# EDGAR Filing Document

**Accession Number:** 0000088064
**File Stem:** 0000088053-23-000105
**Filing Date:** 2023-3
**Character Count:** 37211
**Document Hash:** 55487166eb30bcb90d0095b7f690eff1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000088053-23-000105.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0000088053-23-000105

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEUTSCHE DWS INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000088064
- **IRS NUMBER:** 042212654
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-13628
- **FILM NUMBER:** 23687680

**BUSINESS ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225
- **BUSINESS PHONE:** 212-454-4500

**MAIL ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DEUTSCHE INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 20140811

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DWS INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 20060207

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19980529

## Series and Classes Contracts Data

### DWS CROCI Equity Dividend Fund (Series ID: S000062620)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000203110 | Class A             | KDHAX           |
| C000203111 | Class C             | KDHCX           |
| C000203112 | Class R             | KDHRX           |
| C000203113 | Class R6            | KDHTX           |
| C000203114 | Class S             | KDHSX           |
| C000203116 | Institutional Class | KDHIX           |

![](graphic3.jpg)

DWS CROCI<sup>®</sup> Equity Dividend Fund

Summary Prospectus \| March 1, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Class**/Ticker | **A** | KDHAX | **C** | KDHCX | **R** | KDHRX | **R6** | KDHTX | **INST** | KDHIX | **S** | KDHSX |

---

Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, reports to shareholders, Statement of Additional Information (SAI) and other information about the fund online at dws.com/mutualpros. You can also get this information at no cost by e-mailing a request to service@dws.com, calling (800) 728-3337 or asking your financial representative. The Prospectus and SAI, both dated March 1, 2023, as may be revised or supplemented from time to time, are incorporated by reference into this Summary Prospectus.

**Investment Objective**

The fund seeks to achieve a high rate of total return.

**Fees and Expenses**

These are the fees and expenses you may pay when you buy, hold and sell shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts in Class A shares if you and your immediate family invest, or agree to invest in the future, at least $50,000 in DWS funds. More information about these and other discounts and waivers is available from your financial representative and in Choosing a Share Class in the prospectus (p. 15), Sales Charge Waivers and Discounts Available Through Intermediaries in the prospectus (Appendix B, p. 45) and Purchase and Redemption of Shares in the fund's SAI (p. II-15).

SHAREHOLDER FEES (paid directly from your investment)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **A** | **C** | **R** | **R6** | **INST** | **S** |
| Maximum sales charge (load) <br> imposed on purchases, as % <br> of offering price<br>| 5.75 |  |  |  |  |  |
| Maximum deferred sales <br> charge (load), as % of <br> redemption proceeds<sup>1</sup> <br>|  | 1.00 |  |  |  |  |
| Account Maintenance Fee <br> (annually, for fund account <br> balances below $10,000 and <br> subject to certain exceptions)<br>| $20 | $20 |  |  |  | $20 |

---

ANNUAL FUND OPERATING EXPENSES <br> (expenses that you pay each year as a % of the value of your investment)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **A** | **C** | **R** | **R6** | **INST** | **S** |
| Management fee | 0.61 | 0.61 | 0.61 | 0.61 | 0.61 | 0.61 |
| Distribution/service (12b-1) <br> fees<br>| 0.24 | 0.99 | 0.49 |  |  |  |
| Other expenses | 0.17 | 0.23 | 0.33 | 0.06 | 0.11 | 0.19 |
| **Total annual fund operating** <br> **expenses**<br>| 1.02 | 1.83 | 1.43 | 0.67 | 0.72 | 0.80 |
| Fee waiver/expense reim-<br> bursement<br>| 0.00 | 0.06 | 0.16 | 0.00 | 0.00 | 0.00 |
| **Total annual fund operating** <br> **expenses after fee waiver/**<br> **expense reimbursement**<br>| 1.02 | 1.77 | 1.27 | 0.67 | 0.72 | 0.80 |

---

<sup>1</sup> Investments of $1,000,000 or more may be eligible to buy Class A shares without a sales charge (load), but may be subject to a contingent deferred sales charge of 1.00% if redeemed within 12 months of the original purchase date and 0.50% if redeemed within the following six months.

The Advisor has contractually agreed through February 29, 2024 to waive its fees and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) at ratios no higher than 1.77% and 1.27% for Class C and Class R, respectively. The agreement may only be terminated with the consent of the fund's Board.

EXAMPLE

This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses (including one year of capped expenses in each period for Class C and Class R) remain the same. Class C shares generally convert automatically to Class A shares after 8 years. The information presented in the Example for Class

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C reflects the conversion of Class C shares to Class A shares after 8 years. See "Class C Shares" in the "Choosing a Share Class" section of the prospectus for more information. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Years** | **A** | **C** | **R** | **R6** | **INST** | **S** |
| 1 | $673 | $280 | $129 | $68 | $74 | $82 |
| 3 | &nbsp;&nbsp;&nbsp;&nbsp; 881 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp; 214 | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 255 |
| 5 | &nbsp;&nbsp; 1106 | &nbsp;&nbsp;&nbsp;&nbsp; 985 | &nbsp;&nbsp;&nbsp;&nbsp; 766 | &nbsp;&nbsp; 373 | &nbsp;&nbsp; 401 | &nbsp;&nbsp; 444 |
| 10 | &nbsp;&nbsp; 1751 | &nbsp;&nbsp; 1930 | &nbsp;&nbsp; 1699 | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 894 | &nbsp;&nbsp; 990 |

---

You would pay the following expenses if you did not redeem your shares:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Years** | **A** | **C** | **R** | **R6** | **INST** | **S** |
| 1 | $673 | $180 | $129 | $68 | $74 | $82 |
| 3 | &nbsp;&nbsp;&nbsp;&nbsp; 881 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp; 214 | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 255 |
| 5 | &nbsp;&nbsp; 1106 | &nbsp;&nbsp;&nbsp;&nbsp; 985 | &nbsp;&nbsp;&nbsp;&nbsp; 766 | &nbsp;&nbsp; 373 | &nbsp;&nbsp; 401 | &nbsp;&nbsp; 444 |
| 10 | &nbsp;&nbsp; 1751 | &nbsp;&nbsp; 1930 | &nbsp;&nbsp; 1699 | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 894 | &nbsp;&nbsp; 990 |

---

PORTFOLIO TURNOVER

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs are not reflected in annual fund operating expenses or in the expense example, and can affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 55% of the average value of its portfolio.

**Principal Investment Strategies**

**Main investments.** Under normal circumstances, the fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in dividend-paying equity securities (mainly common stocks). Equity securities may also include preferred stocks, depository receipts and other securities with equity characteristics, such as convertible securities and warrants. Companies are selected for the fund's portfolio using the Cash Return on Capital Invested (CROCI<sup>®</sup>) strategy as the primary factor, among other factors. Portfolio management will select stocks from among the largest US companies which are under CROCI<sup>®</sup> coverage at any given time (while the number of companies under CROCI<sup>®</sup> coverage will vary, as of December 31, 2022 approximately 872 companies were under CROCI<sup>®</sup> coverage). Approximately 40 companies are identified from the selection universe for investment, though, at times, the number of stocks held may be higher or lower than 40 stocks at the discretion of portfolio management or as a result of corporate actions, mergers or other events.

Although the fund can invest in stocks of any economic sector (which is comprised of two or more industries), at times it may emphasize one or more sectors and may invest more than 25% of total assets in a single sector. The fund may invest up to 20% of total assets in foreign securities.

The fund intends to invest primarily in companies whose market capitalizations fall within the normal range of the S&P 500<sup>®</sup> Index. While the market capitalization range of the S&P 500<sup>®</sup> Index changes throughout the year, as of December 31, 2022, the market capitalization range of the S&P 500<sup>®</sup> Index was between $4.07 billion and $2.01 trillion.

**Management process.** Portfolio management will select stocks that it believes offer economic value utilizing the CROCI<sup>®</sup> strategy as the primary factor, among other factors, and will seek above average dividend yield. The CROCI<sup>®</sup> strategy is an investment process based on a proprietary valuation technique that attempts to understand the value of a company by converting financial statement data into a set of economic inputs that are used to calculate a valuation metric called the CROCI<sup>®</sup> Economic Price Earnings Ratio which is comparable across markets, sectors and stocks. The CROCI<sup>®</sup> Economic Price Earnings Ratio seeks to measure the "real" economic value rather than the "accounting" value of a company's invested capital, and the economic returns thereof. Portfolio management believes that, over time, companies with more favorable financial metrics, including CROCI<sup>®</sup> Economic Price Earnings Ratios, will outperform other companies. Portfolio Management employs a US-specific strategy seeking to select approximately the forty best value companies under CROCI<sup>®</sup> coverage with additional screening on high dividend yield, dividend sustainability and price volatility.

The fund is reviewed periodically (typically quarterly) and adjusted in accordance with the CROCI<sup>®</sup> strategy's rules (re-selecting approximately forty stocks that will make up the fund). Portfolio Management targets low valuation combined with higher dividends and excludes stocks with undesirable characteristics such as, for example, high financial leverage, low cash returns and high volatility. All CROCI<sup>®</sup> financial metrics may be adjusted from time to time. Portfolio management may also use factors other than the CROCI<sup>®</sup> strategy in selecting investments. Portfolio management actively manages portfolio changes in an attempt to reduce market impact and transaction costs and to manage the portfolio with tax efficiency in mind.

The CROCI<sup>®</sup> strategy is supplied by the CROCI<sup>®</sup> Investment Strategy and Valuation Group, a unit within DWS Group, through a licensing arrangement with the fund's Advisor.

**CROCI**<sup>®</sup> **Investment Process.** The CROCI<sup>®</sup> Investment Process is based on the belief that the data used in traditional valuations (i.e., accounting data) does not accurately appraise assets, reflect all liabilities or represent the real

DWS CROCI<sup>®</sup> Equity Dividend Fund

**Summary Prospectus** March 1, 2023

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value of a company. This is because the accounting rules are not always designed specifically for investors and often utilize widely differing standards which can make measuring the real asset value of companies difficult. The CROCI<sup>®</sup> Investment Process seeks to generate data that will enable valuation comparisons on a consistent basis, resulting in what portfolio management believes is an effective and efficient sector and stock selection process targeting investment in real value.

**Securities lending.** The fund may lend securities (up to one-third of total assets) to approved institutions, such as registered broker-dealers, banks and pooled investment vehicles.

**Main Risks**

There are several risk factors that could hurt the fund's performance, cause you to lose money or cause the fund's performance to trail that of other investments. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

**Stock market risk.** When stock prices fall, you should expect the value of your investment to fall as well. Stock prices can be hurt by poor management on the part of the stock's issuer, shrinking product demand and other business risks. These may affect single companies as well as groups of companies. The market as a whole may not favor the types of investments the fund makes, which could adversely affect a stock's price, regardless of how well the company performs, or the fund's ability to sell a stock at an attractive price. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. Events in the US and global financial markets, including actions taken by the US Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility which could negatively affect performance. High market volatility may also result from significant shifts in momentum of one or more specific stocks due to unusual increases or decreases in trading activity. Momentum can change quickly, and securities subject to shifts in momentum may be more volatile than the market as a whole and returns on such securities may drop precipitously. To the extent that the fund invests in a particular geographic region, capitalization or sector, the fund's performance may be affected by the general performance of that region, capitalization or sector.

**Market disruption risk.** Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The value of the fund's investments may be negatively affected by adverse changes in overall economic or market conditions,

such as the level of economic activity and productivity, unemployment and labor force participation rates, inflation or deflation (and expectations for inflation or deflation), interest rates, demand and supply for particular products or resources including labor, and debt levels and credit ratings, among other factors. Such adverse conditions may contribute to an overall economic contraction across entire economies or markets, which may negatively impact the profitability of issuers operating in those economies or markets, including the investments held by the fund. In addition, geopolitical and other globally interconnected occurrences, including war, terrorism, economic uncertainty, trade disputes, government debt crises (including defaults or downgrades) or uncertainty about government debt payments, public health crises, natural disasters, climate change and related events or conditions have led, and in the future may lead, to disruptions in the US and world economies and markets, which may increase financial market volatility and have significant adverse direct or indirect effects on the fund and its investments. Adverse market conditions or disruptions could cause the fund to lose money, experience significant redemptions, and encounter operational difficulties. Although multiple asset classes may be affected by adverse market conditions or a particular market disruption, the duration and effects may not be the same for all types of assets.

Russia's recent military incursions in Ukraine have led to, and may lead to, additional sanctions being levied by the United States, European Union and other countries against Russia. Russia's military incursions and the resulting sanctions could adversely affect global energy, commodities and financial markets and thus could affect the value of the fund's investments. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could be substantial.

Other market disruption events include the pandemic spread of the novel coronavirus known as COVID-19, which at times has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain disruptions. 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 significant portions of the population remaining unvaccinated 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.

DWS CROCI<sup>®</sup> Equity Dividend Fund

**Summary Prospectus** March 1, 2023

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Adverse market conditions or particular market disruptions, such as those caused by Russian military action and the COVID-19 pandemic, may magnify the impact of each of the other risks described in this "MAIN RISKS" section and may increase volatility in one or more markets in which the fund invests leading to the potential for greater losses for the fund.

**CROCI**<sup>®</sup> **risk.** The fund is managed using the CROCI<sup>®</sup> Investment Process which is based on portfolio management's belief that, over time, stocks which display more favorable financial metrics (for example, the CROCI<sup>®</sup> Economic P/E Ratio) as generated by this process may outperform stocks which display less favorable metrics. This premise may not prove to be correct and prospective investors should evaluate this assumption prior to investing in the fund.

The calculation of financial metrics used by the fund (such as, among others, the CROCI<sup>®</sup> Economic P/E Ratio) are determined by the CROCI<sup>®</sup> Investment Strategy and Valuation Group using publicly available information. This publicly available information is adjusted based on assumptions made by the CROCI<sup>®</sup> Investment Strategy and Valuation Group that, subsequently, may not prove to have been correct. As financial metrics are calculated using historical information, there can be no guarantee of the future performance of the CROCI<sup>®</sup> strategy. The measures utilized by portfolio management to attempt to reduce portfolio turnover, market impact and transaction costs could affect performance. In addition, certain regulatory restrictions (e.g., limits on percentage of assets invested in a single industry) could constrain the fund's ability to invest in some stocks that may have the most attractive financial metrics as determined by the CROCI<sup>®</sup> Investment Process.

**Dividend-paying stock risk.** As a category, dividend-paying stocks may underperform non-dividend paying stocks (and the stock market as a whole) over any period of time. In addition, issuers of dividend-paying stocks may have discretion to defer or stop paying dividends for a stated period of time, or an anticipated acceleration of dividends may not occur as a result of, among other things, a sharp rise in interest rates or an economic downturn. If the dividend-paying stocks held by the fund reduce or stop paying dividends, the fund's ability to generate income may be adversely affected.

**Value investing risk.** As a category, value stocks may underperform growth stocks (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic and other factors. In addition, value stocks selected for investment by portfolio management may not perform as anticipated.

**Security selection risk.** The securities in the fund's portfolio may decline in value. Portfolio management could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities or other matters.

**Focus risk.** To the extent that the fund focuses its investments in particular industries, asset classes or sectors of the economy, any market price movements, regulatory or technological changes, or economic conditions affecting companies in those industries, asset classes or sectors may have a significant impact on the fund's performance. The fund may become more focused in particular industries, asset classes or sectors of the economy as a result of changes in the valuation of the fund's investments or fluctuations in the fund's assets, and the fund is not required to reduce such exposures under these circumstances.

**Liquidity risk.** In certain situations, it may be difficult or impossible to sell an investment and/or the fund may sell certain investments at a price or time that is not advantageous in order to meet redemption requests or other cash needs. Unusual market conditions, such as an unusually high volume of redemptions or other similar conditions could increase liquidity risk for the fund.

**Pricing risk.** If market conditions make it difficult to value some investments, the fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different from the value realized upon such investment's sale. As a result, you could pay more than the market value when buying fund shares or receive less than the market value when selling fund shares.

**Securities lending risk.** Securities lending involves the risk that the fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. A delay in the recovery of loaned securities could interfere with the fund's ability to vote proxies or settle transactions. Delayed settlement may limit the ability of the fund to reinvest the proceeds of a sale of securities or prevent the fund from selling securities at times and prices it considers desirable. The fund could also lose money in the event of a decline in the value of the collateral provided for the loaned securities, or a decline in the value of any investments made with cash collateral or even a loss of rights in the collateral should the borrower of the securities fail financially while holding the securities.

**Foreign investment risk.** The fund faces the risks inherent in foreign investing. Adverse political, economic or social developments, as well as US and foreign government actions such as the imposition of tariffs, economic and trade sanctions or embargoes, could undermine the value of the fund's foreign investments, prevent the fund from realizing the full value of its foreign investments or prevent the fund from selling foreign securities it holds. As of January 1, 2021 the United Kingdom is no longer part

DWS CROCI<sup>®</sup> Equity Dividend Fund

**Summary Prospectus** March 1, 2023

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of the European Union (EU) customs union and single market, nor is it subject to EU policies and international agreements. The long-term impact of the United Kingdom's withdrawal from the EU is still unknown and could have adverse economic and political effects on the United Kingdom, the EU and its member countries, and the global economy, including financial markets and asset valuations.

Financial reporting standards for companies based in foreign markets differ from those in the US. Additionally, foreign securities markets generally are smaller and less liquid than US markets. To the extent that the fund invests in non-US dollar denominated foreign securities, changes in currency exchange rates may affect the US dollar value of foreign securities or the income or gain received on these securities. In addition, because non-US markets may be open on days when the fund does not price its shares, the value of the foreign securities in the fund's portfolio may change on days when shareholders will not be able to purchase or sell the fund's shares.

**Counterparty risk.** A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund.

**Operational and technology risk.** Cyber-attacks, disruptions or failures that affect the fund's service providers or counterparties, issuers of securities held by the fund, or other market participants may adversely affect the fund and its shareholders, including by causing losses for the fund or impairing fund operations. For example, the fund's or its service providers' assets or sensitive or confidential information may be misappropriated, data may be corrupted and operations may be disrupted (e.g., cyber-attacks, operational failures or broader disruptions may cause the release of private shareholder information or confidential fund information, interfere with the processing of shareholder transactions, impact the ability to calculate the fund's net asset value and impede trading). Market events and disruptions also may trigger a volume of transactions that overloads current information technology and communication systems and processes, impacting the ability to conduct the fund's operations.

While the fund and its service providers may establish business continuity and other plans and processes that seek to address the possibility of and fallout from cyber-attacks, disruptions or failures, there are inherent limitations in such plans and systems, including that they do not apply to third parties, such as fund counterparties, issuers of securities held by the fund or other market participants, as well as the possibility that certain risks have not been identified or that unknown threats may emerge in the future and there is no assurance that such

plans and processes will be effective. Among other situations, disruptions (for example, pandemics or health crises) that cause prolonged periods of remote work or significant employee absences at the fund's service providers could impact the ability to conduct the fund's operations. In addition, the fund cannot directly control any cybersecurity plans and systems put in place by its service providers, fund counterparties, issuers of securities held by the fund or other market participants.

**Past Performance**

How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. All performance figures below assume that dividends and distributions were reinvested. For more recent performance figures, go to dws.com (the Web site does not form a part of this prospectus) or call the telephone number included in this prospectus.

Prior to April 1, 2014, the fund had a different investment management team that operated with a different investment strategy. Performance would have been different if the fund's current strategy described above had been in effect.

CALENDAR YEAR TOTAL RETURNS (%) (Class A)

These year-by-year returns do not include sales charges, if any, and would be lower if they did. Returns for other classes were different and are not shown here.

![](edf.jpg)

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| | | |
|:---|:---|:---|
|  | **Returns** | **Period ending** |
| **Best Quarter** | 14.61% | December 31, 2022 |
| **Worst Quarter** | -28.52% | March 31, 2020 |

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Average Annual Total Returns <br>(For periods ended 12/31/2022 expressed as a %)

After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan.

DWS CROCI<sup>®</sup> Equity Dividend Fund

**Summary Prospectus** March 1, 2023

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Class** <br>**Inception**<br>| &nbsp;&nbsp;&nbsp; **1** <br>**Year**<br>| &nbsp;&nbsp;&nbsp; **5** <br>**Years**<br>| &nbsp;&nbsp;&nbsp; **10** <br>**Years**<br>|
| **Class A** before tax | 3/18/1988 | -4.65 | 5.23 | &nbsp;&nbsp; 9.02 |
| &nbsp;&nbsp;&nbsp; After tax on distribu-<br> tions<br>|  | -6.16 | 3.17 | &nbsp;&nbsp; 7.71 |
| &nbsp;&nbsp;&nbsp; After tax on distribu-<br> tions and sale of fund <br> shares<br>|  | -1.90 | 3.79 | &nbsp;&nbsp; 7.18 |
| **Class C** before tax | 9/11/1995 | 0.34 | 5.67 | &nbsp;&nbsp; 8.84 |
| **Class R** before tax | 10/1/2003 | 0.84 | 6.15 | &nbsp;&nbsp; 9.36 |
| **INST Class** before tax | 8/19/2002 | 1.46 | 6.77 | &nbsp;&nbsp; 9.96 |
| **Class S** before tax | 2/28/2005 | 1.36 | 6.70 | &nbsp;&nbsp; 9.92 |
| **Russell 1000**<sup>®</sup> **Value** <br> **Index** (reflects no deduc-<br> tion for fees, expenses <br> or taxes)<br>|  | -7.54 | 6.67 | 10.29 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class** <br>**Inception**<br>| &nbsp;&nbsp; **1** <br>**Year**<br>| &nbsp;&nbsp; **5** <br>**Years**<br>| &nbsp;&nbsp; **Since** <br>**Inception**<br>|
| **Class R6** before tax | 3/2/2015 | 1.51 | 6.86 | 7.67 |
| **Russell 1000**<sup>®</sup> **Value** <br> **Index** (reflects no deduc-<br> tion for fees, expenses <br> or taxes)<br>|  | -7.54 | 6.67 | 7.48 |

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**Management**

**Investment Advisor**

DWS Investment Management Americas, Inc.

**Portfolio Manager(s)**

**Di Kumble, CFA, Senior Portfolio Manager Equity.** Portfolio Manager of the fund. Began managing the fund in 2014.

**John Moody, Portfolio Manager Equity.** Portfolio Manager of the fund. Began managing the fund in 2023.

**Purchase and Sale of Fund Shares**

Minimum Initial Investment ($)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Non-IRA**  | **IRAs** | &nbsp;&nbsp;&nbsp; **UGMAs/**<br> **UTMAs**<br>| &nbsp;&nbsp;&nbsp; **Automatic** <br> **Investment** <br> **Plans** <br>|
| **A C**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000  | &nbsp;&nbsp;&nbsp; 500  | 1000 | &nbsp;&nbsp;&nbsp; 500  |
| **R** |  | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| **R6** |  | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| **INST**  | 1000000  | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| **S** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500  | 1000  | 1000 | 1000 |

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For participants in all group retirement plans, and in certain fee-based and wrap programs approved by the Advisor, there is no minimum initial investment and no minimum additional investment for Class A, C and S shares. For Section 529 college savings plans, there is no minimum initial investment and no minimum additional investment for Class S shares and Class R6 shares. The minimum initial investment for Class S shares may be waived for eligible intermediaries that have agreements with DDI to offer Class S shares in their brokerage platforms when such Class S shares are held in omnibus accounts on such brokerage platforms. In certain instances, the minimum initial investment may be waived for Institutional Class shares. For more information regarding available Institutional Class investment minimum waivers, see "Institutional Class Shares – Investment Minimum" in the "Choosing a Share Class" section of the prospectus. There is no minimum additional investment for Institutional Class, Class R and Class R6 shares. The minimum additional investment in all other instances is $50.

To Place Orders

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| | | |
|:---|:---|:---|
| **Mail** | All Requests | DWS<br> PO Box 219151<br> Kansas City, MO 64121-9151<br>|
| **Expedited Mail** | **Expedited Mail** | DWS<br> 430 West 7th Street<br> Suite 219151<br> Kansas City, MO 64105-1407<br>|
| **Web Site** | **Web Site** | dws.com |
| **Telephone** | **Telephone** | (800) 728-3337, M – F 8 a.m. – 7 p.m. ET |
| **Hearing Impaired** | **Hearing Impaired** | For hearing impaired assistance, please<br> call us using a relay service<br>|

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The fund is generally open on days when the New York Stock Exchange is open for regular trading. If you invest with the fund directly through the transfer agent, you can open a new fund account (Class S shares only) and make an initial investment on the Internet at dws.com, by using the mobile app or by mail. You can make additional investments or sell shares of the fund on any business day by visiting the fund's Web site, by using the mobile app, by mail, or by telephone; however you may have to elect certain privileges on your initial account application. The ability to open new fund accounts and to transact online or using the mobile app varies depending on share class and account type. If you are working with a financial representative, contact your financial representative for assistance with buying or selling fund shares. A financial representative separately may impose its own policies and procedures for buying and selling fund shares.

Class R shares are generally available only to certain retirement plans, which may have their own policies or instructions for buying and selling fund shares. Class R6 shares are generally available only to certain qualifying plans and programs, which may have their own policies or instructions for buying and selling fund shares. Institutional Class shares are generally available only to qualified institutions. Class S shares 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.

DWS CROCI<sup>®</sup> Equity Dividend Fund

**Summary Prospectus** March 1, 2023

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**Tax Information**

The fund's distributions are generally taxable to you as ordinary income or capital gains, except when your investment is in an IRA, 401(k), or other tax-advantaged investment plan. Any withdrawals you make from such tax- advantaged investment plans, however, may be taxable to you.

**Payments to Broker-Dealers and** <br> **Other Financial Intermediaries**

If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund, the Advisor, and/or the Advisor's affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's Web site for more information.

No such payments are made with respect to Class R6 shares. To the extent the fund makes such payments with respect to another class of its shares, the expense is borne by the other share class.

DWS CROCI<sup>®</sup> Equity Dividend Fund

**Summary Prospectus** March 1, 2023 **DCEDF-SUM**

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