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

100 Summer Street

Boston, MA 02110

(Name and Address of Agent for Service)

Date of fiscal year end:	9/30
Date of reporting period:	9/30/2020

ITEM 1. REPORT TO STOCKHOLDERS

September 30, 2020

Annual Report

to Shareholders

DWS Capital Growth 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
19	Statement of Assets and Liabilities
21	Statement of Operations
22	Statements of Changes in Net Assets
23	Financial Highlights
29	Notes to Financial Statements

40	Report of Independent Registered Public Accounting Firm
42	Information About Your Fund’s Expenses
44	Tax Information
45	Advisory Agreement Board Considerations and Fee Evaluation
50	Board Members and Officers
55	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.

Stocks may decline in value. Fund management could be wrong in its analysis of industries, companies, economic trends and favor a security that underperforms the market. The Fund may lend securities to approved institutions. Please read the prospectus for details.

War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Fund and its investments.

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 Capital Growth Fund

Letter to Shareholders

Dear Shareholder:

The economic recovery from the COVID-19 pandemic proceeds, but the pace is moderating.

The most dynamic part of the recovery — the bounce back from lockdown — is likely to be behind us. Now a more arduous phase is beginning, in which incremental improvements will most probably be smaller. Some repercussions of the pandemic might only become apparent now, such as bankruptcies among smaller companies. While setbacks can be expected, we believe the overall direction of the economy should remain upward — provided there is no second, large-scale lockdown.

Along with an unprecedented slump in economic activity, we have seen unprecedented rescue packages through monetary and fiscal policy. DWS’s CIO Office believes accommodative monetary policy and very low interest rates could be with us for much longer. With little upside potential for wages, weak demand and a drastic under-utilization of capacities, we still see very low inflation rates.

In the coming months, we expect limited market upside taking into consideration that risks that are already on the horizon could provoke markets corrections. Increased market volatility could be fueled by a variety of events: the potential escalation in the U.S.-Chinese technology dispute; setbacks in the fight against COVID-19; failure to reach an agreement on the U.S. stimulus package; or events in the aftermath of the November elections.

While companies and societies improve their coexistence with the virus, not all sectors will benefit equally. For this reason, we believe that active management, with its close monitoring of developments, is critical. We believe that the close interaction between our portfolio managers and our CIO Office — which synthesizes the views of more than 900 DWS economists, analysts and investment professionals around the world — positions us to make strategic and tactical decisions.

We appreciate your trust and welcome the opportunity to help you navigate these unusual times. For ongoing updates to our market and economic outlook, please visit the ‘Insights’ section of dws.com.

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 Capital Growth 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.

Management Process

Portfolio management aims to add value through stock selection. In choosing securities, portfolio management employs a risk-balanced bottom-up selection process to identify companies it believes are well-positioned and that have above average and sustainable growth potential.

DWS Capital Growth Fund returned 35.36% during the 12-month period that ended on September 30, 2020, underperforming the 37.53% gain for its benchmark, the Russell 1000^® Growth Index, but outperforming the 32.13% average return for the funds in its Morningstar peer group, Large Growth. The Fund also outpaced its peers in the five-, and 10-year intervals that ended on the same date.

Despite the sharp sell-off in the first quarter of 2020, the U.S. equity market produced an impressive return over the full 12-month reporting period. Stocks posted robust gains through the fourth calendar quarter of 2019 and the early weeks of 2020, as investors displayed optimism about the economic outlook, U.S. Federal Reserve (Fed) policy, and apparent progress toward a resolution of the trade dispute between the United States and China.

The favorable backdrop shifted abruptly in February, when the spread of COVID-19 led to a dramatic downturn in expectations for global economic growth and corporate earnings. As it became evident that the virus was a global issue — and not one limited to certain areas of China — the resulting efforts at containment sent stock prices into free-fall. As a result, the first three months of 2020 represented the worst calendar quarter for U.S. equities since the height of the global financial crisis in 2008.

The sell-off, while dramatic, in fact proved short lived as stocks staged a historic rally from late March through the end of August. Hopes that the

4 | DWS Capital Growth Fund

economy was on track for a “V-shaped” recovery, together with the Fed’s decision to cut interest rates to zero, compelled investors to move out of short-term debt instruments and into riskier assets with higher return potential. The markets were also encouraged by the U.S. government’s passage of a large fiscal stimulus package. These developments helped the index regain all of the ground it had lost in the previous downturn and move to a series of new highs through late August. However, the market experienced a modest decline in September due to uncertainty about the U.S. elections and a resurgence of COVID-19 across the developed world.

Growth stocks outpaced the value style by a wide margin, outperforming both in times of market strength and in the February-March sell-off. The 37.53% gain for the Russell 1000 Growth Index was more than 42 percentage points ahead the –5.03% return for the Russell 1000^® Value Index in the 12-month period, a remarkable gap in such a short time. Growth stocks, in general, continued to benefit from high investor demand for companies with the ability to deliver rising earnings despite challenging economic conditions. The mega-cap technology sector accounted for the majority of the outperformance.

Fund Performance

The Fund produced a strong absolute return in the past 12 months, and the underlying fundamentals of the companies in the portfolio continued to trend in a positive direction. However, the Fund did not keep pace with the Russell 1000 Growth Index due in part to the unusual, momentum-driven market backdrop that existed for much of the period. In this regard, the Fund lost nearly a percentage point of return versus the benchmark by having a zero weighting in the electric car and battery producer Tesla, Inc. The stock’s index weighting increased considerably in the second half of the period, meaning that it began to have a larger impact on the benchmark’s return. An underweight in Apple, Inc. was also a key detractor despite the stock’s sizable absolute weighting in the Fund. These types of performance anomalies are within expectations given that our goal is to manage a portfolio of the most compelling innovators in the U.S. market, and not to chase short-term trends.

On the plus side, our positioning in the health care sector had the largest positive impact on performance. DexCom, Inc., a maker of continuous glucose monitoring systems, benefited from high demand and increased insurance coverage for its products. Thermo Fisher Scientific, Inc., a

DWS Capital Growth Fund | 5

leading supplier of life science/diagnostic tools, rallied on expectations that its COVID-related diagnostics will lead to rising sales growth. Danaher Corp. was another beneficiary of the ongoing secular tailwind surrounding diagnostics and vaccine development. The company reported positive results in the trial of a key treatment, and it beat analysts’ estimates across multiple product segments.

Real estate, while making up only a small portion of the portfolio, was nonetheless a source of outperformance due to strong gains for Equinix, Inc. and Prologis, Inc. As data-center real estate investment trusts, the companies benefited from the growing demand for data usage, storage, and connectivity brought about by the shift toward more people working off-site. In contrast, the broader sector was hurt by concerns that tenants would be unable to make their rent payments in the coronavirus-induced recession.

The communications service sector was an area of strength thanks to a position in Spotify Technology SA. The company gained market share during the COVID-19 pandemic, and its first quarter results showed robust subscriber growth and better-than-expected profit margins. Investors were further excited by the company’s announcements concerning exclusive podcast deals, acquisitions, and new podcast-monetization functionality.

Outside of these areas, DocuSign, Inc. — whose technology enables people to sign documents without in-person contact — was a top contributor thanks to its ability to capitalize on the evolving business environment. Nuance Communications, Inc., a provider of cloud-based solutions driven by artificial intelligence, was also a leading contributor. The stock fell sharply in the first quarter downturn on concerns that it would be hit hard by the effects of COVID-19, but it subsequently rebounded to new highs on signs that it could in fact be a beneficiary. Twilio, Inc., a cloud-based communication services provider that announced positive earnings and increased its forward guidance, was another top performer for the annual period.

On the other end of the spectrum, the consumer discretionary sector was home to a number of the Fund’s largest detractors. In all cases, the stocks gained ground but produced returns less than that of the sector as a whole. For example, shares of McDonald’s Corp. were hurt by the larger issues affecting the restaurant industry in the pandemic, and its defensive nature prevented it from recovering at the same pace as the overall sector

6 | DWS Capital Growth Fund

in the subsequent rebound. CarMax, Inc., also underperformed. Although the used car market held up and management executed on boosting profit margins and generating efficiencies, the company’s reliance on in-person sales processes was a headwind for the stock in the past six months. Burlington Stores, Inc., which was hurt by broader weakness in the retail space, was a further detractor in the sector. Outside of consumer discretionary, notable detractors included Fiserv, Inc., Becton Dickson, and Walt Disney Co., all of which were affected to varying degrees by COVID-19.

Outlook and Positioning

Several factors remained potential drivers of market performance as September came to a close, including the possibility of a disorderly U.S. election process, an accelerating spread of COVID-19 in the upcoming winter, and headlines surrounding progress toward a vaccine. In the meantime, the speed of change we are experiencing in all aspects of our lives seems to have accelerated as the pandemic has amplified trends that were already in place before the virus. This has many potential long-term implications regarding how people live and work, as well as how businesses operate. The disruption has revealed structural winners and losers, and it has fostered a redistribution of value from older, low-growth, and more capital-intensive companies to younger, high-growth companies. Perhaps the most prominent amplification of existing themes has been the shift toward digitization, electronic payments, and e-commerce, which has fed through to other areas of the economy — including health care, retail, financial services, education, and manufacturing — at an accelerating speed. We believe the resulting dislocations are creating a wealth of new investment opportunities.

Another aspect of the changing environment is that the valuations for many of the highest-growth companies have reached elevated levels, which leaves less room for error. However, we also think that in many cases the premiums are justified by a sizable revenue growth advantage they have sustained in the shutdown, even as top-line results for the overall market have turned lower.

We kept an open mind regarding more richly valued stocks as long as their growth appeared to be substantiated by large addressable markets and favorable economics. At the same time, we sought to maintain a balanced risk profile by trimming some of the Fund’s outperformers and

DWS Capital Growth Fund | 7

building new positions in companies with a visible and reliable growth trajectories that were trading at more reasonable price levels. Overall, we believe in the stronger long-term economic potential of companies with durable products and services that are exhibiting dominance in an ever-changing world, as well as those that are disrupting the status quo.

Portfolio Manager

Sebastian P. Werner, PhD, Director

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

– Joined DWS in 2008; previously, he served as a Research Assistant for the Endowed Chair of Asset Management at the European Business School, Oestrich-Winkel while earning his PhD.

– Portfolio Manager for Global and US Growth Equities: New York.

– MBA in International Management from the Thunderbird School of Global Management; Masters Degree (“Diplom-Kaufmann”) and PhD in Finance (“Dr.rer.pol.”) from the European Business School, Oestrich-Winkel.

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.

Terms to Know

Russell 1000 Growth Index is an unmanaged index that consists of those stocks in the Russell 1000^® Index that have higher price-to-book ratios and higher forecasted growth values. Russell 1000 Index is an unmanaged price-only index of the 1,000 largest capitalized companies that are domiciled in the US and whose common stocks are traded.

Morningstar Large Growth Funds invest in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large-cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). Most of these portfolios focus on companies in rapidly expanding industries. The average category returns for the one-, three-, five-, and 10-year periods ended September 30, 2020 were 32.13%, 16.99%, and 15.01%, respectively.

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

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.

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

Consumer discretionary represents industries that produce goods and services that are not necessities in everyday life.

8 | DWS Capital Growth Fund

Performance Summary September 30, 2020 (Unaudited)

Class A	1-Year		5-Year		10-Year
Average Annual Total Returns as of 9/30/20
Unadjusted for Sales Charge		35.36%		18.73%		15.92%
Adjusted for the Maximum Sales Charge (max 5.75% load)		27.57%		17.33%		15.24%
Russell 1000® Growth Index†		37.53%		20.10%		17.25%
Class C	1-Year		5-Year		10-Year
Average Annual Total Returns as of 9/30/20
Unadjusted for Sales Charge		34.24%		17.75%		14.99%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)		34.24%		17.75%		14.99%
Russell 1000® Growth Index†		37.53%		20.10%		17.25%
Class R	1-Year		5-Year		10-Year
Average Annual Total Returns as of 9/30/20
No Sales Charges		34.77%		18.22%		15.48%
Russell 1000® Growth Index†		37.53%		20.10%		17.25%
Class R6	1-Year		5-Year		Life of Class*
Average Annual Total Returns as of 9/30/20
No Sales Charges		35.77%		19.09%		16.19%
Russell 1000® Growth Index†		37.53%		20.10%		16.64%
Class S	1-Year		5-Year		10-Year
Average Annual Total Returns as of 9/30/20
No Sales Charges		35.70%		19.03%		16.22%
Russell 1000® Growth Index†		37.53%		20.10%		17.25%
Institutional Class	1-Year		5-Year		10-Year
Average Annual Total Returns as of 9/30/20
No Sales Charges		35.67%		19.01%		16.23%
Russell 1000® Growth Index†		37.53%		20.10%		17.25%

DWS Capital Growth 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, 2020 are 0.94%, 1.78%, 1.33%, 0.62%, 0.69% and 0.71% for Class A, 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.

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.

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 initial 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.

10 | DWS Capital Growth Fund

* Class R6 shares commenced operations on August 25, 2014.

^†  The Russell 1000^® Growth Index is an unmanaged index that consists of those stocks in the Russell 1000^® Index that have higher price-to-book ratios and higher forecasted growth values. Russell 1000^® Index is an unmanaged price-only index of the 1,000 largest capitalized companies that are domiciled in the U.S. and whose common stocks are traded.

	Class A		Class C		Class R		Class R6		Class S		Institutional Class
Net Asset Value
9/30/20	$	104.63	$	85.08	$	101.64	$	105.51	$	106.03	$	105.85
9/30/19	$	81.88	$	67.94	$	79.96	$	82.56	$	82.93	$	82.79
Distribution Information as of 9/30/20
Income Dividends, Twelve Months	$	.04	$	—	$	—	$	.32	$	.26	$	.24
Capital Gain Distributions, Twelve Months	$	4.81	$	4.81	$	4.81	$	4.81	$	4.81	$	4.81

DWS Capital Growth Fund | 11

Portfolio Summary		(Unaudited)
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	9/30/20		9/30/19
Common Stocks		99%		99%
Cash Equivalents		1%		1%
		100%		100%
Sector Diversification (As a % of Common Stocks)	9/30/20		9/30/19
Information Technology		42%		35%
Consumer Discretionary		15%		15%
Health Care		13%		13%
Communication Services		13%		13%
Industrials		6%		11%
Financials		5%		6%
Consumer Staples		3%		4%
Real Estate		2%		2%
Materials		1%		1%
Energy		—		0%
		100%		100%

12 | DWS Capital Growth Fund

Ten Largest Equity Holdings at September 30, 2020 (43.7% of Net Assets)
	1	Microsoft Corp.	8.9%
		Develops, manufactures, licenses, sells and supports software products
	2	Apple, Inc.	8.8%
		Designs, manufactures and markets personal computers and related computing and mobile-communication devices
	3	Amazon.com, Inc.	6.0%
		Online retailer offering a wide range of products
	4	Alphabet, Inc.	3.7%
		Holding company with subsidiaries that provide Web-based search, maps, hardware products and various software applications
	5	Visa, Inc.	3.4%
		Operator of retail electronic payments network and manages global financial services
	6	Thermo Fisher Scientific, Inc.	3.2%
		Manufacturer of measurement instruments that monitor, collect and analyze information for various industries
	7	Progressive Corp.	2.7%
		Provider of property and casualty insurance
	8	Home Depot, Inc.	2.5%
		Home improvement retailer that sells building materials and home improvement products
	9	Adobe, Inc.	2.3%
		Producer of print and graphic software systems
	10	NVIDIA Corp.	2.2%
		Designs, develops, and markets three dimensional (3D) graphic processors

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 55 for contact information.

DWS Capital Growth Fund | 13

Investment Portfolio as of September 30, 2020

	Shares		Value ($)
Common Stocks 99.3%
Communication Services 12.4%
Entertainment 5.5%
Activision Blizzard, Inc.		343,851		27,834,739
Live Nation Entertainment, Inc.*		175,489		9,455,347
Netflix, Inc.*		51,962		25,982,559
Roku, Inc.*		34,608		6,533,990
Spotify Technology SA*		95,179		23,087,570
Walt Disney Co.		110,306		13,686,769
				106,580,974
Interactive Media & Services 5.5%
Alphabet, Inc. “A”*		22,355		32,763,488
Alphabet, Inc. “C”*		26,092		38,344,803
Facebook, Inc. “A”*		76,733		20,096,373
Match Group, Inc.*		138,499		15,324,914
				106,529,578
Wireless Telecommunication Services 1.4%
T-Mobile U.S., Inc.*		231,470		26,470,909
Consumer Discretionary 15.1%
Diversified Consumer Services 1.1%
Chegg, Inc.* (a)		159,674		11,407,111
ServiceMaster Global Holdings, Inc.*		243,849		9,724,698
				21,131,809
Hotels, Restaurants & Leisure 1.8%
McDonald’s Corp.		126,516		27,768,997
Planet Fitness, Inc. “A”*		130,444		8,037,959
				35,806,956
Internet & Direct Marketing Retail 6.0%
Amazon.com, Inc.*		36,972		116,414,845
Multiline Retail 1.4%
Dollar General Corp.		125,298		26,264,967
Specialty Retail 4.2%
Burlington Stores, Inc.*		73,965		15,243,447
CarMax, Inc.*		182,540		16,777,251
Home Depot, Inc.		177,343		49,249,925
				81,270,623
Textiles, Apparel & Luxury Goods 0.6%
Lululemon Athletica, Inc.*		36,641		12,068,446

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

14 | DWS Capital Growth Fund

	Shares		Value ($)
Consumer Staples 2.9%
Food & Staples Retailing 1.1%
Costco Wholesale Corp.		62,926		22,338,730
Food Products 1.2%
Mondelez International, Inc. “A”		395,598		22,727,105
Personal Products 0.6%
Estee Lauder Companies, Inc. “A”		50,925		11,114,381
Financials 4.8%
Capital Markets 1.4%
Intercontinental Exchange, Inc.		272,129		27,226,507
Consumer Finance 0.7%
American Express Co.		129,716		13,004,029
Insurance 2.7%
Progressive Corp.		557,078		52,738,574
Health Care 12.7%
Biotechnology 1.1%
BioMarin Pharmaceutical, Inc.*		110,472		8,404,710
Exact Sciences Corp.* (a)		134,432		13,705,342
				22,110,052
Health Care Equipment & Supplies 6.3%
Becton, Dickinson & Co.		128,573		29,916,366
Danaher Corp.		157,189		33,847,507
DexCom, Inc.*		59,162		24,388,351
Hologic, Inc.*		388,456		25,820,670
The Cooper Companies, Inc.		23,895		8,055,483
				122,028,377
Life Sciences Tools & Services 3.2%
Thermo Fisher Scientific, Inc.		139,789		61,719,640
Pharmaceuticals 2.1%
Bristol-Myers Squibb Co.		241,953		14,587,346
Zoetis, Inc.		156,375		25,859,734
				40,447,080
Industrials 6.3%
Aerospace & Defense 0.4%
TransDigm Group, Inc.		13,569		6,446,903
Building Products 0.5%
Trex Co., Inc.*		133,888		9,586,381
Electrical Equipment 1.3%
AMETEK, Inc.		256,807		25,526,616
Industrial Conglomerates 1.2%
Roper Technologies, Inc.		59,958		23,690,005

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

DWS Capital Growth Fund | 15

	Shares		Value ($)
Professional Services 2.3%
TransUnion		250,980		21,114,947
Verisk Analytics, Inc.		122,915		22,777,379
				43,892,326
Road & Rail 0.6%
Norfolk Southern Corp.		57,110		12,220,969
Information Technology 41.4%
IT Services 7.7%
Fiserv, Inc.*		276,082		28,450,250
FleetCor Technologies, Inc.*		31,736		7,556,342
Global Payments, Inc.		141,388		25,107,681
Snowflake, Inc. “A”* (a)		2,699		677,449
Twilio, Inc. “A”* (a)		83,889		20,728,133
Visa, Inc. “A” (a)		329,868		65,963,704
				148,483,559
Semiconductors & Semiconductor Equipment 3.7%
Analog Devices, Inc.		114,533		13,370,582
Applied Materials, Inc.		136,210		8,097,685
MKS Instruments, Inc.		53,656		5,860,845
NVIDIA Corp.		80,392		43,509,758
				70,838,870
Software 21.2%
Adobe, Inc.*		89,046		43,670,830
Avalara, Inc.*		42,529		5,415,643
DocuSign, Inc.*		85,806		18,468,883
Dynatrace, Inc.*		172,604		7,080,216
Intuit, Inc.		59,714		19,479,304
Microsoft Corp.		815,594		171,543,886
Nuance Communications, Inc.*		648,897		21,536,891
Proofpoint, Inc.*		133,238		14,063,271
RingCentral, Inc. “A”*		26,086		7,163,476
salesforce.com, Inc.*		118,775		29,850,533
ServiceNow, Inc.*		64,889		31,471,165
Slack Technologies, Inc. “A”* (a)		159,680		4,289,005
Synopsys, Inc.*		107,817		23,070,682
VMware, Inc. “A”* (a)		93,184		13,387,745
				410,491,530
Technology Hardware, Storage & Peripherals 8.8%
Apple, Inc.		1,476,970		171,047,896
Materials 1.3%
Chemicals 0.8%
Ecolab, Inc.		79,232		15,833,723
Construction Materials 0.5%
Vulcan Materials Co.		75,063		10,174,039

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

16 | DWS Capital Growth Fund

	Shares			Value ($)
Real Estate 2.4%
Equity Real Estate Investment Trusts (REITs)
Crown Castle International Corp.		68,203			11,355,799
Equinix, Inc.		26,843			20,404,170
Prologis, Inc.		150,791			15,172,590
					46,932,559
Total Common Stocks (Cost $761,003,512)					1,923,158,958
Securities Lending Collateral 6.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04% (b) (c) (Cost $119,204,153)		119,204,153			119,204,153
Cash Equivalents 0.9%
DWS Central Cash Management Government Fund, 0.09% (b) (Cost $16,608,403)		16,608,403			16,608,403
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $896,816,068)		106.3			2,058,971,514
Other Assets and Liabilities, Net		(6.3	)		(122,327,891	)
Net Assets		100.0			1,936,643,623

A summary of the Fund’s transactions with affiliated investments during the year ended September 30, 2020 are as follows:

Value ($) at 9/30/2019		Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreci- ation (Deprecia- tion) ($)		Income ($)		Capital Gain Distri- butions ($)		Number of Shares at 9/30/2020		Value ($) at 9/30/2020
	Securities Lending Collateral 6.1%
	DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04% (b) (c)
	1,515,100		117,689,053 (d)		—		—		—		39,036		—		119,204,153		119,204,153
	Cash Equivalents 0.9%
	DWS Central Cash Management Government Fund, 0.09% (b)
	22,076,364		223,335,177		228,803,138		—		—		224,009		—		16,608,403		16,608,403
	23,591,464		341,024,230		228,803,138		—		—		263,045		—		135,812,556		135,812,556

* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at September 30, 2020 amounted to $116,449,894, which is 6.0% of net assets.

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

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

DWS Capital Growth Fund | 17

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

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended September 30, 2020.

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, 2020 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 (e)	$	1,923,158,958	$	—	$	—	$	1,923,158,958
Short-Term Investments (e)		135,812,556		—		—		135,812,556
Total	$	2,058,971,514	$	—	$	—	$	2,058,971,514

(e) See Investment Portfolio for additional detailed categorizations.

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

18 | DWS Capital Growth Fund

Statement of Assets and Liabilities

as of September 30, 2020
Assets
Investments in non-affiliated securities, at value (cost $761,003,512) — including $116,449,894 of securities loaned	$	1,923,158,958
Investment in DWS Government & Agency Securities Portfolio (cost $119,204,153)*		119,204,153
Investment in DWS Central Cash Management Government Fund (cost $16,608,403)		16,608,403
Cash		10,000
Receivable for Fund shares sold		372,964
Dividends receivable		221,369
Interest receivable		9,198
Other assets		42,797
Total assets		2,059,627,842
Liabilities
Payable upon return of securities loaned		119,204,153
Payable for Fund shares redeemed		2,012,807
Accrued management fee		722,451
Accrued Trustees’ fees		15,681
Other accrued expenses and payables		1,029,127
Total liabilities		122,984,219
Net assets, at value	$	1,936,643,623
Net Assets Consist of
Distributable earnings (loss)		1,273,866,823
Paid-in capital		662,776,800
Net assets, at value		1,936,643,623

* Represents collateral on securities loaned.

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

DWS Capital Growth Fund | 19

Statement of Assets and Liabilities as of September 30, 2020 (continued)

Net Asset Value
Class A
Net Asset Value and redemption price per share ($795,930,209 ÷ 7,607,395 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	104.63
Maximum offering price per share (100 ÷ 94.25 of $104.63)	$	111.01
Class C
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($15,648,612 ÷ 183,930 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	85.08
Class R
Net Asset Value, offering and redemption price per share ($3,317,573 ÷ 32,639 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	101.64
Class R6
Net Asset Value, offering and redemption price per share ($3,631,153 ÷ 34,414 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	105.51
Class S
Net Asset Value, offering and redemption price per share ($1,024,522,524 ÷ 9,662,982 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	106.03
Institutional Class
Net Asset Value, offering and redemption price per share ($93,593,552 ÷ 884,236 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	105.85

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

20 | DWS Capital Growth Fund

Statement of Operations

for the year ended September 30, 2020
Investment Income
Income:
Dividends	$	13,818,515
Income distributions — DWS Central Cash Management Government Fund		224,009
Securities lending income, net of borrower rebates		39,036
Total income		14,081,560
Expenses:
Management fee		7,760,801
Administration fee		1,652,125
Services to shareholders		1,633,198
Distribution and service fees		1,747,738
Custodian fee		14,538
Professional fees		98,489
Reports to shareholders		82,786
Registration fees		87,845
Trustees’ fees and expenses		59,489
Other		93,256
Total expenses before expense reductions		13,230,265
Expense reductions		(4,276	)
Total expenses after expense reductions		13,225,989
Net investment income		855,571
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		111,227,993
Payments by affiliates (see Note F)		3,167
		111,231,160
Change in net unrealized appreciation (depreciation) on investments		409,843,248
Net gain (loss)		521,074,408
Net increase (decrease) in net assets resulting from operations	$	521,929,979

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

DWS Capital Growth Fund | 21

Statements of Changes in Net Assets

	Years Ended September 30,
Increase (Decrease) in Net Assets	2020			2019
Operations:
Net investment income (loss)	$	855,571		$	3,140,148
Net realized gain (loss)		111,231,160			89,108,354
Change in net unrealized appreciation (depreciation)		409,843,248			(27,252,192	)
Net increase (decrease) in net assets resulting from operations		521,929,979			64,996,310
Distributions to shareholders:
Class A		(37,515,449	)		(81,429,090	)
Class C		(1,005,515	)		(2,442,781	)
Class R		(254,910	)		(775,961	)
Class R6		(152,916	)		(261,966	)
Class S		(49,119,047	)		(104,547,463	)
Institutional Class		(3,952,311	)		(7,521,432	)
Total distributions		(92,000,148	)		(196,978,693	)
Fund share transactions:
Proceeds from shares sold		97,186,026			42,150,833
Reinvestment of distributions		87,553,404			187,301,791
Payments for shares redeemed		(227,173,013	)		(193,554,455	)
Net increase (decrease) in net assets from Fund share transactions		(42,433,583	)		35,898,169
Increase (decrease) in net assets		387,496,248			(96,084,214	)
Net assets at beginning of period		1,549,147,375			1,645,231,589
Net assets at end of period	$	1,936,643,623		$	1,549,147,375

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

22 | DWS Capital Growth Fund

Financial Highlights

DWS Capital Growth Fund — Class A
	Years Ended September 30,
	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period		$81.88			$90.54			$79.22			$71.34			$71.63
Income (loss) from investment operations:
Net investment income (loss)a		(.07	)		.06			(.00	)*		.29			.16
Net realized and unrealized gain (loss)		27.67			2.25			18.16			13.10			7.46
Total from investment operations		27.60			2.31			18.16			13.39			7.62
Less distributions from:
Net investment income		(.04	)		—			(.32	)		(.17	)		(.19	)
Net realized gains		(4.81	)		(10.97	)		(6.52	)		(5.34	)		(7.72	)
Total distributions		(4.85	)		(10.97	)		(6.84	)		(5.51	)		(7.91	)
Net asset value, end of period		$104.63			$81.88			$90.54			$79.22			$71.34
Total Return (%)b		35.36			4.91			24.46			20.13			11.13
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		796			644			683			607			573
Ratio of expenses (%)		.92			.94			.94			.96			.97
Ratio of net investment income (loss) (%)		(.08	)		.08			(.00	)**		.40			.24
Portfolio turnover rate (%)		12			13			27			17			33

^a  Based on average shares outstanding during the period.

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

^* Amount is less than $.005.

^**  Amount is less than .005%.

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

DWS Capital Growth Fund | 23

DWS Capital Growth Fund — Class C
	Years Ended September 30,
	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period		$67.94			$77.82			$69.19			$63.34			$64.74
Income (loss) from investment operations:
Net investment income (loss)a		(.66	)		(.50	)		(.55	)		(.31	)		(.36	)
Net realized and unrealized gain (loss)		22.61			1.59			15.70			11.50			6.68
Total from investment operations		21.95			1.09			15.15			11.19			6.32
Less distributions from:
Net realized gains		(4.81	)		(10.97	)		(6.52	)		(5.34	)		(7.72	)
Net asset value, end of period		$85.08			$67.94			$77.82			$69.19			$63.34
Total Return (%)b		34.24			4.02			23.51			19.09			10.20
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		16			15			19			23			27
Ratio of expenses (%)		1.75			1.78			1.72			1.84			1.79
Ratio of net investment income (loss) (%)		(.91	)		(.76	)		(.78	)		(.48	)		(.58	)
Portfolio turnover rate (%)		12			13			27			17			33

^a  Based on average shares outstanding during the period.

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

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

24 | DWS Capital Growth Fund

DWS Capital Growth Fund — Class R
	Years Ended September 30,
	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period		$79.96			$89.03			$78.07			$70.48			$70.94
Income (loss) from investment operations:
Net investment income (loss)a		(.39	)		(.23	)		(.39	)		(.00	)*		(.11	)
Net realized and unrealized gain (loss)		26.88			2.13			17.87			12.93			7.37
Total from investment operations		26.49			1.90			17.48			12.93			7.26
Less distributions from:
Net realized gains		(4.81	)		(10.97	)		(6.52	)		(5.34	)		(7.72	)
Net asset value, end of period		$101.64			$79.96			$89.03			$78.07			$70.48
Total Return (%)		34.77			4.48			23.84			19.66			10.67
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		3			5			6			9			7
Ratio of expenses (%)		1.34			1.33			1.43			1.37			1.37
Ratio of net investment income (loss) (%)		(.46	)		(.31	)		(.49	)		(.01	)		(.16	)
Portfolio turnover rate (%)		12			13			27			17			33

^a  Based on average shares outstanding during the period.

^*  Amount is less than $.005.

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

DWS Capital Growth Fund | 25

DWS Capital Growth Fund — Class R6
	Years Ended September 30,
	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period		$82.56			$91.20			$79.77			$71.80			$72.01
Income (loss) from investment operations:
Net investment income (loss)a		.20			.31			.25			.52			.38
Net realized and unrealized gain (loss)		27.88			2.26			18.28			13.17			7.48
Total from investment operations		28.08			2.57			18.53			13.69			7.86
Less distributions from:
Net investment income		(.32	)		(.24	)		(.58	)		(.38	)		(.35	)
Net realized gains		(4.81	)		(10.97	)		(6.52	)		(5.34	)		(7.72	)
Total distributions		(5.13	)		(11.21	)		(7.10	)		(5.72	)		(8.07	)
Net asset value, end of period		$105.51			$82.56			$91.20			$79.77			$71.80
Total Return (%)		35.77			5.24			24.85			20.51			11.44
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		4			2			2			1			.3
Ratio of expenses (%)		.61			.62			.63			.65			.67
Ratio of net investment income (loss) (%)		.22			.40			.30			.70			.54
Portfolio turnover rate (%)		12			13			27			17			33

^a  Based on average shares outstanding during the period.

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

26 | DWS Capital Growth Fund

DWS Capital Growth Fund — Class S
	Years Ended September 30,
	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period		$82.93			$91.55			$80.05			$72.05			$72.29
Income (loss) from investment operations:
Net investment income (loss)a		.15			.26			.20			.48			.35
Net realized and unrealized gain (loss)		28.02			2.28			18.36			13.22			7.53
Total from investment operations		28.17			2.54			18.56			13.70			7.88
Less distributions from:
Net investment income		(.26	)		(.19	)		(.54	)		(.36	)		(.40	)
Net realized gains		(4.81	)		(10.97	)		(6.52	)		(5.34	)		(7.72	)
Total distributions		(5.07	)		(11.16	)		(7.06	)		(5.70	)		(8.12	)
Net asset value, end of period		$106.03			$82.93			$91.55			$80.05			$72.05
Total Return (%)		35.70			5.16			24.77			20.43			11.42
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		1,025			828			873			771			697
Ratio of expenses (%)		.67			.69			.70			.71			.71
Ratio of net investment income (loss) (%)		.17			.33			.24			.65			.49
Portfolio turnover rate (%)		12			13			27			17			33

^a  Based on average shares outstanding during the period.

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

DWS Capital Growth Fund | 27

DWS Capital Growth Fund — Institutional Class
	Years Ended September 30,
	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period		$82.79			$91.43			$79.95			$71.99			$72.24
Income (loss) from investment operations:
Net investment income (loss)a		.13			.24			.19			.45			.35
Net realized and unrealized gain (loss)		27.98			2.27			18.33			13.21			7.53
Total from investment operations		28.11			2.51			18.52			13.66			7.88
Less distributions from:
Net investment income		(.24	)		(.18	)		(.52	)		(.36	)		(.41	)
Net realized gains		(4.81	)		(10.97	)		(6.52	)		(5.34	)		(7.72	)
Total distributions		(5.05	)		(11.15	)		(7.04	)		(5.70	)		(8.13	)
Net asset value, end of period		$105.85			$82.79			$91.43			$79.95			$71.99
Total Return (%)		35.67	b		5.14			24.75			20.40			11.42
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		94			56			62			57			213
Ratio of expenses before expense reductions (%)		.70			.71			.71			.73			.70
Ratio of expenses after expense reductions (%)		.69			.71			.71			.73			.70
Ratio of net investment income (loss) (%)		.14			.31			.24			.63			.50
Portfolio turnover rate (%)		12			13			27			17			33

^a  Based on average shares outstanding during the period.

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

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

28 | DWS Capital Growth Fund

Notes to Financial Statements

A. Organization and Significant Accounting Policies

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

The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are subject to an initial sales charge. Class C shares are not subject to an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class C shares automatically convert to Class A shares in the same fund after 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 shares 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 available through certain intermediary relationships with financial services firms, or can be purchased by establishing an account directly with the Fund’s transfer agent. Institutional Class shares are not subject to initial or contingent deferred sales charges and are generally available only to qualified institutions.

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

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

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

DWS Capital Growth Fund | 29

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.

Securities Lending. Deutsche Bank AG as lending agent lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires

30 | DWS Capital Growth Fund

the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. As of period end, any securities on loan were collateralized by cash. During the year ended September 30, 2020, 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 (0.06% annualized effective rate as of September 30, 2020) 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, 2020, the Fund had a security on loan, which was classified as common stocks in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements was overnight and continuous.

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

The Fund has reviewed the tax positions for the open tax years as of September 30, 2020 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 Capital Growth 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, 2020, the Fund’s components of distributable earnings (accumulated losses) on a tax basis were as follows:

Undistributed ordinary income*	$	5,150,485
Undistributed long-term capital gains	$	106,942,832
Net unrealized appreciation (depreciation) on investments	$	1,161,773,507

At September 30, 2020, the aggregate cost of investments for federal income tax purposes was $897,198,007. The net unrealized appreciation for all investments based on tax cost was $1,161,773,507. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $1,168,020,712 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $6,247,205.

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

	Years Ended September 30,
	2020		2019
Distributions from ordinary income*	$	3,089,121	$	7,495,439
Distributions from long-term capital gains	$	88,911,027	$	189,483,254

* 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 Capital Growth 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, 2020, purchases and sales of investment securities (excluding short-term investments) aggregated $193,487,578 and $304,049,655, 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 Fund’s average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $250 million of the Fund’s average daily net assets	.495%
Next $750 million of such net assets	.465%
Next $1.5 billion of such net assets	.445%
Next $2.5 billion of such net assets	.425%
Next $2.5 billion of such net assets	.395%
Next $2.5 billion of such net assets	.375%
Next $2.5 billion of such net assets	.355%
Over $12.5 billion of such net assets	.335%

DWS Capital Growth Fund | 33

Accordingly, for the year ended September 30, 2020, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.46% of the Fund’s average daily net assets.

For the period from October 1, 2019 through September 30, 2020 (through November 14, 2019 for Institutional Class shares), the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of each class as follows:

Class A	1.13%
Class C	1.88%
Class R	1.38%
Class R6	.88%
Class S	.88%
Institutional Class	.88%

Effective November 15, 2019 through January 31, 2021, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of Institutional Class shares at 0.69%.

For the year ended September 30, 2020, fees waived and/or expenses reimbursed for Institutional Class were $4,276.

Effective October 1, 2020 through September 30, 2021, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of certain classes as follows:

Class A	1.09%
Class C	1.84%
Class R	1.34%
Class R6	.84%
Class S	.84%

34 | DWS Capital Growth Fund

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. Prior to March 1, 2020, for all services provided under the Administrative Services Agreement, the Fund paid 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. Effective March 1, 2020, for all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual Administrative Fee of 0.097% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the year ended September 30, 2020, the Administration Fee was $1,652,125, of which $153,166 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, 2020, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at September 30, 2020
Class A	$	272,784	$	49,748
Class C		3,447		594
Class R		653		106
Class R6		237		33
Class S		368,622		67,549
Institutional Class		2,171		182
	$	647,914	$	118,212

In addition, for the year ended September 30, 2020, 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	$	356,887
Class C		20,687
Class R		8,285
Class S		306,097
Institutional Class		70,328
	$	762,284

DWS Capital Growth Fund | 35

Distribution and Service Fees. Under the Fund’s Class C and R 12b-1 Plans, DWS Distributors, Inc. (“DDI”), an affiliate of the Advisor, receives a fee (“Distribution Fee”) of 0.75% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Class R shares. In accordance with the Fund’s Underwriting and Distribution Service Agreement, DDI enters into related selling group agreements with various firms at various rates for sales of Class C and R shares. For the year ended September 30, 2020, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated		Unpaid at September 30, 2020
Class C	$	110,959	$	9,775
Class R		9,069		681
	$	120,028	$	10,456

In addition, DDI provides information and administrative services for a fee (“Service Fee”) to Class A, C and R shareholders at an annual rate of up to 0.25% of the average daily net assets for each such class. DDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the year ended September 30, 2020, the Service Fee was as follows:

Service Fee	Total Aggregated		Unpaid at September 30, 2020		Annual Rate
Class A	$	1,582,907	$	304,968		.23	%
Class C		35,822		6,588		.24	%
Class R		8,981		1,336		.25	%
	$	1,627,710	$	312,892

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, 2020 aggregated $29,723.

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, 2020, the CDSC for Class C shares aggregated $195. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the year ended September 30, 2020, DDI received $5 for 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, 2020, the amount charged to the Fund by DIMA included in the Statement of

36 | DWS Capital Growth Fund

Operations under “Reports to shareholders” aggregated $15,546, of which $7,215 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.

Security Lending Fees. Deutsche Bank AG serves as lending agent for the Fund. For the year ended September 30, 2020, the Fund incurred lending agent fees to Deutsche Bank AG for the amount of $2,938.

D. Line of Credit

The Fund and other affiliated funds (the “Participants”) share in a $350 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a 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, 2020.

DWS Capital Growth Fund | 37

E. Fund Share Transactions

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

	Year Ended September 30, 2020						Year Ended September 30, 2019
	Shares			Dollars			Shares			Dollars
Shares sold
Class A		219,401		$	19,085,421			199,265		$	15,118,715
Class C		40,287			2,798,913			38,429			2,383,748
Class R		10,794			874,046			18,841			1,406,746
Class R6		16,475			1,432,783			5,438			432,708
Class S		481,991			42,943,724			227,088			17,942,390
Institutional Class		334,995			30,051,139			62,216			4,866,526
				$	97,186,026					$	42,150,833
Shares issued to shareholders in reinvestment of distributions
Class A		436,472		$	35,725,215			1,131,168		$	77,575,486
Class C		13,649			914,648			37,329			2,138,227
Class R		2,329			185,797			7,278			488,898
Class R6		1,857			152,916			3,798			261,966
Class S		565,941			46,854,168			1,439,170			99,763,244
Institutional Class		45,012			3,720,660			102,195			7,073,970
				$	87,553,404					$	187,301,791
Shares redeemed
Class A		(918,932	)	$	(81,440,285	)		(999,146	)	$	(76,571,387	)
Class C		(83,727	)		(6,023,927	)		(103,843	)		(6,662,473	)
Class R		(37,492	)		(3,117,861	)		(42,020	)		(3,183,762	)
Class R6		(12,761	)		(1,110,813	)		(4,450	)		(364,314	)
Class S		(1,366,861	)		(121,130,823	)		(1,219,956	)		(94,004,450	)
Institutional Class		(166,104	)		(14,349,304	)		(173,808	)		(12,768,069	)
				$	(227,173,013	)				$	(193,554,455	)
Net increase (decrease)
Class A		(263,059	)	$	(26,629,649	)		331,287		$	16,122,814
Class C		(29,791	)		(2,310,366	)		(28,085	)		(2,140,498	)
Class R		(24,369	)		(2,058,018	)		(15,901	)		(1,288,118	)
Class R6		5,571			474,886			4,786			330,360
Class S		(318,929	)		(31,332,931	)		446,302			23,701,184
Institutional Class		213,903			19,422,495			(9,397	)		(827,573	)
				$	(42,433,583	)				$	35,898,169

38 | DWS Capital Growth Fund

F. Payments by Affiliates

During the year ended September 30, 2020, the Advisor agreed to reimburse the Fund $3,167 for losses incurred on trades executed incorrectly. The amount reimbursed was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.

G. Other — COVID-19 Pandemic

A novel strain of coronavirus (COVID-19) outbreak was declared a pandemic by the World Health Organization on March 11, 2020. The situation is evolving with various cities and countries around the world responding in different ways to address the pandemic. There are direct and indirect economic effects developing for various industries and individual companies throughout the world. The recent pandemic spread of the novel coronavirus and related geopolitical events could lead to increased financial market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Fund and its investments. A prolonged disruption may result in the Fund and its service providers experiencing operational difficulties in implementing their business continuity plans. Management will continue to monitor the impact COVID-19 has on the Fund and reflect the consequences as appropriate in the Fund’s accounting and financial reporting.

DWS Capital Growth Fund | 39

Report of Independent Registered

Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS Capital Growth Fund (the “Fund”) (one of the funds constituting Deutsche DWS Investment Trust) (the “Trust”), including the investment portfolio, as of September 30, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Investment Trust) at September 30, 2020, the results of its operations for the year then ended, the changes in its net assets and its financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights 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 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 audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain

40 | DWS Capital Growth Fund

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2020, by correspondence with the custodian and others. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

November 23, 2020

DWS Capital Growth Fund | 41

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 table is 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 Institutional Class 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, 2020 to September 30, 2020).

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.

42 | DWS Capital Growth Fund

Expenses and Value of a $1,000 Investment for the six months ended September 30, 2020 (Unaudited)
Actual Fund Return	Class A		Class C		Class R		Class R6		Class S		Institutional Class
Beginning Account Value 4/1/20	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 9/30/20	$	1,419.90	$	1,414.00	$	1,417.00	$	1,422.00	$	1,421.50	$	1,421.40
Expenses Paid per $1,000*	$	5.44	$	10.38	$	7.86	$	3.63	$	4.00	$	4.18
Hypothetical 5% Fund Return	Class A		Class C		Class R		Class R6		Class S		Institutional Class
Beginning Account Value 4/1/20	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 9/30/20	$	1,020.50	$	1,016.40	$	1,018.50	$	1,022.00	$	1,021.70	$	1,021.55
Expenses Paid per $1,000*	$	4.55	$	8.67	$	6.56	$	3.03	$	3.34	$	3.49

* 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 366.

Annualized Expense Ratios	Class A			Class C			Class R			Class R6			Class S			Institutional Class
DWS Capital Growth Fund		.90	%		1.72	%		1.30	%		.60	%		.66	%		.69	%

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

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

DWS Capital Growth Fund | 43

Tax Information (Unaudited)

The Fund paid distributions of $4.81 per share from net long-term capital gains during its year ended September 30, 2020.

For corporate shareholders, 100% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund’s fiscal year ended September 30, 2020, qualified for the dividends received deduction.

For federal income tax purposes, the Fund designates approximately $15,165,000, or the maximum amount allowable under tax law, as qualified dividend income.

Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $117,671,000 as capital gain dividends for its year ended September 30, 2020.

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.

44 | DWS Capital Growth Fund

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWS Capital Growth Fund’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) in September 2020.

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

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

– The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. 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”).

– 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 Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA (“DWS Group”). DWS Group is a global asset management business that offers a wide range of investing

DWS Capital Growth Fund | 45

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.

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

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA’s approach to addressing such risks. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar”), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review” (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2019, the Fund’s performance (Class A shares) was in the 1st quartile, 2nd 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 outperformed its benchmark in the one-year period and has underperformed its benchmark in the three- and five-year periods ended December 31, 2019.

46 | DWS Capital Growth Fund

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, 2019). The Board noted that, effective March 1, 2020, the fee paid to DIMA under the Fund’s administrative services agreement was reduced to 0.097%. The Board noted that the Fund’s Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be lower than the median (1st quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2019, 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 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.

DWS Capital Growth Fund | 47

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 also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

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

The Board also considered that on September 24, 2020, the SEC granted a temporary order permitting DIMA and its affiliates to continue providing

48 | DWS Capital Growth Fund

investment advisory and underwriting services to the DWS Funds notwithstanding a consent order entered into by Deutsche Bank AG on June 17, 2020 (the “Consent Order”). The Board noted that the temporary order was granted effective as of the date of the Consent Order. The Board also noted various representations by DIMA to the Board relating to the Consent Order, including that the conduct giving rise to the Consent Order (unintentional conduct that resulted from a system outage that prevented Deutsche Bank AG from reporting data in accordance with applicable CFTC requirements for five days in April 2016) did not involve any DWS Fund or services DIMA and its affiliates provide to the DWS Funds, that DIMA and its personnel had no involvement in the alleged conduct giving rise to the Consent Order, and that the DWS Funds would not bear any financial impact or costs relating to the Consent Order.

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.

DWS Capital Growth Fund | 49

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 the 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); former Chairman, National Association of Small Business Investment Companies; former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)		73	—

50 | DWS Capital Growth 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
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.; Oak Brook Bank; and Prisma Energy 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; former Not-for-Profit Directorships: Public Radio International		73	Portland General Electric2 (utility company) (2003– present)
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)		73	—
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)		73	Director, Aberdeen Japan Fund (since 2007)

DWS Capital Growth Fund | 51

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		73	—
Rebecca W. Rimel (1951) Board Member since 1995	Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); 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); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020)		73	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)		73	—

52 | DWS Capital Growth Fund

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 Director3, DWS; Secretary, DWS USA Corporation (2018-present); Assistant Secretary, DWS Distributors, Inc.(2018-present); Director and Vice President, DWS Service Company (2018-present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018-present); Director and President, DB Investment Managers, Inc. (2018-present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017-present); formerly: Vice President for the Deutsche funds (2016-2017); Assistant Secretary for the DWS funds (2013-2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013-2020) Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (Since October 16, 2020); and Episcopalian Charities of New York (2018-present)
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); Secretary, DBX ETF Trust (2020–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); Assistant Secretary, DBX ETF Trust (2019–2020); Assistant Secretary (July 14, 2006–December 31, 2010) and Secretary (January 31, 2006–July 13, 2006), The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc.
Ciara Crawford8 (1984) Assistant Secretary, (2019–present)	Associate, DWS (since 2015); previously, Legal Assistant at Accelerated Tax Solutions.
Diane Kenneally7 (1966) Chief Financial Officer and Treasurer, 2018–present	Director,3 DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca7 (1957) Assistant Treasurer, 2007–present	Director,3 DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan7 (1966) Assistant Treasurer, 2017–present	Director,3 DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present)

DWS Capital Growth Fund | 53

Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Scott D. Hogan7 (1970) Chief Compliance Officer, 2016–present	Director,3 DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present)
Caroline Pearson7 (1962) Chief Legal Officer, 2010–present	Managing Director3, DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017)
Michelle Goveia-Pine6 (1970) Interim Anti-Money Laundering Compliance Officer, since July 10, 2020	Director,3 DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); Interim AML Officer, DBX ETF Trust (since July 9, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020)

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: 100 Summer Street, 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.

54 | DWS Capital Growth 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, 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-PORT. The Fund’s 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 Capital Growth Fund | 55

Investment Management	DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group”), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group. DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles.
	Class A	Class C	Class S	Institutional Class
Nasdaq Symbol	SDGAX	SDGCX	SCGSX	SDGTX
CUSIP Number	25157M 109	25157M 307	25157M 406	25157M 760
Fund Number	498	798	2398	564
For shareholders of Class R and Class R6
Automated Information Line	DWS/Ascensus Plan Access (800) 728-3337 24-hour access to your retirement plan account.
Web Site	dws.com Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. Log in/register to manage retirement account assets at https://www.mykplan.com/participantsecure_net/login.aspx.
For More Information	(800) 728-3337 To speak with a service representative.
Written Correspondence	DWS Service Company 222 South Riverside Plaza Chicago, IL 60606-5806
	Class R		Class R6
Nasdaq Symbol	SDGRX		SDGZX
CUSIP Number	25157M 851		25157M 620
Fund Number	1508		1698

56 | DWS Capital Growth Fund

Notes

Notes

Notes

Notes

Notes

Notes

Notes

DCGF-2

(R-024414-10 11/20)

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 Capital Growth Fund

form n-csr disclosure re: AUDIT FEES

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

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

Fiscal Year Ended September 30,	Audit Fees Billed to Fund	Audit-Related Fees Billed to Fund	Tax Fees Billed to Fund	All Other Fees Billed to Fund
2020	$53,933	$0	$8,565	$0
2019	$53,933	$0	$8,755	$0

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

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

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

Fiscal Year Ended September 30,	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers	Tax Fees Billed to Adviser and Affiliated Fund Service Providers	All Other Fees Billed to Adviser and Affiliated Fund Service Providers
2020	$0	$625,431	$0
2019	$0	$740,482	$0

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

Non-Audit Services

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

Fiscal Year Ended September 30,	Total Non-Audit Fees Billed to Fund (A)	Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B)	Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C)	Total of (A), (B) and (C)
2020	$8,565	$625,431	$0	$633,996
2019	$8,755	$740,482	$0	$749,237

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

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

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

According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.

***

In connection with the audit of the 2019 and 2020 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. 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.

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 Capital Growth Fund, a series of Deutsche DWS Investment Trust
By:	/s/Hepsen Uzcan Hepsen Uzcan President
Date:	11/27/2020

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:	11/27/2020
By:	/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer
Date:	11/27/2020