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. The fund is subject to stock market risk, meaning stocks in the fund may decline in value for extended periods of time due to the activities and financial prospects of individual companies, or due to general market and economic conditions. Please read this fund's prospectus for specific details regarding its investments and risk profile.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name in the US for the asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche 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. Class R and Institutional Class shares are not subject to sales charges.

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 1.10%, 2.11%, 1.97%, 1.43% and .74% for Class A, Class B, Class C, Class R and Institutional Class 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 A, Class B and Institutional Class shares and for the 3-year, 5-year and 10-year periods shown for Class C and Class R 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 prior to their inception on June 25, 2001 and for Class R shares prior to its inception on November 3, 2003 are derived from the historical performance of the Fund's original share class (Class AARP) of DWS Capital Growth 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.

The minimum initial investment for the Institutional Class shares is $1,000,000.

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 .84% 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 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 prior to its inception on July 17, 2000 are derived from the historical performance of the Fund's original share class (Class AARP) of DWS Capital Growth Fund during such periods and have assumed the same expense structure during such periods. 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 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 A, B, S and Institutional 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 Capital Growth 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.

Previous experience includes 19 years of investment industry experience at Mason Street Advisors, most recently serving as Managing Director and team leader for the large cap investment team.

Previous experience includes nine years of investment industry experience at Mason Street Advisors where he served most recently as Director — Common Stock.

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

Previous experience includes eight years of investment industry experience as research analyst for global beverage and media sectors at Newton Investment Management and assistant manager in corporate tax and corporate insolvency department at Price Waterhouse, London.

In the following interview, Julie M. Van Cleave, Richard Shepley and Jack A. Zehner, who serve as portfolio co-managers, discuss DWS Capital Growth Fund's performance, 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 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 large-cap category, growth stocks performed better than value stocks: The return of the Russell 1000^® Growth Index was 19.35%, compared with 14.45% for the Russell 1000^® Value Index.⁴ All 10 industry sectors in the Russell 1000 Growth Index posted double-digit returns; the strongest was energy, followed by industrials and information technology. Sectors that lagged a bit were consumer discretionary, financials and health care.

A: DWS Capital Growth Fund Class A shares produced a total return of 17.81% 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 3 through 8 for the performance of other share classes and more complete performance information.) The fund's return was between the returns of its two benchmarks, the S&P 500 Index, which returned 16.44%, and the Russell 1000 Growth Index, which returned 19.35%.

A: Our investment discipline starts with a thorough analysis of economic trends. This analysis helps us to determine which industries are likely to be the strongest drivers of growth. That process is combined with in-depth company research to narrow the field of investment candidates. We work closely with a team of research analysts to identify companies that we believe offer the best potential for delivering strong and sustainable earnings growth. Stocks are chosen based on a thorough evaluation of each company's management and strategy.

We manage the fund with a broad representation of companies, industries and sectors, focusing on high-quality companies with consistent earnings growth.

A: We maintain a diversified portfolio of holdings, with broad representation among industry groups. For several years, we have maintained a significantly higher weight than the Russell 1000 Growth Index in energy. Over the last year, the portfolio has been modestly overweight in health care and consumer staples, underweight in information technology, and fairly close to the benchmark in other sectors except utilities, in which we currently have no positions.⁵

Q: Will you explain your investment choices and how they affected performance?

A: The portfolio's performance relative to the Russell 1000 Growth Index was helped by sector allocation decisions, while stock selection detracted from performance. Our overweight in energy was a major positive over the last 12 months, as energy was by far the best-performing sector in the index. If you look at the holdings that contributed most to return over the period, eight of the top 15 are energy stocks. These include Schlumberger Ltd., Transocean, Inc., Noble Corp., ConocoPhillips, XTO Energy, Inc. and Devon Energy Corp.

It's interesting to note that energy has a significantly higher weight in the Russell 1000 Growth Index now than it did several years ago; this really validates our thesis that there is a lot of growth in this sector. We continue to believe that increasing global demand for energy creates opportunities for companies in the position to identify, service and convert to usable form new energy sources. We remain comfortable with this overweight and with our emphasis on energy equipment and services, with positions in some refiners such as ConocoPhillips; we continue to avoid the large integrated energy companies. Although the energy cycle is maturing, we believe it will prove to be longer than past cycles, and we believe the long-term outlook for the industry is very positive.

The other sector where our choices really contributed to performance was information technology. This fund was actually underweight relative to the benchmark in technology, but our stock selection was quite positive, particularly a significant overweight in Apple, Inc., which was up sharply. Apple is a good example of the kind of innovative company we seek, the company which is benefiting from the success of the iPhone, the next generation iPod and other new products. And Apple's small market share in computers creates a further opportunity for growth as fans of other products migrate to Apple computers. Performance in this sector benefited also from not owning Motorola, Inc., which is having difficulty with the competitive position of its cell phones and other products.

A: Stock selection in the consumer discretionary, financials and health care sectors hurt performance relative to the benchmark. In the consumer discretionary sector, Harley-Davidson, Inc. and Kohl's Corp. were down; these two long-term holdings have contributed to returns in the past, but they are being affected by concerns about weakness in consumer spending. Staples, Inc. and Starbucks Corporation* are other retail holdings that were down for the period. We continue to own these stocks, although we have trimmed the position in Harley-Davidson a bit. Since we believe that an important indicator of growth for retailers is the addition of new stores, we favor growing retailers such as Kohl's, Staples, Starbucks and Target Corp. Performance in the consumer staples sector benefited from a significant underweight in Wal-Mart Stores, Inc., which we believe has passed its period of peak growth; this stock has been eliminated from the portfolio.

Performance of the financials sector has been hurt by problems in the subprime mortgage business. Several of our capital markets holdings weakened on concerns about mortgage-related paper they may hold. These positions include Lehman Brothers Holdings, Inc., UBS AG and Merrill Lynch & Co., Inc. We continue to own these stocks, as we believe these strong companies may actually benefit from problems experienced by some of their weaker competitors.

A: In an environment of slowing economic growth, we are finding opportunities in sectors not traditionally considered high growth, such as consumer staples, where our emphasis is on emerging ideas, such as "better-for-you" foods. A holding that we believe has great promise is Groupe Danone, a French company that is a leader in yogurt and bottled water. Other overweight positions in this sector are PepsiCo, Inc. and Procter & Gamble Co., both of which are enjoying success with new products. In the first half of the fund's fiscal year, an important contributor to performance in this sector was Koninklijke Numico N.V., a European baby food company whose stock soared when it agreed to be acquired by Groupe Danone. Numico was sold in advance of completion of the merger.

In information technology, we like service providers such as Accenture Ltd., which have the potential for consistent streams of revenue and earnings, even during a period of slow economic growth. Accenture is also benefiting from the trend toward outsourcing.

In health care, our emphasis is on biotechnology and medical equipment and services; we have limited exposure to large pharmaceutical companies because we believe their growth potential is constrained by a lack of innovation. One of our major health care holdings, Genentech, Inc., was down over the last year, as investors exhibited concern about the success of some oncology drugs. We continue to hold this stock, which we believe has a number of innovative products in various stages of development.

A: The recent shift in market leadership, with investors' attention drawn to large-cap high-quality stocks as they seek to manage risk, is typical of the late stages of an economic cycle. This trend is positive for this fund's investment style, which always concentrates on high-quality companies with consistent, repeatable revenue streams and visible earnings.

At this advanced stage of an economic expansion, we believe that corporate earnings can continue to grow, but at a decelerating rate. So, while some companies may experience difficulty in a low-growth, low-inflation environment, we expect that the innovative companies with strong financials that constitute most of this portfolio will continue to prosper.

In closing, we would like to thank our investors for continued interest in the fund. We believe that a well-diversified portfolio of large-growth companies is an excellent equity vehicle for many investors.

For more complete details about the Fund's investment portfolio, see page 21. 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 Capital Growth 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 to investors without an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions. Class B shares automatically convert to Class A shares six years after issuance. Class C shares are offered to investors without an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class C shares do not convert into another class. Institutional Class shares are offered to limited groups of investors, are not subject to initial or contingent deferred sales charges and have lower ongoing expenses than other classes. Class R shares are only available to participants in certain retirement plans and are offered to investors without an initial sales charge or contingent deferred sales charge. 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. The Fund may use a fair valuation model to value international equity securities in order to adjust for events which may occur between the close of the foreign exchanges and the close of the New York Stock Exchange.

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.

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

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

Securities Lending. 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 the 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.

At September 30, 2007, the Fund had a net tax basis capital loss carryforward of approximately $705,130,000, including $222,952,000 inherited from its merger with Scudder Growth Fund, which may be applied against any realized net taxable gains of each succeeding year until fully utilized or until the expiration dates which range from September 30, 2009 to September 30, 2012, whichever occurs first, subject to certain limitations under Sections 382-384 of the Internal Revenue Code. During the year ended September 30, 2007, the Fund utilized approximately $151,104,000 of prior year capital loss carryforwards. Due to certain limitations under Sections 382-384 of the Internal Revenue Code, approximately $17,767,000 of inherited capital loss carryforwards cannot be used by the Fund, and is not included in the capital loss carryforward of $705,130,000 disclosed above.

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

At September 30, 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. 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 value calculations. However, for financial reporting purposes, investment security transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Realized gains and losses from investment transactions are recorded on an identified cost basis.

During the year ended September 30, 2007, purchases and sales of investment securities (excluding short-term investments) aggregated $504,823,401 and $649,346,053, 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 management fee based on the Fund's average daily net assets, computed and 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 0.46% of the Fund's average daily net assets.

For the period from October 1, 2006 through September 30, 2007, the Advisor had 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 each class as follows:

Effective October 1, 2007 through November 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 of each class as follows:

Administration Fee. Pursuant to an Administrative Services 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 $1,810,869, of which $155,593 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 March 31, 2007) were as follows:

Distribution and Service Fees. Under the Fund's Class B, C and R 12b-1 Plan, DWS Scudder Distributors, Inc. ("DWS-SDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee") of 0.75%, 0.75% and 0.25% of average daily net assets of each of Class B, C and R shares, respectively. In accordance with the Fund's Underwriting and Distribution Service Agreement, DWS-SDI enters into related selling group agreements with various firms at various rates for sales of Class B, C and R shares. For the period from October 1, 2006 through September 30, 2007, DWS-SDI had voluntarily agreed to waive the 0.75% 12b-1 distribution fee for Class B shares only. Effective October 1, 2007 through September 30, 2008, DWS-SDI has contractually agreed to waive the 0.75% 12b-1 distribution fee for Class B shares only. 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, C and R 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 $55,223.

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 $130,851 and $544, 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 $687 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 $27,802, of which $8,132 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 the Advisor a management fee for the affiliated funds' investments in the QP Trust.

The Fund has entered into an arrangement with its custodian and transfer agent 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 $503 and $54,295, 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 Capital Growth 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 Capital Growth 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.

For corporate shareholders, 100% 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 $25,133,000, or the maximum amount allowable under tax law, as qualified dividend income.

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please call (800) 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 lower than the median (1st 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, 1st quartile and 2nd quartile, respectively, of the applicable Lipper universe. The Board also observed that the Fund has underperformed its benchmark in the one-, three- and five-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 agreement.

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 Capital Growth 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 CAPITAL GROWTH 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	$76,525	$0	$0	$0
2006	$79,500	$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 Capital Growth 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 Capital Growth 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 Capital Growth Fund	1-Year	3-Year	5-Year	10-Year
Class A	17.81%	12.10%	13.17%	3.75%
Class B	17.62%	11.39%	12.40%	2.99%
Class C	16.80%	11.15%	12.26%	2.93%
Class R	17.39%	11.73%	12.83%	3.41%
Russell 1000^® Growth Index⁺	19.35%	12.20%	13.84%	4.06%
S&P 500^® Index⁺⁺	16.44%	13.14%	15.45%	6.57%

Average Annual Total Returns as of 9/30/07
DWS Capital Growth Fund	1-Year	3-Year	5-Year	Life of Class^*
Institutional Class	18.24%	12.53%	13.60%	9.96%
Russell 1000 Growth Index⁺	19.35%	12.20%	13.84%	11.18%
S&P 500 Index⁺⁺	16.44%	13.14%	15.45%	12.60%

Net Asset Value and Distribution Information
	Class A	Class B	Class C	Class R	Institutional Class
Net Asset Value: 9/30/07	$ 56.59	$ 54.27	$ 53.94	$ 56.44	$ 57.05
9/30/06	$ 48.07	$ 46.14	$ 46.18	$ 48.08	$ 48.45
Distribution Information: Twelve Months as of 9/30/07: Income Dividends	$ .04	$ —	$ —	$ —	$ .22

Class A Lipper Rankings — Large-Cap Growth Funds Category as of 9/30/07
Period	Rank		Number of Funds Tracked	Percentile Ranking (%)
1-Year	526	of	728	73
3-Year	319	of	621	52
5-Year	201	of	519	39

Comparative Results (Adjusted for Maximum Sales Charge) as of 9/30/07
DWS Capital Growth Fund		1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$11,104	$13,277	$17,497	$13,621
Class A	Average annual total return	11.04%	9.91%	11.84%	3.14%
Class B	Growth of $10,000	$11,462	$13,620	$17,840	$13,421
Class B	Average annual total return	14.62%	10.85%	12.27%	2.99%
Class C	Growth of $10,000	$11,680	$13,732	$17,831	$13,354
Class C	Average annual total return	16.80%	11.15%	12.26%	2.93%
Class R	Growth of $10,000	$11,739	$13,950	$18,290	$13,990
Class R	Average annual total return	17.39%	11.73%	12.83%	3.41%
Russell 1000 Growth Index⁺	Growth of $10,000	$11,935	$14,123	$19,119	$14,894
Russell 1000 Growth Index⁺	Average annual total return	19.35%	12.20%	13.84%	4.06%
S&P 500 Index⁺⁺	Growth of $10,000	$11,644	$14,481	$20,513	$18,896
S&P 500 Index⁺⁺	Average annual total return	16.44%	13.14%	15.45%	6.57%

Comparative Results as of 9/30/07
DWS Capital Growth Fund		1-Year	3-Year	5-Year	Life of Class^*
Institutional Class	Growth of $1,000,000	$1,182,400	$1,424,900	$1,891,900	$1,624,400
Institutional Class	Average annual total return	18.24%	12.53%	13.60%	9.96%
Russell 1000 Growth Index⁺	Growth of $1,000,000	$1,193,500	$1,412,300	$1,911,900	$1,713,600
Russell 1000 Growth Index⁺	Average annual total return	19.35%	12.20%	13.84%	11.18%
S&P 500 Index⁺⁺	Growth of $1,000,000	$1,164,400	$1,448,100	$2,051,300	$1,828,300
S&P 500 Index⁺⁺	Average annual total return	16.44%	13.14%	15.45%	12.60%

Net Asset Value and Distribution Information
	Class S
Net Asset Value: 9/30/07	$ 57.06
9/30/06	$ 48.46
Distribution Information: Twelve Months as of 9/30/07: Income Dividends	$ .17

Class S Lipper Rankings — Large-Cap Growth Funds Category as of 9/30/07
Period	Rank		Number of Funds Tracked	Percentile Ranking (%)
1-Year	508	of	728	70
3-Year	284	of	621	46
5-Year	179	of	519	35

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 R	Class S	Institutional Class
Beginning Account Value 4/1/07	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 9/30/07	$ 1,113.30	$ 1,113.00	$ 1,108.50	$ 1,111.70	$ 1,114.90	$ 1,115.30
Expenses Paid per $1,000*	$ 5.67	$ 5.88	$ 10.15	$ 7.25	$ 4.24	$ 3.87
Hypothetical 5% Fund Return	Class A	Class B	Class C	Class R	Class S	Institutional Class
Beginning Account Value 4/1/07	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 9/30/07	$ 1,019.70	$ 1,019.50	$ 1,015.44	$ 1,018.20	$ 1,021.06	$ 1,021.41
Expenses Paid per $1,000*	$ 5.42	$ 5.62	$ 9.70	$ 6.93	$ 4.05	$ 3.70

Annualized Expense Ratios	Class A	Class B	Class C	Class R	Class S	Institutional Class
DWS Capital Growth Fund	1.07%	1.11%	1.92%	1.37%	.80%	.73%

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

Common Stocks	98%	99%
Cash Equivalents	2%	1%
	100%	100%

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

Information Technology	23%	22%
Health Care	17%	20%
Energy	14%	14%
Consumer Discretionary	12%	11%
Consumer Staples	12%	14%
Industrials	11%	9%
Financials	7%	8%
Materials	3%	1%
Telecommunication Services	1%	—
Utilities	—	1%
	100%	100%

Ten Largest Equity Holdings at September 30, 2007 (23.1% of Net Assets)
1. Schlumberger Ltd. Provider of technology services to the petroleum industry	2.8%
2. PepsiCo, Inc. Provider of soft drinks, snack foods and food services	2.8%
3. Apple, Inc. Manufacturer of personal computers and related personal computing and communication solutions	2.7%
4. Johnson & Johnson Provider of health care products	2.6%
5. Emerson Electric Co. Manufacturer of electrical and electronic products	2.3%
6. Gilead Sciences, Inc. Developer of nucleotide pharmaceuticals	2.2%
7. Cisco Systems, Inc. Developer of computer network products	2.0%
8. Baker Hughes, Inc. Supplier of products, services and systems to the oil and gas industry	1.9%
9. Procter & Gamble Co. Manufacturer of diversified consumer products	1.9%
10. Target Corp. Operator of general merchandise and discount stores	1.9%

	Shares	Value ($)

Common Stocks 98.2%
Consumer Discretionary 12.0%
Automobiles 0.6%
Harley-Davidson, Inc.	264,900	12,241,029
Hotels Restaurants & Leisure 1.3%
McDonald's Corp.	461,700	25,148,799
Household Durables 0.6%
Fortune Brands, Inc.	152,500	12,427,225
Media 2.0%
McGraw-Hill Companies, Inc.	299,000	15,222,090
Omnicom Group, Inc.	496,700	23,886,303
		39,108,393
Multiline Retail 3.4%
Kohl's Corp.*	387,300	22,203,909
Nordstrom, Inc.	163,200	7,652,448
Target Corp.	571,000	36,298,470
		66,154,827
Specialty Retail 3.0%
Best Buy Co., Inc.	193,300	8,895,666
GameStop Corp."A"*	84,500	4,761,575
Lowe's Companies, Inc.	290,700	8,145,414
Staples, Inc.	1,014,750	21,806,977
Tiffany & Co.	281,200	14,720,820
		58,330,452
Textiles, Apparel & Luxury Goods 1.1%
Coach, Inc.*	434,900	20,557,723
Consumer Staples 11.4%
Beverages 3.8%
Diageo PLC	937,214	20,594,359
PepsiCo, Inc.	734,800	53,831,448
		74,425,807
Food & Staples Retailing 2.3%
Shoppers Drug Mart Corp.	201,200	11,000,107
Walgreen Co.	701,900	33,157,756
		44,157,863
Food Products 2.5%
Dean Foods Co.	542,300	13,872,034
Groupe Danone	212,299	16,710,569
Kellogg Co.	341,000	19,096,000
		49,678,603
Household Products 2.8%
Colgate-Palmolive Co.	243,100	17,337,892
Procter & Gamble Co.	528,000	37,139,520
		54,477,412
Energy 13.8%
Energy Equipment & Services 6.7%
Baker Hughes, Inc.	416,500	37,639,105
Noble Corp.	388,300	19,046,115
Schlumberger Ltd.	526,000	55,230,000
Transocean, Inc.*	171,550	19,393,728
		131,308,948
Oil, Gas & Consumable Fuels 7.1%
ConocoPhillips	264,650	23,228,330
Devon Energy Corp.	421,900	35,102,080
EOG Resources, Inc.	386,000	27,919,380
Valero Energy Corp.	246,100	16,532,998
XTO Energy, Inc.	564,400	34,902,496
		137,685,284
Financials 6.5%
Capital Markets 3.8%
Lehman Brothers Holdings, Inc.	277,600	17,136,248
Merrill Lynch & Co., Inc.	237,200	16,907,616
State Street Corp.	250,800	17,094,528
The Goldman Sachs Group, Inc.	50,100	10,858,674
UBS AG (Registered)	231,228	12,432,787
		74,429,853
Consumer Finance 0.9%
American Express Co.	283,400	16,825,458
Diversified Financial Services 0.9%
CME Group, Inc.	31,088	18,259,537
Insurance 0.9%
Aflac, Inc.	317,030	18,083,391
Health Care 17.2%
Biotechnology 4.4%
Celgene Corp.*	186,600	13,306,446
Genentech, Inc.*	361,000	28,165,220
Gilead Sciences, Inc.*	1,066,400	43,583,768
		85,055,434
Health Care Equipment & Supplies 5.7%
Baxter International, Inc.	603,500	33,964,980
C.R. Bard, Inc.	203,400	17,937,846
Hologic, Inc.*	82,100	5,008,100
Medtronic, Inc.	547,900	30,907,039
Zimmer Holdings, Inc.*	285,630	23,133,174
		110,951,139
Health Care Providers & Services 1.9%
Laboratory Corp. of America Holdings*	187,500	14,668,125
UnitedHealth Group, Inc.	444,900	21,546,507
		36,214,632
Life Sciences Tools & Services 1.0%
Thermo Fisher Scientific, Inc.*	345,500	19,942,260
Pharmaceuticals 4.2%
Abbott Laboratories	397,800	21,330,036
Eli Lilly & Co.	193,300	11,004,569
Johnson & Johnson	764,706	50,241,184
		82,575,789
Industrials 10.6%
Aerospace & Defense 4.0%
Goodrich Corp.	183,800	12,540,674
Honeywell International, Inc.	512,600	30,484,322
United Technologies Corp.	420,400	33,833,792
		76,858,788
Electrical Equipment 2.3%
Emerson Electric Co.	841,900	44,805,918
Industrial Conglomerates 1.6%
General Electric Co.	768,200	31,803,480
Machinery 2.1%
Caterpillar, Inc.	239,200	18,760,456
Parker Hannifin Corp.	195,000	21,806,850
		40,567,306
Road & Rail 0.6%
Canadian National Railway Co.	220,100	12,545,700
Information Technology 22.4%
Communications Equipment 2.9%
Cisco Systems, Inc.*	1,175,250	38,912,528
QUALCOMM, Inc.	422,000	17,833,720
		56,746,248
Computers & Peripherals 7.3%
Apple, Inc.*	347,100	53,293,734
EMC Corp.*	1,400,600	29,132,480
Hewlett-Packard Co.	550,800	27,424,332
International Business Machines Corp.	281,900	33,207,820
		143,058,366
Electronic Equipment & Instruments 0.6%
Mettler-Toledo International, Inc.*	113,800	11,607,600
Internet Software & Services 1.1%
Google, Inc."A"*	37,700	21,386,079
IT Services 2.3%
Accenture Ltd."A"	682,200	27,458,550
Paychex, Inc.	403,100	16,527,100
		43,985,650
Semiconductors & Semiconductor Equipment 3.8%
Broadcom Corp."A"*	329,250	11,997,870
Intel Corp.	1,387,590	35,883,077
Texas Instruments, Inc.	715,700	26,187,463
		74,068,410
Software 4.4%
Adobe Systems, Inc.*	447,200	19,524,752
Electronic Arts, Inc.*	311,100	17,418,489
Microsoft Corp.	1,225,580	36,105,587
VMware, Inc."A"* (a)	142,400	12,104,000
		85,152,828
Materials 3.3%
Chemicals
Ecolab, Inc.	416,900	19,677,680
Monsanto Co.	243,300	20,860,542
Praxair, Inc.	271,900	22,774,344
		63,312,566
Telecommunication Services 1.0%
Diversified Telecommunication Services 0.5%
AT&T, Inc.	231,200	9,782,072
Wireless Telecommunication Services 0.5%
American Tower Corp."A"*	225,900	9,835,686
Total Common Stocks (Cost $1,172,457,269)		1,913,556,555

Securities Lending Collateral 0.5%
Daily Assets Fund Institutional, 5.38% (b) (c) (Cost $10,862,880)	10,862,880	10,862,880

Cash Equivalents 2.0%
Cash Management QP Trust, 5.14% (b) (Cost $38,635,024)	38,635,024	38,635,024

	% of Net Assets	Value ($)

Total Investment Portfolio (Cost $1,221,955,173)⁺	100.7	1,963,054,459
Other Assets and Liabilities, Net	(0.7)	(14,512,239)
Net Assets	100.0	1,948,542,220

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)	$ 7,342,554	$ 3,968,918
Net realized gain (loss)	151,227,357	86,183,163
Change in net unrealized appreciation (depreciation)	144,252,050	1,099,417
Net increase (decrease) in net assets resulting from operations	302,821,961	91,251,498
Distributions to shareholders from: Net investment income: Class A	(615,371)	—
Class AARP	—	(2,342,013)
Class S	(3,038,849)	(141,598)
Institutional Class	(130,735)	(82,978)
Fund share transactions: Proceeds from shares sold	243,225,529	129,639,929
Reinvestment of distributions	3,446,784	2,336,098
Cost of shares redeemed	(376,411,223)	(431,383,009)
Redemption fees	4,593	13,953
Net increase (decrease) in net assets from Fund share transactions	(129,734,317)	(299,393,029)
Increase (decrease) in net assets	169,302,689	(210,708,120)
Net assets at beginning of period	1,779,239,531	1,989,947,651
Net assets at end of period (including undistributed net investment income of $7,350,852 and $3,810,282, respectively)	$ 1,948,542,220	$ 1,779,239,531

	Years Ended September 30,
	2007	2006
Distributions from ordinary income	$ 3,784,955	$ 2,566,589

Services to Shareholders	Total Aggregated	Waived	Unpaid at September 30, 2007
Class A	$ 1,600,456	$ 46,099	$ 337,882
Class B	171,720	—	35,611
Class C	91,247	—	15,618
Class R	1,344	—	29
Class S	1,588,616	156,072	338,559
Institutional Class	16,821	2,497	12,799
	$ 3,470,204	$ 204,668	$ 740,498

Statement of Assets and Liabilities as of September 30, 2007
Assets
Investments: Investments in securities, at value (cost $1,172,457,269) — including $10,800,500 of securities loaned	$ 1,913,556,555
Investment in Daily Assets Fund Institutional (cost $10,862,880)	10,862,880
Investment in Cash Management QP Trust (cost $38,635,024)	38,635,024
Total investments, at value (cost $1,221,955,173)	1,963,054,459
Cash	48,731
Foreign currency, at value (cost $243,764)	254,232
Receivable for investments sold	26,558,164
Dividends receivable	1,242,996
Interest receivable	195,931
Receivable for Fund shares sold	1,169,507
Foreign taxes recoverable	87,034
Other assets	46,001
Total assets	1,992,657,055
Liabilities
Payable upon return of securities loaned	10,862,880
Payable for investments purchased	27,250,305
Payable for Fund shares redeemed	3,746,592
Accrued management fee	709,416
Other accrued expenses and payables	1,545,642
Total liabilities	44,114,835
Net assets, at value	$ 1,948,542,220
Net Assets Consist of
Undistributed net investment income	7,350,852
Net unrealized appreciation (depreciation) on: Investments	741,099,286
Foreign currency	18,504
Accumulated net realized gain (loss)	(707,734,792)
Paid-in capital	1,907,808,370
Net assets, at value	$ 1,948,542,220

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 ($809,098,371 ÷ 14,297,415 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 56.59
Maximum offering price per share (100 ÷ 94.25 of $56.59)	$ 60.04
Class B Net Asset Value, offering and redemption price^(a) (subject to contingent deferred sales charge) per share ($41,709,679 ÷ 768,517 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 54.27
Class C Net Asset Value, offering and redemption price^(a) (subject to contingent deferred sales charge) per share ($30,293,205 ÷ 561,568 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 53.94
Class R Net Asset Value, offering and redemption price^(a)per share ($406,444 ÷ 7,201 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 56.44
Class S Net Asset Value, offering and redemption price^(a)per share ($884,099,091 ÷ 15,494,060 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 57.06
Institutional Net Asset Value, offering and redemption price^(a)per share ($182,935,430 ÷ 3,206,709 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 57.05

Statement of Operations for the year ended September 30, 2007
Investment Income
Dividends (net of foreign taxes withheld of $136,028)	$ 22,847,590
Interest — Cash Management QP Trust	1,509,260
Interest	7,333
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates	60,528
Total Income	24,424,711
Expenses: Management fee	8,333,366
Administration fee	1,810,869
Services to shareholders	4,103,695
Distribution service fees	2,657,815
Reports to shareholders	398,593
Auditing	107,624
Trustees' fees and expenses	69,049
Registration fees	48,746
Legal	21,331
Custodian fee	55,380
Other	94,417
Total expenses before expense reductions	17,700,885
Expense reductions	(618,728)
Total expenses after expense reductions	17,082,157
Net investment income (loss)	7,342,554
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from: Investments	151,244,386
Foreign currency	(17,029)
	151,227,357
Change in net unrealized appreciation (depreciation) on: Investments	144,225,885
Foreign currency	26,165
	144,252,050
Net gain (loss)	295,479,407
Net increase (decrease) in net assets resulting from operations	$ 302,821,961

Class A Years Ended September 30,	2007	2006	2005	2004	2003
Selected Per Share Data
Net asset value, beginning of period	$ 48.07	$ 45.84	$ 40.26	$ 37.08	$ 30.56
Income (loss) from investment operations: Net investment income (loss)^a	.15^e	.06^d	.14	(.06)	(.05)
Net realized and unrealized gain (loss)	8.41	2.17	5.50	3.24	6.57
Total from investment operations	8.56	2.23	5.64	3.18	6.52
Less distributions from: Net investment income	(.04)	—	(.06)	—	—
Redemption fees	.00^*	.00^*	.00^*	—	—
Net asset value, end of period	$ 56.59	$ 48.07	$ 45.84	$ 40.26	$ 37.08
Total Return (%)^b	17.81^c	4.86^c,d	14.02^c	8.58^c	21.34
Ratios to Average Net Assets and Supplemental Data
Net assets, end of year ($ millions)	809	780	855	110	97
Ratio of expenses before expense reductions (%)	1.08	1.16	1.10	1.28	1.23
Ratio of expenses after expense reductions (%)	1.07	1.11	1.08	1.25	1.23
Ratio of net investment income (loss) (%)	.28^e	.13^d	.33	(.15)	(.14)
Portfolio turnover rate (%)	28	15	19	12	22
^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 $0.030 per share and an increase in the ratio of net investment income of 0.06%. Excluding this non-recurring income, total return would have been 0.07% lower. ^e Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.08 per share and 0.16% of average daily net assets, respectively. ^* Amount is less than $.005.

Class B Years Ended September 30,	2007	2006	2005	2004	2003
Selected Per Share Data
Net asset value, beginning of period	$ 46.14	$ 44.36	$ 39.25	$ 36.43	$ 30.25
Income (loss) from investment operations: Net investment income (loss)^a	.08^e	(.30)^d	(.24)	(.35)	(.30)
Net realized and unrealized gain (loss)	8.05	2.08	5.35	3.17	6.48
Total from investment operations	8.13	1.78	5.11	2.82	6.18
Redemption fees	.00^*	.00^*	.00^*	—	—
Net asset value, end of period	$ 54.27	$ 46.14	$ 44.36	$ 39.25	$ 36.43
Total Return (%)^b	17.62^c	4.01^c,d	13.02^c	7.80^c	20.43
Ratios to Average Net Assets and Supplemental Data
Net assets, end of year ($ millions)	42	56	85	39	45
Ratio of expenses before expense reductions (%)	2.00	2.21	2.18	2.09	2.00
Ratio of expenses after expense reductions (%)	1.24	1.94	2.01	2.02	2.00
Ratio of net investment income (loss) (%)	.11^e	(.70)^d	(.60)	(.92)	(.91)
Portfolio turnover rate (%)	28	15	19	12	22
^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 $0.030 per share and an increase in the ratio of net investment income of 0.06%. Excluding this non-recurring income, total return would have been 0.07% lower. ^e Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.08 per share and 0.16% of average daily net assets, respectively. ^* 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	$ 46.18	$ 44.40	$ 39.27	$ 36.44	$ 30.26
Income (loss) from investment operations: Net investment income (loss)^a	(.26)^e	(.29)^d	(.23)	(.34)	(.30)
Net realized and unrealized gain (loss)	8.02	2.07	5.36	3.17	6.48
Total from investment operations	7.76	1.78	5.13	2.83	6.18
Redemption fees	.00^*	.00^*	.00^*	—	—
Net asset value, end of period	$ 53.94	$ 46.18	$ 44.40	$ 39.27	$ 36.44
Total Return (%)^b	16.80	4.01^d	13.06^c	7.79^c	20.42
Ratios to Average Net Assets and Supplemental Data
Net assets, end of year ($ millions)	30	31	35	20	19
Ratio of expenses before expense reductions (%)	1.93	1.91	2.12	2.06	1.98
Ratio of expenses after expense reductions (%)	1.93	1.91	1.99	1.99	1.98
Ratio of net investment income (loss) (%)	(.58)^e	(.67)^d	(.58)	(.89)	(.89)
Portfolio turnover rate (%)	28	15	19	12	22
^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 $0.030 per share and an increase in the ratio of net investment income of 0.06%. Excluding this non-recurring income, total return would have been 0.07% lower. ^e Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.08 per share and 0.16% of average daily net assets, respectively. ^* Amount is less than $.005.

Class R Years Ended September 30,	2007	2006	2005	2004^a
Selected Per Share Data
Net asset value, beginning of period	$ 48.08	$ 45.98	$ 40.46	$ 39.45
Income (loss) from investment operations: Net investment income (loss)^b	(.00)^e	(.08)^d	(.03)	(.09)
Net realized and unrealized gain (loss)	8.36	2.18	5.55	1.13
Total from investment operations	8.36	2.10	5.52	1.04
Less distributions from: Net investment income	—	—	—	(.03)
Redemption fees	.00^***	.00^***	.00^***	—
Net asset value, end of period	$ 56.44	$ 48.08	$ 45.98	$ 40.46
Total Return (%)	17.39	4.57^c,d	13.64^c	2.63^c**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	.41	2	1	.34
Ratio of expenses before expense reductions (%)	1.35	1.42	1.62	1.64^*
Ratio of expenses after expense reductions (%)	1.35	1.40	1.47	1.45^*
Ratio of net investment income (loss) (%)	(.01)^e	(.16)^d	(.06)	(.35)^*
Portfolio turnover rate (%)	28	15	19	12
^a For the period from November 3, 2003 (commencement of operations of Class R shares) to September 30, 2004. ^b Based on average shares outstanding during the period. ^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 $0.030 per share and an increase in the ratio of net investment income of 0.06%. Excluding this non-recurring income, total return would have been 0.07% lower. ^e Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.08 per share and 0.16% of average daily net assets, respectively. ^* Annualized ^** Not annualized ^*** 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	$ 48.46	$ 46.20	$ 40.59	$ 37.31	$ 30.67
Income (loss) from investment operations: Net investment income (loss)^a	.29^d	.18^c	.22	.04	.04
Net realized and unrealized gain (loss)	8.48	2.15	5.56	3.26	6.60
Total from investment operations	8.77	2.33	5.78	3.30	6.64
Less distributions from: Net investment income	(.17)	(.07)	(.17)	(.02)	—
Redemption fees	.00^*	.00^*	.00^*	—	—
Net asset value, end of period	$ 57.06	$ 48.46	$ 46.20	$ 40.59	$ 37.31
Total Return (%)	18.14^b	5.04^b,c	14.23	8.90^b	21.65
Ratios to Average Net Assets and Supplemental Data
Net assets, end of year ($ millions)	884	881	96	92	140
Ratio of expenses before expense reductions (%)	.82	.94	.89	1.01	.97
Ratio of expenses after expense reductions (%)	.79	.85	.89	1.00	.97
Ratio of net investment income (loss) (%)	.55^d	.39^c	.52	.10	.12
Portfolio turnover rate (%)	28	15	19	12	22
^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 $0.030 per share and an increase in the ratio of net investment income of 0.06%. Excluding this non-recurring income, total return would have been 0.07% lower. ^d Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.08 per share and 0.16% of average daily net assets, respectively. ^* Amount is less than $.005.

Institutional Class Years Ended September 30,	2007	2006	2005	2004	2003
Selected Per Share Data
Net asset value, beginning of period	$ 48.45	$ 46.23	$ 40.64	$ 37.32	$ 30.66
Income (loss) from investment operations: Net investment income (loss)^a	.32^d	.22^c	.31	.12	.08
Net realized and unrealized gain (loss)	8.50	2.19	5.57	3.27	6.58
Total from investment operations	8.82	2.41	5.88	3.39	6.66
Less distributions from: Net investment income	(.22)	(.19)	(.29)	(.07)	—
Redemption fees	.00^*	.00^*	.00^*	—	—
Net asset value, end of period	$ 57.05	$ 48.45	$ 46.23	$ 40.64	$ 37.32
Total Return (%)	18.24^b	5.22^b,c	14.53^b	9.08	21.72
Ratios to Average Net Assets and Supplemental Data
Net assets, end of year ($ millions)	183	29	20	17	.565
Ratio of expenses before expense reductions (%)	.74	.84	.70	.84	.85
Ratio of expenses after expense reductions (%)	.73	.77	.70	.84	.85
Ratio of net investment income (loss) (%)	.62^d	.47^c	.71	.26	.24
Portfolio turnover rate (%)	28	15	19	12	22
^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 $0.030 per share and an increase in the ratio of net investment income of 0.06%. Excluding this non-recurring income, total return would have been 0.07% lower. ^d Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.08 per share and 0.16% of average daily net assets, respectively. ^* Amount is less than $.005.

Undistributed ordinary income	$ 7,350,852
Capital loss carryforwards	$ (705,130,000)
Net unrealized appreciation (depreciation) on investments	$ 738,494,918

Annual Report to Shareholders

Annual Report
to Shareholders

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

Class A	1.06%
Class B	2.01%
Class C	1.99%
Class R	1.45%
Class S	.79%
Institutional Class	.73%

Distribution Fee	Total Aggregated	Waived	Unpaid at September 30, 2007
Class B	$ 359,262	$ 359,262	$ —
Class C	229,400	—	18,609
Class R	1,377	—	91
	$ 590,039	$ 359,262	$ 18,700

Service Fee	Total Aggregated	Unpaid at September 30, 2007	Annual Effective Rate
Class A	$ 1,872,909	$ 154,364	.24%
Class B	118,520	6,752	.25%
Class C	75,054	5,951	.25%
Class R	1,293	130	.23%
	$ 2,067,776	$ 167,197

	Year Ended September 30, 2007		Year Ended September 30, 2006
	Shares	Dollars	Shares	Dollars
Shares sold
Class A	1,102,659	$ 57,043,077	1,439,037	$ 67,584,949
Class B	62,864	3,144,021	89,408	4,049,136
Class C	96,689	4,818,037	149,282	6,785,650
Class R	14,013	705,480	22,922	1,077,986
Class AARP*	—	—	432,147	20,464,780
Class S	504,496	26,545,252	362,235	17,168,505
Institutional Class	2,816,206	150,969,662	259,586	12,508,923
		$ 243,225,529		$ 129,639,929
Shares issued to shareholders in reinvestment of distributions
Class A	11,365	$ 579,748	—	$ —
Class AARP*	—	—	45,558	2,184,491
Class S	55,560	2,851,914	2,946	141,315
Institutional Class	295	15,122	215	10,292
		$ 3,446,784		$ 2,336,098
Shares redeemed
Class A	(3,049,419)	$ (158,304,118)	(3,846,825)	$ (180,858,718)
Class B	(505,200)	(24,982,865)	(787,236)	(35,634,841)
Class C	(208,745)	(10,377,799)	(266,278)	(12,047,131)
Class R	(46,289)	(2,334,519)	(6,559)	(308,731)
Class AARP*	—	—	(2,758,389)	(131,033,804)
Class S	(3,247,226)	(169,266,221)	(1,421,250)	(66,928,331)
Institutional Class	(209,186)	(11,145,701)	(96,700)	(4,571,453)
		$ (376,411,223)		$ (431,383,009)
Shares converted*
Class AARP	—	$ —	(17,157,303)	$ (779,751,533)
Class S	—	—	17,152,397	779,751,533
		$ —		$ —
Redemption fees		$ 4,593		$ 13,953
Net increase (decrease)
Class A	(1,935,395)	$ (100,680,066)	(2,407,788)	$ (113,265,678)
Class B	(442,336)	(21,838,663)	(697,828)	(31,585,320)
Class C	(112,056)	(5,559,381)	(116,996)	(5,261,136)
Class R	(32,276)	(1,629,039)	16,363	769,508
Class AARP*	—	—	(19,437,987)	(888,136,066)
Class S	(2,687,170)	(139,867,206)	16,096,328	730,137,789
Institutional Class	2,607,315	139,840,038	163,101	7,947,874
		$ (129,734,317)		$ (299,393,029)

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 shareholders of Classes A, B, C, S and Institutional Class
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, C and Institutional Class: (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

For shareholders of Class R
Automated Information Line	DWS Scudder Flex Plan Access (800) 532-8411 24-hour access to your retirement plan account.
Web Site	www.dws-scudder.com Click "Retirement Plans" to reallocate assets, process transactions and review your funds through our secure online account access. Obtain prospectuses and applications, blank forms, interactive worksheets, news about DWS funds, subscription to fund updates by e-mail, retirement planning information, and more.
For More Information	(800) 543-5776 To speak with a service representative.
Written Correspondence	DWS Scudder Investments Service Company 222 South Riverside Plaza Chicago, IL 60606-5806
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