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Statement of Additional Information

February 1, 2024

DEUTSCHE DWS INVESTMENT TRUST

DWS Capital Growth Fund

CLASS/TICKER

SDGAX

SDGCX

SDGRX

SDGZX

INST

SDGTX

SCGSX

DWS Core Equity Fund

CLASS/TICKER

SUWAX

SUWCX

SUWTX

SUWZX

INST

SUWIX

SCDGX

DWS Small Cap Core Fund
CLASS/TICKER	A	SZCAX	C	SZCCX	R6	SZCRX	INST	SZCIX	S	SSLCX

DWS Small Cap Growth Fund

CLASS/TICKER

SSDAX

SSDCX

SSDGX

SSDZX

INST

SSDIX

SSDSX

This combined Statement of Additional Information (“SAI”) is not a prospectus and should be read in conjunction with the prospectus for each fund dated February 1, 2024, as supplemented, a copy of which may be obtained without charge by calling (800) 728-3337; by visiting dws.com (the Web site does not form a part of this SAI); or from the firm from which this SAI was obtained. This SAI is incorporated by reference into the prospectus.

Portions of the Annual Report to Shareholders of each fund are incorporated herein by reference, and are hereby deemed to be part of this SAI. Reports to Shareholders may also be obtained without charge by calling the number provided in the preceding paragraph.

This SAI is divided into two Parts—Part I and Part II. Part I contains information that is specific to each fund, while Part II contains information that generally applies to each of the funds in the DWS funds.

Part I

Definitions

“1933 Act” – the Securities Act of 1933, as amended

“1934 Act” – the Securities Exchange Act of 1934, as amended

“1940 Act” – the Investment Company Act of 1940, as amended

“Code” – the Internal Revenue Code of 1986, as amended

“SEC” – the Securities and Exchange Commission

“DIMA” or “Advisor” or “Administrator” – DWS Investment Management Americas, Inc., 875 Third Avenue, New York, New York 10022

“DDI” or “Distributor” – DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, Illinois 60606

“DSC” or “Transfer Agent” – DWS Service Company, 222 South Riverside Plaza, Chicago, Illinois 60606

“DWS” – refers to the asset management activities conducted by DWS Group GmbH & Co. KGaA or any of its subsidiaries, including the Advisor and other affiliated investment advisors

“DWS funds” – the US registered investment companies advised by DIMA

“DWS Group” – DWS Group GmbH & Co. KGaA, a separate, publicly-listed financial services firm that is an indirect, majority-owned subsidiary of Deutsche Bank AG

“Board Members” – Members of the Board of Trustees of a Trust

“Board” – Board of Trustees of a Trust

“Independent Board Members”– Board Members who are not interested persons (as defined in the 1940 Act) of the fund, the investment advisor or the distributor

“Advisory Board Members” – Members of the Advisory Board of the Trust

“Advisory Board” – Advisory Board of the Trust

“Independent Advisory Board Members” – Advisory Board Members who are not interested persons (as defined in the 1940 Act) of the fund, the investment advisor or the distributor

“fund” or “series” – DWS Capital Growth Fund, DWS Core Equity Fund, DWS Small Cap Core Fund and/or DWS Small Cap Growth Fund as the context may require

“Custodian” – State Street Bank and Trust Company, One Congress Street, Suite 1, Boston, Massachusetts 02114-2016

“Fund Legal Counsel” – Vedder Price P.C., 222 North LaSalle Street, Chicago, Illinois 60601

“Trustee/Director Legal Counsel” – Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, Massachusetts 02199

“Trust” – Deutsche DWS Investment Trust

“Business Day” – Monday through Friday except holidays

“Independent Registered Public Accounting Firm” – Ernst & Young LLP, 200 Clarendon Street, Boston, Massachusetts 02116

“NRSRO” – a nationally recognized statistical rating organization

“Moody’s” – Moody’s Investors Service, Inc., a NRSRO

“Fitch” – Fitch Ratings, a NRSRO

Fund Organization

Each fund is a series of Deutsche DWS Investment Trust, a Massachusetts business trust established under a Declaration of Trust dated September 20, 1984, as amended from time to time. On February 6, 2006, Investment Trust was renamed DWS Investment Trust and Scudder Growth and Income Fund, Scudder Capital Growth Fund and Scudder Small Company Stock Fund were renamed DWS Growth & Income Fund, DWS Capital Growth Fund and DWS Small Cap Core Fund, respectively. On February 1, 2011, the predecessor of DWS Small Cap Growth Fund transferred all of its assets and liabilities from DWS Advisor Funds, a Massachusetts business trust, to DWS

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Investment Trust, while retaining the same fund name. On February 1, 2012, DWS Growth & Income Fund was renamed DWS Core Equity Fund. On August 11, 2014, DWS Investment Trust was renamed Deutsche Investment Trust, DWS Capital Growth Fund was renamed Deutsche Capital Growth Fund, DWS Core Equity Fund was renamed Deutsche Core Equity Fund, DWS Small Cap Core Fund was renamed Deutsche Small Cap Core Fund, and DWS Small Cap Growth Fund was renamed Deutsche Small Cap Growth Fund. On July 2, 2018, Deutsche Investment Trust was renamed Deutsche DWS Investment Trust, Deutsche Capital Growth Fund was renamed DWS Capital Growth Fund, Deutsche Core Equity Fund was renamed DWS Core Equity Fund, Deutsche Small Cap Core Fund was renamed DWS Small Cap Core Fund, and Deutsche Small Cap Growth Fund was renamed DWS Small Cap Growth Fund.

The predecessor fund of DWS Small Cap Growth Fund is referred herein as the “Predecessor Fund.” All historical financial information and other information contained in the fund's prospectus and SAI for periods prior to February 1, 2011 relating to the fund (or any class thereof) is that of the Predecessor Fund (or corresponding class thereof).

The Trust is governed by an Amended and Restated Declaration of Trust dated June 2, 2008, as may be further amended from time to time (the “Declaration of Trust”). The Declaration of Trust was last approved by shareholders in 2006. Additional information about the Trust is set forth in Part II under “Fund Organization.”

Management of each Fund

Board Members, Advisory Board Members, and Officers’ Identification and Background

The identification and background of the Board Members, Advisory Board Members and officers are set forth in Part II—Appendix II-A.

Board Committees and Compensation

Compensation paid to the Independent Board Members and Advisory Board Members for certain specified periods is set forth in Part I—Appendix I-C. Information regarding the committees of the Board is set forth in Part I—Appendix I-B.

Board Member/Advisory Board Member Share Ownership and Control Persons

Information concerning the ownership of fund shares by Board Members, Advisory Board Members and officers, as a group, as well as the dollar range value of each Board Member’s share ownership in each fund and, on an aggregate basis, in all DWS funds overseen, by investors who control the fund, if any, and by investors who own 5% or more of any class of fund shares, if any, is set forth in Part I—Appendix I-A.

Portfolio Management

Information regarding each fund’s portfolio manager(s), including other accounts managed, compensation, ownership of fund shares and possible conflicts of interest, is set forth in Part I—Appendix I-D and Part II – Appendix II-B. This section does not apply to money market funds.

Service Provider Compensation

Compensation paid by each fund to certain of its service providers for various services, including investment advisory, administrative, transfer agency, and, for certain funds, fund accounting services and subadvisory services, is set forth in Part I—Appendix I-E. For information regarding payments made to DDI, see Part I—

Appendix I-F. The service provider compensation and underwriting and sales commission information is not applicable to new funds that have not completed a fiscal reporting period. Fee rates for services of the above-referenced service providers are included in Part II – Appendix II-C.

Sales Charges and Distribution Plan Payments

Sales Charges

Initial sales charges and any contingent deferred sales charges (CDSC) paid in connection with the purchase and sale of fund shares for the three most recent fiscal years are set forth in Part I—Appendix I-F. This information is not applicable to funds/classes that do not impose sales charges, or to new funds/classes that have not completed a fiscal reporting period.

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Distribution Plan Payments

Payments made by each fund for the most recent fiscal year under each fund’s Rule 12b-1 Plans are set forth in Part I—Appendix I-G. This information is not applicable to funds/classes that do not incur expenses paid in connection with Rule 12b-1 Plans, or to new funds/classes that have not completed a fiscal reporting period.

Portfolio Transactions, Brokerage Commissions and Securities Lending Activities

Portfolio Turnover

The portfolio turnover rates for the two most recent fiscal years are set forth in Part I—Appendix I-H. This section does not apply to money market funds or to new funds that have not completed a fiscal reporting period.

Brokerage Commissions

Total brokerage commissions paid by each fund for the three most recent fiscal years are set forth in Part I—

Appendix I-H. This section does not apply to new funds that have not completed a fiscal reporting period.

Each fund's policy with respect to portfolio transactions and brokerage is set forth under “Portfolio Transactions” in Part II of this SAI.

Securities Lending Activities

Information regarding securities lending activities of each fund, if any, during its most recent fiscal year is set forth in Part I—Appendix I-J.

Additional information regarding securities lending in general is set forth under “Lending of Portfolio Securities” in Part II of this SAI.

Investments

Investments, Practices and Techniques, and Risks

Part I—Appendix I-I includes a list of the investments, practices and techniques, and risks which each fund may employ (or be subject to) in pursuing its investment objective. Part II—Appendix II-G includes a description of these investments, practices and techniques, and risks.

Investment Restrictions

Unless otherwise stated, the policies below apply to each fund.

Except as otherwise indicated, each fund’s investment objective and policies are not fundamental and may be changed without a vote of shareholders. There can be no assurance that each fund’s investment objective will be met.

Any investment restrictions herein which involve a maximum percentage of securities or assets shall not be considered to be violated unless an excess over the percentage occurs immediately after, and is caused by, an acquisition or encumbrance of securities or assets of, or borrowings by, a fund, except as described below with respect to asset coverage for fund borrowings.

Each fund has elected to be classified as a diversified series of an open-end management investment company. A diversified fund may not, with respect to 75% of total assets, invest more than 5% of total assets in the securities of a single issuer (other than cash and cash items, US government securities or securities of other investment companies) or invest in more than 10% of the outstanding voting securities of such issuer. A fund's election to be classified as diversified under the 1940 Act may not be changed without the vote of a majority of the outstanding voting securities (as defined herein) of the fund.

The following fundamental policies may not be changed without the approval of a majority of the outstanding voting securities of a fund which, under the 1940 Act and the rules thereunder and as used in this SAI, means the lesser of (1) 67% or more of the voting securities present at such meeting, if the holders of more than 50% of the outstanding voting securities of a fund are present or represented by proxy, or (2) more than 50% of the outstanding voting securities of a fund.

As a matter of fundamental policy, a fund may not do any of the following:

(1)

borrow money, except as permitted under the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time.

(2)

issue senior securities, except as permitted under the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time.

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(3)

purchase or sell commodities, except as permitted by the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time.

(4)

engage in the business of underwriting securities issued by others, except to the extent that the fund may be deemed to be an underwriter in connection with the disposition of portfolio securities.

(5)

purchase or sell real estate, which term does not include securities of companies which deal in real estate or mortgages or investments secured by real estate or interests therein, except that the fund reserves freedom of action to hold and to sell real estate acquired as a result of the fund’s ownership of securities.

(6)

make loans except as permitted under the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time.

(7)

concentrate its investments in a particular industry, as that term is used in the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time.

For purposes of fundamental policy (7), with respect to DWS Small Cap Growth Fund only, when determining the percentage of the fund’s total assets invested in securities of issuers having their principal business activities in a particular industry, asset-backed securities will be classified separately, based on the nature of the underlying assets, according to the following categories: captive auto, diversified, retail and consumer loans, captive equipment and business, business trade receivables, nuclear fuel and capital and mortgage lending.

The following is intended to help investors better understand the meaning of a fund’s fundamental policies by briefly describing limitations, if any, imposed by the 1940 Act. References to the 1940 Act below may encompass rules, regulations or orders issued by the SEC and, to the extent deemed appropriate by the fund, interpretations and guidance provided by the SEC staff. These descriptions are intended as brief summaries of such limitations as of the date of this SAI; they are not comprehensive and they are qualified in all cases by reference to the 1940 Act (including any rules, regulations or orders issued by the SEC and any relevant interpretations and guidance provided by the SEC staff). These descriptions are subject to change based on evolving guidance by the appropriate regulatory authority and are not part of a fund’s fundamental policies.

The 1940 Act generally permits a fund to borrow money in amounts of up to 33 1∕3% of its total assets from banks for any purpose. The 1940 Act requires that after any borrowing from a bank, a fund shall maintain an asset coverage of at least 300% for all of the fund’s borrowings, and, in the event that such asset coverage shall at any time fall below 300%, a fund must, within three days thereafter (not including Sundays and holidays), reduce the amount of its borrowings to an extent that the asset coverage of all of a fund’s borrowings shall be at least 300%. In addition, a fund may borrow up to 5% of its total assets from banks or other lenders for temporary purposes (a loan is presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed). For additional information, see “Borrowing” in Part II — Appendix II-G.

At present, the 1940 Act does not set forth a maximum percentage of a fund’s assets that may be invested in commodities.

Under the 1940 Act, a fund generally may not lend portfolio securities representing more than one-third of its total asset value (including the value of collateral received for loans of portfolio securities).

The SEC staff currently interprets concentration to mean investing more than 25% of a fund’s assets in a particular industry or group of industries (excluding US government securities).

Other Investment Policies. The Board has adopted certain additional non-fundamental policies and restrictions which are observed in the conduct of a fund’s affairs. They differ from fundamental investment policies in that they may be changed or amended by action of the Board without requiring prior notice to, or approval of, the shareholders.

As a matter of non-fundamental policy:

(1)

the fund may not purchase illiquid securities if, as a result, more than 15% of the fund's net assets would be invested in such securities.

(2)

the fund may not acquire securities of registered open-end investment companies or registered unit investment trusts in reliance on Sections 12(d)(1)(F) or 12(d)(1)(G) of the 1940 Act.

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(3)

the fund may not acquire securities of other investment companies, except as permitted by the 1940 Act and the rules, regulations and any applicable exemptive order issued thereunder.

(4)

(for DWS Core Equity Fund only) the fund may not acquire securities of any investment company or company relying on Sections 3(c)(1) or 3(c)(7) of the 1940 Act in excess of the limitations contained in Section 12(d)(1)(A) of the 1940 Act, except to the extent that the fund: (i) receives securities of another investment company as a dividend or as a result of a plan of reorganization of a company (other than a plan devised for the purpose of evading Section 12(d)(1) of the 1940 Act); or (ii) acquires (or is deemed to have acquired) securities of another investment company pursuant to exemptive relief or rule from the SEC permitting the fund to (a) acquire securities of one or more affiliated investment companies for short-term cash management purposes, or (b) engage in interfund borrowing or lending transactions.

(5)

the fund may not purchase warrants if, as a result, such securities, taken at the lower of cost or market value, would represent more than 5% of the value of the fund's total assets (for this purpose, warrants acquired in units or attached to securities will be deemed to have no value).

(6)

(for DWS Capital Growth Fund, DWS Core Equity Fund and DWS Small Cap Core Fund only) the Board has the discretion to retain the current distribution arrangement for the fund while investing in a master fund in a master-feeder structure (this policy would permit the Board, without shareholder approval to convert the fund to a master-feeder structure).

(7)

(for DWS Capital Growth Fund, DWS Core Equity Fund and DWS Small Cap Core Fund only) the fund generally will not enter into a transaction to hedge currency exposure to an extent greater, after netting all transactions intended wholly or partially to offset other transactions, than the aggregate market value (at the time of entering into the transaction) of the securities held in its portfolio that are denominated or generally quoted in or currently convertible into such currency.

(8)

(for DWS Capital Growth Fund, DWS Core Equity Fund and DWS Small Cap Core Fund only) the fund will not sell interest rate caps or floors where it

does not own securities or other instruments providing the income stream the fund may be obligated to pay.

(9)

(for DWS Capital Growth Fund, DWS Core Equity Fund and DWS Small Cap Core Fund only) when purchasing asset-backed securities, the fund will not pay any additional or separate fees for credit enhancement.

(10)

(for DWS Small Cap Growth Fund only) the fund will not buy and sell puts and calls on securities, stock index futures or options on stock index futures, or financial futures or options on financial futures, unless such options are written by other persons and: (a) the options or futures are offered through the facilities of a national securities association or are listed on a national securities or commodities exchange, except for put and call options issued by non-US entities or listed on non-US securities or commodities exchanges; and (b) the aggregate margin deposits required on all such futures or options thereon held at any time do not exceed 5% of the fund’s total assets.

For purposes of non-fundamental policy (1), an illiquid security is any investment that the fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days without the sale or disposition significantly changing the market value of the investment.

Taxes

Important information concerning the tax consequences of an investment in each fund is contained in Part II—

Appendix II-H.

Independent Registered Public Accounting Firm, Reports to Shareholders and Financial Statements

Ernst & Young LLP, 200 Clarendon Street, Boston, Massachusetts 02116, an independent registered public accounting firm, audits the financial statements of each fund and provides other audit, tax and related services. Shareholders will receive annual audited financial statements and semi-annual unaudited financial statements.

The financial statements, together with the report of the Independent Registered Public Accounting Firm, financial highlights and notes to financial statements in the Annual

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Part I: Appendix I-A—Board Member/Advisory Board Member Share Ownership and Control Persons

Board Member/Advisory Board Member Share Ownership in each fund

The following tables show the dollar range of equity securities beneficially owned by each current Board Member or Advisory Board Member in each fund and in DWS funds as of December 31, 2023.

Dollar Range of Beneficial Ownership(1)

Board Member	DWS Capital Growth Fund	DWS Core Equity Fund	DWS Small Cap Core Fund	DWS Small Cap Growth Fund
Independent Board Member:
John W. Ballantine	None	None	None	None
Dawn-Marie Driscoll	$10,001 - $50,000	$10,001 - $50,000	$10,001 - $50,000	$10,001 - $50,000
Keith R. Fox	None	None	None	$10,001 - $50,000
Richard J. Herring	None	None	$50,001 - $100,000	None
Rebecca W. Rimel	None	None	$10,001 - $50,000	None
Catherine Schrand	None	None	$50,001 - $100,000	None
William N. Searcy, Jr.	None	None	None	None

	DWS Capital Growth Fund	DWS Core Equity Fund	DWS Small Cap Core Fund	DWS Small Cap Growth Fund
Independent Advisory Board Member:
Mary Schmid Daugherty(2)	None	None	None	None
Chad D. Perry	None	None	None	None

Aggregate Dollar Range of Beneficial Ownership(1)

	Funds Overseen by Board Member in the DWS Funds
Independent Board Member:
John W. Ballantine	Over $100,000
Dawn-Marie Driscoll	Over $100,000
Keith R. Fox	Over $100,000
Richard J. Herring	Over $100,000
Rebecca W. Rimel	Over $100,000
Catherine Schrand	Over $100,000
William N. Searcy, Jr.	Over $100,000
Independent Advisory Board Member:
Mary Schmid Daugherty(2)	None
Chad D. Perry	None

(1) The dollar ranges are: None, $1 – $10,000, $10,001 – $50,000, $50,001 – $100,000, or over $100,000.

(2) Ms. Daugherty was appointed as an Independent Advisory Board Member effective August 15, 2023.

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Ownership in Securities of the Advisor and Related Companies

As reported to each fund, the information in the table below reflects ownership by the current Independent Board Members or Independent Advisory Board Members and their immediate family members of certain securities as of December 31, 2023. An immediate family member can be a spouse, children residing in the same household, including step and adoptive children, and any dependents. The securities represent ownership in the Advisor or Distributor and any persons (other than a registered investment company) directly or indirectly controlling, controlled by, or under common control with the Advisor or Distributor (including Deutsche Bank AG and DWS Group).

Independent Board Member	Owner and Relationship to Board Member	Company	Title of Class	Value of Securities on an Aggregate Basis	Percent of Class on an Aggregate Basis
John W. Ballantine		None
Dawn-Marie Driscoll		None
Keith R. Fox		None
Richard J. Herring		None
Rebecca W. Rimel		None
Catherine Schrand		None
William N. Searcy, Jr.		None

Independent Advisory Board Member	Owner and Relationship to Advisory Board Member	Company	Title of Class	Value of Securities on an Aggregate Basis	Percent of Class on an Aggregate Basis
Mary Schmid Daugherty		None
Chad D. Perry		None

As of January 2, 2024, all Board Members, Advisory Board Members and officers owned, as a group, less than 1% of the outstanding shares of a fund.

25% or Greater Ownership

Shareholders who beneficially own 25% or more of a fund's shares may have a significant impact on any shareholder vote of the fund. Although each fund does not have information concerning the beneficial ownership of shares, no investor owned of record 25% or more of a fund’s shares as of January 2, 2024.

5% or Greater Ownership of Share Classes

The following table identifies those investors who owned 5% or more of a fund share class as of January 2, 2024. All holdings are of record, unless otherwise indicated.

DWS Capital Growth Fund

Name and Address of Investor	Shares	Class	Percentage
NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENE OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT - 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995	422,133.53	A	5.54%
FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST ST LOUIS MO 63103-2523	410,474.11	A	5.38%

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Name and Address of Investor	Shares	Class	Percentage
AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405	29,015.10	C	23.41%
MORGAN STANLEY SMITH BARNEY HARBORSIDE FINANCIAL CENTER PLAZA II 3RD FLOOR JERSEY CITY NJ 07311	20,541.36	C	16.57%
NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENE OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT - 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995	352,340.41	Institutional	40.14%
AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405	83,476.70	Institutional	9.51%
FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST ST LOUIS MO 63103-2523	72,809.98	Institutional	8.29%
RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM XXXXXXXX ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1100	67,018.42	Institutional	7.63%
HARTFORD LIFE INSURANCE COMPANY SEPARATE ACCOUNT PO BOX 2999 HARTFORD CT 06104-2999	6,776.26	R	32.50%
STATE STREET BANK & TR TTEE AND/OR CUST FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901	5,080.14	R	24.36%
MASSACHUSETTS MUTUAL LIFE INS CO 1295 STATE STREET MIP M200-INVST SPRINGFIELD MA 01111-0001	2,077.28	R	9.96%
ASCENSUS TR CO FBO STUDIOPOLIS INC 401K PS PL PO BOX 10758 FARGO ND 58106-0758	2,064.85	R	9.90%
ASCENSUS TRUST COMPANY FBO AUCTION BROTHERS, INC. 401K XXXXXX PO BOX 10758 FARGO ND 58106-0758	1,894.65	R	9.09%

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Name and Address of Investor	Shares	Class	Percentage
EQUITY TRUST COMPANY FBO WHIGWHAM PROPERTIES INC 1 EQUITY WAY WESTLAKE OH 44145-1050	1,251.61	R	6.00%
MID ATLANTIC TRUST COMPANY FBO MUTUAL OF AMERICA LIFE INSURANCE CO 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228	171,452.93	R6	50.67%
MID ATLANTIC TR CO FBO NEW YORK LEAGUE FBO EARLY LEARNING 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228	40,504.45	R6	11.97%
MID ATLANTIC TR CO FBO UNITED CEREBRAL PALSY OF NEW YORK C 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228	21,477.99	R6	6.35%

DWS Core Equity Fund

Name and Address of Investor	Shares	Class	Percentage
NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENE OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT - 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995	782,402.33	A	5.93%
MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADMINISTRATION 4800 DEER LAKE DR EAST 3RD FL JACKSONVILLE FL 32246-64804	726,260.58	A	5.50%
FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST ST LOUIS MO 63103-2523	723,254.58	A	5.48%
FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST ST LOUIS MO 63103-2523	168,020.37	C	21.44%
AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405	160,527.53	C	20.49%
MORGAN STANLEY SMITH BARNEY HARBORSIDE FINANCIAL CENTER PLAZA II 3RD FLOOR JERSEY CITY NJ 07311	117,282.90	C	14.97%

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Name and Address of Investor	Shares	Class	Percentage
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968	46,428.33	C	5.93%
NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENE OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT - 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995	1,372,020.20	Institutional	16.93%
AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405	1,357,114.83	Institutional	16.75%
RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM XXXXXXXX ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1100	913,796.89	Institutional	11.28%
RBC CAPITAL MARKETS LLC MUTUAL FUND OMNIBUS PROCESSING OMNIBUS 510 MARQUETTE AVE MINNEAPOLIS MN 55402-1110	705,549.35	Institutional	8.71%
MORGAN STANLEY SMITH BARNEY HARBORSIDE FINANCIAL CENTER PLAZA II 3RD FLOOR JERSEY CITY NJ 07311	683,354.78	Institutional	8.43%
MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADM (XXXXX) 4800 DEER LAKE DR E FL 2 JACKSONVILLE FL 32246-6484	628,955.16	Institutional	7.76%
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968	454,012.18	Institutional	5.60%
FIIOC FBO AHL 401K RETIREMENT PLAN 100 MAGELLAN WAY COVINGTON KY 41015-1987	22,235.35	R	35.21%
STATE STREET BANK & TR TTEE AND/OR CUST FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901	16,483.69	R	26.11%
FIIOC FBO DELHI TELEPHONE COMPANY 401K PLAN 100 MAGELLAN WAY COVINGTON KY 41015-1987	15,915.66	R	25.21%

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Name and Address of Investor	Shares	Class	Percentage
MID ATLANTIC TRUST COMPANY FBO DENTALWORX LABORATORY INC 401(K) PR 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228	4,376.31	R	6.93%
EQUITABLE LIFE FOR SEPARATE AC 65 ON BEHALF OF VARIOUS 401 K ATTN KEN BUTKA ATT ADVISOR RELATIONS 100 MADISON ST MD 34-20 SYRACUSE NY 13202-2701	3,494.60	R	5.53%
NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENE OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT - 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995	131,040.30	R6	36.22%
EMPOWER TRUST FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002	88,928.82	R6	24.58%
STATE STREET BANK & TR TTEE AND/OR CUST FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901	46,676.20	R6	12.90%
MID ATLANTIC TRUST COMPANY FBO RAMAKER AND ASSOCIATES, INC. 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228	22,669.50	R6	6.27%
MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADM (XXXXX) 4800 DEER LAKE DR E FL 2 JACKSONVILLE FL 32246-6484	21,639.13	R6	5.98%
MATRIX TR CO AGENT FBO NEWPORT TR CO WATER TECH GROUP 401K PL 35 IRON POINT CIR STE 300 FOLSOM CA 95630-8589	18,863.92	R6	5.21%

DWS Small Cap Core Fund

Name and Address of Investor	Shares	Class	Percentage
NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENE OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT - 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995	362,254.46	A	8.28%

I-12

Name and Address of Investor	Shares	Class	Percentage
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0001	313,265.54	A	7.16%
FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST ST LOUIS MO 63103-2523	296,911.81	A	6.79%
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968	225,231.00	A	5.15%
RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM XXXXXXXX ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1100	31,562.06	C	16.78%
AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405	27,415.19	C	14.57%
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968	26,681.10	C	14.18%
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0001	19,896.60	C	10.58%
FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST ST LOUIS MO 63103-2523	19,595.48	C	10.42%
NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENE OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT - 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995	15,008.76	C	7.98%
AMERICAN ENTERPRISE INVESTMENT SVC 707 2ND AVE S MINNEAPOLIS MN 55402-2405	1,697,412.75	Institutional	21.72%
NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENE OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT - 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995	1,433,464.37	Institutional	18.34%
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0001	1,309,710.86	Institutional	16.76%

I-13

Name and Address of Investor	Shares	Class	Percentage
LPL FINANCIAL 9785 TOWNE CENTRE DR SAN DIEGO CA 92121-1968	1,091,155.86	Institutional	13.96%
RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM XXXXXXXX ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1100	843,580.38	Institutional	10.80%
FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST ST LOUIS MO 63103-2523	414,315.75	Institutional	5.30%
NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENE OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT - 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995	24,802.05	R6	37.48%
VOYA INSTITUTIONAL TRUST CO 1 ORANGE WAY WINDSOR CT 06095-4773	17,609.71	R6	26.61%
STATE STREET BANK & TR TTEE AND/OR CUST FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901	8,632.82	R6	13.05%
ASCENSUS TRUST COMPANY FBO MID-STATES TRUCK LEASING CO & XXXX PO BOX 10758 FARGO ND 58106-0758	4,670.95	R6	7.06%
UBS WM USA OMNI ACCOUNT M/F SPEC CDY A/C EXCL BEN CUST UBSFSI 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761	701,690.83	S	23.03%
NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENE OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT - 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995	193,226.22	S	6.34%

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DWS Small Cap Growth Fund

Name and Address of Investor	Shares	Class	Percentage
STATE STREET BANK & TR TTEE AND/OR CUST FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901	229,372.56	A	6.11%
NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENE OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT - 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995	202,644.07	A	5.39%
ASCENSUS TRUST COMPANY FBO COMPANY THEATRE XXXXXX PO BOX 10758 FARGO ND 58106-0758	7,680.05	C	9.17%
ASCENSUS TRUST COMPANY FBO BLAKE XXXXXX PO BOX 10758 FARGO ND 58106-0758	7,492.50	C	8.95%
ASCENSUS TRUST COMPANY FBO TRUMP ALIOTO TRUMP & PRESCOTT XXXX PO BOX 10758 FARGO ND 58106-0758	6,543.66	C	7.82%
ASCENSUS TRUST COMPANY FBO ROBERT SENN STUDIOS INC XXXXXX PO BOX 10758 FARGO ND 58106-0758	5,840.43	C	6.98%
ASCENSUS TRUST COMPANY FBO W E RYAN COMPANY INC XXXXXX PO BOX 10758 FARGO ND 58106-0758	5,535.91	C	6.61%
ASCENSUS TRUST COMPANY FBO MAGNUM CUSTOM TRAILERS XXXXXX PO BOX 10758 FARGO ND 58106-0758	4,931.96	C	5.89%
NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENE OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT - 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995	69,806.74	Institutional	40.28%
PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0001	22,369.14	Institutional	12.91%
LINCOLN INVESTMENT PLANNING LLC FBO LINCOLN CUSTOMERS 601 OFFICE CENTER DR STE 300 FT WASHINGTON PA 19034-3275	15,587.30	Institutional	8.99%

I-15

Name and Address of Investor	Shares	Class	Percentage
RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM XXXXXXXX ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1100	14,845.09	Institutional	8.57%
FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST ST LOUIS MO 63103-2523	11,690.53	Institutional	6.75%
VOYA INSTITUTIONAL TRUST CO 1 ORANGE WAY WINDSOR CT 06095-4773	63,269.96	R	71.47%
MID ATLANTIC TRUST COMPANY FBO C & E PLASTICS INC 401(K) PROFIT SH 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228	17,085.31	R	19.30%
EQUITABLE LIFE FOR SEPARATE AC 65 ON BEHALF OF VARIOUS 401 K ATTN KEN BUTKA ATT ADVISOR RELATIONS 100 MADISON ST MD 34-20 SYRACUSE NY 13202-2701	5,210.54	R	5.89%
DCGT TRUSTEE & OR CUSTODIAN FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001	7,899.84	R6	42.21%
ASCENSUS TR CO FBO LAW FORUM LLC XXXXXX PO BOX 10758 FARGO ND 58106-0758	6,650.90	R6	35.53%
MID ATLANTIC TR CO FBO THOMAS GOVELITZ & NICHOLAS MAR 401 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228	1,463.82	R6	7.82%
NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENE OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT - 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995	1,028.07	R6	5.49%
MID ATLANTIC TR CO FBO INTERIOR PRESERVATION INC 1251 WATERFRONT PL STE 525 PITTSBURGH PA 15222-4228	992.493	R6	5.30%

I-16

Part I: Appendix I-B—Board Committees and Meetings

Information Concerning Committees and Meetings of the Board

The Board oversees the operations of the DWS funds and meets periodically to oversee fund activities, and to review fund performance and contractual arrangements with fund service providers. The Board met five times during the most recently completed calendar year.

Board Leadership Structure

A fund’s Board is responsible for the general oversight of a fund’s affairs and for assuring that the fund is managed in the best interests of its shareholders. The Board regularly reviews a fund’s investment performance as well as the quality of other services provided to a fund and its shareholders by DIMA and its affiliates, including administration and shareholder servicing. At least annually, the Board reviews and evaluates the fees and operating expenses paid by a fund for these services and negotiates changes that it deems appropriate. In carrying out these responsibilities, the Board is assisted by the Advisory Board and a fund’s auditors, independent counsel and other experts, as appropriate, selected by and responsible to the Board.

Independent Board Members are not considered “interested persons” (as defined in the 1940 Act) of the fund or its investment adviser. These Independent Board Members must vote separately to approve all financial arrangements and other agreements with a fund’s investment adviser and other affiliated parties. The role of the Independent Board Members has been characterized as that of a “watchdog” charged with oversight to protect shareholders’ interests against overreaching and abuse by those who are in a position to control or influence a fund. A fund’s Independent Board Members meet regularly as a group in executive session without representatives of the Advisor present. An Independent Board Member currently serves as chairman of the Board.

Taking into account the number, diversity and complexity of the funds overseen by the Board Members and the aggregate amount of assets under management in the DWS funds, the Board has determined that the efficient conduct of its affairs makes it desirable to delegate responsibility for certain specific matters to committees of the Board. These committees, which are described in more detail below, review and evaluate matters specified in their charters and/or enabling resolutions, and take actions on those matters and/or make recommendations to the Board, as appropriate. Each committee may confer with the Advisory Board Members and utilize the resources of counsel and auditors as well as other experts. The committees meet as often as necessary, either in conjunction with regular meetings of the Board or otherwise. The membership and chair of each committee are appointed by the Board upon recommendation of the Nominating and Governance Committee. The membership and chair of each committee consist exclusively of Independent Board Members.

The Board has determined that this committee structure also allows the Board to focus more effectively on the oversight of risk as part of its broader oversight of a fund’s affairs. While risk management is the primary responsibility of the Advisor, the Board regularly receives reports regarding investment risks and compliance risks. The Board’s committee structure allows separate committees to focus on different aspects of these risks and their potential impact on some or all of the DWS funds and to discuss with the Advisor how it monitors and controls such risks.

Advisory Board

The Board has established an Advisory Board to confer with and provide non-binding advice to the Board regarding the oversight of the affairs of the funds. Advisory Board Members do not vote or otherwise have decision-making authority on matters affecting the funds. The Board remains solely responsible for the oversight of a fund’s affairs and for assuring the fund is managed in the best interests of its shareholders. There are currently two Advisory Board Members, Chad D. Perry and Mary Schmid Daugherty. Advisory Board Members attend all Board Meetings.

I-18

Board Committees. The Board has established the following standing committees: Audit Committee, Nominating and Governance Committee, Operations Committee and Dividend Committee.

Name of Committee	Number of Meetings in Last Calendar Year	Functions	Current Members
AUDIT COMMITTEE	5	Assists the Board in fulfilling its responsibility for oversight of (1) the integrity of the financial statements, (2) a fund’s accounting and financial reporting policies and procedures, (3) a fund’s compliance with legal and regulatory requirements related to accounting and financial reporting, (4) valuation of fund assets and securities and (5) the qualifications, independence and performance of the independent registered public accounting firm for a fund. Oversees a fund’s valuation designee, who is responsible for valuing the fund’s securities and other assets. The Audit Committee also approves and recommends to the Board the appointment, retention or termination of the independent registered public accounting firm for a fund, reviews the scope of audit and internal controls, considers and reports to the Board on matters relating to a fund’s accounting and financial reporting practices, and performs such other tasks as the full Board deems necessary or appropriate.	Catherine Schrand (Chair), Richard J. Herring (Vice Chair) and John W. Ballantine

I-19

Name of Committee	Number of Meetings in Last Calendar Year	Functions	Current Members
NOMINATING AND GOVERNANCE COMMITTEE	4	Recommends individuals for membership on the Board, nominates officers, Board and committee chairs, vice chairs and committee members, and oversees the operations of the Board. The Nominating and Governance Committee has not established specific, minimum qualifications that must be met by an individual to be considered by the Nominating and Governance Committee for nomination as a Board Member. The Nominating and Governance Committee may take into account a wide variety of factors in considering Board Member candidates, including, but not limited to: (i) availability and commitment of a candidate to attend meetings and perform his or her responsibilities to the Board, (ii) relevant industry and related experience, (iii) educational background, (iv) financial expertise, (v) an assessment of the candidate's ability, judgment and expertise, and (vi) the current composition of the Board. The Committee generally believes that the Board benefits from diversity of background, experience and views among its members, and considers this as a factor in evaluating the composition of the Board, but has not adopted any specific policy in this regard. The Nominating and Governance Committee reviews recommendations by shareholders for candidates for Board positions on the same basis as candidates recommended by other sources. Shareholders may recommend candidates for Board positions by forwarding their correspondence by US 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.	Rebecca W. Rimel (Chair), John W. Ballantine (Vice Chair) and Keith R. Fox
OPERATIONS COMMITTEE	5	Reviews the administrative operations and general compliance matters of the funds. Reviews administrative matters related to the operations of the funds, policies and procedures relating to portfolio transactions, custody arrangements, fidelity bond and insurance arrangements and such other tasks as the full Board deems necessary or appropriate.	William N. Searcy, Jr. (Chair), Dawn-Marie Driscoll (Vice Chair), and Rebecca W. Rimel
DIVIDEND COMMITTEE	0	Authorizes dividends and other distributions for those funds that are organized as Maryland corporations or as series of a Maryland corporation. The Committee meets on an as- needed basis. The Committee applies only to the following corporations: Deutsche DWS Global/International Fund, Inc. and Deutsche DWS International Fund, Inc.	Dawn-Marie Driscoll, Keith R. Fox, John W. Ballantine (Alternate), Richard J. Herring (Alternate), Rebecca W. Rimel (Alternate), Catherine Schrand (Alternate) and William N. Searcy, Jr. (Alternate)

Ad Hoc Committees. In addition to the standing committees described above, from time to time the Board may also form ad hoc committees to consider specific issues.

I-20

Part I: Appendix I-C—Board Member Compensation

Each Independent Board Member and Independent Advisory Board Member receives compensation from each fund for his or her services, which includes retainer fees and specified amounts for various committee services and for the Board Chairperson and Vice Chairperson, if any. No additional compensation is paid to any Independent Board Member or Independent Advisory Board Member for travel time to meetings, attendance at directors’ educational seminars or conferences, service on industry or association committees, participation as speakers at directors’ conferences or service on special fund industry director task forces or subcommittees. Independent Board Members and Independent Advisory Board Members do not receive any employee benefits such as pension or retirement benefits or health insurance from a fund or any fund in the DWS fund complex.

Board Members or Advisory Board Members who are officers, directors, employees or stockholders of DWS or its affiliates receive no direct compensation from the fund, although they are compensated as employees of DWS, or its affiliates, and as a result may be deemed to participate in fees paid by a fund. The following tables show, for each current Independent Board Member and Independent Advisory Board Member, compensation from each fund during its most recently completed fiscal year, and aggregate compensation from all of the funds in the DWS fund complex during calendar year 2023.

Aggregate Compensation from each fund

Board Member	DWS Capital Growth Fund	DWS Core Equity Fund	DWS Small Cap Core Fund	DWS Small Cap Growth Fund
Independent Board Member:
John W. Ballantine	$7,366	$16,299	$2,565	$1,414
Dawn-Marie Driscoll	$7,366	$16,299	$2,565	$1,414
Keith R. Fox	$10,362	$23,048	$3,543	$1,909
Richard J. Herring	$7,371	$16,320	$2,562	$1,409
Rebecca W. Rimel	$7,965	$17,649	$2,760	$1,513
Catherine Schrand	$8,205	$18,189	$2,838	$1,553
William N. Searcy, Jr.	$7,965	$17,649	$2,760	$1,513

	DWS Capital Growth Fund	DWS Core Equity Fund	DWS Small Cap Core Fund	DWS Small Cap Growth Fund
Independent Advisory Board Member:
Mary Schmid Daugherty(1)	$3,032	$6,498	$1,026	$518
Chad D. Perry	$7,366	$16,299	$2,565	$1,414

I-21

Total Compensation from DWS Fund Complex

Board Member	Total Compensation from each fund and DWS Fund Complex(2)
Independent Board Member:
John W. Ballantine	$315,000
Dawn-Marie Driscoll	$315,000
Keith R. Fox(3)	$440,000
Richard J. Herring	$315,000
Rebecca W. Rimel(4)	$340,000
Catherine Schrand(4)	$350,000
William N. Searcy, Jr.(4)	$340,000
Independent Advisory Board Member:
Mary Schmid Daugherty(1)	$118,981
Chad D. Perry	$315,000

(1)

Ms. Daugherty was appointed as an Independent Advisory Board Member effective August 15, 2023.

(2)

For each Independent Board Member and Independent Advisory Board Member, total compensation from the DWS fund complex represents compensation from 68 funds as of December 31, 2023.

(3)

Includes $125,000 in annual retainer fees received by Mr. Fox as Chairperson of the DWS funds.

(4)

Includes $25,000 in annual retainer fees for serving as Chairperson of a Board committee (other than the Audit Committee) of the DWS funds and $35,000 in annual retainer fees for serving as Chairperson of the Audit Committee of the DWS funds, as applicable.

I-22

Part I: Appendix I-D—Portfolio Management

Fund Ownership of Portfolio Managers

The following table shows the dollar range of fund shares owned beneficially and of record by the portfolio management team as well as in all US registered DWS funds advised by the Advisor as a group, including investments by their immediate family members sharing the same household and amounts invested through retirement and deferred compensation plans. This information is provided as of each fund's most recent fiscal year end.

DWS Capital Growth Fund

Name of Portfolio Manager	Dollar Range of Fund Shares Owned	Dollar Range of All DWS Fund Shares Owned
Sebastian P. Werner	$10,001 - $50,000	$100,001 - $500,000

DWS Core Equity Fund

Name of Portfolio Manager	Dollar Range of Fund Shares Owned	Dollar Range of All DWS Fund Shares Owned
Pankaj Bhatnagar	$100,001 - $500,000	$500,001 - $1,000,000
Arno V. Puskar	$10,001 - $50,000	$50,001 - $100,000
Di Kumble	$10,001 - $50,000	$50,001 - $100,000

DWS Small Cap Core Fund

Name of Portfolio Manager	Dollar Range of Fund Shares Owned	Dollar Range of All DWS Fund Shares Owned
Michael A. Sesser	$50,001 - $100,000	$100,001 - $500,000
Pankaj Bhatnagar	$10,001 - $50,000	$500,001 - $1,000,000

DWS Small Cap Growth Fund

Name of Portfolio Manager	Dollar Range of Fund Shares Owned	Dollar Range of All DWS Fund Shares Owned
Peter Barsa	$10,001 - $50,000	$50,001 - $100,000

Conflicts of Interest

In addition to managing the assets of each fund, a portfolio manager may have responsibility for managing other client accounts of the Advisor or its affiliates. The tables below show, per portfolio manager, the number and asset size of: (1) SEC registered investment companies (or series thereof) other than each fund, (2) pooled investment vehicles that are not registered investment companies and (3) other accounts (e.g., accounts managed for individuals or organizations) managed by a portfolio manager. Total assets attributed to a portfolio manager in the tables below include total assets of each account managed, although a portfolio manager may only manage a portion of such account’s assets. For a fund subadvised by subadvisors unaffiliated with the Advisor, total assets of funds managed may only include assets allocated to the portfolio manager and not the total assets of a fund managed. The tables also show the number of performance-based fee accounts, as well as the total assets of the accounts for which the advisory fee is based on the performance of the account. This information is provided as of each fund's most recent fiscal year end.

I-23

DWS Capital Growth Fund

Other SEC Registered Investment Companies Managed:

Name of Portfolio Manager	Number of Registered Investment Companies	Total Assets of Registered Investment Companies	Number of Investment Company Accounts with Performance- Based Fee	Total Assets of Performance-Based Fee Accounts
Sebastian P. Werner	6	$2,844,593,051	0	$0

DWS Core Equity Fund

Other SEC Registered Investment Companies Managed:

Name of Portfolio Manager	Number of Registered Investment Companies	Total Assets of Registered Investment Companies	Number of Investment Company Accounts with Performance- Based Fee	Total Assets of Performance-Based Fee Accounts
Pankaj Bhatnagar	7	$1,186,317,653	0	$0
Arno V. Puskar	4	$371,896,964	0	$0
Di Kumble	9	$2,898,916,106	0	$0

DWS Small Cap Core Fund

Other SEC Registered Investment Companies Managed:

Name of Portfolio Manager	Number of Registered Investment Companies	Total Assets of Registered Investment Companies	Number of Investment Company Accounts with Performance- Based Fee	Total Assets of Performance-Based Fee Accounts
Michael A. Sesser	0	$0	0	$0
Pankaj Bhatnagar	7	$4,334,793,649	0	$0

DWS Small Cap Growth Fund

Other SEC Registered Investment Companies Managed:

Name of Portfolio Manager	Number of Registered Investment Companies	Total Assets of Registered Investment Companies	Number of Investment Company Accounts with Performance- Based Fee	Total Assets of Performance-Based Fee Accounts
Peter Barsa	4	$537,572,962	0	$0

DWS Capital Growth Fund

Other Pooled Investment Vehicles Managed:

Name of Portfolio Manager	Number of Pooled Investment Vehicles	Total Assets of Pooled Investment Vehicles	Number of Pooled Investment Vehicle Accounts with Performance- Based Fee	Total Assets of Performance- Based Fee Accounts
Sebastian P. Werner	1	$210,652,866	0	$0

I-24

DWS Core Equity Fund

Other Pooled Investment Vehicles Managed:

Name of Portfolio Manager	Number of Pooled Investment Vehicles	Total Assets of Pooled Investment Vehicles	Number of Pooled Investment Vehicle Accounts with Performance- Based Fee	Total Assets of Performance- Based Fee Accounts
Pankaj Bhatnagar	2	$153,296,872	0	$0
Arno V. Puskar	0	$0	0	$0
Di Kumble	0	$0	0	$0

DWS Small Cap Core Fund

Other Pooled Investment Vehicles Managed:

Name of Portfolio Manager	Number of Pooled Investment Vehicles	Total Assets of Pooled Investment Vehicles	Number of Pooled Investment Vehicle Accounts with Performance- Based Fee	Total Assets of Performance- Based Fee Accounts
Michael A. Sesser	0	$0	0	$0
Pankaj Bhatnagar	2	$153,296,872	0	$0

DWS Small Cap Growth Fund

Other Pooled Investment Vehicles Managed:

Name of Portfolio Manager	Number of Pooled Investment Vehicles	Total Assets of Pooled Investment Vehicles	Number of Pooled Investment Vehicle Accounts with Performance- Based Fee	Total Assets of Performance- Based Fee Accounts
Peter Barsa	0	$0	0	$0

DWS Capital Growth Fund

Other Accounts Managed:

Name of Portfolio Manager	Number of Other Accounts	Total Assets of Other Accounts	Number of Other Accounts with Performance- Based Fee	Total Assets of Performance- Based Fee Accounts
Sebastian P. Werner	18	$131,798,437	0	$0

I-25

DWS Core Equity Fund

Other Accounts Managed:

Name of Portfolio Manager	Number of Other Accounts	Total Assets of Other Accounts	Number of Other Accounts with Performance- Based Fee	Total Assets of Performance- Based Fee Accounts
Pankaj Bhatnagar	3	$19,922,338	0	$0
Arno V. Puskar	0	$0	0	$0
Di Kumble	9	$2,792,829,630	0	$0

DWS Small Cap Core Fund

Other Accounts Managed:

Name of Portfolio Manager	Number of Other Accounts	Total Assets of Other Accounts	Number of Other Accounts with Performance- Based Fee	Total Assets of Performance- Based Fee Accounts
Michael A. Sesser	0	$0	0	$0
Pankaj Bhatnagar	3	$19,922,338	0	$0

DWS Small Cap Growth Fund

Other Accounts Managed:

Name of Portfolio Manager	Number of Other Accounts	Total Assets of Other Accounts	Number of Other Accounts with Performance- Based Fee	Total Assets of Performance- Based Fee Accounts
Peter Barsa	0	$0	0	$0

In addition to the accounts above, an investment professional may manage accounts in a personal capacity that may include holdings that are similar to, or the same as, those of each fund. The Advisor or Subadvisor, as applicable, has in place a Code of Ethics that is designed to address conflicts of interest and that, among other things, imposes restrictions on the ability of portfolio managers and other “access persons” to invest in securities that may be recommended or traded in each fund and other client accounts.

I-26

Part I: Appendix I-E—Service Provider Compensation

DWS Capital Growth Fund

Fiscal Year Ended	Gross Amount Paid to DIMA for Advisory Services	Amount Waived by DIMA for Advisory Services	Gross Amount Paid to DIMA for General Administrative Services	Amount Waived by DIMA for General Administrative Services
2023	$7,771,336	$0	$1,634,033	$0
2022	$9,268,184	$0	$1,960,312	$0
2021	$9,898,670	$0	$2,097,744	$0

Fiscal Year Ended	Gross Amount Paid to DSC for Transfer Agency Services	Amount Waived by DSC for Transfer Agency Services
2023	$652,009	$1,657
2022	$674,922	$549
2021	$697,425	$265

DWS Core Equity Fund

Fiscal Year Ended	Gross Amount Paid to DIMA for Advisory Services	Amount Waived by DIMA for Advisory Services	Gross Amount Paid to DIMA for General Administrative Services	Amount Waived by DIMA for General Administrative Services
2023	$13,283,249	$0	$3,646,848	$0
2022	$14,876,804	$0	$4,094,891	$0
2021	$15,080,121	$0	$4,152,056	$0

Fiscal Year Ended	Gross Amount Paid to DSC for Transfer Agency Services	Amount Waived by DSC for Transfer Agency Services
2023	$1,410,424	$0
2022	$1,460,480	$0
2021	$1,551,763	$0

DWS Small Cap Core Fund

Fiscal Year Ended	Gross Amount Paid to DIMA for Advisory Services	Amount Waived by DIMA for Advisory Services	Gross Amount Paid to DIMA for General Administrative Services	Amount Waived by DIMA for General Administrative Services
2023	$3,442,043	$0	$527,174	$0
2022	$2,835,278	$0	$431,850	$0
2021	$2,403,872	$0	$364,356	$0

Fiscal Year Ended	Gross Amount Paid to DSC for Transfer Agency Services	Amount Waived by DSC for Transfer Agency Services
2023	$153,652	$0
2022	$159,543	$0
2021	$170,090	$110,777

I-27

DWS Small Cap Growth Fund

Fiscal Year Ended	Gross Amount Paid to DIMA for Advisory Services	Amount Waived by DIMA for Advisory Services	Gross Amount Paid to DIMA for General Administrative Services	Amount Waived by DIMA for General Administrative Services
2023	$1,799,652	$0	$268,563	$0
2022	$2,187,034	$0	$326,373	$0
2021	$2,583,328	$0	$385,512	$0

Fiscal Year Ended	Gross Amount Paid to DSC for Transfer Agency Services	Amount Waived by DSC for Transfer Agency Services
2023	$273,303	$29,321
2022	$284,215	$52,392
2021	$306,341	$3,980

The following waivers are currently in effect:

For DWS Capital Growth Fund, the Advisor has contractually agreed through September 30, 2024 to waive its fees and/or reimburse fund expenses to the extent necessary to maintain the fund’s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) at 1.05%, 1.80%, 0.69% and 0.80% for Class A, Class C, Class R6 and Class S, respectively. In addition, the Advisor has contractually agreed through January 31, 2025 to waive its fees and/or reimburse fund expenses to the extent necessary to maintain the fund’s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) at ratios no higher than 1.30% and 0.69% for Class R and Institutional Class, respectively. The agreement may only be terminated with the consent of the fund's Board.

For DWS Core Equity Fund, the Advisor has contractually agreed through September 30, 2024 to waive its fees and/or reimburse fund expenses to the extent necessary to maintain the fund’s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) at 1.12%, 1.87%, 1.37%, 0.87%, 0.56% and 0.87% for Class A, Class C, Class R, Class R6, Institutional Class and Class S, respectively. The agreement may only be terminated with the consent of the fund’s Board.

For DWS Small Cap Core Fund, the Advisor has contractually agreed through September 30, 2024 to waive its fees and/or reimburse fund expenses to the extent necessary to maintain the fund’s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) at 1.25%, 2.00%, 1.00%, 1.00% and 1.05% for Class A, Class C, Class R6, Institutional Class and Class S, respectively. The agreement may only be terminated with the consent of the fund’s Board.

For DWS Small Cap Growth Fund, the Advisor has contractually agreed through September 30, 2024 to waive its fees and/or reimburse fund expenses to the extent necessary to maintain the fund’s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) at 1.01%, 1.01% and 1.01% for Class R6, Institutional Class and Class S, respectively. In addition, the Advisor has contractually agreed through January 31, 2025 to waive its fees and/or reimburse fund expenses to the extent necessary to maintain the fund’s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) at ratios no higher than 1.26%, 2,01% and 1.51% for Class A, Class C and Class R, respectively. The agreement may only be terminated with the consent of the fund’s Board.

I-28

Part I: Appendix I-F—Sales Charges

The following tables show the aggregate amount of underwriting commissions paid, the amount of underwriting commissions retained by DDI and any CDSCs paid to DDI for the noted fiscal period(s). Any commissions not retained by DDI were paid out to unaffiliated brokers.

Class A Initial Sales Charge:

	Fiscal Year	Aggregate Sales Commissions	Aggregate Commissions Retained by DDI
DWS Capital Growth Fund	2023	$30,767	$5,715
	2022	$38,588	$10,252
	2021	$63,458	$15,546
DWS Core Equity Fund	2023	$16,758	$6,177
	2022	$33,120	$13,998
	2021	$38,286	$14,972
DWS Small Cap Core Fund	2023	$9,219	$5,156
	2022	$14,073	$5,840
	2021	$9,729	$3,750
DWS Small Cap Growth Fund	2023	$3,476	$1,175
	2022	$4,934	$1,454
	2021	$11,611	$3,160

CDSC Paid to DDI on:

	Fiscal Year	Class A Shares	Class C Shares
DWS Capital Growth Fund	2023	$461	$1,324
	2022	$0	$1,646
	2021	$0	$4,176
DWS Core Equity Fund	2023	$576	$214
	2022	$300	$208
	2021	$45	$1,870
DWS Small Cap Core Fund	2023	$721	$565
	2022	$0	$1,075
	2021	$10	$235
DWS Small Cap Growth Fund	2023	$0	$9
	2022	$0	$21
	2021	$0	$12

I-29

Part I: Appendix I-H—Portfolio Transactions and Brokerage Commissions

Variations to a fund’s portfolio turnover rate may be due to, among other things, a fluctuating volume of shareholder purchase and redemption orders, market conditions, and/or changes in the Advisor's investment outlook. The amount of brokerage commissions paid by a fund may change from year to year because of, among other things, changing asset levels, shareholder activity and/or portfolio turnover.

Portfolio Turnover Rates

Fund	2023	2022
DWS Capital Growth Fund	17%	8%
DWS Core Equity Fund	33%	28%
DWS Small Cap Core Fund	12%	31%
DWS Small Cap Growth Fund	6%	14%

Brokerage Commissions

	Fiscal Year	Brokerage Commissions Paid by Fund
DWS Capital Growth Fund	2023	$178,440
	2022	$188,394
	2021	$135,606
DWS Core Equity Fund	2023	$848,538
	2022	$804,625
	2021	$491,679
DWS Small Cap Core Fund	2023	$304,128
	2022	$282,529
	2021	$327,785
DWS Small Cap Growth Fund	2023(1)	$43,149
	2022	$96,095
	2021	$133,412

(1)DWS Small Cap Growth Fund’s brokerage commissions decreased from 2022 to 2023 primarily as a result of a reduced portfolio turnover rate.

I-31

	Page
Part I	I-1
Definitions	I-1
Fund Organization	I-1
Management of each Fund	I-2
Sales Charges and Distribution Plan Payments	I-2
Portfolio Transactions, Brokerage Commissions and Securities Lending Activities	I-3
Investments	I-3
Investment Restrictions	I-3
Taxes	I-5
Independent Registered Public Accounting Firm, Reports to Shareholders and Financial Statements	I-5
Additional Information	I-6
Part I: Appendix I-A—Board Member/Advisory Board Member Share Ownership and Control Persons	I-7
Part I: Appendix I-B—Board Committees and Meetings	I-18
Part I: Appendix I-C—Board Member Compensation	I-21
Part I: Appendix I-D—Portfolio Management	I-23
Part I: Appendix I-E—Service Provider Compensation	I-27
Part I: Appendix I-F—Sales Charges	I-29
Part I: Appendix I-G—Distribution Plan Payments	I-30
Part I: Appendix I-H—Portfolio Transactions and Brokerage Commissions	I-31
Part I: Appendix I-I—Investments, Practices and Techniques, and Risks	I-34
Part I: Appendix I-J—Securities Lending Activities	I-37
Part I: Appendix I-K—Additional Information	I-39
Part II	II-1
Detailed Part II table of contents precedes page II-1

		12b-1 Distribution Fees	12b-1 Shareholder Services Fees	12b-1 Shareholder Services Fees Waived
DWS Capital Growth Fund	Class A	N/A	$1,538,242	$0
	Class C	$70,000	$21,614	$0
	Class R	$4,474	$4,454	$670
DWS Core Equity Fund	Class A	N/A	$858,698	$0
	Class C	$162,595	$51,092	$0
	Class R	$4,127	$4,117	$0
DWS Small Cap Core Fund	Class A	N/A	$454,004	$0
	Class C	$40,216	$12,594	$0
DWS Small Cap Growth Fund	Class A	N/A	$256,469	$0
	Class C	$16,483	$5,239	$1,268
	Class R	$5,995	$5,991	$2,440

	Fiscal Year	Name of Affiliated Broker	Affiliation	Aggregate Brokerage Commissions Paid by Fund to Affiliated Brokers	% of the Total Brokerage Commissions	% of the Aggregate Dollar Value of all Portfolio Transactions
DWS Capital Growth Fund	2023	None	—	None