Date of fiscal year end:
|
9/30
|
Date of reporting period:
|
3/31/2013
|
ITEM 1.
|
REPORT TO STOCKHOLDERS
|
MARCH 31, 2013
Semiannual Report
to Shareholders
|
DWS Capital Growth Fund
|
4 Letter to Shareholders
5 Performance Summary
7 Portfolio Management Team
8 Portfolio Summary
9 Investment Portfolio
14 Statement of Assets and Liabilities
16 Statement of Operations
17 Statement of Changes in Net Assets
18 Financial Highlights
24 Notes to Financial Statements
33 Information About Your Fund's Expenses
35 Summary of Management Fee Evaluation by Independent Fee Consultant
39 Account Management Resources
41 Privacy Statement
|
Douglas Beck, CFA
President, DWS Funds
|
Class A
|
6-Month‡
|
1-Year
|
5-Year
|
10-Year
|
||||||||||||
Average Annual Total Returns as of 3/31/13
|
||||||||||||||||
Unadjusted for Sales Charge
|
6.02 | % | 7.82 | % | 4.40 | % | 7.49 | % | ||||||||
Adjusted for the Maximum Sales Charge (max 5.75% load)
|
-0.08 | % | 1.62 | % | 3.17 | % | 6.86 | % | ||||||||
Russell 1000® Growth Index†
|
8.10 | % | 10.09 | % | 7.30 | % | 8.62 | % | ||||||||
Class B
|
6-Month‡
|
1-Year
|
5-Year
|
10-Year
|
||||||||||||
Average Annual Total Returns as of 3/31/13
|
||||||||||||||||
Unadjusted for Sales Charge
|
5.53 | % | 6.81 | % | 3.56 | % | 6.72 | % | ||||||||
Adjusted for the Maximum Sales Charge (max 4.00% CDSC)
|
1.53 | % | 3.81 | % | 3.38 | % | 6.72 | % | ||||||||
Russell 1000® Growth Index†
|
8.10 | % | 10.09 | % | 7.30 | % | 8.62 | % | ||||||||
Class C
|
6-Month‡
|
1-Year
|
5-Year
|
10-Year
|
||||||||||||
Average Annual Total Returns as of 3/31/13
|
||||||||||||||||
Unadjusted for Sales Charge
|
5.62 | % | 6.99 | % | 3.60 | % | 6.64 | % | ||||||||
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)
|
4.62 | % | 6.99 | % | 3.60 | % | 6.64 | % | ||||||||
Russell 1000® Growth Index†
|
8.10 | % | 10.09 | % | 7.30 | % | 8.62 | % | ||||||||
Class R
|
6-Month‡
|
1-Year
|
5-Year
|
10-Year
|
||||||||||||
Average Annual Total Returns as of 3/31/13
|
||||||||||||||||
No Sales Charges
|
5.80 | % | 7.36 | % | 4.12 | % | 7.18 | % | ||||||||
Russell 1000® Growth Index†
|
8.10 | % | 10.09 | % | 7.30 | % | 8.62 | % | ||||||||
Class S
|
6-Month‡
|
1-Year
|
5-Year
|
10-Year
|
||||||||||||
Average Annual Total Returns as of 3/31/13
|
||||||||||||||||
No Sales Charges
|
6.16 | % | 8.10 | % | 4.68 | % | 7.76 | % | ||||||||
Russell 1000® Growth Index†
|
8.10 | % | 10.09 | % | 7.30 | % | 8.62 | % | ||||||||
Institutional Class
|
6-Month‡
|
1-Year
|
5-Year
|
10-Year
|
||||||||||||
Average Annual Total Returns as of 3/31/13
|
||||||||||||||||
No Sales Charges
|
6.18 | % | 8.16 | % | 4.77 | % | 7.89 | % | ||||||||
Russell 1000® Growth Index†
|
8.10 | % | 10.09 | % | 7.30 | % | 8.62 | % |
Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge)
|
Yearly periods ended March 31
|
Class A
|
Class B
|
Class C
|
Class R
|
Class S
|
Institutional Class
|
|||||||||||||||||||
Net Asset Value
|
||||||||||||||||||||||||
3/31/13
|
$ | 63.95 | $ | 60.07 | $ | 59.79 | $ | 63.76 | $ | 64.37 | $ | 64.35 | ||||||||||||
9/30/12
|
$ | 60.83 | $ | 56.92 | $ | 56.65 | $ | 60.62 | $ | 61.32 | $ | 61.32 | ||||||||||||
Distribution Information as of 3/31/13
|
||||||||||||||||||||||||
Income Dividends, Six Months
|
$ | .50 | $ | — | $ | .04 | $ | .34 | $ | .66 | $ | .70 |
Ten Largest Equity Holdings at March 31, 2013 (31.1% of Net Assets)
|
||||
1. Apple, Inc.
Designs, manufactures and markets personal computers and related computing and mobile communication devices
|
5.9 | % | ||
2. QUALCOMM, Inc.
Developer and manufacturer of communication systems
|
3.8 | % | ||
3. Google, Inc.
Provides a Web-based search engine for the Internet
|
3.5 | % | ||
4. Oracle Corp.
Supplier of software for enterprise information management
|
3.2 | % | ||
5. Celgene Corp.
A global biopharmaceutical company
|
3.2 | % | ||
6. Gilead Sciences, Inc.
Developer of nucleotide pharmaceuticals
|
2.4 | % | ||
7. NIKE, Inc.
Designs, develops and markets athletic footwear, apparel, equipment and accessory products
|
2.4 | % | ||
8. EMC Corp.
Provider of enterprise storage systems, software, networks and services
|
2.3 | % | ||
9. Express Scripts Holding Co.
A full-service pharmacy benefit management and specialty managed care company
|
2.2 | % | ||
10. General Electric Co.
A diversified technology, media and financial services company
|
2.2 | % | ||
Portfolio holdings and characteristics are subject to change.
|
Shares
|
Value ($)
|
|||||||
Common Stocks 98.7%
|
||||||||
Consumer Discretionary 17.4%
|
||||||||
Auto Components 0.7%
|
||||||||
BorgWarner, Inc.* (a)
|
137,213 | 10,612,053 | ||||||
Hotels, Restaurants & Leisure 3.1%
|
||||||||
McDonald's Corp.
|
154,444 | 15,396,522 | ||||||
Norwegian Cruise Line Holdings Ltd.*
|
126,452 | 3,749,302 | ||||||
Starwood Hotels & Resorts Worldwide, Inc.
|
284,701 | 18,143,995 | ||||||
Wynn Resorts Ltd. (a)
|
62,833 | 7,864,178 | ||||||
45,153,997 | ||||||||
Internet & Catalog Retail 0.5%
|
||||||||
Amazon.com, Inc.*
|
27,171 | 7,240,800 | ||||||
Media 3.4%
|
||||||||
Comcast Corp. "A" (a)
|
699,283 | 29,376,879 | ||||||
News Corp. "A"
|
654,575 | 19,977,629 | ||||||
49,354,508 | ||||||||
Multiline Retail 1.1%
|
||||||||
Dollar General Corp.*
|
325,946 | 16,486,349 | ||||||
Specialty Retail 5.4%
|
||||||||
Bed Bath & Beyond, Inc.* (a)
|
222,351 | 14,323,852 | ||||||
Dick's Sporting Goods, Inc. (a)
|
387,391 | 18,323,594 | ||||||
GNC Holdings, Inc. "A"
|
199,736 | 7,845,630 | ||||||
Home Depot, Inc.
|
274,629 | 19,163,612 | ||||||
L Brands, Inc.
|
434,997 | 19,426,966 | ||||||
79,083,654 | ||||||||
Textiles, Apparel & Luxury Goods 3.2%
|
||||||||
Coach, Inc. (a)
|
248,253 | 12,410,167 | ||||||
NIKE, Inc. "B"
|
596,482 | 35,198,403 | ||||||
47,608,570 | ||||||||
Consumer Staples 11.4%
|
||||||||
Beverages 3.2%
|
||||||||
Beam, Inc.
|
306,173 | 19,454,233 | ||||||
PepsiCo., Inc.
|
342,936 | 27,129,667 | ||||||
46,583,900 | ||||||||
Food & Staples Retailing 4.0%
|
||||||||
Costco Wholesale Corp.
|
266,851 | 28,315,560 | ||||||
Whole Foods Market, Inc.
|
343,066 | 29,760,975 | ||||||
58,076,535 | ||||||||
Food Products 4.2%
|
||||||||
Hillshire Brands Co.
|
567,355 | 19,942,528 | ||||||
Kraft Foods Group, Inc.
|
154,913 | 7,982,667 | ||||||
Mead Johnson Nutrition Co.
|
225,056 | 17,430,587 | ||||||
Mondelez International, Inc. "A"
|
553,452 | 16,941,166 | ||||||
62,296,948 | ||||||||
Energy 4.9%
|
||||||||
Energy Equipment & Services 2.6%
|
||||||||
Cameron International Corp.*
|
194,590 | 12,687,268 | ||||||
Schlumberger Ltd.
|
351,267 | 26,306,385 | ||||||
38,993,653 | ||||||||
Oil, Gas & Consumable Fuels 2.3%
|
||||||||
Anadarko Petroleum Corp.
|
208,016 | 18,190,999 | ||||||
Concho Resources, Inc.*
|
63,630 | 6,199,471 | ||||||
EOG Resources, Inc.
|
72,094 | 9,233,079 | ||||||
33,623,549 | ||||||||
Financials 5.2%
|
||||||||
Capital Markets 2.5%
|
||||||||
Ameriprise Financial, Inc.
|
136,917 | 10,083,937 | ||||||
T. Rowe Price Group, Inc. (a)
|
356,729 | 26,708,300 | ||||||
36,792,237 | ||||||||
Consumer Finance 1.3%
|
||||||||
Discover Financial Services
|
418,127 | 18,748,815 | ||||||
Real Estate Investment Trusts 1.3%
|
||||||||
American Tower Corp. (REIT)
|
249,953 | 19,226,385 | ||||||
Real Estate Management & Development 0.1%
|
||||||||
Realogy Holdings Corp.*
|
33,821 | 1,651,817 | ||||||
Health Care 14.3%
|
||||||||
Biotechnology 7.3%
|
||||||||
Celgene Corp.*
|
400,103 | 46,375,939 | ||||||
Cepheid, Inc.* (a)
|
311,088 | 11,936,446 | ||||||
Gilead Sciences, Inc.* (a)
|
732,748 | 35,853,360 | ||||||
Medivation, Inc.*
|
262,658 | 12,284,515 | ||||||
106,450,260 | ||||||||
Health Care Equipment & Supplies 2.0%
|
||||||||
CareFusion Corp.*
|
467,363 | 16,353,031 | ||||||
St. Jude Medical, Inc. (a)
|
308,989 | 12,495,515 | ||||||
28,848,546 | ||||||||
Health Care Providers & Services 3.6%
|
||||||||
Express Scripts Holding Co.*
|
554,991 | 31,995,231 | ||||||
McKesson Corp. (a)
|
194,660 | 21,015,494 | ||||||
53,010,725 | ||||||||
Life Sciences Tools & Services 1.4%
|
||||||||
Thermo Fisher Scientific, Inc.
|
273,742 | 20,938,525 | ||||||
Industrials 12.8%
|
||||||||
Aerospace & Defense 1.1%
|
||||||||
TransDigm Group, Inc. (a)
|
103,568 | 15,837,618 | ||||||
Commercial Services & Supplies 0.8%
|
||||||||
Stericycle, Inc.* (a)
|
116,543 | 12,374,536 | ||||||
Electrical Equipment 3.7%
|
||||||||
AMETEK, Inc.
|
554,728 | 24,053,006 | ||||||
Regal-Beloit Corp.
|
102,658 | 8,372,787 | ||||||
Roper Industries, Inc. (a)
|
165,481 | 21,067,386 | ||||||
53,493,179 | ||||||||
Industrial Conglomerates 2.2%
|
||||||||
General Electric Co.
|
1,383,809 | 31,993,664 | ||||||
Machinery 3.7%
|
||||||||
Dover Corp. (a)
|
233,079 | 16,986,798 | ||||||
Parker Hannifin Corp. (a)
|
278,883 | 25,540,105 | ||||||
SPX Corp.
|
148,675 | 11,739,378 | ||||||
54,266,281 | ||||||||
Road & Rail 1.3%
|
||||||||
Norfolk Southern Corp.
|
255,540 | 19,697,023 | ||||||
Information Technology 28.3%
|
||||||||
Communications Equipment 3.8%
|
||||||||
QUALCOMM, Inc.
|
833,419 | 55,797,402 | ||||||
Computers & Peripherals 8.3%
|
||||||||
Apple, Inc.
|
196,556 | 87,001,582 | ||||||
EMC Corp.*
|
1,437,318 | 34,337,527 | ||||||
121,339,109 | ||||||||
Internet Software & Services 4.4%
|
||||||||
eBay, Inc.*
|
264,622 | 14,347,805 | ||||||
Google, Inc. "A"*
|
64,273 | 51,034,690 | ||||||
65,382,495 | ||||||||
IT Services 4.3%
|
||||||||
Accenture PLC "A" (a)
|
322,904 | 24,531,017 | ||||||
International Business Machines Corp.
|
122,557 | 26,141,408 | ||||||
Visa, Inc. "A"
|
74,199 | 12,601,958 | ||||||
63,274,383 | ||||||||
Semiconductors & Semiconductor Equipment 0.8%
|
||||||||
Broadcom Corp. "A"
|
208,900 | 7,242,563 | ||||||
Skyworks Solutions, Inc.*
|
217,656 | 4,794,962 | ||||||
12,037,525 | ||||||||
Software 6.7%
|
||||||||
Check Point Software Technologies Ltd.* (a)
|
215,511 | 10,126,862 | ||||||
Citrix Systems, Inc.*
|
221,163 | 15,959,122 | ||||||
Microsoft Corp.
|
602,899 | 17,248,940 | ||||||
Oracle Corp.
|
1,464,059 | 47,347,668 | ||||||
Solera Holdings, Inc. (a)
|
120,535 | 7,030,807 | ||||||
97,713,399 | ||||||||
Materials 4.1%
|
||||||||
Chemicals
|
||||||||
Ecolab, Inc. (a)
|
268,577 | 21,534,504 | ||||||
LyondellBasell Industries NV "A"
|
179,290 | 11,347,264 | ||||||
Monsanto Co.
|
256,600 | 27,104,658 | ||||||
59,986,426 | ||||||||
Utilities 0.3%
|
||||||||
Water Utilities
|
||||||||
American Water Works Co., Inc.
|
122,108 | 5,060,156 | ||||||
Total Common Stocks (Cost $1,027,423,855)
|
1,449,035,022 | |||||||
Securities Lending Collateral 20.9%
|
||||||||
Daily Assets Fund Institutional, 0.14% (b) (c) (Cost $307,063,335)
|
307,063,335 | 307,063,335 | ||||||
Cash Equivalents 1.5%
|
||||||||
Central Cash Management Fund, 0.12% (b) (Cost $21,391,533)
|
21,391,533 | 21,391,533 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $1,355,878,723)†
|
121.1 | 1,777,489,890 | ||||||
Other Assets and Liabilities, Net
|
(21.1 | ) | (309,257,371 | ) | ||||
Net Assets
|
100.0 | 1,468,232,519 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks (d)
|
$ | 1,449,035,022 | $ | — | $ | — | $ | 1,449,035,022 | ||||||||
Short-Term Investments (d)
|
328,454,868 | — | — | 328,454,868 | ||||||||||||
Total
|
$ | 1,777,489,890 | $ | — | $ | — | $ | 1,777,489,890 |
as of March 31, 2013 (Unaudited)
|
||||
Assets
|
||||
Investments:
Investments in non-affiliated securities, at value (cost $1,027,423,855) — including $303,522,778 of securities loaned
|
$ | 1,449,035,022 | ||
Investment in Daily Assets Fund Institutional (cost $307,063,335)*
|
307,063,335 | |||
Investment in Central Cash Management Fund (cost $21,391,533)
|
21,391,533 | |||
Total investments in securities, at value (cost $1,355,878,723)
|
1,777,489,890 | |||
Cash
|
250,000 | |||
Receivable for Fund shares sold
|
617,194 | |||
Dividends receivable
|
1,200,601 | |||
Interest receivable
|
7,403 | |||
Other assets
|
50,472 | |||
Total assets
|
1,779,615,560 | |||
Liabilities
|
||||
Payable upon return of securities loaned
|
307,063,335 | |||
Payable for Fund shares redeemed
|
2,530,365 | |||
Accrued management fee
|
575,194 | |||
Accrued Trustees' fees
|
1,196 | |||
Accrued expenses
|
1,212,951 | |||
Total liabilities
|
311,383,041 | |||
Net assets, at value
|
$ | 1,468,232,519 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
1,821,911 | |||
Net unrealized appreciation (depreciation) on investments
|
421,611,167 | |||
Accumulated net realized gain (loss)
|
2,634,757 | |||
Paid-in capital
|
1,042,164,684 | |||
Net assets, at value
|
$ | 1,468,232,519 |
Statement of Assets and Liabilities as of March 31, 2013 (Unaudited) (continued)
|
||||
Net Asset Value
|
||||
Class A
Net Asset Value and redemption price per share ($568,425,013 ÷ 8,889,033 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 63.95 | ||
Maximum offering price per share (100 ÷ 94.25 of $63.95)
|
$ | 67.85 | ||
Class B
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($3,876,409 ÷ 64,532 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 60.07 | ||
Class C
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($27,352,078 ÷ 457,488 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 59.79 | ||
Class R
Net Asset Value, offering and redemption price per share ($6,167,721 ÷ 96,727 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 63.76 | ||
Class S
Net Asset Value, offering and redemption price per share ($627,448,289 ÷ 9,747,221 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 64.37 | ||
Institutional Class
Net Asset Value, offering and redemption price per share ($234,963,009 ÷ 3,651,288 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 64.35 |
for the six months ended March 31, 2013 (Unaudited)
|
||||
Investment Income
|
||||
Income:
Dividends (net of foreign taxes withheld of $10,757)
|
$ | 16,972,063 | ||
Income distributions — Central Cash Management Fund
|
19,403 | |||
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates
|
53,013 | |||
Total income
|
17,044,479 | |||
Expenses:
Management fee
|
3,284,351 | |||
Administration fee
|
707,242 | |||
Services to shareholders
|
1,177,935 | |||
Distribution and service fees
|
819,893 | |||
Custodian fee
|
12,008 | |||
Professional fees
|
66,066 | |||
Reports to shareholders
|
63,717 | |||
Registration fees
|
35,923 | |||
Trustees' fees and expenses
|
22,777 | |||
Other
|
29,617 | |||
Total expenses before expense reductions
|
6,219,529 | |||
Expense reductions
|
(1,333 | ) | ||
Total expenses after expense reductions
|
6,218,196 | |||
Net investment income (loss)
|
10,826,283 | |||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) from investments
|
11,407,651 | |||
Change in net unrealized appreciation (depreciation) on investments
|
61,608,280 | |||
Net gain (loss)
|
73,015,931 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 83,842,214 |
Increase (Decrease) in Net Assets
|
Six Months Ended March 31, 2013 (Unaudited)
|
Year Ended September 30, 2012
|
||||||
Operations:
Net investment income (loss)
|
$ | 10,826,283 | $ | 7,495,220 | ||||
Net realized gain (loss)
|
11,407,651 | 138,939,639 | ||||||
Change in net unrealized appreciation (depreciation)
|
61,608,280 | 240,429,683 | ||||||
Net increase (decrease) in net assets resulting from operations
|
83,842,214 | 386,864,542 | ||||||
Distributions to shareholders from:
Net investment income:
Class A
|
(4,525,336 | ) | (1,890,036 | ) | ||||
Class C
|
(18,525 | ) | — | |||||
Class R
|
(32,148 | ) | (4,378 | ) | ||||
Class S
|
(6,565,315 | ) | (3,538,753 | ) | ||||
Institutional Class
|
(2,557,668 | ) | (1,873,238 | ) | ||||
Total distributions
|
(13,698,992 | ) | (7,306,405 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
53,569,933 | 93,020,885 | ||||||
Reinvestment of distributions
|
12,429,417 | 6,437,300 | ||||||
Payments for shares redeemed
|
(128,301,284 | ) | (367,221,279 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
(62,301,934 | ) | (267,763,094 | ) | ||||
Increase (decrease) in net assets
|
7,841,288 | 111,795,043 | ||||||
Net assets at beginning of period
|
1,460,391,231 | 1,348,596,188 | ||||||
Net assets at end of period (including undistributed net investment income of $1,821,911 and $4,694,620, respectively)
|
$ | 1,468,232,519 | $ | 1,460,391,231 |
Years Ended September 30,
|
||||||||||||||||||||||||
Class A
|
Six Months Ended 3/31/13 (Unaudited)
|
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 60.83 | $ | 46.90 | $ | 48.32 | $ | 44.01 | $ | 48.01 | $ | 56.59 | ||||||||||||
Income (loss) from investment operations:
Net investment income (loss)a
|
.42 | .20 | .15 | d | .05 | .20 | .12 | |||||||||||||||||
Net realized and unrealized gain (loss)
|
3.20 | 13.91 | (1.43 | ) | 4.37 | (4.05 | ) | (8.54 | ) | |||||||||||||||
Total from investment operations
|
3.62 | 14.11 | (1.28 | ) | 4.42 | (3.85 | ) | (8.42 | ) | |||||||||||||||
Less distributions from:
Net investment income
|
(.50 | ) | (.18 | ) | (.14 | ) | (.14 | ) | (.15 | ) | (.16 | ) | ||||||||||||
Increase from regulatory settlements
|
— | — | — | .03 | e | — | — | |||||||||||||||||
Net asset value, end of period
|
$ | 63.95 | $ | 60.83 | $ | 46.90 | $ | 48.32 | $ | 44.01 | $ | 48.01 | ||||||||||||
Total Return (%)b
|
6.02 | ** | 30.17 | (2.71 | ) | 10.15 | e | (7.96 | )c | (14.92 | )c | |||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of year ($ millions)
|
568 | 572 | 521 | 618 | 614 | 645 | ||||||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.02 | * | 1.02 | 1.04 | 1.07 | 1.12 | 1.07 | |||||||||||||||||
Ratio of expenses after expense reductions (%)
|
1.02 | * | 1.02 | 1.04 | 1.07 | 1.11 | 1.06 | |||||||||||||||||
Ratio of net investment income (loss) (%)
|
.69 | ** | .36 | .27 | d | .10 | .51 | .23 | ||||||||||||||||
Portfolio turnover rate (%)
|
12 | ** | 27 | 48 | 68 | 74 | 27 | |||||||||||||||||
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 per share and 0.17% of average daily net assets, for the year ended September 30, 2011.
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. 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.
* Annualized
** Not annualized
|
Years Ended September 30,
|
||||||||||||||||||||||||
Class B
|
Six Months Ended 3/31/13 (Unaudited)
|
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 56.92 | $ | 44.16 | $ | 45.78 | $ | 41.98 | $ | 46.03 | $ | 54.27 | ||||||||||||
Income (loss) from investment operations:
Net investment income (loss)a
|
.14 | (.31 | ) | (.29 | )d | (.37 | ) | (.04 | ) | .04 | ||||||||||||||
Net realized and unrealized gain (loss)
|
3.01 | 13.07 | (1.33 | ) | 4.14 | (3.94 | ) | (8.22 | ) | |||||||||||||||
Total from investment operations
|
3.15 | 12.76 | (1.62 | ) | 3.77 | (3.98 | ) | (8.18 | ) | |||||||||||||||
Less distributions from:
Net investment income
|
— | — | — | — | (.07 | ) | (.06 | ) | ||||||||||||||||
Increase from regulatory settlements
|
— | — | — | .03 | e | — | — | |||||||||||||||||
Net asset value end of period
|
$ | 60.07 | $ | 56.92 | $ | 44.16 | $ | 45.78 | $ | 41.98 | $ | 46.03 | ||||||||||||
Total Return (%)b
|
5.53 | c** | 28.89 | (3.54 | ) | 9.05 | e | (8.62 | )c | (15.09 | )c | |||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of year ($ millions)
|
4 | 4 | 5 | 8 | 15 | 25 | ||||||||||||||||||
Ratio of expenses before expense reductions (%)
|
2.02 | * | 1.97 | 1.96 | 2.06 | 2.10 | 2.02 | |||||||||||||||||
Ratio of expenses after expense reductions (%)
|
1.95 | * | 1.97 | 1.96 | 2.06 | 1.82 | 1.27 | |||||||||||||||||
Ratio of net investment income (loss) (%)
|
.24 | ** | (.59 | ) | (.64 | )d | (.89 | ) | (.20 | ) | .02 | |||||||||||||
Portfolio turnover rate (%)
|
12 | ** | 27 | 48 | 68 | 74 | 27 | |||||||||||||||||
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 per share and 0.17% of average daily net assets, for the year ended September 30, 2011.
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. 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.
* Annualized
** Not annualized
|
Years Ended September 30,
|
||||||||||||||||||||||||
Class C
|
Six Months Ended 3/31/13 (Unaudited)
|
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 56.65 | $ | 43.86 | $ | 45.43 | $ | 41.57 | $ | 45.52 | $ | 53.94 | ||||||||||||
Income (loss) from investment operations:
Net investment income (loss)a
|
.17 | (.21 | ) | (.20 | )c | (.26 | ) | (.07 | ) | (.31 | ) | |||||||||||||
Net realized and unrealized gain (loss)
|
3.01 | 13.00 | (1.37 | ) | 4.09 | (3.88 | ) | (8.11 | ) | |||||||||||||||
Total from investment operations
|
3.18 | 12.79 | (1.57 | ) | 3.83 | (3.95 | ) | (8.42 | ) | |||||||||||||||
Less distributions from:
Net investment income
|
(.04 | ) | — | — | — | — | — | |||||||||||||||||
Increase from regulatory settlements
|
— | — | — | .03 | d | — | — | |||||||||||||||||
Net asset value, end of period
|
$ | 59.79 | $ | 56.65 | $ | 43.86 | $ | 45.43 | $ | 41.57 | $ | 45.52 | ||||||||||||
Total Return (%)b
|
5.62 | ** | 29.16 | (3.46 | ) | 9.29 | d | (8.68 | ) | (15.61 | ) | |||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of year ($ millions)
|
27 | 29 | 27 | 29 | 30 | 26 | ||||||||||||||||||
Ratio of expenses (%)
|
1.80 | * | 1.78 | 1.81 | 1.84 | 1.90 | 1.89 | |||||||||||||||||
Ratio of net investment income (loss) (%)
|
.31 | ** | (.40 | ) | (.49 | )c | (.67 | ) | (.28 | ) | (.60 | ) | ||||||||||||
Portfolio turnover rate (%)
|
12 | ** | 27 | 48 | 68 | 74 | 27 | |||||||||||||||||
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 per share and 0.17% of average daily net assets, for the year ended September 30, 2011.
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. 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.
* Annualized
** Not annualized
|
Years Ended September 30,
|
||||||||||||||||||||||||
Class R
|
Six Months Ended 3/31/13 (Unaudited)
|
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 60.62 | $ | 46.74 | $ | 48.14 | $ | 43.96 | $ | 47.85 | $ | 56.44 | ||||||||||||
Income (loss) from investment operations:
Net investment income (loss)a
|
.30 | .05 | .02 | c | (.13 | ) | .14 | (.02 | ) | |||||||||||||||
Net realized and unrealized gain (loss)
|
3.18 | 13.88 | (1.42 | ) | 4.36 | (4.01 | ) | (8.57 | ) | |||||||||||||||
Total from investment operations
|
3.48 | 13.93 | (1.40 | ) | 4.23 | (3.87 | ) | (8.59 | ) | |||||||||||||||
Less distributions from:
Net investment income
|
(.34 | ) | (.05 | ) | — | (.08 | ) | (.02 | ) | (.00 | )*** | |||||||||||||
Increase from regulatory settlements
|
— | — | — | .03 | d | — | — | |||||||||||||||||
Net asset value, end of period
|
$ | 63.76 | $ | 60.62 | $ | 46.74 | $ | 48.14 | $ | 43.96 | $ | 47.85 | ||||||||||||
Total Return (%)
|
5.80 | ** | 29.81 | (2.91 | ) | 9.70 | d | (8.08 | )b | (15.22 | ) | |||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
6 | 6 | 4 | 75 | 74 | 35 | ||||||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.39 | * | 1.28 | 1.29 | 1.45 | 1.25 | 1.41 | |||||||||||||||||
Ratio of expenses after expense reductions (%)
|
1.39 | * | 1.28 | 1.29 | 1.45 | 1.24 | 1.41 | |||||||||||||||||
Ratio of net investment income (loss) (%)
|
.50 | ** | .09 | .03 | c | (.28 | ) | .38 | (.12 | ) | ||||||||||||||
Portfolio turnover rate (%)
|
12 | ** | 27 | 48 | 68 | 74 | 27 | |||||||||||||||||
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 per share and 0.17% of average daily net assets, for the year ended September 30, 2011.
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. 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.
* Annualized
** Not annualized
*** Amount is less than $.005.
|
Years Ended September 30,
|
||||||||||||||||||||||||
Class S
|
Six Months Ended 3/31/13 (Unaudited)
|
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 61.32 | $ | 47.29 | $ | 48.72 | $ | 44.37 | $ | 48.41 | $ | 57.06 | ||||||||||||
Income (loss) from investment operations:
Net investment income (loss)a
|
.50 | .35 | .29 | c | .17 | .30 | .27 | |||||||||||||||||
Net realized and unrealized gain (loss)
|
3.21 | 14.00 | (1.44 | ) | 4.42 | (4.08 | ) | (8.60 | ) | |||||||||||||||
Total from investment operations
|
3.71 | 14.35 | (1.15 | ) | 4.59 | (3.78 | ) | (8.33 | ) | |||||||||||||||
Less distributions from:
Net investment income
|
(.66 | ) | (.32 | ) | (.28 | ) | (.27 | ) | (.26 | ) | (.32 | ) | ||||||||||||
Increase from regulatory settlements
|
— | — | — | .03 | d | — | — | |||||||||||||||||
Net asset value, end of period
|
$ | 64.37 | $ | 61.32 | $ | 47.29 | $ | 48.72 | $ | 44.37 | $ | 48.41 | ||||||||||||
Total Return (%)
|
6.16 | ** | 30.47 | (2.43 | ) | 10.43 | d | (7.72 | )b | (14.68 | ) | |||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of year ($ millions)
|
627 | 624 | 542 | 620 | 587 | 693 | ||||||||||||||||||
Ratio of expenses before expense reductions (%)
|
.76 | * | .76 | .77 | .80 | .85 | .79 | |||||||||||||||||
Ratio of expenses after expense reductions (%)
|
.76 | * | .76 | .77 | .80 | .84 | .79 | |||||||||||||||||
Ratio of net investment income (loss) (%)
|
.82 | ** | .62 | .55 | c | .37 | .78 | .50 | ||||||||||||||||
Portfolio turnover rate (%)
|
12 | ** | 27 | 48 | 68 | 74 | 27 | |||||||||||||||||
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 per share and 0.17% of average daily net assets, for the year ended September 30, 2011.
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. 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.
* Annualized
** Not annualized
|
Years Ended September 30,
|
||||||||||||||||||||||||
Institutional Class
|
Six Months Ended 3/31/13 (Unaudited)
|
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 61.32 | $ | 47.29 | $ | 48.73 | $ | 44.41 | $ | 48.40 | $ | 57.05 | ||||||||||||
Income (loss) from investment operations:
Net investment income (loss)a
|
.52 | .39 | .33 | c | .21 | .35 | .31 | |||||||||||||||||
Net realized and unrealized gain (loss)
|
3.21 | 13.99 | (1.44 | ) | 4.41 | (4.06 | ) | (8.61 | ) | |||||||||||||||
Total from investment operations
|
3.73 | 14.38 | (1.11 | ) | 4.62 | (3.71 | ) | (8.30 | ) | |||||||||||||||
Less distributions from:
Net investment income
|
(.70 | ) | (.35 | ) | (.33 | ) | (.33 | ) | (.28 | ) | (.35 | ) | ||||||||||||
Increase from regulatory settlements
|
— | — | — | .03 | d | — | — | |||||||||||||||||
Net asset value, end of period
|
$ | 64.35 | $ | 61.32 | $ | 47.29 | $ | 48.73 | $ | 44.41 | $ | 48.40 | ||||||||||||
Total Return (%)
|
6.18 | ** | 30.58 | (2.37 | ) | 10.50 | d | (7.56 | )b | (14.63 | )b | |||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of year ($ millions)
|
235 | 226 | 249 | 461 | 366 | 324 | ||||||||||||||||||
Ratio of expenses before expense reductions (%)
|
.70 | * | .69 | .70 | .72 | .71 | .73 | |||||||||||||||||
Ratio of expenses after expense reductions (%)
|
.70 | * | .69 | .70 | .72 | .71 | .73 | |||||||||||||||||
Ratio of net investment income (loss) (%)
|
.85 | ** | .70 | .61 | c | .45 | .91 | .56 | ||||||||||||||||
Portfolio turnover rate (%)
|
12 | ** | 27 | 48 | 68 | 74 | 27 | |||||||||||||||||
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 per share and 0.17% of average daily net assets, for the year ended September 30, 2011.
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. 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.
* Annualized
** Not annualized
|
First $250 million of the Fund's average daily net assets
|
.495 | % | ||
Next $750 million of such net assets
|
.465 | % | ||
Next $1.5 billion of such net assets
|
.445 | % | ||
Next $2.5 billion of such net assets
|
.425 | % | ||
Next $2.5 billion of such net assets
|
.395 | % | ||
Next $2.5 billion of such net assets
|
.375 | % | ||
Next $2.5 billion of such net assets
|
.355 | % | ||
Over $12.5 billion of such net assets
|
.335 | % |
Class A
|
1.20%
|
Class B
|
1.95%
|
Class C
|
1.95%
|
Class R
|
1.45%
|
Class S
|
.95%
|
Institutional Class
|
.95%
|
Services to Shareholders
|
Total Aggregated
|
Waived
|
Unpaid at March 31, 2013
|
|||||||||
Class A
|
$ | 386,013 | $ | — | $ | 189,440 | ||||||
Class B
|
7,132 | 1,333 | 3,443 | |||||||||
Class C
|
14,471 | — | 6,674 | |||||||||
Class R
|
3,259 | — | 2,663 | |||||||||
Class S
|
353,556 | — | 182,079 | |||||||||
Institutional Class
|
72,435 | — | 33,517 | |||||||||
$ | 836,866 | $ | 1,333 | $ | 417,816 |
Distribution Fee
|
Total Aggregated
|
Unpaid at March 31, 2013
|
||||||
Class B
|
$ | 15,201 | $ | 2,493 | ||||
Class C
|
101,735 | 17,776 | ||||||
Class R
|
7,020 | 1,285 | ||||||
$ | 123,956 | $ | 21,554 |
Service Fee
|
Total Aggregated
|
Unpaid at March 31, 2013
|
Annualized Effective Rate
|
|||||||||
Class A
|
$ | 650,857 | $ | 368,147 | .24 | % | ||||||
Class B
|
4,992 | 2,602 | .25 | % | ||||||||
Class C
|
33,867 | 17,659 | .25 | % | ||||||||
Class R
|
6,221 | 3,534 | .22 | % | ||||||||
$ | 695,937 | $ | 391,942 |
Six Months Ended
March 31, 2013
|
Year Ended
September 30, 2012
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Class A
|
242,916 | $ | 14,753,303 | 467,796 | $ | 26,119,906 | ||||||||||
Class B
|
1,196 | 67,516 | 2,376 | 131,503 | ||||||||||||
Class C
|
24,806 | 1,398,582 | 70,163 | 3,712,466 | ||||||||||||
Class R
|
17,496 | 1,054,683 | 32,640 | 1,848,878 | ||||||||||||
Class S
|
239,819 | 14,586,872 | 438,777 | 24,491,513 | ||||||||||||
Institutional Class
|
355,181 | 21,708,977 | 675,051 | 36,716,619 | ||||||||||||
$ | 53,569,933 | $ | 93,020,885 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Class A
|
72,527 | $ | 4,290,714 | 35,841 | $ | 1,778,421 | ||||||||||
Class C
|
220 | 12,223 | — | — | ||||||||||||
Class R
|
499 | 29,426 | 79 | 3,923 | ||||||||||||
Class S
|
103,274 | 6,146,863 | 66,330 | 3,311,181 | ||||||||||||
Institutional Class
|
32,782 | 1,950,191 | 26,935 | 1,343,775 | ||||||||||||
$ | 12,429,417 | $ | 6,437,300 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Class A
|
(831,116 | ) | $ | (50,137,663 | ) | (2,209,705 | ) | $ | (122,512,568 | ) | ||||||
Class B
|
(14,781 | ) | (844,764 | ) | (41,953 | ) | (2,197,780 | ) | ||||||||
Class C
|
(73,262 | ) | (4,125,480 | ) | (181,562 | ) | (9,515,421 | ) | ||||||||
Class R
|
(13,282 | ) | (791,750 | ) | (27,632 | ) | (1,534,634 | ) | ||||||||
Class S
|
(775,526 | ) | (47,130,138 | ) | (1,783,511 | ) | (99,892,700 | ) | ||||||||
Institutional Class
|
(414,212 | ) | (25,271,489 | ) | (2,296,178 | ) | (131,568,176 | ) | ||||||||
$ | (128,301,284 | ) | $ | (367,221,279 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Class A
|
(515,673 | ) | $ | (31,093,646 | ) | (1,706,068 | ) | $ | (94,614,241 | ) | ||||||
Class B
|
(13,585 | ) | (777,248 | ) | (39,577 | ) | (2,066,277 | ) | ||||||||
Class C
|
(48,236 | ) | (2,714,675 | ) | (111,399 | ) | (5,802,955 | ) | ||||||||
Class R
|
4,713 | 292,359 | 5,087 | 318,167 | ||||||||||||
Class S
|
(432,433 | ) | (26,396,403 | ) | (1,278,404 | ) | (72,090,006 | ) | ||||||||
Institutional Class
|
(26,249 | ) | (1,612,321 | ) | (1,594,192 | ) | (93,507,782 | ) | ||||||||
$ | (62,301,934 | ) | $ | (267,763,094 | ) |
Expenses and Value of a $1,000 Investment for the six months ended March 31, 2013 (Unaudited)
|
||||||||||||||||||||||||
Actual Fund Return
|
Class A
|
Class B
|
Class C
|
Class R
|
Class S
|
Institutional Class
|
||||||||||||||||||
Beginning Account Value 10/1/12
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||
Ending Account Value 3/31/13
|
$ | 1,060.20 | $ | 1,055.30 | $ | 1,056.20 | $ | 1,058.00 | $ | 1,061.60 | $ | 1,061.80 | ||||||||||||
Expenses Paid per $1,000*
|
$ | 5.24 | $ | 9.99 | $ | 9.23 | $ | 7.13 | $ | 3.91 | $ | 3.60 | ||||||||||||
Hypothetical 5% Fund Return
|
Class A
|
Class B
|
Class C
|
Class R
|
Class S
|
Institutional Class
|
||||||||||||||||||
Beginning Account Value 10/1/12
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||
Ending Account Value 3/31/13
|
$ | 1,019.85 | $ | 1,015.21 | $ | 1,015.96 | $ | 1,018.00 | $ | 1,021.14 | $ | 1,021.44 | ||||||||||||
Expenses Paid per $1,000*
|
$ | 5.14 | $ | 9.80 | $ | 9.05 | $ | 6.99 | $ | 3.83 | $ | 3.53 |
Annualized Expense Ratios
|
Class A
|
Class B
|
Class C
|
Class R
|
Class S
|
Institutional Class
|
DWS Capital Growth Fund
|
1.02%
|
1.95%
|
1.80%
|
1.39%
|
.76%
|
.70%
|
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:
(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) 728-3337.
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Portfolio Holdings
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Following the fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. This 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.
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Principal Underwriter
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If you have questions, comments or complaints, contact:
DWS Investments Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808
(800) 621-1148
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Investment Management
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Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), which is part of Deutsche Asset & Wealth Management, is the investment advisor for the 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.
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Class A
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Class B
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Class C
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Class S
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Institutional Class
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Nasdaq Symbol
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SDGAX
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SDGBX
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SDGCX
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SCGSX
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SDGTX
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CUSIP Number
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23338J 103
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23338J 202
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23338J 301
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23338J 509
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23338J 707
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Fund Number
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498
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698
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798
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2398
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564
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For shareholders of Class R
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Automated Information Line
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DWS Investments Flex Plan Access (800) 728-3337
24-hour access to your retirement plan account.
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Web Site
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www.dws-investments.com
Click "Retirement Plans" to reallocate assets, process transactions and review your funds through our secure online account access.
Obtain prospectuses and applications, blank forms, interactive worksheets, news about DWS funds, subscription to fund updates by e-mail, retirement planning information, and more.
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For More Information
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(800) 728-3337
To speak with a service representative.
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Written Correspondence
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DWS Investments Service Company
222 South Riverside Plaza
Chicago, IL 60606-5806
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Nasdaq Symbol
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SDGRX
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CUSIP Number
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23338J 608
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Fund Number
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1508
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FACTS
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What Does DWS Investments Do With Your Personal Information?
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Why?
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Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
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What?
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The types of personal information we collect and share can include:
• Social Security number
• Account balances
• Purchase and transaction history
• Bank account information
• Contact information such as mailing address, e-mail address and telephone number
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How?
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All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information, the reasons DWS Investments chooses to share and whether you can limit this sharing.
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Reasons we can share your personal information
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Does DWS Investments share?
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Can you limit this sharing?
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For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations
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Yes
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No
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For our marketing purposes — to offer our products and services to you
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Yes
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No
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For joint marketing with other financial companies
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No
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We do not share
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For our affiliates' everyday business purposes — information about your transactions and experiences
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No
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We do not share
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For our affiliates' everyday business purposes — information about your creditworthiness
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No
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We do not share
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For non-affiliates to market to you
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No
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We do not share
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Questions?
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Call (800) 728-3337 or e-mail us at dws-investments.info@dws.com
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Who we are
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Who is providing this notice?
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DWS Investments Distributors, Inc.; Deutsche Investment Management Americas Inc.; DeAM Investor Services, Inc.; DWS Trust Company; the DWS Funds
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What we do
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How does DWS Investments protect my personal information?
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To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
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How does DWS Investments collect my personal information?
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We collect your personal information, for example. When you:
• open an account
• give us your contact information
• provide bank account information for ACH or wire transactions
• tell us where to send money
• seek advice about your investments
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Why can't I limit all sharing?
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Federal law gives you the right to limit only
• sharing for affiliates' everyday business purposes — information about your creditworthiness
• affiliates from using your information to market to you
• sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing.
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Definitions
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Affiliates
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Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank ("DB") name, such as DB AG Frankfurt and DB Alex Brown.
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Non-affiliates
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Companies not related by common ownership or control. They can be financial and non-financial companies.
Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.
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Joint marketing
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A formal agreement between non-affiliated financial companies that together market financial products or services to you. DWS Investments does not jointly market.
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Rev. 09/2012
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ITEM 2.
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CODE OF ETHICS
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Not applicable.
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ITEM 3.
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AUDIT COMMITTEE FINANCIAL EXPERT
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Not applicable
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ITEM 4.
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PRINCIPAL ACCOUNTANT FEES AND SERVICES
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Not applicable
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ITEM 5.
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AUDIT COMMITTEE OF LISTED REGISTRANTS
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Not applicable
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ITEM 6.
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SCHEDULE OF INVESTMENTS
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Not applicable
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ITEM 7.
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DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
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Not applicable
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ITEM 8.
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PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
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Not applicable
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ITEM 9.
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PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
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Not applicable
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ITEM 10.
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SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
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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 Kenneth C. Froewiss, Independent Chairman, DWS Mutual Funds, P.O. Box 78, Short Hills, NJ 07078.
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ITEM 11.
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CONTROLS AND PROCEDURES
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(a)
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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.
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(b)
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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.
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ITEM 12.
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EXHIBITS
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(a)(1)
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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.
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(b)
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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.
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Registrant:
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DWS Capital Growth Fund, a series of DWS Investment Trust
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By:
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/s/W. Douglas Beck
W. Douglas Beck
President
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Date:
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May 29, 2013
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By:
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/s/W. Douglas Beck
W. Douglas Beck
President
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Date:
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May 29, 2013
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By:
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/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
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Date:
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May 29, 2013
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1.
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I have reviewed this report, filed on behalf of DWS Capital Growth Fund, a series of DWS Investment Trust, on Form N-CSRS;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5.
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The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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May 29, 2013
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/s/W. Douglas Beck
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W. Douglas Beck
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President
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1.
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I have reviewed this report, filed on behalf of DWS Capital Growth Fund, a series of DWS Investment Trust, on Form N-CSRS;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
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(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5.
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The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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May 29, 2013
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/s/Paul Schubert
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Paul Schubert
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Chief Financial Officer and Treasurer
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1.
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I have reviewed this report, filed on behalf of DWS Capital Growth Fund, a series of DWS Investment Trust, on Form N-CSRS;
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2.
|
Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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1.
|
I have reviewed this report, filed on behalf of DWS Capital Growth Fund, a series of DWS Investment Trust, on Form N-CSRS;
|
2.
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Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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