ar93011cgf.htm

SEPTEMBER 30, 2011

Annual Report

to Shareholders

DWS Capital Growth Fund

Contents

4 Portfolio Management Review

8 Performance Summary

11 Information About Your Fund's Expenses

13 Portfolio Summary

15 Investment Portfolio

20 Statement of Assets and Liabilities

22 Statement of Operations

23 Statement of Changes in Net Assets

24 Financial Highlights

30 Notes to Financial Statements

39 Report of Independent Registered Public Accounting Firm

40 Tax Information

41 Investment Management Agreement Approval

45 Summary of Management Fee Evaluation by Independent Fee Consultant

49 Board Members and Officers

54 Account Management Resources

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 may decline in value. See the prospectus for details.

DWS Investments is part of Deutsche Bank's Asset Management division and, within the U.S., 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

Portfolio Management Review

Market Overview and Fund Performance

Performance is historical and does not guarantee future results. Returns shown are for Class A shares, unadjusted for sales charges. 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 most recent month-end performance of all share classes. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.

During DWS Capital Growth Fund's most recent fiscal year ended September 30, 2011, investors often traded stocks based on a "risk-on/risk-off" scenario, where judgments regarding the degree of risk facing the global economy and markets dictated purchase and sale decisions with investments. This was largely brought about by the series of events that occurred in Japan and by the spike in oil prices based on political unrest in North Africa. In the second quarter of 2011, equity market performance was mixed as the U.S. economy grew more slowly than in earlier months and employment growth stalled, while at the same time, many closely watched companies posted earnings above analyst estimates. By early August, deep concern that the U.S. economy was decelerating — and that it might fall back into a "double-dip" recession — reemerged, and equity markets abruptly declined. Stock prices continued to decline through most of August, sparked by worsening U.S. economic releases, severe sovereign debt problems in peripheral Europe and political gridlock in Washington.1 Despite the renewed negativity, we continued to see a number of large-cap growth companies post profits and earnings in line with or exceeding analyst forecasts during the third quarter of 2011.

For the 12-month period ended September 30, 2011, DWS Capital Growth Fund's Class A shares returned -2.71%, compared with the Russell 1000® Growth Index return of 3.78% and the Morningstar Large Growth Funds category's average return of -0.42%.2,3

The fund's underperformance relative to its benchmark, the Russell 1000 Growth Index, for the 12-month period was driven primarily by unfavorable stock selection, as selection within seven of the fund's 10 sectors detracted from relative performance. Overall sector allocation marginally detracted as well. An underweight to consumer staples weighed on relative performance, as this defensive sector was the second-best-performing area within the index, while an overweight to the cyclical industrials sector subtracted from returns.4 An underweight to materials, the worst-performing area of the market, contributed to returns.

Positive Contributors to Fund Performance

During the 12-month period ended September 30, the fund had positive results with the selection of certain stocks within the consumer discretionary and industrials sectors.5 Within consumer discretionary, the fund benefited from strong performance by the apparel retailer Limited Brands, Inc., which posted better-than-expected same-store sales growth throughout the period. The company raised its earnings forecast again in August, even as global growth concerns began to mount during the third quarter. And while overall stock selection within the information technology sector detracted from performance, two of the largest individual contributors to performance were from the technology area. These included Apple, Inc. and Check Point Software Technologies Ltd. Apple, the largest holding in the portfolio, was a key contributor to performance, as the firm continues to drive innovation and growth, taking market share in smartphones, personal computers and the nascent computer tablet area. Check Point Software is benefiting from large customers that are upgrading and expanding their computer systems' gateway security. With the proliferation of mobile device bandwidth and security, Check Point's products are in heavy demand.

Negative Contributors to Fund Performance

The most significant detractors from relative performance during the period came from stock selection within information technology, energy and materials. In information technology, the fund had purchased Akamai Technologies, Inc., which delivers video content for Internet providers as our lower-cost method (compared with premium-priced Netflix stock) of gaining exposure to the broad trend of "streaming" online video. Though the company has generally performed well, it succumbed during the period to the risk of reduced pricing, without a corresponding increase in sales volume to maintain its revenue levels. (We sold Akamai out of the portfolio prior to period-end.) In addition, the specialty chemical company Huntsman Corp. performed poorly after the company's second-quarter earnings came in below investor expectations. Lastly, an underweight to Exxon Mobil Corp. also detracted from returns, as the company was a relative outperformer: Investors recently rotated out of the oil field service and exploration area (perceived as higher risk) into more defensive companies in the integrated oil sector, including Exxon Mobil.

Outlook and Positioning

Although the chances of a "double-dip" recession have increased, we still believe that another recession is avoidable. However, many question marks have emerged concerning the global economic outlook. Growth in China, the engine of the global economy, has slowed as the Chinese government has enacted a number of measures to dampen inflation. In Europe, the banking system continues to be under severe pressure because of massive loans to peripheral European countries, but we believe this emergency could force political leaders to move towards a more workable and permanent solution.

In the United States, despite the fact that many corporations have recently reported favorable earnings, it seems clear to us that the pace of the recovery has slowed. We therefore look for a "reality check" by public corporations during the fourth quarter, with some large companies reducing their earnings estimates and reports. In line with our more guarded outlook, we have taken measures to reduce the portfolio's risk level and to position the fund more defensively: We have added to defensive market sectors such as consumer staples and health care; reduced exposure to more economically sensitive areas including materials, energy, industrials and consumer discretionary; and moved towards more neutral sector weightings compared with the Russell 1000 Growth Index benchmark.

Investment Advisor

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), which is part of Deutsche Asset Management, is the investment advisor for DWS Capital Growth Fund. DIMA and its predecessors have more than 80 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients.

DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution engaged in a wide variety of financial services, including investment management, retail, private and commercial banking, investment banking and insurance.

DWS Investments is the retail brand name in the U.S. for the asset management activities of Deutsche Bank AG and DIMA. As such, DWS is committed to delivering the investing expertise, insight and resources of this global investment platform to American investors.

Portfolio Management Team

Owen Fitzpatrick, CFA

Lead Portfolio Manager

Thomas M. Hynes, Jr., CFA

Brendan O'Neill, CFA

Portfolio Managers

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

1 Sovereign debt is a government bond that is issued in a foreign currency.

2 The Russell 1000 Growth Index tracks those stocks in the Russell 1000 with higher price-to-book ratios and higher forecasted-growth values. Index returns do not reflect fees or expense and it is not possible to invest directly into an Index.

3 Source: Morningstar, Inc. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value and cash flow) and high valuations (high price ratios and low dividend yields). Category returns assume reinvestment of dividends. It is not possible to invest directly in a Morningstar category.

4 "Overweight" means a fund holds a higher weighting in a given sector or stock compared with its benchmark index. "Underweight" means a fund holds a lower weighting in a given sector or stock.

5 The consumer discretionary sector consists of companies that provide goods and services that are nonessential such as automobile and retail companies.

Performance Summary September 30, 2011

Average Annual Total Returns as of 9/30/11
Unadjusted for Sales Charge	1-Year	3-Year	5-Year	10-Year
Class A	-2.71%	-0.46%	-0.23%	1.83%
Class B	-3.54%	-1.31%	-0.81%	1.12%
Class C	-3.46%	-1.23%	-1.03%	1.02%
Adjusted for the Maximum Sales Charge
Class A (max 5.75% load)	-8.31%	-2.40%	-1.40%	1.23%
Class B (max 4.00% CDSC)	-6.43%	-1.97%	-1.01%	1.12%
Class C (max 1.00% CDSC)	-3.46%	-1.23%	-1.03%	1.02%
No Sales Charges					Life of Institutional Class*
Class R	-2.91%	-0.71%	-0.52%	1.53%	N/A
Class S	-2.43%	-0.19%	0.05%	2.09%	N/A
Institutional Class	-2.37%	-0.09%	0.13%	N/A	3.62%
Russell 1000® Growth Index+	3.78%	4.69%	1.62%	3.01%	4.99%

* Institutional Class shares commenced operations on August 19, 2002. Index returns began on August 31, 2002.

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. Fund 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 1.07%, 2.06%, 1.84%, 1.45%, 0.80% and 0.72% for Class A, Class B, Class C, Class R, Class S and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

Index returns do not reflect any fees or expenses and 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 R shares for the period prior to its inception on November 3, 2003 are derived from the historical performance of the Fund's original share class (Class AARP) of DWS Capital Growth Fund during such periods and have been adjusted to reflect the higher total annual operating expenses of Class R. Any difference in expenses will affect performance. Class AARP shares converted into Class S shares on July 14, 2006.

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

[] DWS Capital Growth Fund — Class A

[] Russell 1000 Growth Index+

Yearly periods ended September 30

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

Net Asset Value and Distribution Information
	Class A		Class B		Class C		Class R		Class S		Institutional Class
Net Asset Value: 9/30/11	$	46.90	$	44.16	$	43.86	$	46.74	$	47.29	$	47.29
9/30/10	$	48.32	$	45.78	$	45.43	$	48.14	$	48.72	$	48.73
Distribution Information: Twelve Months as of 9/30/11: Income Dividends	$	.14	$	—	$	—	$	—	$	.28	$	.33

Morningstar Rankings — Large Growth Funds Category as of 9/30/11
Period	Rank		Number of Fund Classes Tracked	Percentile Ranking (%)
Class A 1-Year	1,190	of	1,671	71
3-Year	1,254	of	1,479	84
5-Year	689	of	1,261	55
10-Year	533	of	788	67
Class B 1-Year	1,323	of	1,671	79
3-Year	1,365	of	1,479	92
5-Year	840	of	1,261	66
10-Year	651	of	788	82
Class C 1-Year	1,303	of	1,671	78
3-Year	1,354	of	1,479	91
5-Year	891	of	1,261	70
10-Year	673	of	788	85
Class R 1-Year	1,215	of	1,671	72
3-Year	1,290	of	1,479	87
5-Year	765	of	1,261	61
Class S 1-Year	1,149	of	1,671	69
3-Year	1,188	of	1,479	80
5-Year	620	of	1,261	49
10-Year	486	of	788	62
Institutional Class 1-Year	1,141	of	1,671	68
3-Year	1,167	of	1,479	79
5-Year	598	of	1,261	47

Source: Morningstar, 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) and account maintenance fees, which are not shown in this section. The following table is 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. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (April 1, 2011 to September 30, 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 September 30, 2011
Actual Fund Return	Class A		Class B		Class C		Class R		Class S		Institutional Class
Beginning Account Value 4/1/11	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 9/30/11	$	825.40	$	822.30	$	822.10	$	826.20	$	826.60	$	827.00
Expenses Paid per $1,000*	$	4.76	$	8.22	$	8.27	$	4.49	$	3.48	$	2.98
Hypothetical 5% Fund Return	Class A		Class B		Class C		Class R		Class S		Institutional Class
Beginning Account Value 4/1/11	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 9/30/11	$	1,019.85	$	1,016.04	$	1,015.99	$	1,020.16	$	1,021.26	$	1,021.81
Expenses Paid per $1,000*	$	5.27	$	9.10	$	9.15	$	4.96	$	3.85	$	3.29

* 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 R	Class S	Institutional Class
DWS Capital Growth Fund	1.04%	1.80%	1.81%	.98%	.76%	.65%

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

Portfolio Summary

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	9/30/11	9/30/10

Common Stocks	97%	98%
Cash Equivalents	3%	2%
	100%	100%

Sector Diversification (As a % of Common Stocks)	9/30/11	9/30/10

Information Technology	33%	31%
Industrials	13%	15%
Consumer Discretionary	13%	15%
Health Care	12%	12%
Consumer Staples	10%	6%
Energy	10%	10%
Materials	4%	6%
Financials	3%	4%
Telecommunication Services	1%	1%
Utilities	1%	—
	100%	100%

Asset allocation and sector diversification are subject to change.

Ten Largest Equity Holdings at September 30, 2011 (32.5% of Net Assets)
1. Apple, Inc. Manufacturer of personal computers and communication solutions	8.2%
2. QUALCOMM, Inc. Developer and manufacturer of communication systems	3.8%
3. Oracle Corp. Provider of database management software	3.6%
4. EMC Corp. Provider of enterprise storage systems, software, networks and services	2.8%
5. Celgene Corp. A global biopharmaceutical company	2.6%
6. Microsoft Corp. Developer of computer software	2.5%
7. PepsiCo, Inc. Provider of soft drinks, snack foods and food services	2.3%
8. United Technologies Corp. Manufacturer of aerospace equipment, climate control systems and elevators	2.3%
9. NIKE, Inc. Manufacturer of high-quality footwear and apparel	2.2%
10. Accenture PLC Provides management and technology consulting services and solutions	2.2%

Portfolio holdings are subject to change.

For more complete details about the Fund's investment portfolio, see page 15. 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 September 30, 2011

	Shares		Value ($)

Common Stocks 96.6%
Consumer Discretionary 12.7%
Auto Components 0.9%
BorgWarner, Inc.* (a)		209,207		12,663,300
Hotels Restaurants & Leisure 3.5%
Darden Restaurants, Inc. (a)		297,021		12,697,648
Dunkin' Brands Group, Inc.* (a)		13,548		375,279
McDonald's Corp.		192,498		16,905,174
Starwood Hotels & Resorts Worldwide, Inc. (a)		444,657		17,261,585
				47,239,686
Multiline Retail 1.8%
Dollar General Corp.* (a)		277,003		10,459,633
Nordstrom, Inc.		287,712		13,142,684
				23,602,317
Specialty Retail 4.3%
Bed Bath & Beyond, Inc.*		276,729		15,859,339
Dick's Sporting Goods, Inc.*		413,034		13,820,118
Limited Brands, Inc.		746,783		28,758,613
				58,438,070
Textiles, Apparel & Luxury Goods 2.2%
NIKE, Inc. "B"		346,399		29,620,579
Consumer Staples 10.0%
Beverages 2.3%
PepsiCo., Inc.		499,600		30,925,240
Food & Staples Retailing 4.5%
Costco Wholesale Corp.		293,194		24,077,091
Wal-Mart Stores, Inc.		336,778		17,478,778
Whole Foods Market, Inc. (a)		297,547		19,432,795
				60,988,664
Food Products 3.2%
Kellogg Co. (a)		491,318		26,133,204
Kraft Foods, Inc. "A"		509,143		17,097,022
				43,230,226
Energy 9.4%
Energy Equipment & Services 3.6%
Halliburton Co.		334,060		10,195,511
National Oilwell Varco, Inc.		96,252		4,930,028
Oil States International, Inc.*		159,233		8,108,144
Schlumberger Ltd.		417,823		24,956,568
				48,190,251
Oil, Gas & Consumable Fuels 5.8%
Anadarko Petroleum Corp.		322,807		20,352,981
EOG Resources, Inc. (a)		249,598		17,723,954
Exxon Mobil Corp.		215,859		15,677,839
Occidental Petroleum Corp.		232,865		16,649,848
Plains Exploration & Production Co.*		344,296		7,818,962
				78,223,584
Financials 3.2%
Capital Markets 2.1%
Ameriprise Financial, Inc.		182,815		7,195,598
T. Rowe Price Group, Inc. (a)		451,423		21,564,477
				28,760,075
Consumer Finance 1.1%
Discover Financial Services		638,336		14,643,428
Health Care 11.2%
Biotechnology 4.2%
Celgene Corp.*		578,083		35,794,899
Gilead Sciences, Inc.* (a)		402,602		15,620,958
Pharmasset, Inc.*		64,652		5,325,385
				56,741,242
Health Care Equipment & Supplies 2.6%
CareFusion Corp.*		451,836		10,821,472
Edwards Lifesciences Corp.*		140,307		10,001,083
St. Jude Medical, Inc.		406,946		14,727,376
				35,549,931
Health Care Providers & Services 3.4%
Express Scripts, Inc.* (a)		617,768		22,900,660
McKesson Corp.		307,054		22,322,826
				45,223,486
Life Sciences Tools & Services 1.0%
Thermo Fisher Scientific, Inc.*		261,605		13,247,677
Industrials 12.9%
Aerospace & Defense 3.2%
TransDigm Group, Inc.*		158,129		12,914,395
United Technologies Corp. (a)		438,053		30,821,409
				43,735,804
Commercial Services & Supplies 0.9%
Stericycle, Inc.* (a)		152,666		12,323,200
Electrical Equipment 2.8%
AMETEK, Inc.		580,273		19,131,601
Roper Industries, Inc. (a)		261,967		18,052,146
				37,183,747
Machinery 4.1%
Dover Corp.		312,522		14,563,525
Navistar International Corp.*		304,208		9,771,161
Parker Hannifin Corp.		339,640		21,441,473
SPX Corp.		200,377		9,079,082
				54,855,241
Road & Rail 1.9%
Norfolk Southern Corp.		421,601		25,726,093
Information Technology 31.5%
Communications Equipment 4.1%
QUALCOMM, Inc.		1,042,472		50,695,413
Riverbed Technology, Inc.*		231,559		4,621,918
				55,317,331
Computers & Peripherals 11.0%
Apple, Inc.*		290,173		110,608,144
EMC Corp.* (a)		1,798,125		37,742,644
				148,350,788
Internet Software & Services 1.3%
Google, Inc. "A"*		34,075		17,527,498
IT Services 4.8%
Accenture PLC "A"		556,078		29,294,189
International Business Machines Corp.		152,395		26,673,697
VeriFone Systems, Inc.*		259,846		9,099,807
				65,067,693
Semiconductors & Semiconductor Equipment 2.3%
Intel Corp. (a)		859,122		18,325,072
Skyworks Solutions, Inc.*		738,008		13,239,864
				31,564,936
Software 8.0%
Check Point Software Technologies Ltd.* (a)		315,229		16,631,482
Microsoft Corp.		1,381,195		34,377,944
Oracle Corp.		1,670,351		48,005,888
Solera Holdings, Inc.		164,245		8,294,372
				107,309,686
Materials 3.7%
Chemicals 2.4%
Ecolab, Inc.		180,535		8,826,356
Huntsman Corp.		845,509		8,176,072
The Mosaic Co.		302,208		14,799,126
				31,801,554
Metals & Mining 1.3%
Freeport-McMoRan Copper & Gold, Inc.		382,204		11,638,112
Walter Energy, Inc.		105,354		6,322,293
				17,960,405
Telecommunication Services 1.5%
Wireless Telecommunication Services
American Tower Corp. "A"*		370,039		19,908,098
Utilities 0.5%
Water Utilities
American Water Works Co., Inc.		250,688		7,565,764
Total Common Stocks (Cost $1,183,912,390)				1,303,485,594

Securities Lending Collateral 18.5%
Daily Assets Fund Institutional, 0.17% (b) (c) (Cost $248,996,312)		248,996,312		248,996,312

Cash Equivalents 3.1%
Central Cash Management Fund, 0.10% (b) (Cost $41,282,687)		41,282,687		41,282,687

	% of Net Assets			Value ($)

Total Investment Portfolio (Cost $1,474,191,389)+		118.2			1,593,764,593
Other Assets and Liabilities, Net		(18.2	)		(245,168,405	)
Net Assets		100.0			1,348,596,188

* Non-income producing security.

+ The cost for federal income tax purposes was $1,476,775,326. At September 30, 2011, net unrealized appreciation for all securities based on tax cost was $116,989,267. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $227,991,566 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $111,002,299.

(a) All or a portion of these securities were on loan amounting to $236,979,866. In addition, included in other assets and liabilities, net are pending sales, amounting to $369,013, that are also on loan (see Notes to Financial Statements). The value of all securities loaned at September 30, 2011 amounted to $237,348,879, which is 17.6% of net assets.

(b) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(c) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

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 September 30, 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 (d)	$	1,303,485,594	$	—	$	—	$	1,303,485,594
Short-Term Investments (d)		290,278,999		—		—		290,278,999
Total	$	1,593,764,593	$	—	$	—	$	1,593,764,593

There have been no transfers between Level 1 and Level 2 fair value measurements during the year ended September 30, 2011.

(d) 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 September 30, 2011
Assets
Investments: Investments in non-affiliated securities, at value (cost $1,183,912,390) — including $236,979,866 of securities loaned	$	1,303,485,594
Investment in Daily Asset Fund Institutional (cost $248,996,312)*		248,996,312
Investment in Central Cash Management Fund (cost $41,282,687)		41,282,687
Total investments in securities, at value (cost $1,474,191,389)		1,593,764,593
Receivable for investments sold		5,558,269
Receivable for Fund shares sold		699,824
Dividends receivable		669,970
Interest receivable		45,403
Other assets		32,459
Total assets		1,600,770,518
Liabilities
Payable upon return of securities loaned		248,996,312
Payable for Fund shares redeemed		1,269,665
Accrued management fee		548,342
Other accrued expenses and payables		1,360,011
Total liabilities		252,174,330
Net assets, at value	$	1,348,596,188
Net Assets Consist of
Undistributed net investment income		4,505,805
Net unrealized appreciation (depreciation) on investments		119,573,204
Accumulated net realized gain (loss)		(174,598,182	)
Paid-in capital		1,399,115,361
Net assets, at value	$	1,348,596,188

* Represents collateral on securities loaned.

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

Statement of Assets and Liabilities as of September 30, 2011 (continued)
Net Asset Value
Class A Net Asset Value and redemption price per share ($521,130,656 ÷ 11,110,774 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	46.90
Maximum offering price per share (100 ÷ 94.25 of $46.90)	$	49.76
Class B Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($5,196,996 ÷ 117,694 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	44.16
Class C Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($27,068,829 ÷ 617,123 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	43.86
Class R Net Asset Value, offering and redemption price per share ($4,062,828 ÷ 86,927 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	46.74
Class S Net Asset Value, offering and redemption price per share ($541,828,180 ÷ 11,458,058 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	47.29
Institutional Class Net Asset Value, offering and redemption price per share ($249,308,699 ÷ 5,271,729 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	47.29

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

Statement of Operations

for the year ended September 30, 2011
Investment Income
Income: Dividends	$	21,191,039
Income distributions — Central Cash Management Fund		19,175
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates		522,139
Total income		21,732,353
Expenses: Management fee		7,635,071
Administration fee		1,652,695
Services to shareholders		2,876,487
Distribution and service fees		2,067,985
Custodian fee		27,034
Professional fees		159,918
Reports to shareholders		171,504
Registration fees		101,416
Trustees' fees and expenses		52,893
Other		60,140
Total expenses		14,805,143
Net investment income (loss)		6,927,210
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		166,649,959
Change in net unrealized appreciation (depreciation) on investments		(182,506,584	)
Net gain (loss)		(15,856,625	)
Net increase (decrease) in net assets resulting from operations	$	(8,929,415	)

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

Statement of Changes in Net Assets

	Years Ended September 30,
Increase (Decrease) in Net Assets	2011			2010
Operations: Net investment income (loss)	$	6,927,210		$	4,186,911
Net realized gain (loss)		166,649,959			268,845,587
Change in net unrealized appreciation (depreciation)		(182,506,584	)		(100,838,647	)
Net increase (decrease) in net assets resulting from operations		(8,929,415	)		172,193,851
Distributions to shareholders from: Net investment income: Class A		(1,704,461	)		(1,927,620	)
Class R		—			(133,198	)
Class S		(3,540,293	)		(3,471,138	)
Institutional Class		(1,654,608	)		(2,671,798	)
Total distributions		(6,899,362	)		(8,203,754	)
Fund share transactions: Proceeds from shares sold		186,208,366			434,982,673
Reinvestment of distributions		5,897,171			6,370,689
Payments for shares redeemed		(639,542,626	)		(480,148,274	)
Net increase (decrease) in net assets from Fund share transactions		(447,437,089	)		(38,794,912	)
Increase from regulatory settlements (see Note F)		—			1,270,804
Increase (decrease) in net assets		(463,265,866	)		126,465,989
Net assets at beginning of period		1,811,862,054			1,685,396,065
Net assets at end of period (including undistributed net investment income of $4,505,805 and $4,477,956, respectively)	$	1,348,596,188		$	1,811,862,054

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

Financial Highlights

	Years Ended September 30,
Class A		2011			2010			2009			2008			2007
Selected Per Share Data
Net asset value, beginning of period	$	48.32		$	44.01		$	48.01		$	56.59		$	48.07
Income (loss) from investment operations: Net investment income (loss)a		.15	d		.05			.20			.12			.15	d
Net realized and unrealized gain (loss)		(1.43	)		4.37			(4.05	)		(8.54	)		8.41
Total from investment operations		(1.28	)		4.42			(3.85	)		(8.42	)		8.56
Less distributions from: Net investment income		(.14	)		(.14	)		(.15	)		(.16	)		(.04	)
Increase from regulatory settlements		—			.03	e		—			—			—
Net asset value, end of period	$	46.90		$	48.32		$	44.01		$	48.01		$	56.59
Total Return (%)b		(2.71	)		10.15	e		(7.96	)c		(14.92	)c		17.81	c
Ratios to Average Net Assets and Supplemental Data
Net assets, end of year ($ millions)		521			618			614			645			809
Ratio of expenses before expense reductions (%)		1.04			1.07			1.12			1.07			1.08
Ratio of expenses after expense reductions (%)		1.04			1.07			1.11			1.06			1.07
Ratio of net investment income (loss) (%)		.27	d		.10			.51			.23			.28	d
Portfolio turnover rate (%)		48			68			74			27			28
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charges. c Total return would have been lower had certain expenses not been reduced. d Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.09 and $0.08 per share and 0.17% and 0.16% of average daily net assets, for the years ended September 30, 2011 and 2007, respectively. e Includes a non-recurring payment from the Advisor, which amounted to $0.032 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 0.07% lower.

	Years Ended September 30,
Class B		2011			2010			2009			2008			2007
Selected Per Share Data
Net asset value, beginning of period	$	45.78		$	41.98		$	46.03		$	54.27		$	46.14
Income (loss) from investment operations: Net investment income (loss)a		(.29	)d		(.37	)		(.04	)		.04			.08	d
Net realized and unrealized gain (loss)		(1.33	)		4.14			(3.94	)		(8.22	)		8.05
Total from investment operations		(1.62	)		3.77			(3.98	)		(8.18	)		8.13
Less distributions from: Net investment income		—			—			(.07	)		(.06	)		—
Increase from regulatory settlements		—			.03	e		—			—			—
Net asset value end of period	$	44.16		$	45.78		$	41.98		$	46.03		$	54.27
Total Return (%)b		(3.54	)		9.05	e		(8.62	)c		(15.09	)c		17.62	c
Ratios to Average Net Assets and Supplemental Data
Net assets, end of year ($ millions)		5			8			15			25			42
Ratio of expenses before expense reductions (%)		1.96			2.06			2.10			2.02			2.00
Ratio of expenses after expense reductions (%)		1.96			2.06			1.82			1.27			1.24
Ratio of net investment income (loss) (%)		(.64	)d		(.89	)		(.20	)		.02			.11	d
Portfolio turnover rate (%)		48			68			74			27			28
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charges. c Total return would have been lower had certain expenses not been reduced. d Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.09 and $0.08 per share and 0.17% and 0.16% of average daily net assets, for the years ended September 30, 2011 and 2007, respectively. e Includes a non-recurring payment from the Advisor, which amounted to $0.032 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 0.07% lower.

	Years Ended September 30,
Class C		2011			2010			2009			2008			2007
Selected Per Share Data
Net asset value, beginning of period	$	45.43		$	41.57		$	45.52		$	53.94		$	46.18
Income (loss) from investment operations: Net investment income (loss)a		(.20	)c		(.26	)		(.07	)		(.31	)		(.26	)c
Net realized and unrealized gain (loss)		(1.37	)		4.09			(3.88	)		(8.11	)		8.02
Total from investment operations		(1.57	)		3.83			(3.95	)		(8.42	)		7.76
Increase from regulatory settlements		—			.03	d		—			—			—
Net asset value, end of period	$	43.86		$	45.43		$	41.57		$	45.52		$	53.94
Total Return (%)b		(3.46	)		9.29	d		(8.68	)		(15.61	)		16.80
Ratios to Average Net Assets and Supplemental Data
Net assets, end of year ($ millions)		27			29			30			26			30
Ratio of expenses (%)		1.81			1.84			1.90			1.89			1.93
Ratio of net investment income (loss) (%)		(.49	)c		(.67	)		(.28	)		(.60	)		(.58	)c
Portfolio turnover rate (%)		48			68			74			27			28
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charges. c Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.09 and $0.08 per share and 0.17% and 0.16% of average daily net assets, for the years ended September 30, 2011 and 2007, respectively. d Includes a non-recurring payment from the Advisor, which amounted to $0.032 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 0.07% lower.

	Years Ended September 30,
Class R		2011			2010			2009			2008			2007
Selected Per Share Data
Net asset value, beginning of period	$	48.14		$	43.96		$	47.85		$	56.44		$	48.08
Income (loss) from investment operations: Net investment income (loss)a		.02	c		(.13	)		.14			(.02	)		(.00	)c*
Net realized and unrealized gain (loss)		(1.42	)		4.36			(4.01	)		(8.57	)		8.36
Total from investment operations		(1.40	)		4.23			(3.87	)		(8.59	)		8.36
Less distributions from: Net investment income		—			(.08	)		(.02	)		(.00	)*		—
Increase from regulatory settlements		—			.03	d		—			—			—
Net asset value, end of period	$	46.74		$	48.14		$	43.96		$	47.85		$	56.44
Total Return (%)		(2.91	)		9.70	d		(8.08	)b		(15.22	)		17.39
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		4			75			74			35			.41
Ratio of expenses before expense reductions (%)		1.29			1.45			1.25			1.41			1.35
Ratio of expenses after expense reductions (%)		1.29			1.45			1.24			1.41			1.35
Ratio of net investment income (loss) (%)		.03	c		(.28	)		.38			(.12	)		(.01	)c
Portfolio turnover rate (%)		48			68			74			27			28
a Based on average shares outstanding during the period. b Total return would have been lower had certain expenses not been reduced. c Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.09 and $0.08 per share and 0.17% and 0.16% of average daily net assets, for the years ended September 30, 2011 and 2007, respectively. d Includes a non-recurring payment from the Advisor, which amounted to $0.032 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 0.07% lower. * Amount is less than $.005.

	Years Ended September 30,
Class S		2011			2010			2009			2008			2007
Selected Per Share Data
Net asset value, beginning of period	$	48.72		$	44.37		$	48.41		$	57.06		$	48.46
Income (loss) from investment operations: Net investment income (loss)a		.29	c		.17			.30			.27			.29	c
Net realized and unrealized gain (loss)		(1.44	)		4.42			(4.08	)		(8.60	)		8.48
Total from investment operations		(1.15	)		4.59			(3.78	)		(8.33	)		8.77
Less distributions from: Net investment income		(.28	)		(.27	)		(.26	)		(.32	)		(.17	)
Increase from regulatory settlements		—			.03	d		—			—			—
Net asset value, end of period	$	47.29		$	48.72		$	44.37		$	48.41		$	57.06
Total Return (%)		(2.43	)		10.43	d		(7.72	)b		(14.68	)		18.14	b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of year ($ millions)		542			620			587			693			884
Ratio of expenses before expense reductions (%)		.77			.80			.85			.79			.82
Ratio of expenses after expense reductions (%)		.77			.80			.84			.79			.79
Ratio of net investment income (loss) (%)		.55	c		.37			.78			.50			.55	c
Portfolio turnover rate (%)		48			68			74			27			28
a Based on average shares outstanding during the period. b Total return would have been lower had certain expenses not been reduced. c Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.09 and $0.08 per share and 0.17% and 0.16% of average daily net assets, for the years ended September 30, 2011 and 2007, respectively. d Includes a non-recurring payment from the Advisor, which amounted to $0.032 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 0.07% lower.

	Years Ended September 30,
Institutional Class		2011			2010			2009			2008			2007
Selected Per Share Data
Net asset value, beginning of period	$	48.73		$	44.41		$	48.40		$	57.05		$	48.45
Income (loss) from investment operations: Net investment income (loss)a		.33	c		.21			.35			.31			.32	c
Net realized and unrealized gain (loss)		(1.44	)		4.41			(4.06	)		(8.61	)		8.50
Total from investment operations		(1.11	)		4.62			(3.71	)		(8.30	)		8.82
Less distributions from: Net investment income		(.33	)		(.33	)		(.28	)		(.35	)		(.22	)
Increase from regulatory settlements		—			.03	d		—			—			—
Net asset value, end of period	$	47.29		$	48.73		$	44.41		$	48.40		$	57.05
Total Return (%)		(2.37	)		10.50	d		(7.56	)b		(14.63	)b		18.24	b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of year ($ millions)		249			461			366			324			183
Ratio of expenses before expense reductions (%)		.70			.72			.71			.73			.74
Ratio of expenses after expense reductions (%)		.70			.72			.71			.73			.73
Ratio of net investment income (loss) (%)		.61	c		.45			.91			.56			.62	c
Portfolio turnover rate (%)		48			68			74			27			28
a Based on average shares outstanding during the period. b Total return would have been lower had certain expenses not been reduced. c Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.09 and $0.08 per share and 0.17% and 0.16% of average daily net assets, for the years ended September 30, 2011 and 2007, respectively. d Includes a non-recurring payment from the Advisor, which amounted to $0.032 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 0.07% lower.

Notes to Financial Statements

A. Organization and Significant Accounting Policies

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

The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are offered to investors subject to an initial sales charge. Class B shares 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 R shares are only available to participants in certain retirement plans and are offered to investors without an initial sales charge or contingent deferred sales charge. Institutional Class shares are offered to limited groups of investors, are not subject to initial or contingent deferred sales charges and have lower ongoing expenses than other classes. Class 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 (U.S. 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.

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

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

Securities Lending. The Fund 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 value 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, 2011, the Fund had a net tax basis capital loss carryforward of approximately $172,014,000, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until September 30, 2012 ($170,306,000) and September 30, 2017 ($1,708,000), the respective expiration dates, whichever occurs first.

During the year ended September 30, 2011, the Fund utilized $164,768,000 and lost through expiration $154,912,000 of prior year capital loss carryforward.

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, 2011 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 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.

At September 30, 2011, the Fund's components of distributable earnings (accumulated losses) on a tax basis were as follows:

Undistributed ordinary income	$	4,505,805
Capital loss carryforwards	$	(172,014,000	)
Net unrealized appreciation (depreciation) on investments	$	116,989,267

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

	Years Ended September 30,
	2011		2010
Distributions from ordinary income	$	6,899,362	$	8,203,754

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 and may include proceeds from litigation.

B. Purchases and Sales of Securities

During the year ended September 30, 2011, purchases and sales of investment securities (excluding short-term investments) aggregated $787,902,308 and $1,263,846,884, 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.

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

Accordingly, for the year ended September 30, 2011, the fee pursuant to the management agreement was equivalent to an annual effective rate of 0.46% of the Fund's average daily net assets.

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended September 30, 2011, the Administration Fee was $1,652,695, of which $118,144 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 year ended September 30, 2011, the amounts charged to the Fund by DISC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at September 30, 2011
Class A	$	974,603	$	235,935
Class B		22,351		4,969
Class C		43,496		10,453
Class R		5,659		1,446
Class S		809,097		205,681
Institutional Class		156,781		41,857
	$	2,011,987	$	500,341

Distribution and Service Fees. Under the Fund's Class B, C and R 12b-1 Plans, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee") of 0.75%, 0.75% and 0.25% of average daily net assets of each of Class B, C and R shares, respectively. In accordance with the Fund's Underwriting and Distribution Service Agreement, DIDI enters into related selling group agreements with various firms at various rates for sales of Class B, C and R shares. For the year ended September 30, 2011, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated		Unpaid at September 30, 2011
Class B	$	55,222	$	3,404
Class C		236,930		18,090
Class R		37,673		892
	$	329,825	$	22,386

In addition, DIDI provides information and administrative services for a fee ("Service Fee") to Class A, B, C and R shareholders at an annual rate of up to 0.25% of average daily net assets for each such class. 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 year ended September 30, 2011, the Service Fee was as follows:

Service Fee	Total Aggregated		Unpaid at September 30, 2011		Annual Effective Rate
Class A	$	1,603,267	$	266,639		.25	%
Class B		18,199		2,521		.25	%
Class C		79,692		13,123		.25	%
Class R		37,002		3,367		.25	%
	$	1,738,160	$	285,650

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 year ended September 30, 2011, aggregated $25,742.

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 year ended September 30, 2011, the CDSC for Class B and C shares aggregated $13,709 and $2,693, respectively. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the year ended September 30, 2011, DIDI received $291 for Class A shares.

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the year ended September 30, 2011, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $12,897, of which $7,867 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.

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. The Fund had no outstanding loans at September 30, 2011.

E. Share Transactions

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

	Year Ended September 30, 2011						Year Ended September 30, 2010
	Shares			Dollars			Shares			Dollars
Shares sold
Class A		1,106,623		$	60,047,480			1,423,303		$	66,567,455
Class B		3,893			194,651			12,697			560,845
Class C		127,280			6,549,868			119,546			5,280,473
Class R		63,227			3,350,737			262,050			12,297,313
Class S		678,964			37,074,536			1,247,213			59,429,859
Institutional Class		1,456,605			78,991,094			6,241,733			290,846,728
				$	186,208,366					$	434,982,673
Shares issued to shareholders in reinvestment of distributions
Class A		29,671		$	1,603,433			39,154		$	1,818,689
Class R		—			—			2,855			132,575
Class S		57,973			3,145,446			68,742			3,212,308
Institutional Class		21,135			1,148,292			25,843			1,207,117
				$	5,897,171					$	6,370,689
Shares redeemed
Class A		(2,805,694	)	$	(150,374,149	)		(2,629,111	)	$	(122,679,734	)
Class B		(62,100	)		(3,184,202	)		(192,084	)		(8,532,300	)
Class C		(159,410	)		(8,070,886	)		(191,263	)		(8,438,525	)
Class R		(1,533,704	)		(78,927,739	)		(379,922	)		(17,760,458	)
Class S		(2,013,455	)		(110,031,898	)		(1,812,194	)		(85,165,426	)
Institutional Class		(5,673,922	)		(288,953,752	)		(5,042,405	)		(237,571,831	)
				$	(639,542,626	)				$	(480,148,274	)
Net increase (decrease)
Class A		(1,669,400	)	$	(88,723,236	)		(1,166,654	)	$	(54,293,590	)
Class B		(58,207	)		(2,989,551	)		(179,387	)		(7,971,455	)
Class C		(32,130	)		(1,521,018	)		(71,717	)		(3,158,052	)
Class R		(1,470,477	)		(75,577,002	)		(115,017	)		(5,330,570	)
Class S		(1,276,518	)		(69,811,916	)		(496,239	)		(22,523,259	)
Institutional Class		(4,196,182	)		(208,814,366	)		1,225,171			54,482,014
				$	(447,437,089	)				$	(38,794,912	)

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. 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 distributed to the Fund in the amount of $1,215,900. In addition, the Fund received $54,904 of non-affiliated regulatory settlements. These payments are included in "Increase from regulatory settlements" in the Statement of Changes in Net Assets for the year ended September 30, 2010.

Report of Independent Registered Public Accounting Firm

To the Trustees of DWS Investment Trust and the Shareholders of DWS Capital Growth Fund:

In our opinion, the accompanying statement of assets and liabilities, including the investment portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of DWS Capital Growth Fund (the "Fund") at September 30, 2011, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Boston, Massachusetts

November 21, 2011

PricewaterhouseCoopers LLP

Tax Information (Unaudited)

For corporate shareholders, 100% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund's fiscal year ended September 30, 2011, qualified for the dividends received deduction.

For federal income tax purposes, the Fund designates approximately $23,310,000, or the maximum amount allowable under tax law, as qualified dividend income.

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

Investment Management Agreement Approval

The Board of Trustees, including the Independent Trustees, approved the renewal of your Fund's investment management agreement (the "Agreement") with Deutsche Investment Management Americas Inc. ("DWS") in September 2011.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

• In September 2011, all of the Fund's Trustees were independent of DWS and its affiliates.

• The Trustees met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board's Contract Committee, in coordination with the Board's Equity Oversight Committee, reviewed comprehensive materials received from DWS, independent third parties and independent counsel. These materials included an analysis of the Fund's performance, fees and expenses, and profitability compiled by the Fund's independent fee consultant. The Board also received extensive information throughout the year regarding performance of the Fund.

• The Independent Trustees regularly meet privately with their independent counsel to discuss contract review and other matters. In addition, the Independent Trustees were also advised by the Fund's independent fee consultant in the course of their review of the Fund's contractual arrangements and considered a comprehensive report prepared by the independent fee consultant in connection with their deliberations (the "IFC Report").

• In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

• Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board, which consists of all Independent Trustees. The Board then reviewed the Contract Committee's findings and recommendations.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DWS and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DWS managed the Fund, and that the Agreement was approved by the Fund's shareholders. DWS is part of Deutsche Bank, a major global banking institution that is engaged in a wide range of financial services. The Board believes that there are significant advantages to being part of a global asset management business that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts with research capabilities in many countries throughout the world.

While shareholders may focus primarily on fund performance and fees, the Fund's Board considers these and many other factors, including the quality and integrity of DWS's personnel and such other issues as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DWS provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DWS provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel, the resources made available to such personnel, the ability of DWS to attract and retain high-quality personnel, and the organizational depth and stability of DWS. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market indices and a peer universe compiled by the independent fee consultant using information supplied by Lipper Inc. ("Lipper"). The Board also noted that it has put into place a process of identifying "Focus Funds" (e.g., funds performing poorly relative to their benchmark or a peer universe compiled by an independent fund data service), and receives more frequent reporting and information from DWS regarding such funds, along with DWS's remedial plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that for each of the one-, three- and five-year periods ended December 31, 2010, the Fund's performance (Class A shares) was in the 2nd quartile of the applicable Lipper universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in the one-, three- and five-year periods ended December 31, 2010.

On the basis of this evaluation and the ongoing review of investment results by the Board, the Board concluded that the nature, quality and extent of services provided by DWS historically have been and continue to be satisfactory.

Fees and Expenses. The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Lipper and the independent fee consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DWS under the Fund's administrative services agreement, were lower than the median (1st quartile) of the applicable Lipper peer group (based on Lipper data provided as of December 31, 2010). The Board noted that the Fund's Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be lower than the median (1st quartile) of the applicable Lipper expense universe (based on Lipper data provided as of December 31, 2010, and analyzing Lipper expense universe Class A expenses less any applicable 12b-1 fees) ("Lipper Universe Expenses"). The Board also reviewed data comparing each share class's total (net) operating expenses to the applicable Lipper Universe Expenses. The Board considered the Fund's management fee rate as compared to fees charged by DWS and certain of its affiliates for comparable mutual funds and considered differences in fund and fee structures between the DWS Funds. The Board also considered how the Fund's total (net) operating expenses compared to the total (net) operating expenses of a more customized peer group selected by Lipper (based on such factors as asset size).

The information considered by the Board as part of its review of management fees included information regarding fees charged by DWS and its affiliates to similar institutional accounts and to similar funds offered primarily to European investors ("DWS Europe funds"), in each case as applicable. The Board observed that advisory fee rates for institutional accounts generally were lower than the management fees charged by similarly managed DWS U.S. mutual funds ("DWS Funds"), but also took note of the differences in services provided to DWS Funds as compared to institutional accounts. In the case of DWS Europe funds, the Board observed that fee rates for DWS Europe funds generally were higher than for similarly managed DWS Funds, but noted that differences in the types of services provided to DWS Funds relative to DWS Europe funds made it difficult to compare such fees.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DWS.

Profitability. The Board reviewed detailed information regarding revenues received by DWS under the Agreement. The Board considered the estimated costs and pre-tax profits realized by DWS from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DWS and its affiliates with respect to all fund services in totality and by fund. The Board and the independent fee consultant reviewed DWS's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DWS in connection with the management of the Fund were not unreasonable. The Board also reviewed information regarding the profitability of certain similar investment management firms. The Board noted that while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DWS and its affiliates' overall profitability with respect to the DWS fund complex (after taking into account distribution and other services provided to the funds by DWS and its affiliates) was lower than the overall profitability levels of many comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund's management fee schedule includes fee breakpoints. The Board concluded that the Fund's fee schedule represents an appropriate sharing between the Fund and DWS of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DWS and Its Affiliates. The Board also considered the character and amount of other incidental benefits received by DWS and its affiliates, including any fees received by DWS for administrative services provided to the Fund and any fees received by an affiliate of DWS for distribution services. The Board also considered benefits to DWS related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities, along with the incidental public relations benefits to DWS related to DWS Funds advertising and cross-selling opportunities among DWS products and services. The Board concluded that management fees were reasonable in light of these fallout benefits.

Compliance. The Board considered the significant attention and resources dedicated by DWS to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience and seniority of both DWS's chief compliance officer and the Fund's chief compliance officer; (ii) the large number of DWS compliance personnel; and (iii) the substantial commitment of resources by DWS and its affiliates to compliance matters.

Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and their counsel present. It is possible that individual Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

Summary of Management Fee Evaluation by Independent Fee Consultant

September 26, 2011

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 2011, 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, 2009 and 2010.

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 109 mutual 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

President, Thomas H. Mack & Co., Inc.

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the fund as of September 30, 2011. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Paul K. Freeman, Independent Chairman, DWS Funds, PO Box 101833, Denver, CO 80250-1833. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the fund. Because the fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period. The Board Members may also serve in similar capacities with other funds in the fund complex. The Length of Time Served represents the year in which the Board Member joined the Board of one or more DWS funds now overseen by the Board.

Independent Board Members
Name, Year of Birth, Position with the Fund and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen	Other Directorships Held by Board Member
Paul K. Freeman (1950) Chairperson since 2009 Board Member since 1993	Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (education committees); formerly: Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)	112	—
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996-1998); Executive Vice President and Head of International Banking (1995-1996). Directorships: Chairman of the Board, Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity); former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International	112	—
Henry P. Becton, Jr. (1943) Board Member since 1990	Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Public Radio International; Public Radio Exchange (PRX); The PBS Foundation; former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service	112	Lead Director, Becton Dickinson and Company2 (medical technology company); Lead Director, Belo Corporation2 (media company)
Dawn-Marie Driscoll (1946) Board Member since 1987	President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization); former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)	112	Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 2007)
Keith R. Fox, CFA (1954) Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); BoxTop Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies	112	Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 2011)
Kenneth C. Froewiss (1945) Board Member since 2001	Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)	112	—
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)	112	Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007), Independent Director of Barclays Bank Delaware (since September 2010)
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival	112	—
Rebecca W. Rimel (1951) Board Member since 1995	President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Trustee, Pro Publica (charitable organization) (2007-2010)	112	Director, CardioNet, Inc. (health care) (2009- present); Director, Viasys Health Care2 (January 2007- June 2007)
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989-September 2003)	112	Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 1998)
Jean Gleason Stromberg (1943) Board Member since 1997	Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)	112	—
Robert H. Wadsworth (1940) Board Member since 1999	President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association	115	—

Officers4
Name, Year of Birth, Position with the Fund and Length of Time Served5	Principal Occupation(s) During Past 5 Years and Other Directorships Held
W. Douglas Beck, CFA9 (1967) President, 2011-present	Managing Director3, Deutsche Asset Management (2006-present); President of DWS family of funds and Head of Product Management, US for DWS Investments; formerly, Executive Director, Head of Product Management (2002-2006) and President (2005-2006) of the UBS Funds at UBS Global Asset Management; Co-Head of Manager Research/Managed Solutions Group, Merrill Lynch (1998-2002)
John Millette7 (1962) Vice President and Secretary, 1999-present	Director3, Deutsche Asset Management
Paul H. Schubert6 (1963) Chief Financial Officer, 2004-present Treasurer, 2005-present	Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
Caroline Pearson7 (1962) Chief Legal Officer, 2010-present	Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010)
Rita Rubin8 (1970) Assistant Secretary, 2009-present	Director3 and Senior Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007)
Paul Antosca7 (1957) Assistant Treasurer, 2007-present	Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
Jack Clark7 (1967) Assistant Treasurer, 2007-present	Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)
Diane Kenneally7 (1966) Assistant Treasurer, 2007-present	Director3, Deutsche Asset Management
John Caruso8 (1965) Anti-Money Laundering Compliance Officer, 2010-present	Managing Director3, Deutsche Asset Management
Robert Kloby8 (1962) Chief Compliance Officer, 2006-present	Managing Director3, Deutsche Asset Management

1 The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.

2 A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

3 Executive title, not a board directorship.

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

5 The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

6 Address: 100 Plaza One, Jersey City, NJ 07311.

7 Address: One Beacon Street, Boston, MA 02108.

8 Address: 60 Wall Street, New York, NY 10005.

9 Address: 345 Park Avenue, New York, NY 10154.

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

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	SDGAX	SDGBX	SDGCX	SCGSX	SDGTX
CUSIP Number	23338J 103	23338J 202	23338J 301	23338J 509	23338J 707
Fund Number	498	698	798	2398	564

For shareholders of Class R
Automated Information Line		DWS Investments Flex Plan Access (800) 532-8411 24-hour access to your retirement plan account.
Web Site		www.dws-investments.com Click "Retirement" and select "Employer Sponsored Plans" to reallocate assets, process transactions and review your funds through our secure online account access. Obtain prospectuses and applications, blank forms, interactive worksheets, news about DWS funds, subscription to fund updates by e-mail, retirement planning information, and more.
For More Information		(800) 543-5776 To speak with a service representative.
Written Correspondence		DWS Investments 222 South Riverside Plaza Chicago, IL 60606-5806
Proxy Voting		A description of the fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 is available on our Web site — www.dws-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 R
Nasdaq Symbol		SDGRX
CUSIP Number		23338J 608
Fund Number		1508

Date of fiscal year end:	9/30

Date of reporting period:	9/30/2011


ITEM 2.	CODE OF ETHICS

	As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer. There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT

	The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. William McClayton, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.

ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES

Fiscal Year Ended September 30,	Audit Fees Billed to Fund		Audit-Related Fees Billed to Fund		Tax Fees Billed to Fund		All Other Fees Billed to Fund
2011	$	80,416	$	0	$	0	$	0
2010	$	80,416	$	0	$	0	$	0

Fiscal Year Ended September 30,	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers		Tax Fees Billed to Adviser and Affiliated Fund Service Providers		All Other Fees Billed to Adviser and Affiliated Fund Service Providers
2011	$	0	$	0	$	0
2010	$	7,500	$	0	$	0

Fiscal Year Ended September 30,	Total Non-Audit Fees Billed to Fund (A)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C)		Total of (A), (B) and (C)
2011	$	0	$	0	$	0	$	0
2010	$	0	$	0	$	100,000	$	100,000


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)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

	(a)(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

	(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

Registrant:	DWS Capital Growth Fund, a series of DWS Investment Trust


By:	/s/W. Douglas Beck W. Douglas Beck President

Date:	November 30, 2011