N-CSRS

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

One International Place

Boston, MA 02110

(Name and Address of Agent for Service)

Date of fiscal year end:	9/30
Date of reporting period:	3/31/2020

ITEM 1. REPORT TO STOCKHOLDERS

March 31, 2020

Semiannual Report

to Shareholders

DWS Small Cap Growth Fund

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

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

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

Contents

3	Letter to Shareholders
4	Performance Summary
7	Portfolio Management Team
7	Portfolio Summary
9	Investment Portfolio
16	Statement of Assets and Liabilities
18	Statement of Operations
19	Statements of Changes in Net Assets
20	Financial Highlights

26	Notes to Financial Statements
36	Information About Your Fund’s Expenses
38	Liquidity Risk Management
39	Advisory Agreement Board Considerations and Fee Evaluation
44	Account Management Resources
46	Privacy Statement

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. Small company stocks tend to be more volatile than medium-sized or large company stocks. The Fund may lend securities to approved institutions. Please read the prospectus for details.

War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets 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 Small Cap Growth Fund

Letter to Shareholders

Dear Shareholder:

While the economy isn’t expected to shrug off the impacts of the COVID-19 pandemic easily, DWS’s CIO Office is cautiously optimistic. Our CIO Office anticipates the recession in the United States (“U.S.”) to be shallower than in the Eurozone, followed by a more robust U.S. recovery primarily benefiting from the outsized U.S. fiscal stimulus. Our CIO office sees long-lasting disruptions of supply chains and consumer spending, potentially derailing the current outlook.

What is already becoming clear is the current assessment of the situation by financial markets. As of mid-May, U.S. markets have moved from panic mode back to relatively high valuations. However, sentiment can quickly change and March lows may be tested again in the coming months. With respect to the bond markets, we think that accommodative central bank action will continue or even accelerate, with the interest rates set to remain low for the foreseeable future.

What may come next? In the short term, we expect markets to remain volatile. While our strategists forecast peaking uncertainty on stock markets, sharp setbacks could happen at any time. Stocks have become even more appealing for the medium to long term time horizons, due to the very accommodative monetary policy of the leading central banks and growing fiscal deficits.

As the U.S. and global economies forge a path to recovery, close monitoring of developments to assess potential opportunities and risks is critical. We believe the unique structure of our CIO Office — which synthesizes the views of more than 900 DWS economists, analysts and investment professionals around the world — perfectly positions us to make strategic and tactical decisions. Those insights are updated frequently and are always available on the ‘Insights’ section of dws.com.

As always, we appreciate your trust and welcome the opportunity to help you navigate these unusual times. We believe our decades of experience in managing assets through multiple market cycles and events will add value in times such as these.

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 Small Cap Growth Fund | 3

Performance Summary March 31, 2020 (Unaudited)

Class A	6-Month‡		1-Year		5-Year		10-Year
Average Annual Total Returns as of 3/31/20
Unadjusted for Sales Charge		–22.44%		–23.53%		–2.61%		7.02%
Adjusted for the Maximum Sales Charge (max 5.75% load)		–26.90%		–27.93%		–3.76%		6.39%
Russell 2000® Growth Index†		–17.31%		–18.58%		1.70%		8.89%
Class C	6-Month‡		1-Year		5-Year		10-Year
Average Annual Total Returns as of 3/31/20
Unadjusted for Sales Charge		–22.73%		–24.09%		–3.34%		6.22%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)		–23.51%		–24.09%		–3.34%		6.22%
Russell 2000® Growth Index†		–17.31%		–18.58%		1.70%		8.89%
Class R	6-Month‡		1-Year		5-Year		Life of Class*
Average Annual Total Returns as of 3/31/20
No Sales Charges		–22.50%		–23.68%		–2.86%		4.24%
Russell 2000® Growth Index†		–17.31%		–18.58%		1.70%		7.75%
Class R6	6-Month‡		1-Year		5-Year		Life of Class**
Average Annual Total Returns as of 3/31/20
No Sales Charges		–22.31%		–23.27%		–2.34%		0.10%
Russell 2000® Growth Index†		–17.31%		–18.58%		1.70%		3.75%
Class S	6-Month‡		1-Year		5-Year		10-Year
Average Annual Total Returns as of 3/31/20
No Sales Charges		–22.32%		–23.30%		–2.37%		7.28%
Russell 2000® Growth Index†		–17.31%		–18.58%		1.70%		8.89%
Institutional Class	6-Month‡		1-Year		5-Year		10-Year
Average Annual Total Returns as of 3/31/20
No Sales Charges		–22.32%		–23.32%		–2.35%		7.38%
Russell 2000® Growth Index†		–17.31%		–18.58%		1.70%		8.89%

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.

4 | DWS Small Cap Growth Fund

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated February 1, 2020 are 1.26%, 2.06%, 1.62%, 0.89%, 1.00%, 0.99% 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.

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)

The Fund’s growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 5.75%. This results in a net investment of $9,425.

The growth of $10,000 is cumulative.

Performance of other share classes will vary based on the sales charges and the fee structure of those classes.

DWS Small Cap Growth Fund | 5

^*  Class R shares commenced operations on May 1, 2012.

^**  Class R6 shares commenced operations on August 25, 2014.

^†  The Russell 2000 Growth Index is an unmanaged, capitalization-weighted measure of 2,000 of the smallest capitalized U.S. companies with a greater-than-average growth orientation and whose common stocks trade on the NYSE, NYSE Alternext US and Nasdaq.

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

	Class A		Class C		Class R		Class R6		Class S		Institutional Class
Net Asset Value
3/31/20	$	20.60	$	16.45	$	20.05	$	21.00	$	21.86	$	22.20
9/30/19	$	26.56	$	21.29	$	25.87	$	27.03	$	28.14	$	28.58

6 | DWS Small Cap Growth Fund

Portfolio Management Team

Peter Barsa, Director

Portfolio Manager of the Fund. Began managing the Fund in 2017.

– Joined DWS in 1999.

– Portfolio Manager for DWS Global Small Cap, US Small Cap Growth and US Small Mid Cap Growth: New York.

– Previously served as equity research analyst covering consumer discretionary and consumer staples and as global small cap equity research generalist.

– BS in Finance, Villanova University.

Michael A. Sesser, CFA, Director

Portfolio Manager of the Fund. Began managing the Fund in 2017.

– Joined DWS in 2009.

– Portfolio Manager and Equity Research Analyst: New York.

– Previously, Business Intelligence Analyst, Corporate Executive Board (now owned by Gartner) from 2005–2007; Research Associate, Compass Lexecon (now owned by FTI Consulting) from 2003–2005.

– BA in Ethics, Politics & Economics, Yale University; MBA (with distinction), Stephen M. Ross School of Business, University of Michigan.

Portfolio Summary		(Unaudited)
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	3/31/20		9/30/19
Common Stocks		98%		98%
Cash Equivalents		2%		2%
Convertible Preferred Stocks		0%		0%
		100%		100%
Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral)	3/31/20		9/30/19
Health Care		31%		25%
Information Technology		21%		20%
Industrials		17%		21%
Consumer Discretionary		13%		14%
Real Estate		6%		5%
Financials		5%		6%
Consumer Staples		3%		3%
Materials		2%		2%
Communication Services		1%		2%
Energy		1%		2%
		100%		100%

DWS Small Cap Growth Fund | 7

Ten Largest Equity Holdings at March 31, 2020 (19.4% of Net Assets)			Percent
	1	Helen of Troy Ltd.	2.3%
		Designs, produces and markets brand-name hair dryers and hair accessories
	2	Rush Enterprises, Inc.	2.2%
		Retails new and used trucks
	3	Masimo Corp.	2.0%
		Designs, develops and licenses medical signal processing and sensor technology for the non-invasive monitoring of physiological parameters
	4	AMN Healthcare Services, Inc.	2.0%
		Provides nursing care facilities
	5	HMS Holdings Corp.	1.9%
		Provides proprietary information management and data processing products and services
	6	Five9, Inc.	1.9%
		Provider of cloud contact center software
	7	Molina Healthcare, Inc.	1.8%
		Operates as a managed care organisation
	8	Varonis Systems, Inc.	1.8%
		Designs and develops data security software solutions
	9	Providence Service Corp.	1.8%
		Provider of critical healthcare and workforce development services
	10	MAXIMUS, Inc.	1.7%
		Provides program management and consulting services

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 9. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 44 for contact information.

8 | DWS Small Cap Growth Fund

Investment Portfolio as of March 31, 2020 (Unaudited)

	Shares		Value ($)
Common Stocks 97.6%
Communication Services 1.1%
Entertainment 0.3%
Cinemark Holdings, Inc.		76,316		777,660
Media 0.8%
Sinclair Broadcast Group, Inc. “A”		119,751		1,925,596
Consumer Discretionary 12.4%
Auto Components 1.2%
Fox Factory Holding Corp.*		63,429		2,664,018
Tenneco, Inc. “A”*		111,868		402,725
				3,066,743
Diversified Consumer Services 2.4%
Bright Horizons Family Solutions, Inc.*		22,385		2,283,270
K12, Inc.*		140,512		2,650,056
ServiceMaster Global Holdings, Inc.*		35,203		950,481
				5,883,807
Hotels, Restaurants & Leisure 1.0%
Hilton Grand Vacations, Inc.*		61,520		970,170
Jack in the Box, Inc.		38,892		1,363,165
				2,333,335
Household Durables 4.4%
Helen of Troy Ltd.*		40,151		5,782,948
iRobot Corp.* (a)		52,179		2,134,121
TopBuild Corp.*		42,279		3,028,868
				10,945,937
Internet & Direct Marketing Retail 0.3%
Grubhub, Inc.*		15,421		628,097
RealReal, Inc.*		14,570		102,136
				730,233
Leisure Products 0.7%
YETI Holdings, Inc.* (a)		93,801		1,830,996
Specialty Retail 1.7%
Burlington Stores, Inc.*		13,872		2,198,157
Camping World Holdings, Inc. “A” (a)		227,552		1,294,771
The Children’s Place, Inc.* (a)		33,473		654,732
				4,147,660
Textiles, Apparel & Luxury Goods 0.7%
Carter’s, Inc.		24,458		1,607,624

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

DWS Small Cap Growth Fund | 9

	Shares		Value ($)
Consumer Staples 3.3%
Food & Staples Retailing 1.5%
Casey’s General Stores, Inc.		28,608		3,790,274
Household Products 1.8%
Church & Dwight Co., Inc.		44,299		2,843,110
Spectrum Brands Holdings, Inc.		43,726		1,590,314
				4,433,424
Energy 0.4%
Energy Equipment & Services 0.1%
SEACOR Marine Holdings, Inc.*		61,766		270,535
Oil, Gas & Consumable Fuels 0.3%
Contango Oil & Gas Co.*		529,476		794,214
Financials 5.3%
Banks 2.0%
South State Corp.		37,253		2,187,869
Synovus Financial Corp.		101,583		1,783,797
TriState Capital Holdings, Inc.*		84,962		821,583
				4,793,249
Capital Markets 1.3%
Affiliated Managers Group, Inc.		15,215		899,815
Moelis & Co. “A”		83,995		2,360,260
				3,260,075
Consumer Finance 0.5%
Green Dot Corp. “A”*		44,996		1,142,448
Insurance 1.5%
Progressive Corp.		51,175		3,778,762
Health Care 30.0%
Biotechnology 11.2%
Acceleron Pharma, Inc.*		23,613		2,122,100
Aimmune Therapeutics, Inc.* (a)		105,833		1,526,112
Alkermes PLC*		36,429		525,306
Amicus Therapeutics, Inc.*		72,726		671,988
Arena Pharmaceuticals, Inc.*		44,221		1,857,282
Biohaven Pharmaceutical Holding Co., Ltd.*		38,790		1,320,024
BioMarin Pharmaceutical, Inc.*		50,016		4,226,352
Bluebird Bio, Inc.*		13,726		630,847
Blueprint Medicines Corp.*		26,326		1,539,544
Emergent BioSolutions, Inc.*		45,368		2,624,993
Global Blood Therapeutics, Inc.*		21,100		1,077,999
Heron Therapeutics, Inc.* (a)		137,437		1,613,510
Ligand Pharmaceuticals, Inc.* (a)		20,196		1,468,653

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

10 | DWS Small Cap Growth Fund

	Shares		Value ($)
Mirati Therapeutics, Inc.*		13,117		1,008,304
Neurocrine Biosciences, Inc.*		31,623		2,736,971
Retrophin, Inc.*		136,387		1,989,886
Ultragenyx Pharmaceutical, Inc.*		17,832		792,276
				27,732,147
Health Care Equipment & Supplies 6.6%
Cardiovascular Systems, Inc.*		75,741		2,666,841
Globus Medical, Inc. “A”*		49,547		2,107,234
Haemonetics Corp.*		10,263		1,022,811
iRhythm Technologies, Inc.*		18,915		1,538,735
Masimo Corp.*		28,111		4,979,020
Natus Medical, Inc.*		80,982		1,873,114
Quidel Corp.*		5,983		585,197
Tandem Diabetes Care, Inc.*		23,207		1,493,370
				16,266,322
Health Care Providers & Services 7.9%
1Life Healthcare, Inc.* (a)		36,449		661,549
AMN Healthcare Services, Inc.*		84,857		4,905,583
HealthEquity, Inc.*		24,766		1,252,912
Molina Healthcare, Inc.*		31,886		4,454,793
Option Care Health, Inc.*		197,298		1,868,412
Providence Service Corp.*		79,546		4,365,485
RadNet, Inc.*		165,276		1,737,051
Tivity Health, Inc.* (a)		37,104		233,384
				19,479,169
Health Care Technology 2.0%
HMS Holdings Corp.*		186,259		4,706,765
Schrodinger, Inc.*		2,639		113,794
				4,820,559
Pharmaceuticals 2.3%
ANI Pharmaceuticals, Inc.*		47,170		1,921,706
Avadel Pharmaceuticals PLC (ADR)* (a)		101,972		809,657
Pacira BioSciences, Inc.*		76,241		2,556,361
Reata Pharmaceuticals, Inc. “A”*		3,264		471,126
				5,758,850
Industrials 16.9%
Aerospace & Defense 1.5%
Ducommun, Inc.*		144,631		3,594,080
Building Products 1.5%
Masonite International Corp.*		78,901		3,743,853
Commercial Services & Supplies 2.7%
MSA Safety, Inc.		27,007		2,733,108

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

DWS Small Cap Growth Fund | 11

	Shares		Value ($)
The Brink’s Co.		74,440		3,874,602
				6,607,710
Construction & Engineering 1.1%
MasTec, Inc.*		86,046		2,816,286
Electrical Equipment 2.5%
Allied Motion Technologies, Inc.		53,498		1,267,902
Generac Holdings, Inc.*		22,593		2,104,990
Thermon Group Holdings, Inc.*		193,355		2,913,860
				6,286,752
Machinery 2.4%
Chart Industries, Inc.*		50,416		1,461,056
Hillenbrand, Inc.		83,300		1,591,863
Hyster-Yale Materials Handling, Inc.		43,754		1,754,098
Kennametal, Inc.		57,262		1,066,218
				5,873,235
Professional Services 1.4%
Kforce, Inc.		133,921		3,424,360
Mistras Group, Inc.*		17,350		73,911
				3,498,271
Trading Companies & Distributors 3.8%
H&E Equipment Services, Inc.		132,333		1,942,648
Rush Enterprises, Inc. “A”		168,855		5,389,852
Titan Machinery, Inc.*		221,091		1,921,281
				9,253,781
Information Technology 20.4%
Communications Equipment 1.4%
Lumentum Holdings, Inc.*		46,130		3,399,781
IT Services 2.6%
MAXIMUS, Inc.		74,339		4,326,530
WEX, Inc.*		9,244		966,460
WNS Holdings Ltd. (ADR)*		27,256		1,171,463
				6,464,453
Semiconductors & Semiconductor Equipment 3.8%
Advanced Energy Industries, Inc.*		42,567		2,064,074
Cabot Microelectronics Corp.		19,057		2,175,166
Entegris, Inc.		29,901		1,338,668
Inphi Corp.*		48,878		3,869,671
				9,447,579
Software 12.6%
Agilysys, Inc.*		254,909		4,256,980
Aspen Technology, Inc.*		28,156		2,676,791
Cornerstone OnDemand, Inc.*		77,374		2,456,625

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

12 | DWS Small Cap Growth Fund

	Shares		Value ($)
Envestnet, Inc.*		57,666		3,101,277
Five9, Inc.*		60,365		4,615,508
Intelligent Systems Corp.* (a)		21,055		715,659
Proofpoint, Inc.*		25,358		2,601,477
QAD, Inc. “A”		95,042		3,795,027
Tyler Technologies, Inc.*		8,394		2,489,325
Varonis Systems, Inc.*		69,360		4,416,151
				31,124,820
Materials 2.0%
Chemicals 0.2%
Trinseo SA		29,121		527,381
Construction Materials 1.2%
Eagle Materials, Inc.		43,066		2,515,916
U.S. Concrete, Inc.*		22,100		400,894
				2,916,810
Metals & Mining 0.6%
Cleveland-Cliffs, Inc. (a)		401,421		1,585,613
Real Estate 5.8%
Equity Real Estate Investment Trusts (REITs)
Americold Realty Trust		93,507		3,182,978
EastGroup Properties, Inc.		15,720		1,642,426
Essential Properties Realty Trust, Inc.		135,354		1,767,723
Four Corners Property Trust, Inc.		77,435		1,448,809
National Storage Affiliates Trust		86,582		2,562,827
QTS Realty Trust, Inc. “A”		65,305		3,788,343
				14,393,106
Total Common Stocks (Cost $271,179,488)				241,103,130
Convertible Preferred Stocks 0.1%
Health Care
Providence Service Corp., 5.5% (b) (Cost $212,100)		2,121		291,877
Securities Lending Collateral 4.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.33% (c) (d) (Cost $9,955,188)		9,955,188		9,955,188
Cash Equivalents 2.4%
DWS Central Cash Management Government Fund, 0.32% (c) (Cost $5,905,483)		5,905,483		5,905,483

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

DWS Small Cap Growth Fund | 13

	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $287,252,259)		104.1			257,255,678
Other Assets and Liabilities, Net		(4.1	)		(10,104,842	)
Net Assets		100.0			247,150,836

A summary of the Fund’s transactions with affiliated investments during the period ended March 31, 2020 are as follows:

Value ($) at 9/30/2019		Pur- chases Cost ($)		Sales Proceeds ($)			Net Real- ized Gain/ (Loss) ($)		Net Change in Unreal- ized Appreci- ation (Depreci- ation) ($)		Income ($)		Capital Gain Distri- butions ($)		Number of Shares at 3/31/2020		Value ($) at 3/31/2020
	Securities Lending Collateral 4.0%
	DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.33% (c) (d)
	16,349,929		—		6,394,741	(e)		—		—		149,411		—		9,955,188		9,955,188
	Cash Equivalents 2.4%
	DWS Central Cash Management Government Fund, 0.32% (c)
	6,299,058		23,991,731		24,385,306			—		—		33,460		—		5,905,483		5,905,483
	22,648,987		23,991,731		30,780,047			—		—		182,871		—		15,860,671		15,860,671

* 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 March 31, 2020 amounted to $9,665,576, which is 3.9% of net assets.

(b) Investment was valued using significant unobservable inputs.

(c) Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

(d) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended March 31, 2020.

ADR: American Depositary Receipt

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

14 | DWS Small Cap Growth Fund

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of March 31, 2020 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 (f)	$	241,103,130	$	—	$	—	$	241,103,130
Convertible Preferred Stocks		—		—		291,877		291,877
Short-Term Investments (f)		15,860,671		—		—		15,860,671
Total	$	256,963,801	$	—	$	291,877	$	257,255,678

(f) See Investment Portfolio for additional detailed categorizations.

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

DWS Small Cap Growth Fund | 15

Statement of Assets and Liabilities

as of March 31, 2020 (Unaudited)
Assets
Investments in non-affiliated securities, at value (cost $271,391,588) — including $9,665,576 of securities loaned	$	241,395,007
Investment in DWS Government & Agency Securities Portfolio (cost $9,955,188)*		9,955,188
Investment in DWS Central Cash Management Government Fund (cost $5,905,483)		5,905,483
Foreign currency, at value (cost $30)		29
Receivable for investments sold		71,791
Receivable for Fund shares sold		74,724
Dividends receivable		160,381
Interest receivable		26,331
Other assets		39,040
Total assets		257,627,974
Liabilities
Cash overdraft		61,791
Payable upon return of securities loaned		9,955,188
Payable for Fund shares redeemed		28,899
Accrued management fee		134,313
Accrued Trustees’ fees		5,511
Other accrued expenses and payables		291,436
Total liabilities		10,477,138
Net assets, at value	$	247,150,836
Net Assets Consist of
Distributable earnings (loss)		(41,247,130	)
Paid-in capital		288,397,966
Net assets, at value	$	247,150,836

* Represents collateral on securities loaned.

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

16 | DWS Small Cap Growth Fund

Statement of Assets and Liabilities as of March 31, 2020 (Unaudited) (continued)

Net Asset Value
Class A
Net Asset Value and redemption price per share ($101,784,032 ÷ 4,940,651 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	20.60
Maximum offering price per share (100 ÷ 94.25 of $20.60)	$	21.86
Class C
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($3,578,365 ÷ 217,552 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	16.45
Class R
Net Asset Value, offering and redemption price per share ($2,219,016 ÷ 110,688 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	20.05
Class R6
Net Asset Value, offering and redemption price per share ($190,718 ÷ 9,083 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	21.00
Class S
Net Asset Value, offering and redemption price per share ($131,936,754 ÷ 6,036,220 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	21.86
Institutional Class
Net Asset Value, offering and redemption price per share ($7,441,951 ÷ 335,233 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	22.20

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

DWS Small Cap Growth Fund | 17

Statement of Operations

for the six months ended March 31, 2020 (Unaudited)
Investment Income
Income:
Dividends	$	1,498,036
Income distributions — DWS Central Cash Management Government Fund		33,460
Securities lending income, net of borrower rebates		149,411
Total income		1,680,907
Expenses:
Management fee		1,102,763
Administration fee		168,981
Services to shareholders		326,552
Distribution and service fees		194,117
Custodian fee		3,180
Professional fees		32,949
Reports to shareholders		33,522
Registration fees		33,717
Trustees’ fees and expenses		7,434
Other		17,972
Total expenses before expense reductions		1,921,187
Expense reductions		(79,916	)
Total expenses after expense reductions		1,841,271
Net investment income (loss)		(160,364	)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		(1,383,755	)
Change in net unrealized appreciation (depreciation) on:
Investments		(69,212,663	)
Foreign currency		(1	)
		(69,212,664	)
Net gain (loss)		(70,596,419	)
Net increase (decrease) in net assets resulting from operations	$	(70,756,783	)

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

18 | DWS Small Cap Growth Fund

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019
Operations:
Net investment income (loss)	$	(160,364	)	$	(629,036	)
Net realized gain (loss)		(1,383,755	)		(9,429,048	)
Change in net unrealized appreciation (depreciation)		(69,212,664	)		(43,214,323	)
Net increase (decrease) in net assets resulting from operations		(70,756,783	)		(53,272,407	)
Distributions to shareholders:
Class A		—			(28,550,833	)
Class C		—			(1,432,672	)
Class R		—			(634,410	)
Class R6		—			(57,666	)
Class S		—			(33,628,182	)
Institutional Class		—			(1,629,492	)
Total distributions		—			(65,933,255	)
Fund share transactions:
Proceeds from shares sold		5,971,029			14,871,872
Reinvestment of distributions		—			63,553,068
Payments for shares redeemed		(35,114,301	)		(65,700,395	)
Net increase (decrease) in net assets from Fund share transactions		(29,143,272	)		12,724,545
Increase (decrease) in net assets		(99,900,055	)		(106,481,117	)
Net assets at beginning of period		347,050,891			453,532,008
Net assets at end of period	$	247,150,836		$	347,050,891

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

DWS Small Cap Growth Fund | 19

Financial Highlights

	Six Months Ended 3/31/20				Years Ended September 30,
Class A	(Unaudited)				2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period		$	26.56		$	36.89		$	33.55		$	27.77		$	28.22		$	30.49
Income (loss) from investment operations:
Net investment income (loss)a			(.03	)		(.08	)		(.17	)		(.18	)		(.17	)		(.30	)
Net realized and unrealized gain (loss)			(5.93	)		(4.59	)		4.97			5.96			1.34			1.54
Total from investment operations			(5.96	)		(4.67	)		4.80			5.78			1.17			1.24
Less distributions from:
Net realized gains			—			(5.66	)		(1.46	)		—			(1.62	)		(3.51	)
Redemption fees			—			—			—			.00	***		.00	***		.00	***
Net asset value, end of period		$	20.60		$	26.56		$	36.89		$	33.55		$	27.77		$	28.22
Total Return (%)b			(22.44	)c**		(11.78	)c		14.82	c		20.81	c		4.41	c		4.17
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)			102			145			192			191			36			35
Ratio of expenses before expense reductions (%)			1.26	*		1.26			1.26			1.41			1.37			1.40
Ratio of expenses after expense reductions (%)			1.22	*		1.21			1.16			1.17			1.30			1.40
Ratio of net investment income (loss) (%)			(.23	)*		(.30	)		(.49	)		(.59	)		(.64	)		(.97	)
Portfolio turnover rate (%)			4	**		16			43			32			50			58

^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.

^*  Annualized

^**  Not annualized

^***  Amount is less than $.005.

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

20 | DWS Small Cap Growth Fund

	Six Months Ended 3/31/20			Years Ended September 30,
Class C	(Unaudited)			2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period		$21.29			$31.10			$28.72			$23.96			$24.74			$27.34
Income (loss) from investment operations:
Net investment income (loss)a		(.11	)		(.24	)		(.38	)		(.34	)		(.32	)		(.46	)
Net realized and unrealized gain (loss)		(4.73	)		(3.91	)		4.22			5.10			1.16			1.37
Total from investment operations		(4.84	)		(4.15	)		3.84			4.76			.84			.91
Less distributions from:
Net realized gains		—			(5.66	)		(1.46	)		—			(1.62	)		(3.51	)
Redemption fees		—			—			—			.00	***		.00	***		.00	***
Net asset value, end of period		$16.45			$21.29			$31.10			$28.72			$23.96			$24.74
Total Return (%)b		(22.73	)c**		(12.41	)c		13.89	c		19.87	c		3.65	c		3.37
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		4			5			9			15			7			8
Ratio of expenses before expense reductions (%)		2.12	*		2.06			2.08			2.14			2.14			2.14
Ratio of expenses after expense reductions (%)		1.97	*		1.96			1.93			1.92			2.05			2.14
Ratio of net investment income (loss) (%)		(.98	)*		(1.05	)		(1.27	)		(1.33	)		(1.39	)		(1.70	)
Portfolio turnover rate (%)		4	**		16			43			32			50			58

^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.

^*  Annualized

^**  Not annualized

^***  Amount is less than $.005.

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

DWS Small Cap Growth Fund | 21

	Six Months Ended 3/31/20			Years Ended September 30,
Class R	(Unaudited)			2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period		$25.87			$36.18			$33.03			$27.41			$27.94			$30.30
Income (loss) from investment operations:
Net investment income (loss)a		(.06	)		(.15	)		(.27	)		(.25	)		(.23	)		(.39	)
Net realized and unrealized gain (loss)		(5.76	)		(4.50	)		4.88			5.87			1.32			1.54
Total from investment operations		(5.82	)		(4.65	)		4.61			5.62			1.09			1.15
Less distributions from:
Net realized gains		—			(5.66	)		(1.46	)		—			(1.62	)		(3.51	)
Redemption fees		—			—			—			.00	***		.00	***		.00	***
Net asset value, end of period		$20.05			$25.87			$36.18			$33.03			$27.41			$27.94
Total Return (%)		(22.50	)b**		(11.99	)b		14.46	b		20.50	b		4.15	b		3.87
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		2			3			4			4			4			3
Ratio of expenses before expense reductions (%)		1.62	*		1.62			1.59			1.73			1.69			1.71
Ratio of expenses after expense reductions (%)		1.47	*		1.46			1.45			1.42			1.55			1.71
Ratio of net investment income (loss) (%)		(.48	)*		(.54	)		(.79	)		(.83	)		(.89	)		(1.28	)
Portfolio turnover rate (%)		4	**		16			43			32			50			58

^a  Based on average shares outstanding during the period.

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

^*  Annualized

^**  Not annualized

^***  Amount is less than $.005.

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

22 | DWS Small Cap Growth Fund

	Six Months Ended 3/31/20			Years Ended September 30,
Class R6	(Unaudited)			2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period		$27.03			$37.32			$33.82			$27.94			$28.29			$30.50
Income (loss) from investment operations:
Net investment income (loss)a		.01			(.01	)		(.07	)		(.10	)		(.07	)		(.25	)
Net realized and unrealized gain (loss)		(6.04	)		(4.62	)		5.03			5.98			1.34			1.55
Total from investment operations		(6.03	)		(4.63	)		4.96			5.88			1.27			1.30
Less distributions from:
Net realized gains		—			(5.66	)		(1.46	)		—			(1.62	)		(3.51	)
Redemption fees		—			—			—			.00	***		.00	***		.00	***
Net asset value, end of period		$21.00			$27.03			$37.32			$33.82			$27.94			$28.29
Total Return (%)		(22.31	)**		(11.50	)		15.15			21.05	b		4.77	b		4.37	b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ thousands)		191			306			953			1,144			923			10
Ratio of expenses before expense reductions (%)		.89	*		.89			.86			.98			.96			1.36
Ratio of expenses after expense reductions (%)		.89	*		.89			.86			.92			.94			1.22
Ratio of net investment income (loss) (%)		.09	*		(.02	)		(.20	)		(.33	)		(.25	)		(.79	)
Portfolio turnover rate (%)		4	**		16			43			32			50			58

^a  Based on average shares outstanding during the period.

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

^*  Annualized

^**  Not annualized

^***  Amount is less than $.005.

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

DWS Small Cap Growth Fund | 23

	Six Months Ended 3/31/20 (Unaudited)			Years Ended September 30,
Class S				2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period		$28.14			$38.60			$34.96			$28.87			$29.20			$31.36
Income (loss) from investment operations:
Net investment income (loss)a		.01			(.01	)		(.09	)		(.10	)		(.11	)		(.23	)
Net realized and unrealized gain (loss)		(6.29	)		(4.79	)		5.19			6.19			1.40			1.58
Total from investment operations		(6.28	)		(4.80	)		5.10			6.09			1.29			1.35
Less distributions from:
Net realized gains		—			(5.66	)		(1.46	)		—			(1.62	)		(3.51	)
Redemption fees		—			—			—			.00	***		.00	***		.00	***
Net asset value, end of period		$21.86			$28.14			$38.60			$34.96			$28.87			$29.20
Total Return (%)		(22.32	)b**		(11.56	)b		15.09	b		21.09	b		4.68	b		4.43
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		132			184			235			228			79			103
Ratio of expenses before expense reductions (%)		1.00	*		1.00			.98			1.14			1.16			1.15
Ratio of expenses after expense reductions (%)		.96	*		.95			.92			.92			1.06			1.15
Ratio of net investment income (loss) (%)		.03	*		(.04	)		(.25	)		(.33	)		(.40	)		(.72	)
Portfolio turnover rate (%)		4	**		16			43			32			50			58

^a  Based on average shares outstanding during the period.

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

^*  Annualized

^**  Not annualized

^***  Amount is less than $.005.

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

24 | DWS Small Cap Growth Fund

	Six Months Ended 3/31/20				Years Ended September 30,
Institutional Class	(Unaudited)				2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period		$	28.58		$	39.09		$	35.39		$	29.23		$	29.53		$	31.66
Income (loss) from investment operations:
Net investment income (loss)a			.01			(.01	)		(.10	)		(.10	)		(.09	)		(.20	)
Net realized and unrealized gain (loss)			(6.39	)		(4.84	)		5.26			6.26			1.41			1.58
Total from investment operations			(6.38	)		(4.85	)		5.16			6.16			1.32			1.38
Less distributions from:
Net realized gains			—			(5.66	)		(1.46	)		—			(1.62	)		(3.51	)
Redemption fees			—			—			—			.00	***		.00	***		.00	***
Net asset value, end of period		$	22.20		$	28.58		$	39.09		$	35.39		$	29.23		$	29.53
Total Return (%)			(22.32	)b**		(11.55	)b		15.07	b		21.07	b		4.73	b		4.52
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)			7			9			13			18			11			2
Ratio of expenses before expense reductions (%)			.99	*		.99			.94			1.02			.99			1.08
Ratio of expenses after expense reductions (%)			.96	*		.95			.92			.92			.96			1.08
Ratio of net investment income (loss) (%)			.03	*		(.05	)		(.27	)		(.33	)		(.32	)		(.64	)
Portfolio turnover rate (%)			4	**		16			43			32			50			58

^a  Based on average shares outstanding during the period.

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

^*  Annualized

^**  Not annualized

^***  Amount is less than $.005.

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

DWS Small Cap Growth Fund | 25

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

DWS Small Cap 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 10 years, provided that the fund or the financial intermediary through which the shareholder purchased the Class C shares has records verifying that the Class C shares have been held for at least 10 years. Class R shares and Class R6 shares are not subject to initial or contingent deferred sales charges and are generally available only to certain retirement plans. Class S shares are not subject to initial or contingent deferred sales charges and are only available to a limited group of investors. Institutional Class shares are not subject to initial or contingent deferred sales charges and are generally available only to qualified institutions.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.

The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

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.

26 | DWS Small Cap Growth Fund

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. Prior to December 12, 2019, Brown Brothers Harriman & Co. was the lending agent for the Fund. Effective December 12, 2019, Deutsche Bank AG, as lending agent, lends

DWS Small Cap Growth Fund | 27

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 cash and/or U.S. Treasury securities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. As of period end, any securities on loan were collateralized by cash. During the six months ended March 31, 2020, 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 (0.12% annualized effective rate as of March 31, 2020) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of March 31, 2020, the Fund had securities on loan, which were classified as common stocks in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. 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 September 30, 2019, the Fund had a net tax basis short-term capital

loss carryforward of approximately $9,291,000, which may be applied

against realized net taxable capital gains indefinitely.

28 | DWS Small Cap Growth Fund

At March 31, 2020, the aggregate cost of investments for federal income tax purposes was $287,667,780. The net unrealized depreciation for all investments based on tax cost was $30,412,102. This consisted of aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost of $40,577,315 and aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value of $$70,989,417.

The Fund has reviewed the tax positions for the open tax years as of September 30, 2019 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to net investment losses incurred by the Fund and certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

Expenses. Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

DWS Small Cap Growth Fund | 29

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 March 31, 2020, purchases and sales of investment securities (excluding short-term investments) aggregated $12,521,375 and $41,761,367, 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 Fund’s average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $500 million of the Fund’s average daily net assets	.65%
Next $1.0 billion of such net assets	.60%
Next $2.5 billion of such net assets	.55%
Next $2.5 billion of such net assets	.54%
Next $2.5 billion of such net assets	.53%
Next $2.5 billion of such net assets	.52%
Over $11.5 billion of such net assets	.51%

Accordingly, for the six months ended March 31, 2020, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.65% of the Fund’s average daily net assets.

For the period from October 1, 2019 through January 31, 2020, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to

30 | DWS Small Cap Growth Fund

maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of certain classes as follows:

Class A	1.21%
Class C	1.96%
Class R	1.46%
Class R6	.95%
Class S	.95%
Institutional Class	.95%

Effective February 1, 2020 through January 31, 2021 (through September 30, 2020 for Class R6), the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of certain classes as follows:

Class A	1.23%
Class C	1.98%
Class R	1.48%
Class R6	.98%
Class S	.98%
Institutional Class	.98%

For the six months ended March 31, 2020, fees waived and/or expenses reimbursed for each class are as follows:

Class A	$	34,028
Class C		3,848
Class R		2,285
Class S		38,116
Institutional Class		1,639
	$	79,916

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. Prior to March 1, 2020, for all services provided under the Administrative Services Agreement, the Fund paid the Advisor an annual fee (“Administration Fee”) of 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. Effective March 1, 2020, for all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual 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 March 31, 2020, the Administration Fee was $168,981, of which $21,830 is unpaid.

DWS Small Cap Growth Fund | 31

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent of the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended March 31, 2020, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at March 31, 2020
Class A	$	57,972	$	20,872
Class C		1,464		525
Class R		230		108
Class R6		51		20
Class S		79,815		28,305
Institutional Class		411		135
	$	139,943	$	49,965

In addition, for the six months ended March 31, 2020, 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	$	67,845
Class C		5,310
Class R		3,679
Class S		50,112
Institutional Class		6,342
	$	133,288

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 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 Service Agreement, DDI enters into related selling group agreements with various firms at various rates for sales of Class C and R shares. For the six months ended March 31, 2020, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated		Unpaid at March 31, 2020
Class C	$	19,159	$	2,475
Class R		3,729		491
	$	22,888	$	2,966

32 | DWS Small Cap Growth Fund

In addition, DDI provides information and administrative services for a fee (“Service Fee”) to Class A, C and R shareholders at an annual rate of up to 0.25% of average daily net assets for each such class. DDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the six months ended March 31, 2020, the Service Fee was as follows:

Service Fee	Total Aggregated		Unpaid at March 31, 2020		Annualized Rate
Class A	$	161,257	$	53,051		.23	%
Class C		6,244		2,154		.24	%
Class R		3,728		1,104		.25	%
	$	171,229	$	56,309

Underwriting Agreement and Contingent Deferred Sales Charge. DDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the six months ended March 31, 2020 aggregated $1,572.

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. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares.

Typesetting and Filing Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the six months ended March 31, 2020, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $8,001, all of which is unpaid.

Trustees’ Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund seeks to provide a high level of current income consistent with liquidity and the preservation of capital. 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

DWS Small Cap Growth Fund | 33

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. Effective December 12, 2019, Deutsche Bank AG serves as securities lending agent for the Fund. For the period ended March 31, 2020, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $6,325.

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 rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if the one-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at March 31, 2020.

E. Fund Share Transactions

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

	Six Months Ended March 31, 2020		Year Ended September 30, 2019
	Shares	Dollars	Shares		Dollars
Shares sold
Class A	81,586	$  2,102,882		248,151	$	6,695,563
Class C	5,886	125,574		16,430		366,456
Class R	6,744	149,095		24,270		701,853
Class R6	322	8,848		890		25,564
Class S	72,285	1,991,376		130,103		3,805,651
Institutional Class	55,996	1,593,254		112,764		3,276,785
		$  5,971,029			$	14,871,872

34 | DWS Small Cap Growth Fund

	Six Months Ended March 31, 2020		Year Ended September 30, 2019
	Shares	Dollars	Shares			Dollars
Shares issued to shareholders in reinvestment of distributions
Class A	—	—		1,079,547		$	27,096,625
Class C	—	—		68,273			1,381,849
Class R	—	—		25,894			634,410
Class R6	—	—		2,264			57,666
Class S	—	—		1,234,137			32,753,026
Institutional Class	—	—		60,441			1,629,492
	—	—				$	63,553,068
Shares redeemed
Class A	(588,477)	$  (15,720,589)		(1,096,076	)	$	(30,433,539	)
Class C	(35,779)	(742,749)		(114,735	)		(2,612,341	)
Class R	(24,847)	(649,078)		(23,628	)		(627,868	)
Class R6	(2,568)	(77,433)		(17,353	)		(537,538	)
Class S	(580,804)	(16,647,132)		(908,815	)		(26,310,919	)
Institutional Class	(44,759)	(1,277,320)		(176,706	)		(5,178,190	)
		$  (35,114,301)				$	(65,700,395	)
Net increase (decrease)
Class A	(506,891)	$  (13,617,707)		231,622		$	3,358,649
Class C	(29,893)	(617,175)		(30,032	)		(864,036	)
Class R	(18,103)	(499,983)		26,536			708,395
Class R6	(2,246)	(68,585)		(14,199	)		(454,308	)
Class S	(508,519)	(14,655,756)		455,425			10,247,758
Institutional Class	11,237	315,934		(3,501	)		(271,913	)
		$  (29,143,272)				$	12,724,545

F. Other

A novel strain of coronavirus (COVID-19) was declared a pandemic by the World Health Organization on March 11, 2020. The situation is evolving with various cities and countries around the world responding in different ways to address the outbreak. There are direct and indirect economic effects developing for various industries and individual companies throughout the world. 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. The recent pandemic spread of the novel coronavirus and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Fund and its investments.

DWS Small Cap Growth Fund | 35

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 A, Class C, Class R, Class S and Institutional Class shares; had they not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (October 1, 2019 to March 31, 2020).

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.

36 | DWS Small Cap Growth Fund

Expenses and Value of a $1,000 Investment for the six months ended March 31, 2020 (Unaudited)
Actual Fund Return	Class A		Class C		Class R		Class R6		Class S		Institutional Class
Beginning Account Value 10/1/19	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 3/31/20	$	775.60	$	772.70	$	775.00	$	776.90	$	776.80	$	776.80
Expenses Paid per $1,000*	$	5.42	$	8.73	$	6.52	$	3.95	$	4.26	$	4.26
Hypothetical 5% Fund Return	Class A		Class C		Class R		Class R6		Class S		Institutional Class
Beginning Account Value 10/1/19	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 3/31/20	$	1,018.90	$	1,015.15	$	1,017.65	$	1,020.55	$	1,020.20	$	1,020.20
Expenses Paid per $1,000*	$	6.16	$	9.92	$	7.41	$	4.50	$	4.85	$	4.85

* 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 366.

Annualized Expense Ratios	Class A			Class C			Class R			Class R6			Class S			Institutional Class
DWS Small Cap Growth Fund		1.22	%		1.97	%		1.47	%		.89	%		.96	%		.96	%

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/.

DWS Small Cap Growth Fund | 37

Liquidity Risk Management

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DWS Investment Management Americas, Inc. (“DIMA”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). DIMA has designated a committee (the “Committee”) composed of personnel from multiple departments within DIMA and its affiliates that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.

In February 2020, as required by the Program and the Liquidity Rule, DIMA provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2018 through November 30, 2019 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, DIMA stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. DIMA also reported on a material change made to the Program in May 2019 to address Securities and Exchange Commission guidance relating to extended foreign market holidays.

38 | DWS Small Cap 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 Small Cap Growth Fund’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) in September 2019.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

– During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees”).

– The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board’s Contract Committee reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant”). Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

– The Board also received extensive information throughout the year regarding performance of the Fund.

– The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

– In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA 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

DWS Small Cap Growth Fund | 39

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 shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board reviewed the Fund’s performance 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, 2018, the Fund’s performance (Class A shares) was in the 4th quartile of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in the one-, three- and five-year periods ended December 31, 2018. The Board noted the disappointing investment performance of the Fund in recent periods and continued to

40 | DWS Small Cap Growth Fund

discuss with senior management of DIMA the factors contributing to such underperformance and actions being taken to improve performance. The Board noted changes in the portfolio management team, effective April 19, 2018. The Board recognized the efforts by DIMA in recent years to enhance its investment platform and improve long-term performance across the DWS fund complex.

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge”) and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2018). The Board noted that, in connection with the merger of Deutsche Mid Cap Growth Fund into the Fund, DIMA agreed to implement new management fee breakpoints effective September 28, 2017. The Board noted that the Fund’s Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be lower than the median (2nd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2018, 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”), noting that DIMA indicated that it does not provide services to any other 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.

DWS Small Cap Growth Fund | 41

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 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

42 | DWS Small Cap Growth Fund

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.

DWS Small Cap Growth Fund | 43

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 filed with the SEC on Form N-PORT. The Fund’s Form N-PORT will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information.
Principal Underwriter	If you have questions, comments or complaints, contact: DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148

44 | DWS Small Cap Growth Fund

Investment Management	DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group”), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group. DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles.
	Class A	Class C	Class S	Institutional Class
Nasdaq Symbol	SSDAX	SSDCX	SSDSX	SSDIX
CUSIP Number	25157M 885	25157M 703	25157M 604	25157M 505
Fund Number	471	771	2314	1471
For shareholders of Class R and Class R6
Automated Information Line	DWS/Ascensus Plan Access (800) 728-3337 24-hour access to your retirement plan account.
Web Site	dws.com Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. Log in/register to manage retirement account assets at https://www.mykplan.com/participantsecure_net/login.aspx.
For More Information	(800) 728-3337 To speak with a service representative.
Written Correspondence	DWS Service Company 222 South Riverside Plaza Chicago, IL 60606-5806
	Class R	Class R6
Nasdaq Symbol	SSDGX	SSDZX
CUSIP Number	25157M 638	25157M 596
Fund Number	1571	1614

DWS Small Cap Growth Fund | 45

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

46 | DWS Small Cap Growth Fund

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. 12/2019

DWS Small Cap Growth Fund | 47

DSCGF-3

(R-027150-9 5/20)

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 Small Cap Growth Fund, a series of Deutsche DWS Investment Trust
By:	/s/Hepsen Uzcan Hepsen Uzcan President
Date:	5/29/2020

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:	5/29/2020
By:	/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer
Date:	5/29/2020

EX-99.CERT

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 Small Cap 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

5/29/2020	/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 Small Cap 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

5/29/2020	/s/Diane Kenneally
	Diane Kenneally
	Chief Financial Officer and Treasurer

EX-99.906 CERT

President

Section 906 Certification under Sarbanes Oxley Act

I, Hepsen Uzcan, certify that:

1.	I have reviewed this report, filed on behalf of DWS Small Cap 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.

5/29/2020	/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 Small Cap 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.

5/29/2020	/s/Diane Kenneally
	Diane Kenneally
	Chief Financial Officer and Treasurer