0000088053-11-000804.txt : 20110603 0000088053-11-000804.hdr.sgml : 20110603 20110603095453 ACCESSION NUMBER: 0000088053-11-000804 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20110331 FILED AS OF DATE: 20110603 DATE AS OF CHANGE: 20110603 EFFECTIVENESS DATE: 20110603 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS INVESTMENT TRUST CENTRAL INDEX KEY: 0000088064 IRS NUMBER: 042212654 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-00043 FILM NUMBER: 11890389 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: INVESTMENT TRUST DATE OF NAME CHANGE: 19980529 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER INVESTMENT TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER GROWTH & INCOME FUND DATE OF NAME CHANGE: 19910402 0000088064 S000005709 DWS Small Cap Core Fund C000015696 Class A SZCAX C000015698 Class B SZCBX C000015699 Class C SZCCX C000015700 Class S SSLCX N-CSRS 1 sr033111scc.htm DWS SMALL CAP CORE FUND sr033111scc.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549

FORM N-CSRS

Investment Company Act file number   811-00043

 
DWS Investment Trust
 (Exact Name of Registrant as Specified in Charter)

345 Park Avenue
New York, NY 10154-0004
 (Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (201) 593-6408

Paul Schubert
100 Plaza One
Jersey City, NJ 07311
 (Name and Address of Agent for Service)

Date of fiscal year end:
9/30
   
Date of reporting period:
3/31/2011

ITEM 1.
REPORT TO STOCKHOLDERS
   
 
MARCH 31, 2011
Semiannual Report
to Shareholders
 
DWS Small Cap Core Fund
 
Contents
4 Performance Summary
7 Information About Your Fund's Expenses
9 Portfolio Summary
11 Investment Portfolio
22 Statement of Assets and Liabilities
24 Statement of Operations
25 Statement of Changes in Net Assets
26 Financial Highlights
30 Notes to Financial Statements
39 Summary of Management Fee Evaluation by Independent Fee Consultant
43 Account Management Resources
44 Privacy Statement
 
This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the fund. Please read the prospectus carefully before you invest.
 
Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Stocks of smaller companies involve greater risk than securities of larger, more established companies. Stocks may decline in value. See the prospectus for details.
 
DWS Investments is part of Deutsche Bank's Asset Management division and, within the US, represents the retail 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
 
Performance Summary March 31, 2011
Average Annual Total Returns as of 3/31/11
Unadjusted for Sales Charge
6-Month‡
1-Year
3-Year
5-Year
10-Year
Class A
25.69%
24.66%
4.72%
-1.05%
6.62%
Class B
25.17%
23.75%
3.98%
-1.77%
5.79%
Class C
25.21%
23.70%
3.90%
-1.79%
5.79%
Adjusted for the Maximum Sales Charge
          
Class A (max 5.75% load)
18.47%
17.49%
2.68%
-2.22%
5.99%
Class B (max 4.00% CDSC)
21.17%
20.75%
3.36%
-1.91%
5.79%
Class C (max 1.00% CDSC)
24.21%
23.70%
3.90%
-1.79%
5.79%
No Sales Charges
          
Class S
25.95%
25.19%
4.94%
-0.77%
6.92%
Russell 2000® Index+
25.48%
25.79%
8.57%
3.35%
7.87%
 
Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.
 
‡ Total returns shown for periods less than one year are not annualized.
 
Performance in the Average Annual Total Returns table above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit www.dws-investments.com for the Fund's most recent month-end performance. Performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.
 
The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated February 1, 2011 are 1.68%, 2.49%, 2.41% and 1.31% for Class A, Class B, Class C and Class S shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.
 
The Fund may charge a 2% fee for redemptions of shares held less than 15 days.
 
Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.
 
Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
 
Returns shown for Class A, B and C shares for the periods prior to their inception on June 25, 2001 are derived from the historical performance of the Fund's original share class (Class AARP) of the DWS Small Cap Core Fund during such periods and have been adjusted to reflect the higher total annual operating expenses of each specific class. Any difference in expenses will affect performance. Class AARP shares merged into Class S on July 14, 2006.
Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge)
[] DWS Small Cap Core Fund — Class A
[] Russell 2000 Index+
Yearly periods ended March 31
 
The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 5.75%. This results in a net initial investment of $9,425.
 
The growth of $10,000 is cumulative.
 
Performance of other share classes will vary based on the sales charges and the fee structure of those classes.
 
+ The Russell 2000 Index is an unmanaged, capitalization-weighted measure of approximately 2,000 of the smallest companies in the Russell 3000 Index.
Net Asset Value and Distribution Information
  
   
Class A
    
Class B
    
Class C
    
Class S
  
Net Asset Value:
3/31/11
   $ 18.15     $ 16.36     $ 16.39     $ 18.68  
9/30/10
   $ 14.44     $ 13.07     $ 13.09     $ 14.86  
Distribution Information:
Six Months as of 3/31/11:
Income Dividends
   $ —     $ —     $ —     $ .03  
 

Lipper Rankings — Small-Cap Core Funds Category as of 3/31/11
Period
Rank
  
Number of Fund Classes Tracked
Percentile Ranking (%)
Class A
1-Year
465
of
809
58
3-Year
625
of
725
87
5-Year
529
of
570
93
Class B
1-Year
531
of
809
66
3-Year
657
of
725
91
5-Year
539
of
570
95
Class C
1-Year
538
of
809
67
3-Year
659
of
725
91
5-Year
541
of
570
95
Class S
1-Year
397
of
809
50
3-Year
616
of
725
85
5-Year
526
of
570
93
10-Year
280
of
337
83
 
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.
 
Information About Your Fund's Expenses
 
As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads), 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 and C 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 (October 1, 2010 to March 31, 2011).
 
The tables illustrate your Fund's expenses in two ways:
 
•Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.
 
• Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
 
Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. 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.
Expenses and Value of a $1,000 Investment for the six months ended March 31, 2011
  
Actual Fund Return
  
Class A
    
Class B
    
Class C
    
Class S
  
Beginning Account Value 10/1/10
   $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00  
Ending Account Value 3/31/11
   $ 1,256.90     $ 1,251.70     $ 1,252.10     $ 1,259.50  
Expenses Paid per $1,000*
   $ 8.72     $ 12.91     $ 12.91     $ 6.93  
Hypothetical 5% Fund Return
  
Class A
    
Class B
    
Class C
    
Class S
  
Beginning Account Value 10/1/10
   $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00  
Ending Account Value 3/31/11
   $ 1,017.20     $ 1,013.46     $ 1,013.46     $ 1,018.80  
Expenses Paid per $1,000*
   $ 7.80     $ 11.55     $ 11.55     $ 6.19  
 
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365.
Annualized Expense Ratios
Class A
Class B
Class C
Class S
DWS Small Cap Core Fund
1.55%
2.30%
2.30%
1.23%
 
For more information, please refer to the Fund's prospectus.
 
Portfolio Summary
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)
3/31/11
9/30/10
     
Common Stocks
99%
100%
Cash Equivalents
1%
0%
 
100%
100%
 

Sector Diversification (As a % of Common Stocks)
3/31/11
9/30/10
     
Information Technology
19%
18%
Industrials
19%
15%
Financials
17%
19%
Consumer Discretionary
12%
15%
Health Care
10%
12%
Energy
10%
8%
Materials
6%
7%
Consumer Staples
4%
3%
Utilities
2%
2%
Telecommunication Services
1%
1%
 
100%
100%
 
Asset allocation and sector diversification exclude derivatives and are subject to change.
Ten Largest Equity Holdings at March 31, 2011 (11.0% of Net Assets)
1. Apache Corp.
Explorer, developer and producer of natural gas and crude oil
1.2%
2. AMERIGROUP Corp.
Provider of health care benefits
1.2%
3. CACI International, Inc.
Provider of information technology products and services
1.2%
4. ViroPharma, Inc.
Pharmaceutical company committed to commercialization, development and discovery of new antiviral medicines
1.1%
5. Marathon Oil Corp.
Provider of oil and gas
1.1%
6. Magellan Health Services, Inc.
Coordinates and manages delivery of behavioral health care treatment
1.1%
7. PNM Resources, Inc.
Holding company that through its subsidiaries generates and distributes electricity
1.1%
8. QLogic Corp.
Supplies high performance storage networking solutions
1.0%
9. Reinsurance Group of America, Inc.
Provides life insurance in North America
1.0%
10. Kindred Healthcare, Inc.
National health care company operating hospitals, nursing centers, institutional pharmacies and rehabilitation services
1.0%
 
Portfolio holdings are subject to change.
 
For more complete details about the Fund's investment portfolio, see page 11. A quarterly Fact Sheet is available upon request. 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. The Fund's portfolio holdings are also posted on www.dws-investments.com from time to time. Please see the Fund's current prospectus for more information.
 
Investment Portfolio as of March 31, 2011 (Unaudited)
   
Shares
    
Value ($)
  
       
Common Stocks 98.7%
  
Consumer Discretionary 11.5%
  
Auto Components 0.8%
  
Dana Holding Corp.*
     32,200       559,958  
Superior Industries International, Inc.
     1,700       43,588  
Tower International, Inc.*
     3,900       66,027  
              669,573  
Distributors 0.0%
  
Core-Mark Holding Co., Inc.*
     1,300       42,965  
Diversified Consumer Services 0.8%
  
Corinthian Colleges, Inc.*
     28,000       123,760  
ITT Educational Services, Inc.*
     5,700       411,255  
Mac-Gray Corp.
     2,900       46,777  
Regis Corp.
     4,900       86,926  
              668,718  
Hotels Restaurants & Leisure 1.3%
  
Ameristar Casinos, Inc.
     2,700       47,925  
Brinker International, Inc.
     7,900       199,870  
Domino's Pizza, Inc.*
     6,800       125,324  
Einstein Noah Restaurant Group, Inc.
     2,400       39,072  
Isle of Capri Casinos, Inc.*
     9,300       88,350  
Multimedia Games, Inc.*
     22,100       126,633  
Red Robin Gourmet Burgers, Inc.*
     9,100       244,790  
Ruby Tuesday, Inc.*
     18,200       238,602  
              1,110,566  
Household Durables 0.6%
  
CSS Industries, Inc.
     1,700       32,045  
Furniture Brands International, Inc.*
     9,300       42,315  
Helen of Troy Ltd.*
     3,000       88,200  
Jarden Corp.
     6,700       238,319  
Lifetime Brands, Inc.*
     10,700       160,500  
              561,379  
Leisure Equipment & Products 1.0%
  
Arctic Cat, Inc.*
     12,800       199,040  
Callaway Golf Co.
     35,100       239,382  
JAKKS Pacific, Inc.*
     22,400       433,440  
Johnson Outdoors, Inc. "A"*
     2,300       34,937  
              906,799  
Media 0.5%
  
AH Belo Corp. "A"*
     13,500       112,860  
Interpublic Group of Companies, Inc.
     10,700       134,499  
Media General, Inc. "A"*
     10,700       73,616  
Scholastic Corp.
     4,100       110,864  
              431,839  
Multiline Retail 1.4%
  
Big Lots, Inc.*
     3,500       152,005  
Dillard's, Inc. "A"
     16,700       670,004  
Retail Ventures, Inc.*
     14,100       243,225  
Tuesday Morning Corp.*
     31,000       151,900  
              1,217,134  
Specialty Retail 4.0%
  
Aaron's, Inc.
     11,600       294,176  
Ann, Inc.*
     2,200       64,042  
Ascena Retail Group, Inc.*
     5,000       162,050  
Books-A-Million, Inc.
     3,400       14,042  
Brown Shoe Co., Inc.
     5,400       65,988  
Chico's FAS, Inc.
     12,500       186,250  
Collective Brands, Inc.*
     13,800       297,804  
Dick's Sporting Goods, Inc.*
     5,100       203,898  
Foot Locker, Inc.
     2,600       51,272  
GameStop Corp. "A"*
     17,700       398,604  
Group 1 Automotive, Inc.
     1,300       55,640  
New York & Co., Inc.*
     13,700       96,037  
Rent-A-Center, Inc.
     3,600       125,676  
Shoe Carnival, Inc.*
     10,300       288,915  
Stage Stores, Inc.
     25,200       484,344  
The Finish Line, Inc. "A"
     13,800       273,930  
The Pep Boys — Manny, Moe & Jack
     36,600       465,186  
              3,527,854  
Textiles, Apparel & Luxury Goods 1.1%
  
Liz Claiborne, Inc.*
     30,400       163,856  
Perry Ellis International, Inc.*
     15,200       418,304  
The Jones Group, Inc.
     14,600       200,750  
Timberland Co. "A"*
     1,900       78,451  
Volcom, Inc.
     7,200       133,416  
              994,777  
Consumer Staples 3.6%
  
Beverages 0.0%
  
National Beverage Corp.
     2,900       39,817  
Food & Staples Retailing 0.1%
  
Susser Holdings Corp.*
     1,800       23,562  
The Andersons, Inc.
     600       29,232  
              52,794  
Food Products 2.4%
  
Dole Food Co., Inc.*
     16,500       224,895  
Fresh Del Monte Produce, Inc.
     2,700       70,497  
Imperial Sugar Co.
     6,600       88,044  
John B. Sanfilippo & Son, Inc.*
     4,100       47,970  
Seneca Foods Corp. "A"*
     4,000       119,480  
Smithfield Foods, Inc.*
     27,800       668,868  
Tyson Foods, Inc. "A"
     44,400       852,036  
              2,071,790  
Household Products 0.4%
  
Central Garden & Pet Co. "A"*
     39,300       361,953  
Oil-Dri Corp. of America
     1,200       25,560  
              387,513  
Personal Products 0.4%
  
Elizabeth Arden, Inc.*
     10,600       318,106  
Tobacco 0.3%
  
Universal Corp.
     6,000       261,240  
Energy 9.8%
  
Energy Equipment & Services 4.0%
  
Cal Dive International, Inc.*
     21,300       148,674  
Dresser-Rand Group, Inc.*
     1,100       58,982  
Exterran Holdings, Inc.*
     28,500       676,305  
Key Energy Services, Inc.*
     7,200       111,960  
Matrix Service Co.*
     3,100       43,090  
Nabors Industries Ltd.*
     7,900       240,002  
Newpark Resources, Inc.*
     31,600       248,376  
Oceaneering International, Inc.*
     3,400       304,130  
Parker Drilling Co.*
     16,500       114,015  
PHI, Inc. (Non Voting)*
     13,000       287,560  
Pioneer Drilling Co.*
     38,700       534,060  
SEACOR Holdings, Inc.
     4,700       434,562  
Union Drilling, Inc.*
     16,700       171,175  
Willbros Group, Inc.*
     10,700       116,844  
              3,489,735  
Oil, Gas & Consumable Fuels 5.8%
  
Apache Corp.
     8,300       1,086,636  
Bill Barrett Corp.*
     4,000       159,640  
BreitBurn Energy Partners LP (Limited Partnership)
     4,500       97,785  
Chevron Corp.
     3,100       333,033  
Comstock Resources, Inc.*
     12,100       374,374  
Contango Oil & Gas Co.*
     1,100       69,564  
Crosstex Energy, Inc.
     13,000       129,350  
Energy Partners Ltd.*
     11,600       208,800  
GMX Resources, Inc.*
     8,100       49,977  
Green Plains Renewable Energy, Inc.*
     8,500       102,170  
James River Coal Co.*
     1,900       45,923  
Marathon Oil Corp.
     18,400       980,904  
Penn Virginia Corp.
     23,800       403,648  
PetroQuest Energy, Inc.*
     13,700       128,232  
REX American Resources Corp.*
     3,200       51,072  
SandRidge Energy, Inc.*
     9,600       122,880  
Stone Energy Corp.*
     19,300       644,041  
W&T Offshore, Inc.
     2,000       45,580  
Western Refining, Inc.*
     4,900       83,055  
              5,116,664  
Financials 16.7%
  
Capital Markets 1.4%
  
American Capital Ltd.*
     26,200       259,380  
BGC Partners, Inc. "A"
     10,500       97,545  
Calamos Asset Management, Inc. "A"
     4,900       81,291  
E*TRADE Financial Corp.*
     10,400       162,552  
Oppenheimer Holdings, Inc. "A"
     5,400       180,954  
Piper Jaffray Companies, Inc.*
     7,300       302,439  
SWS Group, Inc.
     9,500       57,665  
Waddell & Reed Financial, Inc. "A"
     3,100       125,891  
              1,267,717  
Commercial Banks 5.8%
  
Cathay General Bancorp.
     31,400       535,370  
Century Bancorp., Inc. "A"
     2,200       58,894  
Enterprise Financial Services Corp.
     4,600       64,722  
First BanCorp. - North Carolina
     1,900       25,194  
First Merchants Corp.
     37,900       313,433  
IBERIABANK Corp.
     7,400       444,962  
Lakeland Bancorp., Inc.
     4,240       44,011  
MainSource Financial Group, Inc.
     19,200       192,192  
MB Financial, Inc.
     16,200       339,552  
MidWestOne Financial Group, Inc.
     1,800       26,712  
Nara Bancorp., Inc.*
     11,900       114,478  
National Penn Bancshares, Inc.
     17,100       132,354  
Peoples Bancorp., Inc.
     1,700       20,434  
Pinnacle Financial Partners, Inc.*
     18,300       302,682  
PrivateBancorp., Inc.
     13,100       200,299  
Prosperity Bancshares, Inc.
     5,400       230,958  
Southwest Bancorp., Inc.*
     11,500       163,185  
StellarOne Corp.
     6,100       86,620  
Susquehanna Bancshares, Inc.
     84,100       786,335  
Wilshire Bancorp., Inc.*
     9,200       45,080  
Wintrust Financial Corp.
     11,100       407,925  
Zions Bancorp.
     24,100       555,746  
              5,091,138  
Consumer Finance 0.3%
  
Capital One Financial Corp.
     5,200       270,192  
Diversified Financial Services 0.7%
  
ASTA Funding, Inc.
     7,700       65,912  
NewStar Financial, Inc.*
     22,100       241,332  
Portfolio Recovery Associates, Inc.*
     800       68,104  
The NASDAQ OMX Group, Inc.*
     8,300       214,472  
              589,820  
Insurance 4.1%
  
American Safety Insurance Holdings Ltd.*
     16,800       360,024  
Aspen Insurance Holdings Ltd.
     13,700       377,572  
CNO Financial Group, Inc.*
     14,100       105,891  
Endurance Specialty Holdings Ltd.
     15,800       771,356  
FBL Financial Group, Inc. "A"
     3,700       113,664  
First American Financial Corp.
     8,300       136,950  
Infinity Property & Casualty Corp.
     3,500       208,215  
Lincoln National Corp.
     4,900       147,196  
Maiden Holdings Ltd.
     20,800       155,792  
Reinsurance Group of America, Inc.
     14,300       897,754  
White Mountains Insurance Group Ltd.
     800       291,360  
              3,565,774  
Real Estate Investment Trusts 3.7%
  
Anworth Mortgage Asset Corp. (REIT)
     75,900       538,131  
Associated Estates Realty Corp. (REIT)
     16,400       260,432  
CapLease, Inc. (REIT)
     8,200       44,936  
Capstead Mortgage Corp. (REIT)
     35,100       448,578  
Highwoods Properties, Inc. (REIT)
     10,100       353,601  
Hospitality Properties Trust (REIT)
     8,100       187,515  
Lexington Realty Trust (REIT)
     12,600       117,810  
MFA Financial, Inc. (REIT)
     86,800       711,760  
Piedmont Office Realty Trust, Inc. "A" (REIT)
     20,200       392,082  
Post Properties, Inc. (REIT)
     3,200       125,600  
PS Business Parks, Inc. (REIT)
     1,100       63,734  
              3,244,179  
Thrifts & Mortgage Finance 0.7%
  
Bank Mutual Corp.
     17,500       74,025  
BankFinancial Corp.
     2,700       24,813  
Berkshire Hills Bancorp., Inc.
     2,200       45,870  
Capitol Federal Financial, Inc.
     9,600       108,192  
First Financial Holdings, Inc.
     14,000       158,340  
Washington Federal, Inc.
     12,500       216,750  
Westfield Financial, Inc.
     3,200       28,992  
              656,982  
Health Care 10.3%
  
Biotechnology 0.8%
  
Cephalon, Inc.*
     6,300       477,414  
Emergent Biosolutions, Inc.*
     8,900       215,024  
Maxygen, Inc.
     9,000       46,800  
              739,238  
Health Care Equipment & Supplies 1.1%
  
Alere, Inc.*
     1,700       66,538  
Hologic, Inc.*
     9,000       199,800  
Invacare Corp.
     9,900       308,088  
Sirona Dental Systems, Inc.*
     2,600       130,416  
The Cooper Companies, Inc.
     2,900       201,405  
TomoTherapy, Inc.*
     18,300       83,631  
              989,878  
Health Care Providers & Services 6.1%
  
AMERIGROUP Corp.*
     16,800       1,079,400  
Continucare Corp.*
     41,000       219,350  
Coventry Health Care, Inc.*
     1,700       54,213  
Five Star Quality Care, Inc.*
     26,600       216,258  
Health Net, Inc.*
     18,000       588,600  
Healthspring, Inc.*
     5,300       198,061  
Kindred Healthcare, Inc.*
     36,700       876,396  
Magellan Health Services, Inc.*
     19,300       947,244  
National Healthcare Corp.
     4,600       213,854  
Owens & Minor, Inc.
     18,100       587,888  
Providence Service Corp.*
     5,200       77,896  
PSS World Medical, Inc.*
     3,200       86,880  
Triple-S Management Corp. "B"*
     3,500       72,030  
WellCare Health Plans, Inc.*
     2,300       96,485  
              5,314,555  
Life Sciences Tools & Services 0.3%
  
Affymetrix, Inc.*
     20,800       108,368  
Albany Molecular Research, Inc.*
     13,700       58,362  
Cambrex Corp.*
     8,238       45,309  
              212,039  
Pharmaceuticals 2.0%
  
Endo Pharmaceuticals Holdings, Inc.*
     16,200       618,192  
Medicis Pharmaceutical Corp. "A"
     6,100       195,444  
ViroPharma, Inc.*
     49,300       981,070  
              1,794,706  
Industrials 18.3%
  
Aerospace & Defense 2.8%
  
AAR Corp.*
     3,700       102,564  
Aerovironment, Inc.*
     5,000       174,850  
BE Aerospace, Inc.*
     11,200       397,936  
Ceradyne, Inc.*
     14,100       635,628  
Cubic Corp.
     10,600       609,500  
LMI Aerospace, Inc.*
     5,600       113,176  
Moog, Inc. "A"*
     10,000       459,100  
              2,492,754  
Air Freight & Logistics 0.6%
  
Atlas Air Worldwide Holdings, Inc.*
     8,100       564,732  
Airlines 1.0%
  
Alaska Air Group, Inc.*
     3,600       228,312  
SkyWest, Inc.
     37,600       636,192  
              864,504  
Building Products 0.4%
  
Gibraltar Industries, Inc.*
     26,800       319,724  
Commercial Services & Supplies 2.4%
  
Consolidated Graphics, Inc.*
     2,000       109,260  
EnergySolutions*
     9,800       58,408  
G & K Services, Inc. "A"
     10,200       339,150  
M&F Worldwide Corp.*
     3,500       87,920  
Metalico, Inc.*
     5,200       32,344  
R.R. Donnelley & Sons Co.
     12,200       230,824  
Sykes Enterprises, Inc.*
     5,500       108,735  
Team, Inc.*
     1,900       49,894  
Tetra Tech, Inc.*
     8,200       202,458  
The Brink's Co.
     14,000       463,540  
UniFirst Corp.
     2,500       132,525  
United Stationers, Inc.
     3,900       277,095  
              2,092,153  
Construction & Engineering 2.6%
  
Great Lakes Dredge & Dock Co.
     23,600       180,068  
KBR, Inc.
     6,000       226,620  
Layne Christensen Co.*
     3,200       110,400  
Northwest Pipe Co.*
     4,500       103,185  
Pike Electric Corp.*
     4,600       43,792  
Sterling Construction Co., Inc.*
     14,300       241,384  
Tutor Perini Corp.
     35,200       857,472  
URS Corp.*
     10,800       497,340  
              2,260,261  
Electrical Equipment 0.8%
  
Encore Wire Corp.
     4,700       114,398  
EnerSys*
     15,500       616,125  
              730,523  
Industrial Conglomerates 0.1%
  
Standex International Corp.
     2,300       87,147  
Machinery 4.7%
  
Actuant Corp. "A"
     10,400       301,600  
Alamo Group, Inc.
     7,600       208,620  
Altra Holdings, Inc.*
     11,800       278,716  
Astec Industries, Inc.*
     2,000       74,580  
Briggs & Stratton Corp.
     6,800       154,020  
Cascade Corp.
     1,600       71,328  
Colfax Corp.*
     4,800       110,160  
EnPro Industries, Inc.*
     11,900       432,208  
Harsco Corp.
     9,000       317,610  
Kennametal, Inc.
     6,900       269,100  
L.B. Foster Co. "A"
     4,400       189,684  
Lydall, Inc.*
     2,800       24,892  
Miller Industries, Inc.
     21,800       354,032  
Mueller Industries, Inc.
     7,100       260,002  
NACCO Industries, Inc. "A"
     2,300       254,541  
NN, Inc.*
     8,700       158,862  
Oshkosh Corp.*
     3,700       130,906  
Robbins & Myers, Inc.
     7,100       326,529  
Tecumseh Products Co. "A"*
     14,800       148,296  
Titan International, Inc.
     3,800       101,118  
              4,166,804  
Marine 0.1%
  
International Shipholding Corp.
     3,200       79,680  
Professional Services 1.2%
  
FTI Consulting, Inc.*
     8,200       314,306  
Kelly Services, Inc. "A"*
     3,100       67,301  
On Assignment, Inc.*
     9,500       89,870  
School Specialty, Inc.*
     6,500       92,950  
SFN Group, Inc.*
     28,000       394,520  
VSE Corp.
     1,600       47,536  
              1,006,483  
Road & Rail 0.4%
  
AMERCO*
     1,400       135,800  
P.A.M. Transportation Services, Inc.*
     1,900       23,085  
Saia, Inc.*
     4,600       75,394  
Werner Enterprises, Inc.
     5,400       142,938  
              377,217  
Trading Companies & Distributors 1.2%
  
Aceto Corp.
     9,800       78,106  
Aircastle Ltd.
     15,100       182,257  
Applied Industrial Technologies, Inc.
     6,700       222,842  
Beacon Roofing Supply, Inc.*
     16,200       331,614  
CAI International, Inc.*
     2,300       59,478  
DXP Enterprises, Inc.*
     5,600       129,248  
Lawson Products, Inc.
     3,500       80,640  
              1,084,185  
Information Technology 19.0%
  
Communications Equipment 1.8%
  
Arris Group, Inc.*
     4,800       61,152  
Brocade Communications Systems, Inc.*
     87,300       536,895  
Comtech Telecommunications Corp.
     28,700       780,066  
EchoStar Corp. "A"*
     1,100       41,635  
Tellabs, Inc.
     26,900       140,956  
              1,560,704  
Computers & Peripherals 2.3%
  
Imation Corp.*
     39,100       435,574  
Lexmark International, Inc. "A"*
     5,200       192,608  
QLogic Corp.*
     48,800       905,240  
Western Digital Corp.*
     5,400       201,366  
Xyratex Ltd.*
     24,000       268,320  
              2,003,108  
Electronic Equipment, Instruments & Components 2.9%
  
Anixter International, Inc.
     10,400       726,856  
Brightpoint, Inc.*
     33,100       358,804  
Electro Rent Corp.
     2,100       36,078  
Flextronics International Ltd.*
     66,500       496,755  
Insight Enterprises, Inc.*
     4,100       69,823  
Newport Corp.*
     9,800       174,734  
OSI Systems, Inc.*
     3,800       142,614  
PC Connection, Inc.*
     12,800       113,408  
Vishay Intertechnology, Inc.*
     25,600       454,144  
              2,573,216  
Internet Software & Services 1.9%
  
AOL, Inc.*
     7,200       140,616  
EarthLink, Inc.
     61,700       483,111  
IAC/InterActiveCorp.*
     27,400       846,386  
ModusLink Global Solutions, Inc.
     30,200       164,892  
              1,635,005  
IT Services 3.8%
  
CACI International, Inc. "A"*
     16,500       1,011,780  
CIBER, Inc.*
     23,000       154,100  
Computer Task Group, Inc.*
     3,500       46,515  
Fiserv, Inc.*
     10,900       683,648  
Global Cash Access Holdings, Inc.*
     12,800       41,856  
Jack Henry & Associates, Inc.
     23,800       806,582  
Online Resources Corp.*
     19,100       72,198  
SRA International, Inc. "A"*
     10,000       283,600  
TeleTech Holdings, Inc.*
     12,800       248,064  
              3,348,343  
Semiconductors & Semiconductor Equipment 4.5%
  
Amkor Technology, Inc.*
     68,200       459,668  
Brooks Automation, Inc.*
     12,800       175,744  
Entegris, Inc.*
     36,900       323,613  
Fairchild Semiconductor International, Inc.*
     8,000       145,600  
GT Solar International, Inc.*
     4,000       42,640  
Kulicke & Soffa Industries, Inc.*
     38,600       360,910  
Micron Technology, Inc.*
     73,400       841,164  
MKS Instruments, Inc.
     4,400       146,520  
ON Semiconductor Corp.*
     15,700       154,959  
Photronics, Inc.*
     65,200       584,844  
SunPower Corp. "A"*
     34,000       582,760  
Teradyne, Inc.*
     9,800       174,538  
              3,992,960  
Software 1.8%
  
ACI Worldwide, Inc.*
     1,900       62,320  
CDC Corp. "A"*
     9,200       23,460  
ePlus, Inc.*
     3,000       79,830  
Fair Isaac Corp.
     6,000       189,660  
Manhattan Associates, Inc.*
     18,700       611,864  
Monotype Imaging Holdings, Inc.*
     8,200       118,900  
NetScout Systems, Inc.*
     5,300       144,796  
OPNET Technologies, Inc.
     6,300       245,637  
Websense, Inc.*
     4,300       98,771  
              1,575,238  
Materials 6.1%
  
Chemicals 2.9%
  
Arch Chemicals, Inc.
     7,500       311,925  
Ferro Corp.*
     24,800       411,432  
Georgia Gulf Corp.*
     4,600       170,200  
Innophos Holdings, Inc.
     3,200       147,552  
Minerals Technologies, Inc.
     4,200       287,784  
OM Group, Inc.*
     16,000       584,640  
Spartech Corp.*
     7,500       54,375  
Stepan Co.
     800       58,000  
TPC Group, Inc.*
     5,000       144,350  
W.R. Grace & Co.*
     10,700       409,703  
              2,579,961  
Containers & Packaging 1.4%
  
AEP Industries, Inc.*
     2,200       65,384  
Boise, Inc.
     57,300       524,868  
Crown Holdings, Inc.*
     14,200       547,836  
Rock-Tenn Co. "A"
     1,200       83,220  
              1,221,308  
Metals & Mining 0.9%
  
Cliffs Natural Resources, Inc.
     1,900       186,732  
Materion Corp.*
     2,000       81,600  
Randgold Resources Ltd. (ADR)*
     2,700       220,158  
Yamana Gold, Inc.
     27,200       334,832  
              823,322  
Paper & Forest Products 0.9%
  
Buckeye Technologies, Inc.
     2,500       68,075  
Domtar Corp.
     700       64,246  
KapStone Paper & Packaging Corp.*
     8,600       147,662  
Neenah Paper, Inc.
     11,900       261,443  
P.H. Glatfelter Co.
     15,400       205,128  
              746,554  
Telecommunication Services 1.6%
  
Diversified Telecommunication Services 0.2%
  
Vonage Holdings Corp.*
     28,600       130,416  
Wireless Telecommunication Services 1.4%
  
Telephone & Data Systems, Inc.
     24,400       822,280  
USA Mobility, Inc.
     30,800       446,292  
              1,268,572  
Utilities 1.8%
  
Electric Utilities 1.2%
  
PNM Resources, Inc.
     62,400       931,008  
Portland General Electric Co.
     6,800       161,636  
              1,092,644  
Gas Utilities 0.0%
  
WGL Holdings, Inc.
     1,000       39,000  
Independent Power Producers & Energy Traders 0.6%
  
GenOn Energy, Inc.*
     130,000       495,300  
Total Common Stocks (Cost $76,630,189)
       86,817,299  
   
Cash Equivalents 1.2%
  
Central Cash Management Fund, 0.17% (a) (Cost $1,099,236)
     1,099,236       1,099,236  
 

   
% of Net Assets
    
Value ($)
  
       
Total Investment Portfolio (Cost $77,729,425)+
     99.9       87,916,535  
Other Assets and Liabilities, Net
     0.1       57,674  
Net Assets
     100.0       87,974,209  
 
* Non-income producing security.
 
+ The cost for federal income tax purposes was $77,994,433. At March 31, 2011, net unrealized appreciation for all securities based on tax cost was $9,922,102. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $10,793,875 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $871,773.
 
(a) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
 
ADR: American Depositary Receipt
 
REIT: Real Estate Investment Trust
 
At March 31, 2011, open futures contracts purchased were as follows:
Futures
Currency
Expiration Date
  
Contracts
    
Notional Value ($)
    
Unrealized Appreciation ($)
  
Russell E-Mini 2000 Index
USD
6/17/2011
     15       1,262,550       74,655  
 

Currency Abbreviation
USD United States Dollar
 
For information on the Fund's policy and additional disclosures regarding futures contracts, please refer to Note B in the accompanying Notes to Financial Statements.
 
Fair Value Measurements
 
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
The following is a summary of the inputs used as of March 31, 2011 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.
Assets
  
Level 1
    
Level 2
    
Level 3
    
Total
  
   
Common Stocks (b)
   $ 86,817,299     $ —     $ —     $ 86,817,299  
Short-Term Investments (b)
     1,099,236       —       —       1,099,236  
Derivatives (c)
     74,655       —       —       74,655  
Total
   $ 87,991,190     $ —     $ —     $ 87,991,190  
 
There have been no significant transfers between Level 1 and Level 2 fair value measurements during the period ended March 31, 2011.
 
(b) See Investment Portfolio for additional detailed categorizations.
 
(c) Derivatives include unrealized appreciation on open futures contracts.
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Assets and Liabilities
as of March 31, 2011 (Unaudited)
  
Assets
  
Investments:
Investments in non-affiliated securities, at value (cost $76,630,189)
   $ 86,817,299  
Investment in Central Cash Management Fund (cost $1,099,236)
     1,099,236  
Total investments, at value (cost $77,729,425)
     87,916,535  
Cash
     35,075  
Deposit with broker for open futures contracts
     144,230  
Receivable for daily variation margin on open futures contracts
     74,655  
Receivable for Fund shares sold
     24,320  
Dividends receivable
     44,818  
Other assets
     29,227  
Total assets
     88,268,860  
Liabilities
  
Payable for Fund shares redeemed
     126,577  
Accrued management fee
     47,968  
Other accrued expenses and payables
     120,106  
Total liabilities
     294,651  
Net assets, at value
   $ 87,974,209  
Net Assets Consist of
  
Distributions in excess of net investment income
     (53,766 )
Net unrealized appreciation (depreciation) on:
Investments
     10,187,110  
Futures
     74,655  
Accumulated net realized gain (loss)
     (23,168,526 )
Paid-in capital
     100,934,736  
Net assets, at value
   $ 87,974,209  
 
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities as of March 31, 2011 (Unaudited) (continued)
  
Net Asset Value
  
Class A
Net Asset Value and redemption price(a) per share ($7,691,847 ÷ 423,728 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
   $ 18.15  
Maximum offering price per share (100 ÷ 94.25 of $18.15)
   $ 19.26  
Class B
Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($1,540,012 ÷ 94,113 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
   $ 16.36  
Class C
Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($1,015,503 ÷ 61,940 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
   $ 16.39  
Class S
Net Asset Value, offering and redemption price(a) per share ($77,726,847 ÷ 4,161,959 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
   $ 18.68  
 
(a) Redemption price per share for shares held less than 15 days is equal to net asset value less a 2% redemption fee.
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Operations
for the six months ended March 31, 2011 (Unaudited)
  
Investment Income
  
Income:
Dividends (net of foreign taxes withheld of $122)
   $ 581,740  
Income distributions — Central Cash Management Fund
     1,206  
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates
     11,252  
Total income
     594,198  
Expenses:
Management fee
     263,799  
Administration fee
     39,669  
Services to shareholders
     95,039  
Distribution and service fees
     19,836  
Reports to shareholders
     20,462  
Registration fees
     22,854  
Custodian fee
     7,891  
Trustees' fees and expenses
     2,411  
Legal fees
     9,378  
Audit and tax fees
     27,531  
Other
     5,564  
Total expenses before expense reductions
     514,434  
Expense reductions
     (2,230 )
Total expenses after expense reductions
     512,204  
Net investment income (loss)
     81,994  
Realized and Unrealized Gain (Loss)
  
Net realized gain (loss) from:
Investments
     13,188,811  
Futures
     375,305  
      13,564,116  
Change in net unrealized appreciation (depreciation) on:
Investments
     4,336,977  
Futures
     67,255  
      4,404,232  
Net gain (loss)
     17,968,348  
Net increase (decrease) in net assets resulting from operations
   $ 18,050,342  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Changes in Net Assets
Increase (Decrease) in Net Assets
  
Six Months Ended March 31, 2011 (Unaudited)
    
Year Ended September 30, 2010
  
Operations:
Net investment income (loss)
   $ 81,994     $ (17,163 )
Net realized gain (loss)
     13,564,116       11,333,470  
Change in net unrealized appreciation (depreciation)
     4,404,232       (5,180,146 )
Net increase (decrease) in net assets resulting from operations
     18,050,342       6,136,161  
Distributions to shareholders from:
Net investment income:
Class A
     —       (4,034 )
Class S
     (135,760 )     (46,161 )
Total distributions
     (135,760 )     (50,195 )
Fund share transactions:
Proceeds from shares sold
     8,037,690       9,643,542  
Reinvestment of distributions
     130,870       47,700  
Payments for shares redeemed
     (6,848,542 )     (16,722,488 )
Redemption fees
     56       176  
Net increase (decrease) in net assets from Fund share transactions
     1,320,074       (7,031,070 )
Increase (decrease) in net assets
     19,234,656       (945,104 )
Net assets at beginning of period
     68,739,553       69,684,657  
Net assets at end of year (including distributions in excess of net investment income of $53,766 and undistributed net investment income of $0, respectively)
   $ 87,974,209     $ 68,739,553  
 
The accompanying notes are an integral part of the financial statements.
 
Financial Highlights
Class A
Years Ended September 30,
     2011 a     2010       2009       2008       2007       2006  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 14.44     $ 13.24     $ 14.75     $ 21.77     $ 23.27     $ 25.70  
Income (loss) from investment operations:
Net investment income (loss)b
     (.00 )***     (.04 )     .01       (.02 )     (.02 )     (.08 )e
Net realized and unrealized gain (loss)
     3.71       1.25       (1.51 )     (4.09 )     1.19       1.05  
Total from investment operations
     3.71       1.21       (1.50 )     (4.11 )     1.17       .97  
Less distributions from:
Net investment income
     —       (.01 )     (.01 )     —       —       —  
Net realized gains
     —       —       (.00 )***     (2.91 )     (2.67 )     (3.40 )
Total distributions
     —       (.01 )     (.01 )     (2.91 )     (2.67 )     (3.40 )
Redemption fees
     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***
Net asset value, end of period
   $ 18.15     $ 14.44     $ 13.24     $ 14.75     $ 21.77     $ 23.27  
Total Return (%)c
     25.69 d**     9.14 d     (10.10 )d     (21.02 )     4.45       4.41 e
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     8       6       5       6       10       12  
Ratio of expenses before expense reductions (%)
     1.58 *     1.68       1.91       1.58       1.48       1.57  
Ratio of expenses after expense reductions (%)
     1.55 *     1.64       1.52       1.58       1.48       1.57  
Ratio of net investment income (loss) (%)
     (.05 )*     (.29 )     .14       (.13 )     (.12 )     (.37 )e
Portfolio turnover rate (%)
     135 **     297       434       304       202       205  
a For the six months ended March 31, 2011 (Unaudited).
b Based on average shares outstanding during the period.
c Total return does not reflect the effect of any sales charges.
d Total return would have been lower had certain expenses not been reduced.
e 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 Funds. The non-recurring income resulted in an increase in net investment income of $0.001 per share. Excluding this non-recurring income, total return would have remained the same.
* Annualized
** Not annualized
*** Amount is less than $.005.
  
 

Class B
Years Ended September 30,
     2011 a     2010       2009       2008       2007       2006  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 13.07     $ 12.06     $ 13.52     $ 20.32     $ 22.04     $ 24.70  
Income (loss) from investment operations:
Net investment income (loss)b
     (.04 )     (.13 )     (.06 )     (.13 )     (.17 )     (.25 )e
Net realized and unrealized gain (loss)
     3.33       1.14       (1.40 )     (3.76 )     1.12       .99  
Total from investment operations
     3.29       1.01       (1.46 )     (3.89 )     .95       .74  
Less distributions from:
Net realized gains
     —       —       (.00 )***     (2.91 )     (2.67 )     (3.40 )
Redemption fees
     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***
Net asset value, end of period
   $ 16.36     $ 13.07     $ 12.06     $ 13.52     $ 20.32     $ 22.04  
Total Return (%)c,d
     25.17 **     8.37       (10.75 )     (21.49 )     3.62       3.58 e
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     2       1       1       2       3       3  
Ratio of expenses before expense reductions (%)
     2.41 *     2.49       2.87       2.44       2.38       2.39  
Ratio of expenses after expense reductions (%)
     2.30 *     2.39       2.27       2.25       2.25       2.38  
Ratio of net investment income (loss) (%)
     (.80 )*     (1.04 )     (.60 )     (.80 )     (.89 )     (1.18 )e
Portfolio turnover rate (%)
     135 **     297       434       304       202       205  
a For the six months ended March 31, 2011 (Unaudited).
b Based on average shares outstanding during the period.
c Total return does not reflect the effect of any sales charges.
d Total return would have been lower had certain expenses not been reduced.
e 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 Funds. The non-recurring income resulted in an increase in net investment income of $0.001 per share. Excluding this non-recurring income, total return would have remained the same.
* Annualized
** Not annualized
*** Amount is less than $.005.
  
 

Class C
Years Ended September 30,
     2011 a     2010       2009       2008       2007       2006  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 13.09     $ 12.08     $ 13.55     $ 20.39     $ 22.10     $ 24.74  
Income (loss) from investment operations:
Net investment income (loss)b
     (.04 )     (.13 )     (.06 )     (.13 )     (.17 )     (.22 )e
Net realized and unrealized gain (loss)
     3.34       1.14       (1.41 )     (3.80 )     1.13       .98  
Total from investment operations
     3.30       1.01       (1.47 )     (3.93 )     .96       .76  
Less distributions from:
Net realized gains
     —       —       (.00 )***     (2.91 )     (2.67 )     (3.40 )
Redemption fees
     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***
Net asset value, end of period
   $ 16.39     $ 13.09     $ 12.08     $ 13.55     $ 20.39     $ 22.10  
Total Return (%)c
     25.21 d**     8.36 d     (10.80 )d     (21.64 )d     3.66       3.70 e
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     1       1       1       1       2       2  
Ratio of expenses before expense reductions (%)
     2.38 *     2.41       2.77       2.35       2.23       2.27  
Ratio of expenses after expense reductions (%)
     2.30 *     2.39       2.27       2.35       2.23       2.27  
Ratio of net investment income (loss) (%)
     (.80 )*     (1.04 )     (.60 )     (.90 )     (.87 )     (1.07 )e
Portfolio turnover rate (%)
     135 **     297       434       304       202       205  
a For the six months ended March 31, 2011 (Unaudited).
b Based on average shares outstanding during the period.
c Total return does not reflect the effect of any sales charges.
d Total return would have been lower had certain expenses not been reduced.
e 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 Funds. The non-recurring income resulted in an increase in net investment income of $0.001 per share. Excluding this non-recurring income, total return would have remained the same.
* Annualized
** Not annualized
*** Amount is less than $.005.
  
 

Class S
Years Ended September 30,
     2011 a     2010       2009       2008       2007       2006  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 14.86     $ 13.58     $ 15.20     $ 22.31     $ 23.71     $ 26.04  
Income (loss) from investment operations:
Net investment income (loss)b
     .02       .00 ***     .02       .04       .06       .01 d
Net realized and unrealized gain (loss)
     3.83       1.29       (1.59 )     (4.18 )     1.21       1.06  
Total from investment operations
     3.85       1.29       (1.57 )     (4.14 )     1.27       1.07  
Less distributions from:
Net investment income
     (.03 )     (.01 )     (.05 )     (.06 )     —       —  
Net realized gains
     —       —       (.00 )***     (2.91 )     (2.67 )     (3.40 )
Total distributions
     (.03 )     (.01 )     (.05 )     (2.97 )     (2.67 )     (3.40 )
Redemption fees
     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***
Net asset value, end of period
   $ 18.68     $ 14.86     $ 13.58     $ 15.20     $ 22.31     $ 23.71  
Total Return (%)
     25.95 **     9.51       (10.20 )     (20.64 )     4.82 c     4.82 c,d
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     78       61       62       74       126       138  
Ratio of expenses before expense reductions (%)
     1.23 *     1.31       1.52       1.21       1.15       1.19  
Ration of expenses after expense reductions (%)
     1.23 *     1.31       1.52       1.21       1.09       1.17  
Ratio of net investment income (loss) (%)
     .26 *     .04       .15       .24       .27       .03 d
Portfolio turnover rate (%)
     135 **     297       434       304       202       205  
a For the six months ended March 31, 2011 (Unaudited).
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 Funds. The non-recurring income resulted in an increase in net investment income of $0.001 per share. Excluding this non-recurring income, total return would have remained the same.
* Annualized
** Not annualized
*** Amount is less than $.005.
  
 
Notes to Financial Statements (Unaudited)
 
A. Organization and Significant Accounting Policies
 
DWS Small Cap Core Fund (the "Fund") is a diversified series of DWS Investment Trust (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust.
 
The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are offered to investors subject to an initial sales charge. Class B shares of the Fund are closed to new purchases, except exchanges or the reinvestment of dividends or other distributions. Class B shares were offered to investors without an initial sales charge and 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 automatically convert into another class. Class S shares are not subject to initial or contingent deferred sales charges and are generally not available to new investors except under certain circumstances.
 
Investment income, realized and unrealized gains and losses and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.
 
The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America 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.
 
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
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 they trade and are categorized as Level 1 securities. 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.
 
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
 
Money market instruments purchased with an original or remaining maturity of sixty days or less, maturing at par, are valued at amortized cost, which approximates value, and are categorized as Level 2. Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.
 
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund's valuation procedures, factors used in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold and with respect to debt securities; the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
 
Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.
 
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.
 
At September 30, 2010, the Fund had a net tax basis capital loss carryforward of approximately $36,498,000, which may be applied against any realized net taxable gains of each succeeding year until fully utilized or until September 30, 2017 ($24,146,000) and September 30, 2018, ($12,352,000), the respective expiration dates, whichever occurs first.
 
On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the "Act") was enacted. Under the Act, net capital losses may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. As a result of this ordering rule, pre-enactment capital loss carryforwards may expire unused, whereas under the previous rules these losses may have been utilized. This change is effective for fiscal years beginning after the date of enactment.
 
The Fund has reviewed the tax positions for the open tax years as of September 30, 2010 and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.
 
Distribution of Income and Gains. Net investment income of the Fund, if any, is declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually.
 
The timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to net investment losses incurred by the Fund and certain securities sold at loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.
 
The tax character of current year distributions will be determined at the end of the current fiscal year.
 
Redemption Fees. The Fund imposes a redemption fee of 2% of the total redemption amount on all 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.
 
Real Estate Investment Trusts. The Fund periodically recharacterizes distributions received from a Real Estate Investment Trust ("REIT") investment based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available timely from a REIT, the recharacterization will be estimated and a recharacterization will be made in the following year when such information becomes available. Distributions received from REITs in excess of income are recorded as either a reduction of cost of investments or realized gains. The Fund distinguishes between dividends on a tax basis and a financial reporting basis and only distributions in excess of tax basis earnings and profits are reported in the financial statements as a tax return of capital for tax reporting purposes.
 
Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset valuation calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis.
 
B. Derivative Instruments
 
Futures Contracts. A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). For the six months ended March 31, 2011, the Fund entered into futures contracts to keep cash on hand to meet shareholder redemptions or other needs, while maintaining exposure to the market.
 
Futures contracts are valued at the most recent settlement price. Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary cash or securities ("initial margin") in an amount equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments ("variation margin") are made or received by the Fund dependent upon the daily fluctuations in the value and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. Gains or losses are realized when the contract expires or is closed. Since all futures contracts are exchange traded, counterparty risk is minimized as the exchange's clearinghouse acts as the counterparty, and guarantees the futures against default.
 
Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund's ability to close out a futures contract prior to the settlement date and the risk that the futures contract is not well correlated with the security, index or currency to which it relates. Risk of loss may exceed amounts recognized in the Statement of Assets and Liabilities.
 
A summary of the open futures contracts as of March 31, 2011 is included in a table following the Fund's Investment Portfolio. For the six months ended March 31, 2011, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $270,000 to $1,263,000.
 
The following tables summarize the value of the Fund's derivative instruments held as of March 31, 2011 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivative
  
Futures Contracts
  
Equity Contracts (a)
   $ 74,655  
 
The above derivative is located in the following Statement of Assets and Liabilities account:
 
(a) Includes cumulative appreciation of futures contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.
 
Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the six months ended March 31, 2011 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
Realized Gain (Loss)
  
Futures Contracts
  
Equity Contracts (a)
   $ 375,305  
 
The above derivative is located in the following Statement of Operations account:
 
(a) Net realized gain (loss) from futures
Change in Net Unrealized Appreciation (Depreciation)
  
Futures Contracts
  
Equity Contracts (a)
   $ 67,255  
 
The above derivative is located in the following Statement of Operations account:
 
(a) Change in net unrealized appreciation (depreciation) on futures
 
C. Purchases and Sales of Securities
 
During the six months ended March 31, 2011, purchases and sales of investment securities (excluding short-term investments) aggregated $105,480,922 and $105,258,062, respectively.
 
D. Related Parties
 
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 or delegates such responsibility to the Fund's subadvisor.
 
QS Investors, LLC ("QS Investors") serves as subadvisor with respect to the investment and reinvestment of assets in the Fund, and is paid by the Advisor for its services.
 
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:
First $500 million of the Fund's average daily net assets
     .665 %
Next $500 million of such net assets
     .615 %
Over $1.0 billion of such net assets
     .565 %
 
Accordingly, for the six months ended March 31, 2011, the fee pursuant to the management agreement was equivalent to an annualized effective rate of 0.665% of the Fund's average daily net assets.
 
For the period from October 1, 2010 through September 30, 2011, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of each class as follows:
Class A
1.55%
Class B
2.30%
Class C
2.30%
Class S
1.30%
 
Administration Fee. Pursuant to an Administrative Service Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended March 31, 2011, the Administration Fee was $39,669, of which $7,213 is unpaid.
 
Service Provider Fees. DWS Investments Service Company ("DISC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent of the Fund. Pursuant to a sub-transfer agency agreement between DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended March 31, 2011, the amounts charged to the Fund by DISC were as follows:
Services to Shareholders
  
Total Aggregated
    
Waived
    
Unpaid at March 31, 2011
  
Class A
   $ 8,284     $ 1,083     $ 4,322  
Class B
     2,640       817       1,220  
Class C
     1,229       330       530  
Class S
     67,127       —       35,919  
    $ 79,280     $ 2,230     $ 41,991  
 
Distribution and Service Fees. Under the Fund's Class B and C 12b-1 plans, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee") of 0.75% of average daily net assets of each of Class B and C shares. In accordance with the Fund's Underwriting and Distribution Services Agreement, DIDI enters into related selling group agreements with various firms at various rates for sales of Class B and C shares. For the six months ended March 31, 2011, the Distribution Fee was as follows:
Distribution Fee
  
Total Aggregated
    
Unpaid at March 31, 2011
  
Class B
   $ 5,434     $ 960  
Class C
     3,220       568  
    $ 8,654     $ 1,528  
 
In addition, DIDI provides information and administrative services for a fee ("Service Fee") to Class A, B and C shareholders at an annual rate of up to 0.25% of average daily net assets for each such class. DIDI 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 six months ended March 31, 2011, the Service Fee was as follows:
Service Fee
  
Total Aggregated
    
Unpaid at March 31, 2011
    
Annualized Effective Rate
  
Class A
   $ 8,310     $ 4,061       .24 %
Class B
     1,804       920       .25 %
Class C
     1,068       532       .25 %
    $ 11,182     $ 5,513          
 
Underwriting Agreement and Contingent Deferred Sales Charge. DIDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the six months ended March 31, 2011 aggregated $474.
 
In addition, DIDI 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 six months ended March 31, 2011, the CDSC for Class B and Class C shares aggregated $288 and $15, respectively. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares.
 
Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the six months ended March 31, 2011, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $10,319, of which $5,769 is unpaid.
 
Trustees' Fees and Expenses. The Fund paid each Trustee not affiliated with the Advisor retainer fees plus specified amounts for various committee services and for the Board Chairperson.
 
Affiliated Cash Management Vehicle. The Fund may invest uninvested cash balances in Central Cash Management Fund, which is managed by the Advisor. The Fund indirectly bears its proportionate share of the expenses of Central Cash Management Fund. Central Cash Management Fund does not pay the Advisor an investment management fee. Central Cash Management Fund seeks a high level of current income consistent with liquidity and the preservation of capital.
 
E. Line of Credit
 
The Fund and other affiliated funds (the "Participants") share in a $450 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if LIBOR exceeds the Federal Funds Rate the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement.
 
F. Share Transactions
 
The following table summarizes share and dollar activity in the Fund:
   
Six Months Ended
March 31, 2011
    
Year Ended
September 30, 2010
  
   
Shares
    
Dollars
    
Shares
    
Dollars
  
Shares sold
  
Class A
     78,787     $ 1,316,822       137,521     $ 1,933,654  
Class B
     1,754       26,859       15,470       189,480  
Class C
     11,742       180,527       9,217       117,733  
Class S
     392,397       6,513,482       519,660       7,402,675  
            $ 8,037,690             $ 9,643,542  
Shares issued to shareholders in reinvestment of distributions
  
Class A
     —     $ —       233     $ 3,151  
Class S
     7,691       130,870       3,207       44,549  
            $ 130,870             $ 47,700  
Shares redeemed
  
Class A
     (63,607 )   $ (1,057,293 )     (141,931 )   $ (1,927,720 )
Class B
     (9,045 )     (136,704 )     (27,218 )     (344,095 )
Class C
     (8,589 )     (128,131 )     (14,613 )     (180,271 )
Class S
     (325,355 )     (5,526,414 )     (1,006,397 )     (14,270,402 )
            $ (6,848,542 )           $ (16,722,488 )
Redemption fees
           $ 56             $ 176  
Net increase (decrease)
  
Class A
     15,180     $ 259,529       (4,177 )   $ 9,092  
Class B
     (7,291 )     (109,845 )     (11,748 )     (154,615 )
Class C
     3,153       52,436       (5,396 )     (62,535 )
Class S
     74,733       1,117,954       (483,530 )     (6,823,012 )
            $ 1,320,074             $ (7,031,070 )
 
Summary of Management Fee Evaluation by Independent Fee Consultant
 
October 3, 2010
 
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 Funds (formerly 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 2010, including my qualifications, the evaluation process for each of the DWS Funds, consideration of certain complex-level factors, and my conclusions. I served in substantially the same capacity in 2007, 2008, and 2009.
 
Qualifications
 
For more than 35 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 ten 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 and have served in various leadership and financial oversight capacities with non-profit organizations.
 
Evaluation of Fees for each DWS Fund
 
My work focused primarily on evaluating, fund-by-fund, the fees charged to each of the 118 publicly offered Fund portfolios in the DWS 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 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.
 
Fees and Expenses Compared with Other Funds
 
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's Fees for Similar Services to Others
 
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 Fund. These similar products included the other DWS 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.
 
Costs and Profit Margins
 
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
 
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 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.
 
Quality of Service — Performance
 
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.
 
Complex-Level Considerations
 
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 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 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.
 
Findings
 
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 Funds are reasonable.
Thomas H. Mack
 
Account Management Resources
 
For More Information
  
The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, 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 Investments representative by calling the appropriate number below:
For shareholders of Classes A, B and C:
(800) 621-1048
For shareholders of Class S:
(800) 728-3337
Web Site
  
www.dws-investments.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 Investments
PO Box 219151
Kansas City, MO 64121-9151
Proxy Voting
  
The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — www.dws-investments.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 Investments Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808
(800) 621-1148
 

   
Class A
Class B
Class C
Class S
Nasdaq Symbol
  
SZCAX
SZCBX
SZCCX
SSLCX
CUSIP Number
  
23338J 681
23338J 673
23338J 665
23338J 640
Fund Number
  
439
639
739
2339
 
Privacy Statement
FACTS
  
What Does DWS Investments Do With Your Personal Information?
Why?
  
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
What?
  
The types of personal information we collect and share can include:
• Social Security number
• Account balances
• Purchase and transaction history
• Bank account information
• Contact information such as mailing address, e-mail address and telephone number
How?
  
All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information, the reasons DWS Investments chooses to share and whether you can limit this sharing.
 

Reasons we can share your personal information
Does DWS Investments share?
Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations
Yes
No
For our marketing purposes — to offer our products and services to you
Yes
No
For joint marketing with other financial companies
No
We do not share
For our affiliates' everyday business purposes — information about your transactions and experiences
No
We do not share
For our affiliates' everyday business purposes — information about your creditworthiness
No
We do not share
For non-affiliates to market to you
No
We do not share
 

Questions?
Call (800) 621-1048 or e-mail us at dws-investments.info@dws.com
 

Who we are
Who is providing this notice?
DWS Investments Distributors, Inc.; Deutsche Investment Management Americas, Inc.; DeAM Investor Services, Inc.; DWS Trust Company; the DWS Funds
What we do
How does DWS Investments protect my personal information?
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does DWS Investments collect my personal information?
We collect your personal information, for example. When you:
• open an account
• give us your contact information
• provide bank account information for ACH or wire transactions
• tell us where to send money
• seek advice about your investments
Why can't I limit all sharing?
Federal law gives you the right to limit only
• sharing for affiliates' everyday business purposes — information about your creditworthiness
• affiliates from using your information to market to you
• sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates
Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank ("DB") name, such as DB AG Frankfurt and DB Alex Brown.
Non-affiliates
Companies not related by common ownership or control. They can be financial and non-financial companies.
Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.
Joint marketing
A formal agreement between non-affiliated financial companies that together market financial products or services to you. DWS Investments does not jointly market.
 

 
Rev. 09/2010
 
 
 
   
ITEM 2.
CODE OF ETHICS
   
 
Not applicable.
   
ITEM 3.
AUDIT COMMITTEE FINANCIAL EXPERT
   
 
Not applicable
   
ITEM 4.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
   
 
Not applicable
   
ITEM 5.
AUDIT COMMITTEE OF LISTED REGISTRANTS
   
 
Not applicable
   
ITEM 6.
SCHEDULE OF INVESTMENTS
   
 
Not applicable
   
ITEM 7.
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
   
 
Not applicable
   
ITEM 8.
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
   
 
Not applicable
   
ITEM 9.
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
   
 
Not applicable
   
ITEM 10.
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
   
 
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board.  The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Paul K. Freeman, Independent Chairman, DWS Funds, P.O. Box 101833, Denver, CO 80250-1833.
   
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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
   
ITEM 12.
EXHIBITS
   
 
(a)(1)
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-CSRS Item F

SIGNATURES

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

Registrant:
DWS Small Cap Core Fund, a series of DWS Investment Trust
   
   
By:
/s/Michael G. Clark
Michael G. Clark
President
   
Date:
May 31, 2011

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.


By:
/s/Michael G. Clark
Michael G. Clark
President
   
Date:
May 31, 2011
   
   
   
By:
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
   
Date:
May 31, 2011

EX-99.CERT 2 ex99cert.htm CERTIFICATION ex99cert.htm

 
President
Form N-CSRS Certification under Sarbanes Oxley Act


I, Michael G. Clark, certify that:

1.  
I have reviewed this report, filed on behalf of DWS Small Cap Core Fund, a series of DWS Investment Trust, on Form N-CSRS;

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)  
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)  
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

May 31, 2011
/s/Michael G. Clark
 
Michael G. Clark
 
President
 
Chief Financial Officer and Treasurer
Form N-CSRS Certification under Sarbanes Oxley Act


I, Paul Schubert, certify that:

1.  
I have reviewed this report, filed on behalf of DWS Small Cap Core Fund, a series of DWS Investment Trust, on Form N-CSRS;

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)  
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)  
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

May 31, 2011
/s/Paul Schubert
 
Paul Schubert
 
Chief Financial Officer and Treasurer

EX-99.906 CERT 3 ex99906cert.htm 906 CERTIFICATION ex99906cert.htm
President
Section 906 Certification under Sarbanes Oxley Act


I, Michael G. Clark, certify that:

1.  
I have reviewed this report, filed on behalf of DWS Small Cap Core Fund, a series of DWS Investment Trust, on Form N-CSRS;

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


May 31, 2011
/s/Michael G. Clark
 
Michael G. Clark
 
President




 
Chief Financial Officer and Treasurer
Section 906 Certification under Sarbanes Oxley Act


I, Paul Schubert, certify that:

1.  
I have reviewed this report, filed on behalf of DWS Small Cap Core Fund, a series of DWS Investment Trust, on Form N-CSRS;

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


May 31, 2011
/s/Paul Schubert
 
Paul Schubert
 
Chief Financial Officer and Treasurer

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