SUPPLEMENT TO THE CURRENTLY
EFFECTIVE PROSPECTUS
DWS CROCI® Equity Dividend Fund
The following changes are effective
on or about December 1, 2019:
The following information replaces
the existing disclosure contained under the “AVERAGE ANNUAL TOTAL RETURNS” sub-heading of the “PAST PERFORMANCE” section of the summary section of the fund’s prospectus.
Average Annual Total
Returns
(For periods ended 12/31/2018 expressed as a %)
(For periods ended 12/31/2018 expressed as a %)
After-tax
returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual
after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan.
| Class Inception | 1 Year | 5 Years | 10 Years | |
| Class A before tax | 3/18/1988 | -8.79 | 5.71 | 9.80 |
| After tax on distributions | -11.22 | 4.76 | 9.15 | |
| After tax on distributions and sale of fund shares | -3.32 | 4.43 | 8.06 | |
| Class T before tax | 6/5/2017 | -5.61 | 6.47 | 10.28 |
| Class C before tax | 9/11/1995 | -3.92 | 6.18 | 9.62 |
| Class R before tax | 10/1/2003 | -3.50 | 6.70 | 10.14 |
| INST Class before tax | 8/19/2002 | -2.97 | 7.25 | 10.79 |
| Class S before tax | 2/28/2005 | -3.03 | 7.23 | 10.69 |
| Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes) | -8.27 | 5.95 | 11.18 | |
| S&P 500® Index (reflects no deduction for fees, expenses or taxes) | -4.38 | 8.49 | 13.12 |
| Class Inception | 1 Year | Since Inception | |
| Class R6 before tax | 3/2/2015 | -2.90 | 5.83 |
| Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes) | -8.27 | 4.16 | |
| S&P 500® Index (reflects no deduction for fees, expenses or taxes) | -4.38 | 6.84 |
The Russell
1000® Value Index has replaced the S&P 500® Index as the fund's primary benchmark index. The Advisor believes that the new index better represents the fund's investment strategy and is therefore more suitable for
performance comparison.
November 22, 2019
PROSTKR-121
The following disclosure is added
under the “ADDITIONAL INDEX INFORMATION” heading in “APPENDIX A” of the fund’s prospectus.
Russell 1000® Value Index is an unmanaged market capitalization-weighted index of value-oriented stocks of the largest US domiciled companies that are included in the Russell 1000® Index. Value-oriented stocks tend to have lower price-to-book ratios and lower forecasted growth values. Russell 1000® Index is an unmanaged price-only index of the 1,000 largest capitalized companies that are domiciled in the US and whose common stocks are traded.
Please Retain This Supplement
for Future Reference
November 22, 2019
PROSTKR-121
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