N-CSRS 1 sr33113cgf.htm DWS CAPITAL GROWTH FUND sr33113cgf.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549

FORM N-CSRS

Investment Company Act file number:  811-00043

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

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

Registrant’s Telephone Number, including Area Code: (212) 250-3220

Paul Schubert
60 Wall Street
New York, NY 10005
 (Name and Address of Agent for Service)

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
 
Contents
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
 
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.
 
The fund may lend securities to approved institutions. Stocks may decline in value. See the prospectus for details.
 
DWS Investments is part of the Deutsche Asset & Wealth Management division of Deutsche Bank AG.
 
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
 
Letter to Shareholders
 
Dear Investor:
 
As the U.S. and global economies regain their footing, economists are cautiously looking to a less erratic year for the financial markets in 2013. In the U.S. specifically, positive trends in areas such as housing starts and job creation suggest ongoing recovery, albeit at a relatively mild pace. Supporting this view, Larry Adam, Deutsche Asset & Wealth Management's Chief Investment Strategist for Wealth Management, cites the potential for increased bank lending, a rise in business spending, and improved consumer confidence as underlying forces that may act as catalysts for continued positive growth.
 
Still, critical issues are yet to be resolved. As Washington wrangles with debt concerns, spending, and monetary and fiscal policy, a fair amount of uncertainty lingers. Despite gains in the broad stock market, sluggish growth and historically low interest rates continue to pose a challenge to investors seeking a strategy for growth or retirement income.
 
Against this backdrop, what can you do? First, stay focused. Second-guessing investment decisions based on headlines, short-term market fluctuations or emotion is never a reliable strategy. Next, make a point of checking your asset allocation every year or so. Objectives may change over time, and periods of market volatility can shift a portfolio away from your established target allocation. Finally, remember that the investment professionals who manage your DWS fund bring a wealth of experience over a variety of market cycles, along with access to a broad network of research and analytical resources.
 
At Deutsche Asset & Wealth Management we embrace the concept of discipline and the value of maintaining a long-term view. We urge you to do the same.
 
 
Best regards,
 
 

Douglas Beck, CFA
President, DWS Funds
 
Performance Summary March 31, 2013 (Unaudited)
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 %
 
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, 2013 are 1.02%, 1.97%, 1.78%, 1.28%, 0.76% and 0.69% 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)
Yearly periods ended March 31
 
The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 5.75%. This results in a net initial investment of $9,425.
 
The growth of $10,000 is cumulative.
 
Performance of other share classes will vary based on the sales charges and the fee structure of those classes.
 
The Russell 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.
 
Total returns shown for periods less than one year are not annualized.
 
   
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  
 
Portfolio Management Team
 
Owen Fitzpatrick, CFA, Managing Director
 
Lead Portfolio Manager of the fund. Joined the fund in 2009.
 
Joined Deutsche Asset & Wealth Management in 2009.
 
Prior to joining Deutsche Asset & Wealth Management, Managing Director of Deutsche Bank Private Wealth Management, head of U.S. Equity Strategy, manager of the U.S. large cap core, value and growth portfolios, member of the U.S. Investment Committee and head of the Equity Strategy Group.
 
Previous experience includes over 21 years of experience in trust and investment management. Prior to joining Deutsche Bank in 1995, managed an equity income fund, trust and advisory relationships for Princeton Bank & Trust Company, where he was also responsible for research coverage of the consumer cyclical sector. Previously served as a portfolio manager at Manufacturer's Hanover Trust Company.
 
BA and MBA, Fordham University.
 
Thomas M. Hynes, Jr., CFA, Director
 
Portfolio Manager of the fund. Joined the fund in 2009.
 
Joined Deutsche Asset Management in 1995, served in DB Private Wealth Management from 1995-2004; served as U.S. equity portfolio manager at Citigroup Asset Management from 2004-2007; rejoined Deutsche Asset & Wealth Management in 2007.
 
Portfolio manager for U.S. Large Cap Equity: New York.
 
BS, Fordham University.
 
Brendan O'Neill, CFA, Director
 
Portfolio Manager of the fund. Joined the fund in 2009.
 
Joined Deutsche Asset & Wealth Management in 2000.
 
Equity Research Analyst covering the financial services sector from 2001-2009.
 
Previously served as a member of the Large Cap Core Equity team.
 
BA, Queens College, CUNY; MS, Zicklin School of Business, Baruch College.
 
Portfolio Summary (Unaudited)
 
 
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.
For more complete details about the fund's investment portfolio, see page 9. A quarterly Fact Sheet is available on www.dws-investments.com or upon request. Please see the Account Management Resources section on page 39 for contact information.
 
 
Investment Portfolio as of March 31, 2013 (Unaudited)
   
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  
 
* Non-income producing security.
 
The cost for federal income tax purposes was $1,357,743,533. At March 31, 2013, net unrealized appreciation for all securities based on tax cost was $419,746,357. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $432,138,992 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $12,392,635.
 
(a) All or a portion of these securities were on loan (see Notes to Financial Statements). The value of securities loaned at March 31, 2013 amounted to $303,522,778, which is 20.7% 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.
 
REIT: Real Estate Investment Trust
 
Fair Value Measurements
 
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
The following is a summary of the inputs used as of March 31, 2013 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)
  $ 1,449,035,022     $     $     $ 1,449,035,022  
Short-Term Investments (d)
    328,454,868                   328,454,868  
Total
  $ 1,777,489,890     $     $     $ 1,777,489,890  
 
There have been no transfers between fair value measurement levels during the period ended March 31, 2013.
 
(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 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  
 
* Represents collateral on securities loaned.
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Assets and Liabilities as of March 31, 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  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Operations
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  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Changes in Net Assets
Increase (Decrease) in Net Assets
 
Six Months Ended March 31, 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  
 
The accompanying notes are an integral part of the financial statements.
 
Financial Highlights
         
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
 
 
Notes to Financial Statements (Unaudited)
 
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.
 
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.
 
New Accounting Pronouncement. In January 2013, Accounting Standard Update 2013-01 (ASU 2013-01), Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, replaced Accounting Standards Update 2011-11 (ASU 2011-11), Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. The ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements, and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. Management is currently evaluating the application of ASU 2013-01 and its impact, if any, on the Fund's financial statements.
 
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 the benefits of owning the securities it has loaned and continues to receive interest and dividends generated by the 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.
 
Under the Regulated Investment Company Modernization Act of 2010, net capital losses incurred post-enactment may be carried forward indefinitely, and their character is retained as short-term and/or long-term. 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.
 
At September 30, 2012, the Fund had a net tax basis capital loss carryforward of approximately $1,708,000 of pre-enactment losses, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until September 30, 2017.
 
In addition, from November 1, 2011 through September 30, 2012, the Fund elects to defer qualified late year losses of approximately $5,200,000 of net short-term realized capital losses and treat them as arising in the fiscal year ending September 30, 2013.
 
The Fund has reviewed the tax positions for the open tax years as of September 30, 2012 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. Distributions from net investment income of the Fund, if any, are 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 Fund may also make additional distributions for tax purposes if necessary.
 
The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.
 
The tax character of current year distributions will be determined at the end of the current fiscal year.
 
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 based upon the relative net assets or other appropriate measures.
 
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 six months ended March 31, 2013, purchases and sales of investment securities (excluding short-term investments) aggregated $173,303,880 and $223,884,638, 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 six months ended March 31, 2013, the fee pursuant to the management agreement was equivalent to an annualized effective rate of 0.46% of the Fund's average daily net assets.
 
For the period from October 1, 2012 through September 30, 2013, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of each class as follows:
Class A
1.20%
Class B
1.95%
Class C
1.95%
Class R
1.45%
Class S
.95%
Institutional Class
.95%
 
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 six months ended March 31, 2013, the Administration Fee was $707,242, of which $124,009 is unpaid.
 
Service Provider Fees. DWS Investments Service Company ("DISC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent of the Fund. Pursuant to a sub-transfer agency agreement between DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended March 31, 2013, the amounts charged to the Fund by DISC were as follows:
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 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 six months ended March 31, 2013, the Distribution Fee was as follows:
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  
 
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 six months ended March 31, 2013, the Service Fee was as follows:
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          
 
Underwriting Agreement and Contingent Deferred Sales Charge. DIDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the six months ended March 31, 2013, aggregated $9,431.
 
In addition, DIDI receives any contingent deferred sales charge ("CDSC") from Class B share redemptions occurring within six years of purchase and Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is based on declining rates, ranging from 4% to 1% for Class B and 1% for Class C, of the value of the shares redeemed. For the six months ended March 31, 2013, the CDSC for Class B and C shares aggregated $2,078 and $658, respectively. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the six months ended March 31, 2013, DIDI received $30 for Class A shares.
 
Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the six months ended March 31, 2013, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $8,118, of which $4,637 is unpaid.
 
Trustees' Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and Vice Chairperson and to each committee Chairperson and Vice 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 $375 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 March 31, 2013.
 
E. Share Transactions
 
The following table summarizes share and dollar activity in the Fund:
   
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 )
 
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. In the most recent six-month period, Class B shares limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (October 1, 2012 to March 31, 2013).
 
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. Subject to certain exceptions, an account maintenance fee of $20.00 assessed once per calendar year for Classes A, B, C and S shares may apply for accounts with balances less than $10,000. This fee is not included in these tables. If it was, the estimate of expenses paid for Classes A, B, C and S shares during the period would be higher, and account value during the period would be lower, by this amount.
 
Expenses and Value of a $1,000 Investment for the six months ended March 31, 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  
 
* 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 182 (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
1.02%
1.95%
1.80%
1.39%
.76%
.70%
 
For more information, please refer to the Fund's prospectus.
 
For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.
 
Summary of Management Fee Evaluation by Independent Fee Consultant
 
September 17, 2012
 
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 2012, 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, 2010 and 2011.
 
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 103 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 "fallout" 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 considered how aggregated DWS Fund performance measures relative to appropriate peers had varied by asset class and over time.
 
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.
 
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:
(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.
Portfolio Holdings
 
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.
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
Investment Management
 
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.
 

   
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) 728-3337
24-hour access to your retirement plan account.
Web Site
 
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.
For More Information
 
(800) 728-3337
To speak with a service representative.
Written Correspondence
 
DWS Investments Service Company
222 South Riverside Plaza
Chicago, IL 60606-5806
Nasdaq Symbol
 
SDGRX
CUSIP Number
 
23338J 608
Fund Number
 
1508
 
Privacy Statement
FACTS
 
What Does DWS Investments Do With Your Personal Information?
Why?
 
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
What?
 
The types of personal information we collect and share can include:
Social Security number
• Account balances
Purchase and transaction history
Bank account information
Contact information such as mailing address, e-mail address and telephone number
How?
 
All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information, the reasons DWS Investments chooses to share and whether you can limit this sharing.
 

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

Questions?
Call (800) 728-3337 or e-mail us at dws-investments.info@dws.com
 

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

 
Rev. 09/2012
 
Notes
 
Notes
 
Notes
 
Notes
 
   
ITEM 2.
CODE OF ETHICS
   
 
Not applicable.
   
ITEM 3.
AUDIT COMMITTEE FINANCIAL EXPERT
   
 
Not applicable
   
ITEM 4.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
   
 
Not applicable
   
ITEM 5.
AUDIT COMMITTEE OF LISTED REGISTRANTS
   
 
Not applicable
   
ITEM 6.
SCHEDULE OF INVESTMENTS
   
 
Not applicable
   
ITEM 7.
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
   
 
Not applicable
   
ITEM 8.
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
   
 
Not applicable
   
ITEM 9.
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
   
 
Not applicable
   
ITEM 10.
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
   
 
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Kenneth C. Froewiss, Independent Chairman, DWS Mutual Funds, P.O. Box 78, Short Hills, NJ 07078.
   
ITEM 11.
CONTROLS AND PROCEDURES
   
 
(a)
The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
   
 
(b)
There have been no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
   
ITEM 12.
EXHIBITS
   
 
(a)(1)
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
   
 
(b)
Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.


Form N-CSRS Item F

SIGNATURES

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

Registrant:
DWS Capital Growth Fund, a series of DWS Investment Trust
   
   
By:
/s/W. Douglas Beck
W. Douglas Beck
President
   
Date:
May 29, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:
/s/W. Douglas Beck
W. Douglas Beck
President
   
Date:
May 29, 2013
   
   
   
By:
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
   
Date:
May 29, 2013