income distributions DWS Central Cash Management
Government Fund
56,589
Securities lending income, net of borrower rebates
3,024
Total income
34,092,741
Expenses:
 
Management fee
5,768,770
Services to shareholders
1,185,777
Distribution and service fees
2,012,057
Custodian fee
10,080
Professional fees
95,194
Reports to shareholders
81,074
Registration fees
92,708
Trustees' fees and expenses
44,023
Other
50,546
Total expenses before expense reductions
9,340,229
Expense reductions
(1,047)
Total expenses after expense reductions
9,339,182
Net investment income
24,753,559
Realized and Unrealized Gain (Loss)
 
Net realized gain (loss) from investments
38,290,168
Change in net unrealized appreciation (depreciation) on:
 
Investments
59,588,779
Foreign currency
(2)
 
59,588,777
Net gain (loss)
97,878,945
Net increase (decrease) in net assets resulting from operations
$122,632,504
The accompanying notes are an integral part of the financial statements.
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|
21

Statements of Changes in Net Assets
 
Years Ended November 30,
Increase (Decrease) in Net Assets
2022
2021
Operations:
 
 
Net investment income
$24,753,559
$21,191,285
Net realized gain (loss)
38,290,168
150,748,500
Change in net unrealized appreciation
(depreciation)
59,588,777
(46,465,983)
Net increase (decrease) in net assets resulting
from operations
122,632,504
125,473,802
Distributions to shareholders:
 
 
Class A
(74,141,031)
(20,686,512)
Class T
(1,324)
(348)
Class C
(1,188,378)
(301,705)
Class R
(39,639)
(11,529)
Class R6
(376,935)
(119,671)
Class S
(4,025,280)
(1,498,851)
Institutional Class
(10,332,946)
(4,164,749)
Total distributions
(90,105,533)
(26,783,365)
Fund share transactions:
 
 
Proceeds from shares sold
54,321,726
108,087,001
Reinvestment of distributions
85,813,479
25,549,175
Payments for shares redeemed
(144,003,700)
(311,391,394)
Net increase (decrease) in net assets from Fund
share transactions
(3,868,495)
(177,755,218)
Increase (decrease) in net assets
28,658,476
(79,064,781)
Net assets at beginning of period
940,827,703
1,019,892,484
Net assets at end of period
$969,486,179
$940,827,703
The accompanying notes are an integral part of the financial statements.
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DWS CROCI® Equity Dividend Fund

Financial Highlights
DWS CROCI® Equity Dividend Fund Class A
 
Years Ended November 30,
 
2022
2021
2020
2019
2018
Selected Per Share Data
Net asset value, beginning of period
$54.61
$49.82
$60.06
$60.49
$57.53
Income (loss) from investment operations:
 
 
 
 
 
Net investment incomea
1.39
1.12
1.23
1.17
1.05
Net realized and unrealized gain (loss)
5.69
5.07
(7.02)
5.99
2.89
Total from investment operations
7.08
6.19
(5.79)
7.16
3.94
Less distributions from:
 
 
 
 
 
Net investment income
(1.30)
(1.40)
(1.09)
(1.04)
(.98)
Net realized gains
(3.92)
(3.36)
(6.55)
Total distributions
(5.22)
(1.40)
(4.45)
(7.59)
(.98)
Net asset value, end of period
$56.47
$54.61
$49.82
$60.06
$60.49
Total Return (%)b
13.66
12.49
(9.58)
14.53
6.94
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)
804
774
763
963
931
Ratio of expenses (%)
1.02
1.01
1.02
1.03
1.03
Ratio of net investment income (%)
2.58
2.02
2.47
2.13
1.81
Portfolio turnover rate (%)
55
46
101
40
69
a
Based on average shares outstanding during the period.
b
Total return does not reflect the effect of any sales charges.
The accompanying notes are an integral part of the financial statements.
DWS CROCI® Equity Dividend Fund
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23

DWS CROCI® Equity Dividend Fund Class C
 
Years Ended November 30,
 
2022
2021
2020
2019
2018
Selected Per Share Data
Net asset value, beginning of period
$54.41
$49.65
$59.90
$60.30
$57.31
Income (loss) from investment operations:
 
 
 
 
 
Net investment incomea
.94
.66
.83
.78
.56
Net realized and unrealized gain (loss)
5.69
5.07
(6.98)
5.99
2.97
Total from investment operations
6.63
5.73
(6.15)
6.77
3.53
Less distributions from:
 
 
 
 
 
Net investment income
(.86)
(.97)
(.74)
(.62)
(.54)
Net realized gains
(3.92)
(3.36)
(6.55)
Total distributions
(4.78)
(.97)
(4.10)
(7.17)
(.54)
Net asset value, end of period
$56.26
$54.41
$49.65
$59.90
$60.30
Total Return (%)b
12.74c
11.57
(10.28)
13.75c
6.20c
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)
14
14
18
30
32
Ratio of expenses before expense reductions(%)
1.83
1.83
1.80
1.76
1.78
Ratio of expenses after expense reductions(%)
1.83
1.83
1.80
1.73
1.77
Ratio of net investment income (%)
1.76
1.21
1.67
1.44
.98
Portfolio turnover rate (%)
55
46
101
40
69
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.
The accompanying notes are an integral part of the financial statements.
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DWS CROCI® Equity Dividend Fund

DWS CROCI® Equity Dividend Fund Class R
 
Years Ended November 30,
 
2022
2021
2020
2019
2018
Selected Per Share Data
 
 
 
 
 
Net asset value, beginning of period
$54.40
$49.64
$59.86
$60.32
$57.39
Income (loss) from investment operations:
 
 
 
 
 
Net investment incomea
1.20
.93
1.07
.99
.88
Net realized and unrealized gain (loss)
5.69
5.05
(6.99)
5.98
2.88
Total from investment operations
6.89
5.98
(5.92)
6.97
3.76
Less distributions from:
 
 
 
 
 
Net investment income
(1.12)
(1.22)
(.94)
(.88)
(.83)
Net realized gains
(3.92)
(3.36)
(6.55)
Total distributions
(5.04)
(1.22)
(4.30)
(7.43)
(.83)
Net asset value, end of period
$56.25
$54.40
$49.64
$59.86
$60.32
Total Return (%)b
13.30
12.10
(9.86)
14.19
6.62
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)
.4
.4
1
1
2
Ratio of expenses before expense reductions(%)
1.43
1.36
1.37
1.40
1.38
Ratio of expenses after expense reductions(%)
1.34
1.34
1.35
1.34
1.31
Ratio of net investment income (%)
2.24
1.70
2.15
1.81
1.53
Portfolio turnover rate (%)
55
46
101
40
69
a
Based on average shares outstanding during the period.
b
Total return would have been lower had certain expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
DWS CROCI® Equity Dividend Fund
|
25

DWS CROCI® Equity Dividend Fund Class R6
 
Years Ended November 30,
 
2022
2021
2020
2019
2018
Selected Per Share Data
 
 
 
 
 
Net asset value, beginning of period
$54.66
$49.88
$60.12
$60.55
$57.60
Income (loss) from investment operations:
 
 
 
 
 
Net investment incomea
1.46
1.32
1.39
1.36
1.48
Net realized and unrealized gain (loss)
5.82
5.06
(7.01)
6.00
2.66
Total from investment operations
7.28
6.38
(5.62)
7.36
4.14
Less distributions from:
 
 
 
 
 
Net investment income
(1.49)
(1.60)
(1.26)
(1.24)
(1.19)
Net realized gains
(3.92)
(3.36)
(6.55)
Total distributions
(5.41)
(1.60)
(4.62)
(7.79)
(1.19)
Net asset value, end of period
$56.53
$54.66
$49.88
$60.12
$60.55
Total Return (%)
14.07
12.86
(9.24)
14.95
7.30
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ thousands)
1,090
4,205
3,889
8,701
3,251
Ratio of expenses (%)
.67
.66
.66
.67
.68
Ratio of net investment income (%)
2.69
2.38
2.79
2.47
2.54
Portfolio turnover rate (%)
55
46
101
40
69
a
Based on average shares outstanding during the period.
The accompanying notes are an integral part of the financial statements.
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DWS CROCI® Equity Dividend Fund

DWS CROCI® Equity Dividend Fund Class S
 
Years Ended November 30,
 
2022
2021
2020
2019
2018
Selected Per Share Data
Net asset value, beginning of period
$54.59
$49.80
$60.06
$60.49
$57.55
Income (loss) from investment operations:
 
 
 
 
 
Net investment incomea
1.50
1.20
1.31
1.26
1.18
Net realized and unrealized gain (loss)
5.69
5.09
(7.02)
6.03
2.88
Total from investment operations
7.19
6.29
(5.71)
7.29
4.06
Less distributions from:
 
 
 
 
 
Net investment income
(1.40)
(1.50)
(1.19)
(1.17)
(1.12)
Net realized gains
(3.92)
(3.36)
(6.55)
Total distributions
(5.32)
(1.50)
(4.55)
(7.72)
(1.12)
Net asset value, end of period
$56.46
$54.59
$49.80
$60.06
$60.49
Total Return (%)
13.90
12.70
(9.42)b
14.81b
7.17b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)
45
41
80
110
63
Ratio of expenses before expense reductions(%)
.80
.82
.84
.82
.80
Ratio of expenses after expense reductions(%)
.80
.82
.84
.82
.80
Ratio of net investment income (%)
2.79
2.20
2.65
2.29
2.03
Portfolio turnover rate (%)
55
46
101
40
69
a
Based on average shares outstanding during the period.
b
Total return would have been lower had certain expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
DWS CROCI® Equity Dividend Fund
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27

DWS CROCI® Equity Dividend Fund Institutional Class
 
Years Ended November 30,
 
2022
2021
2020
2019
2018
Selected Per Share Data
Net asset value, beginning of period
$54.63
$49.85
$60.11
$60.53
$57.57
Income (loss) from investment operations:
 
 
 
 
 
Net investment incomea
1.55
1.26
1.35
1.31
1.22
Net realized and unrealized gain (loss)
5.70
5.07
(7.02)
6.02
2.87
Total from investment operations
7.25
6.33
(5.67)
7.33
4.09
Less distributions from:
 
 
 
 
 
Net investment income
(1.44)
(1.55)
(1.23)
(1.20)
(1.13)
Net realized gains
(3.92)
(3.36)
(6.55)
Total distributions
(5.36)
(1.55)
(4.59)
(7.75)
(1.13)
Net asset value, end of period
$56.52
$54.63
$49.85
$60.11
$60.53
Total Return (%)
14.01
12.76b
(9.35)b
14.88b
7.21
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)
105
107
153
180
48
Ratio of expenses before expense reductions(%)
.72
.78
.77
.77
.76
Ratio of expenses after expense reductions(%)
.72
.76
.76
.75
.76
Ratio of net investment income (%)
2.88
2.28
2.72
2.37
2.09
Portfolio turnover rate (%)
55
46
101
40
69
a
Based on average shares outstanding during the period.
b
Total return would have been lower had certain expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
28
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DWS CROCI® Equity Dividend Fund

Notes to Financial Statements
A.
Organization and Significant Accounting Policies
DWS CROCI® Equity Dividend 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 R shares are not subject to initial or contingent deferred sales charges and are generally available only to certain retirement plans. Class R6 shares are not subject to initial or contingent deferred sales charges and are generally available only to certain qualifying plans and programs. 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.
DWS CROCI® Equity Dividend Fund
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29

Security Valuation.Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.
The Fund’s Board has designated DWS Investment Management Americas, Inc. (the “Advisor” ) as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee” ) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1. For certain international equity securities, in order to adjust for events which may occur between the close of the foreign exchanges and the close of the New York Stock Exchange, a fair valuation model may be used. This fair valuation model takes into account comparisons to the valuation of American Depository Receipts (ADRs), exchange-traded funds, futures contracts and certain indices and these securities are categorized as Level 2.
Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent
30
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DWS CROCI® Equity Dividend Fund

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.
Foreign Currency Translations.The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
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 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 year ended November 30, 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
DWS CROCI® Equity Dividend Fund
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31

Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of November 30, 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 November 30, 2022, the Fund had no securities on loan.
Federal Income Taxes.The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.
The Fund has reviewed the tax positions for the open tax years as of November 30, 2022 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 quarterly. 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. The Fund utilized a portion of the proceeds from capital shares redeemed as a distribution from net investment income and realized capital gains. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such
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DWS CROCI® Equity Dividend Fund

period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.
At November 30, 2022, the Fund’s components of distributable earnings (accumulated losses) on a net tax basis were as follows:
Undistributed ordinary income*
$25,377,827
Undistributed long-term capital gains
$25,190,944
Net unrealized appreciation (depreciation) on investments
$95,056,659
At November 30, 2022, the aggregate cost of investments for federal income tax purposes was $872,523,645. The net unrealized appreciation for all investments based on tax cost was $95,056,659. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $129,290,134 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $34,233,475.
In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:
 
Years Ended November 30,
 
2022
2021
Distributions from ordinary income*
$ 23,466,311
$26,783,365
Distributions from long-term capital gains
$ 66,639,222
$
*
For tax purposes, short-term capital gain distributions are considered ordinary
income distributions.
Expenses.Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.
Contingencies.In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.
Other.Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost
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33

basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.
B.
Purchases and Sales of Securities
During the year ended November 30, 2022, purchases and sales of investment securities (excluding short-term investments) aggregated $516,034,535 and $584,707,890, 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. In addition to portfolio management services, the Advisor provides certain administrative services in accordance with the Investment Management Agreement.
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 $250 million of the Fund’s average daily net assets
.63%
Next $750 million of such net assets
.60%
Next $1.5 billion of such net assets
.58%
Next $2.5 billion of such net assets
.56%
Next $2.5 billion of such net assets
.53%
Next $2.5 billion of such net assets
.52%
Next $2.5 billion of such net assets
.51%
Over $12.5 billion of such net assets
.50%
Accordingly, for the year ended November 30, 2022, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.608% of the Fund’s average daily net assets.
For the period from December 1, 2021 through September 30, 2022 (through February 28, 2022 for Class R shares), the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary
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DWS CROCI® Equity Dividend Fund

expenses, taxes, brokerage and interest expense) of each class as follows:
Class A
1.11%
Class C
1.86%
Class R
1.34%
Class R6
.86%
Class S
.86%
Institutional Class
.86%
For the period from March 1, 2022 through September 30, 2022, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of Class R shares at 1.36%.
Effective October 1, 2022 through September 30, 2023, 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
 
1.02%
Class C
 
1.77%
Class R
 
1.27%
Class R6
 
.77%
Class S
 
.82%
Institutional Class
 
.77%
In addition, for the period from December 1, 2021 through November 30, 2022, the Advisor voluntarily agreed to waive its fees and/or reimburse certain operating expenses of Class R6 and Institutional Class shares to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) at 0.76%. This voluntary waiver or reimbursement may be terminated at any time at the option of the Advisor.
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For the year ended November 30, 2022, fees waived and/or expenses reimbursed for certain classes are as follows:
Class C
$666
Class R
381
 
$1,047
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 fee it receives from the Fund. For the year ended November 30, 2022 (through September 30, 2022 for Class T shares), the amounts charged to the Fund by DSC were as follows:
Services to Shareholders
Total
Aggregated
Unpaid at
November 30, 2022
Class A
$ 315,742
$51,892
Class T
22
2
Class C
5,254
837
Class R
239
31
Class R6
266
45
Class S
8,743
1,456
Institutional Class
1,473
253
 
$331,739
$54,516
Pursuant to a fund accounting agreement, DIMA is responsible for computing the daily net asset value per share and maintaining the portfolio and general accounting records of the Fund. DIMA has delegated certain fund accounting and record-keeping services to State Street Bank and Trust Company. The costs and expenses of such delegation are paid by DIMA. The Fund paid no fee to DIMA for fund accounting and record-keeping services provided under the fund accounting agreement during the period.
In addition, for the year ended November 30, 2022, the amounts charged to the Fund for recordkeeping and other administrative services provided
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DWS CROCI® Equity Dividend Fund

by unaffiliated third parties, included in the Statement of Operations under “Services to shareholders,”  were as follows:
Sub-Recordkeeping
Total
Aggregated
Class A
$613,636
Class C
18,754
Class R
924
Class S
50,786
Institutional Class
57,726
 
$741,826
Distribution and Service Fees.Under the Fund’s Class C and R 12b-1 Plans, 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 and 0.25% of the average daily net assets of Class R 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 and R shares. For the year ended November 30, 2022, the Distribution Fee was as follows:
Distribution Fee
Total
Aggregated
Unpaid at
November 30, 2022
Class C
$ 101,017
$7,966
Class R
1,003
71
 
$102,020
$8,037
In addition, DDI provides information and administrative services for a fee (“Service Fee” ) to Class A, T, C and R shareholders at an annual rate of up to 0.25% of the average daily net assets for each such class. DDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the year ended November 30, 2022 (through September 30, 2022 for Class T shares), the Service Fee was as follows:
Service Fee
Total
Aggregated
Unpaid at
November 30, 2022
Annual
Rate
Class A
$ 1,876,224
$ 303,760
.24%
Class T
18
11
.15%
Class C
32,850
6,971
.24%
Class R
945
293
.24%
 
$1,910,037
$311,035
 
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37

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 year ended November 30, 2022 aggregated $16,830.
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 year ended November 30, 2022, the CDSC for Class C shares aggregated $716. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the year ended November 30, 2022, DDI received $162 for Class A shares.
Other Service Fees.Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended November 30, 2022, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders”  aggregated $1,299, of which $671 is unpaid.
Trustees’ Fees and Expenses.The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.
Affiliated Cash Management Vehicles.The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund’s assets invested in DWS ESG Liquidity Fund.
Securities Lending Agent Fees.Deutsche Bank AG serves as securities lending agent for the Fund. For the year ended November 30, 2022, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $228.
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DWS CROCI® Equity Dividend Fund

D.
Line of Credit
The Fund and other affiliated funds (the “Participants” ) share in a $375 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at November 30, 2022.
E.
Fund Share Transactions
The following table summarizes share and dollar activity in the Fund:
 
Year Ended
November 30, 2022
Year Ended
November 30, 2021
 
Shares
Dollars
Shares
Dollars
Shares sold
Class A
  346,315
$18,627,489
  367,806
$20,277,473
Class C
   45,508
  2,467,409
   14,657
    798,548
Class R
      567
     30,042
      655
     36,263
Class R6
   30,204
  1,668,905
   15,069
    833,990
Class S
  194,457
10,244,265
  240,691
13,000,886
Institutional Class
  397,054
21,283,616
1,358,149
73,139,841
 
 
$54,321,726
 
$108,087,001
Shares issued to shareholders in reinvestment of distributions
Class A
1,309,180
$70,077,606
  361,919
$19,522,948
Class T
        25*
      1,324*
         7
         348
Class C
   22,124
  1,184,554
    5,612
    300,670
Class R
      742
     39,639
      216
     11,529
Class R6
    6,997
    376,935
    2,218
    119,671
Class S
   74,963
  4,005,716
   28,031
  1,491,161
Institutional Class
  189,299
10,127,705
   76,311
  4,102,848
 
 
$85,813,479
 
$25,549,175
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39

 
Year Ended
November 30, 2022
Year Ended
November 30, 2021
 
Shares
Dollars
Shares
Dollars
Shares redeemed
Class A
(1,595,167)
$(85,583,645)
(1,871,464)
$(102,499,560)
Class T
      (274)*
     (13,082)*
       
         
Class C
   (79,131)
  (4,277,148)
  (133,894)
  (7,352,239)
Class R
    (2,865)
    (151,324)
    (7,589)
    (390,519)
Class R6
   (94,855)
  (5,171,761)
   (18,331)
    (997,492)
Class S
  (221,100)
(11,905,713)
(1,128,002)
(60,039,069)
Institutional Class
  (685,754)
(36,901,027)
(2,552,676)
(140,112,515)
 
 
$(144,003,700)
 
$(311,391,394)
Net increase (decrease)
Class A
   60,328
  $3,121,450
(1,141,739)
$(62,699,139)
Class T
      (249)*
     (11,758)*
         7
         348
Class C
   (11,499)
    (625,185)
  (113,625)
  (6,253,021)
Class R
    (1,556)
     (81,643)
    (6,718)
    (342,727)
Class R6
   (57,654)
  (3,125,921)
    (1,044)
     (43,831)
Class S
   48,320
  2,344,268
  (859,280)
(45,547,022)
Institutional Class
   (99,401)
  (5,489,706)
(1,118,216)
(62,869,826)
 
 
$(3,868,495)
 
$(177,755,218)
*
For the period from December 1, 2021 to September 30, 2022 (Class T liquidation date).
F.
Other COVID-19 Pandemic
A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, which at times 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 significant portions of the population remaining unvaccinated 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
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DWS CROCI® Equity Dividend Fund

investments may be adversely affected by the effects of the COVID-19 pandemic. 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.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Deutsche DWS Investment Trust and Shareholders of DWS CROCI® Equity Dividend Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of DWS CROCI® Equity Dividend Fund (the “Fund” ) (one of the funds constituting Deutsche DWS Investment Trust) (the “Trust” ), including the investment portfolio, as of November 30, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements” ). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Investment Trust) at November 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB” ) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
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DWS CROCI® Equity Dividend Fund

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.
Boston, Massachusetts
January 24, 2023
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Information About Your Fund’s Expenses
As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads) and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses
with the ongoing expenses of investing in other mutual funds.In the most recent six-month period, the Fund limited these expenses for Class C and
Class R shares; had it not done so, expenses would have been higher.The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2022 to November 30, 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.
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DWS CROCI® Equity Dividend Fund

Expenses and Value of a $1,000 Investment
for the six months ended November 30, 2022 (Unaudited)
Actual Fund Return
Class A
Class C
Class R
Class R6
Class S
Institutional
Class
Beginning Account
Value 6/1/22
$1,000.00
$1,000.00
$1,000.00
$1,000.00
$1,000.00
$1,000.00
Ending Account
Value 11/30/22
$1,029.70
$1,025.60
$1,028.20
$1,031.50
$1,030.90
$1,031.50
Expenses Paid
per $1,000*
$5.19
$9.19
$6.71
$3.46
$3.97
$3.41
Hypothetical 5%
Fund Return
Class A
Class C
Class R
Class R6
Class S
Institutional
Class
Beginning Account
Value 6/1/22
$1,000.00
$1,000.00
$1,000.00
$1,000.00
$1,000.00
$1,000.00
Ending Account
Value 11/30/22
$1,019.95
$1,015.99
$1,018.45
$1,021.66
$1,021.16
$1,021.71
Expenses Paid
per $1,000*
$5.17
$9.15
$6.68
$3.45
$3.95
$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 C
Class R
Class R6
Class S
Institutional
Class
DWS CROCI® Equity
Dividend Fund
   1.02%
   1.81%
   1.32%
   .68%
   .78%
   .67%
For more information, please refer to the Fund’s prospectus.
For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to tools.finra.org/fund_analyzer/.
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Tax Information (Unaudited)
The Fund paid distributions of $3.89 per share from net long-term capital gains during its year ended November 30, 2022.
Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $31,800,000 as capital gain dividends for its year ended November 30, 2022.
For corporate shareholders, 100% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund’s fiscal year ended November 30, 2022, qualified for the dividends received deduction.
For federal income tax purposes, the Fund designates approximately $37,400,000, or the maximum amount allowable under tax law, as qualified dividend income.
Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please call (800) 728-3337.
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Advisory Agreement Board Considerations and Fee Evaluation
The Board of Trustees (hereinafter referred to as the “Board”  or “Trustees” ) approved the renewal of DWS CROCI® Equity Dividend Fund’s (the “Fund” ) investment management agreement (the “Agreement” ) with DWS Investment Management Americas, Inc. (“DIMA” ) in September 2022.
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 t