Click here Summary of Management Fee Evaluation by Independent Fee Consultant

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. This fund is subject to stock market risk. Stocks of small-sized companies involve greater risk as they often have limited product lines, markets, or financial resources and may be exposed to more erratic and abrupt market movements than securities of larger, more-established companies. Please read this fund's prospectus for specific information 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 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

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 5.75%. 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.

The total annual fund operating expense ratios, gross of any fee waivers or expense reimbursements, as stated in the fee table of the prospectus dated February 1, 2007 are 1.60%, 2.54% and 2.41% for Class A, Class B and Class C shares, respectively. Please see the Information About Your Fund's Expenses, the Financial Highlights and Notes to the Financial Statements (Note C, Related Parties) sections of this report for gross and net expense related disclosure for the period ended September 30, 2007.

To discourage short-term trading, the Fund imposes a 2% redemption fee on shareholders redeeming shares held less than 15 days which has the effect of lowering total return.

Returns and rankings during all periods shown for Class B shares 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 A, B and C shares for the periods prior to their inception on June 25, 2001 are derived from the historical performance of the Fund's original share class (Class AARP) of the DWS Small Cap Core Fund during such periods and have been adjusted to reflect the higher gross total annual operating expenses of each specific class. Any difference in expenses will affect performance. Class AARP shares converted into Class S shares on July 14, 2006.

Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings are based on total return unadjusted for sales charges with distributions reinvested. If sales charges had been included, rankings might have been less favorable. Rankings are for Class A shares; other share classes may vary.

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

Class S shares are generally not available to new investors except under certain circumstances. (Please refer to the Fund's Statement of Additional Information.)

The total annual fund operating expense ratio, gross of any fee waivers or expense reimbursements, as stated in the fee table of the prospectus dated February 1, 2007 is 1.20% for Class S shares. Please see the Information About Your Fund's Expenses, the Financial Highlights and Notes to the Financial Statements (Note C, Related Parties) sections of this report for gross and net expense related disclosure for the period ended September 30, 2007.

To discourage short-term trading, the Fund imposes a 2% redemption fee on shareholders redeeming shares held less than 15 days which has the effect of lowering total return.

Returns and rankings during all periods shown for Class S shares 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 S shares for the periods prior to its inception on July 17, 2000 are derived from the historical performance of the Fund's original share class (Class AARP) of the DWS Small Cap Core Fund during such periods and have assumed the same expense structure. Any difference in expenses will affect performance. Class AARP shares merged into Class S shares on July 14, 2006.

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.

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads), 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, Class B and S shares limited these expenses; had they not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (April 1, 2007 to September 30, 2007).

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. An account maintenance fee of $6.25 per quarter for Class S shares may apply for certain accounts whose balances do not meet the applicable minimum initial investment. This fee is not included in these tables. If it was, the estimate of expenses paid for Class S shares during the period would be higher, and account value during the period would be lower, by this amount.

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), which is part of Deutsche Asset Management, is the investment advisor for DWS Small Cap Core Fund. DIMA and its predecessors have more than 80 years of experience managing mutual funds and DIMA 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.

DIMA 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.

Managing Director of Deutsche Asset Management and Portfolio Manager of the fund.

Joined Deutsche Asset Management in 1995 as portfolio manager for asset allocation after 13 years of experience in trading fixed income, foreign exchange and derivative products at J.P. Morgan.

Joined Deutsche Asset Management in 1999; prior to that, served as portfolio manager for Absolute Return Strategies and as a fundamental equity analyst and portfolio manager for Thomas White Asset Management.

Joined Deutsche Asset Management in 2000 after four years of combined experience as a consultant with equity trading services for BARRA, Inc. and a product developer for FactSet Research.

In the following interview, Portfolio Managers Robert Wang, Jin Chen and Julie Abbett discuss DWS Small Cap Core Fund's performance, management strategy and the market environment during the 12-month period ended September 30, 2007.

The views expressed in the following discussion 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. Past performance is no guarantee of future results.

A: It was a generally positive period for the US equity market, although with considerable volatility. After exhibiting strength in late 2006, there was a dip in late February and early March. Markets began to rise again through mid-July, drifted lower in the late summer, then rallied again in September, responding in part to the US Federal Reserve Board's (the Fed's) mid-September interest rate cut.

The Russell 3000^® Index, which is generally regarded as a good indicator of the broad stock market, returned 16.52% for the 12 months ended September 2007.¹ The Standard & Poor's 500^® (S&P 500) Index returned 16.44%, and the Russell 1000^® Index returned 16.90%; both of these indices measure performance of large-cap stocks.² Large-cap stocks regained market leadership near the end of the period; for the 12 months ended September, mid-cap stocks performed better than large-cap stocks, but small-cap stocks performed less well. The Russell Midcap^® Index returned 17.87% for the 12-month period, and the small-cap Russell 2000^® Index posted a return of 12.34% for the period.³ Within the small-cap category, in which this fund invests, growth stocks performed significantly better than value stocks: the return of the Russell 2000^® Growth Index was 18.94%, compared with 6.09% for the Russell 2000^® Value Index.⁴

A: DWS Small Cap Core Fund (Class A shares) produced a total return of 4.45% for the 12 months ended September 30, 2007. (Returns are unadjusted for sales charges. If sales charges had been included, returns would have been lower. Past performance is no guarantee of future results. Please see pages 4 through 8 for the performance of other share classes and more complete performance information.) The fund underperformed its benchmark, the Russell 2000 Index, which returned 12.34% for the period. The fund also underperformed the 13.40% average return of its Lipper Peer Group, the Small-Cap Core Funds category.⁵ The fund's performance has been affected by a trend toward better performance by stocks that do not meet this fund's criteria for quality, in terms of financial strength and earnings.

A: We use a quantitative investment process focused on stock selection. We analyze a broad universe of stocks in an effort to find those that we believe will outperform their industry peers over time. Sector allocations are normally kept very close to the Russell 2000 Index. The universe for DWS Small Cap Core Fund includes the stocks in the Russell 2000 Index, which tracks 2,000 stocks of small US-based companies with median market capitalization of $647 million as of August 31, 2007.

We begin by sorting these stocks into 24 clearly defined industry groups. Next, we compare the stocks side-by-side within their industry groups based on 12 factors that have a low correlation to one another. These include current and historical data such as valuation, a measure of how expensive a stock is; earnings growth and growth potential; and market sentiment, all of which help us pinpoint stock movement outside of fundamentals. By synthesizing all this information we rank stocks according to their expected performance. Our model helps us to create an "optimal" portfolio, suggesting which stocks should be included in the fund and which ones should be omitted, as well as proportions of individual stocks to be held. This step-by-step approach leads to a portfolio of roughly 300 to 325 stocks. Diversifying holdings among a large number of stocks reduces the risk associated with each individual stock.

This model makes it possible to analyze far more stocks than can most traditional active portfolio managers. Our approach combines technology and professional skill to create what we believe is the best way to reduce risk by using an objective, consistent and repeatable system to choose stocks that are attractively valued.

A: The three sectors in which our relative performance was best were telecommunication services, real estate and automobiles & components.

In the telecommunication sector, top-performing stocks were Golden Telecom, Inc.*, Centennial Communications Corp. and CT Communications. Golden, a US-based company that provides telephone service in Russia, performed exceptionally well, as it reported continued growth in its subscriber base and in revenue; this stock was sold after it reached a level where it no longer appeared attractive relative to other opportunities. Centennial Communications Corp., which provides wireless and broadband service in Puerto Rico, reported steadily improving operating results. Stock of CT Communications rose on news that it had agreed to be acquired by Windstream Corporation; as the acquisition was completed in August, this stock is no longer in the portfolio.

In the real estate sector, the most significant positive for performance relative to the index was not owning some of the stocks with heavy involvement in subprime mortgages, particularly NovaStar Financial, Inc., which was off sharply.

In the automobiles & components sector, several producers of automobile and truck components contributed to performance. These include American Axle & Manufacturing Holdings, Inc., ArvinMeritor, Inc., Accuride Corp. and Tenneco, Inc. Of these four stocks, only American Axle remains in the portfolio; the others were sold when the model indicated they had reached prices that no longer represented good value.

A: Our worst-performing sectors were technology hardware & equipment, commercial services & supplies, and health care equipment & services. In technology hardware & equipment, performance was hurt by weakness in cable producer Belden, Inc. and in Daktronics, Inc., which manufactures digital scoreboards and other electronic display systems. Daktronics has been sold; Belden, which expects improved performance in 2007, remains in the portfolio.

In commercial services & supplies, positions that detracted from performance include Korn/Ferry International and Hudson Highland Group, Inc., both of which are in management recruiting and staffing, and rental car company Dollar Thrifty Automotive Group, Inc. Results of these companies have been negatively impacted by concerns about a weakening economy.

In the health care equipment & services sector, detractors included positions in LCA-Vision, Inc., which operates LasikPlus vision centers, and in Illumina, Inc., which produces tools and systems for genetic analysis. Illumina has been sold; LCA-Vision remains in the portfolio.

A: Despite the possibility of a slower rate of economic growth, we believe there are still many opportunities to deliver solid returns by investing in small-cap companies with strong balance sheets and solid fundamentals. We will continue to utilize a balanced approach to stock selection to seek attractive investment opportunities among small-cap stocks. We believe a diversified portfolio of small-cap stocks, managed with careful attention to risk control, can be an excellent equity vehicle for many investors.

For more complete details about the Fund's investment portfolio, see page 19. 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 or after the last day of the following month. In addition, the Fund's top ten holdings and other information about the Fund is posted on www.dws-scudder.com as of the calendar quarter-end on or after the 15th day following quarter-end. 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.

DWS Small Cap Core Fund (the "Fund") is a diversified series of DWS Investment Trust (the "Trust") which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust.

The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are 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 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. Class S shares are not subject to initial or contingent deferred sales charges and are generally not available to new investors except under certain circumstances.

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 service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America 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.

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.

In September 2006, the Financial Accounting Standards Board ("FASB") released Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FAS 157 is effective for fiscal years beginning after November 15, 2007. As of September 30, 2007, management does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements, however, additional disclosures will be required about the inputs used to develop the measurements of fair value and the effect of certain of the measurements reported in the statement of operations for a fiscal period.

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 Fund 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 Fund 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 Fund 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 Fund. When entering into a closing transaction, the Fund 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 Fund'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 Fund gives up the opportunity to profit from favorable price movements in the hedged positions during the term of the contract.

Securities Lending. The Fund may lend securities to financial institutions. The Fund retains beneficial ownership of the securities it has loaned and continues to receive interest and dividends paid by the issuer of securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of liquid, unencumbered assets having a value at least equal to the value of the securities loaned. The Fund may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan. The Fund is subject to all investment risks associated with the value of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

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.

In July 2006, FASB issued Interpretation No. 48 ("FIN 48"), "Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109" (the "Interpretation"). The Interpretation establishes for the Fund a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether the Fund is taxable in certain jurisdictions), and requires certain expanded tax disclosures. The Interpretation is effective for fiscal years beginning after December 15, 2006. On December 22, 2006, the SEC indicated that they would not object if a Fund implements FIN 48 in the first required financial statement reporting period for its fiscal year beginning after December 15, 2006. Management is evaluating the application of the Interpretation to the Fund and is not in a position at this time to estimate the significance of its impact, if any, on the Fund's financial statements.

Distribution of Income and Gains. Net investment income of the Fund, if any, is declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually.

The 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. These differences primarily relate to net investment losses incurred by the Fund and certain securities sold at loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

At September 30, 2007, the Fund's components of distributable earnings (accumulated losses) on a tax-basis were as follows:

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

Redemption Fees. For the period from October 1, 2006 to March 11, 2007, the redemption or exchange of shares held for less than 30 days was assessed a fee of 2% of the total amount redeemed or exchanged. Effective March 12, 2007, 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.

Expenses. Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust.

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. Investment transactions are accounted for on a trade date plus one basis for daily net asset valuation calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis. At the fiscal year end of the Fund, distributions received from Real Estate Investment Trusts (REITs) in excess of income are recorded as either a reduction of cost of investments or realized gains. The Fund distinguishes between dividends on a tax basis and a financial reporting basis and only distributions in excess of tax basis earnings and profits are reported in the financial statements as a tax return of capital.

During the year ended September 30, 2007, purchases and sales of investment securities (excluding short-term investments) aggregated $301,884,461 and $323,459,648, respectively.

Management Agreement. Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

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

Accordingly, for the year ended September 30, 2007, the fee pursuant to the management agreement was equivalent to an annual effective rate of 0.665% of the Fund's average daily net assets.

For the period from October 1, 2006 through September 30, 2007, the Advisor has contractually agreed to waive all or a portion of its management fee and reimburse or pay certain operating expenses of the Fund (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest, proxy and organizational and offering expenses) to the extent necessary to maintain the operating expenses of certain classes as follows:

For the period from October 1, 2007 through September 30, 2008, the Advisor has contractually agreed to waive all or a portion of its management fee and reimburse or pay certain operating expenses of the Fund (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest and proxy expenses) to the extent necessary to maintain the operating expenses for Class B at 2.25%.

For the period from October 1, 2007 through January 31, 2008, the Advisor has contractually agreed to waive all or a portion of its management fee and reimburse or pay certain operating expenses of the Fund (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest and proxy expenses) to the extent necessary to maintain the operating expenses for Class C at 2.25%.

Administration Fee. Pursuant to an Administrative Service Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended September 30, 2007, the Advisor received an Administration Fee of $154,716, of which $11,460 is unpaid.

Service Provider Fees. DWS Scudder Investments Service Company ("DWS-SISC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Prior to April 1, 2007, DWS Scudder Service Corporation ("DWS-SSC"), an affiliate of the Advisor, was the transfer agent, dividend-paying agent and shareholder service agent for Class S shares of the Fund. Effective April 1, 2007, DWS-SSC merged with DWS-SISC. The Board of the Fund approved a new transfer agency agreement between the Fund and DWS-SISC. The new transfer agency agreement is identical in substance to the previous transfer agency agreement for the Fund, except for the named transfer agent. Pursuant to a sub-transfer agency agreement among DWS-SISC, DWS-SSC (through March 31, 2007) 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 September 30, 2007, the amounts charged to the Fund by DWS-SISC and DWS-SSC (through September 30, 2007) were as follows:

Distribution and Service Fees. Under the Fund's Class B and C 12b-1 plans, DWS-Scudder Distributors, Inc. ("DWS-SDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee") of 0.75% of average daily net assets of each of Class B and C shares. In accordance with the Fund's Underwriting and Distribution Services 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 September 30, 2007, the Distribution Fee was as follows:

In addition, DWS-SDI provides information and administrative services for a fee ("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 September 30, 2007, the Service Fee was as follows:

Underwriting Agreement and Contingent Deferred Sales Charge. DWS-SDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the year ended September 30, 2007 aggregated $2,021.

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 September 30, 2007, the CDSC for Class B and C shares aggregated $4,364 and $186, respectively. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the year ended September 30, 2007, DWS-SDI received $15 for Class A shares.

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the year ended September 30, 2007, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $30,302, of which $12,280 is unpaid.

Trustees' Fees and Expenses. As compensation for his or her services, each Independent Trustee receives an aggregated 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 Chairperson of the Board and the Chairperson of each committee of the Board receive additional compensation for their 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. 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 its Advisor a management fee for the affiliated funds' investments in the QP Trust.

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 September 30, 2007, the Fund's custodian fees were reduced by $59 and $4,818, respectively, for custody and transfer agent credits earned.

The Fund and other affiliated funds (the "Participants") share in a $750 million revolving credit facility administered by JPMorgan Chase Bank N.A. for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated, based upon net assets, among each of the Participants. Interest is calculated at the Federal Funds Rate plus 0.35 percent. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement.

To the Trustees of DWS Investment Trust and the Shareholders of DWS Small Cap Core Fund:

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 Small Cap Core Fund (the "Fund") at September 30, 2007, 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, which included confirmation of securities at September 30, 2007 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

The Fund paid distributions of $1.76 per share from net long-term capital gains during its year ended September 30, 2007, of which 100% represents 15% rate gains.

Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $7,577,000 as capital gain dividends for its year ended September 30, 2007, of which 100% represents 15% rate gains.

For corporate shareholders, 22% of the income dividends paid during the Fund's fiscal year ended September 30, 2007, qualified for the dividends received deduction.

For federal income tax purposes, the Fund designates approximately $1,952,000, or the maximum amount allowable under the law, as qualified dividend income.

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please call (800) 621-1048.

The Fund's Trustees approved the continuation of the Fund's current investment management agreement with DIMA in September 2007.

In terms of the process that the Trustees followed prior to approving the agreement, shareholders should know that:

At the present time, all but one of your Fund's Trustees are independent of DIMA 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. In connection with reviewing the Fund's investment management agreement, the Trustees also review the terms of the Fund's Rule 12b-1 plan, distribution agreement, administration agreement, transfer agency agreement and other material service agreements.

In connection with the Board's 2007 contract review, the Board formed a special committee to facilitate careful review of the funds' contractual arrangements. After reviewing the Fund's arrangements, that committee recommended that the Board vote to approve the continuation of the Fund's investment management agreement.

The Trustees regularly meet privately with their independent counsel to discuss contract review and other matters. In addition, the Trustees were also advised by two consultants, including the Fund's independent fee consultant, in the course of their 2007 review of the Fund's contractual arrangements. In particular, the Trustees considered the report prepared by the independent fee consultant in connection with their deliberations.

The Trustees believe that a long-term relationship with a capable, conscientious advisor is in the best interest of shareholders. As you may know, DIMA 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 that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts with research capabilities in many countries throughout the world.

Shareholders may focus primarily on fund performance and fees, but the Fund's Trustees consider these and many other factors, including the quality and integrity of DIMA's personnel and such other issues as back-office operations, fund valuations, and compliance policies and procedures.

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

The investment management fee schedule for the Fund, 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 DIMA by similar funds and institutional accounts advised by DIMA (if any). With respect to management fees paid to other investment advisors by similar funds, the Trustees noted that the fee rates paid by the Fund were lower than the median (2nd quartile) of the applicable Lipper peer group (based on Lipper data provided as of December 31, 2006). The Board gave a lesser weight to fees paid by similar institutional accounts advised by DIMA, in light of the material differences in the scope of services provided to mutual funds as compared to those provided to institutional accounts. Taking into account the foregoing, the Board concluded that the fee schedule in effect for the Fund represents reasonable compensation in light of the nature, extent and quality of the investment services being provided to the Fund.

The extent to which economies of scale would be realized as the Fund grows. In this regard, the Board noted that the Fund's investment management fee schedule includes fee breakpoints. The Board concluded that the Fund's fee schedule represents an appropriate sharing between Fund shareholders and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

The total operating expenses of the Fund. In this regard, the Board noted that the total (net) operating expenses of the Fund (Class A shares) are expected to be higher than the median (3rd quartile) of the applicable Lipper expense universe (based on Lipper data provided as of December 31, 2006, and in each case analyzing Class A expenses less any applicable distribution and/or service plan expenses). The Board considered the expenses of this class to be representative for purposes of evaluating other classes of shares. The Board also considered how the Fund's total (net) operating expenses compared to the total (net) operating expenses of a more customized peer group selected by Lipper (based on such factors as asset size). The Board also noted that the expense limitations agreed to by DIMA helped to ensure that the Fund's total (net) operating expenses would be competitive relative to the applicable Lipper universe.

The investment performance of the Fund and DIMA, both absolute and relative to various benchmarks and industry peer groups. The Board noted that for the one-, three- and five-year periods ended December 31, 2006, the Fund's performance (Class S shares) was in the 2nd quartile, 4th quartile and 2nd quartile, respectively, of the applicable Lipper universe. The Board also observed that the Fund has outperformed its benchmark in the five-year period ended December 31, 2006 and has underperformed its benchmark in the one- and three-year periods ended December 31, 2006. The Board recognized that DIMA 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 DIMA. The Board considered extensive information regarding DIMA, including DIMA's personnel (including particularly those personnel with responsibilities for providing services to the Fund), resources, policies and investment processes. The Board also considered the terms of the current investment management agreement, including the scope of services provided under the agreement. In this regard, the Board concluded that the quality and range of services provided by DIMA have benefited and should continue to benefit the Fund and its shareholders.

The costs of the services to, and profits realized by, DIMA and its affiliates from their relationships with the Fund. The Board reviewed information concerning the costs incurred and profits realized by DIMA during 2006 from providing investment management services to the Fund (and, separately, to the entire DWS Scudder fund complex), and reviewed with DIMA the cost allocation methodology used to determine DIMA's profitability. In analyzing DIMA's costs and profits, the Board also reviewed the fees paid to and services provided by DIMA and its affiliates with respect to administrative services, transfer agent services, shareholder servicing and distribution (including fees paid pursuant to 12b-1 plans), as well as information regarding other possible benefits derived by DIMA and its affiliates as a result of DIMA's relationship with the Fund. As part of this review, the Board considered information provided by an independent accounting firm engaged to review DIMA's cost allocation methodology and calculations. The Board concluded that the Fund's investment management fee schedule represented reasonable compensation in light of the costs incurred by DIMA and its affiliates in providing services to 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 (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Scudder fund complex (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of many comparable firms for which such data was available.

The practices of DIMA regarding the selection and compensation of brokers and dealers executing portfolio transactions for the Fund. The Board considered that a portion of the Fund's brokerage may be allocated to affiliates of DIMA, subject to compliance with applicable SEC rules. The Board also considered that, subject to ongoing review by the Board, a limited portion of the Fund's brokerage may be allocated to brokers who acquire (and provide to DIMA and its affiliates) research services from third parties that are generally useful to DIMA and its affiliates in managing client portfolios. The Board indicated that it would continue to monitor the allocation of the Fund's brokerage to ensure that the principle of "best price and execution" remains paramount in the portfolio trading process.

DIMA's commitment to and record of compliance, including its written compliance policies and procedures. In this regard, the Board considered DIMA's commitment to indemnify the Fund against any costs and liabilities related to lawsuits or regulatory actions arising from 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 DIMA to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience and seniority of DIMA's chief compliance officer; (ii) the large number of compliance personnel who report to DIMA's chief compliance officer; and (iii) the substantial commitment of resources by DIMA and its affiliates to compliance matters.

Deutsche Bank's commitment to 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 Fund and its shareholders. The Board also considered Deutsche Bank's strategic plans for its US mutual fund business, the potential benefits to Fund shareholders and Deutsche Bank's management of one of Europe's most successful fund groups.

Based on all of the foregoing, the Board determined to continue the Fund's current investment management agreement, and concluded that the continuation of such agreement was in the best interests of the Fund's 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 agreements.

Pursuant to an Order entered into by Deutsche Investment Management Americas and affiliates (collectively, "DeAM") with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Scudder Funds. My duties include preparing an annual written evaluation of the management fees DeAM charges the Funds, considering among other factors the management fees charged by other mutual fund companies for like services, management fees DeAM charges other clients for like services, DeAM's costs of supplying services under the management agreements and related profit margins, possible economies of scale if a Fund grows larger, and the nature and quality of DeAM's services, including fund performance. This report summarizes my evaluation for 2007, including my qualifications, the evaluation process for each of the DWS Scudder Funds, consideration of certain complex-level factors, and my conclusions.

For more than 30 years I have served in various professional capacities within the investment management business. I have held investment analysis and advisory positions, including securities analyst, portfolio strategist and director of investment policy with a large investment firm. I have also performed business management functions, including business development, financial management and marketing research and analysis.

Since 1991, I have been an independent consultant within the asset management industry. I have provided services to over 125 client organizations, including investment managers, mutual fund boards, product distributors and related organizations. Over the past several years I have completed a number of assignments for mutual fund boards, specifically including assisting boards with management contract renewal.

I hold a Master of Business Administration degree, with highest honors, from Harvard University; and Master of Science and Bachelor of Science (highest honors) degrees from the University of California at Berkeley. I am an independent director and audit committee financial expert for two closed-end mutual funds, serve on the board of directors of a private market research company, and have served in various leadership and financial oversight capacities with non-profit organizations.

My work focused primarily on evaluating, fund-by-fund, the fees charged to each of the 136 Fund portfolios in the DWS Scudder Fund family. For each Fund, I considered each of the key factors mentioned above, as well as any other relevant information. In doing so I worked closely with the Funds' Independent Directors in their annual contract renewal process, as well as in their approval of contracts for several new funds (documented separately).

In evaluating each Fund's fees, I reviewed comprehensive materials provided by or on behalf of DeAM, including expense information prepared by Lipper Analytical, comparative performance information, profitability data, manager histories, and other materials. I also accessed certain additional information from the Lipper, Strategic Insight, and Morningstar databases and drew on my industry knowledge and experience.

To facilitate evaluating this considerable body of information, I prepared for each Fund a document summarizing the key data elements in each area as well as additional analytics discussed below. This made it possible to consider each key data element in the context of the others.

In the course of contract renewal, DeAM agreed to implement a number of fee and expense adjustments requested by the Independent Directors which will favorably impact future fees and expenses, and my evaluation includes the effects of these changes.

The competitive fee and expense evaluation for each fund focused on two primary comparisons:

The Fund's contractual management fee (the advisory fee plus the administration fee where applicable) compared with those of a group of typically 12-15 funds in the same Lipper investment category (e.g. Large Capitalization Growth) having similar distribution arrangements and being of similar size.

The Fund's total expenses compared with a broader universe of funds from the same Lipper investment category and having similar distribution arrangements.

These two comparisons provide a view of not only the level of the fee compared with funds of similar scale but also the total expense the Fund bears for all the services it receives, in comparison with the investment choices available in the Fund's investment category and distribution channel. The principal figure-of-merit used in these comparisons was the subject Fund's percentile ranking against peers.

DeAM provided management fee schedules for all of its US domiciled fund and non-fund investment management accounts in any of the investment categories where there is a DWS Scudder Fund. These similar products included the other DWS Scudder Funds, non-fund pooled accounts, institutional accounts and sub-advisory accounts. Using this information, I calculated for each Fund the fee that would be charged to each similar product, at the subject Fund's asset level.

Evaluating information regarding non-fund products is difficult because there are varying levels of services required for different types of accounts, with mutual funds generally requiring considerably more regulatory and administrative types of service as well as having more frequent cash flows than other types of accounts. Also, while mutual fund fees for similar fund products can be expected to be similar, there will be some differences due to different pricing conditions in different distribution channels (e.g. retail funds versus those used in variable insurance products), differences in underlying investment processes and other factors.

DeAM provided a detailed profitability analysis for each Fund. After making some adjustments so that the presentation would be more comparable to the available industry figures, I reviewed profit margins from investment management alone, from investment management plus other fund services (excluding distribution) provided to the Funds by DeAM (principally shareholder services), and DeAM profits from all sources, including distribution. A later section comments on overall profitability.

Economies of scale — an expected decline in management cost per dollar of fund assets as fund assets grow — are very rarely quantified and documented because of inherent difficulties in collecting and analyzing relevant data. However, in virtually every investment category that I reviewed, larger funds tend to have lower fees and lower total expenses than smaller funds. To see how each DWS Scudder Fund compares with this industry observation, I reviewed:

The trend in Fund assets over the last five years and the accompanying trend in total expenses. This shows if the Fund has grown and, if so, whether total expense (management fees as well as other expenses) have declined as a percent of assets.

Whether the Fund has break-points in its management fee schedule, the extent of the fee reduction built into the schedule and the asset levels where the breaks take effect, and in the case of a sub-advised Fund how the Fund's break-points compare with those of the sub-advisory fee schedule.

How the Fund's contractual fee schedule compares with trends in the industry data. To accomplish this, I constructed a chart showing how actual latest-fiscal-year contractual fees of the Fund and of other similar funds relate to average fund assets, with the subject Fund's contractual fee schedule superimposed.

The quality-of-service evaluation focused on investment performance, which is the principal result of the investment management service. Each Fund's performance was reviewed over the past 1, 3, 5 and 10 years, as applicable, and compared with that of other funds in the same investment category and with a suitable market index.

In addition, I calculated and reviewed risk-adjusted returns relative to an index of similar mutual funds' returns and a suitable market index. The risk-adjusted returns analysis provides a way of determining the extent to which the Fund's return comparisons are mainly the product of investment value-added (or lack thereof) or alternatively taking considerably more or less risk than is typical in its investment category.

I also received and considered the history of portfolio manager changes for each Fund, as this provided an important context for evaluating the performance results.

While this evaluation was conducted mainly at the individual fund level, there are some issues relating to the reasonableness of fees that can alternatively be considered across the whole fund complex:

I reviewed DeAM's profitability analysis for all DWS Scudder funds, with a view toward determining if the allocation procedures used were reasonable and how profit levels compared with public data for other investment managers.

I considered whether DeAM and affiliates receive any significant ancillary or "fall-out" benefits that should be considered in interpreting the direct profitability results. These would be situations where serving as the investment manager of the Funds is beneficial to another part of the Deutsche Bank organization.

I considered how aggregated DWS Scudder Fund expenses had varied over the years, by asset class and in the context of trends in asset levels.

I reviewed the structure of the DeAM organization, trends in staffing levels, and information on compensation of investment management and other professionals compared with industry data.

Based on the process and analysis discussed above, which included reviewing a wide range of information from management and external data sources and considering among other factors the fees DeAM charges other clients, the fees charged by other fund managers, DeAM's costs and profits associated with managing the Funds, economies of scale, possible fall-out benefits, and the nature and quality of services provided, in my opinion the management fees charged the DWS Scudder Funds are reasonable.

The following table presents certain information regarding the Board Members and Officers of the Trust as of September 30, 2007. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Dawn-Marie Driscoll, PO Box 100176, Cape Coral, FL 33904. The term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the fund. Because the fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period. The Board Members may also serve in similar capacities with other funds in the fund complex.

The fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 621-1048.

ITEM 2.	CODE OF ETHICS

	As of the end of the period, September 30, 2007, DWS Small Cap Core Fund has 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.

ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES

DWS SMALL CAP CORE 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 September 30,	Audit Fees Billed to Fund	Audit-Related Fees Billed to Fund	Tax Fees Billed to Fund	All Other Fees Billed to Fund
2007	$48,975	$0	$0	$0
2006	$50,500	$128	$0	$0

The above “Audit- Related Fees” were billed for agreed upon procedures performed.

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 September 30,	Audit-Related Fees Billedto 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
2007	$58,500	$25,000	$0
2006	$155,500	$73,180	$0

The “Audit-Related Fees” were billed for services in connection with the agreed-upon procedures related to fund mergers and additional costs related to annual audits and the above “Tax Fees” were billed in connection with tax consultation 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. 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
September 30,

Total
Non-Audit Fees Billed to Fund

(A)

Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)

(B)

Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)

(C)

Total of (A), (B)

and (C)

2007

$25,000

2006

$73,180

$15,000

$88,180

All other engagement fees were billed for services in connection with industry updates 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 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 Small Cap Core Fund, a series of DWS Investment Trust

By:	/s/Michael G. Clark

Michael G. Clark

President

Date:

December 4, 2007

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 Small Cap Core Fund, a series of DWS Investment Trust

By:	/s/Michael G. Clark

Michael G. Clark

President

Date:

December 4, 2007

By:	/s/Paul Schubert

Paul Schubert

Chief Financial Officer and Treasurer

Date:

December 4, 2007

Average Annual Total Returns (Unadjusted for Sales Charge) as of 9/30/07
DWS Small Cap Core Fund	1-Year	3-Year	5-Year	10-Year
Class A	4.45%	8.29%	15.20%	4.94%
Class B	3.62%	7.42%	14.27%	4.09%
Class C	3.66%	7.49%	14.33%	4.13%
Russell 2000^® Index⁺	12.34%	13.36%	18.75%	7.22%

Net Asset Value and Distribution Information
	Class A	Class B	Class C
Net Asset Value: 9/30/07	$ 21.77	$ 20.32	$ 20.39
9/30/06	$ 23.27	$ 22.04	$ 22.10
Distribution Information: Twelve Months as of 9/30/07: Capital Gain Distributions	$ 2.67	$ 2.67	$ 2.67

Class A Lipper Rankings — Small-Cap Core Funds Category as of 9/30/07
Period	Rank		Number of Funds Tracked	Percentile Ranking (%)
1-Year	715	of	744	96
3-Year	549	of	574	96
5-Year	389	of	451	87

Comparative Results (Adjusted for Maximum Sales Charge) as of 9/30/07
DWS Small Cap Core Fund		1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$9,844	$11,969	$19,125	$15,270
Class A	Average annual total return	-1.56%	6.17%	13.85%	4.32%
Class B	Growth of $10,000	$10,086	$12,228	$19,384	$14,929
Class B	Average annual total return	.86%	6.93%	14.15%	4.09%
Class C	Growth of $10,000	$10,366	$12,420	$19,538	$14,984
Class C	Average annual total return	3.66%	7.49%	14.33%	4.13%
Russell 2000 Index⁺	Growth of $10,000	$11,234	$14,565	$23,614	$20,079
Russell 2000 Index⁺	Average annual total return	12.34%	13.36%	18.75%	7.22%

Average Annual Total Returns as of 9/30/07
DWS Small Cap Core Fund	1-Year	3-Year	5-Year	10-Year
Class S	4.82%	8.64%	15.55%	5.25%
Russell 2000 Index⁺	12.34%	13.36%	18.75%	7.22%

Class S Lipper Rankings — Small-Cap Core Funds Category as of 9/30/07
Period	Rank		Number of Funds Tracked	Percentile Ranking (%)
1-Year	710	of	744	96
3-Year	544	of	574	95
5-Year	378	of	451	84

Comparative Results as of 9/30/07
DWS Small Cap Core Fund		1-Year	3-Year	5-Year	10-Year
Class S	Growth of $10,000	$10,482	$12,823	$20,599	$16,680
Class S	Average annual total return	4.82%	8.64%	15.55%	5.25%
Russell 2000 Index⁺	Growth of $10,000	$11,234	$14,565	$23,614	$20,079
Russell 2000 Index⁺	Average annual total return	12.34%	13.36%	18.75%	7.22%

Expenses and Value of a $1,000 Investment for the six months ended September 30, 2007
Actual Fund Return	Class A	Class B	Class C	Class S
Beginning Account Value 4/1/07	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 9/30/07	$ 942.00	$ 938.60	$ 938.30	$ 943.70
Expenses Paid per $1,000*	$ 7.30	$ 10.98	$ 10.88	$ 5.36
Hypothetical 5% Fund Return	Class A	Class B	Class C	Class S
Beginning Account Value 4/1/07	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 9/30/07	$ 1,017.55	$ 1,013.74	$ 1,013.84	$ 1,019.55
Expenses Paid per $1,000*	$ 7.59	$ 11.41	$ 11.31	$ 5.57

Annualized Expense Ratios	Class A	Class B	Class C	Class S
DWS Small Cap Core Fund	1.50%	2.26%	2.24%	1.10%

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	9/30/07	9/30/06

Common Stocks	98%	96%
Cash Equivalents	2%	4%
	100%	100%

Sector Diversification (As a % of Common Stocks)	9/30/07	9/30/06

Industrials	18%	15%
Financials	18%	22%
Health Care	15%	12%
Consumer Discretionary	14%	15%
Information Technology	14%	16%
Energy	7%	6%
Materials	5%	6%
Consumer Staples	4%	2%
Telecommunication Services	3%	4%
Utilities	2%	2%
	100%	100%

Ten Largest Equity Holdings at September 30, 2007 (7.6% of Net Assets)
1. Aspen Insurance Holdings Ltd. Provides property and casualty reinsurance, property and liability insurance	0.9%
2. Pacific Capital Bancorp. Operator of a bank holding company	0.8%
3. CF Industries Holdings, Inc. Manufactures and distributes fertilizers	0.8%
4. Jack Henry & Associates, Inc. Developer of integrated computer systems	0.8%
5. American Greetings Corp. Provider of household fixtures	0.8%
6. Magellan Health Services, Inc. Coordinates and manages delivery of behavioral health care treatment	0.7%
7. Sterling Financial Corp. Provider of banking services	0.7%
8. Safety Insurance Group, Inc. Provides lines property and casualty insurance	0.7%
9. EMCOR Group, Inc. Provider of mechanical and electrical construction services	0.7%
10. Scholastic Corp. Provides children's books, textbooks, magazines, video toys etc.	0.7%

	Shares	Value ($)

Common Stocks 95.2%
Consumer Discretionary 13.9%
Auto Components 2.3%
Aftermarket Technology Corp.*	11,000	349,140
American Axle & Manufacturing Holdings, Inc.	32,500	820,625
Cooper Tire & Rubber Co.	32,700	797,880
Drew Industries, Inc.*	18,600	756,648
GenTek, Inc.*	16,000	481,280
		3,205,573
Distributors 0.2%
Core-Mark Holding Co., Inc.*	5,700	200,811
Hotels Restaurants & Leisure 1.9%
Bob Evans Farms, Inc.	1,800	54,324
California Pizza Kitchen, Inc.*	12,100	212,597
CKE Restaurants, Inc.	49,600	804,016
Monarch Casino & Resort, Inc.*	11,800	335,710
P.F. Chang's China Bistro, Inc.*	16,300	482,480
Ruby Tuesday, Inc.	34,100	625,394
Triarc Companies, Inc. "B"	13,900	173,889
		2,688,410
Household Durables 1.9%
American Greetings Corp. "A"	41,300	1,090,321
CSS Industries, Inc.	17,300	622,281
Hooker Furniture Corp. (a)	34,500	690,690
M/I Homes, Inc. (a)	19,100	265,299
		2,668,591
Internet & Catalog Retail 0.5%
GSI Commerce, Inc.* (a)	10,100	268,660
Systemax, Inc. (a)	23,300	476,252
		744,912
Leisure Equipment & Products 0.8%
Polaris Industries, Inc. (a)	20,700	902,934
Sturm, Ruger & Co., Inc.* (a)	10,800	193,428
		1,096,362
Media 0.8%
Global Sources Ltd.*	7,100	157,407
Morningstar, Inc.*	1,100	67,540
Scholastic Corp.*	27,300	951,678
		1,176,625
Specialty Retail 4.5%
Collective Brands, Inc.*	35,900	791,954
Gymboree Corp.*	18,400	648,416
Hot Topic, Inc.*	57,600	429,696
Jo-Ann Stores, Inc.*	26,800	565,480
Jos. A. Bank Clothiers, Inc.* (a)	20,100	671,742
New York & Co., Inc.*	88,900	542,290
Rent-A-Center, Inc.*	46,200	837,606
Shoe Carnival, Inc.*	12,300	194,094
The Finish Line, Inc. "A"	95,900	416,206
The Men's Wearhouse, Inc.	18,200	919,464
West Marine, Inc.* (a)	31,700	366,135
		6,383,083
Textiles, Apparel & Luxury Goods 1.0%
G-III Apparel Group Ltd.*	8,700	171,303
Kellwood Co.	34,000	579,700
Perry Ellis International, Inc.*	23,100	640,101
		1,391,104
Consumer Staples 3.6%
Food & Staples Retailing 1.2%
Casey's General Stores, Inc.	24,300	673,110
Ruddick Corp.	13,700	459,498
Spartan Stores, Inc.	28,200	635,346
		1,767,954
Food Products 1.9%
Cal-Maine Foods, Inc.	18,500	466,940
Flowers Foods, Inc.	11,500	250,700
Fresh Del Monte Produce, Inc.	28,300	813,625
Imperial Sugar Co. (a)	15,600	407,628
Sanderson Farms, Inc.	18,600	775,062
		2,713,955
Tobacco 0.5%
Alliance One International, Inc.*	99,900	653,346
Energy 6.8%
Energy Equipment & Services 1.8%
Allis-Chalmers Energy, Inc.*	8,700	164,778
Atwood Oceanics, Inc.*	3,000	229,680
Grey Wolf, Inc.*	129,300	846,915
Gulf Island Fabrication, Inc.	4,400	168,916
Parker Drilling Co.*	50,200	407,624
Pioneer Drilling Co.*	48,100	585,858
Trico Marine Services, Inc.*	5,100	151,980
		2,555,751
Oil, Gas & Consumable Fuels 5.0%
Alon USA Energy, Inc.	18,800	635,064
Alpha Natural Resources, Inc.*	36,500	847,895
ATP Oil & Gas Corp.*	1,900	89,357
Bois d'Arc Energy, Inc.*	34,400	659,448
Clayton Williams Energy, Inc.*	18,300	603,900
Comstock Resources, Inc.*	24,200	746,328
Mariner Energy, Inc.*	40,000	828,400
McMoRan Exploration Co.* (a)	39,300	528,585
PetroQuest Energy, Inc.*	53,100	569,763
Swift Energy Co.*	20,700	847,044
USEC, Inc.*	59,500	609,875
		6,965,659
Financials 16.3%
Capital Markets 0.8%
Cohen & Steers, Inc.	8,300	307,349
MCG Capital Corp.	3,300	47,487
Prospect Capital Corp. (a)	6,400	108,928
Waddell & Reed Financial, Inc. "A"	26,600	718,998
		1,182,762
Commercial Banks 5.7%
AmericanWest Bancorp.	4,500	88,245
Boston Private Financial Holdings, Inc. (a)	2,000	55,680
Cathay General Bancorp.	3,600	115,956
Center Financial Corp.	16,900	235,079
Citizens Republic Bancorp., Inc.	9,000	144,990
City Holding Co.	6,100	222,101
First Community Bancorp.	7,700	421,267
First Financial Bankshares, Inc. (a)	1,266	50,868
First Midwest Bancorp., Inc.	5,500	187,880
FirstMerit Corp.	45,200	893,152
Glacier Bancorp., Inc.	3,100	69,812
MB Financial, Inc.	4,500	155,475
National Penn Bancshares, Inc. (a)	22,438	367,085
Pacific Capital Bancorp.	43,600	1,146,680
Park National Corp.	800	69,760
Sterling Bancshares, Inc.	49,100	560,231
Sterling Financial Corp.	36,800	990,288
Susquehanna Bancshares, Inc.	3,700	74,370
SVB Financial Group*	14,500	686,720
Taylor Capital Group, Inc.	16,300	455,259
Trustmark Corp.	4,700	131,788
UCBH Holdings, Inc.	53,500	935,180
		8,057,866
Consumer Finance 0.3%
Cash America International, Inc.	2,000	75,200
EZCORP, Inc. "A"*	21,700	291,865
		367,065
Insurance 2.7%
Aspen Insurance Holdings Ltd.	46,500	1,297,815
LandAmerica Financial Group, Inc.	19,800	771,804
NYMAGIC, Inc.	8,900	247,509
Safety Insurance Group, Inc.	27,200	977,568
Seabright Insurance Holdings*	32,700	558,189
		3,852,885
Real Estate Investment Trusts 5.9%
Alexandria Real Estate Equities, Inc. (REIT)	6,100	587,186
Anthracite Capital, Inc. (REIT)	12,600	114,660
BioMed Realty Trust, Inc. (REIT)	14,100	339,810
Corporate Office Properties Trust (REIT)	5,100	212,313
Cousins Properties, Inc. (REIT)	12,700	372,872
EastGroup Properties, Inc. (REIT)	5,300	239,878
Entertainment Properties Trust (REIT)	1,300	66,040
Equity Lifestyle Properties, Inc. (REIT)	6,100	315,980
Equity One, Inc. (REIT)	17,200	467,840
First Industrial Realty Trust, Inc. (REIT)	11,600	450,892
Glimcher Realty Trust (REIT)	13,000	305,500
Healthcare Realty Trust, Inc. (REIT)	10,700	285,262
Home Properties, Inc. (REIT)	8,700	453,966
LaSalle Hotel Properties (REIT)	10,800	454,464
Lexington Realty Trust (REIT) (a)	5,100	102,051
National Retail Properties, Inc. (REIT)	9,200	224,296
Nationwide Health Properties, Inc. (REIT)	11,000	331,430
Newcastle Investment Corp. (REIT) (a)	17,200	303,064
Pennsylvania Real Estate Investment Trust (REIT)	10,000	389,400
PS Business Parks, Inc. (REIT)	600	34,110
Realty Income Corp. (REIT)	11,500	321,425
Redwood Trust, Inc. (REIT) (a)	6,400	212,608
Sovran Self Storage, Inc. (REIT)	7,900	362,136
Strategic Hotels & Resorts, Inc. (REIT)	2,700	55,593
Sun Communities, Inc. (REIT)	5,100	153,408
Sunstone Hotel Investors, Inc. (REIT)	8,500	217,940
Tanger Factory Outlet Centers, Inc. (REIT)	10,700	434,313
Washington Real Estate Investment Trust (REIT)	12,200	404,796
		8,213,233
Thrifts & Mortgage Finance 0.9%
Clayton Holdings, Inc.*	14,000	112,140
Corus Bankshares, Inc. (a)	6,000	78,120
First Niagara Financial Group, Inc.	3,400	48,110
Ocwen Financial Corp.*	65,200	614,836
WSFS Financial Corp.	6,100	380,640
		1,233,846
Health Care 14.1%
Biotechnology 1.4%
Cubist Pharmaceuticals, Inc.*	34,200	722,646
Onyx Pharmaceuticals, Inc.*	12,200	530,944
OSI Pharmaceuticals, Inc.*	20,600	700,194
		1,953,784
Health Care Equipment & Supplies 1.0%
CONMED Corp.*	6,900	193,131
Cutera, Inc.*	20,100	526,821
Quidel Corp.*	35,000	684,600
		1,404,552
Health Care Providers & Services 5.9%
Alliance Imaging, Inc.*	60,000	543,600
Amedisys, Inc.*	21,100	810,662
American Dental Partners, Inc.*	23,600	661,036
Apria Healthcare Group, Inc.*	34,800	905,148
Centene Corp.*	33,700	724,887
CorVel Corp.*	23,900	552,568
Gentiva Health Services, Inc.*	4,200	80,682
Healthspring, Inc.*	48,600	947,700
Kindred Healthcare, Inc.*	40,900	732,519
LCA-Vision, Inc.	14,300	420,277
Magellan Health Services, Inc.*	25,800	1,046,964
MedCath Corp.*	23,600	648,056
RehabCare Group, Inc.*	15,400	270,886
		8,344,985
Health Care Technology 0.5%
Phase Forward, Inc.*	14,100	282,141
TriZetto Group, Inc.*	21,400	374,714
		656,855
Life Sciences Tools & Services 2.2%
Cambrex Corp.	61,700	671,913
Dionex Corp.*	1,800	143,028
Kendle International, Inc.*	12,600	523,278
PAREXEL International Corp.*	19,600	808,892
Ventana Medical Systems, Inc.*	10,500	902,055
		3,049,166
Pharmaceuticals 3.1%
Caraco Pharmaceutical Laboratories Ltd.*	13,000	198,250
Medicis Pharmaceutical Corp. "A"	28,100	857,331
MGI Pharma, Inc.*	31,000	861,180
Noven Pharmaceuticals, Inc.*	35,200	560,736
Salix Pharmaceuticals Ltd.* (a)	48,100	597,402
Sciele Pharma, Inc.* (a)	12,800	333,056
Valeant Pharmaceuticals International*	40,100	620,748
ViroPharma, Inc.*	45,400	404,060
		4,432,763
Industrials 17.6%
Aerospace & Defense 0.7%
Cubic Corp.	17,500	737,975
Esterline Technologies Corp.*	5,700	325,185
		1,063,160
Airlines 0.8%
AirTran Holdings, Inc.*	31,400	308,976
Alaska Air Group, Inc.*	34,400	794,296
		1,103,272
Building Products 1.1%
American Woodmark Corp. (a)	21,400	530,506
Apogee Enterprises, Inc.	14,600	378,724
Builders FirstSource, Inc.*	63,300	682,374
		1,591,604
Commercial Services & Supplies 6.0%
Casella Waste Systems, Inc. "A"*	31,200	391,248
Cenveo Inc.*	32,200	696,486
COMSYS IT Partners, Inc.*	13,800	231,978
Consolidated Graphics, Inc.*	8,900	558,831
Deluxe Corp.	24,400	898,896
Diamond Management & Technology Consultants, Inc.	49,600	456,320
GeoEye, Inc.*	14,500	373,375
Hudson Highland Group, Inc.*	40,700	518,111
Huron Consulting Group, Inc.*	12,700	922,274
Kforce, Inc.*	22,500	289,350
Korn/Ferry International*	37,400	617,474
Layne Christensen Co.*	7,000	388,360
McGrath Rentcorp.	18,500	614,940
Multi-Color Corp.	3,700	84,434
TeleTech Holdings, Inc.*	28,200	674,262
Waste Industries USA, Inc.	6,200	177,444
Watson Wyatt Worldwide, Inc. "A"	12,400	557,256
		8,451,039
Construction & Engineering 2.3%
EMCOR Group, Inc.*	30,800	965,888
Granite Construction, Inc.	15,600	827,112
Michael Baker Corp.*	13,600	666,536
Perini Corp.*	13,400	749,462
		3,208,998
Electrical Equipment 2.5%
Acuity Brands, Inc.	18,300	923,784
Baldor Electric Co.	4,400	175,780
Belden, Inc.	18,400	863,144
Encore Wire Corp.	2,300	57,799
II-VI, Inc.*	21,700	749,301
Superior Essex, Inc.*	20,000	745,600
		3,515,408
Industrial Conglomerates 0.3%
Tredegar Corp.	22,200	382,950
Machinery 3.1%
Astec Industries, Inc.*	12,700	729,615
Badger Meter, Inc. (a)	16,900	541,645
Cascade Corp.	11,200	729,904
CLARCOR, Inc.	26,200	896,302
Greenbrier Companies, Inc.	21,600	576,936
Sun Hydraulics Corp. (a)	18,100	575,580
TriMas Corp.*	8,500	112,795
Xerium Technologies, Inc.	39,700	214,380
		4,377,157
Road & Rail 0.6%
Dollar Thrifty Automotive Group, Inc.*	3,200	111,008
Marten Transport Ltd.*	33,500	516,235
Saia, Inc.*	11,200	185,136
		812,379
Trading Companies & Distributors 0.2%
BlueLinx Holdings, Inc. (a)	32,100	225,984
Electro Rent Corp.	5,300	74,253
		300,237
Information Technology 13.6%
Communications Equipment 2.4%
Comtech Telecommunications Corp.*	11,500	615,135
Dycom Industries, Inc.*	8,500	260,355
MasTec, Inc.*	48,000	675,360
Plantronics, Inc.	26,200	748,010
Polycom, Inc.*	32,500	872,950
Tekelec*	15,600	188,760
		3,360,570
Computers & Peripherals 0.8%
Emulex Corp.*	42,100	807,057
Intevac, Inc.*	23,700	360,240
		1,167,297
Electronic Equipment & Instruments 0.8%
Agilysys, Inc.	16,000	270,400
Rofin-Sinar Technologies, Inc.*	9,300	652,953
Technitrol, Inc.	6,800	183,260
		1,106,613
Internet Software & Services 2.3%
Greenfield Online, Inc.*	38,300	584,075
InfoSpace, Inc.	16,700	293,252
Internap Network Services Corp.* (a)	37,300	528,541
j2 Global Communications, Inc.*	13,300	435,309
RealNetworks, Inc.*	45,700	309,846
Sohu.com, Inc.* (a)	9,600	362,016
United Online, Inc.	24,800	372,248
Websense, Inc.*	18,000	355,140
		3,240,427
IT Services 0.8%
ManTech International Corp. "A"*	20,400	733,992
MAXIMUS, Inc.	7,100	309,418
SRA International, Inc. "A"*	2,300	64,584
		1,107,994
Semiconductors & Semiconductor Equipment 2.4%
Asyst Technologies, Inc.*	94,000	497,260
Micrel, Inc.	26,200	282,960
Monolithic Power Systems, Inc.*	18,400	467,360
Pericom Semiconductor Corp.*	10,000	117,200
Photronics, Inc.*	36,400	415,324
RF Micro Devices, Inc.* (a)	109,700	738,281
SiRF Technology Holdings, Inc.*	3,600	76,860
Skyworks Solutions, Inc.*	80,700	729,528
		3,324,773
Software 4.1%
Actuate Corp.*	98,000	632,100
Aspen Technology, Inc.*	57,400	821,968
Blackbaud, Inc.	7,000	176,680
FalconStor Software, Inc.*	37,300	449,465
Interactive Intelligence, Inc.*	5,300	100,700
Jack Henry & Associates, Inc.	42,200	1,091,292
Nuance Communications, Inc.*	32,800	633,368
Progress Software Corp.*	5,100	154,530
SPSS, Inc.*	20,000	822,800
Ultimate Software Group, Inc.*	23,200	809,680
Unica Corp.*	6,400	71,872
		5,764,455
Materials 4.9%
Chemicals 2.9%
CF Industries Holdings, Inc.	14,500	1,100,695
H.B. Fuller Co.	8,400	249,312
Innospec, Inc.	26,400	601,392
PolyOne Corp.*	54,900	410,103
Spartech Corp.	47,000	801,820
Terra Industries, Inc.*	30,300	947,178
		4,110,500
Containers & Packaging 1.0%
AEP Industries, Inc.*	3,000	127,020
Greif, Inc. "A"	7,500	455,100
Rock-Tenn Co. "A"	28,500	823,650
		1,405,770
Metals & Mining 0.5%
Hecla Mining Co.*	74,200	664,090
Paper & Forest Products 0.5%
Buckeye Technologies, Inc.*	43,600	660,104
Telecommunication Services 2.6%
Diversified Telecommunication Services 1.6%
Alaska Communications Systems Group, Inc. (a)	61,800	893,010
Atlantic Tele-Network, Inc.	12,100	439,835
Cincinnati Bell, Inc.*	188,500	931,190
		2,264,035
Wireless Telecommunication Services 1.0%
Centennial Communications Corp.*	66,400	671,968
USA Mobility, Inc.*	42,500	716,975
		1,388,943
Utilities 1.8%
Electric Utilities 0.2%
IDACORP, Inc.	9,800	320,852
Gas Utilities 0.9%
Piedmont Natural Gas Co., Inc.	7,600	190,684
South Jersey Industries, Inc.	5,100	177,480
Southwest Gas Corp.	8,900	251,781
The Laclede Group, Inc.	2,000	64,560
WGL Holdings, Inc.	18,500	626,965
		1,311,470
Multi-Utilities 0.6%
PNM Resources, Inc.	36,600	852,047
Water Utilities 0.1%
Southwest Water Co.	4,100	51,783
Total Common Stocks (Cost $136,865,876)		133,869,825

Closed End Investment Company 0.9%
Apollo Investment Corp. (Cost $1,210,507)	58,724	1,221,459

	Principal Amount ($)	Value ($)

Government and Agency Obligations 0.2%
US Treasury Obligations
US Treasury Bill, 4.574%**, 10/18/2007 (b) (Cost $296,358)	297,000	296,358

	Shares	Value ($)

Securities Lending Collateral 6.7%
Daily Assets Fund Institutional, 5.38% (c) (d) (Cost $9,385,038)	9,385,038	9,385,038

Cash Equivalents 2.1%
Cash Management QP Trust, 5.14% (c) (Cost $3,052,906)	3,052,906	3,052,906

	% of Net Assets	Value ($)

Total Investment Portfolio (Cost $150,810,685)⁺	105.1	147,825,586
Other Assets and Liabilities, Net (a)	(5.1)	(7,238,113)
Net Assets	100.0	140,587,473

Futures	Expiration Date	Contracts	Aggregated Face Value ($)	Value ($)	Unrealized Appreciation ($)
Russell 2000 Index	12/20/2007	13	5,214,052	5,285,800	71,748

Statement of Changes in Net Assets
Increase (Decrease) in Net Assets	Years Ended September 30,
Increase (Decrease) in Net Assets	2007	2006
Operations: Net investment income (loss)	$ 314,958	$ (102,429)
Net realized gain (loss) on investment transactions	20,214,751	13,219,091
Change in net realized appreciation (depreciation)	(12,189,893)	(4,080,856)
Net increase (decrease) in net assets resulting from operations	8,339,816	9,035,806
Distributions to shareholders from: Net realized gains: Class A	(1,293,934)	(1,668,131)
Class B	(333,951)	(368,683)
Class C	(195,311)	(214,848)
Class AARP	—	(8,445,131)
Class S	(14,694,442)	(13,445,830)
Fund share transactions: Proceeds from shares sold	15,450,272	19,662,636
Reinvestment of distributions	16,020,267	23,383,212
Cost of shares redeemed	(37,710,195)	(57,050,433)
Redemption fees	1,264	3,834
Net increase (decrease) in net assets from Fund share transactions	(6,238,392)	(14,000,751)
Increase (decrease) in net assets	(14,416,214)	(29,107,568)
Net assets at beginning of period	155,003,687	184,111,255
Net assets at end of year (including undistributed net investment income of $314,958 and $0, respectively)	$ 140,587,473	$ 155,003,687

Class A Years Ended September 30,	2007	2006	2005	2004	2003
Selected Per Share Data
Net asset value, beginning of period	$ 23.27	$ 25.70	$ 24.87	$ 21.43	$ 16.02
Income (loss) from investment operations: Net investment income (loss)^a	(.02)	(.08)^c	(.16)	(.15)	(.05)
Net realized and unrealized gain (loss)	1.19	1.05	4.10	4.29	5.46
Total from investment operations	1.17	.97	3.94	4.14	5.41
Less distributions from: Net realized gains	(2.67)	(3.40)	(3.11)	(.70)	—
Redemption fees	.00^*	.00^*	.00^*	—	—
Net asset value, end of period	$ 21.77	$ 23.27	$ 25.70	$ 24.87	$ 21.43
Total Return (%)^b	4.45	4.41^c	16.45	19.45	33.77
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	10	12	12	13	5
Ratio of expenses (%)	1.48	1.57	1.50	1.50	1.42
Ratio of net investment income (loss) (%)	(.12)	(.37)^c	(.63)	(.62)	(.25)
Portfolio turnover rate (%)	202	205	198	186	164
^a Based on average shares outstanding during the period. ^b Total return does not reflect the effect of any sales charges. ^c Includes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage allocation practices in connection with sales of DWS Scudder Funds. The non-recurring income resulted in an increase in net investment income of $0.001 per share. Excluding this non-recurring income, total return would have remained the same. ^* Amount is less than $.005.

Statement of Assets and Liabilities as of September 30, 2007
Assets
Investments: Investments in securities, at value (cost $138,372,741) — including $8,279,671 of securities loaned	$ 135,387,642
Investment in Daily Assets Fund Institutional (cost $9,385,038)^*	9,385,038
Investment in Cash Management QP Trust (cost $3,052,906)	3,052,906
Total investments, at value (cost $150,810,685)	147,825,586
Receivable for investments sold	27,914,647
Interest receivable	24,047
Dividends receivable	116,950
Receivable for Fund shares sold	54,790
Other assets	19,679
Total assets	175,955,699
Liabilities
Payable for investments purchased	25,223,104
Payable upon return of securities loaned	9,385,038
Due to custodian	286,245
Payable for Fund shares redeemed	195,027
Accrued management fee	76,207
Payable for daily variation margin on open futures contracts	35,750
Other accrued expenses and payables	166,855
Total liabilities	35,368,226
Net assets, at value	$ 140,587,473
Net Assets Consist of
Undistributed net investment income	314,958
Net unrealized appreciation (depreciation) on: Investments	(2,985,099)
Futures	71,748
Accumulated net realized gain (loss)	16,685,727
Paid-in capital	126,500,139
Net assets, at value	$ 140,587,473

Statement of Assets and Liabilities as of September 30, 2007 (continued)
Net Asset Value
Class A Net Asset Value and redemption price^(a) per share ($9,794,567 ÷ 449,997 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 21.77
Maximum offering price per share (100 ÷ 94.25 of $21.77)	$ 23.10
Class B Net Asset Value, offering and redemption price^(a) (subject to contingent deferred sales charge) per share ($2,986,597 ÷ 146,977 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 20.32
Class C Net Asset Value, offering and redemption price^(a) (subject to contingent deferred sales charge) per share ($1,780,493 ÷ 87,327 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 20.39
Class S Net Asset Value, offering and redemption price^(a)per share ($126,025,816 ÷ 5,647,661 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 22.31

Statement of Operations for the year ended September 30, 2007
Investment Income
Income: Dividends (net of foreign taxes withheld of $307)	$ 1,721,550
Interest — Cash Management QP Trust	240,982
Interest	14,352
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates	132,812
Total Income	2,109,696
Expenses: Management fee	1,028,860
Services to shareholders	352,093
Administration fees	154,716
Reports to shareholders	86,992
Distribution service fees	74,690
Auditing	61,128
Registration fees	50,748
Legal	24,643
Custodian fee	23,775
Trustees' fees and expenses	9,461
Other	15,103
Total expenses before expense reductions	1,882,209
Expense reductions	(87,471)
Total expenses after expense reductions	1,794,738
Net investment income (loss)	314,958
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from: Investments	19,884,062
Futures	330,689
	20,214,751
Change in net unrealized appreciation (depreciation) on: Investments	(12,239,158)
Futures	49,265
	(12,189,893)
Net gain (loss) on investment transactions	8,024,858
Net increase (decrease) in net assets resulting from operations	$ 8,339,816

Class B Years Ended September 30,	2007	2006	2005	2004	2003
Selected Per Share Data
Net asset value, beginning of period	$ 22.04	$ 24.70	$ 24.20	$ 21.03	$ 15.85
Income (loss) from investment operations: Net investment income (loss)^a	(.17)	(.25)^d	(.36)	(.33)	(.19)
Net realized and unrealized gain (loss)	1.12	.99	3.97	4.20	5.37
Total from investment operations	.95	.74	3.61	3.87	5.18
Less distributions from: Net realized gains	(2.67)	(3.40)	(3.11)	(.70)	—
Redemption fees	.00^*	.00^*	.00^*	—	—
Net asset value, end of period	$ 20.32	$ 22.04	$ 24.70	$ 24.20	$ 21.03
Total Return (%)^b	3.62^c	3.58^c,d	15.50^c	18.47^c	32.68
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	3	3	3	3	2
Ratio of expenses before expense reductions (%)	2.38	2.39	2.38	2.32	2.25
Ratio of expenses after expense reductions (%)	2.25	2.38	2.35	2.31	2.25
Ratio of net investment income (loss) (%)	(.89)	(1.18)^d	(1.48)	(1.43)	(1.08)
Portfolio turnover rate (%)	202	205	198	186	164
^a Based on average shares outstanding during the period. ^b Total return does not reflect the effect of any sales charges. ^c Total return would have been lower had certain expenses not been reduced. ^d Includes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage allocation practices in connection with sales of DWS Scudder Funds. The non-recurring income resulted in an increase in net investment income of $0.001 per share. Excluding this non-recurring income, total return would have remained the same. ^* Amount is less than $.005.

Class C Years Ended September 30,	2007	2006	2005	2004	2003
Selected Per Share Data
Net asset value, beginning of period	$ 22.10	$ 24.74	$ 24.21	$ 21.04	$ 15.85
Income (loss) from investment operations: Net investment income (loss)^a	(.17)	(.22)^c	(.35)	(.33)	(.20)
Net realized and unrealized gain (loss)	1.13	.98	3.99	4.20	5.39
Total from investment operations	.96	.76	3.64	3.87	5.19
Less distributions from: Net realized gains	(2.67)	(3.40)	(3.11)	(.70)	—
Redemption fees	.00^*	.00^*	.00^*	—	—
Net asset value, end of period	$ 20.39	$ 22.10	$ 24.74	$ 24.21	$ 21.04
Total Return (%)^b	3.66	3.70^c	15.54	18.51	32.74
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	2	2	2	1	.9
Ratio of expenses (%)	2.23	2.27	2.30	2.28	2.21
Ratio of net investment income (loss) (%)	(.87)	(1.07)^c	(1.43)	(1.40)	(1.04)
Portfolio turnover rate (%)	202	205	198	186	164
^a Based on average shares outstanding during the period. ^b Total return does not reflect the effect of any sales charges. ^c Includes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage allocation practices in connection with sales of DWS Scudder Funds. The non-recurring income resulted in an increase in net investment income of $0.001 per share. Excluding this non-recurring income, total return would have remained the same. ^* Amount is less than $.005.

Class S Years Ended September 30,	2007	2006	2005	2004	2003
Selected Per Share Data
Net asset value, beginning of period	$23.71	$ 26.04	$ 25.10	$ 21.56	$ 16.08
Income (loss) from investment operations: Net investment income (loss)^a	.06	.01^c	(.07)	(.08)	(.01)
Net realized and unrealized gain (loss)	1.21	1.06	4.12	4.32	5.49
Total from investment operations	1.27	1.07	4.05	4.24	5.48
Less distributions from: Net realized gains	(2.67)	(3.40)	(3.11)	(.70)	—
Redemption fees	.00^*	.00^*	.00^*	—	—
Net asset value, end of period	$ 22.31	$ 23.71	$ 26.04	$ 25.10	$ 21.56
Total Return (%)	4.82^b	4.82^b,c	16.72	19.80	34.08
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	126	138	101	77	52
Ratio of expenses before expense reductions (%)	1.15	1.19	1.14	1.20	1.21
Ration of expenses after expense reductions (%)	1.09	1.17	1.14	1.20	1.21
Ratio of net investment income (loss) (%)	.27	.03^c	(.27)	(.32)	(.04)
Portfolio turnover rate (%)	202	205	198	186	164
^a Based on average shares outstanding during the period. ^b Total return would have been lower had certain expenses not been reduced. ^c Includes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage allocation practices in connection with sales of DWS Scudder Funds. The non-recurring income resulted in an increase in net investment income of $0.001 per share. Excluding this non-recurring income, total return would have remained the same. ^* Amount is less than $.005.

Undistributed ordinary income*	$ 11,535,093
Undistributed net long-term capital gains	$ 5,644,296
Net unrealized appreciation (depreciation) on investments	$ (3,092,055)

First $500 million of the Fund's average daily net assets	.665%
Next $500 million of such net assets	.615%
Over $1.0 billion of such net assets	.565%

Services to Shareholders	Total Aggregated	Waived	Unpaid at September 30, 2007
Class A	$ 33,636	$ —	$ 5,572
Class B	12,938	3,793	1,646
Class C	3,743	—	710
Class S	251,844	78,801	19,650
	$ 302,161	$ 82,594	$ 27,578

Distribution Fee	Total Aggregated	Unpaid at September 30, 2007
Class B	$ 23,146	$ 1,844
Class C	12,019	826
	$ 35,165	$ 2,670

Annual Report to Shareholders

Annual Report
to Shareholders

Service Fee	Total Aggregated	Unpaid at September 30, 2007	Annual Effective Rate
Class A	$ 28,567	$ 2,064	.23%
Class B	7,338	686	.24%
Class C	3,620	329	.23%
	$ 39,525	$ 3,079

	Year Ended September 30, 2007		Year Ended September 30, 2006
	Shares	Dollars	Shares	Dollars
Shares sold
Class A	210,318	$ 4,868,089	190,710	$ 4,607,031
Class B	37,484	826,279	43,209	979,330
Class C	53,379	1,131,241	31,414	720,601
Class AARP*	—	—	179,825	4,376,116
Class S	370,396	8,624,663	360,578	8,979,558
		$ 15,450,272		$ 19,662,636
Shares issued to shareholders in reinvestment of distributions
Class A	55,164	$ 1,262,702	73,083	$ 1,622,483
Class B	14,904	320,434	16,141	341,555
Class C	7,636	164,717	8,007	169,670
Class AARP*	—	—	358,268	8,061,031
Class S	610,192	14,272,414	584,855	13,188,473
		$ 16,020,267		$ 23,383,212
Shares redeemed
Class A	(336,646)	$ (7,789,372)	(217,499)	$ (5,116,739)
Class B	(37,228)	(832,540)	(36,822)	(836,276)
Class C	(51,936)	(1,104,836)	(21,912)	(487,990)
Class AARP*	—	—	(522,080)	(12,736,642)
Class S	(1,162,792)	(27,983,447)	(1,570,578)	(37,872,786)
		$ (37,710,195)		$ (57,050,433)
Shares converted*
Class AARP	—	—	(2,572,571)	(57,695,941)
Class S	—	—	2,566,506	57,695,941
		$ —		$ —
Redemption fees		$ 1,264		$ 3,834
Net increase (decrease)
Class A	(71,164)	$ (1,658,211)	46,294	$ 1,112,786
Class B	15,160	314,176	22,528	484,844
Class C	9,079	191,122	17,509	402,282
Class AARP*	—	—	(2,556,558)	(57,994,931)
Class S	(182,204)	(5,085,479)	1,941,361	41,994,268
		$ (6,238,392)		$ (14,000,751)

Independent Board Members
Name, Year of Birth, Position with the Fund and Length of Time Served	Business Experience and Directorships During the Past Five Years	Number of Funds in Fund Complex Overseen
Dawn-Marie Driscoll (1946) Chairperson since 2004 Board Member since 1987	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: Trustee of eight open-end mutual funds managed by Sun Capital Advisers, Inc. (since 2007); Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley College; Trustee, Southwest Florida Community Foundation (charitable organization). Former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)	75
Henry P. Becton, Jr. (1943) Board Member since 1990	President (prior to October 1, 2007) and Vice Chair (as of October 1, 2007), WGBH Educational Foundation. Directorships: Association of Public Television Stations; Becton Dickinson and Company¹ (medical technology company); Belo Corporation¹ (media company); Boston Museum of Science; Public Radio International. Former Directorships: American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service	75
Keith R. Fox (1954) Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private equity funds). Directorships: Progressive Holding Corporation (kitchen goods importer and distributor); Natural History, Inc. (magazine publisher); Box Top Media Inc. (advertising); The Kennel Shop (retailer)	75
Kenneth C. Froewiss (1945) Board Member since 2005	Clinical Professor of Finance, NYU Stern School of Business (1997-present); 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)	75
Martin J. Gruber (1937) Board Member since 2006	Nomura Professor of Finance, Leonard N. Stern School of Business, New York University (since September 1965); Director, Japan Equity Fund, Inc. (since January 1992), Thai Capital Fund, Inc. (since January 2000), Singapore Fund, Inc. (since January 2000), National Bureau of Economic Research (since January 2006). Formerly, Trustee, TIAA (pension funds) (January 1996-January 2000); Trustee, CREF and CREF Mutual Funds (January 2000-March 2005); Chairman, CREF and CREF Mutual Funds (February 2004-March 2005); and Director, S.G. Cowen Mutual Funds (January 1985-January 2001)	75
Richard J. Herring (1946) Board Member since 2006	Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000). Formerly, Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (since July 2000-June 2006)	75
Graham E. Jones (1933) Board Member since 2006	Senior Vice President, BGK Realty, Inc. (commercial real estate) (since 1995). Formerly, Trustee of various investment companies managed by Sun Capital Advisors, Inc. (1998-2005), Morgan Stanley Asset Management (1985-2001) and Weiss, Peck and Greer (1985-2005)	75
Rebecca W. Rimel (1951) Board Member since 2006	President and Chief Executive Officer, The Pew Charitable Trusts (charitable foundation) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001 to present). Formerly, Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Director, Viasys Health Care¹ (January 2007-June 2007)	75
Philip Saunders, Jr. (1935) Board Member since 2006	Principal, Philip Saunders Associates (economic and financial consulting) (since November 1988). Formerly, Director, Financial Industry Consulting, Wolf & Company (consulting) (1987-1988); President, John Hancock Home Mortgage Corporation (1984-1986); Senior Vice President of Treasury and Financial Services, John Hancock Mutual Life Insurance Company, Inc. (1982-1986)	75
William N. Searcy, Jr. (1946) Board Member since 2006	Private investor since October 2003; Trustee of eight open-end mutual funds managed by Sun Capital Advisers, Inc. (since October 1998). Formerly, Pension & Savings Trust Officer, Sprint Corporation¹ (telecommunications) (November 1989-September 2003)	75
Jean Gleason Stromberg (1943) Board Member since 1999	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. Former Directorships: Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)	75
Carl W. Vogt (1936) Board Member since 2002	Retired Senior Partner, Fulbright & Jaworski, L.L.P. (law firm); formerly, President (interim) of Williams College (1999-2000); formerly, President of 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). Former Directorships: ISI Family of Funds (registered investment companies, four funds overseen); National Railroad Passenger Corporation (Amtrak); Waste Management, Inc. (solid waste disposal). Formerly, Chairman and Member, National Transportation Safety Board	73

Interested Board Member
Name, Year of Birth, Position with the Fund and Length of Time Served	Business Experience and Directorships During the Past Five Years	Number of Funds in Fund Complex Overseen
Axel Schwarzer²(1958) Board Member since 2006	Managing Director⁴, Deutsche Asset Management; Head of Deutsche Asset Management Americas; CEO of DWS Scudder; formerly, board member of DWS Investments, Germany (1999-2005); formerly, Head of Sales and Product Management for the Retail and Private Banking Division of Deutsche Bank in Germany (1997-1999); formerly, various strategic and operational positions for Deutsche Bank Germany Retail and Private Banking Division in the field of investment funds, tax driven instruments and asset management for corporates (1989-1996)	81

Officers³
Name, Year of Birth, Position with the Fund and Length of Time Served	Principal Occupation(s) During Past 5 Years and Other Directorships Held
Michael G. Clark⁵ (1965) President, 2006-present	Managing Director⁴, Deutsche Asset Management (2006-present); President of DWS family of funds; formerly, Director of Fund Board Relations (2004-2006) and Director of Product Development (2000-2004), Merrill Lynch Investment Managers; Senior Vice President Operations, Merrill Lynch Asset Management (1999-2000)
John Millette⁶ (1962) Vice President and Secretary, 1999-present	Director⁴, Deutsche Asset Management
Paul H. Schubert⁵ (1963) Chief Financial Officer, 2004-present Treasurer, 2005-present	Managing Director⁴, 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 DeFilippis⁵(1963) Assistant Secretary, 2005-present	Vice President, Deutsche Asset Management (since June 2005); formerly, Counsel, New York Life Investment Management LLC (2003-2005); legal associate, Lord, Abbett & Co. LLC (1998-2003)
Elisa D. Metzger⁵ (1962) Assistant Secretary 2005-present	Director⁴, Deutsche Asset Management (since September 2005); formerly, Counsel, Morrison and Foerster LLP (1999-2005)
Caroline Pearson⁶ (1962) Assistant Secretary, 1997-present	Managing Director⁴, Deutsche Asset Management
Paul Antosca⁶ (1957) Assistant Treasurer, 2007-present	Director⁴, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
Kathleen Sullivan D'Eramo⁶ (1957) Assistant Treasurer, 2003-present	Director⁴, Deutsche Asset Management
Jason Vazquez⁴ (1972) Anti-Money Laundering Compliance Officer, 2007-present	Vice President, Deutsche Asset Management (since 2006); formerly, AML Operations Manager for Bear Stearns (2004-2006), Supervising Compliance Principal and Operations Manager for AXA Financial (1999-2004)
Robert Kloby⁵ (1962) Chief Compliance Officer, 2006-present	Managing Director⁴, Deutsche Asset Management (2004-present); formerly, Chief Compliance Officer/Chief Risk Officer, Robeco USA (2000-2004); Vice President, The Prudential Insurance Company of America (1988-2000); E.F. Hutton and Company (1984-1988)
J. Christopher Jackson⁵ (1951) Chief Legal Officer, 2006-present	Director⁴, Deutsche Asset Management (2006-present); formerly, Director, Senior Vice President, General Counsel and Assistant Secretary, Hansberger Global Investors, Inc. (1996-2006); Director, National Society of Compliance Professionals (2002-2005)(2006-2009)


For More Information	The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, B, C and S also have the ability to purchase, exchange or redeem shares using this system. For more information, contact your financial advisor. You may also access our automated telephone system or speak with a DWS Scudder representative by calling the appropriate number below: For shareholders of Classes A, B and C: (800) 621-1048 For shareholders of Class S: (800) 728-3337
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.
Written Correspondence	DWS Scudder PO Box 219151 Kansas City, MO 64121-9151
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 (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