Contents

4	Letter to Shareholders
5	Portfolio Management Review
10	Performance Summary
13	Portfolio Summary
15	Investment Portfolio
22	Statement of Assets and Liabilities
24	Statement of Operations
25	Statements of Changes in Net Assets
26	Financial Highlights
32	Notes to Financial Statements
44	Report of Independent Registered Public Accounting Firm
46	Information About Your Fund’s Expenses
48	Tax Information
49	Advisory Agreement Board Considerations and Fee Evaluation
53	Board Members and Officers
59	Account Management Resources

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

The 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

DWS ESG Core Equity Fund

Stocks may decline in value. Incorporation of ESG criteria in the Fund’s investment strategy does not guarantee a return or protect against a loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. The impact of the use of quantitative models and the analysis of specific metrics on a stock’s performance can be difficult to predict, and stocks that previously possessed certain desirable quantitative characteristics may not continue to demonstrate those same characteristics in the future. Quantitative models also entail the risk that the models themselves may be limited or incorrect. The Fund may lend securities to approved institutions. Please read the prospectus for details.

Environmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments: Environmental (how a company performs as a steward of nature); Social (how a company manages relationships with employee, suppliers, customers, and communities); Governance (company’s leadership, executive pay, shareholder rights, etc).

War, terrorism, economic uncertainty, trade disputes, public health crises (including the ongoing 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.

DWS ESG Core Equity Fund

Letter to Shareholders

Dear Shareholder:

The economic outlook remains moderately positive overall, buoyed by good corporate earnings and continued support from central banks. While the U.S. and Asia are acting as growth engines, there is still some uncertainty whether the current momentum is sustainable.

Inflation came back into focus sooner than expected as a result of the combination of the growth upswing, stimulus packages, expansive central banks, and sharply rising oil prices. These circumstances may, to a great extent, prove to be a temporary phenomenon driven by one-time, pandemic-related effects. For example, the massive underutilization of productive capacity and labor in 2020 depressed prices last year. Normalization of commodity prices alone is providing a significant base effect. We expect to see inflation begin to decline in 2022, as economic activity returns to a more typical level.

Our CIO office believes the U.S. Federal Reserve will likely stop asset purchases by the end of the first quarter of 2022. We believe this step is an attempt to manage inflation expectations and it will likely be followed by a series of rate hikes beginning in 2022.

The scope and pace of recovery is likely to remain uneven among regions, asset classes and investment sectors. We believe that this underscores the value add of active portfolio management. We also believe that the strong partnership 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 — makes an important difference in making strategic and tactical decisions for the DWS Funds.

Thank you for your trust. We 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.

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 10 through 12 for more complete performance information.

Investment Strategy and Process

In choosing stocks, portfolio management uses proprietary quantitative models to identify and acquire holdings for the Fund. The quantitative models are research-based and identify primarily Fundamental factors, including valuation, momentum, profitability, earnings and sales growth, which have been effective sources of return historically. These are dynamic models with different factor weights for different industry groupings. The Fund’s portfolio is constructed based on this quantitative process that strives to maximize returns while maintaining a risk profile similar to the Fund’s benchmark index.

Prior to considering financial information, the security selection process evaluates an issuer based on Environmental, Social and Corporate Governance (ESG) criteria. An issuer’s performance across certain ESG criteria is summarized in a proprietary ESG rating which is calculated by DWS International GmbH, an affiliate of the Advisor, on the basis of data obtained from various ESG data providers. Primarily issuers with an ESG rating above a minimum threshold determined by the Advisor are considered for investment by the fund. The proprietary ESG rating for each issuer is derived from multiple factors, including:

•Level of involvement in controversial sectors and weapons;

•Adherence to corporate governance principles (including, but not limited to: composition, effectiveness and independence of the board of directors; remuneration; and relations with shareholders, including shareholder voting rights);

• ESG performance relative to a peer group of issuers; and

• Efforts to meet the United Nations’ Sustainable Development Goals

DWS ESG Core Equity Fund returned 30.24% in the 12-month period that ended on November 30, 2021, outperforming the 26.67% gain of the Russell 1000^® Index.

DWS ESG Core Equity Fund

U.S. equities delivered robust performance in the annual period, with several developments playing a role in the rally. The distribution of vaccines for COVID-19, together with the gradual reopening of the world economy, was the most important catalyst for the market. These events led to a surge in economic growth and a sizable increase in corporate earnings over the depressed levels of early to mid 2020. U.S. Federal Reserve (Fed) policy was also quite favorable for financial assets, with near-zero interest rates and continued quantitative easing. Although the Fed did begin to indicate its intent to tighten policy in the coming year, stocks nonetheless held up reasonably well thanks to the central bank’s efforts to communicate its shift far in advance. The U.S. fiscal picture was a further source of support for the markets, highlighted by several stimulus packages and direct payments to citizens. Not least, the low level of bond yields encouraged investors to seek the higher return potential in equities. In combination, these developments outweighed the effect of risk factors such as rising inflation, worries about China’s economy, and the emergence of new variants of COVID-19.

Stocks with favorable ESG characteristics generally outpaced the broader market in the past year, even though the energy sector — which tends to have a low representation in the ESG category — strongly outperformed. We believe one reason for this was the robust inflow of new assets into the ESG space. According to Morningstar, ESG funds had received $54.7 billion in new assets in the year-to-date period ended September 30, 2021, exceeding the $51.1 billion in inflows achieved in all of 2020, which itself outpaced levels of $21.4 billion in 2019 and $5.4 billion in 2018.* We believe the gradual expansion of information and knowledge about ESG has helped fuel demand for stocks in the Fund’s investment universe, boosting performance relative to the broad-based Russell 1000 Index.

Contributors and Detractors

Stock selection was the primary contributor to Fund performance in the annual period. The Fund’s holdings exceeded the returns of the corresponding benchmark components in the majority of the eleven major sectors, with the best results occurring in information technology, consumer discretionary, and communication services.

In technology, the Fund gained a sizable benefit from its large overweights in Microsoft Corp. and Apple, Inc. The two stocks outpaced the broader market by a wide margin as investors gravitated toward companies seen

DWS ESG Core Equity Fund

as having the most reliable growth characteristics. A position in Oracle Corp., which delivered an impressive gain on the strength of better-than-expected results, was another top contributor in the sector.

Our strong showing in the consumer discretionary sector stemmed in large part from an underweight in Amazon.com, Inc. Amazon was one of the few mega-cap technology-related stocks to underperform in the annual period, as investors gravitated away from companies seen as being the largest beneficiaries of COVID-19. Among stocks the Fund held, Lowe’s Cos Inc. — which benefited from the continued strength in the housing market and consumer spending — was one of our top performers in the sector.

“We maintained a steady, rules-based, and largely sector-neutral approach designed to produce longer-term outperformance.”

Alphabet, Inc. (parent company of Google) was the primary driver of results in communication services, reflecting the same trend of outperformance for mega-cap growers that propelled Microsoft and Apple.

Outside of these sectors, the supermarket operator Albertsons Cos., Inc. was the most notable contributor. The stock gained ground on expectations that rising food prices will translate to higher profits. Iron Mountain, Inc. was another top performer thanks to momentum in its data-center storage business, its diversified revenue base, and optimism about the company’s ability to expand.

Health care was the only sector in which the Fund’s holdings underperformed by a meaningful margin. Cigna Corp., which lagged considerably after providing weaker-than-expected forward guidance due to the ongoing effects of COVID-19, was the largest detractor. We also lost some ground through positions in Amgen, Inc. and Bristol-Myers Squibb Co., both of which suffered negative returns even as the broader health care sector posted a solid gain. Elsewhere, MarketAxess Holdings, Inc. was a key detractor. Shares of the bond-trading platform declined steadily throughout the year to a weakening revenue outlook stemming from increased volatility and poor returns in the fixed-income market. Walt Disney Co., which performed very well in the first part of the period,

DWS ESG Core Equity Fund

ultimately proved to be a detractor as investors grew less optimistic about the prospects for its streaming business.

Outlook and Positioning

The past year was characterized by rapid shifts in leadership not just among factors, but also across sectors and themes (such as the reopening trade versus “stay at home” stocks). This tendency became even more prevalent as the period progressed, and it was accompanied by heightened volatility. Certain cyclical areas of the market, particularly energy and materials stocks, moved in and out of favor on virtually a day-to-day basis, with average moves well above the historic norms. This environment created very difficult conditions for investors who try to chase momentum or base their positioning on a macroeconomic outlook. For our part, we maintained a steady, rules-based, and largely sector-neutral approach designed to produce longer-term outperformance. We believe this strategy, rather than one that attempts to react to day-to-day headlines, is well suited for a time of heightened uncertainty.

*	Sources: Citywireusa.com, November 3, 2021: “ESG Fund Flows Top $54bn As Passives Pick Up Popularity” by Will Schmitt; Mornignstar.com, January 28, 2021: A Broken Record: Flows for U.S. Sustainable Funds Again Reach New Heights” by Jon Hale.

Portfolio Management Team

Pankaj Bhatnagar, PhD, Head of Investment Strategy Equity

Portfolio Manager of the Fund. Began managing the Fund in 2019.

—	Joined DWS in 2000 with seven years of industry experience; previously, served in Quantitative Strategy roles at Nomura Securities, Credit Suisse and Salomon Brothers.
—	Head of Core Equity and Head of Systematic and Quantitative Management: Americas.
—	Degree in Civil Engineering, Indian Institute of Technology; MBA, Kent State University; PhD in Finance, University of North Carolina at Chapel Hill.

Arno V. Puskar, Senior Portfolio Manager Equity

Portfolio Manager of the Fund. Began managing the Fund in 2019.

—	Joined DWS in 1987.
—	Portfolio Manager for US Equities and Quantitative Analyst: New York.
—	BS in Industrial Engineering from Lehigh University; MBA from Pepperdine University.

Hiten Shah, Portfolio Manager Equity

Portfolio Manager of the Fund. Began managing the Fund in 2020.

—	Joined DWS in 2017 with 19 years of industry experience; previously, Senior Consultant at the firm with responsibility for the implementation of BlackRock’s Aladdin platform in the US; Portfolio Manager for multi-asset portable alpha strategies at Oppenheimer

DWS ESG Core Equity Fund

	Funds; Portfolio Manager for global macro and fixed income at various companies, including True North Partners, HSBC, Societe General and GE; and Analyst, Metlife Investments.
—	Portfolio Manager for Quantitative Equity: New York.
—	BA in Economics, Rutgers University.

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

Terms to Know

Russell 1000 Index is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index.

Contribution and detraction incorporate both an investment’s total return and its weighting in the Fund.

Overweight means that a fund holds a higher weighting in a given sector compared with its benchmark index. Underweight means that a fund holds a lower weighting.

Momentum investing is the practice of investing in the market’s top performing stocks in order to capture additional upward movements in their prices.

DWS ESG Core Equity Fund

Performance Summary

November 30, 2021 (Unaudited)

Class A	1-Year	5-Year	10-Year
Average Annual Total Returns as of 11/30/21
Unadjusted for Sales Charge	30.24%	12.09%	13.18%
Adjusted for the Maximum Sales Charge (max 5.75% load)	22.75%	10.77%	12.51%
Russell 1000^® Index^†	26.67%	17.93%	16.18%

Class C	1-Year	5-Year	10-Year
Average Annual Total Returns as of 11/30/21
Unadjusted for Sales Charge	29.23%	11.25%	12.33%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)	29.23%	11.25%	12.33%
Russell 1000^® Index^†	26.67%	17.93%	16.18%

Class R	1-Year	5-Year	10-Year
Average Annual Total Returns as of 11/30/21
No Sales Charges	29.74%	11.78%	12.89%
Russell 1000^® Index^†	26.67%	17.93%	16.18%

Class R6	1-Year	5-Year	Life of Class^*
Average Annual Total Returns as of 11/30/21
No Sales Charges	30.65%	12.47%	10.26%
Russell 1000^® Index^†	26.67%	17.93%	14.23%

Class S	1-Year	5-Year	10-Year
Average Annual Total Returns as of 11/30/21
No Sales Charges	30.56%	12.36%	13.46%
Russell 1000^® Index^†	26.67%	17.93%	16.18%

Institutional Class	1-Year	5-Year	10-Year
Average Annual Total Returns as of 11/30/21
No Sales Charges	30.61%	12.41%	13.49%
Russell 1000^® Index^†	26.67%	17.93%	16.18%

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

DWS ESG Core Equity Fund

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 March 1, 2021 are 0.99%, 1.74%, 1.36%, 0.64%, 0.74% and 0.68% 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.

Until September 23, 2019, the Fund was known as DWS Mid Cap Value Fund. On September 23, 2019, the Fund’s investment objective, strategy and name changed. All returns prior to September 23, 2019 were achieved under the prior strategy.

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)

Yearly periods ended November 30

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.

DWS ESG Core Equity Fund

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

^*	Class R6 shares commenced operations on August 25, 2014.
^†	The Russell 1000 Index is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index.

	Class A	Class C	Class R	Class R6	Class S	Institutional Class
Net Asset Value
11/30/21	$21.62	$20.78	$21.53	$21.59	$21.60	$21.64
11/30/20	$17.23	$16.58	$17.18	$17.22	$17.22	$17.25
Distribution Information as of 11/30/21
Income Dividends, Twelve Months	$ .14	$ .00^*	$ .09	$ .21	$ .19	$ .19
Capital Gain Distributions	$ .52	$ .52	$ .52	$ .52	$ .52	$ .52

^*	Amount is less than $.005.

DWS ESG Core Equity Fund

Ten Largest Equity Holdings at November 30, 2021 (38.0% of Net Assets)
1 Apple, Inc.	9.1%
Designs, manufactures and markets personal computers and related computing and mobile-communication devices
2 Microsoft Corp.	9.0%
Develops, manufactures, licenses, sells and supports software products
3 Alphabet, Inc.	6.7%
Holding company with subsidiaries that provide Web-based search, maps, hardware products and various software applications
4 PepsiCo, Inc.	2.1%
Provider of soft drinks, snack foods and food services
5 NIKE, Inc.	2.1%
Designs, develops and markets athletic footwear, apparel, equipment and accessory products
6 Republic Services, Inc.	2.0%
Provider of non-hazardous solid waste collection and disposal services
7 American Water Works Co., Inc.	1.8%
Provider of drinking water, wastewater and other water-related services
8 salesforce.com, Inc.	1.8%
Provider of application services that allow organizations to share customer information on demand
9 Bank of America Corp.	1.7%
Provider of commercial banking services
10 Walt Disney Co.	1.7%
Operator of media networks, theme parks and motion pictures

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 15. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 59 for contact information.

DWS ESG Core Equity Fund

Investment Portfolio

as of November 30, 2021

	Shares		Value ($)
Common Stocks 99.5%
Communication Services 10.4%
Diversified Telecommunication Services 0.3%
AT&T, Inc.		34,970	798,365
Entertainment 2.2%
Take-Two Interactive Software, Inc.*		6,563	1,088,671
Walt Disney Co.*		26,897	3,897,375
			4,986,046
Interactive Media & Services 7.6%
Alphabet, Inc. “A” *		5,290	15,012,755
Meta Platforms, Inc. “A” *		6,573	2,132,676
			17,145,431
Media 0.3%
Comcast Corp. “A”		11,539	576,719
Consumer Discretionary 11.9%
Auto Components 0.5%
Lear Corp.		6,652	1,116,139
Automobiles 1.3%
Tesla, Inc.*		2,548	2,916,848
Diversified Consumer Services 0.9%
Terminix Global Holdings, Inc.*		53,944	2,013,190
Hotels, Restaurants & Leisure 3.1%
Booking Holdings, Inc.*		428	899,592
Hilton Worldwide Holdings, Inc.*		21,613	2,919,268
Starbucks Corp.		29,255	3,207,518
			7,026,378
Household Durables 0.5%
Mohawk Industries, Inc.*		6,064	1,017,964
Internet & Direct Marketing Retail 2.0%
Amazon.com, Inc.*		736	2,581,204
eBay, Inc.		28,031	1,890,971
			4,472,175
Specialty Retail 1.5%
Five Below, Inc.*		5,636	1,146,588
Lowe’s Companies, Inc.		9,571	2,340,971
			3,487,559

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

DWS ESG Core Equity Fund

	Shares		Value ($)
Textiles, Apparel & Luxury Goods 2.1%
NIKE, Inc. “B”		28,084	4,752,936
Consumer Staples 5.0%
Beverages 3.1%
Keurig Dr Pepper, Inc.		29,350	997,607
Molson Coors Beverage Co. “B” (a)		26,985	1,199,213
PepsiCo, Inc.		29,901	4,777,582
			6,974,402
Food & Staples Retailing 1.3%
Albertsons Cos., Inc. “A” (a)		82,782	2,913,098
Food Products 0.6%
Campbell Soup Co. (a)		14,521	585,632
Kellogg Co.		13,833	846,303
			1,431,935
Energy 2.4%
Oil, Gas & Consumable Fuels
Chevron Corp.		8,952	1,010,412
Exxon Mobil Corp.		55,024	3,292,636
Valero Energy Corp.		15,018	1,005,305
			5,308,353
Financials 9.9%
Banks 2.6%
Bank of America Corp.		88,183	3,921,498
JPMorgan Chase & Co. (a)		11,978	1,902,465
			5,823,963
Capital Markets 3.9%
Invesco Ltd.		46,275	1,033,321
KKR & Co., Inc.		33,490	2,493,330
MarketAxess Holdings, Inc.		2,364	833,759
MSCI, Inc. (a)		2,253	1,418,151
The Goldman Sachs Group, Inc.		8,320	3,169,837
			8,948,398
Consumer Finance 1.2%
American Express Co.		17,586	2,678,348
Insurance 2.2%
Allstate Corp.		35,479	3,857,277
Hartford Financial Services Group, Inc.		16,759	1,107,770
			4,965,047

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

DWS ESG Core Equity Fund

	Shares		Value ($)
Health Care 12.9%
Biotechnology 4.5%
Amgen, Inc.		16,945	3,370,022
Biogen, Inc.* (a)		9,317	2,196,389
BioMarin Pharmaceutical, Inc.*		10,488	905,009
Regeneron Pharmaceuticals, Inc.*		2,856	1,817,930
Vertex Pharmaceuticals, Inc.*		9,417	1,760,414
			10,049,764
Health Care Equipment & Supplies 1.6%
DexCom, Inc.*		2,465	1,386,784
Medtronic PLC		20,581	2,195,993
			3,582,777
Health Care Providers & Services 4.0%
Anthem, Inc.		3,051	1,239,408
Centene Corp.*		23,886	1,705,699
Cigna Corp.		20,266	3,889,045
HCA Healthcare, Inc.		9,640	2,174,688
			9,008,840
Life Sciences Tools & Services 0.5%
Adaptive Biotechnologies Corp.*		44,850	1,170,137
Pharmaceuticals 2.3%
Bristol-Myers Squibb Co.		49,870	2,674,528
Merck & Co., Inc.		16,730	1,253,245
Viatris, Inc.		106,049	1,305,463
			5,233,236
Industrials 9.5%
Aerospace & Defense 0.8%
Howmet Aerospace, Inc.		61,892	1,741,022
Air Freight & Logistics 1.6%
United Parcel Service, Inc. “B”		18,041	3,578,793
Building Products 0.5%
Owens Corning		12,034	1,020,965
Commercial Services & Supplies 2.0%
Republic Services, Inc.		34,324	4,539,692
Electrical Equipment 0.5%
Vertiv Holdings Co.		43,963	1,127,211
Industrial Conglomerates 1.1%
General Electric Co.		26,564	2,523,314

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

DWS ESG Core Equity Fund

	Shares		Value ($)
Machinery 0.7%
Deere & Co.		4,398	1,519,685
Professional Services 0.9%
Verisk Analytics, Inc.		9,284	2,087,693
Road & Rail 1.4%
Uber Technologies, Inc.*		36,007	1,368,266
Union Pacific Corp.		7,998	1,884,649
			3,252,915
Information Technology 29.8%
Communications Equipment 1.1%
Cisco Systems, Inc.		46,001	2,522,695
IT Services 0.7%
MasterCard, Inc. “A”		2,194	690,934
PayPal Holdings, Inc.*		4,257	787,077
			1,478,011
Semiconductors & Semiconductor Equipment 4.3%
Enphase Energy, Inc.*		10,090	2,522,500
Intel Corp.		51,650	2,541,180
Micron Technology, Inc.		13,053	1,096,452
NVIDIA Corp.		6,997	2,286,340
QUALCOMM, Inc.		6,316	1,140,417
			9,586,889
Software 14.6%
Citrix Systems, Inc.		7,403	595,423
Microsoft Corp.		61,356	20,283,680
Oracle Corp.		33,369	3,027,903
salesforce.com, Inc.*		13,855	3,948,121
Synopsys, Inc.*		3,255	1,109,955
Unity Software, Inc.*		11,216	1,933,526
VMware, Inc. “A” *		6,489	757,526
Zoom Video Communications, Inc. “A” *		6,081	1,285,584
			32,941,718
Technology Hardware, Storage & Peripherals 9.1%
Apple, Inc.		124,403	20,563,816
Materials 2.6%
Chemicals 2.1%
DuPont de Nemours, Inc.		15,750	1,164,870

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

DWS ESG Core Equity Fund

	Shares		Value ($)
International Flavors & Fragrances, Inc.		9,657	1,372,935
Linde PLC		7,048	2,242,251
			4,780,056
Metals & Mining 0.5%
Newmont Corp. (a)		17,667	970,272
Real Estate 2.9%
Equity Real Estate Investment Trusts (REITs)
Alexandria Real Estate Equities, Inc.		2,700	540,189
Digital Realty Trust, Inc. (a)		16,630	2,789,516
Iron Mountain, Inc. (a)		50,008	2,272,364
VICI Properties, Inc. (a)		38,004	1,033,709
			6,635,778
Utilities 2.2%
Multi-Utilities 0.4%
Mdu Resources Group, Inc.		36,908	1,005,005
Water Utilities 1.8%
American Water Works Co., Inc.		23,738	4,001,515
Total Common Stocks (Cost $163,294,256)			224,275,093
Securities Lending Collateral 2.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.01% (b) (c) (Cost $4,870,073)		4,870,073	4,870,073
Cash Equivalents 0.5%
DWS Central Cash Management Government Fund, 0.04% (b) (Cost $1,034,285)		1,034,285	1,034,285

	% of Net Assets	Value ($)
Total Investment Portfolio (Cost $169,198,614)	102.2	230,179,451
Other Assets and Liabilities, Net	(2.2)	(4,900,972)
Net Assets	100.0	225,278,479

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

DWS ESG Core Equity Fund

A summary of the Fund’s transactions with affiliated investments during the year ended November 30, 2021 are as follows:

Value ($) at 11/30/2020	Pur- chases Cost ($)	Sales Proceeds ($)	Net Real- ized Gain/ (Loss) ($)	Net Change in Unreal- ized Appreci- ation (Depreci- ation) ($)	Income ($)	Capital Gain Distri- butions ($)	Number of Shares at 11/30/2021	Value ($) at 11/30/2021
Securities Lending Collateral 2.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 0.01% (b) (c)
2,189,251	2,680,822 (d)	—	—	—	33,377	—	4,870,073	4,870,073
Cash Equivalents 0.5%
DWS Central Cash Management Government Fund, 0.04% (b)
1,871,320	17,782,633	18,619,668	—	—	476	—	1,034,285	1,034,285
4,060,571	20,463,455	18,619,668	—	—	33,853	—	5,904,358	5,904,358

*	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 November 30, 2021 amounted to $4,707,175, which is 2.1% 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.
(c)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $59,226.
(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended November 30, 2021.

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

DWS ESG Core Equity Fund

Fair Value Measurements

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

The following is a summary of the inputs used as of November 30, 2021 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 (a)	$224,275,093	$—	$—	$224,275,093
Short-Term Investments (a)	5,904,358	—	—	5,904,358
Total	$230,179,451	$ —	$ —	$230,179,451

(a)	See Investment Portfolio for additional detailed categorizations.

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

DWS ESG Core Equity Fund

Statement of Assets and Liabilities

as of November 30, 2021

Assets
Investments in non-affiliated securities, at value (cost $163,294,256) — including $4,707,175 of securities loaned	$ 224,275,093
Investment in DWS Government & Agency Securities Portfolio (cost $4,870,073)*	4,870,073
Investment in DWS Central Cash Management Government Fund (cost $1,034,285)	1,034,285
Receivable for Fund shares sold	13,686
Dividends receivable	266,606
Interest receivable	1,052
Other assets	37,209
Total assets	230,498,004
Liabilities
Payable upon return of securities loaned	4,870,073
Payable for Fund shares redeemed	104,208
Accrued management fee	87,912
Accrued Trustees' fees	2,148
Other accrued expenses and payables	155,184
Total liabilities	5,219,525
Net assets, at value	$ 225,278,479
Net Assets Consist of
Distributable earnings (loss)	86,913,240
Paid-in capital	138,365,239
Net assets, at value	$ 225,278,479

*	Represents collateral on securities loaned. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $59,226.

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

DWS ESG Core Equity Fund

Statement of Assets and Liabilities as of November 30, 2021 (continued)

Net Asset Value
Class A
Net Asset Value and redemption price per share ($38,458,237 ÷ 1,779,201 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 21.62
Maximum offering price per share (100 ÷ 94.25 of $21.62)	$ 22.94
Class C
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($2,885,167 ÷ 138,861 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 20.78
Class R
Net Asset Value, offering and redemption price per share ($40,800,685 ÷ 1,894,822 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 21.53
Class R6
Net Asset Value, offering and redemption price per share ($1,139,444 ÷ 52,765 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 21.59
Class S
Net Asset Value, offering and redemption price per share ($119,683,794 ÷ 5,540,065 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 21.60
Institutional Class
Net Asset Value, offering and redemption price per share ($22,311,152 ÷ 1,031,242 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 21.64

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

DWS ESG Core Equity Fund

Statement of Operations

for the year ended November 30, 2021

Investment Income
Income:
Dividends	$ 3,099,720
Income distributions — DWS Central Cash Management Government Fund	476
Securities lending income, net of borrower rebates	33,377
Total income	3,133,573
Expenses:
Management fee	988,984
Services to shareholders	328,020
Distribution and service fees	316,453
Custodian and accounting fees	37,136
Professional fees	56,389
Reports to shareholders	12,241
Registration fees	81,182
Trustees' fees and expenses	7,601
Other	14,503
Total expenses before expense reductions	1,842,509
Expense reductions	(13,009)
Total expenses after expense reductions	1,829,500
Net investment income	1,304,073
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments	24,789,420
Payments by affiliates (see Note F)	2,393
	24,791,813
Change in net unrealized appreciation (depreciation) on investments	28,545,111
Net gain (loss)	53,336,924
Net increase (decrease) in net assets resulting from operations	$ 54,640,997

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

DWS ESG Core Equity Fund

Statements of Changes in Net Assets

	Years Ended November 30,
Increase (Decrease) in Net Assets	2021	2020
Operations:
Net investment income	$ 1,304,073	$ 1,663,060
Net realized gain (loss)	24,791,813	5,633,650
Change in net unrealized appreciation (depreciation)	28,545,111	18,321,371
Net increase (decrease) in net assets resulting from operations	54,640,997	25,618,081
Distributions to shareholders:
Class A	(1,185,513)	(2,787,430)
Class C	(136,130)	(371,730)
Class R	(1,214,241)	(2,535,852)
Class R6	(36,986)	(73,806)
Class S	(4,101,701)	(7,200,571)
Institutional Class	(640,970)	(1,142,830)
Total distributions	(7,315,541)	(14,112,219)
Fund share transactions:
Proceeds from shares sold	16,927,117	16,606,294
Reinvestment of distributions	7,126,540	13,488,471
Payments for shares redeemed	(33,369,476)	(58,253,357)
Net increase (decrease) in net assets from Fund share transactions	(9,315,819)	(28,158,592)
Increase (decrease) in net assets	38,009,637	(16,652,730)
Net assets at beginning of period	187,268,842	203,921,572
Net assets at end of period	$225,278,479	$187,268,842

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

DWS ESG Core Equity Fund

Financial Highlights

DWS ESG Core Equity Fund — Class A
	Years Ended November 30,
	2021	2020	2019	2018	2017
Selected Per Share Data
Net asset value, beginning of period	$17.23	$15.97	$17.54	$19.23	$17.79
Income (loss) from investment operations:
Net investment income^a	.10	.13	.15	.11	.16
Net realized and unrealized gain (loss)	4.95	2.26	.95	(1.19)	2.14
Total from investment operations	5.05	2.39	1.10	(1.08)	2.30
Less distributions from:
Net investment income	(.14)	(.11)	(.16)	(.11)	(.16)
Net realized gains	(.52)	(1.02)	(2.51)	(.50)	(.70)
Total distributions	(.66)	(1.13)	(2.67)	(.61)	(.86)
Net asset value, end of period	$21.62	$17.23	$15.97	$17.54	$19.23
Total Return (%)^b	30.24	15.90	9.70 ^c	(5.82) ^c	13.45
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	38	31	40	44	72
Ratio of expenses before expense reductions (%)	.95	.99	1.25	1.28	1.24
Ratio of expenses after expense reductions (%)	.95	.99	1.17	1.24	1.24
Ratio of net investment income (%)	.53	.86	1.01	.58	.88
Portfolio turnover rate (%)	27	17	121	114	43

^a	Based on average shares outstanding during the period.
^b	Total return does not reflect the effect of any sales charges.
^c	Total return would have been lower had certain expenses not been reduced.

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

DWS ESG Core Equity Fund

DWS ESG Core Equity Fund — Class C
	Years Ended November 30,
	2021	2020	2019	2018	2017
Selected Per Share Data
Net asset value, beginning of period	$16.58	$15.42	$17.00	$18.69	$17.31
Income (loss) from investment operations:
Net investment income (loss)^a	(.05)	.01	.04	(.03)	.02
Net realized and unrealized gain (loss)	4.77	2.17	.93	(1.16)	2.08
Total from investment operations	4.72	2.18	.97	(1.19)	2.10
Less distributions from:
Net investment income	(.00) ^*	—	(.04)	—	(.02)
Net realized gains	(.52)	(1.02)	(2.51)	(.50)	(.70)
Total distributions	(.52)	(1.02)	(2.55)	(.50)	(.72)
Net asset value, end of period	$20.78	$16.58	$15.42	$17.00	$18.69
Total Return (%)^b	29.23	14.99	8.95 ^c	(6.55) ^c	12.62 ^c
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	3	4	6	11	21
Ratio of expenses before expense reductions (%)	1.74	1.74	1.99	2.01	1.99
Ratio of expenses after expense reductions (%)	1.74	1.74	1.92	1.99	1.99
Ratio of net investment income (loss) (%)	(.27)	.10	.26	(.19)	.12
Portfolio turnover rate (%)	27	17	121	114	43

^a	Based on average shares outstanding during the period.
^b	Total return does not reflect the effect of any sales charges.
^c	Total return would have been lower had certain expenses not been reduced.
^*	Amount is less than $.005.

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

DWS ESG Core Equity Fund

DWS ESG Core Equity Fund — Class R
	Years Ended November 30,
	2021	2020	2019	2018	2017
Selected Per Share Data
Net asset value, beginning of period	$17.18	$15.93	$17.49	$19.18	$17.74
Income (loss) from investment operations:
Net investment income^a	.04	.08	.11	.07	.11
Net realized and unrealized gain (loss)	4.92	2.25	.96	(1.20)	2.14
Total from investment operations	4.96	2.33	1.07	(1.13)	2.25
Less distributions from:
Net investment income	(.09)	(.06)	(.12)	(.06)	(.11)
Net realized gains	(.52)	(1.02)	(2.51)	(.50)	(.70)
Total distributions	(.61)	(1.08)	(2.63)	(.56)	(.81)
Net asset value, end of period	$21.53	$17.18	$15.93	$17.49	$19.18
Total Return (%)^b	29.74	15.57	9.45	(6.08)	13.21
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	41	35	38	40	41
Ratio of expenses before expense reductions (%)	1.32	1.36	1.61	1.63	1.59
Ratio of expenses after expense reductions (%)	1.29	1.29	1.43	1.49	1.50
Ratio of net investment income (%)	.18	.55	.75	.37	.62
Portfolio turnover rate (%)	27	17	121	114	43

^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.

DWS ESG Core Equity Fund

DWS ESG Core Equity Fund — Class R6
	Years Ended November 30,
	2021	2020	2019	2018	2017
Selected Per Share Data
Net asset value, beginning of period	$17.22	$15.95	$17.54	$19.24	$17.80
Income (loss) from investment operations:
Net investment income^a	.17	.18	.19	.18	.22
Net realized and unrealized gain (loss)	4.93	2.26	.95	(1.20)	2.14
Total from investment operations	5.10	2.44	1.14	(1.02)	2.36
Less distributions from:
Net investment income	(.21)	(.15)	(.22)	(.18)	(.22)
Net realized gains	(.52)	(1.02)	(2.51)	(.50)	(.70)
Total distributions	(.73)	(1.17)	(2.73)	(.68)	(.92)
Net asset value, end of period	$21.59	$17.22	$15.95	$17.54	$19.24
Total Return (%)	30.65	16.32	10.02	(5.50) ^b	13.91
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	1	1	1	2	1
Ratio of expenses before expense reductions (%)	.59	.64	.89	.92	.88
Ratio of expenses after expense reductions (%)	.59	.64	.89	.91	.88
Ratio of net investment income (%)	.88	1.19	1.27	.98	1.23
Portfolio turnover rate (%)	27	17	121	114	43

^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.

DWS ESG Core Equity Fund

DWS ESG Core Equity Fund — Class S
	Years Ended November 30,
	2021	2020	2019	2018	2017
Selected Per Share Data
Net asset value, beginning of period	$17.22	$15.97	$17.54	$19.24	$17.80
Income (loss) from investment operations:
Net investment income^a	.15	.16	.18	.16	.20
Net realized and unrealized gain (loss)	4.94	2.26	.96	(1.20)	2.14
Total from investment operations	5.09	2.42	1.14	(1.04)	2.34
Less distributions from:
Net investment income	(.19)	(.15)	(.20)	(.16)	(.20)
Net realized gains	(.52)	(1.02)	(2.51)	(.50)	(.70)
Total distributions	(.71)	(1.17)	(2.71)	(.66)	(.90)
Net asset value, end of period	$21.60	$17.22	$15.97	$17.54	$19.24
Total Return (%)	30.56	16.14	10.02 ^b	(5.63) ^b	13.77 ^b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	120	101	103	119	165
Ratio of expenses before expense reductions (%)	.70	.74	1.00	1.03	1.01
Ratio of expenses after expense reductions (%)	.70	.74	.92	.99	1.00
Ratio of net investment income (%)	.78	1.09	1.26	.85	1.10
Portfolio turnover rate (%)	27	17	121	114	43

^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.

DWS ESG Core Equity Fund

DWS ESG Core Equity Fund — Institutional Class
	Years Ended November 30,
	2021	2020	2019	2018	2017
Selected Per Share Data
Net asset value, beginning of period	$17.25	$15.98	$17.55	$19.25	$17.81
Income (loss) from investment operations:
Net investment income^a	.16	.17	.18	.17	.21
Net realized and unrealized gain (loss)	4.94	2.27	.96	(1.21)	2.14
Total from investment operations	5.10	2.44	1.14	(1.04)	2.35
Less distributions from:
Net investment income	(.19)	(.15)	(.20)	(.16)	(.21)
Net realized gains	(.52)	(1.02)	(2.51)	(.50)	(.70)
Total distributions	(.71)	(1.17)	(2.71)	(.66)	(.91)
Net asset value, end of period	$21.64	$17.25	$15.98	$17.55	$19.25
Total Return (%)	30.61	16.27	10.02 ^b	(5.59) ^b	13.79
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	22	15	16	21	24
Ratio of expenses before expense reductions (%)	.65	.68	.96	.97	.98
Ratio of expenses after expense reductions (%)	.65	.68	.91	.96	.98
Ratio of net investment income (%)	.82	1.16	1.27	.92	1.15
Portfolio turnover rate (%)	27	17	121	114	43

^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.

DWS ESG Core Equity Fund

Notes to Financial Statements

A.	Organization and Significant Accounting Policies

DWS ESG Core Equity 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 8 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 8 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.

DWS ESG Core Equity Fund

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.

Equity securities and exchange-traded funds (“ETFs” ) 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. Equity securities or ETFs 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 or ETFs 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.

DWS ESG Core Equity Fund

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Securities Lending. Brown Brothers Harriman & Co., as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or U.S. Treasury securities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended November 30, 2021, 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 (0.03% annualized effective rate as of November 30, 2021) 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

DWS ESG Core Equity Fund

any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of November 30, 2021, the Fund had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

Remaining Contractual Maturity of the Agreements as of November 30, 2021

	Overnight and Continuous	<30 days	Between 30 & 90 days	>90 days	Total
Securities Lending Transactions
Common Stocks	$ 4,870,073	$ —	$ 2,802	$ 56,424	$ 4,929,299
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions:					$ 4,929,299

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 November 30, 2021 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 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 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.

DWS ESG Core Equity Fund

At November 30, 2021, the Fund’s components of distributable earnings (accumulated losses) on a net tax basis were as follows:

Undistributed ordinary income^*	$ 2,681,732
Undistributed long-term capital gains	$ 23,275,453
Net unrealized appreciation (depreciation) on investments	$ 60,956,055

At November 30, 2021, the aggregate cost of investments for federal income tax purposes was $169,223,396. The net unrealized appreciation for all investments based on tax cost was $60,956,055. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $67,308,626 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $6,352,571.

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

	Years Ended November 30,
	2021	2020
Distributions from ordinary income*	$ 4,755,836	$ 1,393,850
Distributions from long-term capital gains	$ 2,559,705	$ 12,718,369

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

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

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

Real Estate Investment Trusts. The Fund at its fiscal year end recharacterizes distributions received from a Real Estate Investment Trust (“REIT” ) investment based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available timely from a REIT, the recharacterization will be estimated for financial reporting purposes and a recharacterization will be made to the accounting records in the following year when such information becomes available. Distributions received from REITs in excess of income are recorded as either a reduction of cost of investments or realized gains.

DWS ESG Core Equity Fund

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 November 30, 2021, purchases and sales of investment securities (excluding short-term investments) aggregated $57,420,483 and $70,772,663, 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. In addition to portfolio management services, the Advisor provides certain administrative services in accordance with the Investment Management Agreement.

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

First $250 million of the Fund’s average daily net assets	.465%
Next $750 million of such net assets	.460%
Next $1.5 billion of such net assets	.455%
Next $5.0 billion of such net assets	.445%
Next $5.0 billion of such net assets	.435%
Next $5.0 billion of such net assets	.425%
Over $17.5 billion of such net assets	.400%

Accordingly, for the year ended November 30, 2021, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.465% of the Fund’s average daily net assets.

DWS ESG Core Equity Fund

For the period from December 1, 2020 through September 30, 2021 (through February 28, 2022 for Class R 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 expense) of each class as follows:

Class A	1.04%
Class C	1.79%
Class R	1.29%
Class R6	.79%
Class S	.79%
Institutional Class	.79%

Effective October 1, 2021 through September 30, 2022, 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 expense) of certain classes as follows:

Class A		1.15%
Class C		1.90%
Class R6		.90%
Class S		.90%
Institutional Class		.90%

For the year ended November 30, 2021, fees waived and/or expenses reimbursed for Class R is $13,009.

Service Provider Fees. DWS Service Company (“DSC” ), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST” ), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing

DWS ESG Core Equity Fund

fee it receives from the Fund. For the year ended November 30, 2021, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated	Unpaid at November 30, 2021
Class A	$ 14,477	$ 2,347
Class C	963	146
Class R	165	30
Class R6	176	31
Class S	72,387	11,975
Institutional Class	521	81
	$ 88,689	$ 14,610

Pursuant to a fund accounting agreement, DIMA is responsible for computing the daily net asset value per share and maintaining the portfolio and general accounting records of the Fund. DIMA has delegated certain fund accounting and record-keeping services to State Street Bank and Trust Company. The costs and expenses of such delegation are paid by DIMA. For the year ended November 30, 2021, the amount charged to the Fund for accounting services under the fund accounting agreement aggregated $31,903, of which $2,781 is unpaid.

In addition, for the year ended November 30, 2021, 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	$ 33,720
Class C	4,865
Class R	95,662
Class S	64,812
Institutional Class	14,126
	$ 213,185

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 Services Agreement, DDI enters into related selling group agreements

DWS ESG Core Equity Fund

with various firms at various rates for sales of Class C and R shares. For the year ended November 30, 2021, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated	Unpaid at November 30, 2021
Class C	$ 27,379	$ 1,852
Class R	96,579	8,726
	$ 123,958	$ 10,578

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 November 30, 2021, the Service Fee was as follows:

Service Fee	Total Aggregated	Unpaid at November 30, 2021	Annual Rate
Class A	$ 86,914	$ 16,332	.24%
Class C	9,059	1,290	.25%
Class R	96,522	17,407	.25%
	$ 192,495	$ 35,029

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 November 30, 2021 aggregated $2,336.

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 November 30, 2021, there was no CDSC for Class C Shares. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares.

Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended November 30, 2021, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $1,875, of which $902 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.

DWS ESG Core Equity Fund

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

D.	Line of Credit

The Fund and other affiliated funds (the “Participants” ) share in a $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 daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. 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 November 30, 2021.

DWS ESG Core Equity Fund

E.	Fund Share Transactions

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

	Year Ended November 30, 2021		Year Ended November 30, 2020
	Shares	Dollars	Shares	Dollars
Shares sold
Class A	302,620	$ 6,053,043	239,912	$ 3,455,786
Class C	20,959	426,372	18,577	220,909
Class R	168,545	3,439,141	36,260	521,220
Class R6	6,020	120,144	13,446	198,177
Class S	115,223	2,262,246	258,385	3,641,874
Institutional Class	241,198	4,626,171	576,749	8,568,328
		$ 16,927,117		$ 16,606,294
Shares issued to shareholders in reinvestment of distributions
Class A	65,921	$ 1,139,780	155,653	$ 2,353,475
Class C	7,945	133,004	23,478	343,958
Class R	70,269	1,214,241	167,826	2,535,851
Class R6	2,149	36,986	4,904	73,806
Class S	229,864	3,962,846	466,747	7,038,551
Institutional Class	37,083	639,683	75,734	1,142,830
		$ 7,126,540		$ 13,488,471
Shares redeemed
Class A	(398,934)	$ (7,895,068)	(1,084,806)	$ (15,926,034)
Class C	(158,466)	(3,011,544)	(158,391)	(2,293,128)
Class R	(352,615)	(6,925,122)	(565,336)	(8,373,835)
Class R6	(6,368)	(125,549)	(37,463)	(593,786)
Class S	(664,106)	(12,697,167)	(1,328,126)	(20,107,894)
Institutional Class	(136,643)	(2,715,026)	(765,422)	(10,958,680)
		$ (33,369,476)		$ (58,253,357)

DWS ESG Core Equity Fund

	Year Ended November 30, 2021		Year Ended November 30, 2020
	Shares	Dollars	Shares	Dollars
Net increase (decrease)
Class A	(30,393)	$ (702,245)	(689,241)	$ (10,116,773)
Class C	(129,562)	(2,452,168)	(116,336)	(1,728,261)
Class R	(113,801)	(2,271,740)	(361,250)	(5,316,764)
Class R6	1,801	31,581	(19,113)	(321,803)
Class S	(319,019)	(6,472,075)	(602,994)	(9,427,469)
Institutional Class	141,638	2,550,828	(112,939)	(1,247,522)
		$ (9,315,819)		$ (28,158,592)

F.	Payments by Affiliates

During the year ended November 30, 2021, the Advisor agreed to reimburse the Fund $2,393 for commission costs incurred in connection with purchases and sales of portfolio assets. 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 coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to low vaccination rates and/or the lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and the pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. 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 ESG Core Equity Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche DWS Investment Trust and Shareholders of DWS ESG Core Equity Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS ESG Core Equity Fund (the “Fund” ) (one of the funds constituting Deutsche DWS Investment Trust) (the “Trust” ), including the investment portfolio, as of November 30, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five 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 November 30, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB” ) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of 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.

DWS ESG Core Equity Fund

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 November 30, 2021, 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

January 25, 2022

DWS ESG Core Equity Fund

Information About Your Fund’s Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads) and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses for Class R 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 (June 1, 2021 to November 30, 2021).

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

—

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

—

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

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000” line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. Subject to certain exceptions, an account maintenance fee of $20.00 assessed once per calendar year for Classes A, C and S shares may apply for accounts with balances less than $10,000. This fee is not included in these tables. If it was, the estimate of expenses paid for Classes A, C and S shares during the period would be higher, and account value during the period would be lower, by this amount.

DWS ESG Core Equity Fund

Expenses and Value of a $1,000 Investment

for the six months ended November 30, 2021 (Unaudited)

Actual Fund Return	Class A	Class C	Class R	Class R6	Class S	Institutional Class
Beginning Account Value 6/1/21	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value 11/30/21	$1,087.00	$1,082.30	$1,084.60	$1,088.20	$1,087.60	$1,088.50
Expenses Paid per $1,000*	$ 4.97	$ 9.03	$ 6.74	$ 3.04	$ 3.61	$ 3.40
Hypothetical 5% Fund Return	Class A	Class C	Class R	Class R6	Class S	Institutional Class
Beginning Account Value 6/1/21	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value 11/30/21	$1,020.31	$1,016.39	$1,018.60	$1,022.16	$1,021.61	$1,021.81
Expenses Paid per $1,000*	$ 4.81	$ 8.74	$ 6.53	$ 2.94	$ 3.50	$ 3.29

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

Annualized Expense Ratios	Class A	Class C	Class R	Class R6	Class S	Institutional Class
DWS ESG Core Equity Fund	.95%	1.73%	1.29%	.58%	.69%	.65%

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 ESG Core Equity Fund

Tax Information

(Unaudited)

The Fund paid distributions of $0.23 per share from net long-term capital gains during its year ended November 30, 2021.

Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $25,603,000 as capital gain dividends for its year ended November 30, 2021.

For corporate shareholders, 57% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund’s fiscal year ended November 30, 2021, qualified for the dividends received deduction.

For federal income tax purposes, the Fund designates approximately $3,528,000, or the maximum amount allowable under tax law, as qualified dividend income.

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

DWS ESG Core Equity 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 ESG Core Equity Fund’s (the “Fund” ) investment management agreement (the “Agreement” ) with DWS Investment Management Americas, Inc. (“DIMA” ) in September 2021.

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, 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 expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group’s

DWS ESG Core Equity Fund

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 and 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, 2020, the Fund’s performance (Class A shares) was in the 2nd quartile, 4th quartile and 4th quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in the one-, three- and five-year periods ended December 31, 2020.

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

DWS ESG Core Equity Fund

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 were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2020). The Board considered that, effective September 23, 2019, DIMA implemented a new management fee breakpoint schedule and reduced the Fund’s management fees at each breakpoint. 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 (2nd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2020, 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 a comparable DWS U.S. registered fund (“DWS Funds” ) and considered differences between the Fund and the comparable DWS Fund. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds” ) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

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

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily

DWS ESG Core Equity Fund

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 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.

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 ESG Core Equity Fund

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o 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/Independent Advisory 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)	70	—

DWS ESG Core Equity 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); Not-for-Profit Directorships: Palm Beach Civic Assn.; 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 Directorships: Director and Chairman of the Board, Healthways, Inc.² (population wellbeing 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; Portland General Electric² (utility company (2003–2021); and Prisma Energy International; Former Not-for-Profit Directorships: Public Radio International	70	—
Dawn-Marie Driscoll (1946) Board Member since 1987	Advisory Board and former Executive Fellow, Hoffman 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: 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)	70	—

DWS ESG Core Equity 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
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 (1994–2020); 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; Former Directorships: 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)	70	Director, Aberdeen Japan Fund (since 2007)
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); formerly: Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Former Directorships: Board of Managers, YMCA of Metropolitan Chicago; Trustee, Ravinia Festival	70	—
Chad D. Perry (1972) Board Member or Advisory Board Member since 2021³	Executive Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.² (since 2011); formerly Executive Vice President and Deputy General Counsel, LPL Financial Holdings Inc.² (2006–2011); Senior Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & Gray LLP (1997–2005)	21 ⁴	—

DWS ESG Core Equity 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
Rebecca W. Rimel (1951) Board Member since 1995	Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); Director, The Bridgespan Group (nonprofit organization) (since October 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: 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); Director, BioTelemetry Inc.² (acquired by Royal Philips in 2021) (healthcare) (2009–2021)	70	Director, Becton Dickinson and Company² (medical technology company) (2012–present)
Catherine Schrand (1964) Board Member or Advisory Board Member since 2021³	Celia Z. Moh Professor of Accounting (since 2016) and Professor of Accounting (since 1994), The Wharton School, University of Pennsylvania; formerly Vice Dean, Wharton Doctoral Programs (2016–2019)	21 ⁴	—
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); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)	70	—

DWS ESG Core Equity Fund

Officers⁵

Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served⁶	Business Experience and Directorships During the Past Five Years
Hepsen Uzcan⁷ (1974) President and Chief Executive Officer, 2017–present	Fund Administration (Head since 2017), 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 Millette⁸ (1962) Vice President and Secretary, 1999–present	Legal (Associate General Counsel), 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); Vice President, DBX Advisors LLC (2021–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); and Assistant Secretary, DBX ETF Trust (2019–2020)
Ciara Crawford⁹ (1984) Assistant Secretary, (2019–present)	Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated Tax Solutions.
Diane Kenneally⁸ (1966) Chief Financial Officer and Treasurer, 2018–present	Fund Administration Treasurer’s Office (Co-Head since 2018), 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 Antosca⁸ (1957) Assistant Treasurer, 2007–present	Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan⁸ (1966) Assistant Treasurer, 2017–present	Fund Administration Treasurer’s Office (Co-Head since 2018), 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)
Scott D. Hogan⁸ (1970) Chief Compliance Officer, 2016–present	Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present)

DWS ESG Core Equity Fund

Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served⁶	Business Experience and Directorships During the Past Five Years
Caroline Pearson⁸ (1962) Chief Legal Officer, 2010–present	Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX 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); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021)
Christian Rijs⁷ (1980) Anti-Money Laundering Compliance Officer, since October 6, 2021	DWS Americas Head of Anti-Financial Crime and AML Officer, DWS; AML Officer, DWS Trust Company (since October 6, 2021); AML Officer, DBX ETF Trust (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since October 6, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO

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	Mr. Perry and Ms. Schrand are Advisory Board Members of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry and Ms. Schrand are Board Members of each other Trust.
⁴	Mr. Perry and Ms. Schrand oversee 21 funds in the DWS Fund Complex as Board Members of various Trusts. Mr. Perry and Ms. Schrand are Advisory Board Members of various Trusts/Corporations comprised of 49 funds in the DWS Fund Complex.
⁵	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.
⁶	The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.
⁷	Address: 875 Third Avenue, New York, NY 10022.
⁸	Address: 100 Summer Street, Boston, MA 02110.
⁹	Address: 5201 Gate Parkway, Jacksonville, FL 32256.

Certain officers hold similar positions for other investment companies for which DIMA or an affiliate serves as the Advisor.

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

DWS ESG Core Equity 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	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.
Web Site	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 posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund 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 ESG Core Equity Fund

Investment Management

DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor” ), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group” ), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group.

DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles.

	Class A	Class C	Class S	Institutional Class
Nasdaq Symbol	MIDVX	MIDZX	MIDTX	MIDIX
Nasdaq Symbol as of March 1, 2022	DESAX	DESCX	DESSX	DESGX
CUSIP Number	25159G 852	25159G 878	25159G 886	25159G 704
Fund Number	417	717	2117	1417

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

DWS ESG Core Equity Fund

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

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.

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

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.

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 2020 and 2021 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 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 to act as the Independent Registered Public Accounting Firm for the Fund.

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.

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.

Date of fiscal year end:	11/30

Date of reporting period:	11/30/2021

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	11/30/21	11/30/20
Common Stocks	100%	99%
Cash Equivalents	0%	1%
Rights	—	0%
	100%	100%

Sector Diversification (As a % of Common Stocks and Rights)	11/30/21	11/30/20
Information Technology	30%	28%
Health Care	13%	13%
Consumer Discretionary	12%	14%
Communication Services	10%	11%
Financials	10%	11%
Industrials	10%	8%
Consumer Staples	5%	6%
Real Estate	3%	3%
Materials	3%	3%
Energy	2%	1%
Utilities	2%	2%
	100%	100%


	(b) Not applicable

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

Fiscal Year Ended November 30,	Audit Fees Billed to Fund	Audit-Related Fees Billed to Fund	Tax Fees Billed to Fund	All Other Fees Billed to Fund
2021	$33,433	$0	$7,880	$0
2020	$33,433	$0	$7,880	$0

Fiscal Year Ended November 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
2021	$0	$461,717	$0
2020	$0	$650,763	$0

Fiscal Year Ended November 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)
2021	$7,880	$461,717	$0	$469,597
2020	$7,880	$650,763	$0	$658,643


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.

Registrant:	DWS ESG Core Equity Fund, a series of Deutsche DWS Investment Trust


By:	/s/Hepsen Uzcan Hepsen Uzcan President

Date:	1/28/2022

ITEM 1.	REPORT TO STOCKHOLDERS

	(a)