UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSR

Investment Company Act file number: 811-00043

Deutsche DWS Investment Trust

(Exact Name of Registrant as Specified in Charter)

875 Third Avenue

New York, NY 10022-6225

(Address of Principal Executive Offices) (Zip Code)

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

Diane Kenneally

One International Place

Boston, MA 02110

(Name and Address of Agent for Service)

Date of fiscal year end:	9/30
Date of reporting period:	9/30/2019

ITEM 1. REPORT TO STOCKHOLDERS

September 30, 2019

Annual Report

to Shareholders

DWS CROCI^® U.S. 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
12	Portfolio Summary
14	Investment Portfolio
18	Statement of Assets and Liabilities
20	Statement of Operations
21	Statements of Changes in Net Assets
22	Financial Highlights
29	Notes to Financial Statements

39	Report of Independent Registered Public Accounting Firm
41	Information About Your Fund’s Expenses
43	Tax Information
44	Advisory Agreement Board Considerations and Fee Evaluation
49	Board Members and Officers
53	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.

The Fund will be managed using the CROCI^® Investment Process which is based on portfolio management’s belief that, over time, stocks which display more favorable financial metrics (for example, the CROCI^® Economic P/E Ratio) as generated by this process may outperform stocks which display less favorable metrics. This premise may not prove to be correct and prospective investors should evaluate this assumption prior to investing in the Fund. Stocks may decline in value. The Fund may lend securities to approved institutions. 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 CROCI^® U.S. 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 CROCI^® U.S. 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 Class A 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. Please refer to pages 9 through 11 for more complete performance information.

Investment Strategy and Process

Portfolio management selects stocks of companies that it believes offer economic value, utilizing the CROCI^® strategy as the primary factor, among other factors. The CROCI^® strategy is an investment process based on a proprietary valuation technique that attempts to understand the value of a company by converting financial statement data into a set of economic inputs that are used to calculate a valuation metric called the CROCI^® Economic Price Earnings Ratio which is comparable across markets, sectors and stocks. The CROCI^® Economic Price Earnings Ratio seeks to measure the “real” economic value rather than the “accounting” value of a company’s invested capital, and the economic returns thereof. Portfolio management believes that, over time, companies with more favorable financial metrics, including CROCI^® Economic Price Earnings Ratios, will outperform other companies.

In selecting stocks, portfolio management measures economic value using the CROCI^® Economic Price Earnings Ratio and may adjust this by factors such as stock price volatility, as determined by the CROCI^® Investment Strategy and Valuation Group. The CROCI^® Investment Strategy and Valuation Group may provide other CROCI^® valuation metrics which portfolio management may use in addition to the CROCI^® Economic Price Earnings Ratio. All CROCI^® financial metrics may be adjusted from time to time. Portfolio management may also use factors other than the CROCI^® strategy in selecting investments. The Fund’s portfolio is reviewed periodically and adjusted in accordance with the CROCI^® strategy’s rules. Portfolio management actively manages portfolio changes in an attempt to reduce market impact and transaction costs and to manage the portfolio with tax efficiency in mind.

DWS CROCI^® U.S. Fund returned 2.61% in the 12-month period ended September 30, 2019, behind the 4.25% gain for the Standard & Poor’s 500^® (S&P 500) Index.

When the reporting period opened in September 2018, the U.S. stock market was coming off of a long stretch of robust performance. Investors had a generally positive view on the growth outlook, and the consensus

4 | DWS CROCI^® U.S. Fund

appeared to be that the United States and China would come to a trade agreement by year-end. This supportive backdrop changed suddenly 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. Although Fed officials quickly made it clear that this was unlikely to be the case, investor sentiment remained under pressure from slowing global growth, uncertain U.S. trade policy, and declining corporate earnings estimates for 2019. Together, these factors led to a sharp sell-off in stocks that culminated with a large downturn on December 24, 2018.

“We continued to emphasize a disciplined, systematic approach to stock selection.”

The investment environment began to improve considerably thereafter, and the market responded in kind. The Fed indicated it was in fact likely to begin cutting interest rates, providing a boost to sentiment. Investors also appeared to grow more optimistic regarding the outlook for economic growth and corporate earnings. These favorable conditions lasted until late April, at which point the escalation of the U.S-China trade dispute began to foster renewed concerns about the world economy. Equities generally moved sideways within a broad range for the remainder of the period, with the day-to-day news on trade acting as the primary driver of returns. Still, the positive returns for stocks in the January–September span allowed the market to overcome all of the adverse effect from the sell-off of late 2018.

Fund Performance

Although the Fund produced a gain in the period, certain aspects of stock selection caused it to underperform the S&P 500 Index. Our stock picks underperformed by a wide margin in the materials sector, largely as a result of positions in the chemical producers WestRock Co.,* Eastman Chemical Co., and LyondellBasell Industries NV. The industry lagged considerably due to the combination of slowing growth, potential oversupply, and the uncertainty surrounding trade policy. The trade issue also weighed on the Fund’s position in the steel producer Nucor Corp.

The communications sector proved to be another challenging area for the Fund. Positions in CBS Corp. and Viacom, Inc. were hurt as the merger of the two companies was viewed negatively by investors.

DWS CROCI^® U.S. Fund | 5

Investments in a number of financial stocks also hurt results. State Street Corp., which underperformed because of lower servicing fees, was the largest detractor. The Fund also lost some ground through positions in banking stocks that declined as a result of the narrowing gap between short- and long-term interest rates, including M&T Bank Corp., Bank Of New York Mellon Corp., and Keycorp.*

On the plus side, our stock selection in health care made a strong contribution. Shares of the biotechnology firm Celgene Corp. rose sharply in January after the company received a takeover bid from Bristol-Myers Squibb Co., adding to the fund’s return. A position in the device/supply company Medtronic* was an additional positive, as were the mega-cap pharmaceutical stocks Merck & Co., Inc. and Pfizer, Inc.* Stock selection in information technology further aided performance, led by the semiconductor company Lam Research Corp.* Outside of these two sectors, Tyson Foods, Inc.* — which rose on better profit margins and an improving earnings — was a key contributor. The oil refining stock Phillips 66 also helped results. Since oil represents an input for refiners (rather than an output as is the case with most companies in the sector), falling oil prices were a tailwind to Phillips’ earnings prospects.

The Fund’s sector allocations added value, offsetting some of the negative effect from stock selection. The Fund’s holdings tend to deviate quite a bit from those of the benchmark, as we invest in areas where we find the most attractive values based on the CROCI^® investment process rather than seeking to match the weightings in the index. This approach led us to hold an average overweight position in utilities, which contributed given that the sector outperformed in both the sell-off of late 2018 and the stretch of flat returns for the broader market from May 2019 onward. An underweight in energy, which lagged due to the downturn in oil prices, was a further plus. Conversely, underweights in information technology and real estate detracted.

Outlook and Positioning

Although market volatility can be unsettling to investors, we view it as an opportunity to find attractive ideas at the individual company level. This was evident in the Fund’s metrics, which continued to demonstrate what we see as a favorable balance of compelling valuations and positive fundamentals. As of September 30, 2019, the Fund had a price-to-earnings ratio of 10.1 based on one-year forward earnings

6 | DWS CROCI^® U.S. Fund

estimates, versus 17.5 for the S&P 500 Index. At the same time, the companies in the portfolio featured a return on equity of 22.5%, which compared with 21.5% for the index. While these characteristics were not reflected in Fund performance over the last 12 months, we believe they help create a positive foundation for longer-term results.

We are encouraged by the recent signs of a revival in the value style. Over the past year, the Russell 1000^® Value Index gained 4.00% and outpaced the 3.71% return for the Russell 1000^® Growth Index. Although the margin of outperformance was narrow, we view this as a sign that investors are beginning to look for opportunities outside of the fastest-growing areas of the market. We see latitude for this trend to gain momentum due to the combination of rising risk and the potential for mean reversion following a long interval of underperformance for the value style. Accordingly, we continued to emphasize a disciplined, systematic, and value-oriented approach to stock selection.

* Not held at September 30, 2019.

Portfolio Management Team

Di Kumble, CFA, Managing Director

Portfolio Manager of the Fund. Began managing the Fund in 2015.

– Joined DWS in 2003 with seven years of industry experience. Prior to joining, she served as a Portfolio Manager at Graham Capital Management. Previously, she worked as a Quantitative Strategist at ITG Inc. and Morgan Stanley.

– Senior Portfolio Manager, Head of Tax Managed Equities: New York.

– BS, Beijing University; PhD in Chemistry, Princeton University.

John Moody, Vice President

Portfolio Manager of the Fund. Began managing the Fund in 2016.

– Joined DWS in 1998. Prior to his current role, served as a Business Manager for Active Equity. Previously, he was a Portfolio Analyst for EAFE, Global and Technology Funds and an Investment Accountant for International Funds. He began his career as a Client Service Associate for the International Institutional Equity Group.

– Portfolio Analyst/Portfolio Manager: New York.

– BS in Business Management, Fairfield 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 CROCI^® U.S. Fund | 7

Terms to Know

Standard & Poor’s 500 Index (S&P 500) is an unmanaged, capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

The Russell 1000 Growth Index is an unmanaged index that consists of stocks in the Russell 1000 Index that have higher price-to-book ratios and higher forecasted growth values.

The Russell 1000 Value Index measures the performance of stocks in the Russell 1000 Index with lower price/book ratios and lower forecasted growth values.

Index and category returns assume reinvestment of all distributions. Index returns do not reflect fees or expenses and it is not possible to invest directly in an index.

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

Overweight means the Fund holds a higher weighting in a given sector or security than the benchmark. Underweight means the Fund holds a lower weighting.

Price-to-earnings ratio (P/E) ratio (or accounting P/E ratio) compares a company’s current share price to its per-share earnings. The CROCI economic P/E ratio is a measure of valuation that incorporates all of the assets and liabilities of a company which are adjusted systematically by the CROCI team.

Return on equity is the amount of net income returned as a percentage of shareholders’ equity.

8 | DWS CROCI^® U.S. Fund

Performance Summary September 30, 2019 (Unaudited)

Class A	1-Year		Life of Fund*
Average Annual Total Returns as of 9/30/19
Unadjusted for Sales Charge		2.61%		5.23%
Adjusted for the Maximum Sales Charge (max 5.75% load)		–3.29%		3.85%
S&P 500® Index†		4.25%		10.35%
Class T	1-Year		Life of Fund*
Average Annual Total Returns as of 9/30/19
Unadjusted for Sales Charge		2.70%		5.19%
Adjusted for the Maximum Sales Charge (max 2.50% load)		0.13%		4.60%
S&P 500® Index†		4.25%		11.13%
Class C	1-Year		Life of Fund*
Average Annual Total Returns as of 9/30/19
Unadjusted for Sales Charge		1.90%		4.44%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)		1.90%		4.44%
S&P 500® Index†		4.25%		10.35%
Class R	1-Year		Life of Fund*
Average Annual Total Returns as of 9/30/19
No Sales Charges		2.30%		4.84%
S&P 500® Index†		4.25%		12.76%
Class R6	1-Year		Life of Fund*
Average Annual Total Returns as of 9/30/19
No Sales Charges		3.07%		5.58%
S&P 500® Index†		4.25%		10.35%
Class S	1-Year		Life of Fund*
Average Annual Total Returns as of 9/30/19
No Sales Charges		2.98%		5.50%
S&P 500® Index†		4.25%		10.35%
Institutional Class	1-Year		Life of Fund*
Average Annual Total Returns as of 9/30/19
No Sales Charges		2.88%		5.51%
S&P 500® Index†		4.25%		10.35%

DWS CROCI^® U.S. Fund | 9

Performance in the Average Annual Total Returns table above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws.com for the Fund’s most recent month-end performance. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated February 1, 2019 are 1.01%, 0.93%, 1.75%, 1.39%, 0.61%, 0.67% and 0.68% for Class A, Class T, Class C, Class R, Class R6, Class S and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

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

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

Returns shown for Class T shares for the period prior to its inception on June 5, 2017 are derived from the historical performance of Institutional Class shares of DWS CROCI^® U.S. Fund during such periods and have been adjusted to reflect the higher total annual operating expenses and applicable sales charges of Class T. Any difference in expenses will affect performance.

Returns shown for Class R shares for the period prior to its inception on December 9, 2016 are derived from the historical performance of Institutional Class shares of DWS CROCI^® U.S. Fund during such periods and have been adjusted to reflect the higher total annual operating expenses of Class R. Any difference in expenses will affect performance.

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.

10 | DWS CROCI^® U.S. Fund

Growth of an Assumed $10,000 Investment
(Adjusted for Maximum Sales Charge)

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

The growth of $10,000 is cumulative.

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

* Deutsche CROCI^® U.S. Fund commenced operations on April 13, 2015. Class T shares commenced operations on June 5, 2017. Class R shares commenced operations on December 9, 2016.

^†  The Standard & Poor’s 500 (S&P 500) Index is an unmanaged, capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

	Class A		Class T		Class C		Class R		Class R6		Class S		Institutional Class
Net Asset Value
9/30/19	$	11.70	$	11.71	$	11.55	$	11.68	$	11.73	$	11.73	$	11.72
9/30/18	$	11.83	$	11.85	$	11.68	$	11.82	$	11.87	$	11.86	$	11.86
Distribution Information as of 9/30/19
Income Distributions, Twelve Months	$	.25	$	.26	$	.17	$	.22	$	.29	$	.28	$	.28
Capital Gain Distributions, Twelve Months	$	.13	$	.13	$	.13	$	.13	$	.13	$	.13	$	.13

DWS CROCI^® U.S. Fund | 11

Portfolio Summary		(Unaudited)
Asset Allocation (As a % of Investment Portfolio)	9/30/19		9/30/18
Common Stocks		100%		100%
Cash Equivalents		0%		0%
		100%		100%
Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents)	9/30/19		9/30/18
Financials		39%		22%
Health Care		14%		15%
Industrials		10%		14%
Materials		8%		10%
Utilities		8%		7%
Consumer Discretionary		5%		10%
Information Technology		5%		12%
Energy		5%		—
Communication Services		4%		—
Consumer Staples		2%		10%
		100%		100%

12 | DWS CROCI^® U.S. Fund

Ten Largest Equity Holdings at September 30, 2019 (27.0% of Net Assets)
	1	LyondellBasell Industries NV	2.9%
		Manufacturer of plastic, chemical, and fuel products
	2	Hewlett Packard Enterprise Co.	2.8%
		Provider of information technology solutions
	3	State Street Corp.	2.7%
		Provider of institutional investor services and manages financial assets worldwide
	4	BorgWarner, Inc.	2.7%
		Supplies engineered systems and components
	5	BB&T Corp.	2.7%
		Provider of commercial and retail banking services
	6	Eastman Chemical Co.	2.7%
		International chemical company which produces chemicals, fibers, and plastics
	7	Wells Fargo & Co.	2.7%
		Diversified financial services company
	8	Genuine Parts Co.	2.6%
		Distributor of automobile replacement parts, office products and electronic materials
	9	Huntington Bancshares, Inc.	2.6%
		Multi-state bank holding company
	10	Cummins, Inc.	2.6%
		Designs and manufactures diesel engines

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 14. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 52 for contact information.

DWS CROCI^® U.S. Fund | 13

Investment Portfolio as of September 30, 2019

	Shares		Value ($)
Common Stocks 99.5%
Communication Services 4.4%
Entertainment 2.2%
Viacom, Inc. “B”		722,735		17,367,322
Media 2.2%
CBS Corp. “B”		429,699		17,346,949
Consumer Discretionary 5.3%
Auto Components 2.7%
BorgWarner, Inc.		595,741		21,851,780
Distributors 2.6%
Genuine Parts Co.		210,810		20,994,568
Consumer Staples 2.1%
Tobacco
Altria Group, Inc.		410,691		16,797,262
Energy 4.9%
Oil, Gas & Consumable Fuels
Cabot Oil & Gas Corp.		1,130,135		19,856,472
Phillips 66		191,105		19,569,152
				39,425,624
Financials 38.3%
Banks 25.8%
Bank of America Corp.		704,761		20,557,878
BB&T Corp.		409,098		21,833,560
Citigroup, Inc.		297,217		20,531,750
Comerica, Inc.		311,455		20,552,916
Huntington Bancshares, Inc.		1,470,094		20,978,241
JPMorgan Chase & Co.		175,239		20,623,878
M&T Bank Corp.		128,607		20,316,048
U.S. Bancorp.		362,472		20,059,201
Wells Fargo & Co.		423,328		21,352,664
Zions Bancorp. NA		468,913		20,876,007
				207,682,143
Capital Markets 5.2%
Bank of New York Mellon Corp.		446,788		20,199,285
State Street Corp.		371,479		21,987,842
				42,187,127
Consumer Finance 7.3%
Capital One Financial Corp.		219,927		20,008,959
Discover Financial Services		235,494		19,096,208

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

14 | DWS CROCI^® U.S. Fund

	Shares		Value ($)
Synchrony Financial		565,909		19,291,838
				58,397,005
Health Care 14.1%
Biotechnology 9.3%
Biogen., Inc.*		81,295		18,927,102
Celgene Corp.*		199,038		19,764,474
Gilead Sciences, Inc.		296,082		18,765,677
Regeneron Pharmaceuticals, Inc.*		63,148		17,517,255
				74,974,508
Pharmaceuticals 4.8%
Bristol-Myers Squibb Co.		399,459		20,256,566
Merck & Co., Inc.		219,292		18,460,000
				38,716,566
Industrials 10.0%
Electrical Equipment 2.5%
Eaton Corp. PLC		241,340		20,067,421
Machinery 5.2%
Cummins, Inc.		128,931		20,973,205
PACCAR, Inc.		292,591		20,484,296
				41,457,501
Professional Services 2.3%
ManpowerGroup, Inc.		222,249		18,722,256
Information Technology 5.0%
IT Services 2.3%
Cognizant Technology Solutions Corp. “A”		306,230		18,454,951
Technology Hardware, Storage & Peripherals 2.7%
Hewlett Packard Enterprise Co.		1,458,799		22,129,981
Materials 8.0%
Chemicals 5.6%
Eastman Chemical Co.		292,276		21,578,737
LyondellBasell Industries NV “A”		259,859		23,249,585
				44,828,322
Metals & Mining 2.4%
Nucor Corp.		382,942		19,495,577
Utilities 7.4%
Electric Utilities 5.0%
Exelon Corp.		418,615		20,223,291
PPL Corp.		644,258		20,287,684
				40,510,975

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

DWS CROCI^® U.S. Fund | 15

	Shares		Value ($)
Multi-Utilities 2.4%
DTE Energy Co.		146,206		19,439,550
Total Common Stocks (Cost $799,366,110)				800,847,388
Cash Equivalents 0.3%
DWS Central Cash Management Government Fund, 1.96% (a) (Cost $2,372,496)		2,372,496		2,372,496
	% of Net Assets		Value ($)
Total Investment Portfolio (Cost $801,738,606)		99.8		803,219,884
Other Assets and Liabilities, Net		0.2		1,552,869
Net Assets		100.0		804,772,753

A summary of the Fund’s transactions with affiliated investments during the year ended September 30, 2019 are as follows:

Value ($) at 9/30/2018		Pur- chases Cost ($)		Sales Proceeds ($)		Net Real- ized Gain/ (Loss) ($)		Net Change in Unreal- ized Appreci- ation (Depreci- ation) ($)		Income ($)		Capital Gain Distribu- tions ($)		Number of Shares at 9/30/2019		Value ($) at 9/30/2019
	Securities Lending Collateral
	DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.84% (a)(b)
	—		0 (c)		—		—		—		7,929		—		—		—
	Cash Equivalents 0.3%
	DWS Central Cash Management Government Fund, (a) 1.96%
	1,438,960		81,113,175		80,179,639		—		—		129,013		—		2,372,496		2,372,496
	1,438,960		81,113,175		80,179,639		—		—		136,942		—		2,372,496		2,372,496

* Non-income producing security.

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

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

(c) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended September 30, 2019.

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

16 | DWS CROCI^® U.S. Fund

Fair Value Measurements

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

The following is a summary of the inputs used as of September 30, 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 (d)	$	800,847,388	$	—	$	—	$	800,847,388
Short-Term Investment		2,372,496		—		—		2,372,496
Total	$	803,219,884	$	—	$	—	$	803,219,884

(d) See Investment Portfolio for additional detailed categorizations.

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

DWS CROCI^® U.S. Fund | 17

Statement of Assets and Liabilities

as of September 30, 2019
Assets
Investments in non-affiliated securities, at value (cost $799,366,110)	$	800,847,388
Investment in DWS Central Cash Management Government Fund (cost $2,372,496)		2,372,496
Cash		299,622
Receivable for Fund shares sold		12,582
Dividends receivable		2,525,247
Interest receivable		7,317
Other assets		24,240
Total assets		806,088,892
Liabilities
Payable for Fund shares redeemed		618,839
Accrued Management fee		277,616
Accrued Trustees’ fees		11,544
Other accrued expenses and payables		408,140
Total liabilities		1,316,139
Net assets, at value	$	804,772,753
Net Assets Consist of
Distributable earnings (loss)		47,417,122
Paid-in capital		757,355,631
Net assets, at value	$	804,772,753

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

18 | DWS CROCI^® U.S. Fund

Statement of Assets and Liabilities as of September 30, 2019 (continued)

Net Asset Value
Class A
Net Asset Value and redemption price per share ($131,890,730 ÷ 11,271,189 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	11.70
Maximum offering price per share (100 ÷ 94.25 of $11.70)	$	12.41
Class T
Net Asset Value and redemption price per share ($11,630 ÷ 993 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	11.71
Maximum offering price per share (100 ÷ 97.5 of $11.71)	$	12.01
Class C
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($3,669,823 ÷ 317,722 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	11.55
Class R
Net Asset Value, offering and redemption price per share ($1,665,539 ÷ 142,556 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	11.68
Class R6
Net Asset Value, offering and redemption price per share ($143,359 ÷ 12,219 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	11.73
Class S
Net Asset Value, offering and redemption price per share ($659,939,131 ÷ 56,283,620 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	11.73
Institutional Class
Net Asset Value, offering and redemption price per share ($7,452,541 ÷ 635,998 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	11.72

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

DWS CROCI^® U.S. Fund | 19

Statement of Operations

for the year ended September 30, 2019
Investment Income
Income:
Dividends	$	22,975,142
Income distributions — DWS Central Cash Management Government Fund		129,013
Securities lending income, net of borrower rebates		7,929
Total income		23,112,084
Expenses:
Management fee		3,413,509
Administration fee		803,179
Services to shareholders		917,374
Distribution and service fees		379,507
Custodian fee		11,439
Professional fees		92,407
Reports to shareholders		56,654
Registration fees		94,420
Trustees’ fees and expenses		42,667
Other		52,307
Total expenses before expense reductions		5,863,463
Expense reductions		(3,004)
Total expenses after expense reductions		5,860,459
Net investment income		17,251,625
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		34,394,069
Change in net unrealized appreciation (depreciation) on investments		(31,491,425)
Net gain (loss)		2,902,644
Net increase (decrease) in net assets resulting from operations	$	20,154,269

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

20 | DWS CROCI^® U.S. Fund

Statements of Changes in Net Assets

	Years Ended September 30,
Increase (Decrease) in Net Assets	2019			2018
Operations:
Net investment income (loss)	$	17,251,625		$	15,578,503
Net realized gain (loss)		34,394,069			94,111,596
Change in net unrealized appreciation (depreciation)		(31,491,425	)		(40,104,286	)
Net increase (decrease) in net assets resulting from operations		20,154,269			69,585,813
Distributions to shareholders:
Class A		(4,557,950	)		(3,316,648	)
Class T		(372	)		(222	)
Class C		(139,374	)		(221,164	)
Class R		(57,611	)		(38,432	)
Class R6		(5,000	)		(3,268	)
Class S		(24,389,767	)		(17,640,806	)
Institutional Class		(285,160	)		(175,836	)
Total distributions		(29,435,234	)		(21,396,376	)
Fund share transactions:
Proceeds from shares sold		24,270,750			30,814,970
Reinvestment of distributions		28,053,132			20,384,921
Payments for shares redeemed		(107,842,945	)		(128,322,025	)
Net increase (decrease) in net assets from Fund share transactions		(55,519,063	)		(77,122,134	)
Increase (decrease) in net assets		(64,800,028	)		(28,932,697	)
Net assets at beginning of period		869,572,781			898,505,478
Net assets at end of period	$	804,772,753		$	869,572,781

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

DWS CROCI^® U.S. Fund | 21

Financial Highlights

	Years Ended September 30,												Period Ended
Class A	2019			2018			2017			2016			9/30/15a
Selected Per Share Data
Net asset value, beginning of period		$11.83			$11.21			$9.51			$8.65			$10.00
Income (loss) from investment operations:
Net investment income (loss)b		.21			.17			.16			.15			.06
Net realized and unrealized gain (loss)		.04			.69			1.55			.81			(1.41	)
Total from investment operations		.25			.86			1.71			.96			(1.35	)
Less distributions from:
Net investment income		(.25	)		(.11	)		(.01	)		(.10	)		—
Net realized gains		(.13	)		(.13	)		—			—			—
Total distributions		(.38	)		(.24	)		(.01	)		(.10	)		—
Net asset value, end of period		$11.70			$11.83			$11.21			$9.51			$8.65
Total Return (%)c		2.61			7.87			17.94			11.26	d		(13.50	)d**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		132			147			154			.39			.19
Ratio of expenses before expense reductions (%)		.99			1.01			.96			3.35			4.62	*
Ratio of expenses after expense reductions (%)		.99			1.01			.96			1.06			1.06	*
Ratio of net investment income (loss) (%)		1.88			1.48			1.50			1.68			1.45	*
Portfolio turnover rate (%)		95			98			100			98			29	**

^a  For the period from April 13, 2015 (commencement of operations) to September 30, 2015.

^b  Based on average shares outstanding during the period.

^c  Total return does not reflect the effect of any sales charges.

^d  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.

22 | DWS CROCI^® U.S. Fund

	Years Ended September 30,						Period Ended
Class T	2019			2018			9/30/17a
Selected Per Share Data
Net asset value, beginning of period		$11.85			$11.21			$10.68
Income (loss) from investment operations:
Net investment income (loss)b		.22			.18			.05
Net realized and unrealized gain (loss)		.03			.69			.48
Total from investment operations		.25			.87			.53
Less distributions from:
Net investment income		(.26	)		(.10	)		—
Net realized gains		(.13	)		(.13	)		—
Total distributions		(.39	)		(.23	)		—
Net asset value, end of period		$11.71			$11.85			$11.21
Total Return (%)c		2.70			7.87			4.96	d**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ thousands)		12			11			10
Ratio of expenses before expense reductions (%)		.92			.93			1.05	*
Ratio of expenses after expense reductions (%)		.92			.93			1.04	*
Ratio of net investment income (loss) (%)		1.97			1.57			1.53	*
Portfolio turnover rate (%)		95			98			100	e

^a  For the period from June 5, 2017 (commencement of operations) to September 30, 2017.

^b  Based on average shares outstanding during the period.

^c  Total return does not reflect the effect of any sales charges.

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

^e  Represents the Fund’s portfolio turnover rate for the year ended September 30, 2017.

^*  Annualized

^**  Not annualized

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

DWS CROCI^® U.S. Fund | 23

	Years Ended September 30,											Period Ended
Class C	2019			2018			2017		2016			9/30/15a
Selected Per Share Data
Net asset value, beginning of period		$11.68			$11.06			$9.45		$8.61			$10.00
Income (loss) from investment operations:
Net investment income (loss)b		.12			.08			.08		.09			.03
Net realized and unrealized gain (loss)		.05			.69			1.53		.81			(1.42	)
Total from investment operations		.17			.77			1.61		.90			(1.39	)
Less distributions from:
Net investment income		(.17	)		(.02	)		—		(.06	)		—
Net realized gains		(.13	)		(.13	)		—		—			—
Total distributions		(.30	)		(.15	)		—		(.06	)		—
Net asset value, end of period		$11.55			$11.68			$11.06		$9.45			$8.61
Total Return (%)c		1.90			7.05			17.04		10.47	d		(13.90	)d**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		4			6			16		1			.12
Ratio of expenses before expense reductions (%)		1.73			1.75			1.72		4.09			5.38	*
Ratio of expenses after expense reductions (%)		1.73			1.75			1.72		1.81			1.81	*
Ratio of net investment income (loss) (%)		1.11			.70			.74		.95			.71	*
Portfolio turnover rate (%)		95			98			100		98			29	**

^a  For the period from April 13, 2015 (commencement of operations) to September 30, 2015.

^b  Based on average shares outstanding during the period.

^c  Total return does not reflect the effect of any sales charges.

^d  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.

24 | DWS CROCI^® U.S. Fund

	Years Ended September 30,						Period Ended
Class R	2019			2018			9/30/17a
Selected Per Share Data
Net asset value, beginning of period		$11.82			$11.19			$9.67
Income (loss) from investment operations:
Net investment income (loss)b		.17			.14			.10
Net realized and unrealized gain (loss)		.04			.70			1.42
Total from investment operations		.21			.84			1.52
Less distributions from:
Net investment income		(.22	)		(.08	)		—
Net realized gains		(.13	)		(.13	)		—
Total distributions		(.35	)		(.21	)		—
Net asset value, end of period		$11.68			$11.82			$11.19
Total Return (%)		2.30	c		7.54	c		15.72	**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		2			2			2
Ratio of expenses before expense reduction (%)		1.34			1.39			1.27	*
Ratio of expenses after expense reduction (%)		1.29			1.29			1.27	*
Ratio of net investment income (loss) (%)		1.57			1.20			1.19	*
Portfolio turnover rate (%)		95			98			100	d

^a  For the period from December 9, 2016 (commencement of operations) to September 30, 2017.

^b  Based on average shares outstanding during the period.

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

^d  Represents the Fund’s portfolio turnover rate for the year ended September 30, 2017.

^*  Annualized

^**  Not annualized

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

DWS CROCI^® U.S. Fund | 25

	Years Ended September 30,												Period Ended
Class R6	2019			2018			2017			2016			9/30/15a
Selected Per Share Data
Net asset value, beginning of period		$11.87			$11.24			$9.53			$8.66			$10.00
Income (loss) from investment operations:
Net investment income (loss)b		.26			.22			.20			.18			.08
Net realized and unrealized gain (loss)		.02			.70			1.54			.81			(1.42	)
Total from investment operations		.28			.92			1.74			.99			(1.34	)
Less distributions from:
Net investment income		(.29	)		(.16	)		(.03	)		(.12	)		—
Net realized gains		(.13	)		(.13	)		—			—			—
Total distributions		(.42	)		(.29	)		(.03	)		(.12	)		—
Net asset value, end of period		$11.73			$11.87			$11.24			$9.53			$8.66
Total Return (%)c		3.07			8.23			18.30			11.57			(13.40	)**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ thousands)		143			138			128			97			87
Ratio of expenses before expense reductions (%)		.64			.61			.62			3.07			4.36	*
Ratio of expenses after expense reductions (%)		.59			.59			.61			.81			.81	*
Ratio of net investment income (loss) (%)		2.30			1.91			1.96			1.95			1.72	*
Portfolio turnover rate (%)		95			98			100			98			29	**

^a  For the period from April 13, 2015 (commencement of operations) to September 30, 2015.

^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.

26 | DWS CROCI^® U.S. Fund

	Years Ended September 30,												Period Ended
Class S	2019			2018			2017			2016			9/30/15a
Selected Per Share Data
Net asset value, beginning of period		$11.86			$11.23			$9.51			$8.65			$10.00
Income (loss) from investment operations:
Net investment income (loss)b		.25			.21			.19			.16			.08
Net realized and unrealized gain (loss)		.03			.70			1.55			.82			(1.43	)
Total from investment operations		.28			.91			1.74			.98			(1.35	)
Less distributions from:
Net investment income		(.28	)		(.15	)		(.02	)		(.12	)		—
Net realized gains		(.13	)		(.13	)		—			—			—
Total distributions		(.41	)		(.28	)		(.02	)		(.12	)		—
Net asset value, end of period		$11.73			$11.86			$11.23			$9.51			$8.65
Total Return (%)		2.98			8.17			18.33			11.44	c		(13.50	)c**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		660			706			718			.55			.11
Ratio of expenses before expense reductions (%)		.67			.67			.67			3.22			4.37	*
Ratio of expenses after expense reductions (%)		.67			.67			.67			.91			.84	*
Ratio of net investment income (loss) (%)		2.21			1.83			1.79			1.81			1.71	*
Portfolio turnover rate (%)		95			98			100			98			29	**

^a  For the period from April 13, 2015 (commencement of operations) to September 30, 2015.

^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 CROCI^® U.S. Fund | 27

	Years Ended September 30,												Period Ended
Institutional Class	2019			2018			2017			2016			9/30/15a
Selected Per Share Data
Net asset value, beginning of period		$11.86			$11.23			$9.53			$8.66			$10.00
Income (loss) from investment operations:
Net investment income (loss)b		.24			.21			.19			.18			.08
Net realized and unrealized gain (loss)		.03			.70			1.54			.81			(1.42	)
Total from investment operations		.27			.91			1.73			.99			(1.34	)
Less distributions from:
Net investment income		(.28	)		(.15	)		(.03	)		(.12	)		—
Net realized gains		(.13	)		(.13	)		—			—			—
Total distributions		(.41	)		(.28	)		(.03	)		(.12	)		—
Net asset value, end of period		$11.72			$11.86			$11.23			$9.53			$8.66
Total Return (%)		2.88	c		8.18			18.20			11.57	c		(13.40	)c**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		7			9			7			5			4
Ratio of expenses before expense reductions (%)		.71			.68			.66			3.05			4.34	*
Ratio of expenses after expense reductions (%)		.69			.68			.66			.81			.81	*
Ratio of net investment income (loss) (%)		2.14			1.84			1.87			1.95			1.72	*
Portfolio turnover rate (%)		95			98			100			98			29	**

^a  For the period from April 13, 2015 (commencement of operations) to September 30, 2015.

^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.

28 | DWS CROCI^® U.S. Fund

Notes to Financial Statements

A. Organization and Significant Accounting Policies

DWS CROCI^® U.S. Fund (the “Fund”) is a diversified series of Deutsche DWS Investment Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company organized as a Massachusetts business trust.

The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are subject to an initial sales charge. Class T shares are subject to an initial sales charge and are only available through certain financial intermediaries. Class T shares are closed to new purchases, except in connection with the investment of dividends or other distributions. Class C shares are not subject to an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class C shares automatically convert to Class A shares in the same fund after 10 years, provided that the fund or the financial intermediary through which the shareholder purchased the Class C shares has records verifying that the Class C shares have been held for at least 10 years. Class R and Class R6 shares are not subject to initial or contingent deferred sales charges and are generally available only to certain retirement plans. Class S shares are not subject to initial or contingent deferred sales charges and are only available to a limited group of investors. Institutional Class shares are not subject to initial or contingent deferred sales charges and are generally available only to qualified institutions.

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

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

DWS CROCI^® U.S. Fund | 29

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.

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

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

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

30 | DWS CROCI^® U.S. Fund

Securities Lending. Brown Brothers Harriman & Co. 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 and/or U.S. Treasury Securities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended September 30, 2019, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.12% annualized effective rate as of September 30, 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.

As of September 30, 2019, the Fund had no securities on loan.

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.

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

Distribution of Income and Gains. Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of

DWS CROCI^® U.S. Fund | 31

available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

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

At September 30, 2019, the Fund’s components of distributable earnings (accumulated losses) on a tax basis were as follows:

Undistributed ordinary income*	$	21,075,040
Undistributed long-term capital gains	$	26,369,678
Net unrealized appreciation (depreciation) on investments	$	(27,595	)

At September 30, 2019, the aggregate cost of investments for federal income tax purposes was $803,247,479. The net unrealized depreciation for all investments based on tax cost was $27,595. This consisted of aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost of $42,901,609 and aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value of $42,929,204.

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

	Years Ended September 30,
	2019		2018
Distributions from ordinary income*	$	19,790,576	$	21,396,376
Distributions from long-term capital gains	$	9,644,658	$	—

* 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

32 | DWS CROCI^® U.S. Fund

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. Purchases and Sales of Securities

During the year ended September 30, 2019, purchases and sales of investment securities (excluding short-term investments) aggregated $757,348,968 and $811,547,059, respectively.

C. Related Parties

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

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly, at the following annual rates:

First $1.5 billion of the Fund’s average daily net assets	.425%
Next $500 million of such net assets	.400%
Next $1.0 billion of such net assets	.375%
Next $1.0 billion of such net assets	.350%
Next $1.0 billion of such net assets	.325%
Over $5.0 billion of such net assets	.300%

Accordingly, for the year ended September 30, 2019, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.425% of the Fund’s average daily net assets.

For the period from October 1, 2018 through January 31, 2020, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to

DWS CROCI^® U.S. Fund | 33

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

Class A	1.04%
Class T	1.04%
Class C	1.76%
Class R	1.29%
Class R6	.59%
Class S	.69%
Institutional Class	.69%

For the year ended September 30, 2019, fees waived and/or expenses reimbursed for certain classes are as follows:

Class R	$	833
Class R6		67
Institutional Class		2,104
	$	3,004

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee (“Administration Fee”) of 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the year ended September 30, 2019, the Administration Fee was $803,179, of which $65,678 is unpaid.

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent of the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended September 30, 2019, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at September 30, 2019
Class A	$	60,040	$	10,072
Class T		21		3
Class C		1,921		365
Class R		148		26
Class R6		73		13
Class S		304,626		50,991
Institutional Class		950		181
	$	367,779	$	61,651

34 | DWS CROCI^® U.S. Fund

In addition, for the year ended September 30, 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
Class A	$	162,236
Class C		5,105
Class R		4,375
Class S		234,158
Institutional Class		10,468
	$	416,342

Distribution and Service Fees. Under the Fund’s Class C and Class R 12b-1 plans, DWS Distributors, Inc. (“DDI”), an affiliate of the Advisor, receives a fee (“Distribution Fee”) of 0.75% and 0.25% of average daily net assets of Class C and Class R shares, respectively. In accordance with the Fund’s Underwriting and Distribution Service Agreement, DDI enters into related selling group agreements with various firms at various rates for sales of Class C shares. For the year ended September 30, 2019, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated		Unpaid at September 30, 2019
Class C	$	33,858	$	2,244
Class R		4,500		345
	$	38,358	$	2,589

In addition, DDI provides information and administrative services for a fee (“Service Fee”) to Class A, T, C and R shareholders at an annual rate of up to 0.25% of average daily net assets for each such class. DDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the year ended September 30, 2019, the Service Fee was as follows:

Service Fee	Total Aggregated		Unpaid at September 30, 2019		Annual Rate
Class A	$	325,774	$	52,591		.24	%
Class T		17		9		.15	%
Class C		10,865		1,792		.24	%
Class R		4,493		775		.25	%
	$	341,149	$	55,167

DWS CROCI^® U.S. Fund | 35

Underwriting Agreement and Contingent Deferred Sales Charge. DDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the year ended September 30, 2019 aggregated $950.

In addition, DDI receives any contingent deferred sales charge (“CDSC”) from Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is 1% of the value of the shares redeemed for Class C. For the year ended September 30, 2019, there were no CDSC for Class C shares. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares.

Typesetting and Filing Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the year ended September 30, 2019, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $14,899, of which $8,768 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 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.

D. 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 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

36 | DWS CROCI^® U.S. Fund

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 September 30, 2019.

E. Fund Share Transactions

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

	Year Ended September 30, 2019						Year Ended September 30, 2018
	Shares			Dollars			Shares			Dollars
Shares sold
Class A		810,069		$	8,520,724			1,485,038		$	17,213,062
Class C		13,883			152,447			19,401			219,860
Class R		13,096			141,598			8,518			98,363
Class R6		162			1,850			—			—
Class S		799,107			8,899,434			925,905			10,719,887
Institutional Class		576,967			6,554,697			221,236			2,563,798
				$	24,270,750					$	30,814,970
Shares issued to shareholders in reinvestment of distributions
Class A		443,613		$	4,405,077			274,856		$	3,182,829
Class T		38			372			19			222
Class C		13,043			128,606			17,963			206,399
Class R		5,796			57,611			3,319			38,432
Class R6		504			5,000			282			3,268
Class S		2,335,884			23,171,306			1,450,124			16,777,935
Institutional Class		28,746			285,160			15,198			175,836
				$	28,053,132					$	20,384,921
Shares redeemed
Class A		(2,422,762	)	$	(26,947,759	)		(3,096,038	)	$	(35,790,522	)
Class C		(196,479	)		(2,192,703	)		(1,028,250	)		(11,807,675	)
Class R		(45,222	)		(509,115	)		(28,995	)		(333,691	)
Class R6		(51	)		(503	)		(29	)		(340	)
Class S		(6,354,471	)		(70,363,153	)		(6,830,574	)		(78,997,863	)
Institutional Class		(707,083	)		(7,829,712	)		(120,721	)		(1,391,934	)
				$	(107,842,945	)				$	(128,322,025	)

DWS CROCI^® U.S. Fund | 37

	Year Ended September 30, 2019						Year Ended September 30, 2018
	Shares			Dollars			Shares			Dollars
Net increase (decrease)
Class A		(1,169,080	)	$	(14,021,958	)		(1,336,144	)	$	(15,394,631	)
Class T		38			372			19			222
Class C		(169,553	)		(1,911,650	)		(990,886	)		(11,381,416	)
Class R		(26,330	)		(309,906	)		(17,158	)		(196,896	)
Class R6		615			6,347			253			2,928
Class S		(3,219,480	)		(38,292,413	)		(4,454,545	)		(51,500,041	)
Institutional Class		(101,370	)		(989,855	)		115,713			1,347,700
				$	(55,519,063	)				$	(77,122,134	)

38 | DWS CROCI^® U.S. Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche DWS Investment Trust and Shareholders of DWS CROCI U.S. Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS CROCI U.S. Fund (the “Fund”) (one of the funds constituting Deutsche DWS Investment Trust) (the “Trust”), including the investment portfolio, as of September 30, 2019, and the related statements of operations and changes in net assets and the financial highlights for the year then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Investment Trust) at September 30, 2019, the results of its operations, the changes in its net assets and its financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.

The statement of changes in net assets for the year ended September 30, 2018, and the financial highlights for the period from April 13, 2015 (commencement of operations) through September 30, 2015 and for the years ended September 30, 2016, September 30, 2017 and September 30, 2018, were audited by another independent registered public accounting firm whose report, dated November 20, 2018, expressed an unqualified opinion on that statement of changes in net assets and those financial highlights.

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 audit. 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.

DWS CROCI^® U.S. Fund | 39

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audit, 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 audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2019, by correspondence with the custodian and others. Our audit 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 audit provides a reasonable basis for our opinion.

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

Boston, Massachusetts

November 26, 2019

40 | DWS CROCI^® U.S. Fund

Information About Your Fund’s Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads) and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses for Class R, R6 and Institutional shares; 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 (April 1, 2019 to September 30, 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. Subject to certain exceptions, an account maintenance fee of $20.00 assessed once per calendar year for Classes A, C and S shares may apply for accounts with balances less than $10,000. This fee is not included in these tables. If it was, the estimate of expenses paid for Classes A, C and S shares during the period would be higher, and account value during the period would be lower, by this amount.

DWS CROCI^® U.S. Fund | 41

Expenses and Value of a $1,000 Investment for the six months ended September 30, 2019 (Unaudited)
Actual Fund Return	Class A		Class T		Class C		Class R		Class R6		Class S		Institutional Class
Beginning Account Value 4/1/19	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 9/30/19	$	1,053.10	$	1,054.00	$	1,050.00	$	1,051.30	$	1,055.80	$	1,054.90	$	1,054.00
Expenses Paid per $1,000*	$	4.99	$	4.69	$	8.74	$	6.63	$	3.04	$	3.40	$	3.55
Hypothetical 5% Fund Return	Class A		Class T		Class C		Class R		Class R6		Class S		Institutional Class
Beginning Account Value 4/1/19	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 9/30/19	$	1,020.21	$	1,020.51	$	1,016.55	$	1,018.60	$	1,022.11	$	1,021.76	$	1,021.61
Expenses Paid per $1,000*	$	4.91	$	4.61	$	8.59	$	6.53	$	2.99	$	3.35	$	3.50

* Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.

Annualized Expense Ratios	Class A			Class T			Class C			Class R			Class R6			Class S			Institutional Class
DWS CROCI U.S. Fund		.97	%		.91	%		1.70	%		1.29	%		.59	%		.66	%		.69	%

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

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

42 | DWS CROCI^® U.S. Fund

Tax Information (Unaudited)

The Fund paid distributions of $0.13 per share from net long-term capital gains during its year ended September 30, 2019.

For corporate shareholders, 98% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund’s fiscal year ended September 30, 2019, qualified for the dividends received deduction.

For federal Income tax purposes, the Fund designates $25,273,000, or the maximum amount allowable under tax law, as qualified dividend income.

Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $29,054,000 as capital gain dividends for its year ended September 30, 2019.

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 CROCI^® U.S. Fund | 43

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWS CROCI^® U.S. Fund’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) in September 2019.

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

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

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

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

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

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

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

44 | DWS CROCI^® U.S. 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. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar”), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review” (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one- and three-year periods ended December 31, 2018, the Fund’s performance (Class A shares) was in the 4th quartile and 2nd quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in the one- and three-year periods ended December 31, 2018. The Board noted

DWS CROCI^® U.S. Fund | 45

the disappointing investment performance of the Fund in recent periods and continued to discuss with senior management of DIMA the factors contributing to such underperformance and actions being taken to improve performance. The Board recognized the efforts by DIMA in recent years to enhance its investment platform and improve long-term performance across the DWS fund complex.

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge”) and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2018). The Board noted that the Fund’s Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2018, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) (“Broadridge Universe Expenses”). The Board also reviewed data comparing each other operational share class’s total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund’s total (net) operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds (“DWS Funds”) and considered differences between the Fund and the 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

46 | DWS CROCI^® U.S. Fund

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

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

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental or “fall-out” benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board noted that DIMA pays a licensing fee to an affiliate related to the Fund’s use of the CROCI^® strategy. 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

DWS CROCI^® U.S. Fund | 47

compliance officers and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

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

48 | DWS CROCI^® U.S. Fund

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. The number of funds in DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

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)

DWS CROCI^® U.S. Fund | 49

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)		78	—
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)

50 | DWS CROCI^® U.S. 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
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)		78	—

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)

DWS CROCI^® U.S. Fund | 51

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
John Millette7 (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 Kenneally7 (1966) Chief Financial Officer and Treasurer, 2018–present	Director,3 DWS; formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca7 (1957) Assistant Treasurer, 2007–present	Director,3 DWS
Sheila Cadogan7 (1966) Assistant Treasurer, 2017–present	Director,3 DWS; Director and Vice President, DWS Trust Company (since 2018)
Scott D. Hogan7 (1970) Chief Compliance Officer, 2016–present	Director,3 DWS
Caroline Pearson7 (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 Salit6 (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 Crawford8 (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: 875 Third Avenue, New York, NY 10022.

⁷  Address: One International Place, Boston, MA 02110.

⁸  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.

52 | DWS CROCI^® U.S. Fund

Account Management Resources

For More Information	The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, T, C and S also have the ability to purchase, exchange or redeem shares using this system. For more information, contact your financial representative. You may also access our automated telephone system or speak with a Shareholder Service representative by calling: (800) 728-3337
Web Site	dws.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information.
Written Correspondence	DWS PO Box 219151 Kansas City, MO 64121-9151
Proxy Voting	The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337.
Portfolio Holdings	Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-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

DWS CROCI^® U.S. Fund | 53

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 reached the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles.
	Class A	Class T	Class C	Class S	Institutional Class
Nasdaq Symbol	DCUAX	DCUUX	DCUCX	DCUSX	DCUIX
CUSIP Number	25157M 588	25157M 448	25157M 570	25157M 547	25157M 554
Fund Number	1020	1720	1320	2020	1420
For shareholders of Class R and 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 Deutsche fund account information. Log in/register to manage retirement account assets at https://www.mykplan.com/participantsecure_net/login.aspx.
For More Information	(800) 728-3337 To speak with a service representative.
Written Correspondence	DWS Service Company 222 South Riverside Plaza Chicago, IL 60606-5806
	Class R	Class R6
Nasdaq Symbol	DCUTX	DCURX
CUSIP Number	25157M 513	25157M 562
Fund Number	1520	1620

54 | DWS CROCI^® U.S. Fund

Notes

DCUS-2

(R-039599-5 11/19)

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 CROCI U.S. fund

form n-csr disclosure re: AUDIT FEES

The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s current Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s fiscal year ended September 30, 2019 and the amount of fees that PricewaterhouseCoopers, LLP (“PwC”), the Fund’s prior Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s fiscal year ended September 30, 2018. The Audit Committee approved in advance all audit services and non-audit services that EY or PwC provided to the Fund while serving as the Independent Registered Public Accounting Firm.

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

Fiscal Year Ended September 30,	Audit Fees Billed to Fund	Audit-Related Fees Billed to Fund	Tax Fees Billed to Fund	All Other Fees Billed to Fund
2019	$53,933	$0	$8,755	$0
2018	$66,183	$0	$0	$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 fiscal year ended September 30, 2019 and the amount of fees billed by PwC to the Adviser and any Affiliated Fund Service provider for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s fiscal year ended September 30, 2018.

Fiscal Year Ended September 30,	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers	Tax Fees Billed to Adviser and Affiliated Fund Service Providers	All Other Fees Billed to Adviser and Affiliated Fund Service Providers
2019	$0	$740,482	$0
2018	$0	$0	$0

The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures. EY also billed $470,936 for tax services during the Fund’s fiscal year ended September 30, 2018.

Non-Audit Services

The following table shows the amount of fees that EY billed during the Fund’s fiscal year ended September 30, 2019 and the amount of fees that PwC billed during the Fund’s fiscal year ended September 30, 2018 for non-audit services. The Audit Committee pre-approved all non-audit services that EY or PwC, while serving as Independent Registered Public Accounting Firm, 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 and PwC about any non-audit services that EY or PwC rendered to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s and PwC’s independence.

Fiscal Year Ended September 30,	Total Non-Audit Fees Billed to Fund (A)	Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B)	Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C)	Total of (A), (B) and (C)
2019	$8,755	$740,482	$0	$749,237
2018	$0	$0	$0	$0

All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities. EY also billed $984,066 for tax services during the Fund’s fiscal year ended September 30, 2018.

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 each 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 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 CROCI® U.S. Fund, a series of Deutsche DWS Investment Trust
By:	/s/Hepsen Uzcan Hepsen Uzcan President
Date:	11/29/2019

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:	11/29/2019
By:	/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer
Date:	11/29/2019