N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSR

Investment Company Act file number: 811-06071

Deutsche DWS Institutional Funds

(Exact Name of Registrant as Specified in Charter)

345 Park Avenue

New York, NY 10154-0004

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (212) 250-2500

Diane Kenneally

One International Place

Boston, MA 02110

(Name and Address of Agent for Service)

Date of fiscal year end:	8/31
Date of reporting period:	8/31/2019

ITEM 1. REPORT TO STOCKHOLDERS

August 31, 2019

Annual Report

to Shareholders

DWS U.S. Multi-Factor Fund

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

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

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

Contents

3	Letter to Shareholders
4	Portfolio Management Review
9	Performance Summary
11	Portfolio Summary
13	Investment Portfolio
38	Statement of Assets and Liabilities
39	Statement of Operations
40	Statements of Changes in Net Assets
41	Financial Highlights

43	Notes to Financial Statements
52	Report of Independent Registered Public Accounting Firm
54	Information About Your Fund’s Expenses
55	Tax Information
56	Advisory Agreement Board Considerations and Fee Evaluation
60	Board Members and Officers
64	Account Management Resources

This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our Funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.

Investing involves risk, including possible loss of principal. Stocks may decline in value. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Because the Fund seeks to provide exposure to stocks based on the following multifactors — value, momentum, quality, low volatility and size — it is expected exposure to such investment factors will detract from performance in some market environments, as more fully explained in the Fund’s prospectus. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in any fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that fund. Please read the prospectus for details.

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

NOT FDIC/NCUA INSURED     NO BANK GUARANTEE     MAY LOSE VALUE NOT A DEPOSIT     NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

2 | DWS U.S. Multi-Factor Fund

Letter to Shareholders

Dear Shareholder:

The markets, both domestic and global, have been increasingly influenced by geopolitical concerns in recent months — most notably the trade conflict between China and the United States and uncertainty around the implementation of Britain’s exit from the European Union (“Brexit”). The result has been increased volatility and continued efforts by central banks to bolster economic growth through monetary policy.

Against this backdrop, our Americas Chief Investment Officer (“CIO”) remains constructive, albeit more cautious than at the beginning of the year. In our view, while tariffs raise concerns, particularly for commodity producing and manufacturing industries, including the world’s regional economies tilted toward such industries and still suffering from their own weak internal recoveries, a robust labor market and other key metrics suggest the underpinnings of the U.S. economy remain intact.

Of course, these issues and their potential implications bear close watching. Our CIO Office and global network of analysts diligently monitor these matters to determine when and what, if any, strategic or tactical adjustments may be warranted.

We invite you to access these views to better understand the changing landscape and, most important, what it may mean for you. The “Insights” section of our web site, dws.com, is home to our CIO View, which integrates the on-the-ground views of our worldwide network of economists, research analysts and investment professionals. This truly global perspective guides our strategic investment approach.

As always, we thank you for trusting DWS to help serve your investment needs.

Best regards,

Hepsen Uzcan   President, DWS Funds

Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.

DWS U.S. Multi-Factor Fund | 3

Portfolio Management Review (Unaudited)

Market Overview and Fund Performance

All performance information below is historical and does not guarantee future results. Returns shown are for Institutional Class shares, unadjusted for sales charges. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws.com for the most recent month-end performance of all share classes. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.

The Fund returned 1.39% in the 12-month period ended August 31, 2019. During the same interval, the Fund’s benchmark — the Russell 1000 Comprehensive Factor Index — gained 1.66%. Since our strategy is to replicate the performance of the index before the deduction of expenses, the Fund’s return is normally close to that of the index. The Russell 1000 Comprehensive Factor Index trailed the 2.49% return of the broad-based Russell 1000 Index in the 12-month period.

While domestic equities produced a narrow gain, the path to achieving the positive return was quite uneven. After displaying strength in September 2018, stocks fell sharply in the final three months of the year. The market initially turned lower in early October, when comments by U.S. Federal Reserve (Fed) Chairman Jerome Powell were taken as a sign that several more rate hikes could be on the way in the year ahead. Fed officials quickly made it clear that this was unlikely to be the case, but stocks continued to slide due to the combination of slowing global growth, uncertain U.S. trade policy, and declining corporate earnings estimates for 2019. The major indexes reached their low for the period with a dramatic downturn on December 24, 2018.

The investment picture began to change as the calendar turned to the New Year, and equities went on to post an impressive, four-month rally that brought the major indexes back into positive territory for the period. A number of developments provided fuel for the market’s advance in this time. First, the Fed communicated its intention to take a much less aggressive approach to its interest rate policy, raising hopes that several rate cuts could be in the offing by mid-2020. Investors also grew more sanguine regarding the prospects for both trade policy and economic growth. Not least, corporate earnings reports came in close to expectations, allaying fears that profits were set to turn sharply lower.

4 | DWS U.S. Multi-Factor Fund

Investment Strategy and Process

The Fund, using a “passive” or indexing investment approach, seeks investment results, before fees and expenses, that correspond generally to the performance of the Russell 1000 Comprehensive Factor Index (the “Underlying Index”), which is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. The index provider, Frank Russell Company (“Index Provider”), selects companies from the starting universe for the Underlying Index by applying a consistent rules-based methodology to achieve exposure to companies demonstrating the factors listed below, while considering levels of diversification and capacity:

Value

Value investing generally refers to a strategy that buys stocks whose price is lower than the fundamental value of the stock. The Index Provider’s methodology for measuring the value factor attempts to identify stocks that have low prices relative to their fundamental value and that provide the possibility of excess returns. The value score is calculated by measuring a company’s valuation based on, among other things, cash-flow yield, earnings yield and sales to price and then comparing it to the company’s valuation based on share price.

Momentum

Momentum style investing emphasizes investing in securities that have had higher recent price performance compared to other securities, with the expectation that this will continue to produce short-term excess returns in the future. The momentum score is calculated based on each company’s cumulative 11 month return. The Index Provider’s methodology for measuring the momentum factor attempts to identify stocks with stronger past performance over the short-term.

Quality

The Index Provider’s methodology for measuring the quality factor attempts to identify stocks that are characterized by low debt, stable earnings growth, and other “quality” metrics, with the expectation that these will provide the possibility of excess returns. The quality score is calculated from a company’s leverage and profitability (e.g., return on assets, asset turnover and accruals).

Low Volatility

Volatility is a statistical measurement of the magnitude of increases or decreases in a stock’s price over time. The low volatility score is calculated based on the standard deviation of five years of weekly total returns. Low volatility investing is a strategy based on the concept that stocks that exhibit low volatility tend to perform better than stocks with higher volatility. The Index Provider’s methodology for measuring the low volatility factor attempts to identify stocks with a historically lower risk (and higher return) profile relative to those with higher risk.

Size

The size factor seeks to capture excess returns of smaller companies relative to larger counterparts. The size score is calculated based on the full market capitalization of a company. The Index Provider’s methodology for measuring the size factor attempts to identify stocks of smaller companies relative to their larger counterparts, with the expectation that these will provide the possibility of excess returns.

Companies are weighted in the Underlying Index based on their relative exposure to all five factors with companies that have higher factor scores receiving larger weightings.

DWS U.S. Multi-Factor Fund | 5

Volatility rose over the final four months of the period, and stocks closed slightly off their late April high. During this interval, a further slowdown in global growth and an increasingly negative tone to the U.S.-China trade dispute created a great deal of uncertainty. These factors were largely offset by the prospect of more accommodative policies by the world’s central banks, which provided support for the markets despite the generally unfavorable news flow.

At the factor level, low-volatility stocks performed well as elevated uncertainty prompted investors to seek relative “safe havens.” The momentum factor produced modest outperformance, while size and quality finished closely in line with the index. The value factor was the largest underperformer, demonstrating investors’ ongoing preference for companies with the ability to deliver accelerating profits even in a time of slowing economic growth.

“While domestic equities produced a narrow gain, the path to achieving the positive return was quite uneven.”

Fund Performance

The outperformance of lower-volatility stocks was reflected in sector-level returns. The utilities sector was the top performer, as investors gravitated to its defensive characteristics and above-average dividend yields. Similarly, the real estate and consumer staples sectors soundly outpaced the broader index. At the same time, the period was also characterized by outperformance for traditional growth sectors such as information technology and consumer discretionary. The strong relative returns for both low-volatility stocks and faster growers reflected investors’ apparent preference for companies with below-average sensitivity to global growth trends. Financials also outperformed, with strength among insurance companies and exchange operators outweighing a weaker showing for the banking industry.

On the other end of the spectrum, sectors seen as having the highest vulnerability to the uncertainty surrounding growth and trade — including energy, industrials, and materials — underperformed. Health care, though traditionally regarded as a more defensive area of the market, lagged due in part to questions about a possible shift in government policy toward a “Medicare-for-all” model. The communications services sector also posted a narrow loss.

At the individual stock level, Starbucks Corp., AutoZone, Inc., and Ball Corp. were the leading contributors. Valero Energy Corp., Lear Corp., and Centene Corp. were the most notable detractors.

6 | DWS U.S. Multi-Factor Fund

The Fund used derivatives, primarily futures contracts on domestic stock indexes. The purpose of these holdings was to add equity exposure rather than holding cash. The use of derivatives had no material impact on the Fund’s relative performance.

Outlook and Positioning

We continued to use a passive strategy designed to provide returns that approximate those of the benchmark. The Fund’s largest sector weightings as of August 31, 2019 were industrials, consumer discretionary, information technology, and financials, and its top individual holdings were CDW Corp., Lam Research Corp., and Cummins, Inc.

Portfolio Management Team

Bryan Richards, CFA, Managing Director

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

– Joined DWS in 2011 with 11 years of industry experience. Prior to his current role, he served as the primary portfolio manager for the PowerShares DB Commodity ETFs until their sale in 2015. Prior to joining DWS he served as an equity analyst for Fairhaven Capital LLC, a long/short equity fund, and at XShares Advisors, an ETF issuer based in New York.

– Head of Passive Portfolio Management, Americas: New York.

– BS in Finance, Boston College.

Patrick Dwyer, Director

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

– Joined DWS in 2016 with 16 years of industry experience. Prior to joining DWS, he was the head of Northern Trust’s Equity Index, ETF, and Overlay portfolio management team in Chicago, managing portfolios for North American based clients. His time at Northern Trust included working in New York, Chicago, and in Hong Kong building a portfolio management desk. Prior to joining Northern Trust in 2003, he participated in the Deutsche Asset Management graduate training program. He rotated through the domestic fixed income and US structured equity fund management groups.

– Lead Equity Portfolio Manager, US Passive Equities: New York.

– BS in Finance, Rutgers University.

Shlomo Bassous, Vice President

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

– Joined DWS in 2017 with 13 years of industry experience. Prior to joining DWS, Mr. Bassous worked at Northern Trust where he filled a variety of operational functions supporting portfolio management. In 2010 he began managing equity portfolios on behalf of institutional clients across a variety of global benchmarks. Before joining Northern Trust in 2007, he worked at The Bank of New York Mellon and Morgan Stanley in a variety of roles supporting equity trading and portfolio management.

– Equity Portfolio Manager, US Passive Equities: New York.

– BS in Finance, Yeshiva University.

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

DWS U.S. Multi-Factor Fund | 7

Terms to Know

The Russell 1000 Comprehensive Factor Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States.

The Russell 1000 Index is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index. Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Contribution and detraction incorporate both a stock’s total return and its weighting in the Fund.

Derivatives are contracts whose values can be based on a variety of instruments, including indices, currencies or securities. They can be utilized for a variety of reasons, including for hedging purposes, for risk management; for non-hedging purposes to seek to enhance potential gains, or as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility.

Futures contracts are contractual agreements to buy or sell a particular commodity or financial instrument at a predetermined price in the future.

8 | DWS U.S. Multi-Factor Fund

Performance Summary August 31, 2019 (Unaudited)

Class R6	1-Year		Life of Fund*
Average Annual Total Returns as of 8/31/19
No Sales Charges		1.44%		8.62%
Russell 1000® Comprehensive Factor Index†		1.66%		8.91%
Institutional Class	1-Year		Life of Fund*
Average Annual Total Returns as of 8/31/19
No Sales Charges		1.39%		8.59%
Russell 1000® Comprehensive Factor Index†		1.66%		8.91%

Performance in the Average Annual Total Returns table above and the Growth of an Assumed $1,000,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws.com for the Fund’s most recent month-end performance. Fund performance includes reinvestment of all distributions.

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated December 21, 2018 are 0.37% and 0.46% for Class R6 and Institutional Class shares, respectively, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

DWS U.S. Multi-Factor Fund | 9

Growth of an Assumed $1,000,000 Investment

The growth of $1,000,000 is cumulative.

The minimum initial investment for Institutional Class shares is $1,000,000.

* The Fund commenced operations on May 1, 2017. The performance shown for the index is for the time period of April 30, 2017 through August 31, 2019, which is based on the performance period of the life of the Fund.

^†  Russell 1000^® Comprehensive Factor Index (the “Underlying Index”) is an unmanaged index which is designed to provide exposure to the US large-cap equities based on five investment style factors — Value, Momentum, Quality, Low Volatility and Size.

	Class R6		Institutional Class
Net Asset Value
8/31/19	$	11.66	$	11.66
8/31/18	$	11.77	$	11.77
Distribution Information as of 8/31/19
Income Dividends, Twelve Months	$	.16	$	.15
Capital Gain Distributions, Twelve Months	$	.10	$	.10

10 | DWS U.S. Multi-Factor Fund

Portfolio Summary		(Unaudited)
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	8/31/19		8/31/18
Common Stocks		100%		98%
Cash Equivalents		0%		2%
Government & Agency Obligation		0%		0%
		100%		100%
Sector Diversification (As a % of Common Stocks)	8/31/19		8/31/18
Industrials		17%		17%
Information Technology		15%		15%
Consumer Discretionary		14%		19%
Financials		12%		13%
Utilities		9%		6%
Real Estate		9%		4%
Health Care		8%		9%
Consumer Staples		7%		6%
Materials		5%		6%
Communication services		3%		2%
Energy		1%		3%
		100%		100%

DWS U.S. Multi-Factor Fund | 11

Ten Largest Equity Holdings at August 31, 2019 (5.8% of Net Assets)			Percent
	1	CDW Corp.	0.7%
		Provides information technology products and services
	2	Lam Research Corp.	0.7%
		Manufactures, markets, and services semiconductor processing equipment used in the making of integrated circuits
	3	Cummins, Inc.	0.6%
		Designs and manufactures diesel engines
	4	Dollar General Corp.	0.6%
		Operator of chain of discount retail stores
	5	Darden Restaurants, Inc.	0.6%
		Operator of restaurant services
	6	Medical Properties Trust, Inc.	0.6%
		Self-advised real estate investment trust
	7	Synopsys, Inc.	0.5%
		Supplies electronic design automation solutions to the global electronics market
	8	Apartment Investment & Management Co.	0.5%
		Self-managed real estate investment trust
	9	Progressive Corp.	0.5%
		Provider of property and casualty insurance
	10	Starbucks Corp.	0.5%
		Provider of high-quality coffee

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 13. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 64 for contact information.

12 | DWS U.S. Multi-Factor Fund

Investment Portfolio as of August 31, 2019

	Shares		Value ($)
Common Stocks 99.7%
Communication Services 3.0%
Diversified Telecommunication Services 0.2%
AT&T, Inc.		3,456		121,859
CenturyLink, Inc.		3,843		43,733
Verizon Communications, Inc.		4,266		248,111
Zayo Group Holdings, Inc.*		3,123		105,120
				518,823
Entertainment 0.5%
Activision Blizzard, Inc.		502		25,401
Cinemark Holdings, Inc.		12,697		484,518
Electronic Arts, Inc.*		383		35,879
Liberty Media Corp.-Liberty Formula One “C”*		881		36,773
Live Nation Entertainment, Inc.*		4,749		330,103
Madison Square Garden Co. “A”*		927		233,910
Take-Two Interactive Software, Inc.*		1,167		154,009
Viacom, Inc. “B”		5,320		132,894
Walt Disney Co.		1,098		150,711
Zynga, Inc. “A”*		15,796		90,195
				1,674,393
Interactive Media & Services 0.3%
Alphabet, Inc. “A”*		51		60,717
Alphabet, Inc. “C”*		55		65,346
Facebook, Inc. “A”*		258		47,903
IAC/InterActiveCorp.*		2,524		642,711
Match Group, Inc.		457		38,754
				855,431
Media 1.8%
Altice U.S.A., Inc. “A”*		2,966		85,658
AMC Networks, Inc. “A”*		1,747		84,730
Cable One, Inc.		375		486,608
CBS Corp. “B”		5,748		241,761
Charter Communications, Inc. “A”*		499		204,385
Comcast Corp. “A”		3,887		172,039
Discovery, Inc. “A”*		464		12,806
Discovery, Inc. “C”*		1,522		39,618
DISH Network Corp. “A”*		5,286		177,398
Fox Corp. “A”		17,136		568,401
Fox Corp. “B”*		9,830		322,424
Interpublic Group of Companies, Inc.		16,664		331,280
John Wiley & Sons, Inc. “A”		1,832		81,524
Liberty Broadband Corp. “C”*		387		40,805

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

DWS U.S. Multi-Factor Fund | 13

	Shares		Value ($)
Liberty Media Corp.-Liberty SiriusXM “A”*		1,548		62,679
Liberty Media Corp.-Liberty SiriusXM “C”*		3,029		123,613
New York Times Co. “A”		10,430		304,556
News Corp. “A”		2,303		31,666
Nexstar Media Group, Inc. “A”		3,100		306,559
Omnicom Group, Inc.		14,911		1,134,131
Sinclair Broadcast Group, Inc. “A”		1,749		77,953
Sirius XM Holdings, Inc.		10,279		63,421
Tribune Media Co. “A”		5,481		255,305
				5,209,320
Wireless Telecommunication Services 0.2%
T-Mobile U.S., Inc.*		2,080		162,344
Telephone & Data Systems, Inc.		14,138		356,277
United States Cellular Corp.*		1,831		65,898
				584,519
Consumer Discretionary 13.7%
Auto Components 0.4%
Aptiv PLC		2,293		190,709
BorgWarner, Inc.		5,170		168,697
Gentex Corp.		22,347		594,430
Goodyear Tire & Rubber Co.		1,869		21,437
Lear Corp.		1,637		183,770
				1,159,043
Automobiles 0.2%
Ford Motor Co.		37,371		342,692
General Motors Co.		6,390		237,005
Harley-Davidson, Inc.		4,338		138,382
Thor Industries, Inc.		496		22,772
				740,851
Distributors 0.7%
Genuine Parts Co.		14,947		1,349,565
LKQ Corp.*		6,517		171,202
Pool Corp.		2,317		455,012
				1,975,779
Diversified Consumer Services 1.0%
Bright Horizons Family Solutions, Inc.*		3,028		499,771
Frontdoor, Inc.*		6,318		324,366
Graham Holdings Co. “B”		896		630,838
Grand Canyon Education, Inc.*		1,850		232,360
H&R Block, Inc.		33,740		817,183
Service Corp. International		10,960		507,448
ServiceMaster Global Holdings, Inc.*		458		26,124
				3,038,090

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

14 | DWS U.S. Multi-Factor Fund

	Shares		Value ($)
Hotels, Restaurants & Leisure 3.2%
Aramark		2,659		108,647
Carnival Corp.		7,379		325,266
Chipotle Mexican Grill, Inc.*		417		349,621
Choice Hotels International, Inc.		1,304		118,638
Darden Restaurants, Inc.		13,939		1,686,340
Domino’s Pizza, Inc.		1,572		356,592
Dunkin’ Brands Group, Inc.		4,259		351,112
Extended Stay America, Inc. (Units)		4,011		56,355
Hilton Worldwide Holdings, Inc.		3,515		324,681
Hyatt Hotels Corp. “A”		2,040		147,186
Las Vegas Sands Corp.		1,120		62,126
Marriott International, Inc. “A”		1,600		201,696
McDonald’s Corp.		937		204,238
MGM Resorts International		1,915		53,735
Norwegian Cruise Line Holdings Ltd.*		8,482		430,461
Planet Fitness, Inc. “A”*		2,206		155,766
Royal Caribbean Cruises Ltd.		3,056		318,680
Six Flags Entertainment Corp.		1,552		91,832
Starbucks Corp.		15,887		1,534,049
The Wendy’s Co.		17,466		384,252
Vail Resorts, Inc.		576		136,097
Wyndham Destinations, Inc.		6,141		272,292
Wyndham Hotels & Resorts, Inc.		691		35,504
Yum China Holdings, Inc.		9,570		434,765
Yum! Brands, Inc.		9,998		1,167,566
				9,307,497
Household Durables 2.0%
D.R. Horton, Inc.		10,738		531,209
Garmin Ltd.		12,427		1,013,670
Leggett & Platt, Inc.		10,754		399,941
Lennar Corp. “A”		5,258		268,158
Mohawk Industries, Inc.*		629		74,782
NVR, Inc.*		351		1,263,249
PulteGroup, Inc.		41,563		1,404,829
Tempur Sealy International, Inc.*		505		38,946
Toll Brothers, Inc.		14,036		507,963
Whirlpool Corp.		2,794		388,618
				5,891,365
Internet & Direct Marketing Retail 0.4%
Amazon.com, Inc.*		23		40,855
Booking Holdings, Inc.*		98		192,708
eBay, Inc.		13,396		539,725

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

DWS U.S. Multi-Factor Fund | 15

	Shares		Value ($)
Expedia Group, Inc.		2,284		297,148
Qurate Retail, Inc.*		3,447		36,917
				1,107,353
Leisure Products 0.1%
Brunswick Corp.		785		36,581
Hasbro, Inc.		2,634		290,978
Polaris, Inc.		195		15,994
				343,553
Multiline Retail 1.2%
Dollar General Corp.		11,562		1,804,713
Dollar Tree, Inc.*		3,217		326,622
Kohl’s Corp.		4,566		215,789
Nordstrom, Inc. (a)		2,525		73,149
Ollie’s Bargain Outlet Holdings, Inc.*		1,455		80,680
Target Corp.		8,852		947,518
				3,448,471
Specialty Retail 3.8%
Advance Auto Parts, Inc.		4,278		590,150
AutoNation, Inc.*		974		46,226
AutoZone, Inc.*		1,332		1,467,451
Best Buy Co., Inc.		10,022		637,900
Burlington Stores, Inc.*		2,495		505,213
CarMax, Inc.*		3,158		262,998
Dick’s Sporting Goods, Inc.		5,436		185,042
Five Below, Inc.*		714		87,729
Foot Locker, Inc.		7,544		273,017
Home Depot, Inc.		795		181,189
L Brands, Inc.		781		12,894
Lowe’s Companies, Inc.		7,330		822,426
O’Reilly Automotive, Inc.*		2,718		1,043,060
Penske Automotive Group, Inc.		1,554		66,480
Ross Stores, Inc.		11,714		1,241,801
The Gap, Inc.		3,629		57,302
Tiffany & Co.		1,116		94,715
TJX Companies, Inc.		23,129		1,271,401
Tractor Supply Co.		12,706		1,294,487
Ulta Salon, Cosmetics & Fragrance, Inc.*		2,121		504,225
Williams-Sonoma, Inc.		5,822		383,088
				11,028,794
Textiles, Apparel & Luxury Goods 0.7%
Carter’s, Inc.		3,231		295,572
Columbia Sportswear Co.		1,456		136,558
Hanesbrands, Inc.		7,666		104,718
Lululemon Athletica, Inc.*		1,225		226,221

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

16 | DWS U.S. Multi-Factor Fund

	Shares		Value ($)
NIKE, Inc. “B”		5,087		429,851
PVH Corp.		815		61,777
Ralph Lauren Corp.		1,226		108,305
Tapestry, Inc.		3,480		71,862
VF Corp.		6,652		545,131
				1,979,995
Consumer Staples 6.7%
Beverages 0.5%
Brown-Forman Corp. “A”		764		43,984
Brown-Forman Corp. “B”		2,400		141,576
Coca-Cola Co.		1,151		63,351
Constellation Brands, Inc. “A”		1,266		258,707
Molson Coors Brewing Co. “B”		6,566		337,230
Monster Beverage Corp.*		3,948		231,629
PepsiCo, Inc.		2,380		325,417
				1,401,894
Food & Staples Retailing 1.8%
Casey’s General Stores, Inc.		6,521		1,094,550
Costco Wholesale Corp.		3,090		910,808
Kroger Co.		18,829		445,871
Sprouts Farmers Market, Inc.*		11,963		214,736
Sysco Corp.		19,879		1,477,606
U.S. Foods Holding Corp.*		15,399		622,890
Walgreens Boots Alliance, Inc.		9,202		471,050
Walmart, Inc.		721		82,381
				5,319,892
Food Products 2.5%
Archer-Daniels-Midland Co.		2,297		87,401
Bunge Ltd.		434		23,180
Campbell Soup Co.		2,094		94,230
Conagra Brands, Inc.		5,302		150,365
Flowers Foods, Inc.		13,292		303,058
General Mills, Inc.		8,028		431,906
Hormel Foods Corp.		14,945		636,806
Ingredion, Inc.		3,065		236,833
Kellogg Co.		5,091		319,715
Lamb Weston Holdings, Inc.		5,911		416,075
McCormick & Co., Inc.		3,981		648,386
Mondelez International, Inc. “A”		9,374		517,632
Pilgrim’s Pride Corp.*		3,586		111,740
Post Holdings, Inc.*		2,309		230,184
Seaboard Corp.		15		61,953
The Hershey Co.		5,030		797,154
The JM Smucker Co.		5,801		610,033

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

DWS U.S. Multi-Factor Fund | 17

	Shares		Value ($)
TreeHouse Foods, Inc.*		2,033		102,971
Tyson Foods, Inc. “A”		15,729		1,463,426
				7,243,048
Household Products 1.4%
Church & Dwight Co., Inc.		12,468		994,697
Clorox Co.		4,918		777,831
Colgate-Palmolive Co.		10,113		749,879
Kimberly-Clark Corp.		9,044		1,276,199
Procter & Gamble Co.		1,274		153,173
Spectrum Brands Holdings, Inc.		2,012		112,410
				4,064,189
Personal Products 0.3%
Estee Lauder Companies, Inc. “A”		3,836		759,490
Herbalife Nutrition Ltd.*		1,398		48,133
				807,623
Tobacco 0.2%
Altria Group, Inc.		5,719		250,149
Philip Morris International, Inc.		5,076		365,929
				616,078
Energy 1.3%
Energy Equipment & Services 0.1%
Apergy Corp.*		762		19,797
Baker Hughes a GE Co.		1,784		38,695
Halliburton Co.		1,246		23,475
Helmerich & Payne, Inc.		991		37,252
Schlumberger Ltd.		1,027		33,305
				152,524
Oil, Gas & Consumable Fuels 1.2%
Apache Corp.		1,715		36,992
Cabot Oil & Gas Corp.		18,323		313,690
Cheniere Energy, Inc.*		1,677		100,134
Chevron Corp.		1,848		217,546
Cimarex Energy Co.		3,469		148,404
Concho Resources, Inc.		699		51,132
ConocoPhillips		8,782		458,245
Devon Energy Corp.		1,985		43,650
Diamondback Energy, Inc.		269		26,383
EOG Resources., Inc.		3,730		276,729
EQT Corp.		2,404		24,449
Equitrans Midstream Corp.		10,241		138,151
Exxon Mobil Corp.		1,843		126,209
Hess Corp.		755		47,527
HollyFrontier Corp.		1,060		47,022

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

18 | DWS U.S. Multi-Factor Fund

	Shares		Value ($)
Kinder Morgan, Inc.		8,835		179,085
Murphy Oil Corp.		685		12,487
Noble Energy, Inc.		621		14,022
Occidental Petroleum Corp.		4,107		178,572
ONEOK, Inc.		1,381		98,438
Phillips 66		5,327		525,402
Pioneer Natural Resources Co.		1,473		181,798
Valero Energy Corp.		4,779		359,763
				3,605,830
Financials 12.3%
Banks 1.4%
Associated Banc-Corp.		2,549		49,043
Bank of America Corp.		1,006		27,675
Bank of Hawaii Corp.		1,081		89,377
BankUnited, Inc.		1,891		60,058
BB&T Corp.		4,627		220,477
CIT Group, Inc.		3,506		149,321
Citigroup, Inc.		1,319		84,878
Citizens Financial Group, Inc.		3,651		123,185
Comerica, Inc.		1,469		90,564
Commerce Bancshares, Inc.		2,574		146,898
Cullen/Frost Bankers, Inc.		801		66,491
East West Bancorp., Inc.		888		36,523
Fifth Third Bancorp.		7,903		209,034
First Citizens BancShares, Inc. “A”		259		115,151
First Hawaiian, Inc.		2,319		59,598
First Horizon National Corp.		2,070		32,768
First Republic Bank		1,276		114,483
FNB Corp.		6,783		72,917
Huntington Bancshares, Inc.		12,846		170,209
JPMorgan Chase & Co.		181		19,885
KeyCorp		8,116		134,726
M&T Bank Corp.		1,415		206,887
PacWest Bancorp.		1,366		46,553
People’s United Financial, Inc.		6,963		100,058
Pinnacle Financial Partners, Inc.		1,228		64,679
PNC Financial Services Group, Inc.		1,312		169,156
Popular, Inc.		5,368		282,196
Prosperity Bancshares, Inc.		1,109		71,996
Regions Financial Corp.		6,749		98,670
Signature Bank		841		98,103
Sterling Bancorp.		3,307		63,064
SunTrust Banks, Inc.		2,790		171,613
SVB Financial Group*		67		13,040

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

DWS U.S. Multi-Factor Fund | 19

	Shares		Value ($)
Synovus Financial Corp.		520		18,481
TCF Financial Corp.		1,279		49,318
U.S. Bancorp.		3,684		194,110
Umpqua Holdings Corp.		2,531		39,762
Webster Financial Corp.		860		38,494
Wells Fargo & Co.		316		14,716
Western Alliance Bancorp.		791		34,345
Wintrust Financial Corp.		602		37,824
Zions Bancorp. NA		2,363		97,096
				3,983,422
Capital Markets 3.1%
Affiliated Managers Group, Inc.		182		13,947
Ameriprise Financial, Inc.		2,070		266,989
Bank of New York Mellon Corp.		2,509		105,529
BlackRock, Inc.		132		55,778
Cboe Global Markets, Inc.		4,521		538,722
Charles Schwab Corp.		1,072		41,025
CME Group, Inc.		688		149,496
E*TRADE Financial Corp.		1,448		60,440
Eaton Vance Corp.		3,126		134,793
Evercore, Inc. “A”		2,594		206,897
FactSet Research Systems, Inc.		2,992		814,093
Franklin Resources., Inc. (a)		25,966		682,386
Interactive Brokers Group, Inc. “A”		484		22,845
Intercontinental Exchange, Inc.		2,579		241,085
Invesco Ltd.		5,467		85,832
Janus Henderson Group PLC		3,377		64,534
Lazard Ltd. “A”		3,397		116,653
Legg Mason, Inc.		1,309		48,158
LPL Financial Holdings, Inc.		5,394		404,280
MarketAxess Holdings, Inc.		1,586		630,625
Moody’s Corp.		3,075		662,909
Morgan Stanley		1,520		63,065
Morningstar, Inc.		1,436		232,029
MSCI, Inc.		4,000		938,520
Nasdaq, Inc.		3,154		314,895
Northern Trust Corp.		1,424		125,212
Raymond James Financial, Inc.		2,696		211,663
S&P Global, Inc.		2,266		589,591
SEI Investments Co.		4,409		253,562
State Street Corp.		635		32,582
T. Rowe Price Group, Inc.		5,440		601,773
TD Ameritrade Holding Corp.		1,600		71,056
The Goldman Sachs Group., Inc.		584		119,083
				8,900,047

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

20 | DWS U.S. Multi-Factor Fund

	Shares		Value ($)
Consumer Finance 0.9%
Ally Financial, Inc.		14,033		439,934
American Express Co.		2,548		306,703
Capital One Financial Corp.		3,561		308,454
Credit Acceptance Corp.*		457		206,861
Discover Financial Services		9,323		745,560
Navient Corp.		3,151		40,144
Santander Consumer U.S.A. Holdings, Inc.		1,868		48,773
SLM Corp.		2,413		20,366
Synchrony Financial		15,861		508,345
				2,625,140
Diversified Financial Services 0.1%
AXA Equitable Holdings, Inc.		6,271		130,249
Berkshire Hathaway, Inc. “B”*		121		24,612
Jefferies Financial Group, Inc.		4,562		85,036
Voya Financial, Inc.		3,769		185,887
				425,784
Insurance 6.0%
Aflac, Inc.		12,915		648,075
Alleghany Corp.*		196		146,865
Allstate Corp.		5,940		608,197
American Financial Group, Inc.		2,081		210,119
American International Group, Inc.		1,090		56,724
American National Insurance Co.		301		34,335
Aon PLC		2,558		498,426
Arch Capital Group Ltd.*		17,347		685,206
Arthur J. Gallagher & Co.		10,131		918,983
Assurant, Inc.		1,768		217,464
Assured Guaranty Ltd.		10,036		427,032
Athene Holding Ltd. “A”*		4,554		176,968
Axis Capital Holdings Ltd.		1,073		65,871
Brighthouse Financial, Inc.*		633		22,320
Brown & Brown, Inc.		16,133		595,146
Chubb Ltd.		2,202		344,129
Cincinnati Financial Corp.		2,928		329,371
CNA Financial Corp.		688		32,425
Erie Indemnity Co. “A”		2,725		597,620
Everest Re Group Ltd.		627		147,897
Fidelity National Financial, Inc.		25,262		1,110,012
First American Financial Corp.		15,287		893,525
Globe Life, Inc.		6,716		599,470
Hanover Insurance Group, Inc.		3,740		497,981
Hartford Financial Services Group, Inc.		8,023		467,580
Kemper Corp.		1,889		132,192
Lincoln National Corp.		2,739		144,838

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

DWS U.S. Multi-Factor Fund | 21

	Shares		Value ($)
Loews Corp.		7,185		345,383
Markel Corp.*		46		52,582
Marsh & McLennan Companies, Inc.		8,556		854,659
Mercury General Corp.		764		40,874
MetLife, Inc.		5,285		234,125
Old Republic International Corp.		16,275		380,184
Primerica, Inc.		2,273		270,873
Principal Financial Group, Inc.		5,690		302,822
Progressive Corp.		20,307		1,539,271
Prudential Financial, Inc.		2,996		239,950
Reinsurance Group of America, Inc.		2,847		438,353
RenaissanceRe Holdings Ltd.		2,191		395,585
The Travelers Companies, Inc.		4,505		662,055
Unum Group		4,497		114,269
W.R. Berkley Corp.		7,853		559,526
Willis Towers Watson PLC		2,560		506,803
				17,546,085
Mortgage Real Estate Investment Trusts (REITs) 0.4%
AGNC Investment Corp.		6,484		96,417
Annaly Capital Management, Inc.		17,298		143,573
Chimera Investment Corp.		13,902		265,111
MFA Financial, Inc.		25,580		183,409
New Residential Investment Corp.		12,447		175,129
Starwood Property Trust, Inc.		8,661		202,927
Two Harbors Investment Corp.		4,107		51,872
				1,118,438
Thrifts & Mortgage Finance 0.4%
MGIC Investment Corp.		75,482		954,847
New York Community Bancorp., Inc.		11,346		130,933
				1,085,780
Health Care 7.9%
Biotechnology 0.5%
AbbVie, Inc.		1,501		98,676
Alexion Pharmaceuticals, Inc.*		281		28,314
Amgen, Inc.		2,074		432,678
Biogen., Inc.*		539		118,445
Celgene Corp.*		2,123		205,506
Gilead Sciences, Inc.		4,524		287,455
Incyte Corp.*		240		19,637
Regeneron Pharmaceuticals, Inc.*		526		152,566
United Therapeutics Corp.*		1,306		107,823
Vertex Pharmaceuticals, Inc.*		244		43,925
				1,495,025

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

22 | DWS U.S. Multi-Factor Fund

	Shares		Value ($)
Health Care Equipment & Supplies 2.5%
Abbott Laboratories		1,886		160,913
Align Technology, Inc.*		255		46,693
Baxter International, Inc.		7,941		698,411
Becton, Dickinson & Co.		59		14,981
Boston Scientific Corp.*		3,216		137,420
Cantel Medical Corp.		219		20,133
Danaher Corp.		1,590		225,923
DENTSPLY SIRONA, Inc.		1,612		84,066
Edwards Lifesciences Corp.*		1,803		399,977
Hill-Rom Holdings, Inc.		2,721		292,997
Hologic, Inc.*		3,026		149,394
ICU Medical, Inc.*		170		27,497
IDEXX Laboratories, Inc.*		1,257		364,203
Integra LifeSciences Holdings Corp.*		381		22,868
Intuitive Surgical, Inc.*		361		184,594
Masimo Corp.*		3,175		486,569
Medtronic PLC		1,651		178,126
ResMed, Inc.		3,862		537,977
STERIS PLC		5,228		807,203
Stryker Corp.		1,165		257,069
Teleflex, Inc.		677		246,374
The Cooper Companies, Inc.		1,388		429,933
Varian Medical Systems, Inc.*		5,301		561,535
West Pharmaceutical Services, Inc.		5,184		754,065
Zimmer Biomet Holdings, Inc.		1,640		228,288
				7,317,209
Health Care Providers & Services 2.6%
AmerisourceBergen Corp.		4,120		338,952
Anthem, Inc.		1,388		362,990
Cardinal Health, Inc.		9,219		397,616
Centene Corp.*		988		46,061
Chemed Corp.		1,548		664,758
Covetrus, Inc.*		20,349		270,438
DaVita, Inc.*		1,262		71,139
Encompass Health Corp.		3,999		243,099
HCA Healthcare, Inc.		5,426		652,205
Henry Schein, Inc.*		17,734		1,092,769
Humana, Inc.		1,724		488,254
Laboratory Corp. of America Holdings*		2,345		392,928
McKesson Corp.		4,190		579,351
MEDNAX, Inc.*		729		15,367
Molina Healthcare, Inc.*		829		108,002
Premier, Inc. “A”*		11,042		389,341
Quest Diagnostics, Inc.		3,524		360,752

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

DWS U.S. Multi-Factor Fund | 23

	Shares		Value ($)
UnitedHealth Group, Inc.		398		93,132
Universal Health Services, Inc. “B”		6,262		905,360
WellCare Health Plans, Inc.*		152		41,153
				7,513,667
Health Care Technology 0.5%
Cerner Corp.		17,202		1,185,390
Medidata Solutions, Inc.*		867		79,400
Veeva Systems, Inc. “A”*		1,200		192,456
				1,457,246
Life Sciences Tools & Services 1.2%
Agilent Technologies, Inc.		7,401		526,285
Bio-Rad Laboratories, Inc. “A”*		495		167,166
Bio-Techne Corp.		1,375		263,409
Bruker Corp.		5,143		222,023
Charles River Laboratories International, Inc.*		1,755		230,256
Illumina, Inc.*		134		37,700
IQVIA Holdings, Inc.*		2,298		356,535
Mettler-Toledo International, Inc.*		884		580,602
PerkinElmer, Inc.		2,299		190,127
PRA Health Sciences, Inc.*		993		98,148
QIAGEN NV*		1,953		67,750
Thermo Fisher Scientific, Inc.		726		208,406
Waters Corp.*		2,624		555,999
				3,504,406
Pharmaceuticals 0.6%
Allergan PLC		139		22,201
Bristol-Myers Squibb Co.		5,949		285,968
Catalent, Inc.*		1,042		54,955
Elanco Animal Health, Inc.*		7,045		183,311
Eli Lilly & Co.		2,798		316,090
Jazz Pharmaceuticals PLC*		818		104,827
Johnson & Johnson		706		90,622
Merck & Co., Inc.		1,996		172,594
Perrigo Co. PLC		215		10,058
Pfizer, Inc.		3,018		107,290
Zoetis, Inc.		2,927		370,031
				1,717,947
Industrials 16.9%
Aerospace & Defense 2.2%
Arconic, Inc.		3,031		78,321
Boeing Co.		337		122,698
BWX Technologies, Inc.		1,106		65,475
Curtiss-Wright Corp.		1,967		241,233

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

24 | DWS U.S. Multi-Factor Fund

	Shares		Value ($)
General Dynamics Corp.		1,050		200,833
HEICO Corp.		1,000		144,670
HEICO Corp. “A”		2,223		245,330
Hexcel Corp.		5,193		436,991
Huntington Ingalls Industries, Inc.		3,927		820,743
L3Harris Technologies, Inc.		5,702		1,205,460
Lockheed Martin Corp.		698		268,109
Northrop Grumman Corp.		555		204,168
Raytheon Co.		2,269		420,491
Spirit AeroSystems Holdings, Inc. “A”		6,023		485,454
Teledyne Technologies, Inc.*		2,484		766,538
Textron, Inc.		4,137		186,165
TransDigm Group, Inc.		571		307,381
United Technologies Corp.		627		81,660
				6,281,720
Air Freight & Logistics 0.8%
C.H. Robinson Worldwide, Inc.		11,759		993,518
Expeditors International of Washington, Inc.		11,371		808,478
FedEx Corp.		457		72,485
United Parcel Service, Inc. “B”		4,301		510,356
				2,384,837
Airlines 1.2%
Alaska Air Group, Inc.		8,366		499,618
American Airlines Group, Inc.		1,109		29,178
Copa Holdings SA “A”		336		34,668
Delta Air Lines, Inc.		17,070		987,670
JetBlue Airways Corp.*		20,693		358,403
Southwest Airlines Co.		21,436		1,121,531
United Airlines Holdings, Inc.*		6,306		531,659
				3,562,727
Building Products 1.4%
A.O. Smith Corp.		3,074		143,002
Allegion PLC		5,325		512,638
Armstrong World Industries, Inc.		3,500		334,145
Fortune Brands Home & Security, Inc.		7,927		404,753
Johnson Controls International PLC		18,098		772,604
Lennox International, Inc.		3,322		843,057
Masco Corp.		18,784		765,072
Owens Corning		1,613		92,522
Resideo Technologies, Inc.*		16,608		228,858
				4,096,651
Commercial Services & Supplies 1.2%
Cintas Corp.		2,045		539,471
Clean Harbors, Inc.*		4,238		311,705

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

DWS U.S. Multi-Factor Fund | 25

	Shares		Value ($)
Copart, Inc.*		6,815		513,783
IAA, Inc.*		8,712		425,581
KAR Auction Services, Inc.		8,565		227,486
Republic Services, Inc.		5,393		481,325
Rollins, Inc.		5,816		190,823
Waste Management, Inc.		6,807		812,416
				3,502,590
Construction & Engineering 0.3%
AECOM*		7,658		271,706
Fluor Corp.		556		9,824
Jacobs Engineering Group, Inc.		1,756		156,038
Quanta Services, Inc.		8,351		283,099
Valmont Industries, Inc.		482		65,311
				785,978
Electrical Equipment 1.1%
Acuity Brands, Inc.		2,467		309,386
AMETEK, Inc.		5,940		510,424
Eaton Corp. PLC		9,217		743,996
Emerson Electric Co.		6,883		410,158
Hubbell, Inc.		2,715		356,045
nVent Electric PLC		3,537		71,660
Regal Beloit Corp.		2,664		188,878
Rockwell Automation, Inc.		3,735		570,671
Sensata Technologies Holding PLC*		2,988		136,193
				3,297,411
Industrial Conglomerates 0.7%
3M Co.		992		160,426
Carlisle Companies, Inc.		6,934		1,005,153
Honeywell International, Inc.		2,536		417,476
Roper Technologies, Inc.		976		357,958
				1,941,013
Machinery 5.2%
AGCO Corp.		9,497		656,433
Allison Transmission Holdings, Inc.		15,650		695,329
Caterpillar, Inc.		1,115		132,685
Colfax Corp.*		1,043		28,370
Crane Co.		3,875		295,430
Cummins, Inc.		12,123		1,809,600
Deere & Co.		1,001		155,065
Donaldson Co., Inc.		7,698		372,275
Dover Corp.		9,028		846,285
Flowserve Corp.		3,204		136,747
Fortive Corp.		6,145		435,680
Gardner Denver Holdings, Inc.*		820		23,518

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

26 | DWS U.S. Multi-Factor Fund

	Shares		Value ($)
Graco, Inc.		10,721		488,556
IDEX Corp.		3,220		530,366
Illinois Tool Works, Inc.		4,314		646,496
Ingersoll-Rand PLC		5,826		705,470
ITT, Inc.		7,711		438,910
Lincoln Electric Holdings, Inc.		3,084		254,615
Middleby Corp.*		1,582		173,482
Nordson Corp.		2,198		298,840
Oshkosh Corp.		4,858		341,372
PACCAR, Inc.		21,372		1,401,148
Parker-Hannifin Corp.		3,968		657,775
Pentair PLC		6,828		245,262
Snap-on, Inc.		5,289		786,369
Stanley Black & Decker, Inc.		3,135		416,516
Timken Co.		2,867		115,196
Toro Co.		12,606		907,758
WABCO Holdings, Inc.*		5,276		704,399
Wabtec Corp.		230		15,918
Woodward, Inc.		1,396		150,559
Xylem, Inc.		4,750		363,898
				15,230,322
Marine 0.0%
Kirby Corp.*		1,204		88,602
Professional Services 0.8%
CoStar Group, Inc.*		645		396,591
Equifax, Inc.		1,466		214,593
IHS Markit Ltd.*		3,711		243,479
ManpowerGroup, Inc.		6,684		546,350
Nielsen Holdings PLC		1,033		21,445
Robert Half International, Inc.		5,531		295,743
TransUnion		1,043		87,247
Verisk Analytics, Inc.		3,639		587,844
				2,393,292
Road & Rail 1.2%
AMERCO		529		186,007
CSX Corp.		4,145		277,798
Genesee & Wyoming, Inc. “A”*		1,591		176,410
J.B. Hunt Transport Services, Inc.		2,698		291,492
Kansas City Southern		4,053		509,868
Knight-Swift Transportation Holdings, Inc.		3,324		113,481
Landstar System, Inc.		4,996		557,154
Norfolk Southern Corp.		2,566		446,612
Old Dominion Freight Line, Inc.		2,375		388,930
Ryder System, Inc.		1,414		68,112

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

DWS U.S. Multi-Factor Fund | 27

	Shares		Value ($)
Schneider National, Inc. “B”		1,399		27,197
Union Pacific Corp.		1,633		264,481
				3,307,542
Trading Companies & Distributors 0.7%
Air Lease Corp.		2,023		84,035
Fastenal Co.		25,482		780,259
HD Supply Holdings, Inc.*		9,327		362,914
MSC Industrial Direct Co., Inc. “A”		2,227		150,590
United Rentals, Inc.*		188		21,161
Univar, Inc.*		2,431		47,040
W.W. Grainger, Inc.		906		247,927
Watsco, Inc.		1,562		255,465
WESCO International, Inc.*		1,515		68,296
				2,017,687
Transportation Infrastructure 0.1%
Macquarie Infrastructure Corp.		4,355		164,706
Information Technology 14.9%
Communications Equipment 0.7%
Arista Networks, Inc.*		83		18,810
Ciena Corp.*		5,715		233,915
Cisco Systems, Inc.		4,694		219,726
EchoStar Corp. “A”*		749		31,645
F5 Networks, Inc.*		2,436		313,586
Juniper Networks, Inc.		19,496		451,528
Motorola Solutions, Inc.		3,941		712,966
Ubiquiti, Inc.		164		18,124
ViaSat, Inc.*		2,058		163,261
				2,163,561
Electronic Equipment, Instruments & Components 2.0%
Amphenol Corp. “A”		5,560		486,723
Arrow Electronics, Inc.*		2,427		167,948
Avnet, Inc.		8,484		355,395
CDW Corp.		16,778		1,937,859
Cognex Corp.		2,004		90,340
Corning, Inc.		31,006		863,517
Dolby Laboratories, Inc. “A”		3,741		230,296
FLIR Systems, Inc.		5,528		272,365
Jabil, Inc.		16,035		461,968
Keysight Technologies, Inc.*		2,972		287,868
Littelfuse, Inc.		203		31,682
National Instruments Corp.		4,935		207,270
Trimble, Inc.*		2,881		108,095
Zebra Technologies Corp. “A”*		1,092		223,893
				5,725,219

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

28 | DWS U.S. Multi-Factor Fund

	Shares		Value ($)
IT Services 4.8%
Accenture PLC “A”		1,887		373,947
Akamai Technologies, Inc.*		3,827		341,101
Alliance Data Systems Corp.		224		27,541
Amdocs Ltd.		12,426		804,459
Automatic Data Processing, Inc.		2,389		405,748
Black Knight, Inc.*		4,758		296,185
Booz Allen Hamilton Holding Corp.		11,251		849,563
Broadridge Financial Solutions, Inc.		4,546		588,434
CACI International, Inc. “A”*		1,891		420,350
Cognizant Technology Solutions Corp. “A”		4,599		282,333
CoreLogic, Inc.*		1,017		49,223
DXC Technology Co.		1,182		39,266
EPAM Systems, Inc.*		4,542		869,021
Euronet Worldwide, Inc.*		2,594		397,245
Fidelity National Information Services, Inc.		2,165		294,916
Fiserv, Inc.*		6,009		642,602
FleetCor Technologies, Inc.*		1,245		371,508
Gartner, Inc.*		2,304		307,976
Genpact Ltd.		11,779		482,468
Global Payments, Inc.		1,130		187,557
GoDaddy, Inc. “A”*		1,196		75,755
International Business Machines Corp.		3,555		481,809
Jack Henry & Associates, Inc.		3,423		496,198
Leidos Holdings, Inc.		13,671		1,194,299
MasterCard, Inc. “A”		322		90,601
Paychex, Inc.		8,226		672,064
PayPal Holdings, Inc.*		1,157		126,171
Sabre Corp.		4,921		116,332
Total System Services, Inc.		1,281		171,936
VeriSign, Inc.*		5,450		1,110,982
Visa, Inc. “A”		419		75,764
Western Union Co.		57,732		1,277,032
WEX, Inc.*		538		110,048
				14,030,434
Semiconductors & Semiconductor Equipment 3.0%
Analog Devices, Inc.		4,776		524,548
Applied Materials, Inc.		15,851		761,165
Broadcom, Inc.		871		246,179
Cypress Semiconductor Corp.		8,017		184,471
Entegris, Inc.		3,781		161,940
Intel Corp.		3,801		180,205
KLA Corp.		7,307		1,080,705
Lam Research Corp.		9,166		1,929,535
Maxim Integrated Products, Inc.		7,460		406,868

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

DWS U.S. Multi-Factor Fund | 29

	Shares		Value ($)
Microchip Technology, Inc.		213		18,388
MKS Instruments, Inc.		2,380		186,330
Monolithic Power Systems, Inc.		1,251		188,351
ON Semiconductor Corp.*		2,976		52,973
Qorvo, Inc.*		620		44,287
QUALCOMM., Inc.		1,019		79,248
Skyworks Solutions, Inc.		2,470		185,917
Teradyne, Inc.		20,316		1,076,139
Texas Instruments, Inc.		4,271		528,536
Versum Materials, Inc.		2,743		142,636
Xilinx, Inc.		7,066		735,288
				8,713,709
Software 3.3%
Adobe, Inc.*		734		208,830
ANSYS, Inc.*		3,728		770,056
Aspen Technology, Inc.*		5,467		728,204
Atlassian Corp. PLC “A”*		200		26,902
Autodesk, Inc.*		230		32,849
Avalara, Inc.*		359		30,278
Cadence Design Systems, Inc.*		17,336		1,187,169
CDK Global, Inc.		3,349		144,543
Citrix Systems, Inc.		5,437		505,532
Fair Isaac Corp.*		1,218		429,613
Fortinet, Inc.*		7,475		591,871
Guidewire Software, Inc.*		326		31,355
Intuit, Inc.		2,337		673,897
LogMeIn, Inc.		456		30,479
Manhattan Associates, Inc.*		4,218		348,533
Microsoft Corp.		1,757		242,220
Nuance Communications, Inc.*		4,631		77,847
Oracle Corp.		3,358		174,818
Palo Alto Networks, Inc.*		419		85,317
Paycom Software, Inc.*		237		59,278
Pegasystems, Inc.		340		23,851
Proofpoint, Inc.*		142		16,133
PTC, Inc.*		1,025		67,107
RealPage, Inc.*		457		29,097
salesforce.com, Inc.*		948		147,954
ServiceNow, Inc.*		499		130,658
SS&C Technologies Holdings, Inc.		697		32,487
Symantec Corp.		6,624		154,008
Synopsys, Inc.*		10,893		1,544,736
Teradata Corp.*		2,937		90,665
Tyler Technologies, Inc.*		1,051		269,624

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

30 | DWS U.S. Multi-Factor Fund

	Shares		Value ($)
VMware, Inc. “A”		3,893		550,626
Workday, Inc. “A”*		202		35,811
				9,472,348
Technology Hardware, Storage & Peripherals 1.1%
Apple, Inc.		1,840		384,082
Dell Technologies Inc. “C”*		10,331		532,356
Hewlett Packard Enterprise Co.		32,932		455,120
HP, Inc.		42,937		785,318
NCR Corp.*		2,082		65,604
NetApp, Inc.		11,209		538,704
Xerox Holdings Corp.		13,321		386,176
				3,147,360
Materials 5.1%
Chemicals 2.6%
Air Products & Chemicals, Inc.		4,313		974,393
Albemarle Corp.		1,122		69,261
Ashland Global Holdings, Inc.		2,318		169,770
Axalta Coating Systems Ltd.*		4,303		124,271
Cabot Corp.		1,101		44,040
Celanese Corp.		6,887		780,779
CF Industries Holdings, Inc.		2,853		137,486
Corteva, Inc.		974		28,558
Dow, Inc.		16,915		721,087
DuPont de Nemours, Inc.		1,608		109,231
Eastman Chemical Co.		1,911		124,922
Ecolab, Inc.		2,588		533,930
FMC Corp.		2,643		228,170
LyondellBasell Industries NV “A”		2,663		206,063
NewMarket Corp.		780		370,305
Olin Corp.		2,628		44,623
PPG Industries, Inc.		8,697		963,541
RPM International, Inc.		9,331		631,429
Scotts Miracle-Gro Co.		1,112		118,228
The Mosaic Co.		4,291		78,912
The Sherwin-Williams Co.		929		489,351
Valvoline, Inc.		16,302		368,425
W.R. Grace & Co.		2,171		146,998
				7,463,773
Construction Materials 0.1%
Eagle Materials, Inc.		363		30,561
Martin Marietta Materials, Inc.		367		93,133
Vulcan Materials Co.		1,375		194,219
				317,913

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

DWS U.S. Multi-Factor Fund | 31

	Shares		Value ($)
Containers & Packaging 1.8%
AptarGroup, Inc.		2,357		288,072
Ardagh Group SA		1,489		24,911
Avery Dennison Corp.		5,844		675,391
Ball Corp.		13,754		1,105,959
Berry Global Group, Inc.*		8,275		323,883
Crown Holdings, Inc.*		6,809		448,305
Graphic Packaging Holding Co.		1,569		21,668
International Paper Co.		11,518		450,354
Owens-Illinois, Inc.		7,094		72,146
Packaging Corp. of America		3,253		327,187
Sealed Air Corp.		6,424		255,804
Silgan Holdings, Inc.		13,459		400,540
Sonoco Products Co.		16,287		931,616
WestRock Co.		1,795		61,353
				5,387,189
Metals & Mining 0.5%
Newmont Goldcorp Corp.		753		30,037
Nucor Corp.		10,707		524,429
Reliance Steel & Aluminum Co.		7,969		774,826
Royal Gold, Inc.		286		38,147
Steel Dynamics, Inc.		2,550		68,850
				1,436,289
Paper & Forest Products 0.1%
Domtar Corp.		8,435		277,933
Real Estate 8.6%
Real Estate Investment Trusts (REITs) 8.1%
Alexandria Real Estate Equities, Inc.		1,531		229,405
American Campus Communities, Inc.		2,671		124,148
American Homes 4 Rent “A”		3,839		98,202
American Tower Corp.		793		182,541
Americold Realty Trust		5,509		200,638
Apartment Investment & Management Co. “A”		30,223		1,541,373
Apple Hospitality REIT, Inc.		14,129		225,075
AvalonBay Communities, Inc.		2,935		623,864
Boston Properties, Inc.		2,320		297,934
Brandywine Realty Trust		7,320		105,042
Brixmor Property Group, Inc.		24,737		455,903
Brookfield Property REIT, Inc. “A”		20,045		377,247
Camden Property Trust		1,843		199,505
Columbia Property Trust, Inc.		1,636		34,994
CoreSite Realty Corp.		1,478		171,714
Corporate Office Properties Trust		2,719		78,552
Cousins Properties, Inc.		5,104		177,109

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

32 | DWS U.S. Multi-Factor Fund

	Shares		Value ($)
Crown Castle International Corp.		1,124		163,171
CubeSmart		7,032		252,378
CyrusOne, Inc.		616		45,251
Digital Realty Trust, Inc.		1,163		143,782
Douglas Emmett, Inc.		2,572		108,538
Duke Realty Corp.		13,295		442,325
Empire State Realty Trust, Inc. “A”		4,008		56,352
EPR Properties		6,247		488,828
Equinix, Inc.		283		157,427
Equity Commonwealth		12,635		425,294
Equity LifeStyle Properties, Inc.		3,869		521,232
Equity Residential		4,188		354,975
Essex Property Trust, Inc.		1,114		357,884
Extra Space Storage, Inc.		3,827		466,588
Federal Realty Investment Trust		2,128		274,959
Gaming and Leisure Properties, Inc.		12,476		488,061
HCP, Inc.		38,236		1,327,172
Healthcare Trust of America, Inc. “A”		8,555		242,620
Highwoods Properties, Inc.		3,943		170,377
Hospitality Properties Trust		8,491		204,973
Host Hotels & Resorts, Inc.		44,086		707,139
Hudson Pacific Properties, Inc.		1,980		67,320
Invitation Homes, Inc.		2,295		66,004
Iron Mountain, Inc.		10,114		322,131
JBG SMITH Properties		1,235		47,251
Kilroy Realty Corp.		2,647		206,095
Kimco Realty Corp.		11,556		212,399
Lamar Advertising Co. “A”		9,049		693,606
Liberty Property Trust		4,225		220,207
Life Storage, Inc.		2,989		316,714
Medical Properties Trust, Inc.		83,446		1,551,261
Mid-America Apartment Communities, Inc.		1,823		230,938
National Retail Properties, Inc.		7,762		435,836
Omega Healthcare Investors, Inc.		8,005		325,643
Outfront Media, Inc.		7,394		203,187
Paramount Group, Inc.		2,144		28,258
Park Hotels & Resorts, Inc.		22,187		522,504
Prologis, Inc.		5,648		472,286
Public Storage		2,683		710,297
Rayonier, Inc.		2,000		53,600
Realty Income Corp.		3,630		267,930
Regency Centers Corp.		3,133		202,110
Retail Properties of America, Inc. “A”		6,680		75,885
SBA Communications Corp.		433		113,632
Simon Property Group, Inc.		4,262		634,782

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

DWS U.S. Multi-Factor Fund | 33

	Shares		Value ($)
SL Green Realty Corp.		882		70,754
Spirit Realty Capital, Inc.		2,932		140,560
STORE Capital Corp.		5,717		215,874
Sun Communities, Inc.		1,362		201,304
Taubman Centers, Inc.		977		38,152
The Macerich Co.		630		17,974
UDR, Inc.		5,430		261,617
Ventas, Inc.		3,119		228,903
VEREIT, Inc.		3,826		37,304
VICI Properties, Inc.		25,711		569,756
Vornado Realty Trust		2,234		135,090
Weingarten Realty Investors		19,477		515,946
Welltower, Inc.		2,088		187,001
Weyerhaeuser Co.		2,770		72,879
WP Carey, Inc.		4,614		414,337
				23,609,899
Real Estate Management & Development 0.5%
CBRE Group, Inc. “A”*		20,952		1,095,161
Howard Hughes Corp.*		152		19,193
Jones Lang LaSalle, Inc.		1,971		264,213
				1,378,567
Utilities 9.3%
Electric Utilities 4.5%
Alliant Energy Corp.		10,705		561,477
American Electric Power Co., Inc.		11,569		1,054,514
Avangrid, Inc.		2,131		107,701
Duke Energy Corp.		6,423		595,669
Edison International		6,932		500,976
Entergy Corp.		10,933		1,233,680
Evergy, Inc.		3,652		237,380
Eversource Energy		11,388		912,520
Exelon Corp.		24,256		1,146,339
FirstEnergy Corp.		9,397		432,262
Hawaiian Electric Industries, Inc.		16,937		752,003
IDACORP, Inc.		5,450		598,464
NextEra Energy, Inc.		1,728		378,570
OGE Energy Corp.		18,041		773,418
Pinnacle West Capital Corp.		11,170		1,064,613
PPL Corp.		33,855		1,000,415
Southern Co.		12,182		709,723
Xcel Energy, Inc.		17,153		1,101,566
				13,161,290

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

34 | DWS U.S. Multi-Factor Fund

	Shares		Value ($)
Gas Utilities 0.8%
Atmos Energy Corp.		7,623		840,283
National Fuel Gas Co.		8,773		410,050
UGI Corp.		22,325		1,086,558
				2,336,891
Independent Power & Renewable Electricity Producers 0.5%
AES Corp.		83,297		1,276,943
NRG Energy, Inc.		3,904		142,106
Vistra Energy Corp.		6,415		160,054
				1,579,103
Multi-Utilities 3.1%
Ameren Corp.		15,991		1,233,706
CenterPoint Energy, Inc.		42,296		1,171,176
CMS Energy Corp.		16,697		1,052,746
Consolidated Edison, Inc.		8,754		778,230
Dominion Energy, Inc		5,269		409,032
DTE Energy Co.		10,821		1,403,051
MDU Resources Group, Inc.		7,590		204,095
NiSource, Inc.		8,600		254,130
Public Service Enterprise Group, Inc.		13,224		799,655
Sempra Energy		3,546		502,220
WEC Energy Group, Inc.		11,958		1,145,218
				8,953,259
Water Utilities 0.4%
American Water Works Co., Inc.		5,515		702,170
Aqua America, Inc.		7,435		329,296
				1,031,466
Total Common Stocks (Cost $250,545,876)				290,005,832
	Principal Amount ($)		Value ($)
Government & Agency Obligations 0.0%
U.S. Treasury Obligation
U.S. Treasury Bill, 2.088%**, 9/19/2019 (b) (Cost $136,857)		137,000		136,881
	Shares		Value ($)
Securities Lending Collateral 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.04% (c) (d) (Cost $645,329)		645,329		645,329

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

DWS U.S. Multi-Factor Fund | 35

	Shares			Value ($)
Cash Equivalents 0.3%
DWS Central Cash Management Government Fund, 2.14% (c) (Cost $780,204)		780,204			780,204
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $252,108,266)		100.2			291,568,246
Other Assets and Liabilities, Net		(0.2	)		(682,611	)
Net Assets		100.0			290,885,635

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2019 are as follows:

Value ($) at 8/31/2018		Pur- chases Cost ($)		Sales Proceeds ($)			Net Real- ized Gain/ (Loss) ($)		Net Change in Unreal- ized Appreci- ation (Depreci- ation) ($)		Income ($)		Capital Gain Distri- butions ($)		Number of Shares at 8/31/2019		Value ($) at 8/31/2019
	Securities Lending Collateral 0.2%
	DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.04% (c) (d)
	1,005,789		—		360,460	(e)		—		—		8,355		—		645,329		645,329
	Cash Equivalents 0.3%
	DWS Central Cash Management Government Fund, 2.14% (c)
	5,668,691		33,968,018		38,856,505			—		—		70,410		—		780,204		780,204
	6,674,480		33,968,018		39,216,965			—		—		78,765		—		1,425,533		1,425,533

* Non-income producing security.

** Annualized yield at time of purchase; not a coupon rate.

(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 August 31, 2019 amounted to $628,153, which is 0.2% of net assets.

(b) At August 31, 2019, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.

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

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

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2019.

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

36 | DWS U.S. Multi-Factor Fund

At August 31, 2019, open futures contracts purchased were as follows:

Futures	Currency		Expiration Date		Contracts		Notional Amount ($)		Notional Value ($)		Unrealized Depreciation ($)
Russell E Mini 2000 Index		USD		9/20/2019		1		81,549		80,960		(589	)
S&P 500 E-Mini Index		USD		9/20/2019		3		441,646		438,720		(2,926	)
S&P MidCap 400 E-Mini Index		USD		9/20/2019		2		391,029		376,280		(14,749	)
Total unrealized depreciation												(18,264	)

USD: United States Dollar

For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note B in the accompanying Notes to Financial Statements.

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 August 31, 2019 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1			Level 2		Level 3		Total
Common Stocks (f)	$	290,005,832		$	—	$	—	$	290,005,832
Government & Agency Obligation		—			136,881		—		136,881
Short-Term Investments (f)		1,425,533			—		—		1,425,533
Total	$	291,431,365		$	136,881	$	—	$	291,568,246
Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (g)
Futures Contracts	$	(18,264	)	$	—	$	—	$	(18,264	)
Total	$	(18,264	)	$	—	$	—	$	(18,264	)

(f) See Investment Portfolio for additional detailed categorizations.

(g) Derivatives include unrealized appreciation (depreciation) on open futures contracts.

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

DWS U.S. Multi-Factor Fund | 37

Statement of Assets and Liabilities

as of August 31, 2019
Assets
Investments in non-affiliated securities, at value (cost $250,682,733) — including $628,153 of securities loaned	$	290,142,713
Investment in DWS Government & Agency Securities Portfolio (cost $645,329)*		645,329
Investment in DWS Central Cash Management Government Fund (cost $780,204)		780,204
Cash		10,000
Dividends receivable		476,970
Interest receivable		1,871
Receivable for variation margin on futures contracts		598
Other assets		17,371
Total assets		292,075,056
Liabilities
Payable upon return of securities loaned		645,329
Payable for Fund shares redeemed		130,000
Accrued management fee		19,268
Accrued Trustees’ fees		4,250
Other accrued expenses and payables		390,574
Total liabilities		1,189,421
Net assets, at value	$	290,885,635
Net Assets Consist of
Distributable earnings (loss)		33,344,753
Paid-in capital		257,540,882
Net assets, at value	$	290,885,635
Net Asset Value
Class R6
Net Asset Value, offering and redemption price per share ($242,394 ÷ 20,796 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	11.66
Institutional Class
Net Asset Value, offering and redemption price per share ($290,643,241 ÷ 24,936,213 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	11.66

* Represents collateral on securities loaned.

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

38 | DWS U.S. Multi-Factor Fund

Statement of Operations

for the year ended August 31, 2019
Investment Income
Income:
Dividends (net of foreign taxes withheld of $515)	$	5,728,960
Interest		10,735
Income distributions — DWS Central Cash Management Government Fund		70,410
Securities lending income, net of borrower rebates		8,355
Total income		5,818,460
Expenses:
Management fee		452,258
Administration fee		301,505
Services to shareholders		338,311
Custodian fee		13,474
Professional fees		71,813
Reports to shareholders		38,143
Registration fees		44,397
Trustees’ fees and expenses		17,425
Licensing fee		56,046
Other		38,369
Total expenses before expense reductions		1,371,741
Expense reductions		(316,568	)
Total expenses after expense reductions		1,055,173
Net investment income		4,763,287
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(6,293,830	)
Futures		(860,757	)
		(7,154,587	)
Change in net unrealized appreciation (depreciation) on:
Investments		3,705,819
Futures		(98,747	)
		3,607,072
Net gain (loss)		(3,547,515	)
Net increase (decrease) in net assets resulting from operations	$	1,215,772

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

DWS U.S. Multi-Factor Fund | 39

Statements of Changes in Net Assets

	Years Ended August 31,
Increase (Decrease) in Net Assets	2019			2018
Operations:
Net investment income (loss)	$	4,763,287		$	4,124,119
Net realized gain (loss)		(7,154,587	)		2,789,634
Change in net unrealized appreciation (depreciation)		3,607,072			37,331,640
Net increase (decrease) in net assets resulting from operations		1,215,772			44,245,393
Distributions to shareholders:
Class R6		(5,224	)		(3,091	)
Institutional Class		(6,902,119	)		(3,905,471	)
Total distributions		(6,907,343	)		(3,908,562	)*
Fund share transactions:
Proceeds from shares sold		21,590,000			73,170,090
Reinvestment of distributions		6,907,343			3,908,561
Payments for shares redeemed		(59,550,279	)		(33,444,753	)
Net increase (decrease) in net assets from Fund share transactions		(31,052,936	)		43,633,898
Increase (decrease) in net assets		(36,744,507	)		83,970,729
Net assets at beginning of period		327,630,142			243,659,413
Net assets at end of period	$	290,885,635		$	327,630,142	**

* Includes distributions from net investment income of $2,881 and $3,641,280 for Class R6 and Institutional Class, respectively and distributions from net realized gains of $210 and $264,191 for Class R6 and Institutional Class, respectively.

** Includes undistributed net investment income of $839,209.

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

40 | DWS U.S. Multi-Factor Fund

Financial Highlights

	Years Ended August 31,						Period Ended
Class R6	2019			2018			8/31/17a
Selected Per Share Data
Net asset value, beginning of period		$11.77			$10.22			$10.00
Income (loss) from investment operations:
Net investment income (loss)b		.18			.16			.06
Net realized and unrealized gain (loss)		(.03	)		1.54			.17
Total from investment operations		.15			1.70			.23
Less distributions from:
Net investment income		(.16	)		(.14	)		(.01	)
Net realized gains		(.10	)		(.01	)		—
Total distributions		(.26	)		(.15	)		(.01	)
Net asset value, end of period		$11.66			$11.77			$10.22
Total Return (%)c		1.44			16.78			2.35	**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		.2			.2			.2
Ratio of expenses before expense reductions (%)		.35			.37			.62	*
Ratio of expenses after expense reductions (%)		.30			.30			.35	*
Ratio of net investment income (%)		1.63			1.49			1.84	*
Portfolio turnover rate (%)		51			54			10	**

^a  For the period from May 1, 2017 (commencement of operations) to August 31, 2017.

^b  Based on average shares outstanding during the period.

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

^*  Annualized

^**  Not annualized

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

DWS U.S. Multi-Factor Fund | 41

	Years Ended August 31,						Period Ended
Institutional Class	2019			2018			8/31/17a
Selected Per Share Data
Net asset value, beginning of period		$11.77			$10.22			$10.00
Income (loss) from investment operations:
Net investment income (loss)b		.18			.16			.06
Net realized and unrealized gain (loss)		(.04	)		1.54			.17
Total from investment operations		.14			1.70			.23
Less distributions from:
Net investment income		(.15	)		(.14	)		(.01	)
Net realized gains		(.10	)		(.01	)		—
Total distributions		(.25	)		(.15	)		(.01	)
Net asset value, end of period		$11.66			$11.77			$10.22
Total Return (%)c		1.39			16.76			2.35	**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		291			327			243
Ratio of expenses before expense reductions (%)		.46			.46			.68	*
Ratio of expenses after expense reductions (%)		.35			.35			.35	*
Ratio of net investment income (%)		1.58			1.43			1.91	*
Portfolio turnover rate (%)		51			54			10	**

^a  For the period from May 1, 2017 (commencement of operations) to August 31, 2017.

^b  Based on average shares outstanding during the period.

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

^*  Annualized

^**  Not annualized

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

42 | DWS U.S. Multi-Factor Fund

Notes to Financial Statements

A. Organization and Significant Accounting Policies

DWS U.S. Multi-Factor Fund (the “Fund”) is a diversified series of the Deutsche DWS Institutional Funds (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 two classes of shares: Class R6 and Institutional Class. Class R6 shares are not subject to initial or contingent deferred sales charges and are generally available only to certain retirement plans. Institutional Class shares are not subject to initial or contingent deferred sales charges and are generally available only to qualified institutions.

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

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

In October 2018, the Securities and Exchange Commission adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification, which is intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. Effective with the current reporting period, the Fund adopted the amendments with the impacts being that the Fund is no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributable earnings and the amount of undistributed net investment income on the Statements of Changes in Net Assets.

DWS U.S. Multi-Factor Fund | 43

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.

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

Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1 securities.

Debt securities are valued at prices supplied by independent pricing services approved by the Fund’s Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies;

44 | DWS U.S. Multi-Factor Fund

quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund’s Investment Portfolio.

Securities Lending. Deutsche Bank AG, as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. As of period end, any securities on loan were collateralized by cash. During the year ended August 31, 2019, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market funds managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.11% annualized effective rate as of August 31, 2019) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

DWS U.S. Multi-Factor Fund | 45

As of August 31, 2019, the Fund had securities on loan, which were classified as common stock in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.

Federal Income Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

At August 31, 2019, the Fund had a net tax basis capital loss carryforward of approximately $7,363,000, which may be applied against realized net taxable capital gains indefinitely, including short-term losses ($4,463,000) and long-term losses ($2,900,000).

The Fund has reviewed the tax positions for the open tax years as of August 31, 2019 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements.

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

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to income received from REITs, certain securities sold at a loss, and futures contracts. 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 August 31, 2019, the Fund’s components of distributable earnings (accumulated losses) on a tax basis were as follows:

Undistributed ordinary income*	$	1,926,681
Capital loss carryforwards	$	(7,363,000	)
Net unrealized appreciation (depreciation) on investments	$	38,781,018

At August 31, 2019, the aggregate cost of investments for federal income tax purposes was $252,787,228. The net unrealized appreciation for all investments based on tax cost was $38,781,018. This consisted of

46 | DWS U.S. Multi-Factor Fund

aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost of $48,106,180 and aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value of $9,325,162.

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

	Years Ended August 31,
	2019		2018
Distributions from ordinary income*	$	6,487,551	$	3,754,958
Distributions from long-term capital gains	$	419,792	$	153,604

* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

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

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

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

B. Derivative Instruments

Futures Contracts. A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). For the year ended August 31, 2019, the Fund entered into futures contracts as a means of gaining exposure to a particular asset class or to keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to the market.

DWS U.S. Multi-Factor Fund | 47

Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary cash or securities (“initial margin”) in an amount equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments (“variation margin”) are made or received by the Fund dependent upon the daily fluctuations in the value and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. Gains or losses are realized when the contract expires or is closed. Since all futures contracts are exchange traded, counterparty risk is minimized as the exchange’s clearinghouse acts as the counterparty, and guarantees the futures against default.

Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund’s ability to close out a futures contract prior to the settlement date and the risk that the futures contract is not well correlated with the security, index or currency to which it relates. Risk of loss may exceed amounts disclosed in the Statement of Assets and Liabilities.

A summary of the open futures contracts as of August 31, 2019, is included in a table following the Fund’s Investment Portfolio. For the year ended August 31, 2019, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $896,000 to $6,175,000.

The following tables summarize the value of the Fund’s derivative instruments held as of August 31, 2019 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Liability Derivatives	Futures Contracts
Equity Contracts (a)	$	(18,264	)

The above derivative is located in the following Statement of Assets and Liabilities account:

(a) Includes cumulative depreciation of futures contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the year ended August 31, 2019, and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Realized Gain (Loss)	Futures Contracts
Equity Contracts (b)	$	(860,757	)

The above derivative is located in the following Statement of Operations accounts:

(b) Net realized gain (loss) from futures

48 | DWS U.S. Multi-Factor Fund

Change in Net Unrealized Appreciation (Depreciation)	Futures Contracts
Equity Contracts (c)	$	(98,747	)

The above derivative is located in the following Statement of Operations accounts:

(c) Change in net unrealized appreciation (depreciation) on futures

C. Purchases and Sales of Securities

During the year ended August 31, 2019, purchases and sales of investment securities (excluding short-term investments) aggregated $152,817,411 and $179,300,466, respectively.

D. 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.

The management fee payable under the Investment Management Agreement is equal to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.15% of the Fund’s average daily net assets, computed and accrued daily and payable monthly.

For the period from September 1, 2018 through December 20, 2019, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of each class as follows:

Class R6	.30%
Institutional Class	.35%

For the year ended August 31, 2019, fees waived and/or expenses reimbursed for each class are as follows:

Class R6	$	123
Institutional Class		316,445
	$	316,568

Administration Fee. Pursuant to the 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 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable

DWS U.S. Multi-Factor Fund | 49

monthly. For the year ended August 31, 2019, the Administration Fee was $301,505, of which $24,530 is unpaid.

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC compensates DST out of the shareholder servicing fee it receives from the Fund. DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. For the year ended August 31, 2019, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at August 31, 2019
Class R6	$	26	$	4
Institutional Class		7,681		1,201
	$	7,707	$	1,205

In addition, for the year ended August 31, 2019, 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
Institutional Class	$	329,190

Typesetting and Filing Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the year ended August 31, 2019, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $24,394, of which $10,370 is unpaid.

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

Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent

50 | DWS U.S. Multi-Factor Fund

that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund’s assets invested in DWS ESG Liquidity Fund.

Security Lending Fees. Deutsche Bank AG serves as lending agent for the Fund. For the year ended August 31, 2019, the Fund incurred lending agent fees to Deutsche Bank AG in the amount of $629.

E. Line of Credit

The Fund and other affiliated funds (the “Participants”) share in a $400 million revolving credit facility provided by a syndication of banks. The Fund may be able to borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if the one-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The fund had no outstanding loans at August 31, 2019.

F. Fund Share Transactions

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

	Year Ended August 31, 2019						Year Ended August 31, 2018
	Shares			Dollars			Shares			Dollars
Shares sold
Institutional Class		1,943,929		$	21,590,000			6,632,549		$	73,170,090
Shares issued to shareholders in reinvestment of distributions
Class R6		487		$	5,224			280		$	3,091
Institutional Class		646,559			6,902,119			353,311			3,905,470
				$	6,907,343					$	3,908,561
Shares redeemed
Institutional Class		(5,468,678	)	$	(59,550,279	)		(2,987,967	)	$	(33,444,753	)
Net increase (decrease)
Class R6		487		$	5,224			280		$	3,091
Institutional Class		(2,878,190	)		(31,058,160	)		3,997,893			43,630,807
				$	(31,052,936	)				$	43,633,898

DWS U.S. Multi-Factor Fund | 51

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche DWS Institutional Funds and Shareholders of DWS U.S. Multi-Factor Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS U.S. Multi-Factor Fund (the “Fund”) (one of the funds constituting Deutsche DWS Institutional Funds) (the “Trust”), including the investment portfolio, as of August 31, 2019, 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 two years in the period then ended and the period from May 1, 2017 (commencement of operations) through August 31, 2017 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 Institutional Funds) at August 31, 2019, 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 two years in the period then ended and the period from May 1, 2017 (commencement of operations) through August 31, 2017, 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

52 | DWS U.S. Multi-Factor Fund

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.

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 August 31, 2019, by correspondence with the custodian and brokers and others. 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

October 25, 2019

DWS U.S. Multi-Factor Fund | 53

Information About Your Fund’s Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees and other Fund expenses. Examples of transaction costs include redemption fees and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (March 1, 2019 to August 31, 2019).

The tables illustrate your Fund’s expenses in two ways:

– Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold.

– Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000” line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

54 | DWS U.S. Multi-Factor Fund

Expenses and Value of a $1,000 Investment for the six months ended August 31, 2019 (Unaudited)
Actual Fund Return	Class R6		Institutional Class
Beginning Account Value 3/1/19	$	1,000.00	$	1,000.00
Ending Account Value 8/31/19	$	1,056.20	$	1,056.00
Expenses Paid per $1,000*	$	1.55	$	1.81
Hypothetical 5% Fund Return	Class R6		Institutional Class
Beginning Account Value 3/1/19	$	1,000.00	$	1,000.00
Ending Account Value 8/31/19	$	1,023.69	$	1,023.44
Expenses Paid per $1,000*	$	1.53	$	1.79

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 365.

Annualized Expense Ratio	Class R6			Institutional Class
DWS U.S. Multi-Factor Fund		.30	%		.35	%

For more information, please refer to the Fund’s prospectus.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to tools.finra.org/fund_analyzer/.

Tax Information (Unaudited)

The Fund paid distributions of $0.01 per share from net long-term capital gains during its year ended August 31, 2019.

For corporate shareholders, 73% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund’s fiscal year ended August 31, 2019, qualified for the dividends received deduction.

For federal Income tax purposes, the Fund designates $6,560,000, or the maximum amount allowable under tax law, as qualified dividend income.

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

DWS U.S. Multi-Factor Fund | 55

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWS U.S. Multi-Factor Fund’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) in September 2018.

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

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

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

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

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

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

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

56 | DWS U.S. Multi-Factor Fund

invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA (“DWS Group”). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group’s shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

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

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

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. Because the Fund commenced operations in May 2017, only limited Fund performance information was available to the Board as part of its 2018 contract review process.

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge”) and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were higher than the median (4th quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2017). The Board noted that the Fund’s Institutional Class shares total (net) operating expenses were

DWS U.S. Multi-Factor Fund | 57

expected to be higher than the median of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2017) (“Broadridge Universe Expenses”). The Board also reviewed data comparing each other share class’s total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund’s total (net) operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds (“DWS Funds”), noting that DIMA indicated that it does not provide services to any comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds”) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

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

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. In this regard, the Board observed that while the Fund’s current investment management fee

58 | DWS U.S. Multi-Factor Fund

schedule does not include breakpoints, 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 and any fees received by an affiliate of DIMA for transfer agency services provided to the Fund. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

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

Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

DWS U.S. Multi-Factor Fund | 59

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period. The Board Members may also serve in similar capacities with other funds in the fund complex.

Independent Board Members
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies; former Directorships: BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)		80	—
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International; Public Radio International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago		80	Portland General Electric2 (utility company) (2003– present)

60 | DWS U.S. Multi-Factor Fund

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Henry P. Becton, Jr. (1943) Board Member since 1990	Vice Chair and former President, WGBH Educational Foundation. Directorships: Public Radio International; Public Radio Exchange (PRX); The Pew Charitable Trusts (charitable organization); Massachusetts Humane Society; Overseer of the New England Conservatory; former Directorships: Becton Dickinson and Company2 (medical technology company); Belo Corporation2 (media company); The PBS Foundation; Association of Public Television Stations; Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service; Connecticut College; North Bennett Street School (Boston); American Documentary, Inc. (public media)		80	—
Dawn-Marie Driscoll (1946) Board Member since 1987	Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)		80	—
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (since 1994); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018)		80	Director, Aberdeen Japan Fund (since 2007)

DWS U.S. Multi-Factor Fund | 61

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival		80	—
Rebecca W. Rimel (1951) Board Member since 1995	President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012)		80	Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)		80	—
Jean Gleason Stromberg (1943) Board Member since 1997	Retired. Formerly, Consultant (1997–2001); Director, Financial Markets U.S. Government Accountability Office (1996–1997); Partner, Norton Rose Fulbright, L.L.P. (law firm) (1978–1996); former Directorships: The William and Flora Hewlett Foundation (charitable organization) (2000–2015); Service Source, Inc. (nonprofit), Mutual Fund Directors Forum (2002–2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987–1990 and 1994–1996)		80	—

Officers4
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Hepsen Uzcan6 (1974) President and Chief Executive Officer, 2017–present	Managing Director,3 DWS; Secretary, DWS USA Corporation (since March 2018); Assistant Secretary, DWS Distributors, Inc. (since June 25, 2018); Director and Vice President, DWS Service Company (since June 25, 2018); Assistant Secretary, DWS Investment Management Americas, Inc. (since June 25, 2018); and Director and President, DB Investment Managers, Inc. (since June 25, 2018); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019)

62 | DWS U.S. Multi-Factor Fund

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
John Millette8 (1962) Vice President and Secretary, 1999–present	Director,3 DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); and Assistant Secretary, DBX ETF Trust (2019–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017)
Diane Kenneally8,9 (1966) Chief Financial Officer and Treasurer, since 2018	Director,3 DWS; formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca8 (1957) Assistant Treasurer, 2007–present	Director,3 DWS
Sheila Cadogan8 (1966) Assistant Treasurer, 2017–present	Director,3 DWS; Director and Vice President, DWS Trust Company (since 2018)
Scott D. Hogan8 (1970) Chief Compliance Officer, 2016–present	Director,3 DWS
Caroline Pearson8 (1962) Chief Legal Officer, 2010–present	Managing Director,3 DWS; formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017)
Wayne Salit7 (1967) Anti-Money Laundering Compliance Officer, 2014–present	Director,3 Deutsche Bank; and AML Officer, DWS Trust Company; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
Ciara Crawford10 (1984) Assistant Secretary, since February 8, 2019	Associate, DWS (since 2015); previously, Legal Assistant at Accelerated Tax Solutions.

¹  The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.

²  A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

³  Executive title, not a board directorship.

⁴  As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund.

⁵  The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

⁶  Address: 345 Park Avenue, New York, NY 10154.

⁷  Address: 60 Wall Street, New York, NY 10005.

⁸  Address: One International Place, Boston, MA 02110.

⁹  Appointed Treasurer and Chief Financial Officer effective July 2, 2018.

¹⁰  Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256.

The Fund’s Statement of Additional Information (“SAI”) includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

DWS U.S. Multi-Factor Fund | 63

Account Management Resources

For More Information	The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. For more information, contact your financial representative. You may also access our automated telephone system or speak with a Shareholder Service representative by calling: (800) 728-3337
Web Site	dws.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information.
Written Correspondence	DWS PO Box 219151 Kansas City, MO 64121-9151
Proxy Voting	The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337.
Portfolio Holdings	Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q or Form N-PORT (available for filings after March 31, 2019). The Fund’s Form N-Q or Form N-PORT will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information.
Principal Underwriter	If you have questions, comments or complaints, contact: DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148

64 | DWS U.S. Multi-Factor Fund

Investment Management	DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group”), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group. DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles.
	Institutional Class
Nasdaq Symbol	DMFJX
CUSIP Number	25159R 767
Fund Number	1467
For shareholders of Class R6
Automated Information Line	DWS/Ascensus Plan Access (800) 728-3337 24-hour access to your retirement plan account.
Web Site	dws.com Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. Log in/register to manage retirement account assets at https://www.mykplan.com/participantsecure_net/login.aspx.
For More Information	(800) 728-3337 To speak with a service representative.
Written Correspondence	DWS Service Company 222 South Riverside Plaza Chicago, IL 60606-5806
	Class R6
Nasdaq Symbol	DMFRX
CUSIP Number	25159R 775
Fund Number	1667

DWS U.S. Multi-Factor Fund | 65

Notes

Notes

Notes

Notes

Notes

Notes

DUMFF-2

(R-052313-5 10/19)

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 Mr. William McClayton, 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 U.S. Multi-Factor 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 August 31,	Audit Fees Billed to Fund	Audit-Related Fees Billed to Fund	Tax Fees Billed to Fund	All Other Fees Billed to Fund
2019	$37,837	$0	$7,961	$0
2018	$37,837	$0	$5,500	$0

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 August 31,	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
2019	$0	$740,482	$0
2018	$0	$470,936	$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 August 31,	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)
2019	$7,961	$740,482	$0	$748,443
2018	$5,500	$470,936	$513,130	$989,566

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.

***

In connection with the audit of the 2018 and 2019 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.

***

Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund’s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter, individually and in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue act as the Independent Registered Public Accounting Firm for the Fund.

· EY advised the Fund’s Audit Committee that various covered persons within EY’s affiliates held investments in, or had other financial relationships with, entities within the DWS Funds “investment company complex” (as defined in Regulation S-X) (the “DWS Funds Complex”). EY informed the Audit Committee that these investments and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none of the breaches involved any investments in the Fund or any professionals who were part of the audit engagement team for the Fund or in a position to influence the audit engagement team. In addition, EY noted that the independence breaches did not (i) create a mutual or conflicting interest with the Fund, (ii) place EY in the position of auditing its own work, (iii) result in EY acting as management or an employee of the Fund, or (iv) place EY in a position of being an advocate of the Fund.

· EY advised the Fund’s Audit Committee of certain lending relationships of EY with owners of greater than 10% of the shares of certain investment companies within the DWS Funds Complex that EY had identified as inconsistent with Rule 2-01(c)(l)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”). The Loan Rule specifically provides that an accounting firm would not be independent if it receives a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities. For purposes of the Loan Rule, an audit client includes the Fund as well as all other investment companies in the DWS Funds Complex. EY’s lending relationships affect EY’s independence under the Loan Rule with respect to all investment companies in the DWS Funds Complex.

EY stated its belief that, in each lending relationship, the lender is or was not able to impact the impartiality of EY or assert any influence over the investment companies in the DWS Funds Complex whose shares the lender owns or owned, or the applicable investment company’s investment adviser. In addition, on June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex, Fidelity Management & Research Company et al., SEC Staff No-Action Letter (June 20, 2016) (the “Fidelity Letter”), related to similar Loan Rule issues as those described above. In the Fidelity Letter, the SEC Staff confirmed that it would not recommend enforcement action against an investment company that relied on the audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. With respect to each lending relationship identified by EY, the circumstances described in the Fidelity Letter appear to be substantially similar to the circumstances that affected EY’s independence under the Loan Rule with respect to the Fund, and, in each case, EY confirmed to the Audit Committee that it meets the conditions of the Fidelity Letter.

ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS
	Not applicable
ITEM 6.	SCHEDULE OF INVESTMENTS
	Not applicable
ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
	Not applicable
ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
	Not applicable
ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
	Not applicable
ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
	There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board.  The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600.
ITEM 11.	CONTROLS AND PROCEDURES
	(a)	The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
	(b)	There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
ITEM 12.	Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
	Not applicable
ITEM 13.	EXHIBITS
	(a)(1)	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 U.S. Multi-Factor Fund, a series of Deutsche DWS Institutional Funds
By:	/s/Hepsen Uzcan Hepsen Uzcan President
Date:	11/6/2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/Hepsen Uzcan Hepsen Uzcan President
Date:	11/6/2019
By:	/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer
Date:	11/6/2019

EX-99.CODE ETH

DWS

Principal Executive and Principal Financial Officer Code of Ethics

For the Registered Management Investment Companies Listed on Appendix A

Effective Date

January 31, 2005

Date Last Reviewed

June 26, 2019

Table of Contents

I.   Overview	3
II.   Purposes of the Officer Code	3
III.   Responsibilities of Covered Officers	4
A.   Honest and Ethical Conduct	4
B.   Conflicts of Interest	4
C.   Use of Personal Fund Shareholder Information	6
D.   Public Communications	6
E.   Compliance with Applicable Laws, Rules and Regulations	6
IV.   Violation Reporting	7
A.   Overview	7
B.   How to Report	7
C.   Process for Violation Reporting to the Fund Board	7
D.   Sanctions for Code Violations	7
V.   Waivers from the Officer Code	7
VI.   Amendments to the Code	8
VII.   Acknowledgement and Certification of Adherence to the Officer Code	8
VIII.   Scope of Responsibilities	8
IX.   Recordkeeping	8
X.   Confidentiality	8
Appendices	10
Appendix A: List of Officers Covered under the Code, by Board	10
Appendix B: Acknowledgement and Certification	11
Appendix C: Definitions	13

I. Overview

This Principal Executive Officer and Principal Financial Officer Code of Ethics (“Officer Code”) sets forth the policies, practices, and values expected to be exhibited in the conduct of the Principal Executive Officers and Principal Financial Officers of the investment companies (each a “Fund” and together, the “Funds”) they serve (“Covered Officers”). A list of Covered Officers and Funds is included on Appendix A.

The Boards of the Funds listed on Appendix A have elected to implement the Officer Code, pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the SEC’s rules thereunder, to promote and demonstrate honest and ethical conduct in their Covered Officers.

DWS represents the asset management activities conducted by DWS Investment Management Americas, Inc., DWS International GmbH or their affiliates that may serve as investment adviser to each Fund. All Covered Officers are also employees of DWS. Thus, in addition to adhering to the Officer Code, these individuals must comply with DWS policies and procedures, such as the DWS Code of Ethics governing personal trading activities, as adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940.1 In addition, such individuals also must comply with other applicable Fund policies and procedures.

The DWS Compliance Officer, who shall not be a Covered Officer and who shall serve as such subject to the approval of the Fund’s Board (or committee thereof), is primarily responsible for implementing and enforcing this Code. The DWS Compliance Officer has the authority to interpret this Officer Code and its applicability to particular circumstances. Any questions about the Officer Code should be directed to the DWS Compliance Officer.

The DWS Compliance Officer and his or her contact information can be found in Appendix A.

II. Purposes of the Officer Code

The purposes of the Officer Code are to deter wrongdoing and to:

· promote honest and ethical conduct among Covered Officers, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

· promote full, fair, accurate, timely and understandable disclosures in reports and documents that the Funds file with or submit to the SEC (and in other public communications from the Funds) and that are within the Covered Officer’s responsibilities;

· promote compliance with applicable laws, rules and regulations;

· encourage the prompt internal reporting of violations of the Officer Code to the DWS Compliance Officer; and

· establish accountability for adherence to the Officer Code.

Any questions about the Officer Code should be referred to the DWS Compliance Officer.

III. Responsibilities of Covered Officers

A.Honest and Ethical Conduct

It is the duty of every Covered Officer to encourage and demonstrate honest and ethical conduct, as well as adhere to and require adherence to the Officer Code and any other applicable policies and procedures designed to promote this behavior. Covered Officers must at all times conduct themselves with integrity and distinction, putting first the interests of the Fund(s) they serve. Covered Officers must be honest and candid while maintaining confidentiality of information where required by law, DWS policy or Fund policy.

Covered Officers also must, at all times, act in good faith, responsibly and with due care, competence and diligence, without misrepresenting or being misleading about material facts or allowing their independent judgment to be subordinated. Covered Officers also should maintain skills appropriate and necessary for the performance of their duties for the Fund(s). Covered Officers also must responsibly use and control all Fund assets and resources entrusted to them.

Covered Officers may not retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of the Officer Code or applicable laws or regulations. Covered Officers should create an environment that encourages the exchange of information, including concerns of the type that this Code is designed to address.

B.Conflicts of Interest

A “conflict of interest” occurs when a Covered Officer’s personal interests interfere with the interests of the Fund for which he or she serves as an officer. Covered Officers may not improperly use their position with a Fund for personal or private gain to themselves, their family, or any other person. Similarly, Covered Officers may not use their personal influence or personal relationships to influence decisions or other Fund business or operational matters where they would benefit personally at the Fund’s expense or to the Fund’s detriment. Covered Officers may not cause the Fund to take action, or refrain from taking action, for their personal benefit at the Fund’s expense or to the Fund’s detriment. Some examples of conflicts of interest follow (this is not an all-inclusive list): being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member who is an employee of a Fund service provider or is otherwise associated with the Fund; or having an ownership interest in, or having any consulting or employment relationship with, any Fund service provider other than DWS or its affiliates.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Fund that already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as “affiliated persons” of the Fund. Covered Officers must comply with applicable laws and regulations. Therefore, any violations of existing statutory and regulatory prohibitions on individual behavior could be considered a violation of this Code.

As to conflicts arising from, or as a result of the advisory relationship (or any other relationships) between the Fund and DWS, of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to DWS’s fiduciary duties to the Fund, the Covered Officers will in the normal course of their duties (whether formally for the Fund or for DWS, or for both) be involved in establishing policies and implementing decisions which will have different effects on DWS and the Fund. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contract relationship between the Fund and DWS, and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Fund.

Covered Officers should avoid actual conflicts of interest, and appearances of conflicts of interest, between the Covered Officer’s duties to the Fund and his or her personal interests beyond those contemplated or anticipated by applicable regulatory schemes. If a Covered Officer suspects or knows of a conflict or an appearance of one, the Covered Officer must immediately report the matter to the DWS Compliance Officer. If a Covered Officer, in lieu of reporting such a matter to the DWS Compliance Officer, may report the matter directly to the Fund’s Board (or committee thereof), as appropriate (e.g., if the conflict involves the DWS Compliance Officer or the Covered Officer reasonably believes it would be futile to report the matter to the DWS Compliance Officer).

When actual, apparent or suspected conflicts of interest arise in connection with a Covered Officer, DWS personnel aware of the matter should promptly contact the DWS Compliance Officer. There will be no reprisal or retaliation against the person reporting the matter.

Upon receipt of a report of a possible conflict, the DWS Compliance Officer will take steps to determine whether a conflict exists. In so doing, the DWS Compliance Officer may take any actions he or she determines to be appropriate in his or her sole discretion and may use all reasonable resources, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.2 The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund’s Board (or committee thereof). Otherwise, such costs will be borne by DWS or other appropriate Fund service provider.

After full review of a report of a possible conflict of interest, the DWS Compliance Officer may determine that no conflict or reasonable appearance of a conflict exists. If, however, the DWS Compliance Officer determines that an actual conflict exists, the Compliance Officer will resolve the conflict solely in the interests of the Fund, and will report the conflict and its resolution to the Fund’s Board (or committee thereof). If the DWS Compliance Officer determines that the appearance of a conflict exists, the DWS Compliance Officer will take appropriate steps to remedy such appearance. In lieu of determining whether a conflict exists and/or resolving a conflict, the DWS Compliance Officer instead may refer the matter to the Fund’s Board (or committee thereof), as appropriate. However, the DWS Compliance Officer must refer the matter to the Fund’s Board (or committee thereof) if the DWS Compliance Officer is directly involved in the conflict or under similar appropriate circumstances.

After responding to a report of a possible conflict of interest, the DWS Compliance Officer will discuss the matter with the person reporting it (and with the Covered Officer at issue, if different) for purposes of educating those involved on conflicts of interests (including how to detect and avoid them, if appropriate).

Appropriate resolution of conflicts may restrict the personal activities of the Covered Officer and/or his family, friends or other persons.

Solely because a conflict is disclosed to the DWS Compliance Officer (and/or the Board or Committee thereof) and/or resolved by the DWS Compliance Officer does not mean that the conflict or its resolution constitutes a waiver from the Code’s requirements.

Any questions about conflicts of interests, including whether a particular situation might be a conflict or an appearance of one, should be directed to the DWS Compliance Officer.

C.Use of Personal Fund Shareholder Information

A Covered Officer may not use or disclose personal information about Fund shareholders, except in the performance of his or her duties for the Fund. Each Covered Officer also must abide by the Funds’ and DWS’s privacy policies under SEC Regulation S-P.

D.Public Communications

In connection with his or her responsibilities for or involvement with a Fund’s public communications and disclosure documents (e.g., shareholder reports, registration statements, press releases), each Covered Officer must provide information to Fund service providers (within the DWS organization or otherwise) and to the Fund’s Board (and any committees thereof), independent auditors, government regulators and self-regulatory organizations that is fair, accurate, complete, objective, relevant, timely and understandable.

Further, within the scope of their duties, Covered Officers having direct or supervisory authority over Fund disclosure documents or other public Fund communications will, to the extent appropriate within their area of responsibility, endeavor to ensure full, fair, timely, accurate and understandable disclosure in Fund disclosure documents. Such Covered Officers will oversee, or appoint others to oversee, processes for the timely and accurate creation and review of all public reports and regulatory filings. Within the scope of his or her responsibilities as a Covered Officer, each Covered Officer also will familiarize himself or herself with the disclosure requirements applicable to the Fund, as well as the business and financial operations of the Fund. Each Covered Officer also will adhere to, and will promote adherence to, applicable disclosure controls, processes and procedures, including DWS’s Disclosure Controls and Procedures, which govern the process by which Fund disclosure documents are created and reviewed.

To the extent that Covered Officers participate in the creation of a Fund’s books or records, they must do so in a way that promotes the accuracy, fairness and timeliness of those records.

E.Compliance with Applicable Laws, Rules and Regulations

In connection with his or her duties and within the scope of his or her responsibilities as a Covered Officer, each Covered Officer must comply with governmental laws, rules and regulations, accounting standards, and Fund policies/procedures that apply to his or her role, responsibilities and duties with respect to the Funds (“Applicable Laws”). These requirements do not impose on Covered Officers any additional substantive duties. Additionally, Covered Officers should promote compliance with Applicable Laws.

If a Covered Officer knows of any material violations of Applicable Laws or suspects that such a violation may have occurred, the Covered Officer is expected to promptly report the matter to the DWS Compliance Officer.

IV. Violation Reporting

A.Overview

Each Covered Officer must promptly report to the DWS Compliance Officer, and promote the reporting of, any known or suspected violations of the Officer Code. Failure to report a violation may be a violation of the Officer Code.

Examples of violations of the Officer Code include, but are not limited to, the following:

· Unethical or dishonest behavior

· Obvious lack of adherence to policies surrounding review and approval of public communications and regulatory filings

· Failure to report violations of the Officer Code

· Known or obvious deviations from Applicable Laws

· Failure to acknowledge and certify adherence to the Officer Code

The DWS Compliance Officer has the authority to take any and all action he or she considers appropriate in his or her sole discretion to investigate known or suspected Code violations, including consulting with the Fund’s Board, the independent Board members, a Board committee, the Fund’s legal counsel and/or counsel to the independent Board members. The Compliance Officer also has the authority to use all reasonable resources to investigate violations, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.3 The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund’s Board (or committee thereof). Otherwise, such costs will be borne by DWS.

B.How to Report

Any known or suspected violations of the Officer Code must be promptly reported to the DWS Compliance Officer.

C.Process for Violation Reporting to the Fund Board

The DWS Compliance Officer will promptly report any violations of the Code to the Fund’s Board (or committee thereof).

D.Sanctions for Code Violations

Violations of the Code will be taken seriously. In response to reported or otherwise known violations, DWS and the relevant Fund’s Board may impose sanctions within the scope of their respective authority over the Covered Officer at issue. Sanctions imposed by DWS could include termination of employment. Sanctions imposed by a Fund’s Board could include termination of association with the Fund.

V. Waivers from the Officer Code

A Covered Officer may request a waiver from the Officer Code by transmitting a written request for a waiver to the DWS Compliance Officer.4 The request must include the rationale for the request and must explain how the waiver would be in furtherance of the standards of conduct described in and underlying purposes of the Officer Code. The DWS Compliance Officer will present this information to the Fund’s Board (or committee thereof). The Board (or committee) will determine whether to grant the requested waiver. If the Board (or committee) grants the requested waiver, the DWS Compliance Officer thereafter will monitor the activities subject to the waiver, as appropriate, and will promptly report to the Fund’s Board (or committee thereof) regarding such activities, as appropriate.

The DWS Compliance Officer will coordinate and facilitate any required public disclosures of any waivers granted or any implicit waivers.

VI. Amendments to the Code

The DWS Compliance Officer will review the Officer Code from time to time for its continued appropriateness and will propose any amendments to the Fund’s Board (or committee thereof) on a timely basis. In addition, the Board (or committee thereof) will review the Officer Code at least annually for its continued appropriateness and may amend the Code as necessary or appropriate.

The DWS Compliance Officer will coordinate and facilitate any required public disclosures of Code amendments.

VII. Acknowledgement and Certification of Adherence to the Officer Code

Each Covered Officer must sign a statement upon appointment as a Covered Officer and annually thereafter acknowledging that he or she has received and read the Officer Code, as amended or updated, and confirming that he or she has complied with it (see Appendix B: Acknowledgement and Certification of Obligations Under the Officer Code).

Understanding and complying with the Officer Code and truthfully completing the Acknowledgement and Certification Form is each Covered Officer’s obligation.

The DWS Compliance Officer will maintain such Acknowledgements in the Fund’s books and records.

VIII. Scope of Responsibilities

A Covered Officer’s responsibilities under the Officer Code are limited to:

(1) Fund matters over which the Officer has direct responsibility or control, matters in which the Officer routinely participates, and matters with which the Officer is otherwise involved (i.e., matters within the scope of the Covered Officer’s responsibilities as a Fund officer); and

(2) Fund matters of which the Officer has actual knowledge.

IX. Recordkeeping

The DWS Compliance Officer will create and maintain appropriate records regarding the implementation and operation of the Officer Code, including records relating to conflicts of interest determinations and investigations of possible Code violations.

X. Confidentiality

All reports and records prepared or maintained pursuant to this Officer Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Officer Code, such matters shall not be disclosed to anyone other than the DWS Compliance Officer, the Fund’s Board (or committee thereof), legal counsel, independent auditors, and any consultants engaged by the Compliance Officer.

Appendices

Appendix A:

List of Officers Covered under the Code, by Board:

Fund Board	Principal Executive Officer	Principal Financial Officer	Treasurer
DWS Funds	Hepsen Uzcan	Diane Kenneally	Diane Kenneally
Germany Funds*	Hepsen Uzcan	Diane Kenneally	Diane Kenneally

* The Central and Eastern Europe Fund, Inc., The European Equity Fund, Inc. and

The New Germany Fund, Inc.

DWS Compliance Officer:

Scott Hogan

Chief Compliance Officer of the DWS Funds/Germany Funds

Phone: (617) 295-3986

Email: scott-d.hogan@dws.com

As of: June 26, 2019

Appendix B: Acknowledgement and Certification

Initial Acknowledgement and Certification

of Obligations Under the Officer Code

Print Name Department Location Telephone

1. I acknowledge and certify that I am a Covered Officer under the DWS Principal Executive and Financial Officer Code of Ethics (“Officer Code”), and therefore subject to all of its requirements and provisions.

2. I have received and read the Officer Code and I understand the requirements and provisions set forth in the Officer Code.

3. I have disclosed any conflicts of interest of which I am aware to the DWS Compliance Officer.

4. I will act in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders.

5. I will report any known or suspected violations of the Officer Code in a timely manner to the DWS Compliance Officer.

______________________________ ____________________

Signature Date

Annual Acknowledgement and Certification

of Obligations Under the Officer Code

Print Name Department Location Telephone

1. I acknowledge and certify that I am a Covered Officer under the DWS Principal Executive and Financial Officer Code of Ethics (“Officer Code”), and therefore subject to all of its requirements and provisions.

2. I have received and read the Officer Code, and I understand the requirements and provisions set forth in the Officer Code.

3. I have adhered to the Officer Code.

4. I have not knowingly been a party to any conflict of interest, nor have I had actual knowledge about actual or apparent conflicts of interest that I did not report to the DWS Compliance Officer in accordance with the Officer Code’s requirements.

5. I have acted in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders.

6. With respect to the duties I perform for the Fund as a Fund officer, I believe that effective processes are in place to create and file public reports and documents in accordance with applicable regulations.

7. With respect to the duties I perform for the Fund as a Fund officer, I have complied to the best of my knowledge with all Applicable Laws (as that term is defined in the Officer Code) and have appropriately monitored those persons under my supervision for compliance with Applicable Laws.

8. I have reported any known or suspected violations of the Officer Code in a timely manner to the DWS Compliance Officer.

______________________________ ____________________

Signature Date

Appendix C: Definitions

Principal Executive Officer

Individual holding the office of President of the Fund or series of Funds, or a person performing a similar function.

Principal Financial Officer

Individual holding the office of Treasurer of the Fund or series of Funds, or a person performing a similar function.

Registered Investment Management Investment Company

Registered investment companies other than a face-amount certificate company or a unit investment trust.

Waiver

A waiver is an approval of an exemption from a Code requirement.

Implicit Waiver

An implicit waiver is the failure to take action within a reasonable period of time regarding a material departure from a requirement or provision of the Officer Code that has been made known to the DWS Compliance Officer or the Fund’s Board (or committee thereof).

1 The obligations imposed by the Officer Code are separate from, and in addition to, any obligations imposed under codes of ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, and any other code of conduct applicable to Covered Officers in whatever capacity they serve. The Officer Code does not incorporate any of those other codes and, accordingly, violations of those codes will not necessarily be considered violations of the Officer Code and waivers granted under those codes would not necessarily require a waiver to be granted under this Code. Sanctions imposed under those codes may be considered in determining appropriate sanctions for any violation of this Code.

2 For example, retaining a Fund’s independent accounting firm may require pre-approval by the Fund’s audit committee.

3 For example, retaining a Fund’s independent accounting firm may require pre-approval by the Fund’s audit committee.

4 Of course, it is not a waiver of the Officer Code if the Fund’s Board (or committee thereof) determines that a matter is not a deviation from the Officer Code’s requirements or is otherwise not covered by the Code.

EX-99.CERT

President

Form N-CSR Certification under Sarbanes Oxley Act

I, Hepsen Uzcan, certify that:

1)	I have reviewed this report, filed on behalf of DWS U.S. Multi-Factor Fund, a series of Deutsche DWS Institutional Funds, on Form N-CSR;
2)	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4)	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
	d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5)	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting

11/6/2019	/s/Hepsen Uzcan
	Hepsen Uzcan
	President

Chief Financial Officer and Treasurer

Form N-CSR Certification under Sarbanes Oxley Act

I, Diane Kenneally, certify that:

1)	I have reviewed this report, filed on behalf of DWS U.S. Multi-Factor Fund, a series of Deutsche DWS Institutional Funds, on Form N-CSR;
2)	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4)	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
	d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5)	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting

11/6/2019	/s/Diane Kenneally
	Diane Kenneally
	Chief Financial Officer and Treasurer

EX-99.906 CERT

President

Section 906 Certification under Sarbanes Oxley Act

I, Hepsen Uzcan, certify that:

1.	I have reviewed this report, filed on behalf of DWS U.S. Multi-Factor Fund, a series of Deutsche DWS Institutional Funds, on Form N-CSR;
2.	Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

11/6/2019	/s/Hepsen Uzcan
	Hepsen Uzcan
	President

Chief Financial Officer and Treasurer

Section 906 Certification under Sarbanes Oxley Act

I, Diane Kenneally, certify that:

1.	I have reviewed this report, filed on behalf of DWS U.S. Multi-Factor Fund, a series of Deutsche DWS Institutional Funds, on Form N-CSR;
2.	Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

11/6/2019	/s/Diane Kenneally
	Diane Kenneally
	Chief Financial Officer and Treasurer