N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSR

Investment Company Act file number 811-43

DWS INVESTMENT TRUST (FORMERLY INVESTMENT TRUST)

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, MA 02110-4103

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: (212) 454-7190

Paul Schubert

345 Park Avenue

New York, NY 10154

(Name and Address of Agent for Service)

Date of fiscal year end: 12/31

Date of reporting period: 12/31/05

ITEM 1. REPORT TO STOCKHOLDERS

DECEMBER 31, 2005

Annual Report
to Shareholders

DWS S&P 500 Index Fund

(formerly Scudder S&P 500 Index Fund)

Contents

Click Here Performance Summary

Click Here Information About Your Fund's Expenses

Click Here Portfolio Management Review

Click Here Portfolio Summary

DWS S&P 500 Index Fund

Click Here Financial Statements

Click Here Financial Highlights

Click Here Notes to Financial Statements

Click Here Report of Independent Registered Public Accounting Firm

Click Here Tax Information

Click Here Trustees and Officers

DWS Equity 500 Index Portfolio

Click Here Investment Portfolio

Click Here Financial Statements

Click Here Financial Highlights

Click Here Notes to Financial Statements

Click Here Report of Independent Registered Public Accounting Firm

Click Here Investment Management Agreement Approval

Click Here Account Management Resources

This report must be preceded or accompanied by a prospectus. To obtain a 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 prospectus contains this and other important information about the fund. Please read the prospectus carefully before you invest.

Investments in mutual funds involve risk. Some funds have more risk than others. While the fund seeks to closely track the characteristics and performance of the S&P 500 index, important differences between the two exist. The index is not available for direct investment, and there are no fees or expenses associated with the index's performance. As with most other mutual funds, this DWS fund has fees and expenses.

The S&P 500 Index and the fund include stocks from many industries. Index and fund composition change periodically as companies are added or dropped, and prices of stocks in the index fluctuate. Please read this fund's prospectus for specific details regarding its investments and risk profile.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name in the US for the asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Asset Management, Inc., Deutsche Investment Management Americas Inc. and DWS Trust Company.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Performance Summary December 31, 2005

Classes A, B and C

All performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Please visit www.dws-scudder.com for the Fund's most recent month-end performance.

The maximum sales charge for Class A shares is 4.50%. For Class B shares, the maximum contingent deferred sales charge (CDSC) is 4% within the first year after purchase, declining to 0% after six years. Class C shares have no adjustment for front-end sales charges but redemptions within one year of purchase may be subject to a CDSC of 1%. Unadjusted returns do not reflect sales charges and would have been lower if they had.

To discourage short-term trading, shareholders redeeming shares held less than 15 days will have a lower total return due to the effect of the 2% short-term redemption fee.

Returns during all periods shown reflect a fee waiver and/or expense reimbursement. Without this waiver/reimbursement, returns would have been lower.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns may differ by share class.

Returns shown for Class A, B and C shares prior to their inception on February 15, 2005 are derived from the historical performance of Class S shares of the DWS S&P 500 Index Fund with an inception date of August 29, 1997 and have been adjusted to reflect the higher gross total annual operating expenses of each specific class. Any difference in expenses will affect performance.

Average Annual Total Returns (Unadjusted for Sales Charge) as of 12/31/05
DWS S&P 500 Index Fund	1-Year	3-Year	5-Year	Life of Fund*
Class A	4.33%	13.66%	-.08%	4.96%
Class B	3.53%	12.81%	-.83%	4.17%
Class C	3.55%	12.81%	-.83%	4.17%
S&P 500 Index+	4.91%	14.39%	.54%	5.62%

Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.

^* The Fund commenced operations on August 29, 1997 with Class S shares. Index returns begin August 31, 1997.

Net Asset Value and Distribution Information
	Class A	Class B	Class C
Net Asset Value: 12/31/05	$ 16.56	$ 16.52	$ 16.52
2/18/05 (commencement of operations of Class A, B and C shares)	$ 15.96	$ 15.96	$ 15.96
Distribution Information: Income dividends from 2/18/05 through 12/31/05	$ .19	$ .13	$ .13

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

[] DWS S&P 500 Index Fund — Class A

[] S&P 500 Index⁺

Yearly periods ended December 31

The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 4.50%. This results in a net initial investment of $9,550.

Comparative Results (Adjusted for Maximum Sales Charge) as of 12/31/05
DWS S&P 500 Index Fund		1-Year	3-Year	5-Year	Life of Fund*
Class A	Growth of $10,000	$9,963	$14,023	$9,511	$14,304
	Average annual total return	-.37%	11.93%	-1.00%	4.38%
Class B	Growth of $10,000	$10,053	$14,155	$9.498	$14,059
	Average annual total return	.53%	12.28%	-1.03%	4.17%
Class C	Growth of $10,000	$10,355	$14,357	$9,593	$14,061
	Average annual total return	3.55%	12.81%	-.83%	4.17%
S&P 500 Index+	Growth of $10,000	$10,491	$14,970	$10,275	$15,772
	Average annual total return	4.91%	14.39%	.54%	5.62%

The growth of $10,000 is cumulative.

⁺The Standard & Poor's 500 (S&P 500) Index is an unmanaged capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. "Standard & Poor's," "S&P 500," "Standard & Poor's 500" and "500" are trademarks of The McGraw-Hill Companies Inc., and have been licensed for use by the Fund's investment advisor. Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.

^*The Fund commenced operations on August 29,1997 with Class S shares. Index returns begin August 31, 1997.

Class AARP and Class S

Class AARP has been created especially for members of AARP. Class S shares are no longer available to new investors except under certain circumstances. (Please refer to the Fund's Statement of Additional Information.)

All performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Please visit www.dws-scudder.com for the Fund's most recent month-end performance.

To discourage short-term trading, shareholders redeeming shares held less than 15 days will have a lower total return due to the effect of the 2% short-term redemption fee.

Returns and rankings during all periods shown reflect a fee waiver and/or expense reimbursement. Without this waiver/reimbursement, returns and rankings would have been lower.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and rankings may differ by share class.

Returns shown for Class AARP for periods prior to its inception on September 11, 2000, are derived from historical performance of Class S shares of the DWS S&P 500 Index Fund with an inception date of August 29, 1997 and have assumed the same expense structure during such periods. Any difference in expenses will affect performance.

Average Annual Total Returns as of 12/31/05
DWS S&P 500 Index Fund	1-Year	3-Year	5-Year	Life of Fund*
Class S	4.47%	13.87%	.11%	5.17%
Class AARP	4.47%	13.87%	.11%	5.17%
S&P 500 Index+	4.91%	14.39%	.54%	5.62%

Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.

^*The Fund commenced operations on August 29, 1997 with Class S shares. Index comparisons begin August 31, 1997.

Net Asset Value and Distribution Information
	Class AARP	Class S
Net Asset Value: 12/31/05	$ 16.56	$ 16.56
12/31/04	$ 16.07	$ 16.07
Distribution Information: Twelve Months: Income Dividends as of 12/31/05	$ .22	$ .22

Class S Lipper Rankings — S&P 500 Index Objective Funds Category as of 12/31/05
Period	Rank		Number of Funds Tracked	Percentile Ranking (%)
1-Year	76	of	166	46
3-Year	71	of	152	47
5-Year	57	of	135	42

Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings are based on total return with distributions reinvested. Rankings are for Class S shares; other share classes may vary.

Growth of an Assumed $10,000 Investment

[] DWS S&P 500 Index Fund — Class S

[] S&P 500 Index⁺

Yearly periods ended December 31

Comparative Results as of 12/31/05
DWS S&P 500 Index Fund		1-Year	3-Year	5-Year	Life of Fund*
Class S	Growth of $10,000	$10,447	$14,763	$10,054	$15,223
	Average annual total return	4.47%	13.87%	.11%	5.17%
Class AARP	Growth of $10,000	$10,447	$14,763	$10,054	$15,223
	Average annual total return	4.47%	13.87%	.11%	5.17%
S&P 500 Index+	Growth of $10,000	$10,491	$14,970	$10,275	$15,772
	Average annual total return	4.91%	14.39%	.54%	5.62%

The growth of $10,000 is cumulative.

⁺The Standard & Poor's 500 (S&P 500) Index is an unmanaged capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. "Standard & Poor's," "S&P 500," "Standard & Poor's 500" and "500" are trademarks of The McGraw-Hill Companies Inc., and have been licensed for use by the Fund's investment advisor. Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.

^*The Fund commenced operations on August 29, 1997 with Class S shares. Index comparisons begin on August 31, 1997.

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 and other Fund expenses. Examples of transaction costs include sales charges (loads), redemption fees 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 A, B and C shares; had it not done so, expenses would have been higher. The tables are based on an investment of $1,000 made at the beginning of the six-month period ended December 31, 2005.

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. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investment for the six months ended December 31, 2005
Actual Fund Return*	Class A	Class B	Class C	Class AARP	Class S
Beginning Account Value 7/1/05	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 12/31/05	$ 1,054.40	$ 1,049.90	$ 1,050.60	$ 1,055.00	$ 1,055.00
Expenses Paid per $1,000**	$ 3.42	$ 7.29	$ 7.24	$ 2.33	$ 2.28
Hypothetical 5% Fund Return*	Class A	Class B	Class C	Class AARP	Class S
Beginning Account Value 7/1/05	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 12/31/05	$ 1,021.88	$ 1,018.10	$ 1,018.15	$1,022.94	$ 1,022.99
Expenses Paid per $1,000**	$ 3.36	$ 7.17	$ 7.12	$ 2.29	$ 2.24

^* Expenses include amounts allocated proportionally from the master portfolio.

^** 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 the number of days in the most recent six-month period, then divided by 365.

Annualized Expense Ratios	Class A	Class B	Class C	Class AARP	Class S
DWS S&P 500 Index Fund	.66%	1.41%	1.40%	.45%	.44%

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

Portfolio Management Review

DWS S&P 500 Index Fund: A Team Approach to Investing

Deutsche Asset Management, Inc. ("DeAM, Inc." or the "Advisor"), which is part of Deutsche Asset Management, is the investment advisor for DWS Equity 500 Index Portfolio, in which the fund invests all of its assets. DeAM, Inc. provides a full range of investment advisory services to institutional and retail clients.

Deutsche Asset Management is a global asset management organization that offers a wide range of investing expertise and resources. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles.

DeAM, Inc. is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution that is engaged in a wide range of financial services, including investment management, mutual funds, retail, private and commercial banking, investment banking and insurance.

Northern Trust Investments, N.A. ("NTI"), a subsidiary of Northern Trust Company, is the subadvisor for the portfolio. As of December 31, 2005, NTI had approximately $618 billion of assets under management.

Portfolio Manager

Chad M. Rakvin, CFA

Vice President at NTI.

Team Leader — Domestic Index in the Quantitative Management Group of NTI.

Before joining NTI in 2004, associated with Barclays Global Investors since 1999, most recently as a Principal of the Index Research Group.

BS, Indiana University of Pennsylvania.

In the following interview, Portfolio Manager Chad M. Rakvin, of Northern Trust Investments, the fund's subadvisor, discusses the economic and market environment and DWS S&P 500 Index Fund's performance for the 12-month period ended December 31, 2005.

Q: How would you describe the economic and market environment over the last 12 months?

A: A year ago, there was considerable concern about the sustainability of the economic expansion, but almost all measures of economic activity have continued to move upward. Gross domestic product has increased at a rate of more than 3% for nearly three years, and recent polls indicate that economists expect a solid expansion to last into 2006.¹ Employment, home ownership and consumer net worth increased, and consumer spending, which has been the main driver of the current expansion, remained relatively strong, despite the effect of rising energy prices on consumer sentiment.

¹ Gross domestic product is the total market value of all final goods and services produced in a country in a given year.

² The yield curve is a graph with a left-to-right line that shows how high or low yields are, from the shortest to the longest maturities. Typically, the line rises from left to right as investors who are willing to tie up their money for a longer period are rewarded with higher yields.

Business trends were also robust during the year. Corporate profits reached record levels, and business investment in capital projects and information technology continued to increase. Manufacturing activity was steady, and productivity continued to improve.

Expressing concern about inflation, the Federal Reserve Board (the Fed) raised the federal funds rate 13 times between June 2004 and December 2005, increasing the rate by more than three percentage points. While short-term rates have followed Fed moves, long-term rates remain close to historic lows, producing a very flat yield curve.²

Both stocks and bonds had positive returns in 2005, and returns of most asset classes were close to one another. The broad equity market, as measured by the S&P 500 Index, had a return of 4.91%.³ Growth stocks performed better than value stocks: the return of the Russell 1000 Value Index was 7.05%, while the Russell 1000 Growth Index had a return of 5.26%.⁴ Mid-cap stocks had significantly higher returns than large-cap or small-cap stocks: the return of the Russell Midcap Index was 12.65%, compared with 6.27% for the Russell 1000, which tracks large-cap stocks, and 4.55% for the Russell 2000, which measures the return of small-cap stocks.⁵ Foreign equity markets were stronger than the US market: the MSCI EAFE Index had a return of 13.54%.⁶ The broad bond market, as measured by the Lehman Brothers Aggregate Bond Index, had a return of 2.43%.⁷ As the Fed continued to push short-term interest rates up, returns of three-month Treasury bills, which are regarded as cash equivalents, were 3.07%, providing a higher return than bonds for the year.

³ The Standard & Poor's (S&P) 500 Index is an unmanaged capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

⁴ The Russell 1000 Value Index is an unmanaged index that consists of those stocks in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 Growth Index is an unmanaged index that consists of those stocks in the Russell 1000 Index with higher price-to-book ratios and higher forecasted growth values.

⁵ The Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 25% of the total market capitalization of the Russell 1000 Index.

The Russell 1000 Index measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represent approximately 92% of the total market capitalization of the Russell 3000 Index.

The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represent approximately 8% of the total market capitalization of the Russell 3000 Index.

⁶ The MSCI EAFE (Morgan Stanley Capital International Europe Australasia Far East) Index is composed of approximately 1,100 companies in 20 countries in Europe and the Pacific Basin. The objective of the index is to reflect the movements of stock markets in these countries by representing an unmanaged (indexed) portfolio within each country. The index is calculated in US dollars and is constructed to represent about 60% of market capitalization in each country.

⁷ The Lehman Brothers Aggregate Bond Index is an unmanaged market-value-weighted measure of Treasury issues, corporate bond issues and mortgage securities.

Index returns assume reinvestment of dividends and, unlike fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.

Q: How did the fund perform during this period?

A: The fund returned 4.33%. (Returns are for Class A shares, unadjusted for sales charges. If sales charges had been included, returns would have been lower). Since the fund's investment strategy is to replicate, as closely as possible, before the deduction of expenses, the performance of the S&P 500 Index, the fund's return is normally close to the return of the index. (Past performance is no guarantee of future results. Please see pages 4 through 7 for the performance of other share classes, and for more complete performance information.) Despite the fund's underperformance, we were able to gain some ground back relative to the index by strategically deploying cash inflows into the fund on days the market was down, which created the opportunity to invest at the market's lower points.

Q: Which sectors within the S&P 500 Index had the best and worst performance?

A: In 2005, eight of the 10 industry sectors within the S&P 500 Index had positive returns. Driven by rising oil prices, energy was the strongest sector by far, with a return of 31.35%, followed by utilities, which had a return of 16.84%. Financials had a return of 6.48%, and health care returned 6.46%. Materials, consumer staples, industrials and information technology also had positive returns. The two weakest sectors were telecommunications  (-5.63%) and consumer discretionary (-6.28%).

Q: Which stocks had the greatest effect on performance?

A: It's not surprising, given the strength of the energy group, that many of the stocks that had the greatest effect were big oil companies, which have a heavy weight in the index and were up strongly; these include ExxonMobil Corp. and ConocoPhillips. Other energy stocks that had a significant positive impact because of strong performance were Valero Energy Corp., Burlington Resources, Inc., and Schlumberger Ltd. But the single stock that had the biggest positive impact, despite a relatively small weight, was Apple Computer, Inc., which was up more than 120%. Other stocks that were important to the positive performance of the index were Altria Group, Inc.; UnitedHealth Group, Inc.; Hewlett-Packard Co. and Amgen, Inc.

Stocks that had a strongly negative effect on the index's performance included Dell, Inc.; International Business Machines Corp.; Verizon Communications, Inc.; Pfizer, Inc.; Wal-Mart Stores, Inc.; Fannie Mae and Comcast Corp. Among these stocks, only Fannie Mae was down more than 30%, but all except Fannie Mae have relatively high weights, between 0.6% and 1.7% in the index.

Q: What changes have been made in the S&P 500 Index over the last year?

A: Standard & Poor's adjusts the composition of the S&P 500 Index to reflect changes in the relative size of companies and changes in corporate ownership. Most changes result from merger and acquisition activity. During 2005, there were 19 additions to and 19 deletions from the index. Among the additions were E. W. Scripps Company, Genworth Financial, Inc., Tyson Foods, Inc., Weatherford International Ltd. and Ameriprise Financial, Inc., which was spun off by American Express. Viacom Inc. and CBS Corp. replaced the old Viacom Inc., which was divided to form these two companies. Deletions include MBNA Corp. (acquired by Bank of America), Georgia-Pacific Corp. (acquired by Koch Forest Products, Inc.) and Gillette Co. (acquired by Procter & Gamble) May Department Stores (acquired by Federated Department Stores, Inc.), Nextel Communications (merged with Sprint to form Sprint Nextel Corp.) and Veritas Software Corp. (acquired by Symantec Corp.). Delta Air Lines, Calpine Corp. and Delphi Corp. were deleted after filing for bankruptcy. Adolph Coors Company replaced by Molson Coors Brewing Co., as Coors and Molson merged; Sears, Roebuck & Co. was replaced by Sears Holdings Corp., following the merger between Sears and Kmart Holding Corporation.

Another change made during the year was an adjustment in share counts used in calculating the index. Under the new system, only shares that are available to investors are used, rather than all of a company's outstanding shares, as in the past. This "float adjustment" excludes shares that are closely held by other publicly traded companies, control groups such as founders and management, or government agencies.

Q: Do you have other comments for shareholders?

A: Index funds, such as this one, offer investors the opportunity for broad market exposure at a relatively low cost.

The views expressed in this report reflect those of the portfolio managers 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.

Portfolio Summary

Asset Allocation	12/31/05	12/31/04
Common Stocks	100%	99%
Cash Equivalents	—	1%
	100%	100%

Sector Diversification (As a % of Common Stocks)	12/31/05	12/31/04
Financials	22%	21%
Information Technology	15%	16%
Health Care	13%	13%
Industrials	11%	12%
Consumer Discretionary	11%	12%
Consumer Staples	10%	10%
Energy	9%	7%
Utilities	3%	3%
Telecommunication Services	3%	3%
Materials	3%	3%
	100%	100%

Asset allocation and sector diversification are subject to change.

Ten Largest Equity Holdings at December 31, 2005 (20.1% of Net Assets)
1. General Electric Co. Industrial conglomerate	3.3%
2. ExxonMobil Corp. Explorer and producer of oil and gas	3.1%
3. Citigroup, Inc. Provider of diversified financial services	2.2%
4. Microsoft Corp. Developer of computer software	2.1%
5. Procter & Gamble Co. Manufacturer of diversified consumer products	1.7%
6. Bank of America Corp. Provider of commercial banking services	1.6%
7. Johnson & Johnson Provider of health care products	1.6%
8. American International Group, Inc. Provider of insurance services	1.6%
9. Pfizer, Inc. Manufacturer of prescription pharmaceuticals and non-prescription self-medications	1.5%
10. Altria Group, Inc. Parent company operating in the tobacco and food industries	1.4%

Portfolio holdings are subject to change.

For more complete details about the Fund's investment portfolio, see page 42. A quarterly Fact Sheet is available upon request. Information concerning portfolio holdings of the Fund as of month end will be posted to www.dws-scudder.com on the 15th day of the following month. Please see the Account Management Resources section for contact information.

Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. The form will be available on the SEC's Web site at www.sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330.

Financial Statements

Statement of Assets and Liabilities as of December 31, 2005
Assets
Investments in the DWS Equity 500 Index Portfolio, at value	$ 722,409,543
Receivable for Fund shares sold	696,237
Other assets	42,785
Total assets	723,148,565
Liabilities
Payable for Fund shares redeemed	2,754,165
Accrued expenses and other payables	642,238
Total liabilities	3,396,403
Net assets, at value	$ 719,752,162
Net Assets
Net assets consist of: Undistributed net investment income	646,946
Net unrealized appreciation (depreciation) on: Investments	18,367,405
Accumulated net realized gain (loss)	(334,575,572)
Paid-in capital	1,035,313,383
Net assets, at value	$ 719,752,162

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

Statement of Assets and Liabilities as of December 31, 2005 (continued)
Net Asset Value
Class A Net Asset Value and redemption price(a) per share ($72,700,822 ÷ 4,391,393 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 16.56
Maximum offering price per share (100 ÷ 95.5 of $16.56)	$ 17.34
Class B Net Asset Value, offering and redemption price(a) per share ($3,463,080 ÷ 209,589 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 16.52
Class C Net Asset Value, offering and redemption price(a) per share ($3,615,031 ÷ 218,859 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 16.52
Class AARP Net Asset Value, offering and redemption price(a) per share ($349,316,884 ÷ 21,088,016 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 16.56
Class S Net Asset Value, offering and redemption price(a) per share ($290,656,345 ÷ 17,548,367 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 16.56

^(a)Redemption price per share for shares held less than 15 days is equal to net asset value less a 2% redemption fee.

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

Statement of Operations for the year ended December 31, 2005
Investment Income
Income and expenses allocated from DWS Equity 500 Index Portfolio: Dividends	$ 13,335,207
Interest	160,138
Expenses*	(354,718)
Total Income	13,140,627
Expenses: Administrative services fee	721,396
Shareholder servicing fee	1,800,358
Distribution service fees	169,987
Auditing	30,900
Legal	20,800
Reports to shareholders	124,742
Registration fees	65,984
Trustees' fees and expenses	18,012
Other	34,890
Total expenses before expense reductions	2,987,069
Expense reductions	(63,945)
Total expenses after expense reductions	2,923,124
Net investment income (loss)	10,217,503
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) from: Investments	(9,862,794)
Futures	233,366
	(9,629,428)
Net unrealized appreciation (depreciation) during the period on: Investments	35,299,875
Futures	(112,299)
	35,187,576
Net gain (loss) on investment transactions	25,558,148
Net increase (decrease) in net assets resulting from operations	$ 35,775,651

*For the year ended December 31, 2005, the DWS Equity 500 Index Portfolio was reimbursed by the Advisor for fees in the amount of $335,112, which was allocated to the feeder funds on a pro-rated basis.

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

Statement of Changes in Net Assets
	Years Ended December 31,
Increase (Decrease) in Net Assets	2005	2004
Operations: Net investment income (loss)	$ 10,217,503	$ 10,968,694
Net realized gain (loss) on investment transactions	(9,629,428)	(18,303,338)
Net unrealized appreciation (depreciation) during the period on investment transactions	35,187,576	75,109,871
Net increase (decrease) in net assets resulting from operations	35,775,651	67,775,227
Distributions to shareholders from: Net investment income: Class A	(610,300)	—
Class B	(11,803)	—
Class C	(10,293)	—
Class AARP	(4,960,314)	(6,015,028)
Class S	(4,052,516)	(4,870,874)
Fund share transactions: Proceeds from shares sold	159,715,646	122,412,370
Reinvestment of distributions	9,253,794	10,433,014
Cost of shares redeemed	(183,240,260)	(184,182,805)
Redemption fees	5,843	—
Net increase (decrease) in net assets from Fund share transactions	(14,264,977)	(51,337,421)
Increase (decrease) in net assets	11,865,448	5,551,904
Net assets at beginning of period	707,886,714	702,334,810
Net assets at end of period (including undistributed net investment income of $646,946 and $165,123, respectively)	$ 719,752,162	$ 707,886,714

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

Financial Highlights

Class A	2005a
Selected Per Share Data
Net asset value, beginning of period	$ 15.96
Income (loss) from investment operations: Net investment income (loss)b	.18
Net realized and unrealized gain (loss) on investment transactions	.61
Total from investment operations	.79
Less distributions from: Net investment income	(.19)
Redemption fees	.00***
Net asset value, end of period	$ 16.56
Total Return (%)c,d	5.02**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	73
Ratio of expenses before expense reductions, including expenses allocated from DWS Equity 500 Index Portfolio (%)	.77*
Ratio of expenses after expense reductions, including expenses allocated from DWS Equity 500 Index Portfolio (%)	.66*
Ratio of net investment income (loss) (%)	1.27*
a For the period from February 18, 2005 (commencement of operations of Class A shares) to December 31, 2005. b Based on average shares outstanding during the period. c Total return does not reflect the effect of any sales charges. d Total return would have been lower had certain expenses not been reduced. * Annualized ** Not annualized *** Amount is less than $.005.

Class B	2005a
Selected Per Share Data
Net asset value, beginning of period	$ 15.96
Income (loss) from investment operations: Net investment income (loss)b	.07
Net realized and unrealized gain (loss) on investment transactions	.62
Total from investment operations	.69
Less distributions from: Net investment income	(.13)
Redemption fees	.00***
Net asset value, end of period	$ 16.52
Total Return (%)c,d	4.35**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	3
Ratio of expenses before expense reductions, including expenses allocated from DWS Equity 500 Index Portfolio (%)	1.66*
Ratio of expenses after expense reductions, including expenses allocated from DWS Equity 500 Index Portfolio (%)	1.41*
Ratio of net investment income (loss) (%)	.51*
a For the period from February 18, 2005 (commencement of operations of Class B shares) to December 31, 2005. b Based on average shares outstanding during the period. c Total return does not reflect the effect of any sales charges. d Total return would have been lower had certain expenses not been reduced. * Annualized ** Not annualized *** Amount is less than $.005.

Class C	2005a
Selected Per Share Data
Net asset value, beginning of period	$ 15.96
Income (loss) from investment operations: Net investment income (loss)b	.07
Net realized and unrealized gain (loss) on investment transactions	.62
Total from investment operations	.69
Less distributions from: Net investment income	(.13)
Redemption fees	.00***
Net asset value, end of period	$ 16.52
Total Return (%)c,d	4.36**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	4
Ratio of expenses before expense reductions, including expenses allocated from DWS Equity 500 Index Portfolio (%)	1.53*
Ratio of expenses after expense reductions, including expenses allocated from DWS Equity 500 Index Portfolio (%)	1.40*
Ratio of net investment income (loss) (%)	.52*
a For the period from February 18, 2005 (commencement of operations of Class C shares) to December 31, 2005. b Based on average shares outstanding during the period. c Total return does not reflect the effect of any sales charges. d Total return would have been lower had certain expenses not been reduced. * Annualized ** Not annualized *** Amount is less than $.005.

Class AARP Years Ended December 31,	2005	2004	2003	2002	2001
Selected Per Share Data
Net asset value, beginning of period	$ 16.07	$ 14.79	$ 11.71	$ 15.28	$ 17.60
Income (loss) from investment operations: Net investment income (loss)a	.23	.24	.18	.16	.15
Net realized and unrealized gain (loss) on investment transactions	.48	1.28	3.08	(3.56)	(2.32)
Total from investment operations	.71	1.52	3.26	(3.40)	(2.17)
Less distributions from: Net investment income	(.22)	(.24)	(.18)	(.17)	(.15)
Redemption fees	.00***	—	—	—	—
Net asset value, end of period	$ 16.56	$ 16.07	$ 14.79	$ 11.71	$ 15.28
Total Return (%)	4.47b	10.37b	28.04	(22.33)	(12.32)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	349	394	384	312	471
Ratio of expenses, including expenses allocated from DWS Equity 500 Index Portfolio (%)	.43	.44	.40	.40	.40
Ratio of net investment income (loss) (%)	1.44	1.58	1.39	1.21	.95
a Based on average shares outstanding during the period. b Total return would have been lower had certain expenses not been reduced. *** Amount is less than $.005.

Class S Years Ended December 31,	2005	2004	2003	2002	2001
Selected Per Share Data
Net asset value, beginning of period	$ 16.07	$ 14.79	$ 11.71	$ 15.28	$ 17.60
Income (loss) from investment operations: Net investment income (loss)a	.23	.24	.18	.16	.15
Net realized and unrealized gain (loss) on investment transactions	.48	1.28	3.08	(3.56)	(2.32)
Total from investment operations	.71	1.52	3.26	(3.40)	(2.17)
Less distributions from: Net investment income	(.22)	(.24)	(.18)	(.17)	(.15)
Redemption fees	.00***	—	—	—	—
Net asset value, end of period	$ 16.56	$ 16.07	$ 14.79	$ 11.71	$ 15.28
Total Return (%)	4.47b	10.37b	28.04	(22.33)	(12.32)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	291	314	318	237	390
Ratio of expenses including expenses allocated from DWS Equity 500 Index Portfolio (%)	.43	.45	.40	.40	.40
Ratio of net investment income (loss) (%)	1.44	1.57	1.39	1.22	.95
a Based on average shares outstanding during the period. b Total return would have been lower had certain expenses not been reduced. *** Amount is less than $.005.

Notes to Financial Statements

DWS S&P 500 Index Fund

A. Significant Accounting Policies

DWS S&P 500 Index Fund (formerly Scudder S&P 500 Index Fund) (the "Fund") is a diversified series of the DWS Investment Trust (formerly 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 seeks to achieve its investment objective by investing substantially all of its assets in the DWS Equity 500 Index Portfolio (formerly Scudder Equity 500 Index Portfolio) (the "Portfolio"), a diversified open-end management investment company advised by Deutsche Asset Management, Inc. ("DeAM, Inc." or the "Advisor"). Details concerning the Portfolio's investment objective and policies and the risk factors associated with the Portfolio's investments are described in the Fund's Prospectus and Statement of Additional Information. On December 31, 2005, the Fund owned approximately 22% of the Portfolio.

The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are offered to investors subject to an initial sales charge. Class B shares are offered without 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. Class B shares automatically convert to Class A shares six years after issuance. Class C shares are offered to investors without 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 do not convert into another class. Shares of Class AARP are designed for members of AARP (see Note E). Class AARP and S shares are not subject to initial or contingent deferred sales charges. Class S shares are no longer available to new investors except under certain circumstances. (Please refer to the Fund's Statement of Additional Information).

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 services 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 which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of its financial statements. The financial statements of the Portfolio, including the Investment Portfolio, are contained elsewhere in this report and should be read in conjunction with the Fund's financial statements.

Security Valuation. The Fund records its investment in the Portfolio at value, which reflects its proportionate interest in the net assets of the Portfolio. Valuation of the securities held by the Portfolio is discussed in the notes to the Portfolio's financial statements included elsewhere in the report.

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. Accordingly, the Fund paid no federal income taxes and no federal income tax provision was required.

At December 31, 2005, the Fund had a net tax basis capital loss carryforward of approximately $332,945,000 which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until December 31, 2006 ($3,502,000), December 31, 2007 ($51,000), December 31, 2009 ($159,908,000), December 31, 2010 ($113,678,000), December 31, 2011 ($27,128,000), December 31, 2012 ($21,570,000) and December 31, 2013 ($7,108,000), the respective expiration dates, whichever occurs first, which may be subject to certain limitations under Sections 382-383 of the Internal Revenue Code.

In addition, from November 1, 2005 through December 31, 2005, the Fund incurred approximately $1,713,000 of net realized capital losses. As permitted by tax regulations, the Fund intends to elect to defer these losses and treat them as arising in the year ending December 31, 2006.

Distribution of Income and Gains. Net investment income of the Fund is declared and distributed to shareholders quarterly. 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 timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

At December 31, 2005, the Fund's components of distributable earnings (accumulated losses) on a tax basis were as follows:

Undistributed ordinary income	$ 646,946
Capital loss carryforwards	$ (332,945,000)

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

	Years Ended December 31,
	2005	2004
Distributions from ordinary income	$ 9,645,226	$ 10,885,902

Redemption Fees. Effective February 1, 2005, the Fund imposes a redemption fee of 2% of the total redemption amount on the Fund shares redeemed or exchanged within 15 days of buying them, either by purchase or exchange. This fee is assessed and retained by the Fund for the benefit of the remaining shareholders. The redemption fee is accounted for as an addition to paid-in capital.

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.

Other. The Fund receives a daily allocation of the Portfolio's income, expenses and net realized and unrealized gains and losses in proportion to its investment in the Portfolio. Expenses directly attributed to a Fund are charged to that fund, while expenses which are attributable to the Trust are allocated among the funds in the Trust on the basis of relative net assets.

B. Related Parties

DWS Scudder is part of Deutsche Asset Management, which is the marketing name in the US for the asset management activities of Deutsche Bank AG. DeAM, Inc. is the Advisor for the Portfolio and is a wholly owned subsidiary of Deutsche Bank AG.

Effective October 1, 2003 through April 30, 2006 (for Class A, B and C shares which commenced operations on February 18, 2005, through April 30, 2006), the Advisor has contractually agreed to waive all or a portion of its Administrative Services Fee and reimburse or pay certain operating expenses of the Fund to the extent necessary to maintain the operating expenses of Class AARP and S shares at .50% (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest, trustee and trustee counsel fees and organizational and offering expenses) and Class A, B and C at .66%, 1.41% and 1.405%, respectively.

Administrative Services Agreement. The Fund also has an Administrative Services Agreement with the Advisor, under which the Advisor provides shareholder and administrative services to the Fund. The Advisor receives a fee (the "Administrative Services Fee") of 0.10% of the Fund's average daily net assets, accrued daily and paid monthly. Accordingly, for the year ended December 31, 2005, the amount charged to the Fund aggregated $721,396, of which $63,922 is unpaid.

Service Provider Fees. DWS Scudder Investments Service Company ("DWS-SISC"), an affiliate of the Advisor, is the transfer, dividend-paying agent and shareholder service agent for Class A, B and C shares of the Fund. DWS Scudder Service Corporation ("DWS-SSC"), a subsidiary of the Advisor, is the transfer, dividend-paying agent and shareholder service agent for Class AARP and S shares of the Fund. Pursuant to a sub-transfer agency agreement among DWS-SISC, DWS-SSC and DST Systems, Inc. ("DST"), DWS-SISC and DWS-SSC have delegated certain transfer agent and dividend paying agent functions to DST. DWS-SISC and DWS-SSC compensate DST out of the shareholder servicing fee they receive from the Fund. For the year ended December 31, 2005, the amounts charged to the Fund by DWS-SISC and DWS-SSC were as follows:

Services to Shareholders	Total Aggregated	Waived	Unpaid at December 31, 2005
Class A	$ 145,570	$ 54,841	$ 25,612
Class B	10,815	6,227	1,103
Class C	6,955	2,877	1,749
Class AARP	796,427	—	145,856
Class S	636,309	—	117,703
	$ 1,596,076	$ 63,945	$ 292,023

Distribution Service Agreement. Under the Distribution Service Agreement, in accordance with Rule 12b-1 under the 1940 Act, DWS Scudder Distributors, Inc. ("DWS-SDI"), a subsidiary of the Advisor, receives a fee ("Distribution Fee") of 0.75% of average daily net assets of Class B and C shares. Pursuant to the agreement, DWS-SDI enters into related selling group agreements with various firms at various rates for sales of Class B and C shares. For the year ended December 31, 2005, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated	Unpaid at December 31, 2005
Class B	$ 18,547	$ 2,208
Class C	16,986	2,167
	$ 35,533	$ 4,375

In addition, DWS-SDI provides information and administrative services ("Service Fee") to Class A, B and C shareholders at an annual rate of up to 0.25% of average daily net assets for each such class. DWS-SDI 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 December 31, 2005, the Service Fee was as follows:

Service Fee	Total Aggregated	Unpaid at December 31, 2005	Annual Effective Rate
Class A	$ 122,611	$ 76,486	.25%
Class B	6,182	767	.25%
Class C	5,662	726	.25%
	$ 134,455	$ 77,979

Underwriting Agreement and Contingent Deferred Sales Charge. DWS-SDI is the principal underwriter for the Fund. Underwriting commissions paid to DWS-SDI in connection with the distribution of Class A shares for the year ended December 31, 2005 aggregated $11,039.

In addition, DWS-SDI receives any contingent deferred sales charge ("CDSC") from Class B share redemptions occurring within six years of purchase and 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 based on declining rates ranging from 4% to 1% for Class B and 1% for Class C, of the value of the shares redeemed. For the year ended December 31, 2005, the CDSC for Class B and C shares aggregated $11,719 and $1,113, respectively. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares.

Typesetting and Filing Service Fees. Under an agreement with Deutsche Investment Management Americas Inc. ("DeIM"), an indirect, wholly owned subsidiary of Deutsche Bank AG, DeIM is compensated for providing typesetting and regulatory filing services to the Fund. For the year ended December 31, 2005, the amount charged to the Fund by DeIM included in reports to shareholders aggregated $24,480, of which $7,440 is unpaid.

Trustees' Fees and Expenses. The Fund paid each Trustee not affiliated with the Advisor retainer fees plus specified amounts for attended board and committee meetings.

Other Related Parties. AARP through its affiliate, AARP Services, Inc., monitors and oversees the AARP Investment Program from Scudder Investments, but does not act as an investment advisor or recommend specific mutual funds. DeIM has agreed to pay a fee to AARP and/or its affiliates in return for the use of the AARP trademark and services relating to investments by AARP members in AARP Class shares of the Fund. This fee is calculated on a daily basis as a percentage of the combined net assets of the AARP classes of all funds managed by DeIM. The fee rates, which decrease as the aggregate net assets of the AARP classes become larger, are as follows: 0.07% for the first $6 billion of net assets, 0.06% for the next $10 billion and 0.05% thereafter. These amounts are used for the general purposes of AARP and its members (see Note E).

C. Share Transactions

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

	Year Ended December 31, 2005		Year Ended December 31, 2004
	Shares	Dollars	Shares	Dollars
Shares sold
Class A*	5,805,887	$ 89,429,772	—	$ —
Class B*	274,023	4,217,214	—	—
Class C*	283,713	4,377,316	—	—
Class AARP	1,119,851	17,814,916	2,389,540	36,025,741
Class S	2,750,771	43,876,428	5,732,114	86,386,629
		$ 159,715,646		$ 122,412,370
Shares issued to shareholders in reinvestment of distributions
Class A*	37,548	$ 610,224	—	$ —
Class B*	727	11,739	—	—
Class C*	641	10,293	—	—
Class AARP	290,716	4,671,121	372,676	5,675,883
Class S	245,745	3,950,417	312,510	4,757,131
		$ 9,253,794		$ 10,433,014
Shares redeemed
Class A*	(1,452,042)	$ (23,355,336)	—	$ —
Class B*	(65,161)	(1,054,586)	—	—
Class C*	(65,495)	(1,044,973)	—	—
Class AARP	(4,834,076)	(77,668,789)	(4,217,691)	(63,537,620)
Class S	(4,991,038)	(80,116,576)	(8,021,423)	(120,645,185)
		$ (183,240,260)		$ (184,182,805)
Redemption fees		$ 5,843		$ —
Net increase (decrease)
Class A*	4,391,393	$ 66,684,660	—	$ —
Class B*	209,589	3,174,367	—	—
Class C*	218,859	3,342,636	—	—
Class AARP	(3,423,509)	(55,178,723)	(1,455,475)	(21,835,996)
Class S	(1,994,522)	(32,287,917)	(1,976,799)	(29,501,425)
		$ (14,264,977)		$ (51,337,421)

^*For the period from February 18, 2005 (commencement of operations for Class A, B and C shares) to December 31, 2005.

D. Regulatory Matters and Litigation

Market Timing Related Regulatory and Litigation Matters. Since at least July 2003, federal, state and industry regulators have been conducting ongoing inquiries and investigations ("inquiries") into the mutual fund industry, and have requested information from numerous mutual fund companies, including DWS Scudder. The DWS funds' advisors have been cooperating in connection with these inquiries and are in discussions with the regulators concerning proposed settlements. Publicity about mutual fund practices arising from these industry-wide inquiries serves as the general basis of a number of private lawsuits against the DWS funds. These lawsuits, which previously have been reported in the press, involve purported class action and derivative lawsuits, making various allegations and naming as defendants various persons, including certain DWS funds, the funds' investment advisors and their affiliates, and certain individuals, including in some cases fund Trustees/Directors, officers, and other parties. Each DWS fund's investment advisor has agreed to indemnify the applicable DWS funds in connection with these lawsuits, or other lawsuits or regulatory actions that may be filed making allegations similar to these lawsuits regarding market timing, revenue sharing, fund valuation or other subjects arising from or related to the pending inquiries. It is not possible to determine with certainty what the outcome of these inquiries will be or what the effect, if any, would be on the funds or their advisors.

With respect to the lawsuits, based on currently available information, the funds' investment advisors believe the likelihood that the pending lawsuits will have a material adverse financial impact on a DWS fund is remote and such actions are not likely to materially affect their ability to perform under their investment management agreements with the DWS funds.

With respect to the regulatory matters, Deutsche Asset Management ("DeAM") has advised the funds as follows:

DeAM expects to reach final agreements with regulators early in 2006 regarding allegations of improper trading in the DWS funds. DeAM expects that it will reach settlement agreements with the Securities and Exchange Commission, the New York Attorney General and the Illinois Secretary of State providing for payment of disgorgement, penalties, and investor education contributions totaling approximately $134 million. Approximately $127 million of this amount would be distributed to shareholders of the affected DWS funds in accordance with a distribution plan to be developed by an independent distribution consultant. DeAM does not believe that any of the DWS funds will be named as respondents or defendants in any proceedings. The funds' investment advisors do not believe these amounts will have a material adverse financial impact on them or materially affect their ability to perform under their investment management agreements with the DWS funds. The above-described amounts are not material to Deutsche Bank, and they have already been reserved.

Based on the settlement discussions thus far, DeAM believes that it will be able to reach a settlement with the regulators on a basis that is generally consistent with settlements reached by other advisors, taking into account the particular facts and circumstances of market timing at DeAM and at the legacy Scudder and Kemper organizations prior to their acquisition by DeAM in April 2002. Among the terms of the expected settled orders, DeAM would be subject to certain undertakings regarding the conduct of its business in the future, including maintaining existing management fee reductions for certain funds for a period of five years. DeAM expects that these settlements would resolve regulatory allegations that it violated certain provisions of federal and state securities laws (i) by entering into trading arrangements that permitted certain investors to engage in market timing in certain DWS funds and (ii) by failing more generally to take adequate measures to prevent market timing in the DWS funds, primarily during the 1999-2001 period. With respect to the trading arrangements, DeAM expects that the settlement documents will include allegations related to one legacy DeAM arrangement, as well as three legacy Scudder and six legacy Kemper arrangements. All of these trading arrangements originated in businesses that existed prior to the current DeAM organization, which came together in April 2002 as a result of the various mergers of the legacy Scudder, Kemper and Deutsche fund groups, and all of the arrangements were terminated prior to the start of the regulatory investigations that began in the summer of 2003. No current DeAM employee approved the trading arrangements.

There is no certainty that the final settlement documents will contain the foregoing terms and conditions. The independent Trustees/Directors of the DWS funds have carefully monitored these regulatory investigations with the assistance of independent legal counsel and independent economic consultants. Additional information announced by DeAM regarding the terms of the expected settlements will be made available at www.dws-scudder.com/regulatory_settlements, which will also disclose the terms of any final settlement agreements once they are announced.

Other Regulatory Matters. DeAM is also engaged in settlement discussions with the Enforcement Staffs of the SEC and the NASD regarding DeAM's practices during 2001-2003 with respect to directing brokerage commissions for portfolio transactions by certain DWS funds to broker-dealers that sold shares in the DWS funds and provided enhanced marketing and distribution for shares in the DWS funds. In addition, on January 13, 2006, DWS Scudder Distributors, Inc. received a Wells notice from the Enforcement Staff of the NASD regarding DWS Scudder Distributors' payment of non-cash compensation to associated persons of NASD member firms, as well as DWS Scudder Distributors' procedures regarding non-cash compensation regarding entertainment provided to such associated persons. Additional information announced by DeAM regarding the terms of the expected settlements will be made available at www.dws-scudder.com/regulatory_settlements, which will also disclose the terms of any final settlement agreements once they are announced.

E. Subsequent Events

On December 31, 2005, the contractual relationship between Scudder Investments and AARP came to an end. As a result, the funds are no longer part of the AARP Investment Program and the AARP name and logo will be phased out in early 2006. In addition, effective February 6, 2006, Scudder Investments changed its name to DWS Scudder and the Scudder funds were renamed DWS funds.

Report of Independent Registered Public Accounting Firm

To the Trustees of Investment Trust and the Shareholders of DWS S&P 500 Index Fund:

In our opinion, the accompanying statement of assets and liabilities, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of DWS S&P 500 Index Fund (the "Fund") (formerly Scudder S&P 500 Index Fund) at December 31, 2005, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

Boston, Massachusetts
February 28, 2006 PricewaterhouseCoopers LLP

Tax Information (Unaudited)

For corporate shareholders, 100% of the income dividends paid during the Fund's year ended December 31, 2005 qualified for the dividends received deduction.

For federal income tax purposes, the Fund designates $14,669,000, or the maximum amount allowable under tax law, as qualified dividend income.

Please consult a tax advisor if you have any questions about federal and state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please call 1-800-SCUDDER.

Trustees and Officers

The following table presents certain information regarding the Trustees and Officers of the fund as of December 31, 2005. Each individual's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each individual 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 Trustee is c/o Dawn-Marie Driscoll, PO Box 100176, Cape Coral, FL 33904. Unless otherwise indicated, the address of each Officer is Two International Place, Boston, Massachusetts 02110. The term of office for each Trustee is until the next meeting of shareholders called for the purpose of electing Trustees and until the election and qualification of a successor, or until such Trustee sooner dies, resigns, retires or is removed as provided in the governing documents of the fund. Because the fund does not hold an annual meeting of shareholders, each Trustee will hold office for an indeterminate period. The Trustees of the fund may also serve in similar capacities with other funds in the fund complex.

Independent Trustees
Name, Year of Birth, Position(s) Held with the Fund and Length of Time Served1	Principal Occupation(s) During Past 5 Years and Other Directorships Held	Number of Funds in Fund Complex Overseen
Dawn-Marie Driscoll (1946) Chairman, 2004-present Trustee, 1987-present	President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley College; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Advisory Board, Center for Business Ethics, Bentley College; Board of Governors, Investment Company Institute; Member, Executive Committee of the Independent Directors Council of the Investment Company Institute, Southwest Florida Community Foundation (charitable organization)	41
Henry P. Becton, Jr. (1943) Trustee, 1990-present	President, WGBH Educational Foundation. Directorships: Becton Dickinson and Company (medical technology company); The A.H. Belo Company (media company); Concord Academy; Boston Museum of Science; Public Radio International. Former Directorships: American Public Television; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service	41
Keith R. Fox (1954) Trustee, 1996-present	Managing General Partner, Exeter Capital Partners (private equity funds). Directorships: Progressive Holding Corporation (kitchen importer and distributor); Cloverleaf Transportation Inc. (trucking); Natural History, Inc. (magazine publisher); Box Top Media Inc. (advertising)	41
Kenneth C. Froewiss (1945) Trustee 2005-present	Clinical Professor of Finance, NYU Stern School of Business; Director, DWS Global High Income Fund, Inc. (since 2001), DWS Global Commodities Stock Fund, Inc. (since 2004), Scudder New Asia Fund, Inc. (since 1999), The Brazil Fund, Inc. (since 2000) and The Korea Fund, Inc. (since 2000); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)	46
Jean Gleason Stromberg (1943) Trustee, 1999-present	Retired. Formerly, Consultant (1997-2001); Director, US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; Service Source, Inc.; DWS Global High Income Fund, Inc. (since October 2005), DWS Global Commodities Stock Fund, Inc. (since October 2005); Former Directorships: Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)	41
Carl W. Vogt (1936) Trustee, 2002-present	Senior Partner, Fulbright & Jaworski, L.L.P. (law firm); formerly, President (interim) of Williams College (1999-2000); President, certain funds in the Deutsche Asset Management Family of Funds (formerly, Flag Investors Family of Funds) (registered investment companies) (1999-2000). Directorships: Yellow Corporation (trucking); American Science & Engineering (x-ray detection equipment); ISI Family of Funds (registered investment companies, 4 funds overseen); National Railroad Passenger Corporation (Amtrak); formerly, Chairman and Member, National Transportation Safety Board	41

Officers2
Name, Year of Birth, Position(s) Held with the Fund and Length of Time Served1	Principal Occupation(s) During Past 5 Years and Other Directorships Held
Vincent J. Esposito4 (1956) President, 2005-present	Managing Director3, Deutsche Asset Management (since 2003); President and Chief Executive Officer of The Central Europe and Russia Fund, Inc., The European Equity Fund, Inc., The New Germany Fund, Inc. (since 2003) (registered investment companies); Vice Chairman and Director of The Brazil Fund, Inc. (2004-present); formerly, Managing Director, Putnam Investments (1991-2002)
John Millette (1962) Vice President and Secretary, 1999-present	Director3, Deutsche Asset Management
Paul H. Schubert4 (1963) Chief Financial Officer, 2004-present Treasurer, since 2005	Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
Patricia DeFilippis4 (1963) Assistant Secretary, 2005-present	Vice President3, Deutsche Asset Management (since June 2005); Counsel, New York Life Investment Management LLC (2003-2005); legal associate, Lord, Abbett & Co. LLC (1998-2003)
Elisa D. Metzger (1962) Assistant Secretary 2005-present	Director3, Deutsche Asset Management (since September 2005); Counsel, Morrison and Foerster LLP (1999-2005)
Caroline Pearson (1962) Assistant Secretary, 1997-present	Managing Director3, Deutsche Asset Management
Scott M. McHugh (1971) Assistant Treasurer, 2005-present	Director3, Deutsche Asset Management
Kathleen Sullivan D'Eramo (1957) Assistant Treasurer, 2003-present	Director3, Deutsche Asset Management
John Robbins4 (1966) Anti-Money Laundering Compliance Officer, 2005-present	Managing Director3, Deutsche Asset Management (since 2005); formerly, Chief Compliance Officer and Anti-Money Laundering Compliance Officer for GE Asset Management (1999-2005)
Philip Gallo4 (1962) Chief Compliance Officer, 2004-present	Managing Director3, Deutsche Asset Management (2003-present); formerly, Co-Head of Goldman Sachs Asset Management Legal (1994-2003)
A. Thomas Smith4,6 (1956) Chief Legal Officer, since 2005	Managing Director3, Deutsche Asset Management (2004-present); formerly, General Counsel, Morgan Stanley and Van Kampen and Investments (1999-2004); Vice President and Associate General Counsel, New York Life Insurance Company (1994-1999); senior attorney, The Dreyfus Corporation (1991-1993); senior attorney, Willkie Farr & Gallagher (1989-1991); staff attorney, US Securities & Exchange Commission and the Illinois Securities Department (1986-1989)

¹ Length of time served represents the date that each Trustee was first elected to the common board of Trustees which oversees a number of investment companies, including the fund, managed by the Advisor. For the Officers of the fund, the length of time served represents the date that each officer was first elected to serve as an officer of any fund overseen by the aforementioned common board of Trustees.

² As a result of their respective positions held with the Advisor, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the funds.

³ Executive title, not a board directorship

⁴ Address: 345 Park Avenue, New York, New York 10154

⁵ Address: One South Street, Baltimore, Maryland 21202

⁶ Elected on December 2, 2005

The fund's Statement of Additional Information ("SAI") includes additional information about the Trustees. 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: 1-800-SCUDDER.

(The following financial statements of the DWS Equity 500 Index Portfolio should be read in conjunction with the Fund's financial statements.)

Investment Portfolio as of December 31, 2005

	Shares	Value ($)
Common Stocks 99.5%
Consumer Discretionary 10.7%
Auto Components 0.2%
Cooper Tire & Rubber Co.	18,702	286,515
Dana Corp.	43,481	312,194
Goodyear Tire & Rubber Co.*	50,696	881,096
Johnson Controls, Inc.	55,964	4,080,335
		5,560,140
Automobiles 0.3%
Ford Motor Co.	541,385	4,179,492
General Motors Corp.	166,771	3,238,693
Harley-Davidson, Inc.	80,151	4,126,975
		11,545,160
Distributors 0.1%
Genuine Parts Co.	50,478	2,216,994
Diversified Consumer Services 0.1%
Apollo Group, Inc. "A"*	42,683	2,580,614
H&R Block, Inc.	95,182	2,336,718
		4,917,332
Hotels Restaurants & Leisure 1.5%
Carnival Corp.	127,097	6,795,877
Darden Restaurants, Inc.	40,480	1,573,863
Harrah's Entertainment, Inc.	53,918	3,843,814
Hilton Hotels Corp.	96,239	2,320,322
International Game Technology	99,164	3,052,268
Marriott International, Inc. "A"	48,232	3,230,097
McDonald's Corp.	367,556	12,393,988
Starbucks Corp.*	224,508	6,737,485
Starwood Hotels & Resorts Worldwide, Inc.	63,412	4,049,490
Wendy's International, Inc.	33,280	1,839,053
YUM! Brands, Inc.	82,691	3,876,554
		49,712,811
Household Durables 0.7%
Black & Decker Corp.	22,952	1,995,906
Centex Corp.	37,404	2,674,012
D.R. Horton, Inc.	79,500	2,840,535
Fortune Brands, Inc.	42,454	3,312,261
KB Home	23,072	1,676,412
Leggett & Platt, Inc.	55,166	1,266,611
Lennar Corp. "A"	40,300	2,459,106
Maytag Corp.	23,339	439,240
Newell Rubbermaid, Inc.	79,650	1,894,077
Pulte Homes, Inc.	63,256	2,489,756
Snap-on, Inc.	16,732	628,454
The Stanley Works	21,253	1,020,994
Whirlpool Corp.	19,534	1,636,168
		24,333,532
Internet & Catalog Retail 0.6%
Amazon.com, Inc.*	81,112	3,824,431
eBay, Inc.*	335,632	14,516,084
		18,340,515
Leisure Equipment & Products 0.2%
Brunswick Corp.	27,830	1,131,568
Eastman Kodak Co.	84,331	1,973,345
Hasbro, Inc.	51,402	1,037,292
Mattel, Inc.	119,714	1,893,876
		6,036,081
Media 3.3%
Clear Channel Communications, Inc.	158,563	4,986,811
Comcast Corp. "A"*	634,227	16,464,533
Dow Jones & Co., Inc.	18,122	643,150
E.W. Scripps Co. "A"	25,000	1,200,500
Gannett Co., Inc.	70,369	4,262,250
Interpublic Group of Companies, Inc.*	122,195	1,179,182
Knight Ridder, Inc.	20,082	1,271,190
McGraw-Hill Companies, Inc.	108,874	5,621,165
Meredith Corp.	13,438	703,345
New York Times Co. "A"	42,073	1,112,831
News Corp. "A"	710,600	11,049,830
Omnicom Group, Inc.	52,868	4,500,653
Time Warner, Inc.	1,362,912	23,769,185
Tribune Co.	76,797	2,323,877
Univision Communications, Inc. "A"*	65,297	1,919,079
Viacom, Inc. "B"*	451,309	14,712,673
Walt Disney Co.	561,740	13,464,908
		109,185,162
Multiline Retail 1.1%
Big Lots, Inc.*	32,596	391,478
Dillard's, Inc. "A"	18,868	468,304
Dollar General Corp.	93,736	1,787,545
Family Dollar Stores, Inc.	45,372	1,124,772
Federated Department Stores, Inc.	77,575	5,145,550
J.C. Penney Co., Inc.	67,775	3,768,290
Kohl's Corp.*	100,738	4,895,867
Nordstrom, Inc.	63,832	2,387,317
Sears Holdings Corp.*	29,238	3,377,866
Target Corp.	256,791	14,115,801
		37,462,790
Specialty Retail 2.2%
AutoNation, Inc.*	52,700	1,145,171
AutoZone, Inc.*	16,108	1,477,909
Bed Bath & Beyond, Inc.*	86,366	3,122,131
Best Buy Co., Inc.	118,272	5,142,467
Circuit City Stores, Inc.	45,733	1,033,108
Home Depot, Inc.	620,399	25,113,751
Limited Brands, Inc.	102,011	2,279,946
Lowe's Companies, Inc.	227,787	15,184,281
Office Depot, Inc.*	93,459	2,934,613
OfficeMax, Inc.	21,378	542,146
RadioShack Corp.	39,095	822,168
Staples, Inc.	213,373	4,845,701
The Gap, Inc.	169,258	2,985,711
The Sherwin-Williams Co.	33,205	1,508,171
Tiffany & Co.	42,016	1,608,793
TJX Companies, Inc.	135,699	3,152,288
		72,898,355
Textiles, Apparel & Luxury Goods 0.4%
Coach, Inc.*	111,000	3,700,740
Jones Apparel Group, Inc.	34,060	1,046,323
Liz Claiborne, Inc.	31,406	1,124,963
NIKE, Inc. "B"	55,708	4,834,897
Reebok International Ltd.	15,871	924,168
VF Corp.	27,040	1,496,394
		13,127,485
Consumer Staples 9.5%
Beverages 2.1%
Anheuser-Busch Companies, Inc.	227,480	9,772,541
Brown-Forman Corp. "B"	24,178	1,676,019
Coca-Cola Co.	604,535	24,368,806
Coca-Cola Enterprises, Inc.	88,024	1,687,420
Constellation Brands, Inc. "A"*	57,800	1,516,094
Molson Coors Brewing Co. "B"	17,202	1,152,362
Pepsi Bottling Group, Inc.	40,062	1,146,174
PepsiCo, Inc.	484,550	28,627,214
		69,946,630
Food & Staples Retailing 2.3%
Albertsons, Inc.	107,889	2,303,430
Costco Wholesale Corp.	138,433	6,848,281
CVS Corp.	237,518	6,275,226
Kroger Co.*	210,163	3,967,877
Safeway, Inc.	130,807	3,094,894
SUPERVALU, Inc.	38,802	1,260,289
Sysco Corp.	181,890	5,647,684
Wal-Mart Stores, Inc.	729,554	34,143,127
Walgreen Co.	295,578	13,082,282
		76,623,090
Food Products 1.1%
Archer-Daniels-Midland Co.	190,053	4,686,707
Campbell Soup Co.	54,009	1,607,848
ConAgra Foods, Inc.	150,552	3,053,195
General Mills, Inc.	104,150	5,136,678
H.J. Heinz Co.	98,154	3,309,753
Kellogg Co.	74,834	3,234,325
McCormick & Co., Inc.	39,500	1,221,340
Sara Lee Corp.	222,739	4,209,767
The Hershey Co.	52,860	2,920,515
Tyson Foods, Inc. "A"	73,000	1,248,300
William Wrigley Jr. Co.	52,382	3,482,879
Whole Foods Market	40,200	3,111,078
		37,222,385
Household Products 2.3%
Clorox Co.	43,932	2,499,291
Colgate-Palmolive Co.	151,668	8,318,990
Kimberly-Clark Corp.	136,507	8,142,643
Procter & Gamble Co.	978,896	56,658,500
		75,619,424
Personal Products 0.2%
Alberto-Culver Co.	22,987	1,051,655
Avon Products, Inc.	135,770	3,876,234
		4,927,889
Tobacco 1.5%
Altria Group, Inc.	608,152	45,441,118
Reynolds American, Inc.	25,045	2,387,540
UST, Inc.	48,351	1,974,171
		49,802,829
Energy 9.3%
Energy Equipment & Services 1.7%
Baker Hughes, Inc.	100,873	6,131,061
BJ Services Co.	95,728	3,510,346
Halliburton Co.	152,860	9,471,205
Nabors Industries Ltd.*	45,719	3,463,214
National-Oilwell Varco, Inc.*	50,500	3,166,350
Noble Corp.	39,924	2,816,239
Rowan Companies, Inc.	31,239	1,113,358
Schlumberger Ltd.	173,272	16,833,375
Transocean, Inc.*	96,000	6,690,240
Weatherford International Ltd.*	96,200	3,482,440
		56,677,828
Oil, Gas & Consumable Fuels 7.6%
Amerada Hess Corp.	23,355	2,961,881
Anadarko Petroleum Corp.	69,234	6,559,922
Apache Corp.	95,974	6,576,139
Burlington Resources, Inc.	111,312	9,595,094
Chevron Corp.	655,656	37,221,591
ConocoPhillips	405,190	23,573,954
Devon Energy Corp.	132,404	8,280,546
El Paso Corp.	191,998	2,334,696
EOG Resources, Inc.	70,100	5,143,237
ExxonMobil Corp.	1,817,268	102,075,944
Kerr-McGee Corp.	33,667	3,058,984
Kinder Morgan, Inc.	28,559	2,626,000
Marathon Oil Corp.	107,994	6,584,394
Murphy Oil Corp.	48,600	2,623,914
Occidental Petroleum Corp.	117,431	9,380,388
Sunoco, Inc.	39,872	3,125,167
Valero Energy Corp.	179,800	9,277,680
Williams Companies, Inc.	168,923	3,913,946
XTO Energy, Inc.	105,000	4,613,700
		249,527,177
Financials 21.2%
Banks 6.3%
AmSouth Bancorp.	102,599	2,689,120
Bank of America Corp.	1,172,912	54,129,889
BB&T Corp.	159,618	6,689,590
Comerica, Inc.	48,857	2,773,123
Compass Bancshares, Inc.	35,400	1,709,466
Fifth Third Bancorp.	162,191	6,117,845
First Horizon National Corp.	35,691	1,371,962
Golden West Financial Corp.	74,656	4,927,296
Huntington Bancshares, Inc.	67,496	1,603,030
KeyCorp.	118,883	3,914,817
M&T Bank Corp.	24,300	2,649,915
Marshall & Ilsley Corp.	61,355	2,640,719
National City Corp.	166,123	5,576,749
North Fork Bancorp., Inc.	138,948	3,801,617
PNC Financial Services Group, Inc.	84,561	5,228,407
Regions Financial Corp.	133,031	4,544,339
Sovereign Bancorp, Inc.	104,811	2,266,014
SunTrust Banks, Inc.	105,792	7,697,426
Synovus Financial Corp.	89,421	2,415,261
US Bancorp.	533,915	15,958,719
Wachovia Corp.	459,848	24,307,565
Washington Mutual, Inc.	288,159	12,534,917
Wells Fargo & Co.	488,378	30,684,790
Zions Bancorp.	25,656	1,938,567
		208,171,143
Capital Markets 3.2%
Ameriprise Financial, Inc.	72,508	2,972,828
Bank of New York Co., Inc.	227,031	7,230,937
Bear Stearns Companies, Inc.	32,608	3,767,202
Charles Schwab Corp.	303,597	4,453,768
E*TRADE Financial Corp.*	107,400	2,240,364
Federated Investors, Inc. "B"	24,700	914,888
Franklin Resources, Inc.	43,371	4,077,308
Janus Capital Group, Inc.	65,979	1,229,189
Lehman Brothers Holdings, Inc.	78,922	10,115,433
Mellon Financial Corp.	122,401	4,192,234
Merrill Lynch & Co., Inc.	270,604	18,328,009
Morgan Stanley	314,764	17,859,710
Northern Trust Corp.	54,505	2,824,449
State Street Corp.	96,234	5,335,213
T. Rowe Price Group, Inc.	37,576	2,706,599
The Goldman Sachs Group, Inc.	131,669	16,815,448
		105,063,579
Consumer Finance 1.3%
American Express Co.	362,543	18,656,463
Capital One Financial Corp.	84,458	7,297,171
MBNA Corp.	367,505	9,977,761
SLM Corp.	121,965	6,719,052
		42,650,447
Diversified Financial Services 4.7%
CIT Group, Inc.	58,900	3,049,842
Citigroup, Inc.	1,477,460	71,701,134
Countrywide Financial Corp.	173,744	5,940,307
Fannie Mae	284,828	13,902,455
Freddie Mac	201,831	13,189,656
JPMorgan Chase & Co.	1,021,913	40,559,727
MGIC Investment Corp.	27,863	1,833,942
Moody's Corp.	72,500	4,452,950
		154,630,013
Insurance 5.0%
ACE Ltd.	89,928	4,805,752
AFLAC, Inc.	146,444	6,797,931
Allstate Corp.	195,970	10,596,098
Ambac Financial Group, Inc.	31,434	2,422,304
American International Group, Inc.	758,748	51,769,376
Aon Corp.	92,887	3,339,288
Chubb Corp.	57,779	5,642,119
Cincinnati Financial Corp.	50,234	2,244,455
Genworth Financial, Inc. "A"	110,600	3,824,548
Hartford Financial Services Group, Inc.	87,446	7,510,737
Jefferson-Pilot Corp.	39,388	2,242,359
Lincoln National Corp.	50,378	2,671,545
Loews Corp.	39,762	3,771,426
Marsh & McLennan Companies, Inc.	156,432	4,968,280
MBIA, Inc.	39,146	2,355,023
MetLife, Inc.	221,211	10,839,339
Principal Financial Group, Inc.	81,719	3,875,932
Progressive Corp.	57,347	6,696,983
Prudential Financial, Inc.	147,516	10,796,696
Safeco Corp.	36,289	2,050,329
The St. Paul Travelers Companies, Inc.	197,375	8,816,741
Torchmark Corp.	30,410	1,690,796
UnumProvident Corp.	85,694	1,949,539
XL Capital Ltd. "A"	51,132	3,445,274
		165,122,870
Real Estate 0.7%
Apartment Investment & Management Co. "A" (REIT)	29,200	1,105,804
Archstone-Smith Trust (REIT)	61,100	2,559,479
Equity Office Properties Trust (REIT)	118,611	3,597,472
Equity Residential (REIT)	83,160	3,253,219
Plum Creek Timber Co., Inc. (REIT)	52,524	1,893,490
ProLogis (REIT)	71,100	3,321,792
Public Storage, Inc. (REIT)	24,500	1,659,140
Simon Property Group, Inc. (REIT)	54,634	4,186,603
Vornado Realty Trust (REIT)	34,800	2,904,756
		24,481,755
Health Care 13.2%
Biotechnology 1.5%
Amgen, Inc.*	361,524	28,509,783
Applera Corp. — Applied Biosystems Group	56,435	1,498,914
Biogen Idec, Inc.*	98,871	4,481,822
Chiron Corp.*	31,827	1,415,028
Genzyme Corp.*	75,440	5,339,643
Gilead Sciences, Inc.*	133,460	7,024,000
MedImmune, Inc.*	71,237	2,494,720
		50,763,910
Health Care Equipment & Supplies 2.1%
Bausch & Lomb, Inc.	16,101	1,093,258
Baxter International, Inc.	181,998	6,852,225
Becton, Dickinson & Co.	72,492	4,355,319
Biomet, Inc.	73,075	2,672,353
Boston Scientific Corp.*	172,506	4,224,672
C.R. Bard, Inc.	31,294	2,062,900
Fisher Scientific International, Inc.*	36,000	2,226,960
Guidant Corp.	96,882	6,273,110
Hospira, Inc.*	46,422	1,985,933
Medtronic, Inc.	353,799	20,368,208
Millipore Corp.*	14,381	949,721
PerkinElmer, Inc.	37,263	877,916
St. Jude Medical, Inc.*	106,526	5,347,605
Stryker Corp.	84,848	3,769,797
Thermo Electron Corp.*	46,228	1,392,850
Waters Corp.*	34,105	1,289,169
Zimmer Holdings, Inc.*	72,208	4,869,708
		70,611,704
Health Care Providers & Services 3.2%
Aetna, Inc.	84,698	7,987,868
AmerisourceBergen Corp.	60,648	2,510,827
Cardinal Health, Inc.	124,668	8,570,925
Caremark Rx, Inc.*	131,500	6,810,385
CIGNA Corp.	37,525	4,191,542
Coventry Health Care, Inc.*	46,858	2,669,032
Express Scripts, Inc.*	43,400	3,636,920
HCA, Inc.	105,588	5,332,194
Health Management Associates, Inc. "A"	70,333	1,544,513
Humana, Inc.*	47,451	2,578,013
IMS Health, Inc.	65,506	1,632,409
Laboratory Corp. of America Holdings*	39,300	2,116,305
Manor Care, Inc.	23,109	919,045
McKesson Corp.	90,115	4,649,033
Medco Health Solutions, Inc.*	88,888	4,959,950
Patterson Companies, Inc.*	40,300	1,346,020
Quest Diagnostics, Inc.	48,602	2,502,031
Tenet Healthcare Corp.*	134,848	1,032,936
UnitedHealth Group, Inc.	401,624	24,956,915
WellPoint, Inc.*	192,716	15,376,810
		105,323,673
Pharmaceuticals 6.4%
Abbott Laboratories	453,022	17,862,657
Allergan, Inc.	37,939	4,095,894
Bristol-Myers Squibb Co.	571,436	13,131,599
Eli Lilly & Co.	331,247	18,745,268
Forest Laboratories, Inc.*	98,881	4,022,479
Johnson & Johnson	868,801	52,214,940
King Pharmaceuticals, Inc.*	69,775	1,180,593
Merck & Co., Inc.	646,206	20,555,813
Mylan Laboratories, Inc.	63,700	1,271,452
Pfizer, Inc.	2,152,893	50,205,465
Schering-Plough Corp.	432,552	9,018,709
Watson Pharmaceuticals, Inc.*	30,007	975,528
Wyeth	391,809	18,050,641
		211,331,038
Industrials 11.3%
Aerospace & Defense 2.2%
Boeing Co.	235,820	16,563,997
General Dynamics Corp.	58,630	6,686,752
Goodrich Corp.	34,738	1,427,732
Honeywell International, Inc.	246,068	9,166,033
L-3 Communications Holdings, Inc.	34,500	2,565,075
Lockheed Martin Corp.	104,826	6,670,078
Northrop Grumman Corp.	103,750	6,236,413
Raytheon Co.	130,423	5,236,483
Rockwell Collins, Inc.	51,044	2,372,015
United Technologies Corp.	297,440	16,629,870
		73,554,448
Air Freight & Logistics 1.0%
FedEx Corp.	88,501	9,150,118
Ryder System, Inc.	19,090	783,072
United Parcel Service, Inc. "B"	322,770	24,256,166
		34,189,356
Airlines 0.1%
Southwest Airlines Co.	205,891	3,382,789
Building Products 0.2%
American Standard Companies, Inc.	53,152	2,123,422
Masco Corp.	124,305	3,752,768
		5,876,190
Commercial Services & Supplies 0.7%
Allied Waste Industries, Inc.*	66,546	581,612
Avery Dennison Corp.	31,731	1,753,772
Cendant Corp.	300,473	5,183,159
Cintas Corp.	41,366	1,703,452
Equifax, Inc.	38,009	1,445,102
Monster Worldwide, Inc.*	34,189	1,395,595
Pitney Bowes, Inc.	66,685	2,817,441
R.R. Donnelley & Sons Co.	61,521	2,104,634
Robert Half International, Inc.	49,175	1,863,241
Waste Management, Inc.	166,440	5,051,454
		23,899,462
Construction & Engineering 0.1%
Fluor Corp.	25,104	1,939,535
Electrical Equipment 0.5%
American Power Conversion Corp.	51,197	1,126,334
Cooper Industries Ltd. "A"	26,501	1,934,573
Emerson Electric Co.	120,670	9,014,049
Rockwell Automation, Inc.	52,856	3,126,961
		15,201,917
Industrial Conglomerates 4.4%
3M Co.	221,966	17,202,365
General Electric Co.	3,085,865	108,159,568
Textron, Inc.	38,627	2,973,507
Tyco International Ltd.	587,929	16,967,631
		145,303,071
Machinery 1.4%
Caterpillar, Inc.	199,468	11,523,266
Cummins, Inc.	13,423	1,204,446
Danaher Corp.	69,422	3,872,359
Deere & Co.	70,396	4,794,672
Dover Corp.	58,759	2,379,152
Eaton Corp.	43,054	2,888,493
Illinois Tool Works, Inc.	59,771	5,259,250
Ingersoll-Rand Co., Ltd. "A"	96,654	3,901,922
ITT Industries, Inc.	26,946	2,770,588
Navistar International Corp.*	19,171	548,674
PACCAR, Inc.	49,685	3,439,692
Pall Corp.	35,810	961,857
Parker Hannifin Corp.	34,368	2,266,913
		45,811,284
Road & Rail 0.7%
Burlington Northern Santa Fe Corp.	109,086	7,725,470
CSX Corp.	63,626	3,230,292
Norfolk Southern Corp.	117,944	5,287,430
Union Pacific Corp.	77,065	6,204,503
		22,447,695
Trading Companies & Distributors 0.0%
W.W. Grainger, Inc.	22,162	1,575,718
Information Technology 15.0%
Communications Equipment 2.7%
ADC Telecommunications, Inc.*	33,732	753,573
Andrew Corp.*	47,067	505,029
Avaya, Inc.*	125,955	1,343,940
CIENA Corp.*	164,589	488,829
Cisco Systems, Inc.*	1,793,964	30,712,664
Comverse Technologies, Inc.*	57,305	1,523,740
Corning, Inc.*	430,090	8,455,569
JDS Uniphase Corp.*	491,619	1,160,221
Lucent Technologies, Inc.*	1,298,595	3,454,263
Motorola, Inc.	726,696	16,416,063
QUALCOMM, Inc.	481,454	20,741,038
Scientific-Atlanta, Inc.	44,917	1,934,575
Tellabs, Inc.*	132,030	1,439,127
		88,928,631
Computers & Peripherals 3.7%
Apple Computer, Inc.*	246,178	17,697,736
Dell, Inc.*	687,347	20,613,537
EMC Corp.*	698,162	9,508,967
Gateway, Inc.*	86,725	217,680
Hewlett-Packard Co.	837,036	23,964,341
International Business Machines Corp.	461,320	37,920,504
Lexmark International, Inc. "A"*	34,257	1,535,741
NCR Corp.*	54,098	1,836,086
Network Appliance, Inc.*	107,309	2,897,343
QLogic Corp.*	23,500	763,985
Sun Microsystems, Inc.*	1,003,865	4,206,194
		121,162,114
Electronic Equipment & Instruments 0.3%
Agilent Technologies, Inc.*	120,741	4,019,468
Jabil Circuit, Inc.*	51,275	1,901,790
Molex, Inc.	42,286	1,097,322
Sanmina-SCI Corp.*	153,838	655,350
Solectron Corp.*	281,527	1,030,389
Symbol Technologies, Inc.	70,019	897,643
Tektronix, Inc.	25,510	719,637
		10,321,599
Internet Software & Services 0.4%
Yahoo!, Inc.*	366,322	14,352,496
IT Consulting & Services 1.0%
Affiliated Computer Services, Inc. "A"*	36,300	2,148,234
Automatic Data Processing, Inc.	168,337	7,724,985
Computer Sciences Corp.*	53,732	2,720,988
Convergys Corp.*	40,940	648,899
Electronic Data Systems Corp.	151,619	3,644,921
First Data Corp.	223,088	9,595,015
Fiserv, Inc.*	53,850	2,330,089
Paychex, Inc.	97,267	3,707,818
Sabre Holdings Corp.	39,146	943,810
Unisys Corp.*	97,084	566,000
		34,030,759
Office Electronics 0.1%
Xerox Corp.*	280,356	4,107,215
Semiconductors & Semiconductor Equipment 3.2%
Advanced Micro Devices, Inc.*	116,197	3,555,628
Altera Corp.*	107,643	1,994,625
Analog Devices, Inc.	108,668	3,897,921
Applied Materials, Inc.	474,135	8,505,982
Applied Micro Circuits Corp.*	91,883	236,139
Broadcom Corp. "A"*	82,980	3,912,507
Freescale Semiconductor, Inc. "B"*	118,243	2,976,176
Intel Corp.	1,770,682	44,196,223
KLA-Tencor Corp.	56,985	2,811,070
Linear Technology Corp.	89,006	3,210,447
LSI Logic Corp.*	112,455	899,640
Maxim Integrated Products, Inc.	95,643	3,466,102
Micron Technology, Inc.*	179,549	2,389,797
National Semiconductor Corp.	101,166	2,628,293
Novellus Systems, Inc.*	39,982	964,366
NVIDIA Corp.*	49,199	1,798,716
PMC-Sierra, Inc.*	52,002	400,935
Teradyne, Inc.*	56,958	829,878
Texas Instruments, Inc.	474,148	15,205,926
Xilinx, Inc.	101,113	2,549,059
		106,429,430
Software 3.6%
Adobe Systems, Inc.	175,204	6,475,540
Autodesk, Inc.	66,748	2,866,827
BMC Software, Inc.*	64,069	1,312,774
Citrix Systems, Inc.*	48,914	1,407,745
Computer Associates International, Inc.	134,015	3,777,883
Compuware Corp.*	112,821	1,012,004
Electronic Arts, Inc.*	87,806	4,593,132
Intuit, Inc.*	51,833	2,762,699
Mercury Interactive Corp.*	24,379	677,492
Microsoft Corp.	2,673,585	69,914,248
Novell, Inc.*	114,582	1,011,759
Oracle Corp.*	1,098,329	13,410,597
Parametric Technology Corp.*	77,703	473,988
Siebel Systems, Inc.	155,033	1,640,249
Symantec Corp.*	315,806	5,526,605
		116,863,542
Materials 3.0%
Chemicals 1.5%
Air Products & Chemicals, Inc.	65,090	3,852,677
Ashland, Inc.	21,304	1,233,501
Dow Chemical Co.	281,791	12,348,082
E.I. du Pont de Nemours & Co.	268,452	11,409,210
Eastman Chemical Co.	23,786	1,227,120
Ecolab, Inc.	53,742	1,949,222
Engelhard Corp.	35,361	1,066,134
Hercules, Inc.*	32,330	365,329
International Flavors & Fragrances, Inc.	23,816	797,836
Monsanto Co.	78,492	6,085,485
PPG Industries, Inc.	49,162	2,846,480
Praxair, Inc.	94,228	4,990,315
Rohm & Haas Co.	42,489	2,057,317
Sigma-Aldrich Corp.	19,934	1,261,623
		51,490,331
Construction Materials 0.1%
Vulcan Materials Co.	29,331	1,987,175
Containers & Packaging 0.2%
Ball Corp.	30,324	1,204,469
Bemis Co., Inc.	30,930	862,019
Pactiv Corp.*	43,249	951,478
Sealed Air Corp.*	24,136	1,355,719
Temple-Inland, Inc.	32,262	1,446,951
		5,820,636
Metals & Mining 0.8%
Alcoa, Inc.	255,151	7,544,815
Allegheny Technologies, Inc.	24,579	886,810
Freeport-McMoRan Copper & Gold, Inc. "B"	52,190	2,807,822
Newmont Mining Corp.	131,300	7,011,420
Nucor Corp.	45,618	3,043,633
Phelps Dodge Corp.	29,637	4,263,875
United States Steel Corp.	33,192	1,595,540
		27,153,915
Paper & Forest Products 0.4%
International Paper Co.	144,162	4,845,285
Louisiana-Pacific Corp.	30,891	848,576
MeadWestvaco Corp.	54,544	1,528,868
Weyerhaeuser Co.	71,364	4,734,288
		11,957,017
Telecommunication Services 3.0%
Diversified Telecommunication Services 2.2%
AT&T, Inc.	1,140,881	27,940,176
BellSouth Corp.	534,007	14,471,590
CenturyTel, Inc.	37,855	1,255,272
Citizens Communications Co.	96,905	1,185,148
Qwest Communications International, Inc.*	452,981	2,559,342
Verizon Communications, Inc.	808,852	24,362,622
		71,774,150
Wireless Telecommunication Services 0.8%
ALLTEL Corp.	111,536	7,037,922
Sprint Nextel Corp.	856,828	20,015,502
		27,053,424
Utilities 3.3%
Electric Utilities 1.6%
Allegheny Energy, Inc.*	47,218	1,494,450
American Electric Power Co., Inc.	116,615	4,325,250
Cinergy Corp.	57,336	2,434,486
Edison International	95,190	4,151,236
Entergy Corp.	60,609	4,160,808
Exelon Corp.	198,338	10,539,681
FirstEnergy Corp.	95,995	4,702,795
FPL Group, Inc.	115,094	4,783,307
Pinnacle West Capital Corp.	28,096	1,161,770
PPL Corp.	110,348	3,244,231
Progress Energy, Inc.	72,750	3,195,180
Southern Co.	217,988	7,527,126
		51,720,320
Gas Utilities 0.0%
Nicor, Inc.	12,737	500,691
Peoples Energy Corp.	10,857	380,755
		881,446
Independent Power Producers & Energy Traders 0.6%
AES Corp.*	190,750	3,019,573
Constellation Energy Group	51,687	2,977,171
Duke Energy Corp.	270,632	7,428,848
Dynegy, Inc. "A"*	86,961	420,891
TXU Corp.	140,950	7,074,281
		20,920,764
Multi-Utilities 1.1%
Ameren Corp.	59,019	3,024,133
CenterPoint Energy, Inc.	89,068	1,144,524
CMS Energy Corp.*	66,049	958,371
Consolidated Edison, Inc.	72,716	3,368,932
Dominion Resources, Inc.	99,518	7,682,789
DTE Energy Co.	51,203	2,211,457
KeySpan Corp.	49,975	1,783,608
NiSource, Inc.	78,066	1,628,457
PG&E Corp.	100,247	3,721,169
Public Service Enterprise Group, Inc.	69,773	4,533,152
Sempra Energy	76,190	3,416,360
TECO Energy, Inc.	62,988	1,082,134
Xcel Energy, Inc.	117,337	2,166,041
		36,721,127
Total Common Stocks (Cost $2,738,881,876)		3,290,691,297

	Principal Amount ($)	Value ($)
US Treasury Obligations 0.1%
US Treasury Bill, 3.938%**, 4/6/2006 (a) (Cost $2,142,504)	2,165,000	2,142,504

	Shares	Value ($)
Cash Equivalents 0.3%
Cash Management QP Trust, 4.26% (b) (Cost $9,317,952)	9,317,952	9,317,952

	% of Net Assets	Value ($)
Total Investment Portfolio (Cost $2,750,342,332)+	99.9	3,302,151,753
Other Assets and Liabilities, Net	0.1	5,006,783
Net Assets	100.0	3,307,158,536

* Non-income producing security

** Annualized yield at time of purchase; not a coupon rate.

⁺The cost for federal income tax purposes was $2,958,369,194. At December 31, 2005, net unrealized appreciation for all securities based on tax cost was $343,782,559. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $657,229,349 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $313,446,790.

(a) At December 31, 2005, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.

(b) Cash Management QP Trust, an affiliated fund, is managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

REIT: Real Estate Investment Trust

At December 31, 2005, open futures contracts purchased were as follows:

Futures	Expiration Date	Contracts	Aggregate Face Value ($)	Market Value ($)	Unrealized Depreciation ($)
S&P 500 Index	3/16/2006	55	17,396,861	17,253,500	(143,361)

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

Financial Statements

Statement of Assets and Liabilities as of December 31, 2005
Assets
Investments: Investments in securities, at value (cost $2,741,024,380)	$ 3,292,833,801
Investment in Cash Management QP Trust (cost $9,317,952)	9,317,952
Total investments in securities, at value (cost $2,750,342,332)	3,302,151,753
Cash	1,309
Receivable for investments sold	4,402,395
Dividends receivable	4,363,017
Interest receivable	56,964
Other assets	162,012
Total assets	3,311,137,450
Liabilities
Payable for investments purchased	3,831,038
Payable for daily variation margin on open futures contracts	60,868
Accrued investment advisory fee	87,008
Total liabilities	3,978,914
Net assets	$ 3,307,158,536

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

Statement of Operations for the year ended December 31, 2005
Investment Income
Income: Dividends	$ 60,086,741
Interest — Cash Management QP Trust	475,712
Interest — Cash Management Fund Institutional	175,572
Interest	68,827
Total Income	60,806,852
Expenses: Management fee	1,609,116
Auditing	59,629
Legal	30,009
Trustees' fees and expenses	85,543
Other	148,539
Total expenses before expense reductions	1,932,836
Expense reductions	(335,186)
Total expenses after expense reductions	1,597,650
Net investment income (loss)	59,209,202
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) from: Investments	(44,043,750)
Futures	1,060,696
	(42,983,054)
Net unrealized appreciation (depreciation) during the period on: Investments	143,583,092
Futures	(603,344)
	142,979,748
Net gain (loss) on investment transactions	99,996,694
Net increase (decrease) in net assets resulting from operations	$ 159,205,896

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

Statement of Changes in Net Assets
	Years Ended December 31,
Increase (Decrease) in Net Assets	2005	2004
Operations: Net investment income (loss)	$ 59,209,202	$ 63,587,068
Net realized gain (loss) on investment transactions	(42,983,054)	(83,241,029)
Net unrealized appreciation (depreciation) during the period on investment transactions	142,979,748	340,994,480
Net increase (decrease) in net assets resulting from operations	159,205,896	321,340,519
Capital transactions in shares of beneficial interest: Proceeds from capital invested	711,454,930	725,100,249
Value of capital withdrawn	(835,252,260)	(1,034,387,968)
Net increase (decrease) in net assets from capital transactions in shares of beneficial interest	(123,797,330)	(309,287,719)
Increase (decrease) in net assets	35,408,566	12,052,800
Net assets at beginning of period	3,271,749,970	3,259,697,170
Net assets at end of period	$ 3,307,158,536	$ 3,271,749,970

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

Financial Highlights

Years Ended December 31,	2005	2004	2003	2002	2001
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	3,307	3,272	3,260	2,348	2,961
Ratio of expenses before expense reductions (%)	.06	.06	.05	.05	.05
Ratio of expenses after expense reductions (%)	.05	.05	.05	.05	.05
Ratio of net investment income (loss) (%)	1.82	1.97	1.74	1.56	1.29
Portfolio turnover rate (%)	9	7	8a	19	9a
Total investment return (%)b,c	4.90	10.79	28.50	(22.02)	—
a Excludes portfolio securities delivered as a result of processing redemption in-kind transactions. b Total investment return would have been lower had certain expenses not been reduced. c Total investment return for the Portfolio was derived from the performance of the Institutional Class of DWS Equity 500 Index Fund.

Notes to Financial Statements

A. Significant Accounting Policies

The DWS Equity 500 Index Portfolio (the "Portfolio") (formerly Scudder Equity 500 Index Portfolio) is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified open-end management investment company organized as a New York business trust.

The Portfolio's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Portfolio in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading. Equity securities are valued at the most recent sale price or official closing price reported on the exchange (US or foreign) or over-the-counter market on which the security is traded most extensively. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation.

Money market instruments purchased with an original or remaining maturity of sixty days or less, maturing at par, are valued at amortized cost. Investments in open-end investment companies and Cash Management QP Trust are valued at their net asset value each business day.

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 Trustees.

Futures Contracts. A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). The Portfolio may enter into futures contracts as a hedge against anticipated interest rate, currency or equity market changes, and for duration management, risk management and return enhancement purposes.

Upon entering into a futures contract, the Portfolio is required to deposit with a financial intermediary an amount ("initial margin") equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments ("variation margin") are made or received by the Portfolio dependent upon the daily fluctuations in the value of the underlying security and are recorded for financial reporting purposes as unrealized gains or losses by the Portfolio. When entering into a closing transaction, the Portfolio will realize a gain or loss equal to the difference between the value of the futures contract to sell and the futures contract to buy. Futures contracts are valued at the most recent settlement price.

Certain risks may arise upon entering into futures contracts, including the risk that an illiquid secondary market will limit the Portfolio's ability to close out a futures contract prior to the settlement date and that a change in the value of a futures contract may not correlate exactly with the changes in the value of the securities or currencies hedged. When utilizing futures contracts to hedge, the Portfolio gives up the opportunity to profit from favorable price movements in the hedged positions during the term of the contract.

Federal Income Taxes. The Portfolio is considered a partnership under the Internal Revenue Code, as amended. Therefore, no federal income tax provision is necessary.

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

Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment security transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Realized gains and losses from investment transactions are recorded on an identified cost basis.

The Portfolio makes a daily allocation of its net investment income and realized and unrealized gains and losses from securities, futures and foreign currency transactions to its investors in proportion to their investment in the Portfolio.

B. Purchases and Sales of Securities

During the year ended December 31, 2005, purchases and sales of investment securities (excluding short-term investments) aggregated $301,984,302 and $361,648,555, respectively. Purchases and sales of US Treasury obligations aggregated $7,619,211 and $7,845,000, respectively.

C. Related Parties

DWS Scudder is part of Deutsche Asset Management, which is the marketing name in the US for the asset management activities of Deutsche Bank AG. Deutsche Asset Management, Inc. ("DeAM, Inc." or the "Advisor") is the Advisor for the Portfolio and Investment Company Capital Corp. ("ICCC" or the "Administrator") is the Administrator for the Portfolio, both wholly owned subsidiaries of Deutsche Bank AG. For its services as Administrator, ICCC does not receive a fee from the Portfolio.

Investment Advisory Agreement. Under the Investment Advisory Agreement, the Advisor directs the investments of the Portfolio in accordance with its investment objectives, policies and restrictions. The advisory fee payable under the Investment Advisory Agreement is equal to an annual rate of 0.05% of the Portfolio's average daily net assets, computed and accrued daily and payable monthly. Northern Trust Investments, N.A. ("NTI") serves as subadvisor to the Portfolio and is paid by the Advisor for its services. NTI is responsible for the day to day management of the Portfolio. The Advisor waives a portion of its advisory fees equivalent to the advisory fees charged on assets invested in the affiliated money market fund, Cash Management Fund Institutional.

In addition, for the year ended December 31, 2005, the Advisor maintained the annualized expenses of the Portfolio at not more than 0.05% of the Portfolio's average daily net assets. The amount of the waiver and whether the Advisor waives its fees may vary at any time without notice to shareholders.

Accordingly, for the year ended December 31, 2005, the Advisor waived a portion of its advisory fee pursuant to the Investment Advisory Agreement aggregating $295,945 and the amount charged aggregated $1,313,171, which was equivalent to an annual effective rate of 0.04% of the Portfolio's average net assets.

Trustees' Fees and Expenses. As compensation for his or her services, each Independent Trustee receives an aggregate annual fee, plus a fee for each meeting attended (plus reimbursement for reasonable out-of-pocket expenses incurred in connection with his or her attendance at board and committee meetings) from each Fund in the Fund Complex for which he or she serves. In addition, the Chairman of the Fund Complex's Audit Committee receives an annual fee for his services. Payment of such fees and expenses is allocated among all such Funds described above in direct proportion to their relative net assets.

Cash Management QP Trust. Pursuant to an Exemptive Order issued by the SEC, the Fund may invest in the Cash Management QP Trust (the "QP Trust") and other affiliated funds managed by the Advisor, Deutsche Investment Management Americas Inc. ("DeIM or the Manager"), an indirect wholly owned subsidiary of Deutsche Bank AG. The QP Trust seeks to provide as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. The QP Trust does not pay the Advisor (DEiM) a management fee for the affiliated funds' investments in the QP Trust.

Other. The Portfolio may invest in Cash Management Fund Institutional, an open-end management investment company managed by DeAM, Inc.

D. Line of Credit

The Portfolio and several other affiliated funds (the ``Participants'') share in a $1.1 billion revolving credit facility administered by J.P. Morgan Chase Bank for temporary or emergency purposes, including the meeting of withdrawal requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated, based upon net assets, among each of the Participants. Interest is calculated at the Federal Funds Rate plus 0.5 percent. The Portfolio may borrow up to a maximum of 33 percent of its net assets under the agreement.

E. Expense Reductions

For the year ended December 31, 2005, the Advisor had agreed to reimburse the Fund $39,167, which represents a portion of the fee savings expected to be realized by the Advisor related to the outsourcing by the Advisor of certain administrative services to an unaffiliated service provider.

In addition, the Fund has entered into an arrangement with its custodian whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Fund's custodian expenses. During the year ended December 31, 2005, custodian fees were reduced by $74 for custody credits earned.

F. Regulatory Matters and Litigation

Market Timing Related Regulatory and Litigation Matters. Since at least July 2003, federal, state and industry regulators have been conducting ongoing inquiries and investigations ("inquiries") into the mutual fund industry, and have requested information from numerous mutual fund companies, including DWS Scudder. The DWS funds' advisors have been cooperating in connection with these inquiries and are in discussions with the regulators concerning proposed settlements. Publicity about mutual fund practices arising from these industry-wide inquiries serves as the general basis of a number of private lawsuits against the DWS funds. These lawsuits, which previously have been reported in the press, involve purported class action and derivative lawsuits, making various allegations and naming as defendants various persons, including certain DWS funds, the funds' investment advisors and their affiliates, and certain individuals, including in some cases fund Trustees/Directors, officers, and other parties. Each DWS fund's investment advisor has agreed to indemnify the applicable DWS funds in connection with these lawsuits, or other lawsuits or regulatory actions that may be filed making allegations similar to these lawsuits regarding market timing, revenue sharing, fund valuation or other subjects arising from or related to the pending inquiries. It is not possible to determine with certainty what the outcome of these inquiries will be or what the effect, if any, would be on the funds or their advisors.

With respect to the lawsuits, based on currently available information, the funds' investment advisors believe the likelihood that the pending lawsuits will have a material adverse financial impact on a DWS fund is remote and such actions are not likely to materially affect their ability to perform under their investment management agreements with the DWS funds.

With respect to the regulatory matters, Deutsche Asset Management ("DeAM") has advised the funds as follows:

DeAM expects to reach final agreements with regulators early in 2006 regarding allegations of improper trading in the DWS funds. DeAM expects that it will reach settlement agreements with the Securities and Exchange Commission, the New York Attorney General and the Illinois Secretary of State providing for payment of disgorgement, penalties, and investor education contributions totaling approximately $134 million. Approximately $127 million of this amount would be distributed to shareholders of the affected DWS funds in accordance with a distribution plan to be developed by an independent distribution consultant. DeAM does not believe that any of the DWS funds will be named as respondents or defendants in any proceedings. The funds' investment advisors do not believe these amounts will have a material adverse financial impact on them or materially affect their ability to perform under their investment management agreements with the DWS funds. The above-described amounts are not material to Deutsche Bank, and they have already been reserved.

Based on the settlement discussions thus far, DeAM believes that it will be able to reach a settlement with the regulators on a basis that is generally consistent with settlements reached by other advisors, taking into account the particular facts and circumstances of market timing at DeAM and at the legacy Scudder and Kemper organizations prior to their acquisition by DeAM in April 2002. Among the terms of the expected settled orders, DeAM would be subject to certain undertakings regarding the conduct of its business in the future, including maintaining existing management fee reductions for certain funds for a period of five years. DeAM expects that these settlements would resolve regulatory allegations that it violated certain provisions of federal and state securities laws (i) by entering into trading arrangements that permitted certain investors to engage in market timing in certain DWS funds and (ii) by failing more generally to take adequate measures to prevent market timing in the DWS funds, primarily during the 1999-2001 period. With respect to the trading arrangements, DeAM expects that the settlement documents will include allegations related to one legacy DeAM arrangement, as well as three legacy Scudder and six legacy Kemper arrangements. All of these trading arrangements originated in businesses that existed prior to the current DeAM organization, which came together in April 2002 as a result of the various mergers of the legacy Scudder, Kemper and Deutsche fund groups, and all of the arrangements were terminated prior to the start of the regulatory investigations that began in the summer of 2003. No current DeAM employee approved the trading arrangements.

There is no certainty that the final settlement documents will contain the foregoing terms and conditions. The independent Trustees/Directors of the DWS funds have carefully monitored these regulatory investigations with the assistance of independent legal counsel and independent economic consultants. Additional information announced by DeAM regarding the terms of the expected settlements will be made available at www.dws-scudder.com/regulatory_settlements, which will also disclose the terms of any final settlement agreements once they are announced.

Other Regulatory Matters. DeAM is also engaged in settlement discussions with the Enforcement Staffs of the SEC and the NASD regarding DeAM's practices during 2001-2003 with respect to directing brokerage commissions for portfolio transactions by certain DWS funds to broker-dealers that sold shares in the DWS funds and provided enhanced marketing and distribution for shares in the DWS funds. In addition, on January 13, 2006, DWS Scudder Distributors, Inc. received a Wells notice from the Enforcement Staff of the NASD regarding DWS Scudder Distributors' payment of non-cash compensation to associated persons of NASD member firms, as well as DWS Scudder Distributors' procedures regarding non-cash compensation regarding entertainment provided to such associated persons. Additional information announced by DeAM regarding the terms of the expected settlements will be made available at www.dws-scudder.com/regulatory_settlements, which will also disclose the terms of any final settlement agreements once they are announced.

G. Subsequent Event

Effective February 6, 2006, Scudder Investments changed its name to DWS Scudder and Scudder funds were renamed DWS funds.

Report of Independent Registered Public Accounting Firm

To the Trustees of DWS Equity 500 Index Portfolio and Holders of Beneficial Interest in DWS Equity 500 Index Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the investment portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of DWS Equity 500 Index Portfolio (formerly Scudder Equity 500 Index Fund) (hereafter referred to as the "Portfolio") at December 31, 2005, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Portfolio's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Boston, Massachusetts
February 28, 2006 PricewaterhouseCoopers LLP

Investment Management Agreement Approval

The DWS S&P 500 Index Fund (the "Fund"), a series of the DWS Investment Trust (the "Trust"), invests all of its assets in the DWS Equity 500 Index Portfolio (the "Portfolio") in order to achieve its investment objectives. The Board of Trustees of the Portfolio, which is also the Board of Trustees of the Trust, approved the continuation of the current investment management agreement with Deutsche Asset Management, Inc. (the "Advisor") and the current sub-advisory agreement between the Advisor and Northern Trust Investments, N.A. (the "Sub-Advisor") in September 2005. In terms of the process the Trustees followed prior to approving the contract, shareholders should know that:

At the present time, all but one of the Portfolio's and the Fund's Trustees are independent of the Advisor and its affiliates.

The Trustees meet frequently to discuss fund matters. Each year, the Trustees dedicate part or all of several meetings to contract review matters.

The Trustees regularly meet privately with their independent counsel (and, as needed, other advisors) to discuss contract review and other matters.

The fee paid to the Sub-Advisor is paid by the Advisor out of its fee and not directly by the Fund.

The Advisor or the Sub-Advisor and their predecessors have managed the Portfolio since inception, and the Trustees believe that a long-term relationship with a capable, conscientious advisor is in the best interest of shareholders. As you may know, the Advisor is part of Deutsche Bank, a major global banking institution that is engaged in a wide range of financial services. The Trustees believe that there are significant advantages to being part of a global asset management business with extensive investing expertise and resources, including hundreds of portfolio managers and analysts with research capabilities in many countries throughout the world.

Shareholders may focus only on fund performance and fees, but the Portfolio's Trustees consider these and many other factors, including the quality and integrity of the Advisor's and Sub-Advisor's personnel and back-office operations, fund valuations and compliance policies and procedures. The Trustees noted that the Advisor has also implemented new, forward-looking policies and procedures in many important areas, such as those involving brokerage commissions and so-called "soft dollars," even when not obligated to do so by law or regulation.

In determining to approve the continuation of the Portfolio's current investment management agreement, the Trustees considered factors that it believes relevant to the interests of shareholders, including:

The investment management fee schedule for the Portfolio, including (i) comparative information provided by Lipper regarding investment management fee rates paid to other investment advisors by similar funds and (ii) fee rates paid to the Advisor by similar funds and institutional accounts advised by the Advisor. With respect to management fees paid to other investment advisors by similar funds, the Trustees noted that the fee rate paid by the Fund (Class S shares) was lower than the median (2nd quartile) of the applicable Lipper universe as of December 31, 2004. The Board gave only limited consideration to fees paid by similar institutional accounts advised by the Advisor, in light of the material differences in the scope of services provided to mutual funds as compared to those provided to institutional accounts. The Board concluded that the fee schedule in effect for the Fund represented reasonable compensation in light of the nature, extent and quality of the services being provided to the Portfolio, the performance of the Portfolio and fees paid by similar funds.

The extent to which economies of scale would be realized as the Portfolio grows. In this regard, the Board noted that the Portfolio's investment management fee schedule includes no fee breakpoints but concluded that the fee schedule is appropriate given current asset levels.

The total operating expense of the Fund relative to the Fund's peer group as determined by Lipper. In this regard, the Board noted that the total expenses of the Fund (Class S shares) for the year ended December 31, 2004 were higher than the median (3rd quartile) of the applicable Lipper universe. The Board also considered the expense limitations agreed to by the Advisor that serve to ensure that the Fund's total operating expenses would be competitive relative to the applicable Lipper universe.

The investment performance of the Fund and the Advisor relative to industry peer groups. The Board noted that for the one-, three- and five-year periods ended June 30, 2005, the Fund's (Class S shares) performance was in the 2nd quartile of the applicable Lipper universe. The Board also observed that the Fund underperformed its benchmark in the one-, three- and five-year periods. The Board recognized that the Advisor has made significant changes in its investment personnel and processes in recent years in an effort to improve long-term performance.

The nature, extent and quality of the advisory services provided by the Advisor and Sub-Advisor. The Board considered extensive information regarding the Advisor and Sub-Advisor, including the Advisor's and Sub-Advisor's personnel, particularly those personnel with responsibilities for providing services to the Portfolio, resources, policies and investment processes. The Board also considered the terms of the current investment management agreement and sub-advisor agreement, including the scope of services provided under the agreements. In this regard, the Board concluded that the quality and range of services provided by the Advisor and Sub-Advisor have benefited, and should continue to benefit, the Fund and its shareholders.

The costs of the services to, and profits realized by, the Advisor and its affiliates from their relationships with the Portfolio and the Fund. The Board reviewed information concerning the costs incurred and profits realized by the Advisor during 2004 from providing investment management services to the Portfolio and, separately, to the entire DWS fund complex, and reviewed with the Advisor the cost allocation methodology used to determine its profitability. In analyzing the Advisor's costs and profits, the Board also reviewed the fees paid to, and services provided to the Fund by, the Advisor and its affiliates with respect to administrative services, fund accounting, shareholder servicing and distribution (including fees paid pursuant to 12b-1 plans). As part of this review, the Board considered information provided by an independent accounting firm engaged to review the Advisor's cost allocation methodology and calculations. The Board concluded that the Portfolio's investment management fee schedule represented reasonable compensation in light of the costs incurred by the Advisor and its affiliates in providing services to the Portfolio and the Fund. The Board also reviewed information regarding the profitability of certain similar investment management firms. The Board noted that while information regarding the profitability of such firms is limited, the Advisor's overall profitability with respect to the DWS fund complex (after taking into account distribution and other services provided by the Advisor and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

The practices of the Advisor and Sub-Advisor regarding the selection and compensation of brokers and dealers executing portfolio transactions for the Portfolio, including the Advisor's and Sub-Advisor's soft dollar practices. In this regard, the Board observed that the Advisor had voluntarily terminated the practice of allocating brokerage commissions to acquire research services from third-party service providers. The Board indicated that it would continue to monitor the Portfolio's trading activities to ensure that the principle of "best price and execution" remains paramount in the portfolio trading process.

The Advisor's and Sub-Advisor's commitment to, and record of, compliance including its written compliance policies and procedures. In this regard, the Board considered the Advisor's commitment to indemnify the Fund against any costs and liabilities related to lawsuits or regulatory actions making allegations regarding market timing, revenue sharing, fund valuation or other subjects arising from or relating to pending regulatory inquiries. The Board also considered the significant attention and resources dedicated by the Advisor to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience and seniority of the Advisor's chief compliance officer, who reports to the Board; (ii) the large number of compliance personnel who report to the Advisor's chief compliance officer; and (iii) the substantial commitment of resources by the Advisor to compliance matters.

Deutsche Bank's commitment to restructuring and growing its US mutual fund business. The Board considered recent and ongoing efforts by Deutsche Bank to restructure its US mutual fund business to improve efficiency and competitiveness and to reduce compliance and operational risk. The Board considered assurances received from Deutsche Bank that it would commit the resources necessary to maintain high quality services to the Portfolio and the Fund and its shareholders as long as they remained in existence and while various organizational initiatives are being implemented. The Board also considered Deutsche Bank's strategic plans for investing in the growth of its US mutual fund business and the potential benefits to the Fund's shareholders.

Based on all of the foregoing, the Board determined to continue the Portfolio's current investment management agreement and sub-advisory agreement, and concluded that the continuation of the agreements was in the best interests of shareholders. In reaching this conclusion the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, many of which were in executive session with only the Independent Trustees and their counsel present. It is possible that individual Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the current agreement.

Account Management Resources

For shareholders of Classes A, B and C
Automated Information Lines	InvestorACCESS (800) 972-3060 Personalized account information, information on other DWS funds and services via touchtone telephone and for Classes A, B, and C only, the ability to exchange or redeem shares.
Web Site	www.dws-scudder.com View your account transactions and balances, trade shares, monitor your asset allocation, and change your address, 24 hours a day. Obtain prospectuses and applications, blank forms, interactive worksheets, news about DWS funds, subscription to fund updates by e-mail, retirement planning information, and more.
For More Information	(800) 621-1048 To speak with a DWS Scudder service representative.
Written Correspondence	DWS Scudder PO Box 219356 Kansas City, MO 64121-9356
Proxy Voting	A description of 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 12-month period ended June 30 is available on our Web site — www.dws-scudder.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at 1-800-621-1048.
Principal Underwriter	If you have questions, comments or complaints, contact: DWS Scudder Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148

	Class A	Class B	Class C
Nasdaq Symbol	SXPAX	SXPBX	SXPCX
CUSIP Number	23338J 749	23338J 731	23338J 723
Fund Number	1001	1201	1301

For shareholders of Class AARP and Class S
Automated Information Lines	SAILTM (800) 343-2890
	Personalized account information, the ability to exchange or redeem shares, and information on other DWS funds and services via touchtone telephone.
Web Sites	www.dws-scudder.com
	View your account transactions and balances, trade shares, monitor your asset allocation, and change your address, 24 hours a day. Obtain prospectuses and applications, blank forms, interactive worksheets, news about DWS funds, subscription to fund updates by e-mail, retirement planning information, and more.
For More Information	(800) 728-3337 To speak with a DWS Scudder service representative.
Written Correspondence	DWS Scudder PO Box 219669 Kansas City, MO 64121-9669
Proxy Voting	A description of 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 12-month period ended June 30 is available on our Web site — www.dws-scudder.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at 1-800-621-1048.
Principal Underwriter	If you have questions, comments or complaints, contact: DWS Scudder Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148

	Class AARP	Class S
Nasdaq Symbol	ASPIX	SCPIX
Fund Number	201	301

ITEM 2. CODE OF ETHICS.

As of the end of the period, December 31, 2005, DWS Investment Trust 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 Funds’ 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 Funds’ Board of Trustees has determined that there are several “audit committee financial experts” serving on the Funds’ audit committee. The Board has determined that Keith R. Fox, the chair of the Funds’ audit committee, qualifies as an “audit committee financial expert” (as such term has been defined by the Regulations) based on its review of Mr. Fox’s pertinent experience and education. The SEC has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR 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. In accordance with New York Stock Exchange requirements, the Board believes that all members of the Funds’ audit committee are financially literate, as such qualification is interpreted by the Board in its business judgment, and that at least one member of the audit committee has accounting or related financial management expertise.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

DWS S&P 500 INDEX FUND

FORM N-CSR DISCLOSURE RE: AUDIT FEES

The following table shows the amount of fees that PricewaterhouseCoopers, LLP (“PWC”), 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 PWC provided to the Fund.

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).

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

Fiscal Year Ended December 31,	Audit Fees Billed to Fund	Audit-Related Fees Billed to Fund	Tax Fees Billed to Fund	All Other Fees Billed to Fund
2005	$24,700	$225	$0	$0
2004	$21,500	$185	$6,100	$0

The above “Audit- Related Fees” were billed for agreed upon procedures performed and the above "Tax Fees" were billed for professional services rendered for tax compliance and tax return 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 PWC to Deutsche Investment Management Americas, Inc. (“DeIM” or the “Adviser”), and any entity controlling, controlled by or under common control with DeIM (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.

Fiscal Year Ended December 31,	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
2005	$268,900	$197,605	$0
2004	$431,907	$0	$0

The “Audit-Related Fees” were billed for services in connection with the assessment of internal controls, agreed-upon procedures and additional related procedures and the above “Tax Fees” were billed in connection with consultation services and agreed-upon procedures.

Non-Audit Services

The following table shows the amount of fees that PWC billed during the Fund’s last two fiscal years for non-audit services. For engagements entered into on or after May 6, 2003, the Audit Committee pre-approved all non-audit services that PWC 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 PWC about any non-audit services that PWC rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PWC’s independence.

Fiscal Year Ended December 31,	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)
2005	$0	$197,605	$104,635	$302,240
2004	$6,100	$0	$253,272	$259,372

All other engagement fees were billed for services in connection with risk management, tax services and process improvement/integration initiatives for DeIM and other related entities that provide support for the operations of the fund.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not Applicable

ITEM 6. SCHEDULE OF INVESTMENTS

Not Applicable

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not Applicable

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not Applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The Committee on Independent Trustees/Directors selects and nominates Independent Trustees/Directors. Fund shareholders may also submit nominees that will be considered by the committee when a Board vacancy occurs. Submissions should be mailed to: c/o Dawn-Marie Driscoll, PO Box 100176, Cape Coral, FL 33910.

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 registrant’s last half-year (the registrant’s second fiscal half-year in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

ITEM 12. 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.

Form N-CSR Item F

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: DWS S&P 500 Index Fund, a series of DWS Investment Trust

By:	/s/Vincent J. Esposito
	Vincent J. Esposito

President

Date: March 2, 2006

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.

Registrant: DWS S&P 500 Index Fund, a series of DWS Investment Trust

By:	/s/Vincent J. Esposito
	Vincent J. Esposito

President

Date: March 2, 2006

By:	/s/Paul Schubert
	Paul Schubert

Chief Financial Officer and Treasurer

Date: March 2, 2006

EX-99.CODE ETH

                               Scudder/DeAM Funds

       Principal Executive and Principal Financial Officer Code of Ethics

               For the Registered Management Investment Companies

                              Listed on Appendix A

































                                                                  Effective Date
                                                              [January 31, 2005]









Table of Contents
                                                                                                                    Page Number

                                                                                                                     
   I.       Overview.....................................................................................................3


   II.      Purposes of the Officer Code.................................................................................3


   III.     Responsibilities of Covered Officers.........................................................................4

      A.    Honest and Ethical Conduct...................................................................................4
      B.    Conflicts of Interest........................................................................................4
      C.    Use of Personal Fund Shareholder Information.................................................................6
      D.    Public Communications........................................................................................6
      E.    Compliance with Applicable Laws, Rules and Regulations.......................................................6

   IV.      Violation Reporting..........................................................................................7

      A.    Overview.....................................................................................................7
      B.    How to Report................................................................................................7
      C.    Process for Violation Reporting to the Fund Board............................................................7
      D.    Sanctions for Code Violations................................................................................7

   V.       Waivers from the Officer Code................................................................................7


   VI.      Amendments to the Code.......................................................................................8


   VII.     Acknowledgement and Certification of Adherence to the Officer Code...........................................8


   IX.      Recordkeeping................................................................................................8


   X.       Confidentiality..............................................................................................9


   Appendices...........................................................................................................10

      Appendix A:  List of Officers Covered under the Code, by Board....................................................10
      Appendix B:  Officer Code Acknowledgement and Certification Form..................................................11
      Appendix C:  Definitions..........................................................................................13




                                                                               2





I.       Overview

         This Principal  Executive Officer and Principal  Financial Officer Code
         of Ethics  ("Officer  Code") sets forth the  policies,  practices,  and
         values  expected  to be  exhibited  in the  conduct  of  the  Principal
         Executive  Officers and Principal  Financial Officers of the investment
         companies ("Funds") they serve ("Covered Officers").  A list of Covered
         Officers and Funds is included on Appendix A.

         The Boards of the Funds  listed on Appendix A have elected to implement
         the Officer Code,  pursuant to Section 406 of the Sarbanes-Oxley Act of
         2002 and the SEC's rules thereunder,  to promote and demonstrate honest
         and ethical conduct in their Covered Officers.

         Deutsche Asset  Management,  Inc. or its affiliates  ("DeAM") serves as
         the  investment  adviser to each Fund.  All Covered  Officers  are also
         employees of DeAM or an affiliate. Thus, in addition to adhering to the
         Officer  Code,  these  individuals  must comply with DeAM  policies and
         procedures,  such as the DeAM Code of Ethics governing personal trading
         activities,  as adopted  pursuant  to Rule 17j-1  under the  Investment
         Company Act of 1940.(1) In addition,  such individuals also must comply
         with other applicable Fund policies and procedures.

         The DeAM Compliance Officer, who shall not be a Covered Officer and who
         shall serve as such  subject to the  approval  of the Fund's  Board (or
         committee  thereof),  is primarily  responsible  for  implementing  and
         enforcing  this Code.  The  Compliance  Officer  has the  authority  to
         interpret  this  Officer  Code  and  its  applicability  to  particular
         circumstances.  Any questions about the Officer Code should be directed
         to the DeAM Compliance Officer.

         The DeAM Compliance  Officer and his or her contact  information can be
         found in Appendix A.

II.      Purposes of the Officer Code

         The purposes of the Officer Code are to deter wrongdoing and to:

         o        promote  honest and ethical  conduct among  Covered  Officers,
                  including the ethical handling of actual or apparent conflicts
                  of interest between personal and professional relationships;

         o        promote  full,  fair,  accurate,   timely  and  understandable
                  disclosures  in reports and documents that the Funds file with
                  or submit to the SEC (and in other public  communications from
                  the  Funds)  and  that  are  within  the   Covered   Officer's
                  responsibilities;

         o        promote   compliance   with   applicable   laws,   rules   and
                  regulations;

         o        encourage the prompt  internal  reporting of violations of the
                  Officer Code to the DeAM Compliance Officer; and

         o        establish accountability for adherence to the Officer Code.

         Any  questions  about the  Officer  Code  should be  referred to DeAM's
         Compliance Officer.


- -----------------------

(1) The  obligations  imposed by the  Officer  Code are  separate  from,  and in
addition to, any obligations  imposed under codes of ethics adopted  pursuant to
Rule  17j-1  under the  Investment  Company  Act of 1940,  and any other code of
conduct  applicable to Covered  Officers in whatever  capacity  they serve.  The
Officer  Code does not  incorporate  any of those other codes and,  accordingly,
violations of those codes will not  necessarily be considered  violations of the
Officer Code and waivers granted under those codes would not necessarily require
a waiver to be granted under this Code.  Sanctions imposed under those codes may
be considered  in  determining  appropriate  sanctions for any violation of this
Code.



                                                                               3


III.     Responsibilities of Covered Officers

         A. Honest and Ethical Conduct

         It is the duty of every Covered  Officer to encourage  and  demonstrate
         honest and ethical conduct,  as well as adhere to and require adherence
         to the Officer Code and any other  applicable  policies and  procedures
         designed to promote this behavior.  Covered  Officers must at all times
         conduct  themselves with integrity and  distinction,  putting first the
         interests of the Fund(s) they serve.  Covered  Officers  must be honest
         and candid  while  maintaining  confidentiality  of  information  where
         required by law, DeAM policy or Fund policy.

         Covered   Officers  also  must,  at  all  times,  act  in  good  faith,
         responsibly  and with  due  care,  competence  and  diligence,  without
         misrepresenting  or being  misleading  about material facts or allowing
         their  independent  judgment to be subordinated.  Covered Officers also
         should maintain skills appropriate and necessary for the performance of
         their duties for the Fund(s).  Covered  Officers also must  responsibly
         use and control all Fund assets and resources entrusted to them.

         Covered  Officers may not  retaliate  against  others for, or otherwise
         discourage  the  reporting  of,  actual or apparent  violations  of the
         Officer Code or applicable laws or regulations. Covered Officers should
         create an  environment  that  encourages  the exchange of  information,
         including concerns of the type that this Code is designed to address.

         B. Conflicts of Interest

         A  "conflict  of  interest"  occurs when a Covered  Officer's  personal
         interests  interfere with the interests of the Fund for which he or she
         serves as an officer.  Covered  Officers may not  improperly  use their
         position with a Fund for personal or private gain to themselves,  their
         family,  or any other person.  Similarly,  Covered Officers may not use
         their  personal  influence  or  personal   relationships  to  influence
         decisions  or other Fund  business or  operational  matters  where they
         would  benefit  personally  at the  Fund's  expense  or to  the  Fund's
         detriment.  Covered Officers may not cause the Fund to take action,  or
         refrain from taking action,  for their  personal  benefit at the Fund's
         expense or to the Fund's  detriment.  Some  examples  of  conflicts  of
         interest  follow  (this  is not an  all-inclusive  list):  being in the
         position of  supervising,  reviewing or having any influence on the job
         evaluation,  pay or benefit of any  immediate  family  member who is an
         employee of a Fund service provider or is otherwise associated with the
         Fund; or having an ownership  interest in, or having any  consulting or
         employment relationship with, any Fund service provider other than DeAM
         or its affiliates.

         Certain  conflicts  of  interest  covered by this Code arise out of the
         relationships  between  Covered  Officers and the Fund that already are
         subject to conflict of interest  provisions in the  Investment  Company
         Act and the Investment Advisers Act. For example,  Covered Officers may
         not individually  engage in certain  transactions (such as the purchase
         or sale of securities or other property) with the Fund because of their
         status as  "affiliated  persons"  of the Fund.  Covered  Officers  must
         comply with applicable laws and regulations.  Therefore, any violations
         of  existing  statutory  and  regulatory   prohibitions  on  individual
         behavior could be considered a violation of this Code.

         As  to  conflicts  arising  from,  or  as  a  result  of  the  advisory
         relationship (or any other relationships) between the Fund and DeAM, of
         which the  Covered  Officers  are also  officers  or  employees,  it is
         recognized by the Board that, subject to DeAM's fiduciary duties to the
         Fund,  the Covered  Officers  will in the normal course of their duties
         (whether formally for the Fund or for DeAM, or for both) be involved in
         establishing  policies  and  implementing  decisions  which  will  have
         different  effects on


                                                                               4


         DeAM and the Fund. The Board  recognizes that the  participation of the
         Covered  Officers  in  such  activities  is  inherent  in the  contract
         relationship  between  the Fund and DeAM,  and is  consistent  with the
         expectation of the Board of the performance by the Covered  Officers of
         their duties as officers of the Fund.

         Covered  Officers  should  avoid  actual  conflicts  of  interest,  and
         appearances  of conflicts of  interest,  between the Covered  Officer's
         duties  to the  Fund and his or her  personal  interests  beyond  those
         contemplated  or anticipated  by applicable  regulatory  schemes.  If a
         Covered  Officer  suspects or knows of a conflict or an  appearance  of
         one, the Covered Officer must immediately report the matter to the DeAM
         Compliance  Officer.  If a Covered Officer, in lieu of reporting such a
         matter to the DeAM Compliance  Officer,  may report the matter directly
         to the Fund's Board (or committee  thereof),  as appropriate  (e.g., if
         the  conflict  involves  the DeAM  Compliance  Officer  or the  Covered
         Officer reasonably  believes it would be futile to report the matter to
         the DeAM Compliance Officer).

         When  actual,  apparent or  suspected  conflicts  of interest  arise in
         connection with a Covered  Officer,  DeAM personnel aware of the matter
         should promptly contact the DeAM Compliance  Officer.  There will be no
         reprisal or retaliation against the person reporting the matter.

         Upon receipt of a report of a possible  conflict,  the DeAM  Compliance
         Officer will take steps to determine  whether a conflict exists.  In so
         doing,  the DeAM  Compliance  Officer  may take any  actions  he or she
         determines to be appropriate in his or her sole  discretion and may use
         all  reasonable  resources,   including  retaining  or  engaging  legal
         counsel,  accounting firms or other consultants,  subject to applicable
         law.(2)  The costs  associated  with such  actions  may be borne by the
         Fund,  if  appropriate,  after  consultation  with the Fund's Board (or
         committee  thereof).  Otherwise,  such  costs  will be borne by DeAM or
         other appropriate Fund service provider.

         After full review of a report of a possible  conflict of interest,  the
         DeAM  Compliance  Officer may determine  that no conflict or reasonable
         appearance  of a conflict  exists.  If,  however,  the DeAM  Compliance
         Officer  determines  that an actual  conflict  exists,  the  Compliance
         Officer will resolve the conflict  solely in the interests of the Fund,
         and will report the conflict and its resolution to the Fund's Board (or
         committee thereof).  If the DeAM Compliance Officer determines that the
         appearance of a conflict exists,  the DeAM Compliance Officer will take
         appropriate  steps to remedy such  appearance.  In lieu of  determining
         whether  a  conflict  exists  and/or  resolving  a  conflict,  the DeAM
         Compliance Officer instead may refer the matter to the Fund's Board (or
         committee  thereof),  as  appropriate.  However,  the  DeAM  Compliance
         Officer  must  refer the  matter  to the  Fund's  Board  (or  committee
         thereof) if the DeAM  Compliance  Officer is  directly  involved in the
         conflict or under similar appropriate circumstances.

         After  responding to a report of a possible  conflict of interest,  the
         DeAM  Compliance  Officer  will  discuss  the  matter  with the  person
         reporting it (and with the Covered  Officer at issue, if different) for
         purposes  of  educating   those  involved  on  conflicts  of  interests
         (including how to detect and avoid them, if appropriate).

         Appropriate   resolution   of  conflicts   may  restrict  the  personal
         activities of the Covered  Officer and/or his family,  friends or other
         persons.

         Solely because a conflict is disclosed to the DeAM  Compliance  Officer
         (and/or the Board or  Committee  thereof)  and/or  resolved by the DeAM
         Compliance  Officer does not mean that the  conflict or its  resolution
         constitutes a waiver from the Code's requirements.



- -----------------------

(2) For  example,  retaining a Fund's  independent  accounting  firm may require
pre-approval by the Fund's audit committee.

                                       5


         Any  questions  about  conflicts  of  interests,  including  whether  a
         particular  situation  might be a  conflict  or an  appearance  of one,
         should be directed to the DeAM Compliance Officer.

         C. Use of Personal Fund Shareholder Information

         A Covered Officer may not use or disclose  personal  information  about
         Fund  shareholders,  except in the performance of his or her duties for
         the Fund. Each Covered Officer also must abide by the Funds' and DeAM's
         privacy policies under SEC Regulation S-P.

         D. Public Communications

         In connection with his or her  responsibilities for or involvement with
         a  Fund's  public   communications  and  disclosure   documents  (e.g.,
         shareholder reports,  registration  statements,  press releases),  each
         Covered  Officer must  provide  information  to Fund service  providers
         (within the DeAM  organization  or  otherwise)  and to the Fund's Board
         (and  any  committees  thereof),   independent   auditors,   government
         regulators and  self-regulatory  organizations that is fair,  accurate,
         complete, objective, relevant, timely and understandable.

         Further,  within the scope of their  duties,  Covered  Officers  having
         direct or supervisory authority over Fund disclosure documents or other
         public Fund communications will, to the extent appropriate within their
         area of responsibility, endeavor to ensure full, fair, timely, accurate
         and  understandable  disclosure  in  Fund  disclosure  documents.  Such
         Covered Officers will oversee, or appoint others to oversee,  processes
         for the timely and accurate  creation and review of all public  reports
         and regulatory filings. Within the scope of his or her responsibilities
         as a Covered  Officer,  each  Covered  Officer  also  will  familiarize
         himself or herself with the disclosure  requirements  applicable to the
         Fund,  as well as the business and  financial  operations  of the Fund.
         Each Covered  Officer  also will adhere to, and will promote  adherence
         to, applicable disclosure controls, processes and procedures, including
         DeAM's Disclosure Controls and Procedures,  which govern the process by
         which Fund disclosure documents are created and reviewed.

         To the extent that Covered  Officers  participate  in the creation of a
         Fund's  books or records,  they must do so in a way that  promotes  the
         accuracy, fairness and timeliness of those records.

         E. Compliance with Applicable Laws, Rules and Regulations

         In connection with his or her duties and within the scope of his or her
         responsibilities as a Covered Officer, each Covered Officer must comply
         with governmental  laws, rules and regulations,  accounting  standards,
         and  Fund   policies/procedures   that   apply  to  his  or  her  role,
         responsibilities  and duties  with  respect  to the Funds  ("Applicable
         Laws").  These  requirements  do not  impose on  Covered  Officers  any
         additional  substantive duties.  Additionally,  Covered Officers should
         promote compliance with Applicable Laws.

         If a Covered  Officer  knows of any material  violations  of Applicable
         Laws or suspects that such a violation may have  occurred,  the Covered
         Officer  is  expected  to  promptly  report  the  matter  to  the  DeAM
         Compliance Officer.

                                       6


IV.      Violation Reporting

         A. Overview

         Each  Covered  Officer  must  promptly  report  to the DeAM  Compliance
         Officer,   and  promote  the  reporting  of,  any  known  or  suspected
         violations of the Officer Code.  Failure to report a violation may be a
         violation of the Officer Code.

         Examples of violations of the Officer Code include, but are not limited
         to, the following:

         o  Unethical or dishonest behavior

         o  Obvious  lack  of  adherence  to  policies  surrounding  review  and
            approval of public communications and regulatory filings

         o  Failure to report violations of the Officer Code

         o  Known or obvious deviations from Applicable Laws

         o  Failure to acknowledge and certify adherence to the Officer Code

         The  DeAM  Compliance  Officer  has the  authority  to take any and all
         action he or she considers appropriate in his or her sole discretion to
         investigate  known or suspected Code violations,  including  consulting
         with  the  Fund's  Board,  the  independent  Board  members,   a  Board
         committee,  the Fund's legal counsel and/or counsel to the  independent
         Board members. The Compliance Officer also has the authority to use all
         reasonable resources to investigate violations,  including retaining or
         engaging legal counsel, accounting firms or other consultants,  subject
         to  applicable  law.(3) The costs  associated  with such actions may be
         borne by the Fund, if appropriate,  after  consultation with the Fund's
         Board (or committee  thereof).  Otherwise,  such costs will be borne by
         DeAM.

         B. How to Report

         Any known or suspected  violations of the Officer Code must be promptly
         reported to the DeAM Compliance Officer.

         C. Process for Violation Reporting to the Fund Board

         The DeAM Compliance  Officer will promptly report any violations of the
         Code to the Fund's Board (or committee thereof).

         D. Sanctions for Code Violations

         Violations of the Code will be taken seriously. In response to reported
         or otherwise known  violations,  DeAM and the relevant Fund's Board may
         impose sanctions  within the scope of their  respective  authority over
         the Covered Officer at issue.  Sanctions  imposed by DeAM could include
         termination  of employment.  Sanctions  imposed by a Fund's Board could
         include termination of association with the Fund.

V.       Waivers from the Officer Code

         A  Covered  Officer  may  request  a waiver  from the  Officer  Code by
         transmitting  a written  request  for a waiver  to the DeAM  Compliance
         Officer.(4)  The request must include the rationale for the request and
         must explain how the waiver would be in furtherance of the standards of
         conduct  described in and underlying  purposes of the Officer Code. The
         DeAM  Compliance  Officer will present this  information


- -----------------------

(3) For  example,  retaining a Fund's  independent  accounting  firm may require
pre-approval by the Fund's audit committee.

(4) Of course,  it is not a waiver of the Officer  Code if the Fund's  Board (or
committee thereof)  determines that a matter is not a deviation from the Officer
Code's requirements or is otherwise not covered by the Code.


                                                                               7




         to the Fund's Board (or committee  thereof).  The Board (or  committee)
         will determine  whether to grant the requested waiver. If the Board (or
         committee)  grants the requested  waiver,  the DeAM Compliance  Officer
         thereafter  will  monitor  the  activities  subject to the  waiver,  as
         appropriate, and will promptly report to the Fund's Board (or committee
         thereof) regarding such activities, as appropriate.

         The DeAM Compliance Officer will coordinate and facilitate any required
         public disclosures of any waivers granted or any implicit waivers.

VI.      Amendments to the Code

         The DeAM  Compliance  Officer will review the Officer Code from time to
         time for its continued  appropriateness and will propose any amendments
         to the  Fund's  Board (or  committee  thereof)  on a timely  basis.  In
         addition, the Board (or committee thereof) will review the Officer Code
         at least annually for its continued  appropriateness  and may amend the
         Code as necessary or appropriate.

         The DeAM Compliance Officer will coordinate and facilitate any required
         public disclosures of Code amendments.

VII.     Acknowledgement and Certification of Adherence to the Officer Code

         Each  Covered  Officer  must sign a  statement  upon  appointment  as a
         Covered Officer and annually  thereafter  acknowledging  that he or she
         has  received  and read the Officer  Code,  as amended or updated,  and
         confirming  that  he or she has  complied  with  it  (see  Appendix  B:
         Acknowledgement  and  Certification  of  Obligations  Under the Officer
         Code).

         Understanding  and  complying  with the  Officer  Code  and  truthfully
         completing the  Acknowledgement  and Certification Form is each Covered
         Officer's obligation.

         The DeAM Compliance Officer will maintain such  Acknowledgements in the
         Fund's books and records.

VIII.    Scope of Responsibilities

          A  Covered  Officer's  responsibilities  under  the  Officer  Code are
          limited to:

            (1)   Fund matters over which the Officer has direct  responsibility
                  or   control,   matters   in  which  the   Officer   routinely
                  participates,  and matters with which the Officer is otherwise
                  involved  (i.e.,  matters  within  the  scope  of the  Covered
                  Officer's responsibilities as a Fund officer); and

            (2)   Fund matters of which the Officer has actual knowledge.


IX.      Recordkeeping

         The DeAM  Compliance  Officer  will  create  and  maintain  appropriate
         records regarding the implementation and operation of the Officer Code,
         including records relating to conflicts of interest  determinations and
         investigations of possible Code violations.


                                                                               8


X.       Confidentiality

         All reports and records prepared or maintained pursuant to this Officer
         Code  shall be  considered  confidential  and shall be  maintained  and
         protected  accordingly.  Except as  otherwise  required  by law or this
         Officer Code,  such matters shall not be disclosed to anyone other than
         the DeAM Compliance  Officer,  the Fund's Board (or committee thereof),
         legal counsel, independent auditors, and any consultants engaged by the
         Compliance Officer.



                                                                               9




         Appendices

         Appendix A:



         List of Officers Covered under the Code, by Board:




=========================================== ============================== =========================== ============================
                Fund Board                  Principal Executive               Principal Financial               Treasurer
                                                Officers                           Officers
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
                                                                                                 
Boston                                      Vincent Esposito               Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Chicago                                     Vincent Esposito               Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Closed End (except Germany)                 Vincent Esposito               Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Korea                                       Vincent Esposito               Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
New York                                    Vincent Esposito               Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
MSIS                                        Vincent Esposito               Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Hedge Strategies Fund                       Pam Kiernan                    Marielena Glassman          Marielena Glassman
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Germany*                                    Vincent Esposito               Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Topiary BPI                                 Pam Kiernan                    Marielena Glassman          Marielena Glassman
=========================================== ============================== =========================== ============================


* Central Europe and Russia, Germany, and New Germany Funds


         DeAM Compliance Officer:

         Name: Joseph Yuen

         DeAM Department: Compliance

         Phone Numbers: 212-454-7443

         Fax Numbers: 212-454-4703









As of:   January 3, 2006

                                                                              10



Appendix B: Acknowledgement and Certification


                    Initial Acknowledgement and Certification
                      of Obligations Under the Officer Code



- --------------------------------------------------------------------------------
Print Name           Department                Location         Telephone




     1.       I  acknowledge  and certify that I am a Covered  Officer under the
              Scudder Fund  Principal  Executive and  Financial  Officer Code of
              Ethics  ("Officer  Code"),  and  therefore  subject  to all of its
              requirements and provisions.

     2.       I have  received and read the Officer  Code and I  understand  the
              requirements and provisions set forth in the Officer Code.

     3.       I have  disclosed any conflicts of interest of which I am aware to
              the DeAM Compliance Officer.

     4.       I will act in the best  interest of the Funds for which I serve as
              an officer and have  maintained  the  confidentiality  of personal
              information about Fund shareholders.

     5.       I will  report any known or  suspected  violations  of the Officer
              Code in a timely manner to the DeAM Compliance Officer.













         -----------------------------------------------------------------------
         Signature                                               Date


                                                                              11





                    Annual Acknowledgement and Certification
                      of Obligations Under the Officer Code



- --------------------------------------------------------------------------------
Print Name              Department             Location         Telephone




        6.    I  acknowledge  and certify that I am a Covered  Officer under the
              Scudder Fund  Principal  Executive and  Financial  Officer Code of
              Ethics  ("Officer  Code"),  and  therefore  subject  to all of its
              requirements and provisions.

        7.    I have  received and read the Officer Code,  and I understand  the
              requirements and provisions set forth in the Officer Code.

        8.    I have adhered to the Officer Code.

        9.    I have not knowingly been a party to any conflict of interest, nor
              have I had actual knowledge about actual or apparent  conflicts of
              interest that I did not report to the DeAM  Compliance  Officer in
              accordance with the Officer Code's requirements.

        10.   I have acted in the best  interest  of the Funds for which I serve
              as an officer and have maintained the  confidentiality of personal
              information about Fund shareholders.

        11.   With  respect  to the  duties  I  perform  for the  Fund as a Fund
              officer, I believe that effective processes are in place to create
              and  file  public   reports  and  documents  in  accordance   with
              applicable regulations.

        12.   With  respect  to the  duties  I  perform  for the  Fund as a Fund
              officer,  I have  complied  to the best of my  knowledge  with all
              Applicable  Laws (as that term is defined in the Officer Code) and
              have  appropriately  monitored  those persons under my supervision
              for compliance with Applicable Laws.

        13.   I have  reported any known or suspected  violations of the Officer
              Code in a timely manner to the DeAM Compliance Officer.











- --------------------------------------------------------------------------------
Signature                                                             Date


                                                                              12





Appendix C:  Definitions

Principal Executive Officer
Individual  holding the office of President of the Fund or series of Funds, or a
person performing a similar function.

Principal Financial Officer
Individual  holding the office of Treasurer of the Fund or series of Funds, or a
person performing a similar function.

Registered Investment Management Investment Company
Registered investment companies other than a face-amount  certificate company or
a unit investment trust.

Waiver
A waiver is an approval of an exemption from a Code requirement.

Implicit Waiver
An implicit  waiver is the failure to take action within a reasonable  period of
time  regarding a material  departure  from a  requirement  or  provision of the
Officer  Code that has been made  known to the DeAM  Compliance  Officer  or the
Fund's Board (or committee thereof).


                                                                              13

EX-99.906CERT

President

Section 906 Certification under Sarbanes Oxley Act

I, Vincent J. Esposito, certify that:

1. I have reviewed this report, filed on behalf of DWS S&P 500 Index Fund, a series of DWS Investment Trust, on Form N-CSR;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the “Report”) fully complies with the requirements of § 13 (a) or §15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

March 2, 2006	/s/Vincent J. Esposito
	Vincent J. Esposito
	President
	DWS S&P 500 Index Fund, a series of DWS Investment Trust

Chief Financial Officer and Treasurer

Section 906 Certification under Sarbanes Oxley Act

I, Paul Schubert, certify that:

1. I have reviewed this report, filed on behalf of DWS S&P 500 Index Fund, a series of DWS Investment Trust, on Form N-CSR;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

March 2, 2006	/s/Paul Schubert
	Paul Schubert
	Chief Financial Officer and Treasurer
	DWS S&P 500 Index Fund, a series of DWS Investment Trust