UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549  FORM N-CSR  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:
        09/30/08
   ITEM 1.REPORT TO STOCKHOLDERS   
 SEPTEMBER 30, 2008
Annual Report
to ShareholdersDWS Growth & Income Fundgro_cover300 Contents 4Performance Summary
10Information About Your Fund's Expenses
12Portfolio Management Review
16Portfolio Summary
18Investment Portfolio
24Financial Statements
28Financial Highlights
33Notes to Financial Statements
43Report of Independent Registered Public Accounting Firm
44Tax Information
45Investment Management Agreement Approval
50Summary of Management Fee Evaluation by Independent
Fee Consultant
55Trustees and Officers
59Account Management Resources 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, meaning stocks in the fund may decline in value for
extended periods of time due to the activities and financial prospects of individual
companies, or due to general market and economic conditions. Please read this fund's
prospectus for specific details 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 SummarySeptember 30, 2008 Classes A, B, C and Institutional Class 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. Institutional Class shares are not subject to sales charges. 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, 2008
are 1.00%, 1.85%, 1.79% and 0.50% for Class A, Class B, Class C and Institutional
Class 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 September 30, 2008. 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 for Class A and B shares and for the 3-Year,
5-Year and 10-Year periods shown for Class C shares and for the 3-Year, 5-Year and Life of
Class periods for Institutional Class 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 the period prior to its inception on August 2, 1999 for Class A shares
and prior to their inception on December 29, 2000 for Class B and C shares are derived
from the historical performance of Class S shares of DWS Growth & Income Fund during
such period and have been adjusted to reflect the higher total annual operating expenses
of each specific class. Any difference in expenses will affect performance. Average Annual Total Returns(Unadjusted for Sales Charge) as of 9/30/08DWS Growth & Income Fund
1-Year
3-Year
5-Year
10-YearClass A
-24.06%
-3.05%
2.76%
-.05%Class B
-24.77%
-3.94%
1.82%
-.85%Class C
-24.65%
-3.80%
1.95%
-.79%Russell 1000®Index+
-22.10%
.13%
5.49%
3.49% Sources: Lipper Inc. and Deutsche Investment Management Americas Inc. Average Annual Total Returnsas of 9/30/08DWS Growth & Income Fund
1-Year
3-Year
5-Year
Life of
Class*Institutional Class
-23.69%
-2.60%
3.24%
3.31%Russell 1000Index+
-22.10%
.13%
5.49%
6.41% Sources: Lipper Inc. and Deutsche Investment Management Americas Inc. * Institutional Class shares commenced operations on August 19, 2002. Index returns began
on August 31, 2002.  Net Asset Value and Distribution InformationClass A
Class B
Class C
Institutional
ClassNet Asset Value:
9/30/08
$     14.02
$     13.60
$     13.68
$     14.159/30/07
$     22.80
$     22.27
$     22.35
$     22.98Distribution Information:
Twelve Months as of 9/30/08:Income Dividends
$     .14
$     .01
$     .01
$     .23Capital Gain Distributions
$     4.03
$     .4.03
$     4.03
$     4.03 Class A Lipper Rankings  Large-Cap Core Funds Categoryas of 9/30/08Period
Rank

Number of
Funds Tracked
Percentile
Ranking (%)1-Year
633
of
850
753-Year
618
of
716
875-Year
477
of
600
80 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 Growth & Income Fund  Class A
[]Russell 1000 Index+gro_g10k270Yearly periods ended September 30 The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales
charge of 5.75%. This results in a net initial investment of $9,425. Comparative Results(Adjusted for Maximum Sales Charge) as of 9/30/08DWS Growth & Income Fund
1-Year
3-Year
5-Year
10-YearClass A
Growth of $10,000
$7,157
$8,588
$10,799
$9,375Average annual total return
-28.43%
-4.95%
1.55%
-.64%Class B
Growth of $10,000
$7,340
$8,741
$10,870
$9,185Average annual total return
-26.60%
-4.39%
1.68%
-.85%Class C
Growth of $10,000
$7,535
$8,903
$11,011
$9,240Average annual total return
-24.65%
-3.80%
1.95%
-.79%Russell 1000Index+
Growth of $10,000
$7,790
$10,040
$13,066
$14,091Average annual total return
-22.10%
.13%
5.49%
3.49% The growth of $10,000 is cumulative. +  The Russell 1000 Index is an unmanaged index that measures the performance of the
1,000 largest companies in the Russell 3000 Index, which represents approximately 92%
of the total market capitalization of the Russell 3000 Index. Index returns assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It
is not possible to invest directly into an index.  Growth of an Assumed $1,000,000 Investment[]DWS Growth & Income Fund  Institutional Class
[]Russell 1000 Index+gro_g10k260Yearly periods ended September 30 Comparative Resultsas of 9/30/08DWS Growth & Income Fund
1-Year
3-Year
5-Year
Life of
Class*Institutional
Class
Growth of $1,000,000
$763,100
$923,900
$1,172,800
$1,220,400Average annual total return
-23.69%
-2.60%
3.24%
3.31%Russell 1000Index+
Growth of $1,000,000
$779,000
$1,004,000
$1,306,600
$1,459,500Average annual total return
-22.10%
.13%
5.49%
6.41% The growth of $1,000,000 is cumulative. The minimum initial investment for Institutional Class shares is $1,000,000. * Institutional Class shares commenced operations on August 19, 2002. Index returns began
on August 31, 2002.  + The Russell 1000 Index is an unmanaged index that measures the performance of the
1,000 largest companies in the Russell 3000 Index, which represents approximately 92%
of the total market capitalization of the Russell 3000 Index. Index returns assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It
is not possible to invest directly into an index.  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, 2008
is 0.65% 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 September 30, 2008. 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 for all periods reflect a fee and/or expense waiver. 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. Average Annual Total Returnsas of 9/30/08DWS Growth & Income Fund
1-Year
3-Year
5-Year
10-YearClass S
-23.79%
-2.72%
3.13%
.32%Russell 1000Index+
-22.10%
.13%
5.49%
3.49% Sources: Lipper Inc. and Deutsche Investment Management Americas Inc. Net Asset Value and Distribution InformationClass SNet Asset Value:
9/30/08
$     14.139/30/07
$     22.95Distribution Information
Twelve Months as of 9/30/08:Income Dividends
$     .21Capital Gain Distributions
$     4.03 Class S Lipper Rankings  Large-Cap Core Funds Categoryas of 9/30/08Period
Rank

Number of
Funds Tracked
Percentile
Ranking (%)1-Year
620
of
850
733-Year
596
of
716
845-Year
445
of
600
7510-Year
307
of
339
91 Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings
are based on total rankings with distributions reinvested. Rankings are for Class S
shares; other share classes may vary. Growth of an Assumed $10,000 Investment[]DWS Growth & Income Fund  Class S
[]Russell 1000 Index+gro_g10k250Yearly periods ended September 30 Comparative Resultsas of 9/30/08DWS Growth & Income Fund
1-Year
3-Year
5-Year
10-YearClass S
Growth of $10,000
$7,621
$9,206
$11,664
$10,320Average annual total return
-23.79%
-2.72%
3.13%
.32%Russell 1000Index+
Growth of $10,000
$7,790
$10,040
$13,066
$14,091Average annual total return
-22.10%
.13%
5.49%
3.49% The growth of $10,000 is cumulative. +  The Russell 1000 Index is an unmanaged index that measures the performance of the
1,000 largest companies in the Russell 3000 Index, which represents approximately 92%
of the total market capitalization of the Russell 3000 Index. Index returns assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It
is not possible to invest directly into an index.  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, Class B and Class S shares of the Fund
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 (April 1, 2008 to September 30, 2008). 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 Investmentfor the six months ended September
30, 2008Actual Fund Return
Class A
Class B
Class C
Class S
Institutional
ClassBeginning Account Value 4/1/08
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 9/30/08
$       882.20
$       878.00
$       879.20
$       883.70
$       884.50Expenses Paid per $1,000*
$       4.71
$       8.92
$       8.22
$       3.01
$       2.40Hypothetical 5% Fund Return
Class A
Class B
Class C
Class S
Institutional
ClassBeginning Account Value 4/1/08
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 9/30/08
$       1,020.00
$       1,015.50
$       1,016.25
$       1,021.80
$       1,022.45Expenses Paid per $1,000*
$       5.05
$       9.57
$       8.82
$       3.23
$       2.58 * Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied
by the average account value over the period, multiplied by the number of days in the most
recent six-month period, then divided by 366.  Annualized Expense Ratios
Class A
Class B
Class C
Class S
Institutional
ClassDWS Growth & Income Fund
1.00%
1.90%
1.75%
.64%
.51% For more information, please refer to the Fund's prospectus. Portfolio Management Review DWS Growth & Income Fund: A Team Approach to Investing Deutsche Investment Management Americas Inc. ("DIMA" or the
"Advisor"), which is part of Deutsche Asset Management, is the investment
advisor for DWS Growth & Income Fund. DIMA and its predecessors have
more than 80 years of experience managing mutual funds and DIMA
provides a full range of investment advisory services to institutional and
retail clients. Deutsche Asset Management is a global asset management organization
that offers a wide range of investing expertise and resources. This
well-resourced global investment platform brings together a wide variety of
experience and investment insight across industries, regions, asset classes
and investing styles. DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG.
Deutsche Bank AG is a major global banking institution that is engaged in a
wide range of financial services, including investment management, mutual
funds, retail, private and commercial banking, investment banking and
insurance. Portfolio Management Team Robert Wang Managing Director of Deutsche Asset Management and Portfolio Manager of the fund. • Joined Deutsche Asset Management in 1995 as portfolio manager for asset allocation after
13 years of experience in trading fixed income, foreign exchange and derivative products at
J.P. Morgan. • Global Head of Quantitative Strategies Portfolio Management:  NewYork. • Joined the fund in 2007. • BS, The Wharton School, University of Pennsylvania. James B. Francis, CFA Director of Deutsche Asset Management and Portfolio Manager of the portfolio. • Head of Active Quantitative Equity Portfolio Management: New York. • Joined Deutsche Asset Management in 2008 after 20 years of experience as senior
quantitative global equity portfolio manager at State Street Global Advisors, and most
recently, Northern Trust Global Investments. • BS in Applied Mathematics from University of Massachusetts, Amherst. Julie Abbett Director of Deutsche Asset Management and Portfolio Manager of the fund. • Senior portfolio manager for Global Quantitative Equity:  New York. • Joined Deutsche Asset Management in 2000 after four years of combined experience as a
consultant with equity trading services for BARRA, Inc. and a product developer for FactSet
Research. • Joined the fund in 2007. • BA, University of Connecticut. In the following interview, the portfolio management team discusses
DWS Growth & Income Fund's performance, strategy and the market
environment during the 12-month period ended September 30, 2008. 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 market environment over
the last year? A:This was a period of considerable economic uncertainty and
significant turmoil throughout the capital markets. By early 2008,
what began as a correction in the subprime housing market had
accelerated into the worst financial crisis in decades, with profound
implications for the entire US economy and related effects on global
markets and economies. Financial markets became quite risk-averse,
as demonstrated by wider credit spreads, severe dislocation in
short-term credit markets and a highly volatile equity market. These
problems reached crisis proportions in September, as troubled
financial firms failed or were forced into mergers with stronger
entities. In this very difficult economic environment, most US equity indices
posted negative returns. The Russell 3000® Index, which is generally
regarded as a good indicator of the broad stock market, returned
-21.52% for the period.1 Small-cap stocks performed better than
large-cap stocks: the Russell 2000® Index posted a return of -14.48%
for the 12 months ended September 30, 2008, while the Russell
1000® Index returned -22.10%.2 Of the 10 sectors in the Russell
1000 Index, only consumer staples had a positive return; the weakest
sector was financials, which was down more than 30%. 1 The Russell 3000 Index is an unmanaged index that measures the performance of the
3,000 largest US companies based on total market capitalization, which represents
approximately 98% of the investable US equity market.  2 The Russell 1000 Index is an unmanaged index that measures the performance of the
1,000 largest companies in the Russell 3000 Index, which represents approximately 92%
of the total market capitalization of the Russell 3000 Index . The Russell 2000 Index is an
unmanaged index that measures the performance of the 2,000 smallest companies in the
Russell 3000 Index, which represents approximately 8% of the total market capitalization
of the Russell 3000 Index.  Index returns assume reinvestment of dividends and, unlike funds returns, do not include
fees or expenses. It is not possible to invest directly into an index.  Q: How did the fund perform during this period? A:DWS Growth & Income Fund Class A shares produced a total
return of -24.06% for the 12 months ended September 30, 2008.
(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 9 for the
performance of other share classes and more complete performance
information.) The fund's return was below that of its benchmark, the Russell 1000
Index, which returned -22.10%, and below the average of its Lipper
peer group category, Large-Cap Core Funds, which was -21.95%.3 3 The Lipper Large-Cap Core Funds category is an unmanaged group of mutual funds that, by
portfolio practice, invest at least 75% of their equity assets in companies with market
capitalizations (on a three-year weighted basis) of greater than 300% of the dollar-weighted
median market capitalization of the S&P Mid-Cap 400 Index. Large-Cap Core Funds have
wide latitude in the companies in which they invest. These funds normally will have an
average price-to-earnings ratio, price-to-book ratio and three-year earnings growth figure
that compares with the US diversified large-cap funds universe average. Category returns
assume reinvestment of dividends. It is not possible to invest directly into a Lipper
category.  Q: How would you describe your investment process? A:The fund is managed using a quantitative model that is focused on
stock selection. The majority of the fund is invested in equities,
primarily stocks of large US companies. Sector allocations are
generally maintained fairly close to those of the Russell 1000 Index.
For each stock under consideration, the price is evaluated relative to a
series of factors that we have found to be useful and that tend to
have a low correlation to one another. These factors include the ratio
of predicted earnings to price, operating trends, changes in earnings
estimates, short interest, market outlook and other measures of
performance potential. Q: Which industry groups and holdings had the greatest effect on
the fund's performance? A:In this challenging market environment, our model made the
greatest positive contribution to return versus the Russell 1000 Index
in the consumer discretionary and information technology sectors. In
the information technology sector, the fund's performance benefited
from overweight positions in Apple, Inc.* and Microsoft Corp. and
also from not owning some of the industry leaders such as Intel
Corporation, Motorola, Inc. and Dell, Inc., which performed very
poorly.4 In the consumer discretionary sector, overweights in
McDonald's Corp. and The DIRECTV Group, Inc., a provider of digital
television entertainment in the United States and Latin America, were
major contributors to performance. The fund's performance benefited
also from not owning some of the large financial institutions that
experienced pronounced weakness. 4 "Overweight" means the fund holds a higher weighting in a given sector or security than
the benchmark. "Underweight" means the fund holds a lower weighting in a given sector
or security than the benchmark.  Sectors for which the fund's stock selection detracted from
performance include industrials, health care and energy. In the
industrials sector, positions in airlines including US Airways Group,
Inc.* and AMR Corp.*, and in aircraft manufacturer Boeing Co.* were
negative for performance. Also negative was an overweight position
in Parker Hannifin Corp., which produces motion and control
technologies and systems. In health care, overweights in Humana,
Inc., Health Net, Inc.* and Aetna, Inc., all of which are health care
service providers, detracted from performance. In the energy sector,
positions that detracted from performance include Walter Industries,
Inc., which is also involved in home construction and mortgage
financing, and Massey Energy Inc., a coal producer. *Not held in the portfolio as of September 30, 2008.  Portfolio Summary Asset Allocation(As a % of Investment Portfolio excluding
Securities Lending Collateral)
9/30/08
9/30/07Common Stocks
100%
99%Cash Equivalents

1%100%
100% Sector Diversification(As a % of Common Stocks)
9/30/08
9/30/07Information Technology
16%
15%Energy
14%
14%Financials
14%
17%Health Care
13%
13%Industrials
12%
10%Consumer Staples
12%
7%Consumer Discretionary
10%
11%Materials
4%
5%Telecommunication Services
4%
5%Utilities
1%
3%100%
100% Asset allocation and sector diversification are subject to change. Ten Largest Equity Holdings at September 30, 2008(23.1% of Net Assets)1.      Microsoft Corp.
Developer of computer software
3.5%2.      International Business Machines Corp.
Manufacturer of computers and provider of information processing services
2.7%3.      Hewlett-Packard Co.
Provider of imaging and printing systems and information technology services
2.7%4.      JPMorgan Chase & Co.
Provider of global financial services
2.3%5.      Wal-Mart Stores, Inc.
Operator of discount stores
2.2%6.      Apache Corp.
Explorer, developer and producer of natural gas and crude oil
2.1%7.      Verizon Communications, Inc.
Provider of advanced communication and information technology services
1.9%8.      Colgate-Palmolive Co.
Manufacturer of household and personal care products
1.9%9.      MetLife, Inc.
Provider of insurance
1.9%10.     PepsiCo, Inc.
Provider of soft drinks, snack foods and food services
1.9% Portfolio holdings are subject to change. For more complete details about the Fund's investment portfolio, see page 18. 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. In addition, the Fund's top ten holdings and other information
about the Fund is posted on www.dws-investments.com as of the calendar quarter-end on or
after the 15th day following quarter-end. 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 Portfolioas of September 30, 2008 Shares
Value ($)Common Stocks 99.8%Consumer Discretionary 9.8%Auto Components 0.2%Autoliv, Inc.
57,300
1,933,875Lear Corp.* (a)
429,100
4,505,5506,439,425Hotels Restaurants & Leisure 1.8%McDonald's Corp.
629,640
38,848,788Yum! Brands, Inc. (a)
285,100
9,297,11148,145,899Household Durables 0.5%Leggett & Platt, Inc. (a)
333,700
7,271,323NVR, Inc.* (a)
8,600
4,919,20012,190,523Leisure Equipment & Products 0.2%Hasbro, Inc.
148,400
5,152,448Media 3.5%Comcast Corp. "A"
1,943,800
38,156,794DISH Network Corp. "A"* (a)
415,000
8,715,000Liberty Global, Inc. "A"*
39,500
1,196,850The DIRECTV Group, Inc.*
1,666,400
43,609,68891,678,332Specialty Retail 3.5%AutoZone, Inc.* (a)
129,000
15,910,860Best Buy Co., Inc. (a)
783,900
29,396,250RadioShack Corp.
680,400
11,757,312Rent-A-Center, Inc.*
75,100
1,673,228The Gap, Inc.
634,100
11,274,298TJX Companies, Inc.
744,000
22,706,88092,718,828Textiles, Apparel & Luxury Goods 0.1%Quiksilver, Inc.*
339,700
1,949,878Wolverine World Wide, Inc.
28,900
764,6942,714,572Consumer Staples 11.8%Beverages 2.1%Pepsi Bottling Group, Inc.
192,900
5,626,893PepsiCo, Inc.
699,300
49,839,11155,466,004Food & Staples Retailing 3.1%Kroger Co.
843,400
23,176,632Wal-Mart Stores, Inc.
962,600
57,650,11480,826,746Food Products 1.0%Chiquita Brands International, Inc.* (a)
313,300
4,953,273Darling International, Inc.*
194,800
2,164,228Fresh Del Monte Produce, Inc.* (a)
229,100
5,086,020General Mills, Inc.
225,700
15,510,10427,713,625Household Products 2.9%Colgate-Palmolive Co.
673,200
50,725,620Procter & Gamble Co.
379,700
26,461,29377,186,913Personal Products 0.2%Herbalife Ltd.
135,300
5,347,056Tobacco 2.5%Altria Group, Inc.
1,069,240
21,213,721Philip Morris International, Inc.
911,200
43,828,72065,042,441Energy 14.0%Energy Equipment & Services 0.1%Transocean, Inc.*
34,050
3,740,052Oil, Gas & Consumable Fuels 13.9%Apache Corp.
537,600
56,060,928Chevron Corp.
581,600
47,970,368Cimarex Energy Co.
345,500
16,898,405ConocoPhillips
99,400
7,281,050Encore Acquisition Co.*
446,400
18,650,592ExxonMobil Corp.
82,678
6,420,773Frontline Ltd. (a)
475,800
22,871,706Hess Corp.
604,900
49,650,192Mariner Energy, Inc.*
397,500
8,148,750Massey Energy Co.
744,100
26,542,047McMoRan Exploration Co.* (a)
404,100
9,552,924Occidental Petroleum Corp.
663,900
46,771,755Swift Energy Co.*
143,700
5,559,753W&T Offshore, Inc. (a)
444,000
12,116,760Walter Industries, Inc.
663,500
31,483,075Williams Companies, Inc.
99,600
2,355,540368,334,618Financials 13.9%Capital Markets 3.3%Bank of New York Mellon Corp.
1,487,500
48,462,750Invesco Ltd.
403,900
8,473,822Northern Trust Corp.
123,100
8,887,820State Street Corp.
359,800
20,465,42486,289,816Commercial Banks 2.9%Banco Bradesco SA (ADR) (Preferred) (a)
478,900
7,710,290Banco Santander SA (ADR) (a)
101,900
1,530,538Unibanco  Uniao de Bancos Brasileiros SA (GDR) (a)
416,500
42,033,180Wells Fargo & Co. (a)
636,600
23,891,59875,165,606Consumer Finance 0.0%Cash America International, Inc.
21,500
774,860Diversified Financial Services 2.3%Interactive Brokers Group, Inc. "A"*
33,900
751,563JPMorgan Chase & Co.
1,307,000
61,036,90061,788,463Insurance 5.0%ACE Ltd.
274,500
14,858,685Aflac, Inc.
61,700
3,624,875Allied World Assurance Co. Holdings Ltd.
46,100
1,637,472Assurant, Inc.
179,300
9,861,500Berkshire Hathaway, Inc. "B"*
2,600
11,427,000Manulife Financial Corp. (a)
41,400
1,518,966MetLife, Inc. (a)
893,860
50,056,160XL Capital Ltd. "A" (a)
1,395,200
25,029,888The Travelers Companies, Inc.
321,400
14,527,280132,541,826Real Estate Investment Trusts 0.4%Boston Properties, Inc. (REIT)
34,300
3,212,538ProLogis (REIT)
90,400
3,730,808Simon Property Group, Inc. (REIT)
33,800
3,278,60010,221,946Health Care 12.5%Biotechnology 2.3%Amgen, Inc.*
46,700
2,767,909Gilead Sciences, Inc.*
919,300
41,901,694OSI Pharmaceuticals, Inc.* (a)
317,000
15,624,93060,294,533Health Care Equipment & Supplies 2.0%Baxter International, Inc.
639,100
41,944,133Becton, Dickinson & Co.
121,100
9,719,486Kinetic Concepts, Inc.* (a)
110,100
3,147,75954,811,378Health Care Providers & Services 4.4%Aetna, Inc.
1,127,800
40,724,858Express Scripts, Inc.* (a)
641,400
47,348,148Humana, Inc.*
143,800
5,924,560Kindred Healthcare, Inc.*
84,800
2,337,936Medco Health Solutions, Inc.* (a)
433,200
19,494,000115,829,502Pharmaceuticals 3.8%Bristol-Myers Squibb Co.
368,900
7,691,565Eli Lilly & Co.
701,200
30,873,836Johnson & Johnson
154,600
10,710,688Merck & Co., Inc.
529,200
16,701,552Perrigo Co.
24,100
926,886Pfizer, Inc.
108,000
1,991,520Schering-Plough Corp.
1,534,600
28,344,062Sepracor, Inc.* (a)
206,000
3,771,860101,011,969Industrials 11.9%Aerospace & Defense 2.3%General Dynamics Corp.
209,300
15,408,666Goodrich Corp.
209,100
8,698,560Honeywell International, Inc.
877,420
36,456,80160,564,027Commercial Services & Supplies 0.3%The Brink's Co.
154,600
9,433,692Construction & Engineering 0.8%EMCOR Group, Inc.* (a)
272,500
7,172,200Fluor Corp.
159,600
8,889,720Perini Corp.* (a)
190,000
4,900,10020,962,020Electrical Equipment 0.9%GrafTech International Ltd.*
1,526,000
23,057,860Industrial Conglomerates 0.1%General Electric Co.
105,270
2,684,385Machinery 4.5%AGCO Corp.* (a)
612,700
26,107,147Caterpillar, Inc.
633,400
37,750,640Cummins, Inc.
462,000
20,198,640Flowserve Corp.
92,600
8,220,102Parker Hannifin Corp.
516,800
27,390,400119,666,929Marine 0.1%TBS International Ltd. "A"* (a)
238,000
3,203,480Road & Rail 2.9%Burlington Northern Santa Fe Corp.
473,600
43,774,848Ryder System, Inc. (a)
514,700
31,911,40075,686,248Information Technology 16.3%Communications Equipment 0.1%Cisco Systems, Inc.*
128,400
2,896,704Computers & Peripherals 8.0%Hewlett-Packard Co.
1,528,400
70,673,216International Business Machines Corp.
611,630
71,536,245Lexmark International, Inc. "A"* (a)
654,000
21,300,780QLogic Corp.* (a)
806,500
12,387,840Western Digital Corp.* (a)
1,657,700
35,342,164211,240,245Electronic Equipment, Instruments & Components 0.6%Avnet, Inc.*
44,600
1,098,498Dolby Laboratories, Inc. "A"* (a)
172,600
6,073,794Jabil Circuit, Inc.
922,600
8,801,60415,973,896Internet Software & Services 1.2%eBay, Inc.*
348,000
7,788,240Google, Inc. "A"*
58,540
23,446,44131,234,681IT Services 2.8%Accenture Ltd. "A"
425,000
16,150,000Computer Sciences Corp.*
401,800
16,148,342Visa, Inc. "A"
680,700
41,788,17374,086,515Software 3.6%Microsoft Corp.
3,441,740
91,860,040Symantec Corp.*
258,320
5,057,90696,917,946Materials 4.5%Chemicals 2.8%CF Industries Holdings, Inc.
416,100
38,056,506Terra Industries, Inc. (a)
1,204,800
35,421,12073,477,626Metals & Mining 1.7%AK Steel Holding Corp.
584,400
15,147,648Nucor Corp. (a)
415,100
16,396,450United States Steel Corp. (a)
175,000
13,581,75045,125,848Telecommunication Services 4.0%Diversified Telecommunication ServicesAT&T, Inc.
875,180
24,435,026Embarq Corp. (a)
709,600
28,774,280Verizon Communications, Inc.
1,616,900
51,886,321105,095,627Utilities 1.1%Electric Utilities 0.2%Edison International
173,900
6,938,610Gas Utilities 0.2%ONEOK, Inc. (a)
137,000
4,712,800Independent Power Producers & Energy Traders 0.5%AES Corp.*
964,200
11,271,498Constellation Energy Group, Inc. (a)
95,900
2,330,37013,601,868Multi-Utilities 0.2%Dominion Resources, Inc.
44,000
1,882,320Sempra Energy (a)
56,200
2,836,4144,718,734Total Common Stocks (Cost $2,977,547,426)
2,642,707,122 Principal
Amount ($)
Value ($)Government & Agency Obligation 0.3%US Treasury ObligationUS Treasury Bill, 1.35%**, 10/16/2008 (b) (Cost $7,552,749)
7,557,000
7,553,282 Shares
Value ($)Securities Lending Collateral 11.8%Daily Assets Fund Institutional, 2.79% (c) (d)
(Cost $311,295,084)
311,295,084
311,295,084Cash Equivalents 0.0%Cash Management QP Trust, 2.38% (c) (Cost $1,194,641)
1,194,641
1,194,641 % of Net
Assets
Value ($)Total Investment Portfolio(Cost $3,297,589,900)+
111.9
2,962,750,129Other Assets and Liabilities, Net
(11.9)
(314,612,172)Net Assets
100.0
2,648,137,957 * Non-income producing security.  ** Annualized yield at time of purchase; not a coupon rate.  +  The cost for federal income tax purposes was $3,319,203,861. At September 30, 2008, net
unrealized depreciation for all securities based on tax cost was $356,453,732. This
consisted of aggregate gross unrealized appreciation for all securities in which there was
an excess of value over tax cost of $65,325,604 and aggregate gross unrealized
depreciation for all securities in which there was an excess of tax cost over value of
$421,779,336.  (a) All or a portion of these securities were on loan (see Notes to Financial Statements). The
value of all securities loaned at September 30, 2008 amounted to $330,160,474, which is
12.5% of net assets.  (b) At September 30, 2008, this security has been pledged, in whole or in part, to cover initial
margin requirements for open futures contracts.  (c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate
shown is the annualized seven-day yield at period end.  (d) Represents collateral held in connection with securities lending. Income earned by the
Fund is net of borrower rebates.  ADR: American Depositary Receipt GDR: Global Depositary Receipt REIT: Real Estate Investment Trust At September 30, 2008, open future contracts purchased were as follows:  Future
Expiration
Date
Contracts
Aggregated
Face
Value ($)
Value ($)
Unrealized
Depreciation ($)S&P 500 E-Mini
12/19/2008
113
7,011,716
6,604,850
(406,866) The accompanying notes are an integral part of the financial statements. Financial Statements Statement of Assets and Liabilitiesas of September 30, 2008AssetsInvestments:Investments in securities, at value (cost $2,985,100,175)  including
$330,160,474 of securities loaned
$       2,650,260,404Investment in Cash Management QP Trust (cost $1,194,641)
1,194,641Investment in Daily Assets Fund Institutional (cost $311,295,084)*
311,295,084Total investments, at value (cost $3,297,589,900)
2,962,750,129Foreign currency, at value (cost $35,344)
33,784Cash
197,530Dividends receivable
2,630,863Interest receivable
374,788Receivable for Fund shares sold
210,193Receivable for daily variation margin on open futures
339,041Foreign taxes recoverable
645Other assets
54,560Total assets
2,966,591,533LiabilitiesPayable upon return of securities loaned
311,295,084Payable for shares redeemed
4,233,874Accrued management fee
822,416Other accrued expenses and payables
2,102,202Total liabilities
318,453,576Net assets, at value
$    2,648,137,957Net Assets Consist ofUndistributed net investment income
1,640,125Net unrealized appreciation (depreciation) on:Investments
(334,839,771)Futures
(406,866)Foreign currency
(1,570)Accumulated net realized gain (loss)
(399,000,011)Paid-in capital
3,380,746,050Net assets, at value
$    2,648,137,957 * Represents collateral on securities loaned.  The accompanying notes are an integral part of the financial statements. Statement of Assets and Liabilitiesas of September 30, 2008 (continued)Net Asset ValueClass A
Net Asset Value and redemption price(a) per share
($49,403,365 ÷ 3,524,752 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$    14.02Maximum offering price per share (100 ÷ 94.25 of $14.02)
$    14.88Class B
Net Asset Value, offering and redemption price(a) (subject to contingent
deferred sales charge) per share ($4,136,565 ÷ 304,116 outstanding shares
of beneficial interest, $.01 par value, unlimited number of shares authorized)
$    13.60Class C
Net Asset Value, offering and redemption price(a) (subject to contingent
deferred sales charge) per share ($5,102,485 ÷ 373,091 outstanding shares
of beneficial interest, $.01 par value, unlimited number of shares authorized)
$    13.68Class S
Net Asset Value, offering and redemption price(a)per share
($2,567,650,656 ÷ 181,768,412 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$    14.13Institutional Class
Net Asset Value, offering and redemption price(a)per share
($21,844,886 ÷ 1,543,931 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$    14.15 (a) Redemption price per share for shares held less than 15 days is equal to net asset value
less a 2% redemption fee.  The accompanying notes are an integral part of the financial statements. Statement of Operationsfor the year ended September 30, 2008Investment IncomeIncome:Dividends (net of foreign taxes withheld of $120,790)
$       60,268,644Interest
117,479Interest  Cash Management QP Trust
1,678,577Securities lending income, including income from Daily Assets Fund
Institutional, net of borrower rebates
1,770,648Total Income
63,835,348Expenses:Management fee
12,296,932Administration fee
3,473,748Services to shareholders
6,177,760Professional fees
189,672Custodian fee
101,109Distribution and service fees
286,323Trustees' fees and expenses
155,364Reports to shareholders
406,973Registration fees
58,739Other
173,367Total expenses before expense reductions
23,319,987Expense reductions
(481,744)Total expenses after expense reductions
22,838,243Net investment income (loss)
40,997,105Realized and Unrealized Gain (Loss)Net realized gain (loss) from:Investments
(280,299,045)Futures
(6,643,523)Foreign currency
(1,231)(286,943,799)Change in net unrealized appreciation (depreciation) on:Investments
(649,217,909)Futures
(1,710,386)Foreign currency
(1,560)(650,929,855)Net gain (loss)
(937,873,654)Net increase (decrease) in net assets resulting from operations
$    (896,876,549) The accompanying notes are an integral part of the financial statements. Statement of Changes in Net AssetsIncrease (Decrease) in Net Assets
Years Ended September 30,2008
2007Operations:Net investment income (loss)
$       40,997,105
$       48,687,987Net realized gain (loss)
(286,943,799)
737,138,710Change in net unrealized appreciation (depreciation)
(650,929,855)
(317,004,145)Net increase (decrease) in net assets resulting from
operations
(896,876,549)
468,822,552Distributions to shareholders from:Net investment income:Class A
(503,608)
(717,624)Class B
(2,786)
(14,775)Class C
(3,684)
(15,477)Class S
(38,324,578)
(54,384,900)Institutional Class
(337,952)
(487,352)Net realized gains:Class A
(13,330,961)
(7,732,471)Class B
(1,625,610)
(1,307,379)Class C
(1,383,412)
(885,023)Class S
(706,858,936)
(414,138,328)Institutional Class
(5,191,420)
(3,429,020)Total distributions
(767,562,947)
(483,112,349)Fund share transactions:Proceeds from shares sold
85,653,255
123,683,578Reinvestment of distributions
708,948,863
445,183,568Cost of shares redeemed
(754,455,363)
(787,213,565)Redemption fees
14,551
9,848Net increase (decrease) in net assets from Fund share
transactions
40,161,306
(218,336,571)Increase (decrease) in net assets
(1,624,278,190)
(232,626,368)Net assets at beginning of period
4,272,416,147
4,505,042,515Net assets at end of period (including undistributed net
investment income of $1,640,125 and $4,926,
respectively)
$    2,648,137,957
$    4,272,416,147 The accompanying notes are an integral part of the financial statements. Financial Highlights Class A
Years Ended September 30,
2008
2007
2006
2005
2004Net asset value, beginning of period
$    22.80
$    22.91
$    22.38
$    20.05
$    18.04Income (loss) from investment operations:
Net investment income (loss)a
.15
.17
.16d
.21
.07Net realized and unrealized gain (loss)
(4.76)
2.17
1.68
2.35
1.99Total from investment operations
(4.61)
2.34
1.84
2.56
2.06Less distributions from:
Net investment income
(.14)
(.20)
(.14)
(.23)
(.05)Net realized gains
(4.03)
(2.25)
(1.17)

Total distributions
(4.17)
(2.45)
(1.31)
(.23)
(.05)Redemption fees
.00*
.00*
.00*
.00*
Net asset value, end of period
$    14.02
$    22.80
$    22.91
$    22.38
$    20.05Total Return (%)b
(24.06)c
10.59
8.50d
12.83c
11.44Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
49
76
80
87
32Ratio of expenses before expense
reductions (%)
1.02
1.00
1.02
1.08
1.12Ratio of expenses after expense
reductions (%)
1.01
1.00
1.02
1.03
1.12Ratio of net investment income (loss) (%)
.83
.74
.72d
.96
.33Portfolio turnover rate (%)
154
271
101
98
26aBased on average shares outstanding during the period.bTotal return does not reflect the effect of any sales charges.cTotal return would have been lower had certain expenses not been reduced.dIncludes 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 $0.032 per share and an increase in the ratio of net investment income of 0.13%.
Excluding this non-recurring income, total return would have been 0.14% lower.*Amount is less than $.005. Class B
Years Ended September 30,
2008
2007
2006
2005
2004Selected Per Share DataNet asset value, beginning of period
$    22.27
$    22.45
$    22.03
$    19.78
$    17.90Income (loss) from investment operations:
Net investment income (loss)a
(.01)
(.01)
(.04)d
.02
(.10)Net realized and unrealized gain (loss)
(4.62)
2.11
1.63
2.31
1.98Total from investment operations
(4.63)
2.10
1.59
2.33
1.88Less distributions from:
Net investment income
(.01)
(.03)

(.08)
Net realized gains
(4.03)
(2.25)
(1.17)

Total distributions
(4.04)
(2.28)
(1.17)
(.08)
Redemption fees
.00*
.00*
.00*
.00*
Net asset value, end of period
$    13.60
$    22.27
$    22.45
$    22.03
$    19.78Total Return (%)b
(24.77)c
9.61
7.49c,d
11.75c
10.50cRatios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
4
10
14
20
11Ratio of expenses before expense
reductions (%)
1.96
1.85
2.07
2.08
1.99Ratio of expenses after expense
reductions (%)
1.93
1.85
2.00
1.94
1.97Ratio of net investment income (loss) (%)
(.09)
(.11)
(.26)d
.05
(.52)Portfolio turnover rate (%)
154
271
101
98
26aBased on average shares outstanding during the period.bTotal return does not reflect the effect of any sales charges.cTotal return would have been lower had certain expenses not been reduced.dIncludes 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 $0.032 per share and an increase in the ratio of net investment income of 0.13%.
Excluding this non-recurring income, total return would have been 0.14% lower.*Amount is less than $.005. Class C
Years Ended September 30,
2008
2007
2006
2005
2004Selected Per Share DataNet asset value, beginning of period
$    22.35
$    22.51
$    22.04
$    19.78
$    17.89Income (loss) from investment operations:
Net investment income (loss)a
.02
(.00)*
.00d*
.03
(.10)Net realized and unrealized gain (loss)
(4.65)
2.13
1.64
2.31
1.99Total from investment operations
(4.63)
2.13
1.64
2.34
1.89Less distributions from:
Net investment income
(.01)
(.04)

(.08)
Net realized gains
(4.03)
(2.25)
(1.17)

Total distributions
(4.04)
(2.29)
(1.17)
(.08)
Redemption fees
.00*
.00*
.00*
.00*
Net asset value, end of period
$    13.68
$    22.35
$    22.51
$    22.04
$    19.78Total Return (%)b
(24.65)
9.73
7.68d
11.86c
10.56cRatios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
5
8
9
11
5Ratio of expenses before expense
reductions (%)
1.79
1.79
1.77
1.93
2.02Ratio of expenses after expense
reductions (%)
1.79
1.79
1.77
1.89
1.96Ratio of net investment income (loss) (%)
.05
(.05)
(.03)d
.10
(.51)Portfolio turnover rate (%)
154
271
101
98
26aBased on average shares outstanding during the period.bTotal return does not reflect the effect of any sales charges.cTotal return would have been lower had certain expenses not been reduced.dIncludes 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 $0.032 per share and an increase in the ratio of net investment income of 0.13%.
Excluding this non-recurring income, total return would have been 0.14% lower.*Amount is less than $.005. Class S
Years Ended September 30,
2008
2007
2006
2005
2004Selected Per Share DataNet asset value, beginning of period
$    22.95
$    23.05
$    22.52
$    20.17
$    18.13Income (loss) from investment operations:
Net investment income (loss)a
.21
.25
.24c
.29
.14Net realized and unrealized gain (loss)
(4.79)
2.19
1.65
2.37
2.01Total from investment operations
(4.58)
2.44
1.89
2.66
2.15Less distributions from:
Net investment income
(.21)
(.29)
(.19)
(.31)
(.11)Net realized gains
(4.03)
(2.25)
(1.17)

Total distributions
(4.24)
(2.54)
(1.36)
(.31)
(.11)Redemption fees
.00*
.00*
.00*
.00*
Net asset value, end of period
$    14.13
$    22.95
$    23.05
$    22.52
$    20.17Total Return (%)
(23.79)b
10.97b
8.85b,c
13.26
11.86bRatios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
2,568
4,145
4,366
2,177
2,240Ratio of expenses before expense
reductions (%)
.66
.65
.70
.66
.83Ratio of expenses after expense
reductions (%)
.65
.64
.68
.66
.75Ratio of net investment income (loss) (%)
1.19
1.10
1.06c
1.33
.70Portfolio turnover rate (%)
154
271
101
98
26aBased on average shares outstanding during the period.bTotal return would have been lower had certain expenses not been reduced.cIncludes 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 $0.032 per share and an increase in the ratio of net investment income of 0.13%.
Excluding this non-recurring income, total return would have been 0.14% lower.*Amount is less than $.005. Institutional Class
Years Ended September 30,
2008
2007
2006
2005
2004Selected Per Share DataNet asset value, beginning of period
$    22.98
$    23.07
$    22.53
$    20.18
$    18.15Income (loss) from investment operations:
Net investment income (loss)a
.24
.28
.25c
.30
.16Net realized and unrealized gain (loss)
(4.81)
2.19
1.69
2.38
2.01Total from investment operations
(4.57)
2.47
1.94
2.68
2.17Less distributions from:
Net investment income
(.23)
(.31)
(.23)
(.33)
(.14)Net realized gains
(4.03)
(2.25)
(1.17)

Total distributions
(4.26)
(2.56)
(1.40)
(.33)
(.14)Redemption fees
.00*
.00*
.00*
.00*
Net asset value, end of period
$    14.15
$    22.98
$    23.07
$    22.53
$    20.18Total Return (%)
(23.69)
11.12
8.96b,c
13.35
11.98Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
22
33
35
53
38Ratio of expenses before expense
reductions (%)
.51
.50
.62
.58
.65Ratio of expenses after expense
reductions (%)
.51
.50
.61
.58
.65Ratio of net investment income (loss) (%)
1.33
1.24
1.13c
1.41
.80Portfolio turnover rate (%)
154
271
101
98
26aBased on average shares outstanding during the period.bTotal return would have been lower had certain expenses not been reduced.cIncludes 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 $0.032 per share and an increase in the ratio of net investment income of 0.13%.
Excluding this non-recurring income, total return would have been 0.14% lower.*Amount is less than $.005. Notes to Financial Statements A. Significant Accounting Policies DWS Growth & Income 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 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. 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 convert into
another class. Institutional Class shares are offered to a limited group of
investors, are not subject to initial or contingent deferred sales charges and
have lower ongoing expenses than other classes. Class S shares are not
subject to initial or contingent deferred sales charges and are generally not
available to new investors except under certain circumstances. Investment income, realized and unrealized gains and losses, and certain
fund-level expenses and expense reductions, if any, are borne pro rata on
the basis of relative net assets by the holders of all classes of shares,
except that each class bears certain expenses unique to that class such as
distribution and service fees, services to shareholders and certain other
class-specific expenses. Differences in class-level expenses may result in
payment of different per share dividends by class. All shares of the Fund
have equal rights with respect to voting subject to class-specific
arrangements. The Fund's financial statements are prepared in accordance with accounting
principles generally accepted in the United States of America which require
the use of management estimates. Actual results could differ from those
estimates. The policies described below are followed consistently by the
Fund in the preparation of its financial statements. Security Valuation. Investments are stated at value determined as of the
close of regular trading on the New York Stock Exchange on each day the
exchange is open for trading. 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. New Accounting Pronouncements. In September 2006, the Financial
Accounting Standards Board ("FASB") released Statement of Financial
Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157").
FAS 157 defines fair value, establishes a framework for measuring fair value
and expands disclosures about fair value measurements. FAS 157 is
effective for fiscal years beginning after November 15, 2007. As of
September 30, 2008, management does not believe the adoption of FAS
157 will impact the amounts reported in the financial statements, however,
additional disclosures will be required about the levels of inputs used to
develop the measurements of fair value and the effect of certain of the
measurements reported in the statement of operations for a fiscal period. In addition, 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. Foreign Currency Translations. The books and records of the Fund are
maintained in US dollars. Investment securities and other assets and
liabilities denominated in a foreign currency are translated into US dollars at
the prevailing exchange rates at period end. Purchases and sales of
investment securities, income and expenses are translated into US dollars at
the prevailing exchange rates on the respective dates of the transactions. Net realized and unrealized gains and losses on foreign currency
transactions represent net gains and losses between trade and settlement
dates on securities transactions, the disposition of forward foreign currency
exchange contracts and foreign currencies, and the difference between the
amount of net investment income accrued and the US dollar amount
actually received. That portion of both realized and unrealized gains and
losses on investments that results from fluctuations in foreign currency
exchange rates is not separately disclosed but is included with net realized
and unrealized gain/appreciation and loss/depreciation on investments. Securities Lending. The Fund 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 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 the lending agent. Either
the Fund or the borrower may terminate the loan. There may be risks of
delay and costs in recovery of securities or even loss of rights in the
collateral should the borrower of the securities fail financially. The Fund is
also subject to all investment risks associated with the value of any cash
collateral received, including, but not limited to, interest rate, credit and
liquidity risk associated with such investments. 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 invest in 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 stock 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. Options. An option contract is a contract in which the writer of the option
grants the buyer of the option the right to purchase from (call option), or sell
to (put option), the writer a designated instrument at a specified price within
a specified period of time. Certain options, including options on indices, will
require cash settlement by the Fund if the option is exercised. The Fund may
enter into option contracts in order to hedge against potential adverse price
movements in the value of portfolio assets; as a temporary substitute for
selling selected investments; to lock in the purchase price of a security or
currency which it expects to purchase in the near future; as a temporary
substitute for purchasing selected investments; and to enhance potential
gain. The liability representing the Fund's obligation under an exchange traded
written option or investment in a purchased option is valued at the last sale
price or, in the absence of a sale, the mean between the closing bid and
asked prices or at the most recent asked price (bid for purchased options) if
no bid and asked prices are available. Over-the-counter written or purchased
options are valued using dealer supplied quotations. Gain or loss is
recognized when the option contract expires or is closed. If the Fund writes a covered call option, the Fund foregoes, in exchange for
the premium, the opportunity to profit during the option period from an
increase in the market value of the underlying security above the exercise
price. If the Fund writes a put option it accepts the risk of a decline in the
market value of the underlying security below the exercise price.
Over-the-counter options have the risk of the potential inability of
counterparties to meet the terms of their contracts. The Fund's maximum
exposure to purchased options is limited to the premium initially paid. In
addition, certain risks may arise upon entering into option contracts
including the risk that an illiquid secondary market will limit the Fund's ability
to close out an option contract prior to the expiration date and that a change
in the value of the option contract may not correlate exactly with changes in
the value of the securities or currencies hedged. Federal Income Taxes. The Fund's policy is to comply with the requirements
of the Internal Revenue Code, as amended, which are applicable to
regulated investment companies, and to distribute all of its taxable income
to its shareholders. At September 30, 2008, the Fund had an inherited net tax basis capital loss
carryforward of approximately $6,318,000, which may be applied against
any realized net taxable capital gains of each succeeding year until fully
utilized or until September 30, 2009 ($127,000) and September 30, 2010
($6,191,000), the respective expiration dates, whichever occurs first, subject
to certain limitations under Sections 382-384 of the Internal Revenue Code.
During the year ended September 30, 2008, the Fund utilized approximately
$3,105,000 of a prior year capital loss carryforward. In addition, from November 1, 2007 through September 30, 2008, the Fund
incurred approximately $371,475,000 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 provisions for each of the three 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 quarterly. 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 futures
and certain securities sold at a loss. As a result, net investment income
(loss) and net realized gain (loss) on investment transactions for a reporting
period may differ significantly from distributions during such period.
Accordingly, the Fund may periodically make reclassifications among certain
of its capital accounts without impacting the net asset value of the Fund. At September 30, 2008, the Fund's components of distributable earnings
(accumulated losses) on a tax-basis were as follows: Undistributed ordinary income*
$       1,640,125Capital loss carryforwards
$       (6,318,000)Net unrealized appreciation (depreciation) on investments
$       (356,453,732) In addition, the tax character of distributions paid to shareholders by the
Fund is summarized as follows: Years Ended September 30,2008
2007Distributions from ordinary income*
$       267,759,222
$       118,210,080Distributions from long-term capital gains
$       499,803,725
$       364,902,269 * For tax purposes short-term capital gains distributions are considered ordinary income
distributions  Redemption Fees. The Fund imposes a redemption fee of 2% of the total
redemption amount on the 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. 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 security transactions are reported on trade
date. Interest income is recorded on the accrual basis. Dividend income is
recorded on the ex-dividend date net of foreign withholding taxes. Realized
gains and losses from investment transactions are recorded on an identified
cost basis. B. Purchases and Sales of Securities During theyear ended September 30, 2008, purchases and sales of
investment securities (excluding short-term investments) aggregated
$5,293,433,618 and $5,948,248,778, respectively. C. Related Parties Management Agreement. Under the Investment Management Agreement
with Deutsche Investment Management Americas Inc. ("DIMA" or the
"Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG,
the Advisor directs the investments of the Fund in accordance with its
investment objectives, policies and restrictions. The Advisor determines the
securities, instruments and other contracts relating to investments to be
purchased, sold or entered into by the Fund. Under the Investment Management Agreement with the Advisor, the Fund
pays a monthly management fee based on the Fund's average daily net
assets computed and accrued daily and payable monthly, at the following
annual rates: First $250 million of the Fund's average daily net assets
.365%Next $750 million of such net assets
.360%Next $1.5 billion of such net assets
.355%Next $5.0 billion of such net assets
.345%Next $5.0 billion of such net assets
.335%Next $5.0 billion of such net assets
.325%Over $17.5 billion of such net assets
.300% Accordingly, for the year ended September 30, 2008, the fee pursuant to the
management agreement was equivalent to an annual effective rate of
0.35% of the Fund's average daily net assets. For the period from October 1, 2007 through May 1, 2008, the Advisor had
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 of each class as
follows: Class A
1.03%Class B
1.96%Class C
1.91%Institutional Class
.58%Class S
.65% Administration Fee. Pursuant to an Administrative Services Agreement,
DIMA provides most administrative services to the Fund. For all services
provided under the Administrative Services Agreement, the Fund pays the
Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average
daily net assets, computed and accrued daily and payable monthly. For the
year ended September 30, 2008, the Advisor received an Administration Fee
of $3,473,748, of which $233,265 is unpaid. Service Provider Fees. DWS Investments Service Company ("DISC"), an
affiliate of the Advisor, is the transfer agent, dividend-paying agent and
shareholder service agent for the Fund. Pursuant to a sub-transfer agency
agreement between DISC and DST Systems, Inc. ("DST"), DISC has
delegated certain transfer agent, dividend-paying agent and shareholder
service agent functions to DST. DISC compensates DST out of the
shareholder servicing fee it receives from the Fund. For the year ended
September 30, 2008, the amounts charged to the Fund by DISC were as
follows: Services to Shareholders
Total
Aggregated
Waived
Unpaid at
September 30,
2008Class A
$       173,763
$       4,442
$       40,752Class B
31,331
1,665
7,450Class C
18,200

4,488Class S
4,785,470
424,837
1,100,478Institutional Class
124

62$    5,008,888
$    430,944
$    1,153,230 Distribution and Service Fees. Under the Fund's Class B and Class C 12b-1
Plans, DWS Investors Distributors, Inc. ("DIDI"), an affiliate of the Advisor,
receives a fee ("Distribution Fee") of 0.75%, of average daily net assets of
each of Class B and C shares. In accordance with the Fund's Underwriting
and Distribution Services Agreement, DIDI enters into related selling group
agreements with various firms at various rates for sales of Class B and C
shares, respectively. For the year ended September 30, 2008, the
Distribution Fee was as follows: Distribution Fee
Total
Aggregated
Unpaid at
September 30,
2008Class B
$       51,858
$       2,757Class C
48,781
3,338$    100,639
$    6,095 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 year ended September 30, 2008, the Service Fee was
as follows: Service Fee
Total
Aggregated
Unpaid at
September 30,
2008
Annual
Effective RateClass A
$       152,684
$       10,960
.24%Class B
17,061
258
.25%Class C
15,939
687
.25%$    185,684
$    11,905 Underwriting Agreement and Contingent Deferred Sales Charge. DIDI is
the principal underwriter for the Fund. Underwriting commissions paid in
connection with the distribution of Class A shares for the year ended
September 30, 2008 aggregated $5,846. In addition, DIDI receives any contingent deferred sales charge ("CDSC")
from Class B share redemptions occurring within six years of purchase and
Class C share redemptions occurring within one year of purchase. There is
no such charge upon redemption of any share appreciation or reinvested
dividends. The CDSC is based on declining rates ranging from 4% to 1% for
Class B and 1% for Class C, of the value of the shares redeemed. For the
year ended September 30, 2008, the CDSC for Class B and C shares
aggregated $14,083 and $1,313, 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 year ended September 30, 2008, the amount
charged to the Fund by DIMA included in the Statement of Operations
under "reports to shareholders" aggregated $25,644, of which $11,427 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 and Vice Chairperson. In connection with the board consolidation on April 1, 2008, of the two DWS
Funds Boards of Trustees, certain Independent Board Members retired prior
to their normal retirement date, and received a one-time retirement benefit.
DIMA has agreed to reimburse the Funds for the cost of this benefit. During
the period ended September 30, 2008, the Fund paid its allocated portion of
the retirement benefit of $18,354 to the non-continuing Independent Board
Members, and the Fund was reimbursed by DIMA for this payment. 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 the 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 year
ended September 30, 2008, the Fund's custodian fee was reduced by $135
and $32,311, 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: Year Ended September 30, 2008
Year Ended September 30, 2007Shares
Dollars
Shares
DollarsShares soldClass A
480,927
$       8,557,582
489,777
$       11,040,562Class B
21,437
360,226
37,810
830,918Class C
64,758
1,082,947
73,148
1,619,480Class R*


3,773
89,302Class S
4,290,308
74,848,962
4,754,952
107,702,379Institutional Class
45,138
803,538
105,916
2,400,937$    85,653,255

$    123,683,578Shares issued to shareholders in reinvestment of distributionsClass A
741,337
$       13,240,818
364,274
$       8,096,531Class B
90,757
1,580,985
58,842
1,277,886Class C
75,498
1,321,220
39,238
855,232Class S
38,236,906
687,276,468
19,258,077
431,037,547Institutional Class
307,504
5,529,372
174,809
3,916,372$    708,948,863

$    445,183,568Shares redeemedClass A
(1,046,560)
$       (17,993,708)
(1,061,822)
$       (24,001,095)Class B
(252,430)
(4,284,372)
(284,053)
(6,233,662)Class C
(123,787)
(2,137,728)
(153,451)
(3,385,883)Class R*


(847)
(20,119)Class S
(41,377,375)
(724,476,218)
(32,828,189)
(746,178,952)Institutional Class
(264,839)
(5,563,337)
(323,111)
(7,393,854)$    (754,455,363)

$    (787,213,565)Shares Converted*Class A

$       
52,450
$       1,258,793Class R


(52,005)
(1,258,793)$    

$    Redemption fees

$    14,551

$    9,848Net increase (decrease)Class A
175,704
$       3,804,842
(155,321)
$       (3,605,160)Class B
(140,236)
(2,343,149)
(187,401)
(4,124,857)Class C
16,469
266,439
(41,065)
(911,163)Class R*


(49,079)
(1,189,610)Class S
1,149,839
37,663,573
(8,815,160)
(207,429,451)Institutional Class
87,803
769,601
(42,386)
(1,076,330)$    40,161,306

$    (218,336,571) * On June 28, 2006, the Board of the Fund approved the conversion of Class R shares of the
Fund into Class A shares of the Fund. This conversion was completed on November 17,
2006 and these shares are no longer offered.  Report of Independent Registered
Public Accounting Firm To the Trustees of DWS Investment Trust and Shareholders of
DWS Growth & Income Fund: In our opinion, the accompanying statement of assets and liabilities,
including the investment portfolio, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of DWS Growth & Income Fund (the
"Fund") at September 30, 2008, and the results of its operations, the
changes in its net assets and the financial highlights for each of the periods
indicated therein, in conformity with accounting principles generally
accepted in the United States of America. These financial statements and
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements based on our audits. We conducted
our audits of these financial statements in accordance with the standards of
the Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at
September 30, 2008by correspondence with the custodian and brokers,
provide a reasonable basis for our opinion. Boston, Massachusetts
November 19, 2008
PricewaterhouseCoopers LLP Tax Information(Unaudited) The Fund paid distributions of $2.64 per share from net long-term capital
gains during its year ended September 30, 2008, of which 100% represents
15% rate gains. Pursuant to Section 852 of the Internal Revenue Code, the Fund designates
$40,344,000 as capital gain dividends for its year ended September 30,
2008, of which 100% represents 15% rate gains. For corporate shareholders, 18% of the income dividends paid during the
Fund's fiscal year ended September 30, 2008 qualified for the dividends
received deduction. For federal income tax purposes, the Fund designates approximately
$66,428,000, or the maximum amount allowable under tax law, as qualified
dividend income. Please consult a tax advisor if you have questions about federal or state
income tax laws, or on how to prepare your tax returns. If you have specific
questions about your account, please call (800) 621-1048. Investment Management Agreement
Approval The Board of Trustees, including the Independent Trustees, approved
the renewal of your Fund's investment management agreement (the
"Agreement") with Deutsche Investment Management Americas Inc.
("DIMA") in September 2008. In terms of the process that the Board followed prior to approving the
Agreement, shareholders should know that: •   At the present time, all but one of your Fund's Trustees are independent
of DIMA and its affiliates. •   The Trustees meet frequently to discuss fund matters. Each year, the
Trustees dedicate part or all of several meetings to contract review
matters. Over the course of several months, the Board's Contract
Committee, in coordination with the Board's Equity Oversight
Committee, reviewed comprehensive materials received from DIMA,
independent third parties and independent counsel. These materials
included an analysis of the Fund's performance, fees and expenses, and
profitability compiled by the Fund's independent fee consultant. The
Board also received extensive information throughout the year regarding
performance of the Fund. •   The Trustees regularly meet privately with their independent counsel
(and, as needed, other advisors) to discuss contract review and other
matters. In addition, the Trustees were also advised by the Fund's
independent fee consultant in the course of their review of the Fund's
contractual arrangements and considered a comprehensive report
prepared by the independent fee consultant in connection with their
deliberations (the "IFC Report"). •   In connection with reviewing the Agreement, the Board also reviewed
the terms of the Fund's Rule 12b-1 plan, distribution agreement,
administrative services agreement, transfer agency agreement and other
material service agreements. •   Based on its evaluation of the information provided, the Contract
Committee presented its findings and recommendations to the
Independent Trustees as a group. The Independent Trustees reviewed
the Contract Committee's findings and recommendations and presented
their recommendations to the full Board. In connection with the contract review process, the Contract Committee
and the Board considered the factors discussed below, among others.
The Board also considered that DIMA and its predecessors have managed
the Fund since its inception, and the Board believes that a long-term
relationship with a capable, conscientious advisor is in the best interests of
the Fund. The Board considered, generally, that shareholders chose to invest
or remain invested in the Fund knowing that DIMA managed the Fund, and
that the Agreement was approved by the Fund's shareholders at a special
meeting held in 2006. DIMA is part of Deutsche Bank, a major global
banking institution that is engaged in a wide range of financial services. The
Board believes that there are significant advantages to being part of a global
asset management business that offers a wide range of investing expertise
and resources, including hundreds of portfolio managers and analysts with
research capabilities in many countries throughout the world. While shareholders may focus primarily on fund performance and fees, the
Fund's Board considers these and many other factors, including the quality
and integrity of DIMA's personnel and such other issues as back-office
operations, fund valuations, and compliance policies and procedures. Nature, Quality and Extent of Services. The Board considered the terms of
the Agreement, including the scope of advisory services provided under the
Agreement. The Board noted that, under the Agreement, DIMA provides
portfolio management services to the Fund and that, pursuant to a separate
administrative services agreement, DIMA provides administrative services
to the Fund. The Board considered the experience and skills of senior
management and investment personnel, the resources made available to
such personnel, the ability of DIMA to attract and retain high-quality
personnel, and the organizational depth and stability of DIMA. The Board
reviewed the Fund's performance over short-term and long-term periods and
compared those returns to various agreed-upon performance measures,
including market indices and a peer universe compiled by the independent
fee consultant using information supplied by Lipper Inc. ("Lipper"). The
Board also noted that it has put a process into place of identifying "Focus
Funds" (e.g., funds performing poorly relative to their benchmark or a peer
group compiled by Lipper), and receives more frequent reporting and
information from DIMA regarding such funds, along with DIMA's remedial
plans to address underperformance. The Board believes this process is an
effective manner of identifying and addressing underperforming funds.
Based on the information provided, the Board noted that for the one-, three-
and five-year periods ended December 31, 2007, the Fund's performance
(Class A shares) was in the 4th quartile, 4th quartile and 3rd quartile,
respectively, of the applicable Lipper universe (the 1st quartile being the
best performers and the 4th quartile being the worst performers). The Board
also observed that the Fund has underperformed its benchmark in each of
the one-, three- and five-year periods ended December 31, 2007. The Board
also noted the disappointing investment performance of the Fund in recent
periods and continued to discuss with senior management of DIMA the
factors contributing to such underperformance and actions being taken to
improve performance. The Board recognized that DIMA has made significant
changes in its investment personnel and processes in recent years in an
effort to improve long-term performance. On the basis of this evaluation and the ongoing review of investment results
by the Board, the Board concluded that the nature, quality and extent of
services provided by DIMA historically have been and continue to be
satisfactory. Fees and Expenses. The Board considered the Fund's investment
management fee schedule, operating expenses and total expense ratios,
and comparative information provided by Lipper and the independent fee
consultant regarding investment management fee rates paid to other
investment advisors by similar funds (1st quartile being the most favorable
and 4th quartile being the least favorable). With respect to management
fees paid to other investment advisors by similar funds, the Board noted that
the contractual fee rates paid by the Fund, which include a 0.10% fee paid to
DIMA under the Fund's administrative services agreement, were lower than
the median (1st quartile) of the applicable Lipper peer group (based on
Lipper data provided as of December 31, 2007). The Board noted that the
Fund's Class A shares' total (net) operating expenses (excluding 12b-1 fees)
were expected to be lower than the median (2nd quartile) of the applicable
Lipper expense universe (based on Lipper data provided as of December 31,
2007, and analyzing Lipper expense universe Class A expenses less any
applicable 12b-1 fees) ("Lipper Universe Expenses"). The Board also
reviewed each other share class's total (net) operating expenses relative to
the Lipper Universe Expenses. The Board considered the Fund's
management fee rate as compared to fees charged by DIMA and certain of
its affiliates for comparable mutual funds and considered differences in fund
and fee structures between the DWS Funds. The Board also considered
how the Fund's total (net) operating expenses compared to the total (net)
operating expenses of a more customized peer group selected by Lipper
(based on such factors as asset size). On the basis of the information provided, the Board concluded that
management fees were reasonable and appropriate in light of the nature,
quality and extent of services provided by DIMA. Profitability. The Board reviewed detailed information regarding revenues
received by DIMA under the Agreement. The Board considered the
estimated costs and pre-tax profits realized by DIMA from advising the DWS
Funds, as well as estimates of the pre-tax profits attributable to managing
the Fund in particular. The Board also received information regarding the
estimated enterprise-wide profitability of the DWS Investments organization
with respect to all fund services in totality and by fund. The Board reviewed
DIMA's methodology in allocating its costs to the management of the Fund.
Based on the information provided, the Board concluded that the pre-tax
profits realized by DIMA in connection with the management of the Fund
were not unreasonable. The Board also reviewed information regarding the
profitability of certain similar investment management firms. The Board
noted that while information regarding the profitability of such firms is
limited (and in some cases is not necessarily prepared on a comparable
basis), DIMA and its affiliates' overall profitability with respect to the DWS
Investments fund complex (after taking into account distribution and other
services provided to the funds by DIMA and its affiliates) was lower than the
overall profitability levels of many comparable firms for which such data was
available. Economies of Scale. The Board considered whether there are economies of
scale with respect to the management of the Fund and whether the Fund
benefits from any economies of scale. The Board noted that the Fund's
management fee schedule includes fee breakpoints. The Board concluded
that the Fund's fee schedule represents an appropriate sharing between the
Fund and DIMA of such economies of scale as may exist in the
management of the Fund at current asset levels. Other Benefits to DIMA and Its Affiliates. The Board also considered the
character and amount of other incidental benefits received by DIMA and its
affiliates, including any fees received by DIMA for administrative services
provided to the Fund and any fees received by an affiliate of DIMA for
distribution services. The Board also considered benefits to DIMA related to
brokerage and soft-dollar allocations, including allocating brokerage to pay
for research generated by parties other than the executing broker dealers,
which pertain primarily to funds investing in equity securities, along with the
incidental public relations benefits to DIMA related to DWS Funds
advertising and cross-selling opportunities among DWS Investments
products and services. The Board concluded that management fees were
reasonable in light of these fallout benefits. Compliance. The Board considered the significant attention and resources
dedicated by DIMA to documenting and enhancing its compliance
processes in recent years. The Board noted in particular (i) the experience
and seniority of DIMA's chief compliance officer; (ii) the large number of
compliance personnel who report to DIMA's chief compliance officer; and (iii)
the substantial commitment of resources by DIMA and its affiliates to
compliance matters. Based on all of the information considered and the conclusions reached, the
Board (including a majority of the Independent Trustees) determined that the
continuation of the Agreement is in the best interests of the Fund. In
making this determination the Board did not give particular weight to any
single factor identified above. The Board considered these factors over the
course of numerous meetings, certain of which were in executive session
with only the Independent Trustees and their counsel present. It is possible
that individual Trustees may have weighed these factors differently in
reaching their individual decisions to approve the continuation of the
Agreement. Summary of Management Fee Evaluation by
Independent Fee Consultant 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. gro_sigmack0Thomas H. Mack Trustees and Officers The following table presents certain information regarding the Board
Members and Officers of the Trust as of September 30, 2008. Each Board
Member's year of birth is set forth in parentheses after his or her name.
Unless otherwise noted, (i) each Board Member has engaged in the
principal occupation(s) noted in the table for at least the most recent five
years, although not necessarily in the same capacity; and (ii) the address of
each Independent Board Member is c/o Dawn-Marie Driscoll, PO Box
100176, Cape Coral, FL 33904. Except as otherwise noted below, the term
of office for each Board Member is until the election and qualification of a
successor, or until such Board Member sooner dies, resigns, is removed or
as otherwise provided in the governing documents of the fund. Because the
fund does not hold an annual meeting of shareholders, each Board Member
will hold office for an indeterminate period. The Board Members may also
serve in similar capacities with other funds in the fund complex. The Length
of Time Served represents the year in which the Board Member joined the
board of one or more DWS funds now overseen by the Board. Independent Board MembersName, Year of
Birth, Position
with the Fund
and Length of
Time Served1
Business Experience and Directorships During the
Past Five Years
Number of
Funds in
DWS Fund
Complex
OverseenDawn-Marie
Driscoll (1946)Chairperson since
20042Board Member
since 1987
President, Driscoll Associates (consulting firm); Executive
Fellow, Center for Business Ethics, Bentley College; formerly,
Partner, Palmer & Dodge (1988-1990); Vice President of
Corporate Affairs and General Counsel, Filene's (1978-1988).
Directorships: Trustee of eight open-end mutual funds
managed by Sun Capital Advisers, Inc. (since 2007); Director of
ICI Mutual Insurance Company (since 2007); Advisory Board,
Center for Business Ethics, Bentley College; Trustee,
Southwest Florida Community Foundation (charitable
organization). Former Directorships: Investment Company
Institute (audit, executive, nominating committees) and
Independent Directors Council (governance, executive
committees)
134Paul K. Freeman
(1950)Vice Chairperson
since 2008Board Member
since 1993
Consultant, World Bank/Inter-American Development Bank;
formerly, Project Leader, International Institute for Applied
Systems Analysis (1998-2001); Chief Executive Officer, The
Eric Group, Inc. (environmental insurance) (1986-1998)
134John W.
Ballantine (1946)Board Member
since 1999
Retired; formerly, Executive Vice President and Chief Risk
Management Officer, First Chicago NBD Corporation/The First
National Bank of Chicago (1996-1998); Executive Vice
President and Head of International Banking (1995-1996).
Directorships: Healthways, Inc. (provider of disease and care
management services); Portland General Electric (utility
company); Stockwell Capital Investments PLC (private equity).
Former Directorships: First Oak Brook Bancshares, Inc. and
Oak Brook Bank
134Henry P. Becton,
Jr. (1943)Board Member
since 1990
Vice Chair, WGBH Educational Foundation. Directorships:
Association of Public Television Stations; Becton Dickinson
and Company3 (medical technology company); Belo
Corporation3 (media company); Boston Museum of Science;
Public Radio International. Former Directorships: American
Public Television; Concord Academy; New England Aquarium;
Mass. Corporation for Educational Telecommunications;
Committee for Economic Development; Public Broadcasting
Service
134Keith R. Fox
(1954)Board Member
since 1996
Managing General Partner, Exeter Capital Partners (a series of
private equity funds). Directorships: Progressive Holding
Corporation (kitchen goods importer and distributor); Natural
History, Inc. (magazine publisher); Box Top Media Inc.
(advertising); The Kennel Shop (retailer)
134Kenneth C.
Froewiss (1945)Board Member
since 2001
Clinical Professor of Finance, NYU Stern School of Business
(1997-present); Member, Finance Committee, Association for
Asian Studies (2002-present); Director, Mitsui Sumitomo
Insurance Group (US) (2004-present); prior thereto, Managing
Director, J.P. Morgan (investment banking firm) (until 1996)
134Richard J. Herring
(1946)Board Member
since 1990
Jacob Safra Professor of International Banking and Professor,
Finance Department, The Wharton School, University of
Pennsylvania (since July 1972); Co-Director, Wharton Financial
Institutions Center (since July 2000); Director, Japan Equity
Fund, Inc. (since September 2007), Thai Capital Fund, Inc.
(since September 2007), Singapore Fund, Inc. (since
September 2007). Formerly, Vice Dean and Director, Wharton
Undergraduate Division (July 1995-June 2000); Director,
Lauder Institute of International Management Studies (July
2000-June 2006)
134William
McClayton (1944)Board Member
since 2004
Managing Director, Diamond Management & Technology
Consultants, Inc. (global management consulting firm)
(2001-present); Directorship: Board of Managers, YMCA of
Metropolitan Chicago; formerly: Senior Partner, Arthur
Andersen LLP (accounting) (1966-2001); Trustee, Ravinia
Festival
134Rebecca W.
Rimel (1951)Board Member
since 1995
President and Chief Executive Officer, The Pew Charitable
Trusts (charitable organization) (1994 to present); Trustee,
Thomas Jefferson Foundation (charitable organization) (1994 to
present); Trustee, Executive Committee, Philadelphia Chamber
of Commerce (2001-2007); Trustee, Pro Publica
(2007-present) (charitable organization). Formerly, Executive
Vice President, The Glenmede Trust Company (investment
trust and wealth management) (1983-2004); Board Member,
Investor Education (charitable organization) (2004-2005);
Director, Viasys Health Care3 (January 2007-June 2007)
134William N. Searcy,
Jr. (1946)Board Member
since 1993
Private investor since October 2003; Trustee of eight open-end
mutual funds managed by Sun Capital Advisers, Inc. (since
October 1998). Formerly, Pension & Savings Trust Officer,
Sprint Corporation3 (telecommunications) (November
1989-September 2003)
134Jean Gleason
Stromberg (1943)Board Member
since 1997
Retired. Formerly, Consultant (1997-2001); Director, US
Government Accountability Office (1996-1997); Partner,
Fulbright & Jaworski, L.L.P. (law firm) (1978-1996).
Directorships: The William and Flora Hewlett Foundation;
Service Source, Inc. Former Directorships: Mutual Fund
Directors Forum (2002-2004), American Bar Retirement
Association (funding vehicle for retirement plans) (1987-1990
and 1994-1996)
134Robert H.
Wadsworth(1940)Board Member
since 1999
President, Robert H. Wadsworth & Associates, Inc. (consulting
firm) (1983 to present); Director, The Phoenix Boys Choir
Association
137 Interested Board MemberName, Year of
Birth, Position
with the Fund
and Length of
Time Served1
Business Experience and Directorships During the
Past Five Years
Number of
Funds in
Fund
Complex
OverseenAxel Schwarzer4(1958)Board Member
since 2006
Managing Director5, Deutsche Asset Management; Head of
Deutsche Asset Management Americas; CEO of DWS Investments;
formerly, board member of DWS Investments, Germany
(1999-2005); formerly, Head of Sales and Product Management for
the Retail and Private Banking Division of Deutsche Bank in
Germany (1997-1999); formerly, various strategic and operational
positions for Deutsche Bank Germany Retail and Private Banking
Division in the field of investment funds, tax driven instruments and
asset management for corporates (1989-1996)
134 Officers6Name, Year of Birth,
Position with the Fund and
Length of Time Served7
Principal Occupation(s) During Past 5 Years and Other
Directorships HeldMichael G. Clark8 (1965)President, 2006-present
Managing Director5, Deutsche Asset Management
(2006-present); President of DWS family of funds; Director, ICI
Mutual Insurance Company (since October 2007); formerly,
Director of Fund Board Relations (2004-2006) and Director of
Product Development (2000-2004), Merrill Lynch Investment
Managers; Senior Vice President Operations, Merrill Lynch
Asset Management (1999-2000)John Millette9 (1962)Vice President and Secretary,
1999-present
Director5, Deutsche Asset ManagementPaul H. Schubert8 (1963)Chief Financial Officer,
2004-presentTreasurer, 2005-present
Managing Director5, Deutsche Asset Management (since July
2004); formerly, Executive Director, Head of Mutual Fund
Services and Treasurer for UBS Family of Funds (1998-2004);
Vice President and Director of Mutual Fund Finance at UBS
Global Asset Management (1994-1998)Patricia DeFilippis10(1963)Assistant Secretary,
2005-present
Vice President, Deutsche Asset Management (since June
2005); formerly, Counsel, New York Life Investment
Management LLC (2003-2005); legal associate, Lord, Abbett &
Co. LLC (1998-2003)Elisa D. Metzger10 (1962)Assistant Secretary
2005-present
Director5, Deutsche Asset Management (since September
2005); formerly, Counsel, Morrison and Foerster LLP
(1999-2005)Caroline Pearson9 (1962)Assistant Secretary,
1997-present
Managing Director5, Deutsche Asset ManagementPaul Antosca9 (1957)Assistant Treasurer,
2007-present
Director5, Deutsche Asset Management (since 2006); Vice
President, The Manufacturers Life Insurance Company (U.S.A.)
(1990-2006)Jack Clark9 (1967)Assistant Treasurer,
2007-present
Director5, Deutsche Asset Management (since 2007);
formerly, Vice President, State Street Corporation (2002-2007)Kathleen Sullivan D'Eramo9
(1957)Assistant Treasurer,
2003-present
Director5, Deutsche Asset ManagementDiane Kenneally9(1966)Assistant Treasurer,
2007-present
Director5, Deutsche Asset ManagementJason Vazquez10 (1972)Anti-Money Laundering
Compliance Officer,
2007-present
Vice President, Deutsche Asset Management (since 2006);
formerly, AML Operations Manager for Bear Stearns
(2004-2006), Supervising Compliance Principal and Operations
Manager for AXA Financial (1999-2004)Robert Kloby10 (1962)Chief Compliance Officer,
2006-present
Managing Director5, Deutsche Asset Management
(2004-present); formerly, Chief Compliance Officer/Chief Risk
Officer, Robeco USA (2000-2004); Vice President, The
Prudential Insurance Company of America (1988-2000);
E.F. Hutton and Company (1984-1988)J. Christopher Jackson10
(1951)Chief Legal Officer,
2006-present
Director5, Deutsche Asset Management (2006-present);
formerly, Director, Senior Vice President, General Counsel and
Assistant Secretary, Hansberger Global Investors, Inc.
(1996-2006); Director, National Society of Compliance
Professionals (2002-2005) (2006-2009) 1 The length of time served represents the year in which the Board Member joined the board
of one or more DWS funds currently overseen by the Board.  2 Represents the year Ms. Driscoll was first appointed Chairperson of certain DWS funds.  3 A publicly held company with securities registered pursuant to Section 12 of the Securities
Exchange Act of 1934.  4 The mailing address of Axel Schwarzer is c/o Deutsche Investment Management Americas
Inc., 345 Park Avenue, New York, New York 10154. Mr. Schwarzer is an interested Board
Member by virtue of his positions with Deutsche Asset Management. As an interested
person, Mr. Schwarzer receives no compensation from the fund.  5 Executive title, not a board directorship.  6 As a result of their respective positions held with the Advisor, these individuals are
considered "interested persons" of the Advisor within the meaning of the 1940 Act.
Interested persons receive no compensation from the fund.  7 The length of time served represents the year in which the officer was first elected in such
capacity for one or more DWS funds.  8 Address: 345 Park Avenue, New York, New York 10154.  9 Address: One Beacon Street, Boston, MA 02108.  10 Address: 280 Park Avenue, New York, New York 10017.  The fund's Statement of Additional Information ("SAI") includes additional information about
the Board Members. The SAI is available, without charge, upon request. If you would like to
request a copy of the SAI, you may do so by calling the following toll-free number:
(800) 621-1048. Account Management Resources For More
Information
The automated telephone system allows you to access personalized
account information and obtain information on other DWS funds using
either your voice or your telephone keypad. Certain account types
within Classes A, B, C and S also have the ability to purchase,
exchange or redeem shares using this system.For more information, contact your financial advisor. You may
also access our automated telephone system or speak with a
DWS Investments representative by calling the appropriate
number below:For shareholders of Classes A, B, C and Institutional Class:
(800) 621-1048For shareholders of Class S:
(800) 728-3337Web 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 64121-9151Proxy 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 endedJune 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
Institutional
ClassNasdaq Symbol
SUWAX
SUWBX
SUWCX
SCDGX
SUWIXCUSIP Number
23338J  806
23338J  889
23338J  871
23338J  855
23338J  830Fund Number
464
664
764
2064
550 Notes Notes Notes Notes Notes Notes gro_backcover0


ITEM 2.
        CODE OF ETHICSAs of the end of the period, September 30, 2008, DWS Growth & Income Fund has a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer.

There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.

A copy of the code of ethics is filed as an exhibit to this Form N-CSR.ITEM 3.
        AUDIT COMMITTEE FINANCIAL EXPERTThe Funds audit committee is comprised solely of trustees who are independent (as such term has been defined by the Securities and Exchange Commission (SEC) in regulations implementing Section 407 of the Sarbanes-Oxley Act (the Regulations)). The Funds Board of Trustees has determined that there are several audit committee financial experts (as such term has been defined by the Regulations) serving on the Funds audit committee including Mr. William McClayton, the chair of the Funds audit committee.  The SEC has stated that an audit committee financial expert is not an expert for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an audit committee
financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.ITEM 4.
        PRINCIPAL ACCOUNTANT FEES AND SERVICES
 DWS GROWTH & INCOME FUND FORM N-CSR DISCLOSURE RE: AUDIT FEES The following table shows the amount of fees that PricewaterhouseCoopers, LLP (PWC), the Funds independent registered public accounting firm, billed to the Fund during the Funds last two fiscal years.  The Audit Committee approved in advance all audit services and non-audit services that PWC provided to the Fund. The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee). Services that the Funds Independent Registered Public Accounting Firm Billed to the Fund Fiscal YearEndedSeptember 30,
        Audit Fees Billed to Fund
        Audit-RelatedFees Billed to Fund
        Tax Fees Billed to Fund
        AllOther Fees Billed to Fund2008
        $82,356
        $0
        $0
        $02007
        $78,900
        $0
        $0
        $0
  Services that the Funds Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers The following table shows the amount of fees billed by PWC to Deutsche Investment Management Americas, Inc. (DeIM or the Adviser), and any entity controlling, controlled by or under common control with DeIM (Control Affiliate) that provides ongoing services to the Fund (Affiliated Fund Service Provider), for engagements directly related to the Funds operations and financial reporting, during the Funds last two fiscal years. 
  Fiscal YearSeptember 30,
        Audit-RelatedFees Billedto Adviser and Affiliated Fund Service Providers
        Tax Fees Billed to Adviser and Affiliated Fund Service Providers
        AllOther Fees Billed to Adviser and Affiliated Fund Service Providers2008
        $0
        $19,000
        $02007
        $58,500
        $25,000
        $0
  The Audit-Related Fees were billed for services in connection with the agreed-upon procedures related to fund mergers and the above Tax Fees were billed in connection with tax consultation and agreed-upon procedures. Non-Audit Services The following table shows the amount of fees that PWC billed during the Funds last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that PWC provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Funds operations and financial reporting. The Audit Committee requested and received information from PWC about any non-audit services that PWC rendered during the Funds last fiscal year to the Adviser and any Affiliated Fund Service Provider.  The Committee considered this information in evaluating PWCs independence.  Fiscal YearEndedSeptember 30,
        TotalNon-Audit Fees Billed to Fund
(A)
        Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)
(B)
        Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)
(C)
        Total of (A), (B)and (C)2008
        $0
        $19,000
        $600,000
        $619,0002007
        $0
        $25,000
        $0
        $25,000
   All other engagement fees were billed for services provided by PWC for services related to consulting on an IT project.  ***  PwC advised the Fund's Audit Committee that PwC has identified two matters that it determined to be inconsistent with the SEC's auditor independence rules.  In the first instance, an employee of PwC had power of attorney over an account which included DWS funds.  The employee did not perform any audit services for the DWS Funds, but did work on a non audit project for Deutsche Bank AG.  In the second instance, an employee of PwC served as a nominee shareholder (effectively equivalent to a Trustee) of various companies/trusts since 2001. Some of these companies held shares of Aberdeen, a sub advisor to certain DWS Funds, and of certain funds sponsored by subsidiaries of Deutsche Bank AG. 
 The trustee relationship has ceased.  PwC informed the Audit Committee that these matters could have constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X.  PwC advised the Audit Committee that PwC believes its independence had not been impacted as it related to the audits of the Fund.  In reaching this conclusion, PwC noted that during the time of its audit, the engagement team was not aware of the investment and that PwC does not believe these situations affected PwC's ability to act objectively and impartially and to issue a report on financial statements as the funds' independent auditor.   ITEM 5.
        AUDIT COMMITTEE OF LISTED REGISTRANTSNot ApplicableITEM 6.
        SCHEDULE OF INVESTMENTSNot ApplicableITEM 7.
        DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.ITEM 8.
        PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.
  ITEM 9.
        PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERSNot Applicable.
  ITEM 10.
        SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSThe 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.ITEM 12.
        EXHIBITS(a)(1)     Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
  
  (a)(2)     Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.(b)         Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.


Form N-CSR 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.  DWS Micro Cap Fund, a series of DWS Advisor Funds DWS Mid Cap Growth Fund, a series of DWS Advisor Funds DWS Short Duration Plus Fund, a series of DWS Advisor Funds DWS Small Cap Growth Fund, a series of DWS Advisor Funds DWS Dreman Value Income Edge Fund, Inc. DWS High Income Fund, a series of DWS High Income Series DWS GNMA Fund, a series of DWS Income Trust DWS Inflation Protected Plus Fund, a series of DWS Institutional Funds DWS Capital Growth Fund, a series of DWS Investment Trust DWS Growth & Income Fund, a series of DWS Investment Trust DWS Small Cap Core Fund, a series of DWS Investment Trust Tax-Exempt California Money Market Fund  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        December 2, 2008
  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        December 2, 2008
  By:
        /s/Paul Schubert
 Paul Schubert
 Chief Financial Officer and Treasurer  Date:
        December 2, 2008