sr13114lcg.htm

January 31, 2014

Semiannual Report

to Shareholders

DWS Large Cap Focus Growth Fund

Contents

3 Letter to Shareholders

4 Performance Summary

7 Portfolio Management Team

8 Portfolio Summary

10 Investment Portfolio

14 Statement of Assets and Liabilities

16 Statement of Operations

17 Statement of Changes in Net Assets

18 Financial Highlights

23 Notes to Financial Statements

33 Information About Your Fund's Expenses

35 Advisory Agreement Board Considerations and Fee Evaluation

40 Account Management Resources

42 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.

Deutsche Asset & Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries, including the Advisor and DWS Investments Distributors, Inc.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Letter to Shareholders

Dear Shareholder:

Having recently joined Deutsche Asset & Wealth Management as president of the DWS funds and head of Fund Administration, I'd like to take this opportunity to introduce myself. I come with 20 years of experience in asset management and the mutual fund industry. My job is to work closely with your fund board to ensure optimal oversight of the DWS funds' management and operations. I look forward to serving in this role on your behalf.

As for the economy, experts seem to agree that both the U.S. and global economies are recovering. Interest rates, while destined to rise to a level more in line with historical "normal" at some point, will likely remain relatively low for the foreseeable future. The stock markets continue to demonstrate strength as housing rebounds, American manufacturing strengthens, the U.S. budget deficit improves and unemployment continues to move lower. However, uncertainty persists regarding the pace of the recovery, the eventual tapering of government bond purchases, the potential for further political gridlock around the fiscal impasse and lingering effects of the financial crisis. All this uncertainty may well contribute to volatility in both the bond and stock markets.

It may help to remember that market fluctuations are not unusual. However, significant market swings may also reflect behavior that is driven more by investor emotion than any fundamental factors relating to the securities in question. If volatility is making you nervous, it may be time to review your investments. A trusted financial advisor can help you determine if a strategy change is appropriate and identify risk management strategies that serve your specific goals and situation.

Best regards,

Brian Binder

President, DWS Funds

Performance Summary January 31, 2014 (Unaudited)

Class A	6-Month‡	1-Year	5-Year	10-Year
Average Annual Total Returns as of 1/31/14
Unadjusted for Sales Charge	11.14%	22.58%	15.94%	6.10%
Adjusted for the Maximum Sales Charge (max 5.75% load)	4.75%	15.53%	14.57%	5.47%
Russell 1000® Growth Index†	10.15%	24.35%	20.88%	7.30%
Average Annual Total Returns as of 12/31/13 (most recent calendar quarter end)
Unadjusted for Sales Charge		30.14%	15.82%	6.56%
Adjusted for the Maximum Sales Charge (max 5.75% load)		22.66%	14.46%	5.94%
Russell 1000® Growth Index†		33.48%	20.39%	7.83%
Class B	6-Month‡	1-Year	5-Year	10-Year
Average Annual Total Returns as of 1/31/14
Unadjusted for Sales Charge	10.75%	21.68%	15.03%	5.28%
Adjusted for the Maximum Sales Charge (max 4.00% CDSC)	6.75%	18.68%	14.92%	5.28%
Russell 1000® Growth Index†	10.15%	24.35%	20.88%	7.30%
Average Annual Total Returns as of 12/31/13 (most recent calendar quarter end)
Unadjusted for Sales Charge		29.17%	14.91%	5.75%
Adjusted for the Maximum Sales Charge (max 4.00% CDSC)		26.17%	14.80%	5.75%
Russell 1000® Growth Index†		33.48%	20.39%	7.83%
Class C	6-Month‡	1-Year	5-Year	10-Year
Average Annual Total Returns as of 1/31/14
Unadjusted for Sales Charge	10.75%	21.68%	15.09%	5.31%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)	9.75%	21.68%	15.09%	5.31%
Russell 1000® Growth Index†	10.15%	24.35%	20.88%	7.30%
Average Annual Total Returns as of 12/31/13 (most recent calendar quarter end)
Unadjusted for Sales Charge		29.17%	14.98%	5.77%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)		29.17%	14.98%	5.77%
Russell 1000® Growth Index†		33.48%	20.39%	7.83%
Class S	6-Month‡	1-Year	5-Year	10-Year
Average Annual Total Returns as of 1/31/14
No Sales Charges	11.30%	22.89%	16.20%	6.35%
Russell 1000® Growth Index†	10.15%	24.35%	20.88%	7.30%
Average Annual Total Returns as of 12/31/13 (most recent calendar quarter end)
No Sales Charges		30.44%	16.08%	6.82%
Russell 1000® Growth Index†		33.48%	20.39%	7.83%
Institutional Class	6-Month‡	1-Year	5-Year	10-Year
Average Annual Total Returns as of 1/31/14
No Sales Charges	11.39%	22.99%	16.36%	6.53%
Russell 1000® Growth Index†	10.15%	24.35%	20.88%	7.30%
Average Annual Total Returns as of 12/31/13 (most recent calendar quarter end)
No Sales Charges		30.49%	16.25%	7.00%
Russell 1000® Growth Index†		33.48%	20.39%	7.83%

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 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 December 1, 2013 are 1.26%, 2.14%, 1.99%, 1.02% and 0.96% for Class A, Class B, Class C, Class S and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

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 redemptions of fund shares.

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

Yearly periods ended January 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 that have higher price-to-book ratios and higher forecasted growth values. Russell 1000® Index is an unmanaged price-only index of the 1,000 largest capitalized companies that are domiciled in the U.S. and whose common stocks are traded.

‡ Total returns shown for periods less than one year are not annualized.

	Class A		Class B		Class C		Class S		Institutional Class
Net Asset Value
1/31/14	$	40.15	$	36.82	$	36.95	$	41.06	$	41.43
7/31/13	$	36.55	$	33.39	$	33.52	$	37.43	$	37.74
Distribution Information as of 1/31/14
Income Dividends, Six Months	$	.47	$	.16	$	.16	$	.59	$	.60

Portfolio Management Team

Owen Fitzpatrick, CFA, Managing Director

Lead Manager of the fund. Began managing the fund in 2009.

— Joined Deutsche Asset & Wealth Management in 1995.

— Prior to his current role as Head of US Equity, he was Managing Director of Deutsche Bank Private Wealth Management, head of US Equity Strategy, manager of the US large cap core, value and growth portfolios, member of the US 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, he 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, he served as a portfolio manager at Manufacturer's Hanover Trust Company.

— BA and MBA, Fordham University.

Brendan O'Neill, CFA, Director

Portfolio Manager of the fund. Began managing the fund in 2007.

— 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.

Thomas M. Hynes, Jr., CFA, Director

Portfolio Manager of the fund. Began managing the fund in 2010.

— Joined Deutsche Asset & Wealth Management in 1995, served in DB Private Wealth Management from 1995–2004; served as US equity portfolio manager at Citigroup Asset Management from 2004–2007; rejoined Deutsche Asset Management in 2007.

— Portfolio manager for US Large Cap Equity: New York.

— BS, Fordham University.

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

Portfolio Summary (Unaudited)

Ten Largest Equity Holdings at January 31, 2014 (41.6% of Net Assets)
1. Google, Inc. Provides a Web-based search engine for the Internet	8.7%
2. NIKE, Inc. Designs, develops and markets athletic footwear, apparel, equipment and accessory products	4.9%
3. Visa, Inc. Operates a retail electronic payments network and manages global financial services	4.8%
4. Comcast Corp. Developer, manager and operator of hybrid fiber-coaxial broadband cable communications networks	4.6%
5. Gilead Sciences, Inc. Developer of nucleotide pharmaceuticals	4.0%
6. Parker Hannifin Corp. Manufacturer of fluid control components	3.1%
7. Express Scripts Holding Co. Operator of Web-based pharmaceutical distribution store	3.0%
8. Whole Foods Market, Inc. Operator of natural food supermarket chain	2.9%
9. Las Vegas Sands Corp. Owns and operates hotels in Las Vegas	2.8%
10. Accenture PLC Provides management and technology consulting services and solutions	2.8%
Portfolio holdings and characteristics are subject to change. For more complete details about the fund's investment portfolio, see page 10. A quarterly Fact Sheet is available on dws-investments.com or upon request. Please see the Account Management Resources section on page 40 for contact information.

Investment Portfolio as of January 31, 2014 (Unaudited)

	Shares		Value ($)

Common Stocks 99.5%
Consumer Discretionary 19.9%
Hotels, Restaurants & Leisure 5.3%
Las Vegas Sands Corp.		75,121		5,748,259
Starwood Hotels & Resorts Worldwide, Inc.		70,965		5,301,795
				11,050,054
Media 4.6%
Comcast Corp. "A"		174,009		9,474,790
Specialty Retail 5.0%
Dick's Sporting Goods, Inc. (a)		92,009		4,830,473
L Brands, Inc. (a)		105,772		5,538,222
				10,368,695
Textiles, Apparel & Luxury Goods 5.0%
NIKE, Inc. "B"		140,733		10,252,399
Consumer Staples 9.6%
Food & Staples Retailing 5.6%
Costco Wholesale Corp.		50,191		5,639,461
Whole Foods Market, Inc.		115,647		6,043,712
				11,683,173
Food Products 4.0%
Hillshire Brands Co.		88,553		3,154,258
Mondelez International, Inc. "A"		153,190		5,016,972
				8,171,230
Energy 4.2%
Energy Equipment & Services 2.5%
Halliburton Co.		108,309		5,308,224
Oil, Gas & Consumable Fuels 1.7%
Pioneer Natural Resources Co.		20,398		3,453,789
Financials 5.2%
Capital Markets 3.7%
Affiliated Managers Group, Inc.*		23,162		4,614,797
Charles Schwab Corp.		119,192		2,958,345
				7,573,142
Consumer Finance 1.5%
Discover Financial Services		58,732		3,150,972
Health Care 16.2%
Biotechnology 8.1%
Celgene Corp.*		37,589		5,710,897
Gilead Sciences, Inc.*		101,954		8,222,590
Medivation, Inc.*		35,787		2,848,645
				16,782,132
Health Care Equipment & Supplies 1.1%
CareFusion Corp.*		56,301		2,295,392
Health Care Providers & Services 5.3%
Express Scripts Holding Co.*		84,340		6,299,355
McKesson Corp.		26,781		4,670,874
				10,970,229
Life Sciences Tools & Services 1.7%
Thermo Fisher Scientific, Inc. (a)		31,064		3,576,709
Industrials 12.2%
Electrical Equipment 4.8%
AMETEK, Inc.		110,172		5,444,701
Roper Industries, Inc. (a)		33,076		4,539,350
				9,984,051
Machinery 5.0%
Dover Corp.		46,471		4,022,530
Parker Hannifin Corp.		56,092		6,359,150
				10,381,680
Road & Rail 2.4%
Norfolk Southern Corp.		52,180		4,831,346
Information Technology 26.7%
Computers & Peripherals 0.9%
Stratasys Ltd.*		15,581		1,878,445
Internet Software & Services 10.6%
Google, Inc. "A"*		15,318		18,090,099
LinkedIn Corp. "A"*		18,026		3,879,375
				21,969,474
IT Services 7.6%
Accenture PLC "A"		71,646		5,723,082
Visa, Inc. "A"		46,248		9,963,207
				15,686,289
Software 7.6%
Citrix Systems, Inc.*		70,782		3,827,183
FireEye, Inc.* (a)		24,794		1,809,714
Fortinet, Inc.*		98,193		2,081,692
Intuit, Inc.		52,711		3,861,081
VMware, Inc. "A"* (a)		46,197		4,164,197
				15,743,867
Materials 4.4%
Chemicals
Ecolab, Inc.		49,652		4,992,012
LyondellBasell Industries NV "A"		51,663		4,068,978
				9,060,990
Telecommunication Services 0.8%
Wireless Telecommunication Services
Crown Castle International Corp.*		25,153		1,784,857
Utilities 0.3%
Water Utilities
American Water Works Co., Inc.		14,669		624,459
Total Common Stocks (Cost $157,540,857)				206,056,388

Securities Lending Collateral 7.9%
Daily Assets Fund Institutional, 0.08% (b) (c) (Cost $16,405,823)		16,405,823		16,405,823

Cash Equivalents 0.7%
Central Cash Management Fund, 0.04% (b) (Cost $1,382,001)		1,382,001		1,382,001

	% of Net Assets			Value ($)

Total Investment Portfolio (Cost $175,328,681)†		108.1			223,844,212
Other Assets and Liabilities, Net		(8.1	)		(16,703,095	)
Net Assets		100.0			207,141,117

* Non-income producing security.

† The cost for federal income tax purposes was $175,816,542. At January 31, 2014, net unrealized appreciation for all securities based on tax cost was $48,027,670. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $51,048,915 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $3,021,245.

(a) All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at January 31, 2014 amounted to $16,039,187, which is 7.7% 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.

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 level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of January 31, 2014 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)	$	206,056,388	$	—	$	—	$	206,056,388
Short-Term Investments (d)		17,787,824		—		—		17,787,824
Total	$	223,844,212	$	—	$	—	$	223,844,212

There have been no transfers between fair value measurement levels during the period ended January 31, 2014.

(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 January 31, 2014 (Unaudited)
Assets
Investments: Investments in non-affiliated securities, at value (cost $157,540,857) — including $16,039,187 of securities loaned	$	206,056,388
Investment in Daily Assets Fund Institutional (cost $16,405,823)*		16,405,823
Investment in Central Cash Management Fund (cost $1,382,001)		1,382,001
Total investments in securities, at value (cost $175,328,681)		223,844,212
Receivable for Fund shares sold		116,456
Dividends receivable		4,370
Interest receivable		511
Other assets		41,523
Total assets		224,007,072
Liabilities
Payable upon return of securities loaned		16,405,823
Payable for Fund shares redeemed		166,071
Accrued management fee		109,425
Accrued Trustees' fees		2,662
Other accrued expenses and payables		181,974
Total liabilities		16,865,955
Net assets, at value	$	207,141,117
Net Assets Consist of
Distirbutions in excess of net investment income		(26,254	)
Net unrealized appreciation (depreciation) on investments		48,515,531
Accumulated net realized gain (loss)		11,731,648
Paid-in capital		146,920,192
Net assets, at value	$	207,141,117

* Represents collateral on securities loaned.

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

Statement of Assets and Liabilities as of January 31, 2014 (Unaudited) (continued)
Net Asset Value
Class A Net Asset Value and redemption price per share ($23,447,258 ÷ 584,064 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	40.15
Maximum offering price per share (100 ÷ 94.25 of $40.15)	$	42.60
Class B Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($276,513 ÷ 7,510 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	36.82
Class C Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($4,458,340 ÷ 120,647 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	36.95
Class S Net Asset Value, offering and redemption price per share ($174,366,261 ÷ 4,246,481 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	41.06
Institutional Class Net Asset Value, offering and redemption price per share ($4,592,745 ÷ 110,865 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	41.43

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

Statement of Operations

for the six months ended January 31, 2014 (Unaudited)
Investment Income
Income: Dividends	$	1,052,813
Income distributions — Central Cash Management Fund		458
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates		2,963
Total income		1,056,234
Expenses: Management fee		655,937
Administration fee		106,656
Services to shareholders		204,523
Distribution and service fees		51,909
Custodian fee		5,700
Professional fees		39,520
Reports to shareholders		22,400
Registration fees		24,784
Trustees' fees and expenses		4,348
Other		5,329
Total expenses before expense reductions		1,121,106
Expense reductions		(46,249	)
Total expenses after expense reductions		1,074,857
Net investment income (loss)		(18,623	)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		14,227,418
Change in net unrealized appreciation (depreciation) on investments		8,390,526
Net gain (loss)		22,617,944
Net increase (decrease) in net assets resulting from operations	$	22,599,321

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 January 31, 2014 (Unaudited)			Year Ended July 31, 2013
Operations: Net investment income (loss)	$	(18,623	)	$	2,924,613
Operations: Net investment income (loss)	$	(18,623	)	$	2,924,613
Net realized gain (loss)		14,227,418			9,295,364
Change in net unrealized appreciation (depreciation)		8,390,526			20,029,112
Net increase (decrease) in net assets resulting from operations		22,599,321			32,249,089
Distributions to shareholders from: Net investment income: Class A		(276,035	)		(12,100	)
Class B		(1,170	)		—
Class C		(20,047	)		—
Class S		(2,561,975	)		(445,212	)
Institutional Class		(68,981	)		(54,528	)
Total distributions		(2,928,208	)		(511,840	)
Fund share transactions: Proceeds from shares sold		6,306,539			14,005,112
Reinvestment of distributions		2,801,365			489,870
Payments for shares redeemed		(34,390,873	)		(43,680,469	)
Net increase (decrease) in net assets from Fund share transactions		(25,282,969	)		(29,185,487	)
Increase (decrease) in net assets		(5,611,856	)		2,551,762
Net assets at beginning of period		212,752,973			210,201,211
Net assets at end of period (including distributions in excess of net investment income of $26,254 and undistributed net investment income of $2,920,577, respectively)	$	207,141,117		$	212,752,973

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

Financial Highlights

				Years Ended July 31,
Class A	Six Months Ended 1/31/14 (Unaudited)			2013			2012		2011			2010			2009
Selected Per Share Data
Net asset value, beginning of period	$	36.55		$	31.36		$	29.99	$	24.62		$	22.42		$	27.91
Income (loss) from investment operations: Net investment income (loss)a		(.04	)		.41			.02		(.04	)		(.04	)		.06
Net realized and unrealized gain (loss)		4.11			4.80			1.35		5.41			2.30			(5.55	)
Total from investment operations		4.07			5.21			1.37		5.37			2.26			(5.49	)
Less distributions from: Net investment income		(.47	)		(.02	)		—		—			(.06	)		—
Net asset value, end of period	$	40.15		$	36.55		$	31.36	$	29.99		$	24.62		$	22.42
Total Return (%)b		11.14	c**		16.61	c		4.57		21.81			10.07			(19.67	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		23			22			23		21			30			31
Ratio of expenses before expense reductions (%)		1.25	*		1.26			1.26		1.25			1.33			1.34
Ratio of expenses after expense reductions (%)		1.21	*		1.21			1.26		1.25			1.33			1.34
Ratio of net investment income (loss) (%)		(.23	)*		1.23			.06		(.18	)		(.18	)		.24
Portfolio turnover rate (%)		43	**		67			74		209			213			62
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. * Annualized ** Not annualized

				Years Ended July 31,
Class B	Six Months Ended 1/31/14 (Unaudited)			2013		2012			2011			2010			2009
Selected Per Share Data
Net asset value, beginning of period	$	33.39		$	28.85	$	27.82		$	23.03		$	21.09		$	26.45
Income (loss) from investment operations: Net investment income (loss)a		(.17	)		.16		(.19	)		(.25	)		(.21	)		(.08	)
Net realized and unrealized gain (loss)		3.76			4.38		1.22			5.04			2.15			(5.28	)
Total from investment operations		3.59			4.54		1.03			4.79			1.94			(5.36	)
Less distributions from: Net investment income		(.16	)		—		—			—			—			—
Net asset value, end of period	$	36.82		$	33.39	$	28.85		$	27.82		$	23.03		$	21.09
Total Return (%)b,c		10.75	**		15.74		3.70			20.80			9.20			(20.26	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		.3			.3		.4			1			1			2
Ratio of expenses before expense reductions (%)		2.14	*		2.14		2.13			2.12			2.19			2.24
Ratio of expenses after expense reductions (%)		1.96	*		1.97		2.07			2.10			2.15			2.10
Ratio of net investment income (loss) (%)		(.98	)*		.51		(.70	)		(1.03	)		(1.01	)		(.52	)
Portfolio turnover rate (%)		43	**		67		74			209			213			62
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. * Annualized ** Not annualized

				Years Ended July 31,
Class C	Six Months Ended 1/31/14 (Unaudited)			2013			2012			2011			2010			2009
Selected Per Share Data
Net asset value, beginning of period	$	33.52		$	28.96		$	27.89		$	23.08		$	21.11		$	26.48
Income (loss) from investment operations: Net investment income (loss)a		(.17	)		.12			(.19	)		(.23	)		(.19	)		(.07	)
Net realized and unrealized gain (loss)		3.76			4.44			1.26			5.04			2.16			(5.30	)
Total from investment operations		3.59			4.56			1.07			4.81			1.97			(5.37	)
Less distributions from: Net investment income		(.16	)		—			—			—			—			—
Net asset value, end of period	$	36.95		$	33.52		$	28.96		$	27.89		$	23.08		$	21.11
Total Return (%)b		10.75	c**		15.75	c		3.84			20.84			9.33	c		(20.28	)c
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		4			4			3			3			3			3
Ratio of expenses before expense reductions (%)		1.98	*		1.99			2.00			1.99			2.07			2.15
Ratio of expenses after expense reductions (%)		1.96	*		1.96			2.00			1.99			2.07			2.09
Ratio of net investment income (loss) (%)		(.97	)*		.40			(.69	)		(.93	)		(.92	)		(.51	)
Portfolio turnover rate (%)		43	**		67			74			209			213			62
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. * Annualized ** Not annualized

				Years Ended July 31,
Class S	Six Months Ended 1/31/14 (Unaudited)			2013			2012		2011		2010			2009
Selected Per Share Data
Net asset value, beginning of period	$	37.43		$	32.11		$	30.64	$	25.10	$	22.84		$	28.43
Income (loss) from investment operations: Net investment income (loss)a		.01			.50			.09		.01		.01			.09
Net realized and unrealized gain (loss)		4.21			4.91			1.38		5.53		2.35			(5.65	)
Total from investment operations		4.22			5.41			1.47		5.54		2.36			(5.56	)
Less distributions from: Net investment income		(.59	)		(.09	)		—		—		(.10	)		(.03	)
Net asset value, end of period	$	41.06		$	37.43		$	32.11	$	30.64	$	25.10		$	22.84
Total Return (%)		11.30	b**		16.89	b		4.80		22.07		10.34			(19.54	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		174			170			167		175		166			159
Ratio of expenses before expense reductions (%)		1.00	*		1.02			1.04		1.02		1.11			1.16
Ratio of expenses after expense reductions (%)		.96	*		.96			1.04		1.02		1.11			1.16
Ratio of net investment income (loss) (%)		.03	*		1.45			.28		.05		.04			.42
Portfolio turnover rate (%)		43	**		67			74		209		213			62
a Based on average shares outstanding during the period. b Total return would have been lower had certain expenses not been reduced. * Annualized ** Not annualized

				Years Ended July 31,
Institutional Class	Six Months Ended 1/31/14 (Unaudited)			2013			2012			2011		2010			2009
Selected Per Share Data
Net asset value, beginning of period	$	37.74		$	32.40		$	30.89		$	25.26	$	22.99		$	28.62
Income (loss) from investment operations: Net investment incomea		.03			.50			.11			.04		.07			.15
Net realized and unrealized gain (loss)		4.26			4.96			1.40			5.59		2.37			(5.70	)
Total from investment operations		4.29			5.46			1.51			5.63		2.44			(5.55	)
Less distributions from: Net investment income		(.60	)		(.12	)		(.00	)***		—		(.17	)		(.08	)
Net asset value, end of period	$	41.43		$	37.74		$	32.40		$	30.89	$	25.26		$	22.99
Total Return (%)		11.39	b**		16.90	b		4.89			22.29		10.62			(19.34	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		5			16			17			17		4			12
Ratio of expenses before expense reductions (%)		.96	*		.96			.96			.90		.87			.89
Ratio of expenses after expense reductions (%)		.90	*		.95			.96			.90		.87			.89
Ratio of net investment income (loss) (%)		.14	*		1.46			.36			.17		.27			.69
Portfolio turnover rate (%)		43	**		67			74			209		213			62
a Based on average shares outstanding during the period. b Total return would have been lower had certain expenses not been reduced. * Annualized Not annualized * Amount is less than $.005.

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

DWS Large Cap Focus 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. Institutional Class shares are generally available only to qualified institutions, are not subject to initial or contingent deferred sales charges and generally have lower ongoing expenses than other classes. Class S shares are not subject to initial or contingent deferred sales charges and are only available to a limited group of investors.

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.

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. 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. Equity securities are generally categorized as Level 1.

Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund's valuation procedures, factors used in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

Securities Lending. Brown Brothers Harriman & Co., as lending agent, lends securities of the Fund to certain financial institutions under the terms of the Security Lending Agreement. The Fund retains 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. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of January 31, 2014, the Fund had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

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 July 31, 2013, the Fund had a net tax basis capital loss carryforward of approximately $2,008,000, including $438,000 of pre-enactment losses, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or July 31, 2017, the expiration date, whichever occurs first; and $1,570,000 of short-term post-enactment losses, which may be applied against realized net taxable capital gains indefinitely.

The Fund has reviewed the tax positions for the open tax years as of July 31, 2013 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 net investment losses incurred by the Fund and 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. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.

B. Purchases and Sales of Securities

During the six months ended January 31, 2014, purchases and sales of investment securities (excluding short-term investments) aggregated $90,470,810 and $117,347,013, 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 $1.5 billion of the Fund's average daily net assets	.615	%
Next $500 million of such net assets	.565	%
Over $2.0 billion of such net assets	.515	%

Accordingly, for the six months ended January 31, 2014, the fee pursuant to the Investment Management Agreement was equivalent to an annualized effective rate (exclusive of any applicable waivers/reimbursements) of 0.615% of the Fund's average daily net assets.

For the period from August 1, 2013 through November 30, 2013, the Advisor had 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 S	.95%
Institutional Class	.95%

Effective December 1, 2013 through November 30, 2014, 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	1.23%
Class B	1.98%
Class C	1.98%
Class S	.98%
Institutional Class	.98%

For the six months ended January 31, 2014, fees waived and/or expenses reimbursed for each class are as follows:

Class A	$	4,691
Class B		255
Class C		365
Class S		38,204
Institutional Class		2,734
	$	46,249

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 January 31, 2014, the Administration Fee was $106,656, of which $18,052 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 for 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 January 31, 2014, the amounts charged to the Fund by DISC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at January 31, 2014
Class A	$	14,000	$	10,325
Class B		329		329
Class C		1,718		1,074
Class S		136,500		96,733
Institutional Class		4,514		2,276
	$	157,061	$	110,737

Distribution and Service Fees. Under the Fund's Class B and Class C 12b-1 Plans, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee") of 0.75% of average daily net assets of each of Class B and C shares. In accordance with the Fund's Underwriting and Distribution Services Agreement, DIDI enters into related selling group agreements with various firms at various rates for sales of Class B and C shares, respectively. For the six months ended January 31, 2014, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated		Unpaid at January 31, 2014
Class B	$	1,044	$	180
Class C		16,926		2,936
	$	17,970	$	3,116

In addition, DIDI provides information and administrative services for a fee ("Service Fee") to Class A, B and C shareholders at an annual rate of up to 0.25% of average daily net assets for each such class. DIDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the six months ended January 31, 2014, the Service Fee was as follows:

Service Fee	Total Aggregated		Unpaid at January 31, 2014		Annualized Effective Rate
Class A	$	27,958	$	15,157		.24	%
Class B		347		177		.25	%
Class C		5,634		2,909		.25	%
	$	33,939	$	18,243

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 January 31, 2014 aggregated $1,751.

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 January 31, 2014, the CDSC for Class C shares aggregated $1,096. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the six months ended January 31, 2014, DIDI received $61 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 January 31, 2014, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $9,108, of which $2,975 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.

Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in Central Cash Management Fund and DWS Variable NAV Money Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund seeks to provide a high level of current income consistent with liquidity and the preservation of capital. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the Investment Company Act of 1940, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. Central Cash Management Fund seeks to maintain a stable net asset value, and DWS Variable NAV Money Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. Central Cash Management Fund does not pay the Advisor an investment management fee. To the extent that DWS Variable NAV Money Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund's assets invested in DWS Variable NAV Money Fund.

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 January 31, 2014.

E. Share Transactions

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

	Six Months Ended January 31, 2014						Year Ended July 31, 2013
	Shares			Dollars			Shares			Dollars
Shares sold
Class A		41,368		$	1,601,445			121,392		$	4,077,331
Class B		283			9,669			893			28,648
Class C		8,884			317,969			35,547			1,098,673
Class S		100,357			4,017,069			207,065			7,096,964
Institutional Class		9,107			360,387			49,232			1,703,496
				$	6,306,539					$	14,005,112
Shares issued to shareholders in reinvestment of distributions
Class A		6,836		$	268,983			366		$	11,715
Class B		31			1,126			—			—
Class C		459			16,648			—			—
Class S		60,912			2,450,505			12,979			424,543
Institutional Class		1,580			64,103			1,626			53,612
				$	2,801,365					$	489,870
Shares redeemed
Class A		(74,646	)	$	(2,872,254	)		(246,558	)	$	(8,184,033	)
Class B		(1,510	)		(51,583	)		(6,907	)		(211,752	)
Class C		(18,855	)		(674,055	)		(24,317	)		(747,040	)
Class S		(453,140	)		(18,293,065	)		(872,205	)		(29,682,617	)
Institutional Class		(321,544	)		(12,499,916	)		(141,722	)		(4,855,027	)
				$	(34,390,873	)				$	(43,680,469	)
Net increase (decrease)
Class A		(26,442	)	$	(1,001,826	)		(124,800	)	$	(4,094,987	)
Class B		(1,196	)		(40,788	)		(6,014	)		(183,104	)
Class C		(9,512	)		(339,438	)		11,230			351,633
Class S		(291,871	)		(11,825,491	)		(652,161	)		(22,161,110	)
Institutional Class		(310,857	)		(12,075,426	)		(90,864	)		(3,097,919	)
				$	(25,282,969	)				$	(29,185,487	)

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 tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund 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 (August 1, 2013 to January 31, 2014).

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 January 31, 2014 (Unaudited)
Actual Fund Return	Class A		Class B		Class C		Class S		Institutional Class
Beginning Account Value 8/1/13	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 1/31/14	$	1,111.40	$	1,107.50	$	1,107.50	$	1,113.00	$	1,113.90
Expenses Paid per $1,000*	$	6.44	$	10.41	$	10.41	$	5.11	$	4.80
Hypothetical 5% Fund Return	Class A		Class B		Class C		Class S		Institutional Class
Beginning Account Value 8/1/13	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 1/31/14	$	1,019.11	$	1,015.32	$	1,015.32	$	1,020.37	$	1,020.67
Expenses Paid per $1,000*	$	6.16	$	9.96	$	9.96	$	4.89	$	4.58

* 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 184 (the number of days in the most recent six-month period), then divided by 365.

Annualized Expense Ratios	Class A	Class B	Class C	Class S	Institutional Class
DWS Large Cap Focus Growth Fund	1.21%	1.96%	1.96%	.96%	.90%

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

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.

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees approved the renewal of DWS Large Cap Focus Growth Fund's investment management agreement (the "Agreement") with Deutsche Investment Management Americas Inc. ("DIMA") in September 2013.

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

— In September 2013, all of the Fund's Trustees were independent of DIMA and its affiliates.

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

— The Independent Trustees regularly meet privately with their independent counsel to discuss contract review and other matters. In addition, the Independent Trustees were also advised by the Fee Consultant in the course of their review of the Fund's contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

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

— Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee's findings and recommendations.

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

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to a negotiation with DIMA of lower expense caps as part of the 2012 and 2013 contract review processes than had previously been in place. As part of these negotiations, the Board indicated that it would consider relaxing these new lower caps in future years following sustained improvements in performance, among other considerations.

In June 2012, Deutsche Bank AG ("DB"), DIMA's parent company, announced that DB would combine its Asset Management (of which DIMA was a part) and Wealth Management divisions. DB has advised the Independent Trustees that the U.S. asset management business is a critical and integral part of DB, and that it has, and will continue to, reinvest a significant portion of the substantial savings it expects to realize by combining its Asset Management and Wealth Management divisions into the new Asset and Wealth Management ("AWM") division, including ongoing enhancements to its investment capabilities. DB also has confirmed its commitment to maintaining strong legal and compliance groups within the AWM division.

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

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel, the resources made available to such personnel, the ability of DIMA to attract and retain high-quality personnel, and the organizational depth and stability of DIMA. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market indices and a peer universe compiled by the Fee Consultant using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Focus Funds" (e.g., funds performing poorly relative to their benchmark or a peer universe compiled by an independent fund data service), and receives more frequent reporting and information from DIMA regarding such funds, along with DIMA's remedial plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that for the one-, three- and five-year periods ended December 31, 2012, the Fund's performance (Class A shares) was in the 3rd quartile, 3rd quartile and 2nd quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in each of the one-, three- and five-year periods ended December 31, 2012. The Board noted the disappointing investment performance of the Fund in recent periods and continued to discuss with senior management of DIMA the factors contributing to such underperformance and actions being taken to improve performance. The Board recognized the efforts by DIMA in recent years to enhance its investment platform and improve long-term performance across the DWS fund complex.

Fees and Expenses. The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Lipper Inc. ("Lipper") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund's administrative services agreement, were lower than the median (2nd quartile) of the applicable Lipper peer group (based on Lipper data provided as of December 31, 2012). The Board noted that the Fund's Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be higher than the median (3rd quartile) of the applicable Lipper expense universe (based on Lipper data provided as of December 31, 2012, and analyzing Lipper expense universe Class A (net) expenses less any applicable 12b-1 fees) ("Lipper Universe Expenses"). The Board also reviewed data comparing each share class's total (net) operating expenses to the applicable Lipper Universe Expenses. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to comparable funds and considered differences between the Fund and the comparable funds. The Board also considered how the Fund's total (net) operating expenses compared to the total (net) operating expenses of a more customized peer group selected by Lipper (based on such factors as asset size).

The Board also noted that the expense limitations agreed to by DIMA helped to ensure that the Fund's total (net) operating expenses would remain competitive.

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

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

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

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

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

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

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

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 Shareholder Service representative by calling: (800) 728-3337
Web Site		dws-investments.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. Obtain prospectuses and applications, blank forms, interactive worksheets, news about DWS funds, retirement planning information, and more.
Written Correspondence		Deutsche Asset & Wealth Management 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 — dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — 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 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 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. Deutsche Asset & Wealth Management is the retail brand name in the U.S. for the wealth management and asset management activities of Deutsche Bank AG and DIMA. Deutsche Asset & Wealth Management 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	SGGAX	SGGBX	SGGCX	SCQGX	SGGIX
CUSIP Number	23338J 822	23338J 814	23338J 798	23338J 772	23338J 756
Fund Number	469	669	769	2060	1469

Privacy Statement

FACTS	What Does Deutsche Asset & Wealth Management 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 Deutsche Asset & Wealth Management chooses to share and whether you can limit this sharing.
Reasons we can share your personal information		Does Deutsche Asset & Wealth Management 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 service@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 Deutsche Asset & Wealth Management 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 Deutsche Asset & Wealth Management 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 non-affiliates 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. Deutsche Asset & Wealth Management does not jointly market.
		Rev. 09/2013

Notes

Date of fiscal year end:	7/31

Date of reporting period:	1/31/2014


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)	Not applicable

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

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

Registrant:	DWS Large Cap Focus Growth Fund, a series of DWS Investment Trust


By:	/s/Brian E. Binder Brian E. Binder President

Date:	April 1, 2014

By:	/s/Brian E. Binder Brian E. Binder President

Date:	April 1, 2014



By:	/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer

Date:	April 1, 2014

ITEM 1.	REPORT TO STOCKHOLDERS