UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-00043

Deutsche DWS Investment Trust

(Exact Name of Registrant as Specified in Charter)

875 Third Avenue

New York, NY 10022-6225

(Address of Principal Executive Offices) (Zip Code)

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

Diane Kenneally

100 Summer Street

Boston, MA 02110

(Name and Address of Agent for Service)

Date of fiscal year end:	9/30

Date of reporting period:	9/30/2024

Item 1.	Reports to Stockholders.

	(a)

DWS Small Cap Growth Fund

Class A: SSDAX

Annual Shareholder Report—September 30, 2024

This annual shareholder report contains important information about DWS Small Cap Growth Fund (the "Fund") for the period October 1, 2023 to September 30, 2024. You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 728-3337.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$140	1.26%

Gross expense ratio as of the latest prospectus: 1.27%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

How did the Fund perform last year and what affected its performance?

Class A shares of the Fund returned 22.34% (unadjusted for sales charges) for the period ended September 30, 2024. The Fund's broad-based index, the Russell 3000^® Index, returned 35.19% for the same period, while the Fund's additional, more narrowly based index, the Russell 2000^® Growth Index, returned 27.66%.

The Fund’s performance was helped by strong stock selection within the financials, industrials and materials sectors, while weak selection within consumer discretionary and healthcare weighed on return. The Fund’s strategic positioning designed to support long-term performance with relatively low exposure to unprofitable companies, high valuation stocks, and low-quality companies acted as a constraint on return for the period.

Leading individual contributors to the Fund’s performance included RadNet, Inc. (3.3%), a leading U.S. operator of freestanding diagnostic imaging centers. The stock performed well as the company has been adopting artificial intelligence technology for imaging and utilization of outpatient imaging centers continues to take share from higher cost hospital-based centers. Varonis Systems, Inc. (3.3%) is a leading software provider in the data management and protection market. Varonis adopted a subscription-based Software as a Service model in the fourth quarter of 2022 and has seen an acceleration of the sales cycle and new client growth ahead of expectations. Stride, Inc. (2.8%) is the leading U.S. provider of full-time online education programs. The company’s better-than-expected revenue growth has been driven by strong enrollment trends in both its K–12 and adult learning programs.

The most significant individual detractors from performance relative to the benchmark included an overweight to Fox Factory Holding Corp. (0.7%), a dominant market player in premium suspension products for mountain bikes, off-road trucks and powersports equipment. Results suffered as customers in the specialty sports group destocked inventory of mountain bikes and high vehicle costs weighed on truck customization activity. Super Micro Computer, Inc.* benefited in the period from elevated demand for server solutions and focused data centers along with higher efficiency requirements for chipsets. The Fund was underweight the stock based on valuation concerns. The stock gave back much of its gains late in the period as Super Micro delayed filing its annual report and the Department of Justice announced an investigation of the company. AMN Healthcare Services, Inc. (1.1%) is a leading provider of healthcare workforce solutions and staffing services. The company’s largest business segment, nursing staffing, experienced significant year-over-year declines and there is a lack of visibility into when demand will bottom.

Percentages in parentheses are based on the Fund’s net assets as of September 30, 2024.

* Not held at September 30, 2024.

Fund Performance

Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 96% of the investable U.S. equity market.

The Russell 3000^® Index is a broad-based index that represents the fund’s overall equity market. It replaces the Russell 2000^® Growth Index as the Fund’s broad-based index in compliance with updated regulatory requirements.

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 U.S. (formerly known as “AMEX”) and NASDAQ.

The Russell 2000^® Growth Index is a more narrowly based index that reflects the market sector in which the fund invests.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Cumulative Growth of an Assumed $10,000Investment

(Adjusted for Maximum Sales Charge)

	Class A	Russell 3000^® Index	Russell 2000^® Growth Index
'14	$9,425	$10,000	$10,000
'14	$9,821	$10,275	$10,620
'14	$9,910	$10,524	$10,689
'14	$10,124	$10,524	$11,006
'15	$9,905	$10,231	$10,755
'15	$10,757	$10,824	$11,529
'15	$11,105	$10,713	$11,736
'15	$10,614	$10,762	$11,390
'15	$11,084	$10,911	$11,809
'15	$11,070	$10,728	$11,968
'15	$11,265	$10,908	$12,016
'15	$10,444	$10,249	$11,106
'15	$9,818	$9,951	$10,404
'15	$10,218	$10,736	$10,995
'15	$10,399	$10,796	$11,397
'15	$9,870	$10,574	$10,854
'16	$8,910	$9,978	$9,678
'16	$8,763	$9,975	$9,609
'16	$9,523	$10,677	$10,346
'16	$9,667	$10,743	$10,449
'16	$9,759	$10,935	$10,730
'16	$9,545	$10,958	$10,681
'16	$10,206	$11,393	$11,379
'16	$10,188	$11,422	$11,500
'16	$10,250	$11,440	$11,666
'16	$9,796	$11,192	$10,941
'16	$10,619	$11,693	$11,920
'16	$10,715	$11,921	$12,082
'17	$10,966	$12,145	$12,278
'17	$11,217	$12,597	$12,580
'17	$11,280	$12,606	$12,729
'17	$11,387	$12,739	$12,963
'17	$11,288	$12,870	$12,845
'17	$11,638	$12,986	$13,287
'17	$11,793	$13,231	$13,400
'17	$11,882	$13,256	$13,385
'17	$12,384	$13,580	$14,113
'17	$12,458	$13,876	$14,332
'17	$12,875	$14,297	$14,744
'17	$12,943	$14,440	$14,761
'18	$13,536	$15,201	$15,336
'18	$12,816	$14,641	$14,899
'18	$12,889	$14,347	$15,100
'18	$12,808	$14,402	$15,115
'18	$13,448	$14,808	$16,066
'18	$13,583	$14,905	$16,192
'18	$13,714	$15,400	$16,470
'18	$14,477	$15,940	$17,496
'18	$14,218	$15,967	$17,086
'18	$12,446	$14,791	$14,924
'18	$12,746	$15,087	$15,158
'18	$11,202	$13,683	$13,387
'19	$12,393	$14,858	$14,933
'19	$12,917	$15,380	$15,897
'19	$12,723	$15,605	$15,682
'19	$13,120	$16,228	$16,159
'19	$12,166	$15,178	$14,960
'19	$12,978	$16,244	$16,113
'19	$13,101	$16,485	$16,270
'19	$12,501	$16,149	$15,568
'19	$12,544	$16,433	$15,440
'19	$12,836	$16,786	$15,880
'19	$13,295	$17,424	$16,814
'19	$13,540	$17,928	$17,200
'20	$13,375	$17,908	$17,010
'20	$12,336	$16,442	$15,782
'20	$9,729	$14,181	$12,768
'20	$11,127	$16,059	$14,670
'20	$12,312	$16,918	$16,056
'20	$12,671	$17,304	$16,673
'20	$13,361	$18,287	$17,246
'20	$14,079	$19,612	$18,258
'20	$13,781	$18,898	$17,867
'20	$14,140	$18,490	$18,002
'20	$15,968	$20,739	$21,177
'20	$17,238	$21,672	$23,156
'21	$17,715	$21,576	$24,273
'21	$18,386	$22,250	$25,074
'21	$18,197	$23,048	$24,285
'21	$18,579	$24,236	$24,815
'21	$18,150	$24,346	$24,106
'21	$18,924	$24,947	$25,236
'21	$18,886	$25,369	$24,317
'21	$19,368	$26,092	$24,759
'21	$18,579	$24,921	$23,810
'21	$19,576	$26,607	$24,925
'21	$18,650	$26,202	$23,708
'21	$19,414	$27,234	$23,813
'22	$17,038	$25,631	$20,621
'22	$17,038	$24,986	$20,711
'22	$17,049	$25,796	$20,806
'22	$15,395	$23,481	$18,253
'22	$15,102	$23,450	$17,908
'22	$13,899	$21,488	$16,800
'22	$15,170	$23,504	$18,681
'22	$14,689	$22,627	$18,505
'22	$13,480	$20,528	$16,840
'22	$14,500	$22,212	$18,439
'22	$14,888	$23,371	$18,739
'22	$14,356	$22,003	$17,536
'23	$15,490	$23,518	$19,281
'23	$15,264	$22,969	$19,072
'23	$14,855	$23,583	$18,601
'23	$14,602	$23,834	$18,385
'23	$14,340	$23,927	$18,388
'23	$15,716	$25,561	$19,913
'23	$16,157	$26,477	$20,844
'23	$15,637	$25,966	$19,759
'23	$14,723	$24,729	$18,456
'23	$13,956	$24,073	$17,032
'23	$14,970	$26,318	$18,583
'23	$16,449	$27,714	$20,808
'24	$16,179	$28,021	$20,141
'24	$16,857	$29,538	$21,777
'24	$17,562	$30,491	$22,386
'24	$16,222	$29,149	$20,662
'24	$17,006	$30,526	$21,769
'24	$16,847	$31,471	$21,732
'24	$18,208	$32,056	$23,511
'24	$17,816	$32,754	$23,251
'24	$18,012	$33,432	$23,560

Yearly periods ended September 30

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

Average Annual Total Returns

Class/Index	1-Year	5-Year	10-Year
Class A Unadjusted for Sales Charge	22.34%	7.50%	6.69%
Class A Adjusted for the Maximum Sales Charge (max 5.75% load)	15.30%	6.24%	6.06%
Russell 3000^® Index	35.19%	15.26%	12.83%
Russell 2000^® Growth Index	27.66%	8.82%	8.95%

Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Please visit dws.com/en-us/products/mutual-funds 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 reflected sales charges.

Key Fund Statistics

Net Assets ($)	287,532,202
Number of Portfolio Holdings	101
Portfolio Turnover Rate (%)	4
Total Net Advisory Fees Paid ($)	1,800,271

What did the Fund invest in?

Holdings-based data is subject to change.

Asset Allocation

Asset Type	% of Net Assets
Common Stocks	96%
Cash Equivalents	4%
Other Investments	0%
Other Assets and Liabilities, Net	0%
Total	100%

Sector Allocation

Sector	% of Net Assets
Information Technology	22%
Health Care	21%
Industrials	20%
Consumer Discretionary	10%
Financials	8%
Consumer Staples	5%
Materials	4%
Energy	3%
Real Estate	3%
Utilities	0%

Ten Largest Equity Holdings

Holdings	28.9% of Net Assets
Builders FirstSource, Inc.	3.3%
RadNet, Inc.	3.3%
Varonis Systems, Inc.	3.3%
Casey's General Stores, Inc.	3.0%
Agilysys, Inc.	3.0%
Stride, Inc.	2.8%
The Brink's Co.	2.7%
Eagle Materials, Inc.	2.6%
Rush Enterprises, Inc.	2.5%
Maximus, Inc.	2.4%

Additional Information

If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 728-3337.

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.

This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/mutualreports to view or download a prospectus. Please read the prospectus carefully before you invest.

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

©2024 DWS Group GmbH&Co. KGaA. All rights reserved

DSCGF-TSRA-A

R-102971-1 (11/24)

DWS Small Cap Growth Fund

Class C: SSDCX

Annual Shareholder Report—September 30, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$223	2.01%

Gross expense ratio as of the latest prospectus: 2.16%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

How did the Fund perform last year and what affected its performance?

Class C shares of the Fund returned 21.42% (unadjusted for sales charges) for the period ended September 30, 2024. The Fund's broad-based index, the Russell 3000^® Index, returned 35.19% for the same period, while the Fund's additional, more narrowly based index, the Russell 2000^® Growth Index, returned 27.66%.

Percentages in parentheses are based on the Fund’s net assets as of September 30, 2024.

* Not held at September 30, 2024.

Fund Performance

Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 96% of the investable U.S. equity market.

The Russell 2000^® Growth Index is a more narrowly based index that reflects the market sector in which the fund invests.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Cumulative Growth of an Assumed $10,000Investment

	Class C	Russell 3000^® Index	Russell 2000^® Growth Index
'14	$10,000	$10,000	$10,000
'14	$10,413	$10,275	$10,620
'14	$10,501	$10,524	$10,689
'14	$10,721	$10,524	$11,006
'15	$10,479	$10,231	$10,755
'15	$11,373	$10,824	$11,529
'15	$11,736	$10,713	$11,736
'15	$11,210	$10,762	$11,390
'15	$11,699	$10,911	$11,809
'15	$11,678	$10,728	$11,968
'15	$11,874	$10,908	$12,016
'15	$11,001	$10,249	$11,106
'15	$10,337	$9,951	$10,404
'15	$10,754	$10,736	$10,995
'15	$10,938	$10,796	$11,397
'15	$10,374	$10,574	$10,854
'16	$9,359	$9,978	$9,678
'16	$9,203	$9,975	$9,609
'16	$9,990	$10,677	$10,346
'16	$10,137	$10,743	$10,449
'16	$10,227	$10,935	$10,730
'16	$9,994	$10,958	$10,681
'16	$10,683	$11,393	$11,379
'16	$10,652	$11,422	$11,500
'16	$10,714	$11,440	$11,666
'16	$10,231	$11,192	$10,941
'16	$11,085	$11,693	$11,920
'16	$11,179	$11,921	$12,082
'17	$11,430	$12,145	$12,278
'17	$11,689	$12,597	$12,580
'17	$11,747	$12,606	$12,729
'17	$11,850	$12,739	$12,963
'17	$11,738	$12,870	$12,845
'17	$12,096	$12,986	$13,287
'17	$12,248	$13,231	$13,400
'17	$12,333	$13,256	$13,385
'17	$12,847	$13,580	$14,113
'17	$12,914	$13,876	$14,332
'17	$13,334	$14,297	$14,744
'17	$13,399	$14,440	$14,761
'18	$14,001	$15,201	$15,336
'18	$13,248	$14,641	$14,899
'18	$13,314	$14,347	$15,100
'18	$13,225	$14,402	$15,115
'18	$13,874	$14,808	$16,066
'18	$14,006	$14,905	$16,192
'18	$14,133	$15,400	$16,470
'18	$14,909	$15,940	$17,496
'18	$14,632	$15,967	$17,086
'18	$12,801	$14,791	$14,924
'18	$13,102	$15,087	$15,158
'18	$11,509	$13,683	$13,387
'19	$12,725	$14,858	$14,933
'19	$13,248	$15,380	$15,897
'19	$13,044	$15,605	$15,682
'19	$13,441	$16,228	$16,159
'19	$12,460	$15,178	$14,960
'19	$13,279	$16,244	$16,113
'19	$13,399	$16,485	$16,270
'19	$12,779	$16,149	$15,568
'19	$12,815	$16,433	$15,440
'19	$13,104	$16,786	$15,880
'19	$13,561	$17,424	$16,814
'19	$13,802	$17,928	$17,200
'20	$13,628	$17,908	$17,010
'20	$12,562	$16,442	$15,782
'20	$9,902	$14,181	$12,768
'20	$11,316	$16,059	$14,670
'20	$12,514	$16,918	$16,056
'20	$12,869	$17,304	$16,673
'20	$13,561	$18,287	$17,246
'20	$14,278	$19,612	$18,258
'20	$13,971	$18,898	$17,867
'20	$14,326	$18,490	$18,002
'20	$16,168	$20,739	$21,177
'20	$17,444	$21,672	$23,156
'21	$17,913	$21,576	$24,273
'21	$18,582	$22,250	$25,074
'21	$18,377	$23,048	$24,285
'21	$18,756	$24,236	$24,815
'21	$18,311	$24,346	$24,106
'21	$19,075	$24,947	$25,236
'21	$19,027	$25,369	$24,317
'21	$19,503	$26,092	$24,759
'21	$18,696	$24,921	$23,810
'21	$19,683	$26,607	$24,925
'21	$18,744	$26,202	$23,708
'21	$19,500	$27,234	$23,813
'22	$17,103	$25,631	$20,621
'22	$17,089	$24,986	$20,711
'22	$17,089	$25,796	$20,806
'22	$15,427	$23,481	$18,253
'22	$15,118	$23,450	$17,908
'22	$13,902	$21,488	$16,800
'22	$15,173	$23,504	$18,681
'22	$14,679	$22,627	$18,505
'22	$13,463	$20,528	$16,840
'22	$14,472	$22,212	$18,439
'22	$14,850	$23,371	$18,739
'22	$14,310	$22,003	$17,536
'23	$15,428	$23,518	$19,281
'23	$15,200	$22,969	$19,072
'23	$14,779	$23,583	$18,601
'23	$14,517	$23,834	$18,385
'23	$14,255	$23,927	$18,388
'23	$15,614	$25,561	$19,913
'23	$16,036	$26,477	$20,844
'23	$15,511	$25,966	$19,759
'23	$14,600	$24,729	$18,456
'23	$13,827	$24,073	$17,032
'23	$14,821	$26,318	$18,583
'23	$16,281	$27,714	$20,808
'24	$15,995	$28,021	$20,141
'24	$16,658	$29,538	$21,777
'24	$17,343	$30,491	$22,386
'24	$16,009	$29,149	$20,662
'24	$16,770	$30,526	$21,769
'24	$16,603	$31,471	$21,732
'24	$17,936	$32,056	$23,511
'24	$17,545	$32,754	$23,251
'24	$17,727	$33,432	$23,560

Yearly periods ended September 30

Average Annual Total Returns

Class/Index	1-Year	5-Year	10-Year
Class C Unadjusted for Sales Charge	21.42%	6.70%	5.89%
Class C Adjusted for the Maximum Sales Charge (max 1.00% CDSC)	20.42%	6.70%	5.89%
Russell 3000^® Index	35.19%	15.26%	12.83%
Russell 2000^® Growth Index	27.66%	8.82%	8.95%

Key Fund Statistics

Net Assets ($)	287,532,202
Number of Portfolio Holdings	101
Portfolio Turnover Rate (%)	4
Total Net Advisory Fees Paid ($)	1,800,271

What did the Fund invest in?

Holdings-based data is subject to change.

Asset Allocation

Asset Type	% of Net Assets
Common Stocks	96%
Cash Equivalents	4%
Other Investments	0%
Other Assets and Liabilities, Net	0%
Total	100%

Sector Allocation

Sector	% of Net Assets
Information Technology	22%
Health Care	21%
Industrials	20%
Consumer Discretionary	10%
Financials	8%
Consumer Staples	5%
Materials	4%
Energy	3%
Real Estate	3%
Utilities	0%

Ten Largest Equity Holdings

Holdings	28.9% of Net Assets
Builders FirstSource, Inc.	3.3%
RadNet, Inc.	3.3%
Varonis Systems, Inc.	3.3%
Casey's General Stores, Inc.	3.0%
Agilysys, Inc.	3.0%
Stride, Inc.	2.8%
The Brink's Co.	2.7%
Eagle Materials, Inc.	2.6%
Rush Enterprises, Inc.	2.5%
Maximus, Inc.	2.4%

Additional Information

Householding

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.

©2024 DWS Group GmbH&Co. KGaA. All rights reserved

DSCGF-TSRA-C

R-102971-1 (11/24)

DWS Small Cap Growth Fund

Class R6: SSDZX

Annual Shareholder Report—September 30, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$99	0.89%

Gross expense ratio as of the latest prospectus: 0.90%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

How did the Fund perform last year and what affected its performance?

Class R6 shares of the Fund returned 22.77% for the period ended September 30, 2024. The Fund's broad-based index, the Russell 3000^® Index, returned 35.19% for the same period, while the Fund's additional, more narrowly based index, the Russell 2000^® Growth Index, returned 27.66%.

Percentages in parentheses are based on the Fund’s net assets as of September 30, 2024.

* Not held at September 30, 2024.

Fund Performance

Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 96% of the investable U.S. equity market.

The Russell 2000^® Growth Index is a more narrowly based index that reflects the market sector in which the fund invests.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Cumulative Growth of an Assumed $10,000Investment

	Class R6	Russell 3000^® Index	Russell 2000^® Growth Index
'14	$10,000	$10,000	$10,000
'14	$10,423	$10,275	$10,620
'14	$10,525	$10,524	$10,689
'14	$10,755	$10,524	$11,006
'15	$10,526	$10,231	$10,755
'15	$11,430	$10,824	$11,529
'15	$11,803	$10,713	$11,736
'15	$11,282	$10,762	$11,390
'15	$11,784	$10,911	$11,809
'15	$11,769	$10,728	$11,968
'15	$11,976	$10,908	$12,016
'15	$11,102	$10,249	$11,106
'15	$10,437	$9,951	$10,404
'15	$10,862	$10,736	$10,995
'15	$11,061	$10,796	$11,397
'15	$10,497	$10,574	$10,854
'16	$9,479	$9,978	$9,678
'16	$9,330	$9,975	$9,609
'16	$10,141	$10,677	$10,346
'16	$10,297	$10,743	$10,449
'16	$10,403	$10,935	$10,730
'16	$10,172	$10,958	$10,681
'16	$10,880	$11,393	$11,379
'16	$10,861	$11,422	$11,500
'16	$10,935	$11,440	$11,666
'16	$10,450	$11,192	$10,941
'16	$11,330	$11,693	$11,920
'16	$11,436	$11,921	$12,082
'17	$11,702	$12,145	$12,278
'17	$11,976	$12,597	$12,580
'17	$12,047	$12,606	$12,729
'17	$12,164	$12,739	$12,963
'17	$12,058	$12,870	$12,845
'17	$12,434	$12,986	$13,287
'17	$12,602	$13,231	$13,400
'17	$12,700	$13,256	$13,385
'17	$13,240	$13,580	$14,113
'17	$13,322	$13,876	$14,332
'17	$13,769	$14,297	$14,744
'17	$13,845	$14,440	$14,761
'18	$14,482	$15,201	$15,336
'18	$13,714	$14,641	$14,899
'18	$13,796	$14,347	$15,100
'18	$13,714	$14,402	$15,115
'18	$14,400	$14,808	$16,066
'18	$14,547	$14,905	$16,192
'18	$14,694	$15,400	$16,470
'18	$15,520	$15,940	$17,496
'18	$15,246	$15,967	$17,086
'18	$13,350	$14,791	$14,924
'18	$13,677	$15,087	$15,158
'18	$12,021	$13,683	$13,387
'19	$13,304	$14,858	$14,933
'19	$13,863	$15,380	$15,897
'19	$13,663	$15,605	$15,682
'19	$14,092	$16,228	$16,159
'19	$13,074	$15,178	$14,960
'19	$13,948	$16,244	$16,113
'19	$14,082	$16,485	$16,270
'19	$13,443	$16,149	$15,568
'19	$13,493	$16,433	$15,440
'19	$13,808	$16,786	$15,880
'19	$14,307	$17,424	$16,814
'19	$14,572	$17,928	$17,200
'20	$14,402	$17,908	$17,010
'20	$13,289	$16,442	$15,782
'20	$10,483	$14,181	$12,768
'20	$11,991	$16,059	$14,670
'20	$13,269	$16,918	$16,056
'20	$13,663	$17,304	$16,673
'20	$14,407	$18,287	$17,246
'20	$15,186	$19,612	$18,258
'20	$14,871	$18,898	$17,867
'20	$15,260	$18,490	$18,002
'20	$17,237	$20,739	$21,177
'20	$18,615	$21,672	$23,156
'21	$19,139	$21,576	$24,273
'21	$19,868	$22,250	$25,074
'21	$19,668	$23,048	$24,285
'21	$20,088	$24,236	$24,815
'21	$19,628	$24,346	$24,106
'21	$20,467	$24,947	$25,236
'21	$20,437	$25,369	$24,317
'21	$20,961	$26,092	$24,759
'21	$20,113	$24,921	$23,810
'21	$21,201	$26,607	$24,925
'21	$20,202	$26,202	$23,708
'21	$21,035	$27,234	$23,813
'22	$18,470	$25,631	$20,621
'22	$18,475	$24,986	$20,711
'22	$18,486	$25,796	$20,806
'22	$16,699	$23,481	$18,253
'22	$16,384	$23,450	$17,908
'22	$15,082	$21,488	$16,800
'22	$16,467	$23,504	$18,681
'22	$15,954	$22,627	$18,505
'22	$14,647	$20,528	$16,840
'22	$15,761	$22,212	$18,439
'22	$16,180	$23,371	$18,739
'22	$15,608	$22,003	$17,536
'23	$16,843	$23,518	$19,281
'23	$16,610	$22,969	$19,072
'23	$16,168	$23,583	$18,601
'23	$15,896	$23,834	$18,385
'23	$15,619	$23,927	$18,388
'23	$17,120	$25,561	$19,913
'23	$17,607	$26,477	$20,844
'23	$17,042	$25,966	$19,759
'23	$16,057	$24,729	$18,456
'23	$15,215	$24,073	$17,032
'23	$16,334	$26,318	$18,583
'23	$17,954	$27,714	$20,808
'24	$17,658	$28,021	$20,141
'24	$18,406	$29,538	$21,777
'24	$19,182	$30,491	$22,386
'24	$17,725	$29,149	$20,662
'24	$18,585	$30,526	$21,769
'24	$18,417	$31,471	$21,732
'24	$19,913	$32,056	$23,511
'24	$19,495	$32,754	$23,251
'24	$19,712	$33,432	$23,560

Yearly periods ended September 30

Average Annual Total Returns

Class/Index	1-Year	5-Year	10-Year
Class R6 No Sales Charge	22.77%	7.88%	7.02%
Russell 3000^® Index	35.19%	15.26%	12.83%
Russell 2000^® Growth Index	27.66%	8.82%	8.95%

Key Fund Statistics

Net Assets ($)	287,532,202
Number of Portfolio Holdings	101
Portfolio Turnover Rate (%)	4
Total Net Advisory Fees Paid ($)	1,800,271

What did the Fund invest in?

Holdings-based data is subject to change.

Asset Allocation

Asset Type	% of Net Assets
Common Stocks	96%
Cash Equivalents	4%
Other Investments	0%
Other Assets and Liabilities, Net	0%
Total	100%

Sector Allocation

Sector	% of Net Assets
Information Technology	22%
Health Care	21%
Industrials	20%
Consumer Discretionary	10%
Financials	8%
Consumer Staples	5%
Materials	4%
Energy	3%
Real Estate	3%
Utilities	0%

Ten Largest Equity Holdings

Holdings	28.9% of Net Assets
Builders FirstSource, Inc.	3.3%
RadNet, Inc.	3.3%
Varonis Systems, Inc.	3.3%
Casey's General Stores, Inc.	3.0%
Agilysys, Inc.	3.0%
Stride, Inc.	2.8%
The Brink's Co.	2.7%
Eagle Materials, Inc.	2.6%
Rush Enterprises, Inc.	2.5%
Maximus, Inc.	2.4%

Additional Information

Householding

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.

©2024 DWS Group GmbH&Co. KGaA. All rights reserved

DSCGF-TSRA-R6

R-102971-1 (11/24)

DWS Small Cap Growth Fund

Class S: SSDSX

Annual Shareholder Report—September 30, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class S	$111	1.00%

Gross expense ratio as of the latest prospectus: 1.01%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

How did the Fund perform last year and what affected its performance?

Class S shares of the Fund returned 22.64% for the period ended September 30, 2024. The Fund's broad-based index, the Russell 3000^® Index, returned 35.19% for the same period, while the Fund's additional, more narrowly based index, the Russell 2000^® Growth Index, returned 27.66%.

Percentages in parentheses are based on the Fund’s net assets as of September 30, 2024.

* Not held at September 30, 2024.

Fund Performance

Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 96% of the investable U.S. equity market.

The Russell 2000^® Growth Index is a more narrowly based index that reflects the market sector in which the fund invests.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Cumulative Growth of an Assumed $10,000Investment

	Class S	Russell 3000^® Index	Russell 2000^® Growth Index
'14	$10,000	$10,000	$10,000
'14	$10,421	$10,275	$10,620
'14	$10,520	$10,524	$10,689
'14	$10,747	$10,524	$11,006
'15	$10,518	$10,231	$10,755
'15	$11,423	$10,824	$11,529
'15	$11,798	$10,713	$11,736
'15	$11,279	$10,762	$11,390
'15	$11,780	$10,911	$11,809
'15	$11,769	$10,728	$11,968
'15	$11,977	$10,908	$12,016
'15	$11,108	$10,249	$11,106
'15	$10,443	$9,951	$10,404
'15	$10,868	$10,736	$10,995
'15	$11,065	$10,796	$11,397
'15	$10,504	$10,574	$10,854
'16	$9,485	$9,978	$9,678
'16	$9,330	$9,975	$9,609
'16	$10,144	$10,677	$10,346
'16	$10,299	$10,743	$10,449
'16	$10,401	$10,935	$10,730
'16	$10,170	$10,958	$10,681
'16	$10,879	$11,393	$11,379
'16	$10,860	$11,422	$11,500
'16	$10,932	$11,440	$11,666
'16	$10,447	$11,192	$10,941
'16	$11,329	$11,693	$11,920
'16	$11,435	$11,921	$12,082
'17	$11,700	$12,145	$12,278
'17	$11,973	$12,597	$12,580
'17	$12,045	$12,606	$12,729
'17	$12,162	$12,739	$12,963
'17	$12,056	$12,870	$12,845
'17	$12,431	$12,986	$13,287
'17	$12,601	$13,231	$13,400
'17	$12,700	$13,256	$13,385
'17	$13,238	$13,580	$14,113
'17	$13,321	$13,876	$14,332
'17	$13,764	$14,297	$14,744
'17	$13,841	$14,440	$14,761
'18	$14,477	$15,201	$15,336
'18	$13,711	$14,641	$14,899
'18	$13,790	$14,347	$15,100
'18	$13,707	$14,402	$15,115
'18	$14,398	$14,808	$16,066
'18	$14,544	$14,905	$16,192
'18	$14,686	$15,400	$16,470
'18	$15,511	$15,940	$17,496
'18	$15,234	$15,967	$17,086
'18	$13,340	$14,791	$14,924
'18	$13,664	$15,087	$15,158
'18	$12,013	$13,683	$13,387
'19	$13,291	$14,858	$14,933
'19	$13,851	$15,380	$15,897
'19	$13,645	$15,605	$15,682
'19	$14,076	$16,228	$16,159
'19	$13,056	$15,178	$14,960
'19	$13,933	$16,244	$16,113
'19	$14,067	$16,485	$16,270
'19	$13,425	$16,149	$15,568
'19	$13,473	$16,433	$15,440
'19	$13,789	$16,786	$15,880
'19	$14,287	$17,424	$16,814
'19	$14,550	$17,928	$17,200
'20	$14,383	$17,908	$17,010
'20	$13,267	$16,442	$15,782
'20	$10,466	$14,181	$12,768
'20	$11,970	$16,059	$14,670
'20	$13,248	$16,918	$16,056
'20	$13,640	$17,304	$16,673
'20	$14,383	$18,287	$17,246
'20	$15,158	$19,612	$18,258
'20	$14,837	$18,898	$17,867
'20	$15,230	$18,490	$18,002
'20	$17,203	$20,739	$21,177
'20	$18,577	$21,672	$23,156
'21	$19,094	$21,576	$24,273
'21	$19,822	$22,250	$25,074
'21	$19,620	$23,048	$24,285
'21	$20,037	$24,236	$24,815
'21	$19,582	$24,346	$24,106
'21	$20,415	$24,947	$25,236
'21	$20,382	$25,369	$24,317
'21	$20,908	$26,092	$24,759
'21	$20,061	$24,921	$23,810
'21	$21,143	$26,607	$24,925
'21	$20,147	$26,202	$23,708
'21	$20,974	$27,234	$23,813
'22	$18,413	$25,631	$20,621
'22	$18,418	$24,986	$20,711
'22	$18,434	$25,796	$20,806
'22	$16,648	$23,481	$18,253
'22	$16,332	$23,450	$17,908
'22	$15,035	$21,488	$16,800
'22	$16,416	$23,504	$18,681
'22	$15,894	$22,627	$18,505
'22	$14,592	$20,528	$16,840
'22	$15,704	$22,212	$18,439
'22	$16,121	$23,371	$18,739
'22	$15,548	$22,003	$17,536
'23	$16,780	$23,518	$19,281
'23	$16,542	$22,969	$19,072
'23	$16,103	$23,583	$18,601
'23	$15,828	$23,834	$18,385
'23	$15,553	$23,927	$18,388
'23	$17,045	$25,561	$19,913
'23	$17,526	$26,477	$20,844
'23	$16,965	$25,966	$19,759
'23	$15,982	$24,729	$18,456
'23	$15,146	$24,073	$17,032
'23	$16,257	$26,318	$18,583
'23	$17,862	$27,714	$20,808
'24	$17,569	$28,021	$20,141
'24	$18,315	$29,538	$21,777
'24	$19,083	$30,491	$22,386
'24	$17,633	$29,149	$20,662
'24	$18,486	$30,526	$21,769
'24	$18,315	$31,471	$21,732
'24	$19,803	$32,056	$23,511
'24	$19,382	$32,754	$23,251
'24	$19,600	$33,432	$23,560

Yearly periods ended September 30

Average Annual Total Returns

Class/Index	1-Year	5-Year	10-Year
Class S No Sales Charge	22.64%	7.79%	6.96%
Russell 3000^® Index	35.19%	15.26%	12.83%
Russell 2000^® Growth Index	27.66%	8.82%	8.95%

Key Fund Statistics

Net Assets ($)	287,532,202
Number of Portfolio Holdings	101
Portfolio Turnover Rate (%)	4
Total Net Advisory Fees Paid ($)	1,800,271

What did the Fund invest in?

Holdings-based data is subject to change.

Asset Allocation

Asset Type	% of Net Assets
Common Stocks	96%
Cash Equivalents	4%
Other Investments	0%
Other Assets and Liabilities, Net	0%
Total	100%

Sector Allocation

Sector	% of Net Assets
Information Technology	22%
Health Care	21%
Industrials	20%
Consumer Discretionary	10%
Financials	8%
Consumer Staples	5%
Materials	4%
Energy	3%
Real Estate	3%
Utilities	0%

Ten Largest Equity Holdings

Holdings	28.9% of Net Assets
Builders FirstSource, Inc.	3.3%
RadNet, Inc.	3.3%
Varonis Systems, Inc.	3.3%
Casey's General Stores, Inc.	3.0%
Agilysys, Inc.	3.0%
Stride, Inc.	2.8%
The Brink's Co.	2.7%
Eagle Materials, Inc.	2.6%
Rush Enterprises, Inc.	2.5%
Maximus, Inc.	2.4%

Additional Information

Householding

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.

©2024 DWS Group GmbH&Co. KGaA. All rights reserved

DSCGF-TSRA-S

R-102971-1 (11/24)

DWS Small Cap Growth Fund

Institutional Class: SSDIX

Annual Shareholder Report—September 30, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$109	0.98%

Gross expense ratio as of the latest prospectus: 0.97%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

How did the Fund perform last year and what affected its performance?

Institutional Class shares of the Fund returned 22.67% for the period ended September 30, 2024. The Fund's broad-based index, the Russell 3000^® Index, returned 35.19% for the same period, while the Fund's additional, more narrowly based index, the Russell 2000^® Growth Index, returned 27.66%.

Percentages in parentheses are based on the Fund’s net assets as of September 30, 2024.

* Not held at September 30, 2024.

Fund Performance

Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 96% of the investable U.S. equity market.

The Russell 2000^® Growth Index is a more narrowly based index that reflects the market sector in which the fund invests.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Cumulative Growth of an Assumed $1,000,000Investment

	Institutional Class	Russell 3000^® Index	Russell 2000^® Growth Index
'14	$1,000,000	$1,000,000	$1,000,000
'14	$1,042,338	$1,027,513	$1,062,033
'14	$1,052,449	$1,052,414	$1,068,885
'14	$1,075,272	$1,052,402	$1,100,587
'15	$1,052,266	$1,023,112	$1,075,460
'15	$1,142,875	$1,082,351	$1,152,856
'15	$1,180,392	$1,071,348	$1,173,553
'15	$1,128,363	$1,076,194	$1,139,030
'15	$1,178,623	$1,091,079	$1,180,879
'15	$1,177,561	$1,072,825	$1,196,753
'15	$1,198,443	$1,090,768	$1,201,639
'15	$1,111,374	$1,024,919	$1,110,578
'15	$1,045,187	$995,053	$1,040,438
'15	$1,088,014	$1,073,648	$1,099,455
'15	$1,107,481	$1,079,600	$1,139,745
'15	$1,051,222	$1,057,441	$1,085,381
'16	$949,358	$997,775	$967,781
'16	$934,004	$997,454	$960,940
'16	$1,015,270	$1,067,681	$1,034,554
'16	$1,030,999	$1,074,298	$1,044,870
'16	$1,041,111	$1,093,518	$1,073,020
'16	$1,018,266	$1,095,767	$1,068,084
'16	$1,089,421	$1,139,255	$1,137,924
'16	$1,087,549	$1,142,161	$1,150,020
'16	$1,094,664	$1,143,956	$1,166,578
'16	$1,045,979	$1,119,206	$1,094,081
'16	$1,134,361	$1,169,293	$1,191,967
'16	$1,144,847	$1,192,110	$1,208,226
'17	$1,171,812	$1,214,548	$1,227,844
'17	$1,198,776	$1,259,719	$1,257,952
'17	$1,205,891	$1,260,576	$1,272,852
'17	$1,217,875	$1,273,938	$1,296,294
'17	$1,207,389	$1,286,975	$1,284,505
'17	$1,244,839	$1,298,589	$1,328,716
'17	$1,261,692	$1,323,074	$1,340,026
'17	$1,271,429	$1,325,623	$1,338,460
'17	$1,325,357	$1,357,952	$1,411,340
'17	$1,333,596	$1,387,585	$1,433,206
'17	$1,378,161	$1,429,719	$1,474,354
'17	$1,385,803	$1,444,009	$1,476,052
'18	$1,449,787	$1,520,124	$1,533,591
'18	$1,372,538	$1,464,093	$1,489,927
'18	$1,380,731	$1,434,703	$1,509,991
'18	$1,372,538	$1,440,156	$1,511,469
'18	$1,441,594	$1,480,812	$1,606,633
'18	$1,456,030	$1,490,496	$1,619,204
'18	$1,470,465	$1,539,959	$1,647,041
'18	$1,552,786	$1,594,039	$1,749,582
'18	$1,525,086	$1,596,678	$1,708,636
'18	$1,335,474	$1,479,110	$1,492,431
'18	$1,367,856	$1,508,735	$1,515,777
'18	$1,202,638	$1,368,318	$1,338,661
'19	$1,330,548	$1,485,766	$1,493,253
'19	$1,386,715	$1,538,019	$1,589,686
'19	$1,366,419	$1,560,477	$1,568,172
'19	$1,409,371	$1,622,790	$1,615,926
'19	$1,307,420	$1,517,776	$1,496,039
'19	$1,394,739	$1,624,380	$1,611,266
'19	$1,408,427	$1,648,526	$1,627,014
'19	$1,344,236	$1,614,920	$1,556,804
'19	$1,348,956	$1,643,263	$1,544,026
'19	$1,380,579	$1,678,637	$1,587,962
'19	$1,430,610	$1,742,445	$1,681,427
'19	$1,457,042	$1,792,756	$1,719,957
'20	$1,440,050	$1,790,798	$1,701,020
'20	$1,328,188	$1,644,180	$1,578,209
'20	$1,047,824	$1,418,076	$1,276,811
'20	$1,198,390	$1,605,886	$1,466,984
'20	$1,326,300	$1,691,766	$1,605,611
'20	$1,365,475	$1,730,443	$1,667,313
'20	$1,440,050	$1,828,703	$1,724,610
'20	$1,517,457	$1,961,182	$1,825,780
'20	$1,485,833	$1,889,773	$1,786,659
'20	$1,525,009	$1,848,986	$1,800,235
'20	$1,722,302	$2,073,921	$2,117,679
'20	$1,859,652	$2,167,223	$2,315,618
'21	$1,912,043	$2,157,583	$2,427,264
'21	$1,984,730	$2,225,023	$2,507,407
'21	$1,964,434	$2,304,774	$2,428,510
'21	$2,005,970	$2,423,583	$2,481,460
'21	$1,960,186	$2,434,647	$2,410,590
'21	$2,044,201	$2,494,683	$2,523,646
'21	$2,040,425	$2,536,870	$2,431,730
'21	$2,092,816	$2,609,216	$2,475,925
'21	$2,007,857	$2,492,146	$2,380,995
'21	$2,116,416	$2,660,676	$2,492,486
'21	$2,016,825	$2,620,177	$2,370,754
'21	$2,099,789	$2,723,356	$2,381,260
'22	$1,843,540	$2,563,124	$2,062,103
'22	$1,843,540	$2,498,561	$2,071,100
'22	$1,846,134	$2,579,605	$2,080,569
'22	$1,667,693	$2,348,105	$1,825,298
'22	$1,636,051	$2,344,957	$1,790,829
'22	$1,505,852	$2,148,781	$1,679,969
'22	$1,643,832	$2,350,375	$1,868,062
'22	$1,591,960	$2,262,661	$1,850,504
'22	$1,461,760	$2,052,846	$1,684,032
'22	$1,572,767	$2,221,192	$1,843,883
'22	$1,614,783	$2,337,130	$1,873,906
'22	$1,557,372	$2,200,283	$1,753,619
'23	$1,680,733	$2,351,822	$1,928,055
'23	$1,656,790	$2,296,853	$1,907,169
'23	$1,612,546	$2,358,269	$1,860,111
'23	$1,585,479	$2,383,395	$1,838,500
'23	$1,557,892	$2,392,668	$1,838,831
'23	$1,707,800	$2,556,052	$1,991,296
'23	$1,755,687	$2,647,678	$2,084,395
'23	$1,699,472	$2,596,568	$1,975,891
'23	$1,601,095	$2,472,882	$1,845,560
'23	$1,517,813	$2,407,329	$1,703,228
'23	$1,628,682	$2,631,808	$1,858,287
'23	$1,789,847	$2,771,404	$2,080,817
'24	$1,760,470	$2,802,119	$2,014,086
'24	$1,834,960	$2,953,799	$2,177,681
'24	$1,912,072	$3,049,081	$2,238,581
'24	$1,766,765	$2,914,916	$2,066,213
'24	$1,852,271	$3,052,637	$2,176,861
'24	$1,835,485	$3,147,139	$2,173,233
'24	$1,984,464	$3,205,641	$2,351,136
'24	$1,942,498	$3,275,424	$2,325,103
'24	$1,964,005	$3,343,179	$2,356,004

Yearly periods ended September 30

Average Annual Total Returns

Class/Index	1-Year	5-Year	10-Year
Institutional Class No Sales Charge	22.67%	7.80%	6.98%
Russell 3000^® Index	35.19%	15.26%	12.83%
Russell 2000^® Growth Index	27.66%	8.82%	8.95%

Key Fund Statistics

Net Assets ($)	287,532,202
Number of Portfolio Holdings	101
Portfolio Turnover Rate (%)	4
Total Net Advisory Fees Paid ($)	1,800,271

What did the Fund invest in?

Holdings-based data is subject to change.

Asset Allocation

Asset Type	% of Net Assets
Common Stocks	96%
Cash Equivalents	4%
Other Investments	0%
Other Assets and Liabilities, Net	0%
Total	100%

Sector Allocation

Sector	% of Net Assets
Information Technology	22%
Health Care	21%
Industrials	20%
Consumer Discretionary	10%
Financials	8%
Consumer Staples	5%
Materials	4%
Energy	3%
Real Estate	3%
Utilities	0%

Ten Largest Equity Holdings

Holdings	28.9% of Net Assets
Builders FirstSource, Inc.	3.3%
RadNet, Inc.	3.3%
Varonis Systems, Inc.	3.3%
Casey's General Stores, Inc.	3.0%
Agilysys, Inc.	3.0%
Stride, Inc.	2.8%
The Brink's Co.	2.7%
Eagle Materials, Inc.	2.6%
Rush Enterprises, Inc.	2.5%
Maximus, Inc.	2.4%

Additional Information

Householding

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.

©2024 DWS Group GmbH&Co. KGaA. All rights reserved

DSCGF-TSRA-I

R-102971-1 (11/24)


	(b) Not applicable

Item 2.	Code of Ethics.

	As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer. There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.	Audit Committee Financial Expert.

	The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Ms. Catherine Schrand, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.

Item 4.	Principal Accountant Fees and Services.

DWS SMall Cap Growth Fund

form n-csr disclosure re: AUDIT FEES

The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.

Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund

Fiscal Year Ended September 30,	Audit Fees Billed to Fund	Audit-Related Fees Billed to Fund	Tax Fees Billed to Fund	All Other Fees Billed to Fund
2024	$38,507	$0	$5,969	$0
2023	$36,511	$0	$5,969	$0

The above “Tax Fees” were billed for professional services rendered for tax preparation.

Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers

The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.

Fiscal Year Ended September 30,	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers	Tax Fees Billed to Adviser and Affiliated Fund Service Providers	All Other Fees Billed to Adviser and Affiliated Fund Service Providers
2024	$0	$492,566	$0
2023	$0	$539,907	$0

The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.

Non-Audit Services

The following table shows the amount of fees that EY billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s independence.

Fiscal Year Ended September 30,	Total Non-Audit Fees Billed to Fund (A)	Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B)	Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C)	Total of (A), (B) and (C)
2024	$5,969	$492,566	$0	$498,535
2023	$5,969	$539,907	$0	$545,876

All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.

Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm and (i) and (j) are not applicable.

***

In connection with the audit of the 2023 and 2024 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.

***


Item 5.	Audit Committee of Listed Registrants

	Not applicable

Item 6.	Investments.

	Not applicable

Item 7.	Financial Statements and Financial Highlights for Open-End Management Investment Companies.

	(a)

September 30, 2024

Annual Financial Statements and Other Information

DWS Small Cap Growth Fund

Contents

3	Investment Portfolio
10	Statement of Assets and Liabilities
12	Statement of Operations
13	Statements of Changes in Net Assets
14	Financial Highlights
19	Notes to Financial Statements
30	Report of Independent Registered Public Accounting Firm
32	Tax Information
33	Advisory Agreement Board Considerations and Fee Evaluation

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.

DWS Small Cap Growth Fund

Investment Portfolioas of September 30, 2024

	Shares		Value ($)
Common Stocks 96.2%
Consumer Discretionary 10.3%
Automobile Components 0.8%
Fox Factory Holding Corp.*		50,481	2,094,962
Diversified Consumer Services 2.8%
Stride, Inc.*		95,212	8,122,536
Hotels, Restaurants & Leisure 0.8%
Hilton Grand Vacations, Inc.*		61,520	2,234,406
Household Durables 3.1%
Helen of Troy Ltd.*		16,016	990,589
LGI Homes, Inc.*		16,438	1,948,232
TopBuild Corp.*		14,727	5,991,091
			8,929,912
Leisure Products 1.2%
YETI Holdings, Inc.*		85,422	3,504,865
Specialty Retail 1.6%
Burlington Stores, Inc.*		6,261	1,649,648
Camping World Holdings, Inc. “A”		125,168	3,031,569
			4,681,217
Consumer Staples 4.6%
Consumer Staples Distribution & Retail 3.0%
Casey’s General Stores, Inc.		22,994	8,639,076
Household Products 1.6%
Church & Dwight Co., Inc.		32,867	3,441,832
Spectrum Brands Holdings, Inc.		12,226	1,163,182
			4,605,014
Energy 3.4%
Energy Equipment & Services 0.4%
Liberty Energy, Inc.		52,561	1,003,390
Oil, Gas & Consumable Fuels 3.0%
Crescent Energy Co. “A”		98,107	1,074,272
Kosmos Energy Ltd.*		309,000	1,245,270
Matador Resources Co.		55,500	2,742,810
Ovintiv, Inc.		52,500	2,011,275
Southwestern Energy Co.*		237,978	1,692,023
			8,765,650

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

DWS Small Cap Growth Fund

	Shares		Value ($)
Financials 7.9%
Banks 2.3%
Live Oak Bancshares, Inc.		54,736	2,592,844
Synovus Financial Corp.		50,875	2,262,411
The Bancorp, Inc.*		33,579	1,796,477
			6,651,732
Capital Markets 3.3%
Affiliated Managers Group, Inc.		15,215	2,705,227
Moelis & Co. “A”		83,995	5,754,498
Raymond James Financial, Inc.		7,065	865,180
			9,324,905
Financial Services 0.5%
WEX, Inc.*		7,244	1,519,284
Insurance 1.8%
Kinsale Capital Group, Inc.		11,200	5,214,384
Health Care 21.2%
Biotechnology 8.1%
Apellis Pharmaceuticals, Inc.*		26,776	772,220
Arrowhead Pharmaceuticals, Inc.*		25,124	486,652
Biohaven Ltd.*		33,843	1,691,135
Blueprint Medicines Corp.*		26,434	2,445,145
Catalyst Pharmaceuticals, Inc.*		42,200	838,936
Halozyme Therapeutics, Inc.*		33,100	1,894,644
Insmed, Inc.*		47,340	3,455,820
Kiniksa Pharmaceuticals International PLC*		52,406	1,309,626
Neurocrine Biosciences, Inc.*		23,378	2,693,613
Travere Therapeutics, Inc.*		111,387	1,558,304
Ultragenyx Pharmaceutical, Inc.*		24,052	1,336,088
Vaxcyte, Inc.*		30,900	3,530,943
Vera Therapeutics, Inc.*		27,200	1,202,240
			23,215,366
Health Care Equipment & Supplies 2.4%
Alphatec Holdings, Inc.*		50,668	281,714
Globus Medical, Inc. “A” *		20,338	1,454,980
Haemonetics Corp.*		13,754	1,105,547
Inari Medical, Inc.*		15,300	630,972
Masimo Corp.*		2,164	288,526
Merit Medical Systems, Inc.*		28,100	2,777,123
STAAR Surgical Co.*		12,051	447,695
			6,986,557

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

DWS Small Cap Growth Fund

	Shares		Value ($)
Health Care Providers & Services 8.7%
AMN Healthcare Services, Inc.*		73,870	3,131,349
HealthEquity, Inc.*		38,037	3,113,328
ModivCare, Inc.*		17,978	256,726
Molina Healthcare, Inc.*		12,660	4,362,130
Option Care Health, Inc.*		116,897	3,658,876
Privia Health Group, Inc.*		53,100	966,951
RadNet, Inc.*		135,876	9,428,436
			24,917,796
Life Sciences Tools & Services 0.1%
OmniAb, Inc.* (a)		93,870	397,070
Pharmaceuticals 1.9%
Arvinas, Inc.*		16,500	406,395
EyePoint Pharmaceuticals, Inc.*		31,800	254,082
Intra-Cellular Therapies, Inc.*		37,800	2,765,826
Ligand Pharmaceuticals, Inc.*		19,157	1,917,424
			5,343,727
Industrials 19.8%
Aerospace & Defense 1.9%
Ducommun, Inc.*		82,433	5,426,565
Building Products 3.4%
Builders FirstSource, Inc.*		49,677	9,630,383
Commercial Services & Supplies 5.2%
MSA Safety, Inc.		17,173	3,045,460
Tetra Tech, Inc.		90,695	4,277,176
The Brink’s Co.		66,738	7,717,582
			15,040,218
Electrical Equipment 0.7%
Allient, Inc.		32,014	607,946
Thermon Group Holdings, Inc.*		51,271	1,529,927
			2,137,873
Machinery 0.6%
Chart Industries, Inc.*		14,100	1,750,374
Professional Services 3.8%
Kforce, Inc.		63,149	3,880,506
Maximus, Inc.		74,339	6,925,421
			10,805,927
Trading Companies & Distributors 4.2%
H&E Equipment Services, Inc.		82,334	4,008,019

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

DWS Small Cap Growth Fund

	Shares		Value ($)
Rush Enterprises, Inc. “A”		138,339	7,308,450
Titan Machinery, Inc.*		64,268	895,253
			12,211,722
Information Technology 21.7%
Communications Equipment 0.8%
Calix, Inc.*		60,697	2,354,437
Electronic Equipment, Instruments & Components 2.3%
Advanced Energy Industries, Inc.		42,567	4,479,751
Fabrinet*		8,700	2,057,028
			6,536,779
Semiconductors & Semiconductor Equipment 6.2%
FormFactor, Inc.*		49,487	2,276,402
Impinj, Inc.*		15,908	3,444,400
Power Integrations, Inc.		36,913	2,366,861
Semtech Corp.*		54,007	2,465,960
SiTime Corp.*		26,313	4,512,943
Ultra Clean Holdings, Inc.*		67,108	2,679,622
			17,746,188
Software 12.4%
Agilysys, Inc.*		78,285	8,530,716
Aspen Technology, Inc.*		8,375	2,000,117
Envestnet, Inc.*		57,666	3,611,045
Five9, Inc.*		14,531	417,476
Rapid7, Inc.*		13,348	532,452
SPS Commerce, Inc.*		24,940	4,842,600
Tenable Holdings, Inc.*		74,926	3,036,002
Tyler Technologies, Inc.*		3,052	1,781,513
Varonis Systems, Inc.*		166,598	9,412,787
Workiva, Inc.*		21,160	1,674,179
			35,838,887
Materials 3.9%
Construction Materials 2.6%
Eagle Materials, Inc.		25,752	7,407,563
Metals & Mining 1.3%
Arch Resources, Inc.		12,100	1,671,736
Cleveland-Cliffs, Inc.*		160,880	2,054,437
			3,726,173

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

DWS Small Cap Growth Fund

	Shares		Value ($)
Real Estate 2.9%
Diversified REITs 1.3%
Essential Properties Realty Trust, Inc.		112,841	3,853,520
Industrial REITs 0.8%
EastGroup Properties, Inc.		12,220	2,282,940
Specialized REITs 0.8%
Four Corners Property Trust, Inc.		77,435	2,269,620
Utilities 0.5%
Water Utilities
American States Water Co.		17,400	1,449,246
Total Common Stocks (Cost $165,375,059)			276,620,264
Other Investments 0.0%
Health Care 0.0%
Life Sciences Tools & Services
OmniAb, Inc. $12.50 Earnout* (b) (c)		7,265	0
OmniAb, Inc. $15.00 Earnout* (b) (c)		7,265	0
Total Other Investments (Cost $0)			0
Securities Lending Collateral 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 4.82% (d) (e) (Cost $46,800)		46,800	46,800
Cash Equivalents 4.0%
DWS Central Cash Management Government Fund, 4.93% (d) (Cost $11,309,621)		11,309,621	11,309,621

	% of Net Assets	Value ($)
Total Investment Portfolio (Cost $176,731,480)	100.2	287,976,685
Other Assets and Liabilities, Net	(0.2 )	(444,483 )
Net Assets	100.0	287,532,202

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

DWS Small Cap Growth Fund

A summary of the Fund’s transactions with affiliated investments during the year ended September 30, 2024 are as follows:

Value ($) at 9/30/2023	Pur- chases Cost ($)	Sales Proceeds ($)	Net Real- ized Gain/ (Loss) ($)	Net Change in Unreal- ized Appreci- ation (Depreci- ation) ($)	Income ($)	Capital Gain Distri- butions ($)	Number of Shares at 9/30/2024	Value ($) at 9/30/2024
Securities Lending Collateral 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 4.82% (d) (e)
1,569,150	—	1,522,350 (f)	—	—	1,337	—	46,800	46,800
Cash Equivalents 4.0%
DWS Central Cash Management Government Fund, 4.93% (d)
10,953,236	30,310,516	29,954,131	—	—	437,727	—	11,309,621	11,309,621
12,522,386	30,310,516	31,476,481	—	—	439,064	—	11,356,421	11,356,421

*	Non-income producing security.
(a)	All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at September 30, 2024 amounted to $43,992, which is 0.02% of net assets.
(b)	Earnout Shares: Will vest based upon the achievement of certain volume-weighted average trading prices (VWAP) for shares of OmniAb Inc. Earnout Shares are not transferrable until the vesting condition for the applicable tranche of Earnout Shares has been achieved.
(c)	Investment was valued using significant unobservable inputs.
(d)	Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.
(e)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(f)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended September 30, 2024.

REIT: Real Estate Investment Trust

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

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 September 30, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1	Level 2	Level 3	Total
Common Stocks (a)	$276,620,264	$—	$—	$276,620,264
Other Investments	—	—	0	0
Short-Term Investments (a)	11,356,421	—	—	11,356,421
Total	$287,976,685	$—	$0	$287,976,685

(a)	See Investment Portfolio for additional detailed categorizations.

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

DWS Small Cap Growth Fund

Statement of Assets and Liabilities

as of September 30, 2024

Assets
Investments in non-affiliated securities, at value (cost $165,375,059) — including $43,992 of securities loaned	$276,620,264
Investment in DWS Government & Agency Securities Portfolio (cost $46,800)*	46,800
Investment in DWS Central Cash Management Government Fund (cost $11,309,621)	11,309,621
Foreign currency, at value (cost $31)	30
Receivable for Fund shares sold	23,509
Dividends receivable	102,318
Interest receivable	154
Affiliated securities lending income receivable	14
Other assets	34,774
Total assets	288,137,484
Liabilities
Payable upon return of securities loaned	46,800
Payable for Fund shares redeemed	147,949
Accrued management fee	146,686
Accrued Trustees' fees	3,852
Other accrued expenses and payables	259,995
Total liabilities	605,282
Net assets, at value	$287,532,202
Net Assets Consist of
Distributable earnings (loss)	117,198,870
Paid-in capital	170,333,332
Net assets, at value	$287,532,202

Represents collateral on securities loaned.

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

DWS Small Cap Growth Fund

Statement of Assets and Liabilities as of September 30, 2024 (continued)

Net Asset Value
Class A
Net Asset Value and redemption price per share ($118,617,055 ÷ 3,488,674 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$34.00
Maximum offering price per share (100 ÷ 94.25 of $34.00)	$36.07
Class C
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($1,738,168 ÷ 68,470 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$25.39
Class R6
Net Asset Value, offering and redemption price per share ($628,173 ÷ 17,791 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$35.31
Class S
Net Asset Value, offering and redemption price per share ($160,576,133 ÷ 4,367,590 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$36.77
Institutional Class
Net Asset Value, offering and redemption price per share ($5,972,673 ÷ 159,534 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$37.44

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

DWS Small Cap Growth Fund

Statement of Operations

for the year ended September 30, 2024

Investment Income
Income:
Dividends	$1,476,232
Income distributions — DWS Central Cash Management Government Fund	437,727
Affiliated securities lending income	1,337
Total income	1,915,296
Expenses:
Management fee	1,800,271
Administration fee	268,656
Services to shareholders	531,108
Distribution and service fees	280,146
Custodian fee	1,623
Professional fees	58,599
Reports to shareholders	47,035
Registration fees	77,163
Trustees' fees and expenses	13,812
Other	21,096
Total expenses before expense reductions	3,099,509
Expense reductions	(9,472 )
Total expenses after expense reductions	3,090,037
Net investment income (loss)	(1,174,741 )
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments	6,428,759
Change in net unrealized appreciation (depreciation) on investments	50,912,643
Net gain (loss)	57,341,402
Net increase (decrease) in net assets resulting from operations	$56,166,661

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

DWS Small Cap Growth Fund

Statements of Changes in Net Assets

	Years Ended September 30,
Increase (Decrease) in Net Assets	2024	2023
Operations:
Net investment income (loss)	$(1,174,741 )	$(469,268 )
Net realized gain (loss)	6,428,759	2,173,936
Change in net unrealized appreciation (depreciation)	50,912,643	22,985,762
Net increase (decrease) in net assets resulting from operations	56,166,661	24,690,430
Distributions to shareholders:
Class A	(967,150 )	(429,385 )
Class C	(21,278 )	(11,732 )
Class R	(22,769 )*	(9,254 )
Class R6	(4,795 )	(1,036 )
Class S	(1,221,432 )	(542,745 )
Institutional Class	(44,605 )	(19,010 )
Total distributions	(2,282,029 )	(1,013,162 )
Fund share transactions:
Proceeds from shares sold	7,771,169	7,024,462
Reinvestment of distributions	2,194,655	975,872
Payments for shares redeemed	(39,531,571 )	(30,097,790 )
Net increase (decrease) in net assets from Fund share transactions	(29,565,747 )	(22,097,456 )
Increase (decrease) in net assets	24,318,885	1,579,812
Net assets at beginning of period	263,213,317	261,633,505
Net assets at end of period	$287,532,202	$263,213,317

*	For the period from October 1, 2023 to March 25, 2024 (Class R liquidation date).

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

DWS Small Cap Growth Fund

Financial Highlights

DWS Small Cap Growth Fund — Class A
	Years Ended September 30,
	2024	2023	2022	2021	2020
Selected Per Share Data
Net asset value, beginning of period	$28.03	$25.76	$39.34	$29.18	$26.56
Income (loss) from investment operations:
Net investment income (loss)a	(.18 )	(.09 )	(.20 )	(.25 )	(.11 )
Net realized and unrealized gain (loss)	6.41	2.47	(9.56 )	10.41	2.73
Total from investment operations	6.23	2.38	(9.76 )	10.16	2.62
Less distributions from:
Net realized gains	(.26 )	(.11 )	(3.82 )	—	—
Net asset value, end of period	$34.00	$28.03	$25.76	$39.34	$29.18
Total Return (%)b,c	22.34	9.22	(27.45 )	34.82	9.86
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	119	108	107	164	134
Ratio of expenses before expense reductions (%)	1.26	1.27	1.23	1.21	1.25
Ratio of expenses after expense reductions (%)	1.26	1.25	1.22	1.21	1.22
Ratio of net investment income (loss) (%)	(.57 )	(.31 )	(.61 )	(.67 )	(.41 )
Portfolio turnover rate (%)	4	6	14	20	14

a	Based on average shares outstanding during the period.
b	Total return does not reflect the effect of any sales charges.
c	Total return would have been lower had certain expenses not been reduced.

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

DWS Small Cap Growth Fund

DWS Small Cap Growth Fund — Class C
	Years Ended September 30,
	2024	2023	2022	2021	2020
Selected Per Share Data
Net asset value, beginning of period	$21.15	$19.60	$31.06	$23.21	$21.29
Income (loss) from investment operations:
Net investment income (loss)a	(.31 )	(.22 )	(.34 )	(.42 )	(.25 )
Net realized and unrealized gain (loss)	4.81	1.88	(7.30 )	8.27	2.17
Total from investment operations	4.50	1.66	(7.64 )	7.85	1.92
Less distributions from:
Net realized gains	(.26 )	(.11 )	(3.82 )	—	—
Net asset value, end of period	$25.39	$21.15	$19.60	$31.06	$23.21
Total Return (%)b,c	21.42	8.45	(27.99 )	33.82	9.02
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	2	2	2	4	5
Ratio of expenses before expense reductions (%)	2.20	2.16	2.12	2.07	2.10
Ratio of expenses after expense reductions (%)	2.01	1.99	1.97	1.96	1.97
Ratio of net investment income (loss) (%)	(1.32 )	(1.05 )	(1.36 )	(1.41 )	(1.16 )
Portfolio turnover rate (%)	4	6	14	20	14

a	Based on average shares outstanding during the period.
b	Total return does not reflect the effect of any sales charges.
c	Total return would have been lower had certain expenses not been reduced.

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

DWS Small Cap Growth Fund

DWS Small Cap Growth Fund — Class R6
	Years Ended September 30,
	2024	2023	2022	2021	2020
Selected Per Share Data
Net asset value, beginning of period	$29.00	$26.55	$40.29	$29.78	$27.03
Income (loss) from investment operations:
Net investment income (loss)a	(.06 )	.01	(.08 )	(.13 )	(.02 )
Net realized and unrealized gain (loss)	6.63	2.55	(9.84 )	10.64	2.77
Total from investment operations	6.57	2.56	(9.92 )	10.51	2.75
Less distributions from:
Net realized gains	(.26 )	(.11 )	(3.82 )	—	—
Net asset value, end of period	$35.31	$29.00	$26.55	$40.29	$29.78
Total Return (%)	22.77	9.63	(27.18 )b	35.29	10.17
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ thousands)	628	528	257	319	222
Ratio of expenses before expense reductions (%)	.89	.90	.91	.87	.89
Ratio of expenses after expense reductions (%)	.89	.90	.86	.87	.89
Ratio of net investment income (loss) (%)	(.20 )	.03	(.25 )	(.34 )	(.08 )
Portfolio turnover rate (%)	4	6	14	20	14

a	Based on average shares outstanding during the period.
b	Total return would have been lower had certain expenses not been reduced.

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

DWS Small Cap Growth Fund

DWS Small Cap Growth Fund — Class S
	Years Ended September 30,
	2024	2023	2022	2021	2020
Selected Per Share Data
Net asset value, beginning of period	$30.22	$27.69	$41.90	$30.99	$28.14
Income (loss) from investment operations:
Net investment income (loss)a	(.10 )	(.02 )	(.12 )	(.16 )	(.05 )
Net realized and unrealized gain (loss)	6.91	2.66	(10.27 )	11.07	2.90
Total from investment operations	6.81	2.64	(10.39 )	10.91	2.85
Less distributions from:
Net realized gains	(.26 )	(.11 )	(3.82 )	—	—
Net asset value, end of period	$36.77	$30.22	$27.69	$41.90	$30.99
Total Return (%)	22.64	9.52 b	(27.26 )b	35.20	10.13 b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	161	146	144	214	174
Ratio of expenses before expense reductions (%)	1.00	1.01	.98	.95	.99
Ratio of expenses after expense reductions (%)	1.00	1.00	.96	.95	.97
Ratio of net investment income (loss) (%)	(.31 )	(.06 )	(.35 )	(.41 )	(.16 )
Portfolio turnover rate (%)	4	6	14	20	14

a	Based on average shares outstanding during the period.
b	Total return would have been lower had certain expenses not been reduced.

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

DWS Small Cap Growth Fund

DWS Small Cap Growth Fund — Institutional Class
	Years Ended September 30,
	2024	2023	2022	2021	2020
Selected Per Share Data
Net asset value, beginning of period	$30.76	$28.18	$42.54	$31.48	$28.58
Income (loss) from investment operations:
Net investment income (loss)a	(.10 )	(.01 )	(.11 )	(.17 )	(.05 )
Net realized and unrealized gain (loss)	7.04	2.70	(10.43 )	11.23	2.95
Total from investment operations	6.94	2.69	(10.54 )	11.06	2.90
Less distributions from:
Net realized gains	(.26 )	(.11 )	(3.82 )	—	—
Net asset value, end of period	$37.44	$30.76	$28.18	$42.54	$31.48
Total Return (%)	22.67	9.53	(27.20 )b	35.13 b	10.15 b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	6	5	5	9	10
Ratio of expenses before expense reductions (%)	.98	.97	.93	.97	.99
Ratio of expenses after expense reductions (%)	.98	.97	.91	.96	.97
Ratio of net investment income (loss) (%)	(.29 )	(.03 )	(.31 )	(.42 )	(.17 )
Portfolio turnover rate (%)	4	6	14	20	14

a	Based on average shares outstanding during the period.
b	Total return would have been lower had certain expenses not been reduced.

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

DWS Small Cap Growth Fund

Notes to Financial Statements

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 8 years, provided that the Fund or the financial intermediary through which the shareholder purchased the Class C shares has records verifying that the Class C shares have been held for at least 8 years. Class R shares are not subject to initial or contingent deferred sales charges and are generally available only to certain retirement plans. Upon the recommendation of the Advisor, the Fund’s Board of Trustees authorized the termination and liquidation of Class R Shares, effective on March 25, 2024. Class R6 shares are not subject to initial or contingent deferred sales charges and are generally available only to certain qualifying plans and programs. Class S shares are not subject to initial or contingent deferred sales charges and are available through certain intermediary relationships with financial services firms, or can be purchased by establishing an account directly with the Fund’s transfer agent. Institutional Class shares are not subject to initial or contingent deferred sales charges and are generally available only to qualified institutions.

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

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

DWS Small Cap Growth Fund

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.

The Fund’s Board has designated DWS Investment Management Americas, Inc. (the “Advisor” ) as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee” ) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

Equity securities and exchange-traded funds (“ETFs” ) 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. Equity securities or ETFs 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 and ETFs 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 Pricing Committee and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent 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

DWS Small Cap Growth Fund

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. National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended September 30, 2024, the Fund invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.13% annualized effective rate as of September 30, 2024) 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 securities 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 September 30, 2024, the Fund had securities on loan, which were classified as other investments in the Investment Portfolio. The value of

DWS Small Cap Growth Fund

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 of 1986, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

From January 1, 2024 through September 30, 2024, the Fund elects to defer qualified late year losses of $756,342 of net ordinary losses and treat them as arising in the fiscal year ending September 30, 2025.

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Each of the tax years in the four-year period ended September 30, 2024, remains subject to examination by taxing authorities.

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

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

At September 30, 2024, the Fund’s components of distributable earnings (accumulated losses) on a net tax basis were as follows:

Undistributed long-term capital gains	$6,376,178
Net unrealized appreciation (depreciation) on investments	$111,579,033

At September 30, 2024, the aggregate cost of investments for federal income tax purposes was $176,397,652. The net unrealized appreciation for all investments based on tax cost was $111,579,033. This consisted of aggregate gross unrealized appreciation for all investments for which

DWS Small Cap Growth Fund

there was an excess of value over tax cost of $127,600,587 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $16,021,554.

In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:

	Years Ended September 30,
	2024	2023
Distributions from long-term capital gains	$2,282,029	$1,013,162

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

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

Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.

Purchases and Sales of Securities

During the year ended September 30, 2024, purchases and sales of investment securities (excluding short-term investments) aggregated $10,885,965 and $44,474,409, respectively.

Related Parties

Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor” ), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group” ), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net

DWS Small Cap Growth Fund

assets of the Fund, 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 year ended September 30, 2024, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.65% of the Fund’s average daily net assets.

For the period from October 1, 2023 through September 30, 2024 (through January 31, 2024 for Class C and Class R shares and through January 31, 2025 for Class A), 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, interest expense and acquired fund fees and expenses) of each class as follows:

Class A	1.26%
Class C	2.00%
Class R	1.50%
Class R6	1.01%
Class S	1.01%
Institutional Class	1.01%

Effective February 1, 2024 through January 31, 2025 (through March 25, 2024 (Class R liquidation date) for Class R shares), 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, interest expense and acquired fund fees and expenses) of certain classes as follows:

Class C		2.01%
Class R		1.51%

DWS Small Cap Growth Fund

Effective October 1, 2024 through September 30, 2025, 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, interest expense and acquired fund fees and expenses) of certain classes as follows:

Class R6			1.04%
Class S			1.04%
Institutional Class			1.04%

For the year ended September 30, 2024 (through March 25, 2024 (Class R liquidation date) for Class R shares), fees waived and/or expenses reimbursed for certain classes are as follows:

Class A	$4,594
Class C	3,528
Class R	1,350
	$9,472

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee (“Administration Fee” ) of 0.097% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the year ended September 30, 2024, the Administration Fee was $268,656, of which $22,372 is unpaid.

Service Provider Fees. DWS Service Company (“DSC” ), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent of the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. (“SS&C” ), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the year ended September 30,

DWS Small Cap Growth Fund

2024 (through March 25, 2024 (Class R liquidation date) for Class R shares), the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated	Unpaid at September 30, 2024
Class A	$109,542	$18,288
Class C	2,181	372
Class R	112	—
Class R6	164	23
Class S	144,102	23,691
Institutional Class	681	113
	$256,782	$42,487

In addition, for the year ended September 30, 2024 (through March 25, 2024 (Class R liquidation date) for Class R shares), 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	$92,404
Class C	4,192
Class R	2,986
Class S	73,179
Institutional Class	6,387
	$179,148

Distribution and Service Fees. Under the Fund’s Class C and R 12b-1 Plans, DWS Distributors, Inc. (“DDI” ), an affiliate of the Advisor, receives a fee (“Distribution Fee” ) of 0.75% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Class R shares. In accordance with the Fund’s Underwriting and Distribution Services Agreement, DDI enters into related selling group agreements with various firms at various rates for sales of Class C and R shares. For the year ended September 30, 2024 (through March 25, 2024 (Class R liquidation date) for Class R shares), the Distribution Fee was as follows:

Distribution Fee	Total Aggregated	Unpaid at September 30, 2024
Class C	$13,370	$1,050
Class R	2,986	—
	$16,356	$1,050

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 the average daily net assets for each such class. DDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the year ended September 30, 2024 (through March 25, 2024 (Class R liquidation date) for Class R shares), the Service Fee was as follows:

Service Fee	Total Aggregated	Unpaid at September 30, 2024	Annual Rate
Class A	$256,593	$50,967	.23%
Class C	4,218	990	.24%
Class R	2,979	—	.25%
	$263,790	$51,957

Underwriting Agreement and Contingent Deferred Sales Charge. DDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the year ended September 30, 2024 aggregated $1,637.

In addition, DDI receives any contingent deferred sales charge (“CDSC” ) from Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is 1% of the value of the shares redeemed for Class C. For the year ended September 30, 2024, there was no CDSC for Class C Shares. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares.

Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended September 30, 2024, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $1,249, of which $566 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, an affiliated money market fund which is managed by the Advisor. DWS Central Cash Management Government 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 and seeks to maintain a stable net asset value. The Fund indirectly bears its proportionate share of the expenses of its investment in DWS

DWS Small Cap Growth Fund

Central Cash Management Government Fund. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee.

Line of Credit

The Fund and other affiliated funds (the “Participants” ) share in a $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at September 30, 2024.

Fund Share Transactions

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

	Year Ended September 30, 2024		Year Ended September 30, 2023
	Shares	Dollars	Shares	Dollars
Shares sold
Class A	84,141	$2,649,366	96,232	$2,740,986
Class C	5,058	118,620	5,012	107,778
Class R	3,767 *	109,833 *	13,101	354,211
Class R6	2,258	68,589	12,109	346,184
Class S	106,654	3,590,303	77,218	2,337,015
Institutional Class	37,453	1,234,458	36,322	1,138,288
		$7,771,169		$7,024,462
Shares issued to shareholders in reinvestment of distributions
Class A	30,635	$921,813	14,605	$409,228
Class C	941	21,278	552	11,732
Class R	788 *	22,769 *	343	9,254
Class R6	154	4,795	36	1,036
Class S	36,323	1,179,395	17,441	525,655
Institutional Class	1,349	44,605	618	18,967
		$2,194,655		$975,872

DWS Small Cap Growth Fund

	Year Ended September 30, 2024		Year Ended September 30, 2023
	Shares	Dollars	Shares	Dollars
Shares redeemed
Class A	(464,644 )	$(14,372,687 )	(441,685 )	$(12,451,625 )
Class C	(20,897 )	(492,569 )	(37,466 )	(801,786 )
Class R	(97,813 )*	(2,997,358 )*	(8,256 )	(226,778 )
Class R6	(2,846 )	(91,259 )	(3,584 )	(109,345 )
Class S	(595,510 )	(19,997,842 )	(483,768 )	(14,757,534 )
Institutional Class	(46,659 )	(1,579,856 )	(56,867 )	(1,750,722 )
		$(39,531,571 )		$(30,097,790 )
Net increase (decrease)
Class A	(349,868 )	$(10,801,508 )	(330,848 )	$(9,301,411 )
Class C	(14,898 )	(352,671 )	(31,902 )	(682,276 )
Class R	(93,258 )*	(2,864,756 )*	5,188	136,687
Class R6	(434 )	(17,875 )	8,561	237,875
Class S	(452,533 )	(15,228,144 )	(389,109 )	(11,894,864 )
Institutional Class	(7,857 )	(300,793 )	(19,927 )	(593,467 )
		$(29,565,747 )		$(22,097,456 )

*	For the period from October 1, 2023 to March 25, 2024 (Class R liquidation date).

DWS Small Cap Growth Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche DWS Investment Trust and Shareholders of DWS Small Cap Growth Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS Small Cap Growth Fund (the “Fund” ) (one of the funds constituting Deutsche DWS Investment Trust (the “Trust” )), including the investment portfolio, as of September 30, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements” ). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Investment Trust) at September 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB” ) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

DWS Small Cap Growth Fund

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2024, by correspondence with the custodian, brokers, and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

November 22, 2024

DWS Small Cap Growth Fund

Tax Information (Unaudited)

The Fund paid distributions of $0.26 per share from net long-term capital gains during its year ended September 30, 2024.

Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $7,071,000 as capital gain dividends for its year ended September 30, 2024.

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please call (800) 728-3337.

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 2024.

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

—

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

—

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel, including materials containing information on the Fund’s performance, fees and expenses, profitability, economies of scale and fall-out benefits.

—

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 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 certain other material service agreements.

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA (“DWS Group” ). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. DWS Group is majority-owned by Deutsche Bank AG, with approximately 20% of its shares publicly traded.

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.

DWS Small Cap Growth Fund

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

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA’s approach to addressing such risks. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar” ), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review” (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2023, the Fund’s performance (Class A shares) was in the 3rd quartile, 2nd quartile and 4th quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the three-year period and has underperformed its benchmark in the one- and five-year periods ended December 31, 2023.

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” ) 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 0.097% 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

DWS Small Cap Growth Fund

December 31, 2023). The Board noted that the Fund’s Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2023, 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 a comparable DWS U.S. registered fund (“DWS Funds” ) and considered differences between the Fund and the comparable DWS Fund. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds” ) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board 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

DWS Small Cap Growth Fund

Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental or “fall-out” benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel; and (iii) ongoing efforts to enhance the compliance program.

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 and individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement. 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.

DSCGF-BFE2024

DWS Small Cap Growth Fund

DSCGF-NCSRA

	(b) The Financial Highlights are included with the Financial Statements under Item 7(a).

Item 8.	Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

	Not applicable

Item 9.	Proxy Disclosures for Open-End Management Investment Companies.

	Not applicable

Item 10.	Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

	See Item 7(a)

Item 11.	Statement Regarding Basis for Approval of Investment Advisory Contract.

	See Item 7(a)

Item 12.	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

	Not applicable

Item 13.	Portfolio Managers of Closed-End Management Investment Companies.

	Not applicable

Item 14.	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

	Not applicable

Item 15.	Submission of Matters to a Vote of Security.

	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 16.	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 17.	Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

	Not applicable


Item 18.	Recovery of Erroneously Awarded Compensation.

	Not applicable

Item 19.	Exhibits

	(a)(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

	(a)(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

	(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

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

Registrant:	DWS Small Cap Growth Fund, a series of Deutsche DWS Investment Trust


By:	/s/Hepsen Uzcan Hepsen Uzcan Principal Executive Officer

Date:	11/29/2024

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 Principal Executive Officer

Date:	11/29/2024



By:	/s/Diane Kenneally Diane Kenneally Principal Financial Officer

Date:	11/29/2024

Deutsche DWS Investment Trust N-CSRCertified annual shareholder report (management investment company)

DWS Small Cap Growth Fund

Class A: SSDAX

Annual Shareholder Report—September 30, 2024

What were the Fund costs for the last year?

How did the Fund perform last year and what affected its performance?

Fund Performance

Cumulative Growth of an Assumed $10,000Investment

(Adjusted for Maximum Sales Charge)

Average Annual Total Returns

Key Fund Statistics

What did the Fund invest in?

Asset Allocation

Sector Allocation

Ten Largest Equity Holdings

Additional Information

Householding

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.

©2024 DWS Group GmbH&Co. KGaA. All rights reserved

DSCGF-TSRA-A

R-102971-1 (11/24)

DWS Small Cap Growth Fund

Class C: SSDCX

Annual Shareholder Report—September 30, 2024

What were the Fund costs for the last year?

How did the Fund perform last year and what affected its performance?

Fund Performance

Cumulative Growth of an Assumed $10,000Investment

Average Annual Total Returns

Key Fund Statistics

What did the Fund invest in?

Asset Allocation

Sector Allocation

Ten Largest Equity Holdings

Additional Information

Householding

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.

©2024 DWS Group GmbH&Co. KGaA. All rights reserved

DSCGF-TSRA-C

R-102971-1 (11/24)

DWS Small Cap Growth Fund

Class R6: SSDZX

Annual Shareholder Report—September 30, 2024

What were the Fund costs for the last year?

How did the Fund perform last year and what affected its performance?

Fund Performance

Cumulative Growth of an Assumed $10,000Investment

Average Annual Total Returns

Key Fund Statistics

What did the Fund invest in?

Asset Allocation

Sector Allocation

Ten Largest Equity Holdings

Additional Information

Householding

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.

©2024 DWS Group GmbH&Co. KGaA. All rights reserved

DSCGF-TSRA-R6

R-102971-1 (11/24)

DWS Small Cap Growth Fund

Class S: SSDSX

Annual Shareholder Report—September 30, 2024

What were the Fund costs for the last year?

How did the Fund perform last year and what affected its performance?

Fund Performance

Cumulative Growth of an Assumed $10,000Investment

Average Annual Total Returns

Key Fund Statistics

What did the Fund invest in?

Asset Allocation

Sector Allocation

Ten Largest Equity Holdings

Additional Information

Householding

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.

©2024 DWS Group GmbH&Co. KGaA. All rights reserved

DSCGF-TSRA-S

R-102971-1 (11/24)

DWS Small Cap Growth Fund

Institutional Class: SSDIX