UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

 

FORM N-CSRS

 

Investment Company Act file number 811-43

 

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) 454-7190

 

Paul Schubert

345 Park Avenue

New York, NY 10154-0004

(Name and Address of Agent for Service)

 

| Date of fiscal year end: | 09/30 |
|--------------------------|-------|

 

| Date of reporting period: | 3/31/09 |
|---------------------------|---------|

 

 

**ITEM 1.**           **REPORT TO STOCKHOLDERS**

 

----

|  

MARCH 31, 2009
Semiannual Report                    to Shareholders |
|-----------------------------------------------------------------------------|
|                                                                        |
|  

**DWS Small Cap Core Fund**                                         |
|                                                                             |

**Contents**

| **4**Performance Summary

**9**Information About Your Fund's Expenses

**11**Portfolio Management Review

**15**Portfolio Summary

**17**Investment Portfolio

**27**Financial Statements

**31**Financial Highlights

**35**Notes to Financial Statements

**44**Summary of Management Fee Evaluation by Independent Fee Consultant

**49**Summary of Administrative Fee Evaluation by Independent Fee Consultant

**50**Account Management Resources

**51**Privacy Statement |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**This report must be preceded or accompanied by a prospectus. To obtain a 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 prospectus contains this and other important information about the fund. Please read the prospectus carefully before        you invest.**

Investments in mutual funds involve risk. Some funds have more risk than others. This fund is subject to stock market risk. Stocks of small-sized companies involve greater risk as they often have limited product lines, markets, or financial resources and may be exposed to more erratic and abrupt market movements than securities of larger, more-established companies. Please read this fund's prospectus for specific        information regarding its investments and risk profile.

*DWS Investments is part of Deutsche Bank's Asset Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company.*

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

**Performance Summary March 31, 2009**

**Classes A, B and C**

**All performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Please visit www.dws-investments.com for        the Fund's most recent month-end performance.**

**The maximum sales charge for Class A shares is 5.75%. For Class B shares, the maximum contingent deferred sales charge (CDSC) is 4% within the first year after purchase, declining to 0% after six years. Class C shares have no front-end sales charge but redemptions within one year of purchase may be subject to a CDSC of 1%. Unadjusted returns do not reflect sales charges and would have been lower if they had.**

**The total annual fund operating expense ratios, gross of any fee waivers or expense reimbursements, as stated in the fee table of the prospectus dated February 1, 2009 are 1.58%, 2.44% and 2.35% for Class A, Class B and Class C shares, respectively. Please see the Information About Your Fund's Expenses, the Financial Highlights and Notes to the Financial Statements (Note C, Related Parties) sections of this report for        gross and net expense related disclosure for the period ended March 31, 2009.**

**To discourage short-term trading, the Fund imposes a 2% redemption fee on shareholders redeeming shares held less than 15 days which has the effect of lowering total return.**

Returns and rankings during all periods shown reflect a fee waiver and/or expense reimbursement. Without this waiver/reimbursement, returns and rankings would have been lower.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and rankings may differ by share class.

Returns shown for Class A, B and C shares for the periods prior to their inception on June 25, 2001 are derived from the historical performance of the Fund's original share class (Class AARP) of the DWS Small Cap Core Fund during such periods and have been adjusted to reflect the higher total annual operating expenses of each specific class. Any difference in expenses will affect performance. Class AARP shares merged        into Class S shares on July 14, 2006.

| **Average Annual Total Returns**(Unadjusted for Sales Charge) as of 3/31/09 |
|-----------------------------------------------------------------------------|
| **DWS Small Cap Core Fund**                                                 | **6-Month‡** | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class A**                                                                 | **-36.04%** | **-40.44%** | **-21.06%** | **-9.04%** | **-.01%** |
| **Class B**                                                                 | **-36.28%** | **-40.84%** | **-21.62%** | **-9.73%** | **-.81%** |
| **Class C**                                                                 | **-36.28%** | **-40.94%** | **-21.65%** | **-9.72%** | **-.79%** |
| Russell 2000® Index+                                                    | -37.17% | -37.50% | -16.80% | -5.24% | 1.93% |

*Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.*

| **Net Asset Value and Distribution Information**                         |
|--------------------------------------------------------------------------|
|                                                                     | **Class A** | **Class B** | **Class C** |
| **Net Asset Value:**
3/31/09                                             | $ 9.42 | $ 8.61 | $ 8.63 |
| 9/30/08                                                                  | $ 14.75 | $ 13.52 | $ 13.55 |
| **Distribution Information:**
Six Months as of 3/31/09:
Income Dividends | $ .01 | $ — | $ — |
| Capital Gain Distributions                                               | $ .004 | $ .004 | $ .004 |

| **Class A Lipper Rankings — Small-Cap Core Funds Category**as of 3/31/09 |
|--------------------------------------------------------------------------------|
| **Period**                                                                     | **Rank** |   | **Number of Funds Tracked** | **Percentile Ranking (%)** |
| 1-Year                                                                         | 554 | of | 758 | 73 |
| 3-Year                                                                         | 540 | of | 606 | 89 |
| 5-Year                                                                         | 448 | of | 482 | 93 |

**Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings are based on total return unadjusted for sales charges with distributions reinvested. If sales charges had been included, rankings might have been less favorable. Rankings are for Class A shares; other share classes may vary.**

| **Growth of an Assumed $10,000 Investment**(Adjusted for Maximum Sales Charge) |
|----------------------------------------------------------------------------------------------------|
| **[]DWS Small Cap Core Fund — Class A**

**[]Russell 2000 Index+**                           |
|                                                                                                    |
| Yearly periods ended March 31                                                                      |

**The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 5.75%. This results in a net initial investment of $9,425.**

| **Comparative Results**(Adjusted for Maximum Sales Charge) as of 3/31/09 |
|--------------------------------------------------------------------------|
| **DWS Small Cap Core Fund**                                              | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class A**                                                              | Growth of $10,000 | $5,614 | $4,636 | $5,867 | $9,413 |
| Average annual total return                                              | -43.86% | -22.60% | -10.11% | -.60% |
| **Class B**                                                              | Growth of $10,000 | $5,739 | $4,742 | $5,958 | $9,222 |
| Average annual total return                                              | -42.61% | -22.02% | -9.84% | -.81% |
| **Class C**                                                              | Growth of $10,000 | $5,906 | $4,811 | $5,996 | $9,236 |
| Average annual total return                                              | -40.94% | -21.65% | -9.72% | -.79% |
| Russell 2000 Index+                                                      | Growth of $10,000 | $6,250 | $5,758 | $7,639 | $12,112 |
| Average annual total return                                              | -37.50% | -16.80% | -5.24% | 1.93% |

*The growth of $10,000 is cumulative.*

**Class S**

Class S shares are generally not available to new investors except under certain circumstances. (Please refer to the Fund's Statement of Additional Information.)

**All performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Please visit www.dws-investments.com for        the Fund's most recent month-end performance.**

**The total annual fund operating expense ratio, gross of any fee waivers or expense reimbursements, as stated in the fee table of the prospectus dated February 1, 2009 is 1.21% for Class S shares. Please see the Information About Your Fund's Expenses, the Financial Highlights and Notes to the Financial Statements (Note C, Related Parties) sections of this report for gross and net expense related disclosure for the period        ended March 31, 2009.**

**To discourage short-term trading, the Fund imposes a 2% redemption fee on shareholders redeeming shares held less than 15 days which has the effect of lowering total return.**

Returns and rankings during the 3-year, 5-year and 10-year periods shown for Class S shares reflect a fee waiver and/or expense reimbursement. Without this waiver/reimbursement, returns and rankings would have been lower. 

Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and rankings may differ by share class.

Returns shown for Class S shares for the periods prior to its inception on July 17, 2000 are derived from the historical performance of the Fund's original share class (Class AARP) of the DWS Small Cap Core Fund during such periods and have assumed the same expense structure. Any difference in expenses will affect performance. Class AARP shares merged into Class S shares on July 14, 2006.

| **Average Annual Total Returns**as of 3/31/09 |
|-----------------------------------------------|
| **DWS Small Cap Core Fund**                   | **6-Month‡** | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class S**                                   | **-36.12%** | **-40.39%** | **-20.83%** | **-8.77%** | **.27%** |
| Russell 2000 Index+                           | -37.17% | -37.50% | -16.80% | -5.24% | 1.93% |

*Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.*

| **Net Asset Value and Distribution Information**                         |
|--------------------------------------------------------------------------|
|                                                                     | **Class S** |
| **Net Asset Value:**
3/31/09                                             | $ 9.66 |
| 9/30/08                                                                  | $ 15.20 |
| **Distribution Information:**
Six Months as of 3/31/09:
Income Dividends | $ .05 |
| Capital Gain Distributions                                               | $ .004 |

| **Class S Lipper Rankings — Small-Cap Core Funds Category**as of 3/31/09 |
|------------------------------------------------------------------------------------------|
| **Period**                                                                               | **Rank** |   | **Number of Funds Tracked** | **Percentile Ranking (%)** |
| 1-Year                                                                                   | 547 | of | 758 | 73 |
| 3-Year                                                                                   | 536 | of | 606 | 89 |
| 5-Year                                                                                   | 441 | of | 482 | 92 |

**Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings are based on total return with distributions reinvested. Rankings are for Class S shares; other share classes may vary.**

| **Growth of an Assumed $10,000 Investment**                              |
|--------------------------------------------------------------------------|
| **[]DWS Small Cap Core Fund — Class S**

**[]Russell 2000 Index+** |
|                                                                          |
| Yearly periods ended March 31                                            |

| **Comparative Results**as of 3/31/09 |
|--------------------------------------|
| **DWS Small Cap Core Fund**          | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class S**                          | Growth of $10,000 | $5,961 | $4,962 | $6,319 | $10,275 |
| Average annual total return          | -40.39% | -20.83% | -8.77% | .27% |
| Russell 2000 Index+                  | Growth of $10,000 | $6,250 | $5,758 | $7,639 | $12,112 |
| Average annual total return          | -37.50% | -16.80% | -5.24% | 1.93% |

*The growth of $10,000 is cumulative.*

**Information About Your Fund's Expenses**

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads), redemption fees and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in        dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, Class A, B and C shares limited these expenses; had they 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, 2008 to March 31, 2009).

The tables illustrate your Fund's expenses in two ways:

•**Actual Fund Return.** This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then        multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.

•**Hypothetical 5% Fund Return.** This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical        account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. 

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. An account maintenance fee of $6.25 per quarter for Class S shares may apply for certain accounts whose balances        do not meet the applicable minimum initial investment. This fee is not included in these tables. If it was, the estimate of expenses paid for Class S shares during the period would be higher, and account value during the period would be lower, by this amount.

| **Expenses and Value of a $1,000 Investment**for the six months ended March 31, 2009  |
|-------------------------------------------------------------------------------------------------------------------------------|
| **Actual Fund Return**                                                                                                        | **Class A** | **Class B** | **Class C** | **Class S** |
| Beginning Account Value 10/1/08                                                                                               | $ 1,000.00 | $ 1,000.00 | $ 1,000.00 | $ 1,000.00 |
| Ending Account Value 3/31/09                                                                                                  | $ 639.60 | $ 637.20 | $ 637.20 | $ 638.80 |
| Expenses Paid per $1,000*                                                                                                     | $ 6.21 | $ 9.22 | $ 9.27 | $ 6.54 |
| **Hypothetical 5% Fund Return**                                                                                               | **Class A** | **Class B** | **Class C** | **Class S** |
| Beginning Account Value 10/1/08                                                                                               | $ 1,000.00 | $ 1,000.00 | $ 1,000.00 | $ 1,000.00 |
| Ending Account Value 3/31/09                                                                                                  | $ 1,017.35 | $ 1,013.66 | $ 1,013.61 | $ 1,016.95 |
| Expenses Paid per $1,000*                                                                                                     | $ 7.64 | $ 11.35 | $ 11.40 | $ 8.05 |

| **Annualized Expense Ratios** | **Class A** | **Class B** | **Class C** | **Class S** |
|-------------------------------|-------------|-------------|-------------|-------------|
| DWS Small Cap Core Fund       | 1.52%       | 2.26%       | 2.27%       | 1.60%       |

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

**Portfolio Management Review**

In the following interview, the portfolio management team discusses DWS Small Cap Core Fund's performance, management strategy and the market environment during the six-month period ended March 31, 2009.

*The views expressed in the following discussion 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.*

**Q: How would you describe the economic and market environment over the last six months?**

**A:**In the last annual report for this fund, published six months ago, we described the preceding year as a time of economic uncertainty and turmoil in capital markets. In the ensuing months, there was pronounced deterioration in the economy and financial markets, not only in the US but throughout the world. In December 2008, the National Bureau of Economic Research officially declared        that the US economy had fallen into a recession that began in December 2007. With the economy and financial markets closely interrelated, the limited availability of credit and a lack of investor confidence hit asset prices, and the resulting loss of wealth contributed further to an economic slowdown. There was a pronounced decline in the equity market and in essentially all asset classes that carry risk in the final months of 2008. Although the economy and markets remained weak into        early 2009, the condition of credit markets has improved. Bonds began to recover in the first quarter of 2009, and the US equity market rallied impressively in March.

Despite the strength in March, essentially all equity indices posted sharply negative returns for the six months ended March 31, 2009. The Russell 3000® Index, which is generally regarded as a good indicator of the broad stock market, returned -31.12% for the period.1 Large-cap stocks performed better than small-cap stocks: the small-cap Russell 2000® Index posted a return of        -37.17% for the six months ended March 31, 2009, while the large-cap Russell 1000® Index returned -30.59%.2 All of the 10 industry sectors within the Russell 2000 Index posted negative returns for this period. The weakest sector was energy, down more than 50%; the strongest was utilities, down approximately 18%.

**Q: How did the fund perform during this period?**

**A:**The DWS Small Cap Core Fund (Class A shares) produced a total return of -36.04% for the six months ended March 31, 2009. (Returns are unadjusted for sales charges. If sales charges had been included, returns would have been lower. Past performance is no guarantee of future results. Please see pages 4 through 8 for the performance of        other share classes and more complete performance information.) 

The fund's return was above that of its benchmark, the Russell 2000 Index, which returned -37.17% for the period, but below that of its peer group, the Lipper Small-Cap Core Funds category, which posted an average return of -35.27%.3

**Q: How is this fund managed?**

**A:**The fund seeks to provide long-term capital growth. Under normal circumstances, the fund invests at least 80% of net assets in common stocks of small US companies with potential for above-average long-term capital growth. These companies are similar in size to the companies in the Russell 2000 Index (as of December 31, 2008, the Russell 2000 Index had a median market capitalization of        $319 million). While the fund invests primarily in common stocks, it may invest up to 20% of total assets in US  government securities. The fund may also invest in other types of equity securities, such as preferred stocks or convertible securities. 

A quantitative stock valuation model compares each company's stock price to the company's earnings, book value, sales and other measures of performance potential. We believe that by combining techniques used by fundamental value investors with extensive growth and earnings analysis we can minimize investment style bias and ultimately produce a "pure" stock selection process that seeks to add value in any market environment. We        also incorporate technical analysis to capture short-term price changes and evaluate the market's responsiveness to new information. Using all this information and analysis, we build a diversified portfolio of attractively rated companies. We will normally sell a stock when we believe it is too highly valued, its fundamental qualities have deteriorated, when its potential risks have increased or when the company no longer qualifies as a small company. 

**Q: What decisions had the greatest effect on the fund's performance during this period?**

**A:**The fund's performance relative to its benchmark benefited from an underweight and stock selection in the financials sector.4 Other positives were stock selection in the information technology and consumer discretionary sectors. The major negatives were stock selection in the industrials and consumer staples sectors.

In the financials sector, several of the fund's positions, including Knight Capital Group, Inc., which provides execution services to capital markets, and First American Corp.*, which provides business information and related services to financial institutions, performed much better than the industry group. Performance also benefited from not owning some of the worst-performing stocks in this sector.

Other positions with positive returns in this very difficult market included Synopsys, Inc., which provides software for semiconductor design and manufacturing; Compass Minerals International, Inc., a producer of salt and other minerals; and Watson Pharmaceuticals, Inc.*, a producer of generic pharmaceutical products.

In the economically sensitive industrials sector, performance was hurt by a number of positions including Ryder System, Inc.*, which provides transportation and supply chain management services; EMCOR Group, Inc., an electrical and mechanical construction and facilities services company; Lincoln Electric Holdings, Inc., which manufactures welding and cutting products; and Wabtec Corp., a provider of technology-based equipment and        services for the global rail industry.

Positions in the consumer discretionary sector that detracted from performance included electronics retailer RadioShack Corporation* and Polaris Industries, Inc., a manufacturer of off-road vehicles.

Other negatives were positions in NCR Corporation*, which manufactures automatic teller machines, point-of-sale systems and other business machinery; and Overseas Shipholding Group, Inc.*, an ocean shipper of crude oil and petroleum products.

**Q: What other comments do you have for shareholders?**

**A:**Although the current economic and market environments are very challenging, we believe there are opportunities to deliver attractive long-term returns by investing in small-cap companies with strong balance sheets and solid fundamentals. We will continue to utilize a balanced approach to seeking attractive investment opportunities among small-cap stocks. 

**Portfolio Summary**

| **Asset Allocation**(As a % of Investment Portfolio excluding Securities Lending Collateral) | **3/31/09** | **9/30/08** |
|----------------------------------------------------------------------------------------------|-------------|-------------|
|                                                                                         |        |        |
| Common Stocks                                                                                | 94%         | 97%         |
| Cash Equivalents                                                                             | 5%          | 3%          |
| Government & Agency Obligations                                                          | 1%          | —     |
|                                                                                         | 100%        | 100%        |

| **Sector Diversification**(As a % of Common Stocks) | **3/31/09** | **9/30/08** |
|-----------------------------------------------------|-------------|-------------|
|                                                |        |        |
| Information Technology                              | 21%         | 17%         |
| Financials                                          | 19%         | 16%         |
| Industrials                                         | 14%         | 18%         |
| Consumer Discretionary                              | 14%         | 12%         |
| Health Care                                         | 12%         | 18%         |
| Energy                                              | 7%          | 10%         |
| Materials                                           | 6%          | 4%          |
| Consumer Staples                                    | 4%          | 4%          |
| Utilities                                           | 2%          | —     |
| Telecommunication Services                          | 1%          | 1%          |
|                                                | 100%        | 100%        |

*Asset allocation and sector diversification are subject to change.*

| **Ten Largest Equity Holdings at March 31, 2009**(6.5% of Net Assets)                                                                                     |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
| **1. Royal Gold, Inc.**United States-based precious metals royalty company                                                                                | **0.8%** |
| **2. Sanderson Farms, Inc.**Produces, processes, markets, and distributes fresh and frozen chicken products                                               | **0.8%** |
| **3. Lufkin Industries, Inc.**Manufacturer of oil field pumping units and power transmission products                                                     | **0.7%** |
| **4. DG Fastchannel, Inc.**Operates a nationwide network that links advertisers and advertising agencies                                                  | **0.6%** |
| **5. Standard Microsystems Corp.**Provider of input/output integrated circuits                                                                            | **0.6%** |
| **6. Black Box Corp.**Manufacturer of networking products                                                                                                 | **0.6%** |
| **7. White Mountains Insurance Group Ltd.**Provides property and casualty insurance                                                                       | **0.6%** |
| **8. eHealth, Inc.**Sells health insurance over the internet                                                                                              | **0.6%** |
| **9. Platinum Underwriters Holdings Ltd.**Provides property and casualty reinsurance, property and liability insurance                                    | **0.6%** |
| **10. Endurance Specialty Holdings Ltd.**Is the holding company for Endurance Specialty Insurance Ltd., which provides property insurance and reinsurance | **0.6%** |

*Portfolio holdings are subject to change.*

*For more complete details about the Fund's investment portfolio, see page 17. A quarterly Fact Sheet is available upon request. A complete list of the Fund's portfolio holdings is posted as of the month end on www.dws-investments.com on or about the 15th day of the following month. More frequent posting of portfolio holdings information may be made from time to time on        www.dws-investments.com. Please see the Account Management Resources section for contact information.*

Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. The form will be available on the SEC's Web site at www.sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330.

**Investment Portfolio as of March 31, 2009 (Unaudited)**

|                                                        | **Shares**     | **Value ($)** |
|-------------------------------------------------------------|----------------|---------------|
|                                                        |           |
| **Common Stocks 93.9%**                                     |
| **Consumer Discretionary 13.0%**                            |
| **Auto Components 0.6%**                                    |
| Autoliv, Inc.                                               | 11,300         | 209,841       |
| Fuel Systems Solutions, Inc.* (a)                           | 5,600          | 75,488        |
|                                                        | **285,329**    |
| **Diversified Consumer Services 0.9%**                      |
| Grand Canyon Education, Inc.* (a)                           | 5,900          | 101,834       |
| Pre-Paid Legal Services, Inc.*                              | 5,100          | 148,053       |
| Steiner Leisure Ltd.*                                       | 7,600          | 185,516       |
|                                                        | **435,403**    |
| **Hotels Restaurants & Leisure 2.9%**                   |
| BJ's Restaurants, Inc.*                                     | 9,800          | 136,318       |
| CEC Entertainment, Inc.*                                    | 11,300         | 292,444       |
| Cracker Barrel Old Country Store, Inc. (a)                  | 4,500          | 128,880       |
| International Speedway Corp. "A"                            | 7,600          | 167,656       |
| Jack in the Box, Inc.*                                      | 7,600          | 177,004       |
| P.F. Chang's China Bistro, Inc.*                            | 6,300          | 144,144       |
| Papa John's International, Inc.*                            | 5,400          | 123,498       |
| Speedway Motorsports, Inc.                                  | 12,100         | 143,022       |
| WMS Industries, Inc.* (a)                                   | 8,900          | 186,099       |
|                                                        | **1,499,065**  |
| **Household Durables 1.3%**                                 |
| Harman International Industries, Inc.                       | 8,700          | 117,711       |
| Ryland Group, Inc.                                          | 11,200         | 186,592       |
| Snap-on, Inc.                                               | 6,200          | 155,620       |
| Tupperware Brands Corp.                                     | 10,500         | 178,395       |
|                                                        | **638,318**    |
| **Internet & Catalog Retail 0.6%**                      |
| NutriSystem, Inc. (a)                                       | 9,200          | 131,284       |
| PetMed Express, Inc.* (a)                                   | 10,100         | 166,448       |
|                                                        | **297,732**    |
| **Leisure Equipment & Products 1.1%**                   |
| JAKKS Pacific, Inc.*                                        | 22,600         | 279,110       |
| Polaris Industries, Inc. (a)                                | 12,900         | 276,576       |
|                                                        | **555,686**    |
| **Media 1.0%**                                              |
| Ascent Media Corp. "A"*                                     | 8,000          | 200,000       |
| Liberty Global, Inc. "A"*                                   | 9,800          | 142,688       |
| Meredith Corp.                                              | 9,500          | 158,080       |
|                                                        | **500,768**    |
| **Specialty Retail 3.3%**                                   |
| Aeropostale, Inc.*                                          | 5,400          | 143,424       |
| Cato Corp. "A"                                              | 8,900          | 162,692       |
| Children's Place Retail Stores, Inc.*                       | 4,900          | 107,261       |
| Guess?, Inc.                                                | 10,000         | 210,800       |
| hhgregg, Inc.*                                              | 6,700          | 94,805        |
| Hibbett Sports, Inc.* (a)                                   | 8,000          | 153,760       |
| Jo-Ann Stores, Inc.*                                        | 16,500         | 269,610       |
| Rent-A-Center, Inc.*                                        | 6,300          | 122,031       |
| Systemax, Inc.*                                             | 9,500          | 122,740       |
| The Buckle, Inc.                                            | 4,400          | 140,492       |
| The Men's Wearhouse, Inc.                                   | 10,300         | 155,942       |
|                                                        | **1,683,557**  |
| **Textiles, Apparel & Luxury Goods 1.3%**               |
| Deckers Outdoor Corp.*                                      | 1,700          | 90,168        |
| Phillips-Van Heusen Corp.                                   | 9,100          | 206,388       |
| UniFirst Corp.                                              | 5,700          | 158,688       |
| Wolverine World Wide, Inc.                                  | 14,900         | 232,142       |
|                                                        | **687,386**    |
| **Consumer Staples 3.9%**                                   |
| **Food & Staples Retailing 1.2%**                       |
| Nash Finch Co.                                              | 4,500          | 126,405       |
| Pantry, Inc.*                                               | 10,800         | 190,188       |
| Spartan Stores, Inc.                                        | 8,900          | 137,149       |
| United Natural Foods, Inc.*                                 | 7,700          | 146,069       |
|                                                        | **599,811**    |
| **Food Products 2.1%**                                      |
| Cal-Maine Foods, Inc.                                       | 5,100          | 114,189       |
| Corn Products International, Inc.                           | 6,000          | 127,200       |
| Diamond Foods, Inc.                                         | 8,600          | 240,198       |
| Fresh Del Monte Produce, Inc.*                              | 11,900         | 195,398       |
| Sanderson Farms, Inc.                                       | 10,300         | 386,765       |
|                                                        | **1,063,750**  |
| **Personal Products 0.4%**                                  |
| Herbalife Ltd.                                              | 14,400         | **215,712**   |
| **Tobacco 0.2%**                                            |
| Universal Corp.                                             | 3,900          | **116,688**   |
| **Energy 6.7%**                                             |
| **Energy Equipment & Services 2.7%**                    |
| Dresser-Rand Group, Inc.*                                   | 8,200          | 181,220       |
| Exterran Holdings, Inc.*                                    | 11,900         | 190,638       |
| Hornbeck Offshore Services, Inc.*                           | 10,500         | 160,020       |
| Lufkin Industries, Inc.                                     | 8,900          | 337,132       |
| NATCO Group, Inc. "A"*                                      | 5,900          | 111,687       |
| Oil States International, Inc.*                             | 11,100         | 148,962       |
| Tidewater, Inc.                                             | 5,900          | 219,067       |
|                                                        | **1,348,726**  |
| **Oil, Gas & Consumable Fuels 4.0%**                    |
| Alon USA Energy, Inc.                                       | 7,900          | 108,230       |
| Arch Coal, Inc.                                             | 7,600          | 101,612       |
| Concho Resources, Inc.*                                     | 5,100          | 130,509       |
| Contango Oil & Gas Co.*                                 | 2,900          | 113,680       |
| Forest Oil Corp.*                                           | 8,600          | 113,090       |
| Goodrich Petroleum Corp.* (a)                               | 7,100          | 137,456       |
| Holly Corp.                                                 | 6,500          | 137,800       |
| Massey Energy Co.                                           | 8,800          | 89,056        |
| Penn Virginia Corp.                                         | 10,900         | 119,682       |
| Southern Union Co.                                          | 10,300         | 156,766       |
| St. Mary Land & Exploration Co. (a)                     | 9,900          | 130,977       |
| Teekay Corp.                                                | 12,200         | 173,606       |
| Tesoro Corp.                                                | 5,700          | 76,779        |
| Western Refining, Inc.                                      | 12,800         | 152,832       |
| Whiting Petroleum Corp.*                                    | 5,800          | 149,930       |
| World Fuel Services Corp.                                   | 4,600          | 145,498       |
|                                                        | **2,037,503**  |
| **Financials 18.2%**                                        |
| **Capital Markets 3.0%**                                    |
| Investment Technology Group, Inc.*                          | 5,200          | 132,704       |
| Knight Capital Group, Inc. "A"*                             | 14,100         | 207,834       |
| Lazard Ltd. "A"                                             | 6,500          | 191,100       |
| Legg Mason, Inc.                                            | 15,200         | 241,680       |
| Piper Jaffray Companies, Inc.*                              | 7,000          | 180,530       |
| Raymond James Financial, Inc. (a)                           | 6,800          | 133,960       |
| Stifel Financial Corp.*                                     | 2,900          | 125,599       |
| SWS Group, Inc.                                             | 10,500         | 163,065       |
| Waddell & Reed Financial, Inc. "A"                      | 9,100          | 164,437       |
|                                                        | **1,540,909**  |
| **Commercial Banks 4.5%**                                   |
| Bank of Hawaii Corp.                                        | 6,300          | 207,774       |
| Bank of the Ozarks, Inc.                                    | 7,700          | 177,716       |
| Community Bank System, Inc. (a)                             | 12,900         | 216,075       |
| FirstMerit Corp.                                            | 9,500          | 172,900       |
| PacWest Bancorp.                                            | 12,900         | 184,857       |
| Pinnacle Financial Partners, Inc.*                          | 5,700          | 135,147       |
| PrivateBancorp., Inc. (a)                                   | 8,700          | 125,802       |
| Republic Bancorp., Inc. "A"                                 | 4,600          | 85,882        |
| S&T Bancorp., Inc. (a)                                  | 7,600          | 161,196       |
| Simmons First National Corp. "A"                            | 4,200          | 105,798       |
| SVB Financial Group*                                        | 9,900          | 198,099       |
| TowneBank (a)                                               | 8,700          | 142,071       |
| Trustmark Corp.                                             | 10,000         | 183,800       |
| United Bankshares, Inc.                                     | 9,400          | 162,056       |
|                                                        | **2,259,173**  |
| **Consumer Finance 0.8%**                                   |
| Cash America International, Inc.                            | 11,300         | 176,958       |
| EZCORP, Inc. "A"*                                           | 11,800         | 136,526       |
| First Cash Financial Services, Inc.*                        | 7,800          | 116,376       |
|                                                        | **429,860**    |
| **Diversified Financial Services 0.3%**                     |
| PICO Holdings, Inc.*                                        | 4,400          | **132,308**   |
| **Insurance 6.1%**                                          |
| Allied World Assurance Co. Holdings Ltd.                    | 4,200          | 159,726       |
| American Financial Group, Inc.                              | 12,800         | 205,440       |
| American Physicians Capital, Inc.                           | 4,200          | 171,864       |
| Argo Group International Holdings Ltd.*                     | 6,800          | 204,884       |
| Aspen Insurance Holdings Ltd.                               | 7,900          | 177,434       |
| Axis Capital Holdings Ltd.                                  | 9,000          | 202,860       |
| CNA Surety Corp.*                                           | 7,800          | 143,832       |
| Delphi Financial Group, Inc. "A"                            | 8,900          | 119,794       |
| eHealth, Inc.*                                              | 18,800         | 300,988       |
| Endurance Specialty Holdings Ltd.                           | 11,800         | 294,292       |
| IPC Holdings Ltd.                                           | 9,500          | 256,880       |
| Platinum Underwriters Holdings Ltd.                         | 10,500         | 297,780       |
| StanCorp Financial Group, Inc.                              | 5,700          | 129,846       |
| Tower Group, Inc.                                           | 4,800          | 118,224       |
| White Mountains Insurance Group Ltd.                        | 1,800          | 309,438       |
|                                                        | **3,093,282**  |
| **Real Estate Investment Trusts 3.5%**                      |
| BRE Properties, Inc. (REIT)                                 | 6,700          | 131,521       |
| Entertainment Properties Trust (REIT)                       | 12,100         | 190,696       |
| Home Properties, Inc. (REIT) (a)                            | 5,000          | 153,250       |
| Hospitality Properties Trust (REIT)                         | 12,000         | 144,000       |
| LTC Properties, Inc. (REIT)                                 | 10,300         | 180,662       |
| Post Properties, Inc. (REIT)                                | 14,400         | 146,016       |
| PS Business Parks, Inc. (REIT)                              | 7,800          | 287,430       |
| Redwood Trust, Inc. (REIT) (a)                              | 13,200         | 202,620       |
| SL Green Realty Corp. (REIT)                                | 18,300         | 197,640       |
| Sovran Self Storage, Inc. (REIT)                            | 7,500          | 150,600       |
|                                                        | **1,784,435**  |
| **Health Care 11.2%**                                       |
| **Biotechnology 2.4%**                                      |
| BioMarin Pharmaceutical, Inc.*                              | 11,700         | 144,495       |
| Cubist Pharmaceuticals, Inc.*                               | 12,900         | 211,044       |
| Emergent Biosolutions, Inc.*                                | 7,400          | 99,974        |
| InterMune, Inc.*                                            | 7,300          | 120,012       |
| Isis Pharmaceuticals, Inc.*                                 | 8,500          | 127,585       |
| Martek Biosciences Corp.* (a)                               | 13,500         | 246,375       |
| OSI Pharmaceuticals, Inc.*                                  | 3,800          | 145,388       |
| Theravance, Inc.* (a)                                       | 6,000          | 102,000       |
|                                                        | **1,196,873**  |
| **Health Care Equipment & Supplies 3.9%**               |
| Abaxis, Inc.*                                               | 6,000          | 103,440       |
| Conceptus, Inc.*                                            | 9,800          | 115,150       |
| CONMED Corp.*                                               | 9,000          | 129,690       |
| Cyberonics, Inc.*                                           | 15,800         | 209,666       |
| Invacare Corp.                                              | 13,100         | 209,993       |
| Inverness Medical Innovations, Inc.*                        | 5,300          | 141,139       |
| Kinetic Concepts, Inc.*                                     | 7,000          | 147,840       |
| Merit Medical Systems, Inc.*                                | 15,500         | 189,255       |
| STERIS Corp.                                                | 10,300         | 239,784       |
| SurModics, Inc.*                                            | 6,300          | 114,975       |
| The Cooper Companies, Inc.                                  | 8,300          | 219,452       |
| Wright Medical Group, Inc.*                                 | 10,800         | 140,724       |
|                                                        | **1,961,108**  |
| **Health Care Providers & Services 2.8%**               |
| AmSurg Corp.*                                               | 7,900          | 125,215       |
| Bio-Reference Laboratories, Inc.*                           | 4,100          | 85,731        |
| Centene Corp.*                                              | 11,500         | 207,230       |
| Ensign Group, Inc.                                          | 6,400          | 98,944        |
| Gentiva Health Services, Inc.*                              | 6,900          | 104,880       |
| Hanger Orthopedic Group, Inc.*                              | 8,800          | 116,600       |
| Kindred Healthcare, Inc.*                                   | 11,700         | 174,915       |
| LHC Group, Inc.* (a)                                        | 6,000          | 133,680       |
| MWI Veterinary Supply, Inc.*                                | 4,300          | 122,464       |
| PharMerica Corp.*                                           | 9,600          | 159,744       |
| Psychiatric Solutions, Inc.*                                | 5,900          | 92,807        |
|                                                        | **1,422,210**  |
| **Health Care Technology 0.1%**                             |
| athenahealth, Inc.*                                         | 3,000          | **72,330**    |
| **Life Sciences Tools & Services 0.6%**                 |
| PerkinElmer, Inc.                                           | 14,000         | 178,780       |
| Varian, Inc.*                                               | 6,200          | 147,188       |
|                                                        | **325,968**    |
| **Pharmaceuticals 1.4%**                                    |
| Endo Pharmaceuticals Holdings, Inc.*                        | 8,100          | 143,208       |
| Medicis Pharmaceutical Corp. "A"                            | 8,500          | 105,145       |
| Optimer Pharmaceuticals, Inc.*                              | 7,600          | 100,244       |
| Sepracor, Inc.*                                             | 8,700          | 127,542       |
| Valeant Pharmaceuticals International* (a)                  | 7,100          | 126,309       |
| XenoPort, Inc.*                                             | 4,400          | 85,184        |
|                                                        | **687,632**    |
| **Industrials 13.4%**                                       |
| **Aerospace & Defense 1.1%**                            |
| AAR Corp.*                                                  | 11,200         | 140,448       |
| Axsys Technologies, Inc.*                                   | 3,600          | 151,344       |
| Ceradyne, Inc.*                                             | 4,800          | 87,024        |
| Moog, Inc. "A"*                                             | 5,400          | 123,498       |
| Orbital Sciences Corp.*                                     | 5,200          | 61,828        |
|                                                        | **564,142**    |
| **Air Freight & Logistics 0.3%**                        |
| UTI Worldwide, Inc.                                         | 14,300         | **170,885**   |
| **Building Products 0.2%**                                  |
| Ameron International Corp.                                  | 2,300          | **121,118**   |
| **Commercial Services & Supplies 1.7%**                 |
| G & K Services, Inc. "A"                                | 6,900          | 130,479       |
| GeoEye, Inc.*                                               | 7,500          | 148,125       |
| The Brink's Co.                                             | 8,200          | 216,972       |
| The Geo Group, Inc.*                                        | 10,700         | 141,775       |
| United Stationers, Inc.*                                    | 8,800          | 247,104       |
|                                                        | **884,455**    |
| **Construction & Engineering 1.5%**                     |
| EMCOR Group, Inc.*                                          | 11,400         | 195,738       |
| Insituform Technologies, Inc. "A"*                          | 8,700          | 136,068       |
| Layne Christensen Co.*                                      | 4,800          | 77,136        |
| MasTec, Inc.* (a)                                           | 17,000         | 205,530       |
| Michael Baker Corp.*                                        | 5,200          | 135,200       |
|                                                        | **749,672**    |
| **Electrical Equipment 0.8%**                               |
| Acuity Brands, Inc.                                         | 4,900          | 110,446       |
| Encore Wire Corp.                                           | 8,100          | 173,583       |
| II-VI, Inc.*                                                | 7,700          | 132,286       |
|                                                        | **416,315**    |
| **Industrial Conglomerates 0.9%**                           |
| McDermott International, Inc.*                              | 8,800          | 117,832       |
| Raven Industries, Inc.                                      | 10,200         | 211,956       |
| Tredegar Corp.                                              | 8,400          | 137,172       |
|                                                        | **466,960**    |
| **Machinery 3.4%**                                          |
| AGCO Corp.*                                                 | 6,800          | 133,280       |
| Briggs & Stratton Corp.                                 | 9,300          | 153,450       |
| CIRCOR International, Inc.                                  | 8,500          | 191,420       |
| Crane Co.                                                   | 10,000         | 168,800       |
| EnPro Industries, Inc.*                                     | 12,000         | 205,200       |
| Lincoln Electric Holdings, Inc.                             | 4,000          | 126,760       |
| Lindsay Corp.                                               | 3,600          | 97,200        |
| Middleby Corp.*                                             | 4,100          | 132,963       |
| Nordson Corp.                                               | 4,200          | 119,406       |
| RBC Bearings, Inc.*                                         | 9,800          | 149,744       |
| Wabtec Corp.                                                | 4,100          | 108,158       |
| Watts Water Technologies, Inc. "A"                          | 5,800          | 113,448       |
|                                                        | **1,699,829**  |
| **Marine 0.2%**                                             |
| Genco Shipping & Trading Ltd.                           | 5,900          | **72,806**    |
| **Professional Services 1.6%**                              |
| Corporate Executive Board Co.                               | 9,100          | 131,950       |
| CoStar Group, Inc.*                                         | 5,000          | 151,250       |
| Exponent, Inc.*                                             | 8,100          | 205,173       |
| ICF International, Inc.*                                    | 8,300          | 190,651       |
| Navigant Consulting, Inc.*                                  | 8,700          | 113,709       |
|                                                        | **792,733**    |
| **Road & Rail 1.1%**                                    |
| Arkansas Best Corp.                                         | 5,800          | 110,316       |
| Con-way, Inc.                                               | 9,900          | 177,507       |
| Genesee & Wyoming, Inc. "A"*                            | 7,300          | 155,125       |
| Marten Transport Ltd.*                                      | 6,500          | 121,420       |
|                                                        | **564,368**    |
| **Trading Companies & Distributors 0.6%**               |
| Beacon Roofing Supply, Inc.*                                | 12,400         | 166,036       |
| GATX Corp.                                                  | 7,700          | 155,771       |
|                                                        | **321,807**    |
| **Information Technology 19.6%**                            |
| **Communications Equipment 3.8%**                           |
| Avocent Corp.*                                              | 16,200         | 196,668       |
| Black Box Corp.                                             | 13,500         | 318,735       |
| DG Fastchannel, Inc.*                                       | 17,600         | 330,352       |
| EchoStar Corp. "A"*                                         | 6,400          | 94,912        |
| EMS Technologies, Inc.*                                     | 6,700          | 116,982       |
| InterDigital, Inc.*                                         | 6,700          | 172,994       |
| Neutral Tandem, Inc.*                                       | 8,100          | 199,341       |
| Riverbed Technology, Inc.*                                  | 11,200         | 146,496       |
| Starent Networks Corp.*                                     | 6,400          | 101,184       |
| Tekelec*                                                    | 9,900          | 130,977       |
| ViaSat, Inc.*                                               | 5,600          | 116,592       |
|                                                        | **1,925,233**  |
| **Computers & Peripherals 0.8%**                        |
| Data Domain, Inc.* (a)                                      | 9,500          | 119,415       |
| Lexmark International, Inc. "A"*                            | 8,500          | 143,395       |
| Synaptics, Inc.* (a)                                        | 5,900          | 157,884       |
|                                                        | **420,694**    |
| **Electronic Equipment, Instruments & Components 3.9%** |
| Anixter International, Inc.*                                | 5,900          | 186,912       |
| Coherent, Inc.*                                             | 10,600         | 182,850       |
| Ingram Micro, Inc. "A"*                                     | 17,400         | 219,936       |
| MTS Systems Corp.                                           | 10,000         | 227,500       |
| Multi-Fineline Electronix, Inc.*                            | 9,900          | 166,716       |
| Park Electrochemical Corp.                                  | 8,200          | 141,696       |
| Plexus Corp.*                                               | 12,100         | 167,222       |
| Rofin-Sinar Technologies, Inc.*                             | 5,900          | 95,108        |
| ScanSource, Inc.* (a)                                       | 12,900         | 239,682       |
| SYNNEX Corp.*                                               | 8,000          | 157,360       |
| Tech Data Corp.*                                            | 9,900          | 215,622       |
|                                                        | **2,000,604**  |
| **Internet Software & Services 2.3%**                   |
| Bankrate, Inc.* (a)                                         | 3,900          | 97,305        |
| Digital River, Inc.*                                        | 3,500          | 104,370       |
| Equinix, Inc.*                                              | 3,100          | 174,065       |
| IAC/InterActiveCorp.*                                       | 9,500          | 144,685       |
| j2 Global Communications, Inc.*                             | 8,000          | 175,120       |
| MercadoLibre, Inc.* (a)                                     | 5,800          | 107,590       |
| Omniture, Inc.*                                             | 7,000          | 92,330        |
| Sohu.com, Inc.*                                             | 2,300          | 95,013        |
| VistaPrint Ltd.*                                            | 7,000          | 192,430       |
|                                                        | **1,182,908**  |
| **IT Services 1.5%**                                        |
| Alliance Data Systems Corp.* (a)                            | 4,400          | 162,580       |
| CSG Systems International, Inc.*                            | 9,400          | 134,232       |
| DST Systems, Inc.*                                          | 5,000          | 173,100       |
| Syntel, Inc.                                                | 7,000          | 144,060       |
| Wright Express Corp.*                                       | 8,200          | 149,404       |
|                                                        | **763,376**    |
| **Semiconductors & Semiconductor Equipment 3.3%**       |
| ATMI, Inc.*                                                 | 12,500         | 192,875       |
| Cabot Microelectronics Corp.*                               | 7,800          | 187,434       |
| Cree, Inc.*                                                 | 7,300          | 171,769       |
| FEI Co.*                                                    | 13,600         | 209,848       |
| MKS Instruments, Inc.*                                      | 11,100         | 162,837       |
| Netlogic Microsystems, Inc.* (a)                            | 4,200          | 115,416       |
| Semtech Corp.*                                              | 12,100         | 161,535       |
| Standard Microsystems Corp.*                                | 17,700         | 329,220       |
| Tessera Technologies, Inc.*                                 | 10,600         | 141,722       |
|                                                        | **1,672,656**  |
| **Software 4.0%**                                           |
| Autodesk, Inc.*                                             | 7,400          | 124,394       |
| Commvault Systems, Inc.*                                    | 8,900          | 97,633        |
| Concur Technologies, Inc.* (a)                              | 5,400          | 103,626       |
| Fair Isaac Corp.                                            | 12,100         | 170,247       |
| Manhattan Associates, Inc.*                                 | 9,900          | 171,468       |
| MicroStrategy, Inc. "A"*                                    | 6,600          | 225,654       |
| Net 1 UEPS Technologies, Inc.*                              | 7,900          | 120,159       |
| NetScout Systems, Inc.*                                     | 10,100         | 72,316        |
| Progress Software Corp.*                                    | 8,500          | 147,560       |
| Solera Holdings, Inc.*                                      | 7,100          | 175,938       |
| SPSS, Inc.*                                                 | 5,700          | 162,051       |
| Sybase, Inc.*                                               | 6,800          | 205,972       |
| Synopsys, Inc.*                                             | 7,300          | 151,329       |
| VMware, Inc. "A"*                                           | 3,600          | 85,032        |
|                                                        | **2,013,379**  |
| **Materials 5.6%**                                          |
| **Chemicals 3.2%**                                          |
| A. Schulman, Inc.                                           | 16,000         | 216,800       |
| Airgas, Inc.                                                | 4,500          | 152,145       |
| American Vanguard Corp.                                     | 7,000          | 90,300        |
| Arch Chemicals, Inc.                                        | 8,200          | 155,472       |
| Balchem Corp.                                               | 5,800          | 145,754       |
| H.B. Fuller Co.                                             | 9,400          | 122,200       |
| Minerals Technologies, Inc.                                 | 6,400          | 205,120       |
| NewMarket Corp.                                             | 3,900          | 172,770       |
| Olin Corp.                                                  | 15,300         | 218,331       |
| OM Group, Inc.*                                             | 8,700          | 168,084       |
|                                                        | **1,646,976**  |
| **Containers & Packaging 0.6%**                         |
| Packaging Corp. of America                                  | 10,300         | 134,106       |
| Rock-Tenn Co. "A"                                           | 5,300          | 143,365       |
|                                                        | **277,471**    |
| **Metals & Mining 1.8%**                                |
| Carpenter Technology Corp.                                  | 8,000          | 112,960       |
| Cliffs Natural Resources, Inc.                              | 5,500          | 99,880        |
| Compass Minerals International, Inc.                        | 1,800          | 101,466       |
| Royal Gold, Inc. (a)                                        | 8,500          | 397,460       |
| Schnitzer Steel Industries, Inc. "A"                        | 3,100          | 97,309        |
| United States Steel Corp. (a)                               | 4,400          | 92,972        |
|                                                        | **902,047**    |
| **Telecommunication Services 0.4%**                         |
| **Diversified Telecommunication Services 0.2%**             |
| NTELOS Holdings Corp.                                       | 7,200          | **130,608**   |
| **Wireless Telecommunication Services 0.2%**                |
| Syniverse Holdings, Inc.*                                   | 6,500          | **102,440**   |
| **Utilities 1.9%**                                          |
| **Electric Utilities 0.4%**                                 |
| Hawaiian Electric Industries, Inc.                          | 13,200         | **181,368**   |
| **Independent Power Producers & Energy Traders 0.4%**   |
| Mirant Corp.*                                               | 20,000         | **228,000**   |
| **Multi-Utilities 1.1%**                                    |
| Avista Corp.                                                | 9,500          | 130,910       |
| CMS Energy Corp.                                            | 16,100         | 190,624       |
| NorthWestern Corp.                                          | 10,600         | 227,687       |
|                                                        | **549,221**    |
| **Total Common Stocks** (Cost $42,579,794)                  | **47,693,593** |

|                                                          | **Principal Amount ($)** | **Value ($)** |
|---------------------------------------------------------------|--------------------------|---------------|
|                                                          |                     |
| **Government & Agency Obligations 0.9%**                  |
| **US Treasury Obligations**                                   |
| US Treasury Bills:                                            |                     |          |
| 0.29%**, 6/18/2009 (b)                                        | 330,000                  | 329,886       |
| 0.26%**, 6/11/2009 (b)                                        | 139,000                  | 138,950       |
| **Total Government & Agency Obligations** (Cost $468,722) | **468,836**              |

|                                                                  | **Shares** | **Value ($)** |
|-----------------------------------------------------------------------|------------|---------------|
|                                                                  |       |
| **Securities Lending Collateral 7.1%**                                |
| Daily Assets Fund Institutional, 0.78% (c) (d) (Cost $3,581,525) | 3,581,525  | **3,581,525** |
| * *                                                              |
| **Cash Equivalents 5.2%**                                             |
| Cash Management QP Trust, 0.53% (c) (Cost $2,643,953)                 | 2,643,953  | **2,643,953** |

|                                               | **% of Net Assets** | **Value ($)**   |
|----------------------------------------------------|---------------------|-----------------|
|                                               |                |
| **Total Investment Portfolio** (Cost $49,273,994)+ | 107.1               | **54,387,907**  |
| **Other Assets and Liabilities, Net**              | (7.1)               | **(3,616,430)** |
| **Net Assets**                                     | 100.0               | **50,771,477**  |

*REIT: Real Estate Investment Trust*

*At March 31, 2009, open futures contracts purchased were as follows:*

| **Futures**               | **Expiration Date** | **Contracts** | **Aggregated Face Value ($)** | **Value ($)** | **Unrealized Appreciation ($)** |
|---------------------------|---------------------|---------------|------------------------------------|--------------------|---------------------------------|
| Russell E-Mini 2000 Index | 6/19/2009           | 72            | 2,819,329                          | 3,033,360          | 214,031                         |

***Fair Value Measurements***

*Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, "Fair Value Measurements," establishes a three-tier hierarchy for measuring fair value and requires additional disclosure about the classification of 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, 2009 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 the Financial Statements.*

| **Valuation Inputs** | **Investments in Securities** | **Other Financial Instruments++** |
|----------------------|-------------------------------|-----------------------------------|
| Level 1              | $ 51,275,118                  | $ 214,031                         |
| Level 2              | 3,112,789                     | —                           |
| Level 3              | —                       | —                           |
| **Total**            | **$ 54,387,907**              | **$ 214,031**                     |

**Financial Statements**

| **Statement of Assets and Liabilities**as of March 31, 2009 (Unaudited)                                                    |
|----------------------------------------------------------------------------------------------------------------------------|
| **Assets**                                                                                                                 |
| Investments:
Investments in securities, at value (cost $43,048,516) — including $3,581,276 of securities loaned | $ 48,162,429 |
| Investment in Daily Assets Fund Institutional (cost $3,581,525)*                                                           | 3,581,525 |
| Investment in Cash Management QP Trust (cost $2,643,953)                                                              | 2,643,953 |
| Total investments, at value (cost $49,273,994)                                                                        | 54,387,907 |
| Deposits with broker for open futures contracts                                                                            | 67 |
| Dividends receivable                                                                                                       | 59,416 |
| Receivable for variation margin on open futures contracts                                                                  | 46,800 |
| Receivable for Fund shares sold                                                                                            | 20,454 |
| Interest receivable                                                                                                        | 8,151 |
| Due from Advisor                                                                                                           | 2,355 |
| Other assets                                                                                                               | 28,382 |
| Total assets                                                                                                               | 54,553,532 |
| **Liabilities**                                                                                                            |
| Payable upon return of securities loaned                                                                                   | 3,581,525 |
| Payable for Fund shares redeemed                                                                                           | 44,900 |
| Accrued management fee                                                                                                     | 26,727 |
| Other accrued expenses and payables                                                                                        | 128,903 |
| Total liabilities                                                                                                          | 3,782,055 |
| **Net assets, at value**                                                                                                   | **$ 50,771,477** |
| **Net Assets Consist of**                                                                                                  |
| Undistributed net investment income                                                                                        | 27,738 |
| Net unrealized appreciation (depreciation) on:
Investments                                                                 | 5,113,913 |
| Futures                                                                                                                    | 214,031 |
| Accumulated net realized gain (loss)                                                                                       | (62,581,224) |
| Paid-in capital                                                                                                            | 107,997,019 |
| **Net assets, at value**                                                                                                   | **$ 50,771,477** |

| **Statement of Assets and Liabilities**as of March 31, 2009 (Unaudited) (continued)                                                                                                                                                                                        |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Net Asset Value**                                                                                                                                                                                                                                                        |
| **Class A**
**Net Asset Value** and redemption price(a) per share ($3,844,859 ÷ 408,192 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)                                                       | **$ 9.42** |
| Maximum offering price per share (100 ÷ 94.25 of $9.42)                                                                                                                                                                                                   | **$ 9.99** |
| **Class B**
**Net Asset Value,** offering and redemption price(a) (subject to contingent deferred sales charge) per share ($994,853 ÷ 115,515 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | **$ 8.61** |
| **Class C**
**Net Asset Value,** offering and redemption price(a) (subject to contingent deferred sales charge) per share ($513,362 ÷ 59,490 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)  | **$ 8.63** |
| **Class S**
**Net Asset Value,** offering and redemption price(a) per share ($45,418,403 ÷ 4,701,871 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)                                          | **$ 9.66** |

| **Statement of Operations**for the six months ended March 31, 2009 (Unaudited)                            |
|-----------------------------------------------------------------------------------------------------------|
| **Investment Income**                                                                                     |
| Income:Dividends                                                                                          | $ 427,881 |
| Interest — Cash Management QP Trust                                                            | 26,965 |
| Interest                                                                                                  | 223 |
| Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates | 40,908 |
| Total Income                                                                                              | 495,977 |
| Expenses:Management fee                                                                                   | 179,796 |
| Administration fee                                                                                        | 27,037 |
| Services to shareholders                                                                                  | 108,580 |
| Distribution and service fees                                                                             | 13,270 |
| Reports to shareholders                                                                                   | 25,189 |
| Registration fees                                                                                         | 24,646 |
| Custodian fee                                                                                             | 10,676 |
| Trustees' fees and expenses                                                                               | 3,910 |
| Legal fees                                                                                                | 21,292 |
| Audit and tax fees                                                                                        | 29,190 |
| Other                                                                                                     | 7,696 |
| Total expenses before expense reductions                                                                  | 451,282 |
| Expense reductions                                                                                        | (14,992) |
| Total expenses after expense reductions                                                                   | 436,290 |
| **Net investment income (loss)**                                                                          | **59,687** |
| **Realized and Unrealized Gain (Loss)**                                                                   |
| Net realized gain (loss) from:Investments                                                                 | (47,350,216) |
| Futures                                                                                                   | (195,397) |
| * *                                                                                                  | (47,545,613) |
| Change in net unrealized appreciation (depreciation) on:Investments                                       | 18,002,641 |
| Futures                                                                                                   | 214,031 |
| * *                                                                                                  | 18,216,672 |
| **Net gain (loss)**                                                                                       | **(29,328,941)** |
| **Net increase (decrease) in net assets resulting from operations**                                       | **$ (29,269,254)** |

| **Statement of Changes in Net Assets**                                                                          |
|-----------------------------------------------------------------------------------------------------------------|
|                                                                                                            | **Six Months Ended March 31, 2009 (Unaudited)** | **Year Ended September 30, 2008** |
| Operations:Net investment income (loss)                                                                         | $ 59,687 | $ 201,642 |
| Net realized gain (loss)                                                                                        | (47,545,613) | (14,717,257) |
| Change in net realized appreciation (depreciation)                                                              | 18,216,672 | (9,975,377) |
| Net increase (decrease) in net assets resulting from operations                                                 | (29,269,254) | (24,490,992) |
| Distributions to shareholders from:Net investment income:
Class A                                               | (4,084) | — |
| Class S                                                                                                         | (226,722) | (317,743) |
| Net realized gains:
Class A                                                                                     | (1,777) | (1,244,734) |
| Class B                                                                                                         | (608) | (382,445) |
| Class C                                                                                                         | (287) | (182,505) |
| Class S                                                                                                         | (21,966) | (15,169,759) |
| Total distributions                                                                                             | (255,444) | (17,297,186) |
| Fund share transactions:Proceeds from shares sold                                                               | 7,308,945 | 10,199,606 |
| Reinvestment of distributions                                                                                   | 244,487 | 16,651,892 |
| Cost of shares redeemed                                                                                         | (9,737,621) | (43,171,303) |
| Redemption fees                                                                                                 | 620 | 254 |
| Net increase (decrease) in net assets from Fund share transactions                                              | (2,183,569) | (16,319,551) |
| **Increase (decrease) in net assets**                                                                           | (31,708,267) | (58,107,729) |
| Net assets at beginning of period                                                                               | 82,479,744 | 140,587,473 |
| Net assets at end of year (including undistributed net investment income of $27,738 and $198,857, respectively) | **$ 50,771,477** | **$ 82,479,744** |

**Financial Highlights**

| **Class A**

**Years Ended September 30,**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | **2009a**   | **2008**    | **2007**    | **2006**    | **2005**    | **2004**    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|-------------|-------------|-------------|-------------|-------------|
| **Selected Per Share Data**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **Net asset value, beginning of period**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | **$ 14.75** | **$ 21.77** | **$ 23.27** | **$ 25.70** | **$ 24.87** | **$ 21.43** |
| *Income (loss) from investment operations:*

Net investment income (loss)b                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | .02         | (.02)       | (.02)       | (.08)e      | (.16)       | (.15)       |
| Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (5.34)      | (4.09)      | 1.19        | 1.05        | 4.10        | 4.29        |
| **Total from investment operations**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (5.32)      | (4.11)      | 1.17        | .97         | 3.94        | 4.14        |
| *Less distributions from:*

Net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (.01)       | —     | —     | —     | —     | —     |
| Net realized gains                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (.00)***    | (2.91)      | (2.67)      | (3.40)      | (3.11)      | (.70)       |
| **Total distributions**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (.01)       | (2.91)      | (2.67)      | (3.40)      | (3.11)      | (.70)       |
| Redemption fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | .00***      | .00***      | .00***      | .00***      | .00***      | —     |
| **Net asset value, end of period**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | **$ 9.42**  | **$ 14.75** | **$ 21.77** | **$ 23.27** | **$ 25.70** | **$ 24.87** |
| Total Return (%)c                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (36.04)d**  | (21.02)     | 4.45        | 4.41e       | 16.45       | 19.45       |
| **Ratios to Average Net Assets and Supplemental Data**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Net assets, end of period ($ millions)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 4           | 6           | 10          | 12          | 12          | 13          |
| Ratio of expenses before expense reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 2.01*       | 1.58        | 1.48        | 1.57        | 1.50        | 1.50        |
| Ratio of expenses after expense reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 1.52*       | 1.58        | 1.48        | 1.57        | 1.50        | 1.50        |
| Ratio of net investment income (loss) (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | .31*        | (.13)       | (.12)       | (.37)e      | (.63)       | (.62)       |
| Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 295**       | 304         | 202         | 205         | 198         | 186         |
| a*For the six months ended March 31, 2009 (Unaudited).*b*Based on average shares outstanding during the period.*c*Total return does not reflect the effect of any sales charges.*d*Total return would have been lower had certain expenses not been reduced.*e*Includes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage allocation practices in connection with sales of DWS Funds. The non-recurring income resulted in an increase in net investment income of $0.001 per share. Excluding this non-recurring income, total return would have remained the same.***Annualized****Not annualized*****Amount is less than $.005.* |

| **Class B**

**Years Ended September 30,**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | **2009a**   | **2008**    | **2007**    | **2006**    | **2005**    | **2004**    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|-------------|-------------|-------------|-------------|-------------|
| **Selected Per Share Data**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **Net asset value, beginning of period**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | **$ 13.52** | **$ 20.32** | **$ 22.04** | **$ 24.70** | **$ 24.20** | **$ 21.03** |
| *Income (loss) from investment operations:*

Net investment income (loss)b                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | (.01)       | (.13)       | (.17)       | (.25)e      | (.36)       | (.33)       |
| Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (4.90)      | (3.76)      | 1.12        | .99         | 3.97        | 4.20        |
| **Total from investment operations**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (4.91)      | (3.89)      | .95         | .74         | 3.61        | 3.87        |
| *Less distributions from:*

Net realized gains                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | (.00)***    | (2.91)      | (2.67)      | (3.40)      | (3.11)      | (.70)       |
| Redemption fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | .00***      | .00***      | .00***      | .00***      | .00***      | —     |
| **Net asset value, end of period**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | **$ 8.61**  | **$ 13.52** | **$ 20.32** | **$ 22.04** | **$ 24.70** | **$ 24.20** |
| Total Return (%)c,d                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (36.28)**   | (21.49)     | 3.62        | 3.58e       | 15.50       | 18.47       |
| **Ratios to Average Net Assets and Supplemental Data**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Net assets, end of period ($ millions)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 1           | 2           | 3           | 3           | 3           | 3           |
| Ratio of expenses before expense reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 2.92*       | 2.44        | 2.38        | 2.39        | 2.38        | 2.32        |
| Ratio of expenses after expense reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 2.26*       | 2.25        | 2.25        | 2.38        | 2.35        | 2.31        |
| Ratio of net investment income (loss) (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | (.43)*      | (.80)       | (.89)       | (1.18)e     | (1.48)      | (1.43)      |
| Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 295**       | 304         | 202         | 205         | 198         | 186         |
| a*For the six months ended March 31, 2009 (Unaudited).*b*Based on average shares outstanding during the period.*c*Total return does not reflect the effect of any sales charges.*d*Total return would have been lower had certain expenses not been reduced.*e*Includes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage allocation practices in connection with sales of DWS Funds. The non-recurring income resulted in an increase in net investment income of $0.001 per share. Excluding this non-recurring income, total return would have remained the same.***Annualized****Not annualized*****Amount is less than $.005.* |

| **Class C**

**Years Ended September 30,**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | **2009a**   | **2008**    | **2007**    | **2006**    | **2005**    | **2004**    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|-------------|-------------|-------------|-------------|-------------|
| **Selected Per Share Data**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **Net asset value, beginning of period**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | **$ 13.55** | **$ 20.39** | **$ 22.10** | **$ 24.74** | **$ 24.21** | **$ 21.04** |
| *Income (loss) from investment operations:*

Net investment income (loss)b                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | (.01)       | (.13)       | (.17)       | (.22)e      | (.35)       | (.33)       |
| Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (4.91)      | (3.80)      | 1.13        | .98         | 3.99        | 4.20        |
| **Total from investment operations**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (4.92)      | (3.93)      | .96         | .76         | 3.64        | 3.87        |
| *Less distributions from:*

Net realized gains                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | (.00)***    | (2.91)      | (2.67)      | (3.40)      | (3.11)      | (.70)       |
| Redemption fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | .00***      | .00***      | .00***      | .00***      | .00***      | —     |
| **Net asset value, end of period**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | **$ 8.63**  | **$ 13.55** | **$ 20.39** | **$ 22.10** | **$ 24.74** | **$ 24.21** |
| Total Return (%)c                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (36.28)d**  | (21.64)d    | 3.66        | 3.70e       | 15.54       | 18.51       |
| **Ratios to Average Net Assets and Supplemental Data**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Net assets, end of period ($ millions)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 1           | 1           | 2           | 2           | 2           | 1           |
| Ratio of expenses before expense reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 2.85*       | 2.35        | 2.23        | 2.27        | 2.30        | 2.28        |
| Ratio of expenses after expense reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 2.27*       | 2.35        | 2.23        | 2.27        | 2.30        | 2.28        |
| Ratio of net investment income (loss) (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | (.44)*      | (.90)       | (.87)       | (1.07)e     | (1.43)      | (1.40)      |
| Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 295**       | 304         | 202         | 205         | 198         | 186         |
| a*For the six months ended March 31, 2009 (Unaudited).*b*Based on average shares outstanding during the period.*c*Total return does not reflect the effect of any sales charges.*d*Total return would have been lower had certain expenses not been reduced.*e*Includes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage allocation practices in connection with sales of DWS Funds. The non-recurring income resulted in an increase in net investment income of $0.001 per share. Excluding this non-recurring income, total return would have remained the same.***Annualized****Not annualized*****Amount is less than $.005.* |

| **Class S**

**Years Ended September 30,**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | **2009a**   | **2008**    | **2007**    | **2006**    | **2005**    | **2004**    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|-------------|-------------|-------------|-------------|-------------|
| **Selected Per Share Data**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| **Net asset value, beginning of period**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | **$ 15.20** | **$ 22.31** | **$23.71**  | **$ 26.04** | **$ 25.10** | **$ 21.56** |
| *Income (loss) from investment operations:*

Net investment income (loss)b                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | .01         | .04         | .06         | .01d        | (.07)       | (.08)       |
| Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (5.50)      | (4.18)      | 1.21        | 1.06        | 4.12        | 4.32        |
| **Total from investment operations**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (5.49)      | (4.14)      | 1.27        | 1.07        | 4.05        | 4.24        |
| *Less distributions from:*

Net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (.05)       | (.06)       | —     | —     | —     | —     |
| Net realized gains                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | .00***      | (2.91)      | (2.67)      | (3.40)      | (3.11)      | (.70)       |
| **Total distributions**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (.05)       | (2.97)      | (2.67)      | (3.40)      | (3.11)      | (.70)       |
| Redemption fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | .00***      | .00***      | .00***      | .00***      | .00***      | —     |
| **Net asset value, end of period**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | **$ 9.66**  | **$ 15.20** | **$ 22.31** | **$ 23.71** | **$ 26.04** | **$ 25.10** |
| Total Return (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (36.12)**   | (20.64)     | 4.82c       | 4.82c,d     | 16.72       | 19.80       |
| **Ratios to Average Net Assets and Supplemental Data**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Net assets, end of period ($ millions)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 45          | 74          | 126         | 138         | 101         | 77          |
| Ratio of expenses before expense reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 1.60*       | 1.21        | 1.15        | 1.19        | 1.14        | 1.20        |
| Ration of expenses after expense reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 1.60*       | 1.21        | 1.09        | 1.17        | 1.14        | 1.20        |
| Ratio of net investment income (loss) (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | .23*        | .24         | .27         | .03d        | (.27)       | (.32)       |
| Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 295**       | 304         | 202         | 205         | 198         | 186         |
| a*For the six months ended March 31, 2009 (Unaudited).*b*Based on average shares outstanding during the period.*c*Total return would have been lower had certain expenses not been reduced.*d*Includes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage allocation practices in connection with sales of DWS Funds. The non-recurring income resulted in an increase in net investment income of $0.001 per share. Excluding this non-recurring income, total return would have remained the same.***Annualized****Not annualized*****Amount is less than $.005.* |

**Notes to Financial Statements (Unaudited)**

**A. Significant Accounting Policies**

DWS Small Cap Core 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 are offered 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. 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 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. Equity securities are valued at the most recent sale price or official closing price reported on the exchange (US or foreign) or over-the-counter market on which the security is traded most extensively. Securities for which no        sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation.

Money market instruments purchased with an original or remaining maturity of sixty days or less, maturing at par, are valued at amortized cost. Investments in open-end investment companies and Cash Management QP Trust are valued at their net asset value each business day.

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 Trustees. 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 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. 

The Fund adopted Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"), effective at the beginning of the Fund's fiscal year. Disclosure about the classification of fair value measurements is included at the end of the Fund's Investment Portfolio.

**New Accounting Pronouncements.** In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161 ("FAS 161"), "Disclosures about Derivative Instruments and Hedging Activities." FAS 161 requires enhanced disclosure about an entity's derivative and hedging activities including qualitative disclosures about the objectives and strategies for using derivatives, quantitative disclosures about        fair value amounts of gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. FAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. Management is currently reviewing the enhanced disclosure requirements for the adoption of FAS 161.

In addition, in April 2009, FASB issued FASB Staff Position No. 157-4, "Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly" ("FSP 157-4"). FSP 157-4 provides additional guidance for estimating fair value in accordance with FAS 157, when the volume and level of activity for the asset or liability have significantly        decreased as well as guidance on identifying circumstances that indicate a transaction is not orderly. FSP 157-4 is effective for fiscal years and interim periods ending after June 15, 2009. Management is currently reviewing the enhanced disclosure requirements for the adoption of FSP 157-4.

**Futures Contracts.** A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). The Fund may enter into futures contracts to gain exposure to a particular asset        class or to keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to the market.

Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary an amount ("initial margin") equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments ("variation margin") are made or received by the Fund dependent upon the daily fluctuations in the value of the underlying security and are recorded for financial reporting purposes as unrealized gains        or losses by the Fund. When entering into a closing transaction, the Fund will realize a gain or loss equal to the difference between the value of the futures contract to sell and the futures contract to buy. Futures contracts are valued at the most recent settlement price.

Certain risks may arise upon entering into futures contracts, including the risk that an illiquid secondary market will limit the Fund's ability to close out a futures contract prior to the settlement date and that a change in the value of a futures contract may not correlate exactly with the changes in the value of the securities or currencies hedged. When utilizing futures contracts to hedge, the Fund gives up the opportunity to        profit from favorable price movements in the hedged positions during the term of the contract. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities.

**Securities Lending.** The Fund may lend securities to financial institutions. The Fund retains beneficial ownership of the securities it has loaned and continues to receive interest and dividends paid by the issuer of securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of 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 agents will use their best efforts to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Fund may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. The Fund receives compensation for lending        its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received,        including, but not limited to, interest rate, credit and liquidity risk associated with such investments. 

**Federal Income Taxes.** The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

From November 1, 2007 through September 30, 2008, the Fund incurred approximately $14,628,000 of net realized capital losses. As permitted by tax regulations, the Fund intends to elect to defer these losses and treat them as arising in the fiscal year ending September 30, 2009.

The Fund has reviewed the tax positions for the open tax years as of September 30, 2008 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 subject to examination by the Internal Revenue Service.

**Distribution of Income and Gains.** Net investment income of the Fund, if any, is declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually.

The timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to net investment losses incurred by the Fund and certain securities sold at 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.

**Redemption Fees.** The Fund imposes a redemption fee of 2% of the total redemption amount on all Fund shares redeemed or exchanged within 15 days of buying them, either by purchase or exchange. This fee is assessed and retained by the Fund for the benefit of the remaining shareholders. The redemption fee is accounted for as an addition to paid-in capital.

**Expenses.** Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust.

**Contingencies.** In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

**Real Estate Investment Trusts.** The Fund periodically recharacterizes distributions received from a Real Estate Investment Trust ("REIT") investment based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available timely from a REIT, the recharacterization will be estimated and a        recharacterization will be made in the following year when such information becomes available. Distributions received from REITs in excess of income are recorded as either a reduction of cost of investments or realized gains. The Fund distinguishes between dividends on a tax basis and a financial reporting basis and only distributions in excess of tax basis earnings and profits are reported in the financial statements as a tax return of capital.

**Other.** Investment transactions are accounted for on a trade date plus one basis for daily net asset valuation calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified        cost basis.

**B. Purchases and Sales of Securities**

During the six months ended March 31, 2009, purchases and sales of investment securities (excluding short-term investments) aggregated $161,681,996 and $165,459,839, 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 investment management fee based on the Fund's average daily net assets computed and accrued daily and payable monthly, at the following annual rates:

| First $500 million of the Fund's average daily net assets | .665% |
|-----------------------------------------------------------|-------|
| Next $500 million of such net assets                      | .615% |
| Over $1.0 billion of such net assets                      | .565% |

Accordingly, for the six months ended March 31, 2009, the fee pursuant to the management agreement was equivalent to an annualized effective rate of 0.665% of the Fund's average daily net assets. 

For the period from October 1, 2008 through September 30, 2009 for class A and C (through January 31, 2009 for Class B), the Advisor has contractually agreed to waive all or a portion of its management fee and reimburse or pay certain operating expenses of the Fund (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) to the extent necessary to maintain the operating expenses for certain classes        as follows:

| Class A | 1.52% |
|---------|-------|
| Class B | 2.25% |
| Class C | 2.27% |

Effective February 1, 2009 through September 30, 2009, the Advisor has contractually agreed to waive all or a portion of its management fee and reimburse or pay certain operating expenses of the Fund (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) to the extent necessary to maintain the operating expenses for Class B at 2.27%.

**Administration Fee.** Pursuant to an Administrative Service 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, 2009, the        Advisor received an Administration Fee of $27,037, of which $4,019 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, 2009, the amounts charged to the Fund by DISC were as follows:

| **Services to Shareholders** | **Total Aggregated** | **Waived**   | **Unpaid at March 31, 2009** |
|------------------------------|----------------------|--------------|------------------------------|
| Class A                      | $ 8,486              | $ 8,486      | $ —                    |
| Class B                      | 3,627                | 3,627        | —                      |
| Class C                      | 1,405                | 1,405        | —                      |
| Class S                      | 70,244               | —      | 31,028                       |
|                         | **$ 83,762**         | **$ 13,518** | **$ 31,028**                 |

**Distribution and Service Fees.** Under the Fund's Class B and C 12b-1 plans, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee") of 0.75% of average daily net assets of each of Class B and C shares. In accordance with the Fund's Underwriting and Distribution Services Agreement, DIDI enters into related selling group agreements with various firms at        various rates for sales of Class B and C shares. For the six months ended March 31, 2009, the Distribution Fee was as follows:

| **Distribution Fee** | **Total Aggregated** | **Unpaid at March 31, 2009** |
|----------------------|----------------------|------------------------------|
| Class B              | $ 4,399              | $ 628                        |
| Class C              | 2,112                | 291                          |
|                 | **$ 6,511**          | **$ 919**                    |

In addition, DIDI provides information and administrative services for a fee ("Service Fee") to Class A, B and C shareholders at an annual rate of up to 0.25% of average daily net assets for each such class. DIDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the six months ended March        31, 2009, the Service Fee was as follows:

| **Service Fee** | **Total Aggregated** | **Waived**  | **Unpaid at March 31, 2009** | **Annualized Effective Rate** |
|-----------------|----------------------|-------------|------------------------------|------------------------------------|
| Class A         | $ 4,626              | $ 995       | $ 259                        | .19%                               |
| Class B         | 1,435                | 248         | 53                           | .20%                               |
| Class C         | 698                  | 216         | 22                           | .17%                               |
|            | **$ 6,759**          | **$ 1,459** | **$ 334**                    |                               |

**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, 2009 aggregated $524.

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, 2009, the CDSC for Class B and C shares aggregated $941 and $31, respectively. A deferred sales charge of up to 1% is assessed on certain redemptions of 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, 2009, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $10,985, of which $9,302 is unpaid.

**Trustees' Fees and Expenses.** The Fund paid each Trustee not affiliated with the Advisor retainer fees plus specified amounts for various committee services and for the Board Chairperson.

**Cash Management QP Trust.** Pursuant to an Exemptive Order issued by the SEC, the Fund may invest in the Cash Management QP Trust (the "QP Trust"), and other affiliated funds managed by the Advisor. The QP Trust seeks to provide as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. The QP Trust does not pay its Advisor a management        fee for the affiliated funds' investments in the QP Trust.

**D. Fee Reductions**

The Fund has entered into an arrangement with its custodian and transfer agent whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Fund's custodian expenses. During the six months ended March 31, 2009, the Fund's custodian fee was reduced by $13 and $2, respectively, for custody and transfer agent credits earned.

**E. Line of Credit**

The Fund and other affiliated funds (the "Participants") share in a $490 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 the Federal Funds Rate plus 0.35 percent. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement.

**F. Share Transactions**

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

|                                                               | **Six Months Ended                    March 31, 2009** | **Year Ended                    September 30, 2008** |
|--------------------------------------------------------------------|--------------------------------------------------------|-----------------------------------------------------------|
|                                                               | **Shares**                                             | **Dollars**                                               | **Shares** | **Dollars** |
| **Shares sold**                                                    |
| Class A                                                            | 105,462                                                | $ 1,045,658                                               | 167,080 | $ 2,846,793 |
| Class B                                                            | 26,627                                                 | 254,440                                                   | 33,496 | 528,666 |
| Class C                                                            | 14,326                                                 | 137,161                                                   | 15,782 | 241,476 |
| Class S                                                            | 602,498                                                | 5,871,686                                                 | 364,719 | 6,582,671 |
| * *                                                           |                                                   | **$ 7,308,945**                                           |   | **$ 10,199,606** |
| **Shares issued to shareholders in reinvestment of distributions** |
| Class A                                                            | 510                                                    | $ 5,113                                                   | 61,504 | $ 1,080,008 |
| Class B                                                            | 64                                                     | 589                                                       | 22,733 | 367,591 |
| Class C                                                            | 29                                                     | 269                                                       | 10,224 | 166,038 |
| Class S                                                            | 23,156                                                 | 238,516                                                   | 834,068 | 15,038,255 |
| * *                                                           |                                                   | **$ 244,487**                                             |   | **$ 16,651,892** |
| **Shares redeemed**                                                |
| Class A                                                            | (74,198)                                               | $ (744,300)                                               | (302,163) | $ (5,108,176) |
| Class B                                                            | (45,279)                                               | (417,165)                                                 | (69,103) | (1,135,793) |
| Class C                                                            | (18,094)                                               | (176,631)                                                 | (50,104) | (875,580) |
| Class S                                                            | (810,234)                                              | (8,399,525)                                               | (1,959,997) | (36,051,754) |
| * *                                                           |                                                   | **$ (9,737,621)**                                         |   | **$ (43,171,303)** |
| **Redemption fees**                                                |                                                   | **$ 620**                                                 |   | **$ 254** |
| **Net increase (decrease)**                                        |
| Class A                                                            | 31,774                                                 | $ 307,089                                                 | (73,579) | $ (1,181,222) |
| Class B                                                            | (18,588)                                               | (162,136)                                                 | (12,874) | (239,536) |
| Class C                                                            | (3,739)                                                | (39,201)                                                  | (24,098) | (468,066) |
| Class S                                                            | (184,580)                                              | (2,289,321)                                               | (761,210) | (14,430,727) |
| * *                                                           |                                                   | **$ (2,183,569)**                                         |   | **$ (16,319,551)** |

**Summary of Management Fee Evaluation by Independent Fee Consultant**

October 24, 2008

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 2008, 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.

**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, serve on the board of directors of a private market research company, 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 129 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, Strategic Insight, and Morningstar databases and drew on my industry knowledge and experience.

To facilitate evaluating this considerable body of information, I prepared for each Fund a document summarizing the key data elements in each area as well as additional analytics discussed below. This made it possible to consider each key data element in the context of the others.

In the course of contract renewal, DeAM agreed to implement a number of fee and expense adjustments requested by the Independent Directors which will favorably impact future fees and expenses, and my evaluation includes the effects of these changes.

**Fees and Expenses Compared with Other Funds**

The competitive fee and expense evaluation for each fund focused on two primary comparisons:

The Fund's contractual management fee (the advisory fee plus the administration fee where applicable) compared with those of a group of typically 12-15 funds in the same Lipper investment category (e.g. Large Capitalization Growth) having similar distribution arrangements and being of similar size.

The Fund's total expenses compared with a broader universe of funds from the same Lipper investment category and having similar distribution arrangements.

These two comparisons provide a view of not only the level of the fee compared with funds of similar scale but also the total expense the Fund bears for all the services it receives, in comparison with the investment choices available in the Fund's investment category and distribution channel. The principal figure-of-merit used in these comparisons was the subject Fund's percentile ranking against peers.

**DeAM's Fees for Similar Services to Others**

DeAM provided management fee schedules for all of its US domiciled fund and non-fund investment management accounts in any of the investment categories where there is a DWS Fund. These similar products included the other DWS Funds, non-fund pooled accounts, institutional accounts and sub-advisory accounts. Using this information, I calculated for each Fund the fee that would be charged to each similar product, at the subject        Fund's asset level. 

Evaluating information regarding non-fund products is difficult because there are varying levels of services required for different types of accounts, with mutual funds generally requiring considerably more regulatory and administrative types of service as well as having more frequent cash flows than other types of accounts. Also, while mutual fund fees for similar fund products can be expected to be similar, there will be some        differences due to different pricing conditions in different distribution channels (e.g. retail funds versus those used in variable insurance products), differences in underlying investment processes and other factors.

**Costs and Profit Margins**

DeAM provided a detailed profitability analysis for each Fund. After making some adjustments so that the presentation would be more comparable to the available industry figures, I reviewed profit margins from investment management alone, from investment management plus other fund services (excluding distribution) provided to the Funds by DeAM (principally shareholder services), and DeAM profits from all sources, including        distribution. A later section comments on overall profitability.

**Economies of Scale**

Economies of scale — an expected decline in management cost per dollar of fund assets as fund assets grow — are very rarely quantified and documented because of inherent difficulties in collecting and analyzing relevant data. However, in virtually every investment category that I reviewed, larger funds tend to have lower fees and lower total expenses than smaller funds. To see how each DWS Fund compares with this industry        observation, I reviewed:

The trend in Fund assets over the last five years and the accompanying trend in total expenses. This shows if the Fund has grown and, if so, whether total expense (management fees as well as other expenses) have declined as a percent of assets.

Whether the Fund has break-points in its management fee schedule, the extent of the fee reduction built into the schedule and the asset levels where the breaks take effect, and in the case of a sub-advised Fund how the Fund's break-points compare with those of the sub-advisory fee schedule.

How the Fund's contractual fee schedule compares with trends in the industry data. To accomplish this, I constructed a chart showing how actual latest-fiscal-year contractual fees of the Fund and of other similar funds relate to average fund assets, with the subject Fund's contractual fee schedule superimposed.

**Quality of Service — Performance**

The quality-of-service evaluation focused on investment performance, which is the principal result of the investment management service. Each Fund's performance was reviewed over the past 1, 3, 5 and 10 years, as applicable, and compared with that of other funds in the same investment category and with a suitable market index. 

In addition, I calculated and reviewed risk-adjusted returns relative to an index of similar mutual funds' returns and a suitable market index. The risk-adjusted returns analysis provides a way of determining the extent to which the Fund's return comparisons are mainly the product of investment value-added (or lack thereof) or alternatively taking considerably more or less risk than is typical in its investment category.

I also received and considered the history of portfolio manager changes for each Fund, as this provided an important context for evaluating the performance results.

**Complex-Level Considerations**

While this evaluation was conducted mainly at the individual fund level, there are some issues relating to the reasonableness of fees that can alternatively be considered across the whole fund complex:

I reviewed DeAM's profitability analysis for all DWS Funds, with a view toward determining if the allocation procedures used were reasonable and how profit levels compared with public data for other investment managers.

I considered whether DeAM and affiliates receive any significant ancillary or "fall-out" benefits that should be considered in interpreting the direct profitability results. These would be situations where serving as the investment manager of the Funds is beneficial to another part of the Deutsche Bank organization.

I considered how aggregated DWS Fund expenses had varied over the years, by asset class and in the context of trends in asset levels.

I reviewed the structure of the DeAM organization, trends in staffing levels, and information on compensation of investment management and other professionals compared with industry data.

**Findings**

Based on the process and analysis discussed above, which included reviewing a wide range of information from management and external data sources and considering among other factors the fees DeAM charges other clients, the fees charged by other fund managers, DeAM's costs and profits associated with managing the Funds, economies of scale, possible fall-out benefits, and the nature and quality of services provided, in my opinion the        management fees charged the DWS Funds are reasonable. 

        Thomas H. Mack

**Summary of Administrative Fee Evaluation by Independent Fee Consultant**

September 29, 2008

Pursuant to an Order entered into by Deutsche Asset Management (DeAM) with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds and have as part of my duties evaluated the reasonableness of the proposed management fees to be charged by DeAM to the DWS Funds, taking onto account a proposal to pass through to the funds certain fund accounting-related charges in        connection with new regulatory requirements. My evaluation considered the following: 

• While the proposal would alter the services to be provided under the Administration Agreement, which I consider to be part of fund management under the Order, it is my opinion that the change in services is slight and that the scope of prospective services under the combination of the Advisory and Administration Agreements continues to be comparable with those typically provided to competitive funds        under their management agreements.

• While the proposal would increase fund expenses, according to a pro forma analysis performed by management, the prospective effect is less than .01% for all but seven of the DeAM Funds' 438 active share classes, and in all cases the effect is less than .03% and overall expenses would remain reasonable in my opinion.

Based on the foregoing considerations, in my opinion the fees and expenses for all of the DWS Funds will remain reasonable if the Directors adopt this proposal.

        Thomas H. Mack

**Account Management Resources**

|                       |
|----------------------------|
| **For More Information**   | The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, B, C and S also have the ability to purchase, exchange or redeem shares using this system.For more information, contact your financial advisor. You may also access our automated telephone system or speak with a DWS Investments representative by calling the appropriate number below:
**For shareholders of Classes A, B and C:**
(800) 621-1048
**For shareholders of Class S:**
(800) 728-3337 |
| **Web Site**               | **www.dws-investments.com**
View your account transactions and balances, trade shares, monitor your asset allocation, and change your address, 24 hours a day. **Obtain prospectuses and applications,**blank forms, interactive worksheets, news about DWS funds, subscription to fund updates by e-mail, retirement planning information, and more. |
| **Written Correspondence** | **DWS Investments**
PO Box 219151                    Kansas City, MO 64121-9151 |
| **Proxy Voting**           | The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30are available on our Web site — www.dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site                — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 621-1048. |
| **Principal Underwriter**  | If you have questions, comments or complaints, contact:
**DWS Investments Distributors, Inc.**
222 South Riverside Plaza                    Chicago, IL 60606-5808(800) 621-1148 |

|              | **Class A** | **Class B** | **Class C** | **Class S** |
|-------------------|-------------|-------------|-------------|-------------|
| **Nasdaq Symbol** | SZCAX       | SZCBX       | SZCCX       | SSLCX       |
| **CUSIP Number**  | 23338J 681  | 23338J 673  | 23338J 665  | 23338J 640  |
| **Fund Number**   | 439         | 639         | 739         | 2339        |

**Privacy Statement**

Dear Valued Client:

We want to make sure you know our policy regarding the way in which our clients' private information is handled at DWS Investments. The following information is issued by DWS Investments Distributors, Inc., Deutsche Investment Management Americas Inc., DeAM Investor Services, Inc., DWS Trust Company and the DWS Funds.

**We consider privacy fundamental to our client relationships and adhere to the policies and practices described below to protect current and former clients' information.**We never sell customer lists or individual client information. Internal policies are in place to protect confidentiality, while allowing client needs to be served. Only individuals who need to do so in carrying out their job        responsibilities may access client information. We maintain physical, electronic and procedural safeguards that comply with federal and state standards to protect confidentiality. These safeguards extend to all forms of interaction with us, including the Internet.

In the normal course of business, clients give us nonpublic personal information on applications and other forms, on our Web sites, and through transactions with us or our affiliates. Examples of the nonpublic personal information collected are name, address, Social Security number, and transaction and balance information. To be able to serve our clients, certain of this client information is shared with affiliated and nonaffiliated        third party service providers such as transfer agents, custodians and broker-dealers to assist us in processing transactions and servicing your account. 

In addition, we may disclose the information we collect to companies that perform marketing services on our behalf or to other financial institutions with which we have joint marketing agreements. These organizations may only use client information for the purpose designated by the companies listed above, and additional requirements beyond federal law may be imposed by certain states. To the extent that these state laws apply, we        will comply with them before we share information about you. 

We may also disclose nonpublic personal information about you to other parties as required or permitted by law. For example, we are required to or may provide information to government entities or regulatory bodies in response to requests for information or subpoenas, to private litigants in certain circumstances, to law enforcement authorities, or any time we believe it necessary to protect the firm. 

At any time, if you have questions about our policy, please write to us at: 

DWS Investments         Attention: Correspondence — Chicago        P.O. Box 219415        Kansas City, MO 64121-9415 September 2008

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| **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**                                                                                                                                                                                                                                                                                                                                                                          |
|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|         |                                                                                                                                                                                                                                                                                                                                                                                                                             |
|         | 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 Chairman of the Board, P.O.                            Box 100176, Cape Coral, FL 33910. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                             |
| **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.                       |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                             |

 

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| **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. |

 

 

 

 

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Form N-CSRS Item F

 

**SIGNATURES**

 

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

 

| Registrant: | DWS Small Cap Core Fund, a series of DWS Investment Trust |
|-------------|-----------------------------------------------------------|

 

| By: | /s/Michael G. Clark |
|-----|---------------------|

|   | Michael G. Clark |
|--------|------------------|

President

 

| Date: | May 29, 2009 |
|-------|--------------|

 

 

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.

 

| Registrant: | DWS Small Cap Core Fund, a series of DWS Investment Trust |
|-------------|-----------------------------------------------------------|

 

| By: | /s/Michael G. Clark |
|-----|---------------------|

|   | Michael G. Clark |
|--------|------------------|

President

 

| Date: | May 29, 2009 |
|-------|--------------|

 

 

| By: | /s/Paul Schubert |
|-----|------------------|

|   | Paul Schubert |
|--------|---------------|

Chief Financial Officer and Treasurer

 

Date:                                        May 29, 2009