N-CSRS 1 sr033111scg.htm DWS SMALL CAP GROWTH FUND sr033111scg.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 Growth Fund
 
Contents
4 Performance Summary
7 Information About Your Fund's Expenses
9 Portfolio Summary
11 Investment Portfolio
16 Statement of Assets and Liabilities
18 Statement of Operations
19 Statement of Changes in Net Assets
20 Financial Highlights
25 Notes to Financial Statements
33 Summary of Management Fee Evaluation by Independent Fee Consultant
37 Account Management Resources
38 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.
 
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
26.60%
32.16%
5.79%
-0.63%
2.49%
  
Class B
26.04%
30.80%
4.91%
-1.44%
1.70%
  
Class C
26.13%
31.04%
4.97%
-1.40%
1.72%
  
Adjusted for the Maximum Sales Charge
            
Class A (max 5.75% load)
19.32%
24.56%
3.72%
-1.80%
1.89%
  
Class B (max 4.00% CDSC)
22.04%
27.80%
4.30%
-1.61%
1.70%
  
Class C (max 1.00% CDSC)
25.13%
31.04%
4.97%
-1.40%
1.72%
  
No Sales Charges
          
Life of Class S and Institutional Class*
Class S
26.72%
32.32%
6.05%
-0.38%
N/A
2.88%
Institutional Class
26.96%
32.66%
6.11%
-0.33%
N/A
2.92%
Russell 2000® Growth Index+
27.93%
31.04%
10.16%
4.34%
6.44%
6.39%
 
Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.
 
‡ Total returns shown for periods less than one year are not annualized.
 
* Class S and Institutional Class shares commenced operations on December 20, 2004. Index returns began on December 31, 2004.
 
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 1.52%, 2.56%, 2.32%, 1.19 and 1.00% for Class A, Class B, Class C, Class S and Institutional Class 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 period prior to their inception on June 28, 2002 are derived from the historical performance of Investment Class shares of DWS Small Cap Growth Fund during the period and have been adjusted to reflect the higher total annual operating expenses of each specific class. Any difference in expenses will affect performance. On October 20, 2006, Investment Class shares merged into Class S shares.
Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge)
[] DWS Small Cap Growth Fund — Class A
[] Russell 2000 Growth 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 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 Growth Index is an unmanaged, capitalization-weighted measure of 2,000 of the smallest capitalized US companies with a greater-than-average growth orientation and whose common stocks trade on the NYSE, NYSE Alternext US (formerly known as "AMEX") and Nasdaq.
Net Asset Value
  
   
Class A
    
Class B
    
Class C
    
Class S
    
Institutional Class
  
Net Asset Value:
3/31/11
   $ 23.18     $ 21.49     $ 21.53     $ 23.57     $ 23.64  
9/30/10
   $ 18.31     $ 17.05     $ 17.07     $ 18.60     $ 18.62  
 

Lipper Rankings — Small-Cap Growth Funds Category as of 3/31/11
Period
Rank
  
Number of Fund Classes Tracked
Percentile Ranking (%)
Class A
1-Year
196
of
507
39
3-Year
379
of
455
84
5-Year
375
of
392
96
Class B
1-Year
239
of
507
48
3-Year
406
of
455
90
5-Year
386
of
392
99
Class C
1-Year
232
of
507
46
3-Year
404
of
455
89
5-Year
385
of
392
98
Class S
1-Year
187
of
507
37
3-Year
373
of
455
82
5-Year
372
of
392
95
Institutional Class
1-Year
177
of
507
35
3-Year
369
of
455
81
5-Year
371
of
392
95
 
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 B shares limited these expenses; had it 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
    
Institutional Class
  
Beginning Account Value 10/1/10
   $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00  
Ending Account Value 3/31/11
   $ 1,266.00     $ 1,260.40     $ 1,261.30     $ 1,267.20     $ 1,269.60  
Expenses Paid per $1,000*
   $ 8.30     $ 13.24     $ 12.80     $ 7.29     $ 5.55  
Hypothetical 5% Fund Return
  
Class A
    
Class B
    
Class C
    
Class S
    
Institutional Class
  
Beginning Account Value 10/1/10
   $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00  
Ending Account Value 3/31/11
   $ 1,017.60     $ 1,013.21     $ 1,013.61     $ 1,018.50     $ 1,020.04  
Expenses Paid per $1,000*
   $ 7.39     $ 11.80     $ 11.40     $ 6.49     $ 4.94  
 
* 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
Institutional Class
DWS Small Cap Growth Fund
1.47%
2.35%
2.27%
1.29%
.98%
 
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
97%
97%
Cash Equivalents
3%
3%
 
100%
100%
 

Sector Diversification (As a % of Common Stocks and Warrants)
3/31/11
9/30/10
     
Information Technology
27%
26%
Health Care
20%
20%
Industrials
16%
15%
Consumer Discretionary
15%
16%
Energy
9%
8%
Financials
6%
6%
Consumer Staples
4%
4%
Materials
3%
4%
Telecommunications Services
—
1%
 
100%
100%
 
Asset allocation and sector diversification are subject to change.
Ten Largest Equity Holdings at March 31, 2011 (16.7% of Net Assets)
1. Questcor Pharmaceuticals, Inc.
Develops and commercializes novel central-nervous-system-focused therapeutics that address significant unmet medical needs
2.2%
2. SXC Health Solutions Corp.
Provides pharmacy services and health care
1.9%
3. Dollar Financial Corp.
Provides check-cashing, short-term consumer loans, money orders and money transfers through its network of company-operated stores
1.8%
4. Portfolio Recovery Associates, Inc.
Provides outsourced receivables management
1.8%
5. DSW, Inc.
A specialty branded footwear retailer
1.6%
6. Sauer-Danfoss, Inc.
Designs, manufactures, and sells hydraulic systems and components for off-highway mobile equipment
1.6%
7. Dril-Quip, Inc.
Designer and manufacturer of offshore drilling and production equipment
1.5%
8. Terex Corp.
Diversified global manufacturer in mining and heavy-duty trucks and cranes
1.5%
9. Cinemark Holdings, Inc.
Operates movie theaters
1.4%
10. Forrester Research, Inc.
An independent research firm that analyzes the future of technology change and its impact on businesses, consumers and society
1.4%
 
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 96.7%
  
Consumer Discretionary 15.0%
  
Auto Components 0.9%
  
Gentex Corp.
     29,800       901,450  
Hotels Restaurants & Leisure 1.7%
  
Buffalo Wild Wings, Inc.* (a)
     20,790       1,131,600  
Red Robin Gourmet Burgers, Inc.* (a)
     24,201       651,007  
              1,782,607  
Internet & Catalog Retail 0.8%
  
Shutterfly, Inc.*
     16,687       873,731  
Media 1.5%
  
Cinemark Holdings, Inc. (a)
     77,900       1,507,365  
Specialty Retail 7.3%
  
Advance Auto Parts, Inc.
     21,400       1,404,268  
Children's Place Retail Stores, Inc.*
     24,700       1,230,801  
DSW, Inc. "A"* (a)
     42,300       1,690,308  
Guess?, Inc. (a)
     33,800       1,330,030  
hhgregg, Inc.* (a)
     54,220       726,006  
Ulta Salon, Cosmetics & Fragrance, Inc.* (a)
     25,682       1,236,074  
              7,617,487  
Textiles, Apparel & Luxury Goods 2.8%
  
Carter's, Inc.* (a)
     24,200       692,846  
Deckers Outdoor Corp.* (a)
     13,671       1,177,757  
True Religion Apparel, Inc.* (a)
     44,392       1,041,880  
              2,912,483  
Consumer Staples 2.7%
  
Food Products
  
Diamond Foods, Inc. (a)
     25,800       1,439,640  
Green Mountain Coffee Roasters, Inc.* (a)
     20,715       1,338,396  
              2,778,036  
Energy 8.6%
  
Energy Equipment & Services 2.7%
  
Complete Production Services, Inc.*
     39,535       1,257,608  
Dril-Quip, Inc.* (a)
     19,671       1,554,599  
              2,812,207  
Oil, Gas & Consumable Fuels 5.9%
  
Approach Resources, Inc.*
     25,232       847,795  
Carrizo Oil & Gas, Inc.* (a)
     35,832       1,323,276  
Clean Energy Fuels Corp.* (a)
     43,211       707,796  
Cloud Peak Energy, Inc.*
     38,212       824,997  
Northern Oil & Gas, Inc.* (a)
     39,377       1,051,366  
Rosetta Resources, Inc.* (a)
     30,127       1,432,238  
              6,187,468  
Financials 5.8%
  
Capital Markets 1.3%
  
Stifel Financial Corp.* (a)
     19,300       1,385,547  
Commercial Banks 0.9%
  
Prosperity Bancshares, Inc.
     21,800       932,386  
Consumer Finance 1.8%
  
Dollar Financial Corp.* (a)
     89,326       1,853,514  
Diversified Financial Services 1.8%
  
Portfolio Recovery Associates, Inc.* (a)
     21,551       1,834,637  
Health Care 18.9%
  
Biotechnology 2.8%
  
Halozyme Therapeutics, Inc.* (a)
     117,000       785,070  
ImmunoGen, Inc.* (a)
     73,200       663,924  
Onyx Pharmaceuticals, Inc.*
     13,888       488,580  
Regeneron Pharmaceuticals, Inc.* (a)
     22,183       996,904  
              2,934,478  
Health Care Equipment & Supplies 5.3%
  
Accuray, Inc.*
     95,416       861,607  
American Medical Systems Holdings, Inc.* (a)
     36,583       791,656  
Kinetic Concepts, Inc.* (a)
     25,500       1,387,710  
Merit Medical Systems, Inc.*
     35,120       689,054  
NxStage Medical, Inc.*
     20,755       456,195  
Synovis Life Technologies, Inc.*
     20,066       384,866  
Thoratec Corp.*
     34,700       899,771  
              5,470,859  
Health Care Providers & Services 3.6%
  
Centene Corp.*
     35,897       1,183,883  
ExamWorks Group, Inc.* (a)
     48,257       1,072,753  
Gentiva Health Services, Inc.*
     18,472       517,770  
Universal American Financial Corp. (a)
     43,465       995,783  
              3,770,189  
Health Care Technology 1.9%
  
SXC Health Solutions Corp.*
     35,759       1,959,593  
Life Sciences Tools & Services 0.4%
  
QIAGEN NV* (a)
     22,396       449,040  
Pharmaceuticals 4.9%
  
Auxilium Pharmaceuticals, Inc.* (a)
     34,026       730,538  
Flamel Technologies SA (ADR)* (a)
     67,619       406,390  
Pacira Pharmaceuticals, Inc.*
     57,266       406,589  
Par Pharmaceutical Companies, Inc.*
     27,900       867,132  
Questcor Pharmaceuticals, Inc.* (a)
     157,700       2,272,457  
VIVUS, Inc.* (a)
     67,653       418,772  
              5,101,878  
Industrials 15.1%
  
Aerospace & Defense 2.3%
  
AAR Corp.* (a)
     39,842       1,104,420  
BE Aerospace, Inc.*
     35,840       1,273,395  
              2,377,815  
Commercial Services & Supplies 0.8%
  
EnerNOC, Inc.* (a)
     41,600       794,976  
Construction & Engineering 1.0%
  
MYR Group, Inc.* (a)
     42,468       1,015,835  
Electrical Equipment 1.4%
  
General Cable Corp.* (a)
     33,632       1,456,266  
Machinery 6.2%
  
Altra Holdings, Inc.*
     38,632       912,488  
Ampco-Pittsburgh Corp.
     23,120       637,649  
Columbus McKinnon Corp.*
     31,576       582,893  
RBC Bearings, Inc.* (a)
     28,212       1,078,545  
Sauer-Danfoss, Inc.*
     33,061       1,683,797  
Terex Corp.*
     41,200       1,526,048  
              6,421,420  
Professional Services 1.3%
  
TrueBlue, Inc.*
     82,723       1,388,919  
Road & Rail 1.0%
  
Genesee & Wyoming, Inc. "A"* (a)
     18,781       1,093,054  
Trading Companies & Distributors 1.1%
  
United Rentals, Inc.* (a)
     35,553       1,183,204  
Information Technology 26.3%
  
Communications Equipment 3.5%
  
Aruba Networks, Inc.* (a)
     27,094       916,861  
Comverse Technology, Inc.*
     84,597       635,323  
Polycom, Inc.*
     14,223       737,462  
Riverbed Technology, Inc.*
     22,255       837,901  
Sandvine Corp.*
     17,953       45,369  
Sycamore Networks, Inc. (a)
     18,300       447,069  
              3,619,985  
Electronic Equipment, Instruments & Components 2.7%
  
Cognex Corp.
     28,428       803,091  
Coherent, Inc.*
     22,563       1,311,136  
Itron, Inc.*
     12,570       709,451  
              2,823,678  
Internet Software & Services 2.0%
  
Digital River, Inc.* (a)
     20,478       766,492  
MercadoLibre, Inc. (a)
     9,550       779,566  
NIC, Inc.
     46,800       583,128  
              2,129,186  
IT Services 5.9%
  
Cardtronics, Inc.*
     46,200       940,170  
FleetCor Technologies, Inc.*
     24,460       798,863  
Forrester Research, Inc. (a)
     38,778       1,484,810  
iGATE Corp. (a)
     54,352       1,020,187  
Syntel, Inc.
     20,325       1,061,575  
Telvent GIT SA* (a) (b)
     28,800       838,368  
              6,143,973  
Semiconductors & Semiconductor Equipment 4.2%
  
Cavium Networks, Inc.* (a)
     30,753       1,381,732  
Netlogic Microsystems, Inc.* (a)
     31,648       1,329,849  
Novellus Systems, Inc.*
     23,705       880,167  
TriQuint Semiconductor, Inc.*
     56,444       728,692  
              4,320,440  
Software 8.0%
  
CommVault Systems, Inc.*
     26,036       1,038,316  
Compuware Corp.* (a)
     68,211       787,837  
Concur Technologies, Inc.* (a)
     21,294       1,180,752  
NICE Systems Ltd. (ADR)*
     25,640       947,142  
OPNET Technologies, Inc.
     18,039       703,341  
QLIK Technologies, Inc.*
     25,489       662,714  
Taleo Corp. "A"* (a)
     34,147       1,217,341  
TiVo, Inc.* (a)
     32,603       285,602  
Ultimate Software Group, Inc.*
     15,113       887,889  
VanceInfo Technologies, Inc. (ADR)*
     20,850       654,898  
              8,365,832  
Materials 4.3%
  
Chemicals 1.7%
  
Solutia, Inc.*
     40,955       1,040,257  
STR Holdings, Inc.* (a)
     40,618       779,053  
              1,819,310  
Metals & Mining 1.9%
  
Molycorp, Inc.* (a)
     16,693       1,001,914  
Thompson Creek Metals Co., Inc.* (a)
     78,900       989,406  
              1,991,320  
Paper & Forest Products 0.7%
  
Schweitzer-Mauduit International, Inc.
     13,864       701,657  
Total Common Stocks (Cost $70,729,460)
       100,711,825  
   
Securities Lending Collateral 42.8%
  
Daily Assets Fund Institutional, 0.22% (c) (d) (Cost $44,589,052)
     44,589,052       44,589,052  
Cash Equivalents 3.3%
  
Central Cash Management Fund, 0.17% (c) (Cost $3,396,028)
     3,396,028       3,396,028  
 

   
% of Net Assets
    
Value ($)
  
       
Total Investment Portfolio (Cost $118,714,540)+
     142.8       148,696,905  
Other Assets and Liabilities, Net
     (42.8 )     (44,599,307 )
Net Assets
     100.0       104,097,598  
 
* Non-income producing security.
 
+ The cost for federal income tax purposes was $119,018,212. At March 31, 2011, net unrealized appreciation for all securities based on tax cost was $29,678,693. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $31,198,202 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,519,509.
 
(a) All or a portion of these securities were on loan amounting to $43,524,503. In addition, included in other assets and liabilities, net of pending sales, amounting to $78,446, that are also on loan (see Notes to Financial Statements). The value of all securities loaned at March 31, 2011 amounted to $43,602,949, which is 41.9% of net assets.
 
(b) Listed on the NASDAQ Stock Market, Inc.
 
(c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
 
(d) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
 
ADR: American Depositary Receipt
 
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 (e)
   $ 100,711,825     $ —     $ —     $ 100,711,825  
Short-Term Investments (e)
     47,985,080       —       —       47,985,080  
Total
   $ 148,696,905     $ —     $ —     $ 148,696,905  
 
There have been no significant transfers between Level 1 and Level 2 fair value measurements during the period ended March 31, 2011.
 
(e) See Investment Portfolio for additional detailed categorizations.
 
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 $70,729,460) — including $43,524,503 of securities loaned
   $ 100,711,825  
Investment in Daily Assets Fund Institutional (cost $44,589,052)*
     44,589,052  
Investment in Central Cash Management Fund (cost $3,396,028)
     3,396,028  
Total investments, at value (cost $118,714,540)
     148,696,905  
Cash
     10,000  
Receivable for investments sold
     899,638  
Receivable for Fund shares sold
     68,820  
Interest receivable
     6,538  
Dividends receivable
     13,843  
Other assets
     45,858  
Total assets
     149,741,602  
Liabilities
  
Payable upon return of securities loaned
     44,589,052  
Payable for investments purchased
     654,132  
Payable for Fund shares redeemed
     165,570  
Accrued management fee
     55,609  
Other accrued expenses and payables
     179,641  
Total liabilities
     45,644,004  
Net assets, at value
   $ 104,097,598  
Net Assets Consist of
  
Net investment loss
     (176,826 )
Net unrealized appreciation (depreciation) on investments
     29,982,365  
Accumulated net realized gain (loss)
     (27,348,223 )
Paid-in capital
     101,640,282  
Net assets, at value
   $ 104,097,598  
 
* Represents collateral on securities loaned.
 
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 ($32,938,474 ÷ 1,421,050 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)
   $ 23.18  
Maximum offering price per share (100 ÷ 94.25 of $23.18)
   $ 24.59  
Class B
Net Asset Value, offering and redemption price(a) per share ($581,846 ÷ 27,076 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)
   $ 21.49  
Class C
Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($5,414,642 ÷ 251,493 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)
   $ 21.53  
Class S
Net Asset Value, offering and redemption price(a) per share ($58,208,919 ÷ 2,469,129 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)
   $ 23.57  
Institutional Class
Net Asset Value, offering and redemption price(a) per share ($6,953,717 ÷ 294,180 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)
   $ 23.64  
 
(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
   $ 441,675  
Income distributions — Central Cash Management Fund
     2,658  
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates
     37,987  
Total income
     482,320  
Expenses:
Management fee
     309,285  
Administration fee
     47,582  
Services to shareholders
     142,722  
Distribution and service fees
     63,668  
Registration fees
     26,327  
Custodian fee
     5,485  
Professional fees
     35,240  
Reports to shareholders
     21,630  
Trustees' fees and expenses
     1,712  
Other
     6,273  
Total expenses before expense reductions
     659,924  
Expense reductions
     (778 )
Total expenses after expense reductions
     659,146  
Net investment income (loss)
     (176,826 )
Realized and Unrealized Gain (Loss)
  
Net realized gain (loss) from:
Investments
     13,804,504  
Change in net unrealized appreciation (depreciation) on investments
     8,611,813  
Net gain (loss)
     22,416,317  
Net increase (decrease) in net assets resulting from operations
   $ 22,239,491  
 
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)
   $ (176,826 )   $ (601,669 )
Net realized gain (loss)
     13,804,504       8,407,191  
Change in net unrealized appreciation (depreciation)
     8,611,813       6,850,727  
Net increase (decrease) in net assets resulting from operations
     22,239,491       14,656,249  
Fund share transactions:
Proceeds from shares sold
     13,136,646       21,726,243  
Payments for shares redeemed
     (15,322,027 )     (33,887,296 )
Redemption fees
     578       1,515  
Net increase (decrease) in net assets from Fund share transactions
     (2,184,803 )     (12,159,538 )
Increase from regulatory settlements (see Note F)
     —       283,937  
Increase (decrease) in net assets
     20,054,688       2,780,648  
Net assets at beginning of period
     84,042,910       81,262,262  
Net assets at end of period (including net investment loss of $176,826 and $0, respectively)
   $ 104,097,598     $ 84,042,910  
 
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
   $ 18.31     $ 15.26     $ 18.05     $ 26.32     $ 23.60     $ 24.96  
Income (loss) from investment operations:
Net investment income (loss)b
     (.05 )     (.15 )     (.07 )     (.11 )     (.18 )     (.23 )e
Net realized and unrealized gain (loss)
     4.92       3.14       (2.33 )     (7.80 )     4.51       .83  
Total from investment operations
     4.87       2.99       (2.40 )     (7.91 )     4.33       .60  
Less distributions from:
Net realized gains
     —       —       (.39 )     (.36 )     (1.61 )     (1.96 )
Increase from regulatory settlements
     —       .06 h     —       —       —       —  
Redemption fees
     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***
Net asset value, end of period
   $ 23.18     $ 18.31     $ 15.26     $ 18.05     $ 26.32     $ 23.60  
Total Return (%)c
     26.60 **     19.99 d,h     (12.51 )d     (30.40 )d     19.08 d     2.20 d,e,f
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     33       27       29       38       59       87  
Ratio of expenses before expense reductions (%)
     1.47 *     1.52       1.54       1.35       1.37       1.42  
Ratio of expenses after expense reductions (%)
     1.47 *     1.42       1.25       1.25       1.25       1.29  
Ratio of net investment income (loss) (%)
     (.46 )*     (.91 )     (.57 )     (.52 )     (.73 )     (.91 )e
Portfolio turnover rate (%)
     38 **     66       95       82       64 g     74  
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 $0.008 per share and an increase in the ratio of net investment income of 0.03%. Excluding this non-recurring income, total return would have been 0.03% lower.
f The Fund realized a gain of $92,403 on the disposal of an investment not adhering to the Fund's investment restrictions. Excluding this gain, total return would have been 0.02% lower.
g Excludes portfolio securities delivered as a result of processing redemption in-kind transactions.
h Includes a non-recurring payment from the Advisor which amounted to $0.056 per share recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements (see Note F). The Fund also received $0.001 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.38% lower.
* 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
   $ 17.05     $ 14.34     $ 17.14     $ 25.18     $ 22.81     $ 24.36  
Income (loss) from investment operations:
Net investment income (loss)b
     (.12 )     (.26 )     (.15 )     (.26 )     (.35 )     (.40 )d
Net realized and unrealized gain (loss)
     4.56       2.92       (2.26 )     (7.42 )     4.33       .81  
Total from investment operations
     4.44       2.66       (2.41 )     (7.68 )     3.98       .41  
Less distributions from:
Net realized gains
     —       —       (.39 )     (.36 )     (1.61 )     (1.96 )
Increase from regulatory settlements
     —       .05 g     —       —       —       —  
Redemption fees
     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***
Net asset value, end of period
   $ 21.49     $ 17.05     $ 14.34     $ 17.14     $ 25.18     $ 22.81  
Total Return (%)c
     26.04 **     18.90 g     (13.25 )     (30.89 )     18.20       1.38 d,e
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     1       1       1       2       5       6  
Ratio of expenses before expense reductions (%)
     2.60 *     2.56       2.71       2.32       2.26       2.24  
Ratio of expenses after expense reductions (%)
     2.35 *     2.21       2.00       2.00       2.00       2.04  
Ratio of net investment income (loss) (%)
     (1.34 )*     (1.70 )     (1.32 )     (1.27 )     (1.48 )     (1.66 )d
Portfolio turnover rate (%)
     38 **     66       95       82       64 f     74  
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. Total return does not reflect the effect of any sales charges.
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 $0.008 per share and an increase in the ratio of net investment income of 0.03%. Excluding this non-recurring income, total return would have been 0.04% lower.
e The Fund realized a gain of $92,403 on the disposal of an investment not adhering to the Fund's investment restrictions. Excluding this gain, total return would have been 0.02% lower.
f Excludes portfolio securities delivered as a result of processing redemption in-kind transactions.
g Includes a non-recurring payment from the Advisor which amounted to $0.052 per share recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements (see Note F). The Fund also received $0.001 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.38% lower.
* 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
   $ 17.07     $ 14.34     $ 17.14     $ 25.19     $ 22.81     $ 24.36  
Income (loss) from investment operations:
Net investment income (loss)b
     (.11 )     (.25 )     (.15 )     (.26 )     (.35 )     (.40 )e
Net realized and unrealized gain (loss)
     4.57       2.93       (2.26 )     (7.43 )     4.34       .81  
Total from investment operations
     4.46       2.68       (2.41 )     (7.69 )     3.99       .41  
Less distributions from:
Net realized gains
     —       —       (.39 )     (.36 )     (1.61 )     (1.96 )
Increase from regulatory settlements
     —       .05 h     —       —       —       —  
Redemption fees
     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***
Net asset value, end of period
   $ 21.53     $ 17.07     $ 14.34     $ 17.14     $ 25.19     $ 22.81  
Total Return (%)c
     26.13 **     19.04 d,h     (13.25 )d     (30.92 )d     18.25 d     1.38 d,e,f
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     5       4       4       5       9       9  
Ratio of expenses before expense reductions (%)
     2.27 *     2.32       2.45       2.19       2.16       2.11  
Ratio of expenses after expense reductions (%)
     2.27 *     2.18       2.00       2.00       2.00       2.04  
Ratio of net investment income (loss) (%)
     (1.26 )*     (1.67 )     (1.32 )     (1.27 )     (1.48 )     (1.66 )e
Portfolio turnover rate (%)
     38 **     66       95       82       64 g     74  
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 $0.008 per share and an increase in the ratio of net investment income of 0.03%. Excluding this non-recurring income, total return would have been 0.03% lower.
f The Fund realized a gain of $92,403 on the disposal of an investment not adhering to the Fund's investment restrictions. Excluding this gain, total return would have been 0.02% lower.
g Excludes portfolio securities delivered as a result of processing redemption in-kind transactions.
h Includes a non-recurring payment from the Advisor which amounted to $0.053 per share recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements (see Note F). The Fund also received $0.001 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.38% lower.
* 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
   $ 18.60     $ 15.45     $ 18.24     $ 26.52     $ 23.71     $ 25.01  
Income (loss) from investment operations:
Net investment income (loss)b
     (.03 )     (.09 )     (.04 )     (.06 )     (.12 )     (.17 )d
Net realized and unrealized gain (loss)
     5.00       3.18       (2.36 )     (7.86 )     4.54       .83  
Total from investment operations
     4.97       3.09       (2.40 )     (7.92 )     4.42       .66  
Less distributions from:
Net realized gains
     —       —       (.39 )     (.36 )     (1.61 )     (1.96 )
Increase from regulatory settlements
     —       .06 g     —       —       —       —  
Redemption fees
     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***
Net asset value, end of period
   $ 23.57     $ 18.60     $ 15.45     $ 18.24     $ 26.52     $ 23.71  
Total Return (%)
     26.72 **     20.39 c,g     (12.38 )c     (30.23 )c     19.43 c     2.41 c,d,e
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     58       47       44       66       202       68  
Ratio of expenses before expense reductions (%)
     1.29 *     1.19       1.34       1.18       1.12       1.21  
Ratio of expenses after expense reductions (%)
     1.29 *     1.04       1.00       1.00       1.00       1.03  
Ratio of net investment income (loss) (%)
     (.28 )*     (.53 )     (.32 )     (.27 )     (.48 )     (.65 )d
Portfolio turnover rate (%)
     38 **     66       95       82       64 f     74  
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 $0.008 per share and an increase in the ratio of net investment income of 0.03%. Excluding this non-recurring income, total return would have been 0.04% lower.
e The Fund realized a gain of $92,403 on the disposal of an investment not adhering to the Fund's investment restrictions. Excluding this gain, total return would have been 0.02% lower.
f Excludes portfolio securities delivered as a result of processing redemption in-kind transactions.
g Includes a non-recurring payment from the Advisor which amounted to $0.057 per share recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements (see Note F). The Fund also received $0.001 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.38% lower.
* Annualized ** Not annualized *** Amount is less than $.005.
  
 

Institutional Class
Years Ended September 30,
     2011 a     2010       2009       2008       2007       2006  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 18.62     $ 15.47     $ 18.24     $ 26.56     $ 23.71     $ 25.01  
Income (loss) from investment operations:
Net investment income (loss)b
     .00 ***     (.08 )     (.04 )     (.06 )     (.10 )     (.16 )d
Net realized and unrealized gain (loss)
     5.02       3.17       (2.34 )     (7.90 )     4.56       .82  
Total from investment operations
     5.02       3.09       (2.38 )     (7.96 )     4.46       .66  
Less distributions from:
Net realized gains
     —       —       (.39 )     (.36 )     (1.61 )     (1.96 )
Increase from regulatory settlements
     —       .06 g     —       —       —       —  
Redemption fees
     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***     .00 ***
Net asset value, end of period
   $ 23.64     $ 18.62     $ 15.47     $ 18.24     $ 26.56     $ 23.71  
Total Return (%)
     26.96 **     20.36 c,g     (12.26 )c     (30.31 )     19.57       2.41 c,d,e
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     7       5       3       5       116       5  
Ratio of expenses before expense reductions (%)
     .98 *     1.00       1.75       .99       .91       1.10  
Ratio of expenses after expense reductions (%)
     .98 *     .98       1.00       .99       .91       1.03  
Ratio of net investment income (loss) (%)
     .03 *     (.47 )     (.32 )     (.26 )     (.39 )     (.65 )d
Portfolio turnover rate (%)
     38 **     66       95       82       64 f     74  
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 $0.008 per share and an increase in the ratio of net investment income of 0.03%. Excluding this non-recurring income, total return would have been 0.03% lower.
e The Fund realized a gain of $92,403 on the disposal of an investment not adhering to the Fund's investment restrictions. Excluding this gain, total return would have been 0.02% lower.
f Excludes portfolio securities delivered as a result of processing redemption in-kind transactions.
g Includes a non-recurring payment from the Advisor which amounted to $0.057 per share recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements (see Note F). The Fund also received $0.001 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.38% lower.
* Annualized ** Not annualized *** Amount is less than $.005.
  
 
Notes to Financial Statements (Unaudited)
 
A. Organization and Significant Accounting Policies
 
DWS Small Cap Growth Fund (the "Fund") is a diversified series of DWS Investment Trust (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust. The Fund is the successor to DWS Small Cap Growth Fund, a series of DWS Advisor Funds (the "Predecessor Fund"). On February 1, 2011, the Predecessor Fund transferred all of its assets and liabilities to the Fund. All financial and other information contained herein for periods prior to February 1, 2011, is that of the Predecessor Fund. This transaction has no material effect on an investment in the Fund.
 
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 and 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. Institutional Class shares are offered to a limited group of investors, are not subject to initial or contingent deferred sales charges and generally have lower ongoing expenses than other classes.
 
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.
 
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.
 
Securities Lending. The Fund lends securities to certain financial institutions. The Fund retains beneficial ownership of the securities it has loaned and continues to receive interest and dividends paid by the issuer of securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Fund may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
 
Federal Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.
 
At September 30, 2010, the Fund had a net tax basis capital loss carryforward of approximately $40,845,000, including $8,229,000 inherited from its merger with an affiliated fund in fiscal year 2004, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until September 30, 2011 ($6,479,000), September 30, 2012 ($1,750,000), September 30, 2017 ($6,641,000) and September 30, 2018 ($25,975,000), the respective expiration dates, whichever occurs first, and which may be subject to certain limitations under Sections 382-384 of the Internal Revenue Code.
 
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, certain securities sold at a loss and regulatory settlements. 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.
 
Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment 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. Purchases and Sales of Securities
 
During the six months ended March 31, 2011, purchases and sales of investment securities (excluding short-term investments) aggregated $34,988,712 and $38,575,990, respectively.
 
C. 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. The management fee payable under the Investment Management Agreement is equal to an annualized rate of 0.65% of the Fund's average daily net assets, computed and accrued daily and payable monthly.
 
For the period from October 1, 2010 through September 30, 2011 (through January 31, 2011 for Institutional Class shares), 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 certain classes as follows:
Class A
1.60%
Class B
2.35%
Class C
2.35%
Class S
1.35%
Institutional Class
1.35%
 
The Board of Trustees, including the Independent Trustees, approved the Fund's Investment Management Agreement in November 2010. The Fund's Investment Management Agreement is identical to the Predecessor Fund's Investment Management Agreement and, as a result, in approving the Fund's Investment Management Agreement, the Board relied on its considerations for approving the renewal of the Predecessor Fund's Investment Management Agreement in September 2010. A discussion regarding the basis for the Board's approval of the Predecessor Fund's Investment Management Agreement is contained in the annual report for the period ended September 30, 2010.
 
Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor a 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 $47,582, of which $8,481 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
   $ 23,974     $ —     $ 12,340  
Class B
     1,718       778       802  
Class C
     6,057       —       3,170  
Class S
     66,100       —       34,576  
Institutional Class
     193       —       91  
    $ 98,042     $ 778     $ 50,979  
 
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 Service 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
   $ 2,293     $ 367  
Class C
     18,349       3,307  
    $ 20,642     $ 3,674  
 
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
   $ 36,227     $ 19,246       .24 %
Class B
     753       368       .25 %
Class C
     6,046       3,202       .25 %
    $ 43,026     $ 22,816          
 
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 $1,296.
 
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 the Fund's Class B shares was $585. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the six months ended March 31, 2011, DIDI received $66 for Class A shares.
 
Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the 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 $9,243, of which $7,130 was 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.
 
D. 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.
 
E. 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
     305,711     $ 6,389,156       636,680     $ 10,633,940  
Class B
     1,017       20,861       7,601       120,393  
Class C
     28,928       579,069       40,008       621,784  
Class S
     230,429       4,949,652       256,071       4,412,535  
Institutional Class
     54,932       1,197,908       360,977       5,937,591  
            $ 13,136,646             $ 21,726,243  
Shares redeemed
  
Class A
     (373,958 )   $ (7,895,795 )     (1,051,892 )   $ (17,205,296 )
Class B
     (9,873 )     (195,509 )     (48,019 )     (742,989 )
Class C
     (34,018 )     (662,290 )     (86,509 )     (1,343,832 )
Class S
     (290,717 )     (6,245,945 )     (564,659 )     (9,406,556 )
Institutional Class
     (14,650 )     (322,488 )     (294,525 )     (5,188,623 )
            $ (15,322,027 )           $ (33,887,296 )
Redemption fees
           $ 578             $ 1,515  
Net increase (decrease)
  
Class A
     (68,247 )   $ (1,506,639 )     (415,212 )   $ (6,571,180 )
Class B
     (8,856 )     (174,648 )     (40,418 )     (622,596 )
Class C
     (5,090 )     (83,221 )     (46,501 )     (722,048 )
Class S
     (60,288 )     (1,295,715 )     (308,588 )     (4,992,682 )
Institutional Class
     40,282       875,420       66,452       748,968  
            $ (2,184,803 )           $ (12,159,538 )
 
F. Regulatory Settlements
 
On December 21, 2006, the Advisor settled proceedings with the SEC and the New York Attorney General regarding alleged improper trading of fund shares. For the year ended September 30, 2010, in accordance with the distribution plan, developed by a distribution consultant, settlement proceeds were distributed to affected shareholders of the Fund, and any unclaimed proceeds were then paid to the Fund in the amount of $278,542. In addition, the Fund received $5,395 of non-affiliated regulatory settlements. These payments are included in "Increase from regulatory settlements" in the Statement of Changes in Net Assets.
 
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, C and Institutional Class:
(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
Institutional Class
Nasdaq Symbol
  
SSDAX
SSDBX
SSDCX
SSDSX
SSDIX
CUSIP Number
  
23338J 574
23338J 566
23338J 558
23338J 541
23338J 533
Fund Number
  
471
671
771
2314
1471
 
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 Growth 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