UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

 

FORM            N-CSRS

 

Investment Company Act file number            811-43

 

DWS Investment Trust

(Exact Name of Registrant as Specified in Charter)

 

345            Park Avenue

New York, NY 10154-0004

(Address of principal executive offices)                        (Zip code)

 

Registrant’s Telephone Number, including Area Code:(212) 454-7190

 

Paul            Schubert

345            Park Avenue

New York, NY 10154-0004

(Name            and Address of Agent for Service)

 

| Date of fiscal year end: | 07/30 |
|--------------------------|-------|

 

| Date of reporting period: | 1/31/09 |
|---------------------------|---------|

 

 

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

 

----

|  

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

**DWS                    Large Company Growth Fund**                                                        |
|                                                                                                                     |

**Contents**

| **4**Performance Summary

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

**12**Portfolio Management Review

**17**Portfolio Summary

**19**Investment Portfolio

**23**Financial Statements

**27**Financial Highlights

**32**Notes to Financial Statements

**40**Investment Management Agreement Approval

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

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

**51**Account Management Resources

**52**Privacy Statement |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**This report must be        preceded or accompanied by a prospectus. To obtain a prospectus for any of our funds, refer        to the Account Management Resources information provided in the back of this booklet. We        advise you to consider the fund's objectives, risks, charges and expenses carefully before        investing. The prospectus contains this and other important information about the fund.        Please read the prospectus carefully before you invest.**

Investments in mutual        funds involve risk. Some funds have more risk than others. This fund is subject to stock        market risk, 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. Investing in foreign securities presents certain risks,        such as currency fluctuation, political and economic changes, and market risks. All these        factors may result in greater share price volatility. 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        SummaryJanuary 31, 2009**

**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 December 1, 2008 are 1.38%, 2.20%, 2.09% and 0.83%        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 January 31, 2009.**

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

Returns and rankings during        all periods shown for Class B and C shares and for the 1-year, 3-year, 5-year and 10-year        periods shown for Class A shares and for the 3-year, 5-year and Life of Class periods        shown for the 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        redemptions 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, 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 the DWS Large Company Growth 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 1/31/09 |
|-------------------------------------------------------------------------------------------------------------------|
| **DWS Large                    Company Growth Fund**                                                              | **6-Month‡** | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class                    A**                                                                                    | **-30.31%** | **-29.88%** | **-8.83%** | **-2.91%** | **-4.88%** |
| **Class                    B**                                                                                    | **-30.59%** | **-30.43%** | **-9.52%** | **-3.65%** | **-5.62%** |
| **Class                    C**                                                                                    | **-30.59%** | **-30.43%** | **-9.53%** | **-3.65%** | **-5.60%** |
| Russell 1000® Growth                Index+                                                                    | -34.31% | -36.44% | -11.11% | -4.76% | -5.29% |

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

| **Average                    Annual Total Returns**as of                    1/31/09 |
|-------------------------------------------------------------------------------------|
| **DWS Large                    Company Growth Fund**                                | **6-Month‡** | **1-Year** | **3-Year** | **5-Year** | **Life of                    Class*** |
| **Institutional Class**                                                             | **-30.15%** | **-29.53%** | **-8.41%** | **-2.48%** | **-5.85%** |
| Russell 1000 Growth Index+                                                          | -34.31% | -36.44% | -11.11% | -4.76% | -6.21% |

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

| **Net Asset                    Value and Distribution Information**                                            |
|----------------------------------------------------------------------------------------------------------------|
|                                                                                                           | **Class                    A** | **Class                    B** | **Class                    C** | **Institutional Class** |
| **Net Asset                    Value:**
1/31/09                                                                | $                    19.45 | $                    18.36 | $                    18.38 | $                    19.91 |
| 7/31/08                                                                                                        | $                    27.91 | $                    26.45 | $                    26.48 | $                    28.62 |
| **Distribution                    Information:**
Six Months as of 1/31/09:
Income                    Dividends | $                    — | $                    — | $                    — | $                    .08 |

| **Class A                    Lipper Rankings — Large-Cap Growth Funds Category**as of 1/31/09 |
|---------------------------------------------------------------------------------------------------------------|
| **Period**                                                                                                    | **Rank** |   | **Number of                    Funds Tracked** | **Percentile                    Ranking (%)** |
| 1-Year                                                                                                        | 34 | of | 808 | 5 |
| 3-Year                                                                                                        | 38 | of | 683 | 6 |
| 5-Year                                                                                                        | 79 | of | 573 | 14 |

**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 Large Company Growth Fund — Class                    A**

**[]Russell 1000 Growth                    Index+** |
|                                                                                                                             |
| Yearly                    periods ended January 31                                                                          |

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

| **Comparative                    Results**(Adjusted for Maximum Sales                    Charge) as of 1/31/09 |
|----------------------------------------------------------------------------------------------------------------|
| **DWS Large                    Company Growth Fund**                                                           | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class                    A**                                                                                 | Growth of $10,000 | $6,608 | $7,142 | $8,133 | $5,716 |
| Average annual total return                                                                                    | -33.92% | -10.61% | -4.05% | -5.44% |
| **Class                    B**                                                                                 | Growth of $10,000 | $6,748 | $7,258 | $8,221 | $5,609 |
| Average annual total return                                                                                    | -32.52% | -10.13% | -3.84% | -5.62% |
| **Class                    C**                                                                                 | Growth of $10,000 | $6,957 | $7,405 | $8,305 | $5,617 |
| Average annual total return                                                                                    | -30.43% | -9.53% | -3.65% | -5.60% |
| Russell 1000 Growth Index+                                                                                     | Growth of $10,000 | $6,356 | $7,024 | $7,837 | $5,810 |
| Average annual total return                                                                                    | -36.44% | -11.11% | -4.76% | -5.29% |

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

| **Growth of an                    Assumed $1,000,000 Investment**                                                                       |
|-----------------------------------------------------------------------------------------------------------------------------------------|
| **[]DWS Large Company Growth Fund —                    Institutional Class**

**[]Russell 1000 Growth                    Index+** |
|                                                                                                                                         |
| Yearly                    periods ended January 31                                                                                      |

| **Comparative                    Results**as of 1/31/09 |
|---------------------------------------------------------|
| **DWS Large                    Company Growth Fund**    | **1-Year** | **3-Year** | **5-Year** | **Life of                    Class*** |
| **Institutional Class**                                 | Growth of $1,000,000 | $704,700 | $768,300 | $882,000 | $613,900 |
| Average annual total return                             | -29.53% | -8.41% | -2.48% | -5.85% |
| Russell 1000 Growth Index+                              | Growth of $1,000,000 | $635,600 | $702,400 | $783,700 | $595,500 |
| Average annual total return                             | -36.44% | -11.11% | -4.76% | -6.21% |

*The        growth of $1,000,000 is cumulative.*

*The minimum initial        investment for Institutional Class shares is $1,000,000.*

**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 December 1, 2008 is 1.09% 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 January 31, 2009.**

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

Returns and rankings for        the 1-year, 3-year, 5-year and 10-year periods shown for Class S shares reflect a fee        waiver and/or expense reimbursement. Without this waiver/reimbursement, returns and        rankings would have been lower.

Performance figures do not        reflect the deduction of taxes that a shareholder would pay on fund distributions or the        redemptions of fund shares.

| **Average                    Annual Total Returns**as of                    1/31/09 |
|-------------------------------------------------------------------------------------|
| **DWS Large                    Company Growth Fund**                                | **6-Month‡** | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class                    S**                                                      | **-30.25%** | **-29.73%** | **-8.60%** | **-2.67%** | **-4.64%** |
| Russell 1000 Growth Index+                                                          | -34.31% | -36.44% | -11.11% | -4.76% | -5.29% |

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

| **Net Asset                    Value and Distribution Information**                                            |
|----------------------------------------------------------------------------------------------------------------|
|                                                                                                           | **Class                    S** |
| **Net Asset                    Value:**
1/31/09                                                                | $                    19.80 |
| 7/31/08                                                                                                        | $                    28.43 |
| **Distribution                    Information:**
Six Months as of 1/31/09:
Income                    Dividends | $                    .03 |

| **Class S                    Lipper Rankings — Large-Cap Growth Funds Category**as of 1/31/09 |
|---------------------------------------------------------------------------------------------------------------|
| **Period**                                                                                                    | **Rank** |   | **Number of                    Funds Tracked** | **Percentile                    Ranking (%)** |
| 1-Year                                                                                                        | 32 | of | 808 | 4 |
| 3-Year                                                                                                        | 34 | of | 683 | 5 |
| 5-Year                                                                                                        | 66 | of | 573 | 12 |
| 10-Year                                                                                                       | 174 | of | 283 | 62 |

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

| **Growth of an                    Assumed $10,000 Investment**                                                              |
|-----------------------------------------------------------------------------------------------------------------------------|
| **[]DWS Large Company Growth Fund — Class                    S**

**[]Russell 1000 Growth                    Index+** |
|                                                                                                                             |
| Yearly                    periods ended January 31                                                                          |

| **Comparative                    Results**as of 1/31/09 |
|---------------------------------------------------------|
| **DWS Large                    Company Growth Fund**    | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class                    S**                          | Growth of $10,000 | $7,027 | $7,636 | $8,735 | $6,217 |
| Average annual total return                             | -29.73% | -8.60% | -2.67% | -4.64% |
| Russell 1000 Growth Index+                              | Growth of $10,000 | $6,356 | $7,024 | $7,837 | $5,810 |
| Average annual total return                             | -36.44% | -11.11% | -4.76% | -5.29% |

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

**Information About Your        Fund's Expenses**

As an investor of the Fund, you incur        two types of costs: ongoing expenses and transaction costs. Ongoing expenses include        management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of        transaction costs include sales charges (loads), redemption fees and account maintenance        fees, which are not shown in this section. The following tables are intended to help you        understand your ongoing expenses (in dollars) of investing in the Fund and to help you        compare these expenses with the ongoing expenses of investing in other mutual funds. In the        most recent six-month period, Class B and C shares limited these expenses; had they not        done so, expenses would have been even higher. The example in the table is based on an        investment of $1,000 invested at the beginning of the six-month period and held for the        entire period (August 1, 2008 to January 31, 2009).

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

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

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

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

| **Expenses and                    Value of a $1,000 Investment**for the six months ended January 31, 2009 |
|----------------------------------------------------------------------------------------------------------------------------------------------|
| **Actual Fund                    Return**                                                                                                    | **Class                    A** | **Class                    B** | **Class                    C** | **Class                    S** | **Institutional Class** |
| Beginning Account Value 8/1/08                                                                                                               | $                    1,000.00 | $                    1,000.00 | $                    1,000.00 | $                    1,000.00 | $                    1,000.00 |
| Ending Account Value 1/31/09                                                                                                                 | $                    696.90 | $                    694.10 | $                    694.10 | $                    697.50 | $                    698.50 |
| Expenses Paid per $1,000*                                                                                                                    | $                    5.65 | $                    9.01 | $                    8.92 | $                    4.75 | $                    3.72 |
| **Hypothetical                    5% Fund Return**                                                                                           | **Class                    A** | **Class                    B** | **Class                    C** | **Class                    S** | **Institutional Class** |
| Beginning Account Value 8/1/08                                                                                                               | $                    1,000.00 | $                    1,000.00 | $                    1,000.00 | $                    1,000.00 | $                    1,000.00 |
| Ending Account Value 1/31/09                                                                                                                 | $                    1,018.55 | $                    1,014.57 | $                    1,014.67 | $                    1,019.61 | $                    1,020.82 |
| Expenses Paid per $1,000*                                                                                                                    | $                    6.72 | $                    10.71 | $                    10.61 | $                    5.65 | $                    4.43 |

| **Annualized                    Expense Ratios** | **Class                    A** | **Class                    B** | **Class                    C** | **Class                    S** | **Institutional Class** |
|--------------------------------------------------|--------------------------------|--------------------------------|--------------------------------|--------------------------------|-------------------------|
| DWS Large Company Growth Fund                    | 1.32%                          | 2.11%                          | 2.09%                          | 1.11%                          | .87%                    |

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

**Portfolio Management        Review**

In the following interview, the        Co-lead Portfolio Managers Owen Fitzpatrick and Richard Shepley discuss DWS Large Company        Growth Fund's performance, strategy and the market environment during the six-month        period ended January 31, 2009.

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

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

**A:**In the last annual report for this fund, published six months ago, we        described the preceding year as a time of economic uncertainty and turmoil in capital        markets. Since that time, there has been pronounced deterioration in the economy and        financial markets, not only in the US but throughout the world. At mid-year 2008, it        appeared that international markets, especially the emerging economies whose growth had        supported commodity prices, might avoid the weakness affecting the US. But, as the year        progressed, it became clear that the economic recession that began in the US had        spread to the rest of the world, and nearly every world market declined sharply. With the        economy and financial markets closely interrelated, the limited availability of credit        and a lack of investor confidence hit asset prices and contributed to a slowing global        economy. After the September 2008 failure of a major investment bank, credit markets became        so intolerant of risk that for a time they were essentially frozen. As fearful investors        sought the protection of US Treasury securities, there was a pronounced decline in the        equity market and in essentially all asset classes that carry risk in the final months of        2008. Although the economy and markets remained weak into 2009, we have witnessed some        thawing of the credit markets, as evidenced by moderate declines in credit spreads,        although spreads remain at elevated levels.1

Essentially all equity indices        posted negative returns for the six months ended January 31, 2009. The Russell        3000® Index, which is generally regarded as a good indicator of the broad        stock market, had a return of -34.92% for the six months ended January 31,        2009.2 The large-cap Russell 1000® Index posted a return of        -34.71% for the six-month period, with little difference between returns of growth and        value stocks.3 The return of the Russell 1000® Growth Index, the        fund's benchmark, was -34.31%, compared with -35.10% for the Russell 1000®        Value Index over the same period.4

All 10 sectors in        the Russell 1000 Growth Index, which serves as this fund's benchmark, posted negative        returns for this period. The strongest sector was health care, down approximately 18%; the        weakest sectors were financials and energy, each of which was down more than        50%.

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

**A:**Although it is always disappointing to report negative returns, the        fund outperformed its benchmark. DWS Large Company Growth Fund (Class A shares) produced a        total return of -30.31% for the six-month period ended January 31, 2009. (Returns        are unadjusted for sales charges. If sales charges had been included, returns would        have been lower. Past performance is no guarantee of future results. Please see pages        4 through 9 for the performance of        other share classes and more complete performance information.) In comparison, the Russell        1000 Growth Index had a return of -34.31%, and the average return of its peer group, Lipper        Large-Cap Growth Funds, was -35.61% for the same period ended January 31,        2009.5

**Q: How would you        describe your investment process?**

**A:**The fund seeks long-term growth of capital by investing mainly in        large capitalization common stocks of companies headquartered in the US, although up to 20%        of assets may be invested in securities issued by foreign-based companies. In choosing        stocks, we use a proprietary quantitative model to rank stocks based on a number of factors        including valuation and profitability. We also apply fundamental techniques to identify        companies that display above-average earnings growth compared with other companies and that        have strong product lines, effective management and leadership positions within core        markets. The factors considered and models used may change over time, depending on market        conditions.

**Q: How        is the portfolio positioned relative to its benchmark?**

**A:**We maintain a diversified portfolio of holdings, with broad        representation among industry groups. In this extremely difficult market environment, there        is a strong focus on the stocks of financially sound, high-quality companies in sectors        with defensive characteristics. Over the past six months, the portfolio had a significant        overweight in health care.6 The portfolio also had an overweight position in        energy, as it has for several years, although this overweight has been reduced somewhat.        These overweights must, of course, be offset by underweights in other sectors. Over        the last six months, the portfolio has been underweight in information technology and        industrials, as these sectors have a high degree of sensitivity to economic conditions, and        fairly close to the benchmark in the other sectors.

**Q: What decisions had        an important positive impact on performance over the last six months?**

**A:**Over the last six months, both sector allocation and security        selection contributed to performance. An overweight position in the health care sector was        particularly advantageous, as this sector tends to be less economically sensitive than many        others. In this sector, positions in biotechnology including Gilead Sciences, Inc. and        Genentech, Inc. contributed to performance; Genentech moved up on news of a possible        takeover by Roche Holding Ltd. Other positives in the health care sector were several        holdings in medical services and devices, such as Johnson & Johnson, Abbott        Laboratories, Baxter International, Inc. and C. R. Bard, Inc.

Also positive was a position in        McDonald's Corp., which may be benefiting from consumers' desire to trade down in        their restaurant choices. Colgate-Palmolive Co. and Kohl's Corp. were other holdings that        contributed to relative performance, as they were down less than the benchmark. All of        these companies are gaining market share in a difficult environment.

Stock selection in        the materials sector contributed to performance, as the portfolio avoided most of the        weakest stocks in this sector, many of which suffered from falling commodity prices in a        weak economy. Also positive for relative performance was a position in Barrick Gold Corp.        We made the decision to add exposure to gold to improve diversification and increase the        portfolio's defensiveness, since gold is considered a safe haven from the problems in        credit markets.

**Q: What were the major        detractors from performance?**

**A:**The portfolio's overweight in the energy sector detracted from        performance, as energy stocks weakened in response to falling oil prices. However,        stock selection in energy contributed to performance. For example, an overweight in XTO        Energy, Inc. contributed, as this stock was down less than the energy sector; underweights        in some of the weakest energy stocks also helped performance relative to the benchmark. We        have reduced the portfolio's overweight in the energy sector, and positioned the energy        exposure more defensively than in the recent past, initiating a position in ExxonMobil        Corp. and reducing exposure to oil field service companies, which tend to be more        sensitive to oil prices.

Stock selection in the financials        and consumer staples sectors detracted from performance. Although the portfolio avoided        some of the worst-performing stocks in the financials sector, performance was hurt by        positions in insurer Aflac, Inc.; CME Group, Inc., which operates the Chicago Mercantile        Exchange; and State Street Corp.*, a        financial services holding company.

Although some of the portfolio's        holdings in the consumer staples sector performed relatively well, performance relative to        the benchmark was hurt by an underweight position in Wal-Mart Stores, Inc. During the        period we have increased the portfolio's exposure to consumer staples, in large part        because the sector has performed relatively well.

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

**A:**At current prices, we believe that stocks of many high-quality        companies represent very good value. Coordinated government stimulus, both in the US and        overseas, should eventually lead to a recovery. However, there remains considerable        uncertainty regarding the depth and duration of the current downturn. We believe that the        uncertain and volatile market conditions experienced in recent months, with investors        demonstrating a low tolerance for risk, actually favor this fund's investment        style.

In closing, we want to thank our        investors for continued interest in the fund. We believe that a well-diversified portfolio        of large-growth companies can be an excellent equity vehicle for many investors.

**Portfolio        Summary**

| **Asset                    Allocation**(As a % of Investment                    Portfolio excluding Securities Lending Collateral) | **1/31/09** | **7/31/08** |
|------------------------------------------------------------------------------------------------------------------------------------|-------------|-------------|
|                                                                                                                               |        |        |
| Common                    Stocks                                                                                                   | 97%         | 98%         |
| Cash                    Equivalents                                                                                                | 3%          | 2%          |
|                                                                                                                               | 100%        | 100%        |

| **Sector                    Diversification**(As a % of Common                    Stocks) | **1/31/09** | **7/31/08** |
|-------------------------------------------------------------------------------------------|-------------|-------------|
|                                                                                      |        |        |
| Information                    Technology                                                 | 23%         | 24%         |
| Health                    Care                                                            | 23%         | 20%         |
| Consumer                    Staples                                                       | 13%         | 10%         |
| Energy                                                                                    | 12%         | 14%         |
| Industrials                                                                               | 10%         | 10%         |
| Materials                                                                                 | 8%          | 7%          |
| Consumer                    Discretionary                                                 | 8%          | 10%         |
| Financials                                                                                | 2%          | 4%          |
| Telecommunication Services                                                                | 1%          | 1%          |
|                                                                                      | 100%        | 100%        |

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

| **Ten Largest                    Equity Holdings at January 31, 2009**(29.4% of Net Assets)                                                         |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| **1. Gilead Sciences, Inc.**Developer of nucleotide pharmaceuticals                                                                                 | **3.5%** |
| **2. PepsiCo, Inc.**Provider of soft drinks, snack foods and food                services                                                           | **3.4%** |
| **3. Johnson & Johnson**Provider of health care products                                                                                        | **3.3%** |
| **4. Abbott Laboratories**Developer of heath care products                                                                                          | **3.3%** |
| **5. McDonald's Corp.**Operator of fast food restaurants                                                                                            | **3.2%** |
| **6. Baxter International, Inc.**Manufacturer and distributor of hospital and                laboratory products and services                       | **3.1%** |
| **7. International Business Machines                Corp.**Manufacturer of computers and provider of                information processing services | **2.6%** |
| **8. Apple, Inc.**Manufacturer of personal computers and related                personal computing and communication solutions                      | **2.5%** |
| **9. Colgate-Palmolive Co.**Manufacturer of household and personal care                products                                                     | **2.3%** |
| **10. Hewlett-Packard Co.**Provider of imaging and printing systems and                information technology services                              | **2.2%** |

*Portfolio holdings are subject to change.*

*For more complete        details about the Fund's investment portfolio, see page 19. A        quarterly Fact Sheet is available upon request. A complete list of the Fund's        portfolio holdings is posted as of the month end on www.dws-investments.com on or about the        15th day of the following month. More frequent posting of portfolio holdings information        may be made from time to time on www.dws-investments.com. Please see the Account Management        Resources section for contact information.*

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

**Investment        Portfolioas of January 31, 2009        (Unaudited)**

|                                                                                      | **Shares**      | **Value                    ($)** |
|-------------------------------------------------------------------------------------------|-----------------|----------------------------------|
|                                                                                      |            |
| **Common Stocks                    96.4%**                                                |
| **Consumer                    Discretionary 8.0%**                                        |
| **Hotels                    Restaurants & Leisure 3.2%**                              |
| McDonald's                    Corp.                                                       | 99,000          | **5,743,980**                    |
| **Multiline                    Retail 1.4%**                                              |
| Kohl's Corp.*                    (a)                                                      | 68,801          | **2,525,684**                    |
| **Specialty                    Retail 2.2%**                                              |
| GameStop Corp.                    "A"* (a)                                                | 87,300          | 2,163,294                        |
| Staples,                    Inc.                                                          | 116,200         | 1,852,228                        |
|                                                                                      | **4,015,522**   |
| **Textiles,                    Apparel & Luxury Goods 1.2%**                          |
| NIKE, Inc. "B"                    (a)                                                     | 48,900          | **2,212,725**                    |
| **Consumer                    Staples 12.5%**                                             |
| **Beverages                    5.5%**                                                     |
| Diageo                    PLC                                                             | 280,136         | 3,832,385                        |
| PepsiCo,                    Inc.                                                          | 123,940         | 6,225,506                        |
|                                                                                      | **10,057,891**  |
| **Food &                    Staples Retailing 3.4%**                                  |
| Shoppers Drug                    Mart Corp.                                               | 60,600          | 2,242,139                        |
| Wal-Mart                    Stores, Inc.                                                  | 82,800          | 3,901,536                        |
|                                                                                      | **6,143,675**   |
| **Food                    Products 1.2%**                                                 |
| General Mills,                    Inc.                                                    | 37,900          | **2,241,785**                    |
| **Household                    Products 2.4%**                                            |
| Colgate-Palmolive Co.                                                                     | 65,250          | **4,243,860**                    |
| **Energy                    11.3%**                                                       |
| **Energy                    Equipment & Services 2.5%**                               |
| Noble                    Corp.                                                            | 61,800          | 1,677,870                        |
| Schlumberger                    Ltd.                                                      | 39,200          | 1,599,752                        |
| Transocean                    Ltd.*                                                       | 22,357          | 1,221,139                        |
|                                                                                      | **4,498,761**   |
| **Oil, Gas                    & Consumable Fuels 8.8%**                               |
| ConocoPhillips                                                                            | 38,590          | 1,834,183                        |
| Devon Energy                    Corp.                                                     | 63,700          | 3,923,920                        |
| EOG Resources,                    Inc.                                                    | 48,900          | 3,313,953                        |
| ExxonMobil                    Corp.                                                       | 37,800          | 2,890,944                        |
| XTO Energy,                    Inc.                                                       | 107,532         | 3,988,362                        |
|                                                                                      | **15,951,362**  |
| **Financials                    1.8%**                                                    |
| **Capital                    Markets 0.5%**                                               |
| Charles Schwab                    Corp. (a)                                               | 73,000          | **992,070**                      |
| **Diversified                    Financial Services 0.6%**                                |
| CME Group,                    Inc.                                                        | 5,953           | **1,035,286**                    |
| **Insurance                    0.7%**                                                     |
| Aflac,                    Inc.                                                            | 56,319          | **1,307,164**                    |
| **Health Care                    21.7%**                                                  |
| **Biotechnology 6.4%**                                                                    |
| Celgene                    Corp.*                                                         | 48,400          | 2,562,780                        |
| Genentech,                    Inc.*                                                       | 33,800          | 2,745,912                        |
| Gilead                    Sciences, Inc.* (a)                                             | 124,400         | 6,315,788                        |
|                                                                                      | **11,624,480**  |
| **Health Care                    Equipment & Supplies 7.1%**                          |
| Baxter                    International, Inc.                                             | 95,900          | 5,624,535                        |
| C.R. Bard,                    Inc.                                                        | 34,500          | 2,952,165                        |
| Hologic, Inc.*                    (a)                                                     | 55,300          | 651,987                          |
| Medtronic,                    Inc.                                                        | 62,000          | 2,076,380                        |
| Zimmer                    Holdings, Inc.*                                                 | 45,600          | 1,659,840                        |
|                                                                                      | **12,964,907**  |
| **Life                    Sciences Tools & Services 1.6%**                            |
| Thermo Fisher                    Scientific, Inc.* (a)                                    | 79,300          | **2,849,249**                    |
| **Pharmaceuticals 6.6%**                                                                  |
| Abbott                    Laboratories                                                    | 108,300         | 6,004,152                        |
| Johnson &                    Johnson                                                  | 104,706         | 6,040,489                        |
|                                                                                      | **12,044,641**  |
| **Industrials                    9.8%**                                                   |
| **Aerospace                    & Defense 4.5%**                                       |
| Goodrich                    Corp.                                                         | 81,700          | 3,158,522                        |
| Honeywell                    International, Inc.                                          | 89,600          | 2,939,776                        |
| United                    Technologies Corp.                                              | 44,300          | 2,125,957                        |
|                                                                                      | **8,224,255**   |
| **Electrical                    Equipment 1.6%**                                          |
| Emerson                    Electric Co.                                                   | 89,800          | **2,936,460**                    |
| **Machinery                    0.9%**                                                     |
| Parker                    Hannifin Corp.                                                  | 40,600          | **1,551,326**                    |
| **Road &                    Rail 2.8%**                                               |
| Canadian                    National Railway Co.                                          | 80,100          | 2,806,848                        |
| Norfolk                    Southern Corp.                                                 | 59,100          | 2,267,076                        |
|                                                                                      | **5,073,924**   |
| **Information                    Technology 22.3%**                                       |
| **Communications Equipment 3.6%**                                                         |
| Cisco Systems,                    Inc.*                                                   | 171,890         | 2,573,194                        |
| QUALCOMM,                    Inc.                                                         | 112,600         | 3,890,330                        |
|                                                                                      | **6,463,524**   |
| **Computers                    & Peripherals 8.7%**                                   |
| Apple,                    Inc.*                                                           | 51,400          | 4,632,682                        |
| EMC Corp.*                    (a)                                                         | 228,100         | 2,518,224                        |
| Hewlett-Packard Co.                                                                       | 115,800         | 4,024,050                        |
| International                    Business Machines Corp.                                  | 51,500          | 4,719,975                        |
|                                                                                      | **15,894,931**  |
| **Electronic                    Equipment, Instruments & Components 1.5%**            |
| Mettler-Toledo                    International, Inc.* (a)                                | 41,700          | **2,776,386**                    |
| **Internet                    Software & Services 1.7%**                              |
| Google, Inc.                    "A"* (a)                                                  | 9,400           | **3,182,182**                    |
| **IT Services                    3.1%**                                                   |
| Accenture Ltd.                    "A" (a)                                                 | 117,000         | 3,692,520                        |
| Visa, Inc.                    "A"                                                         | 39,400          | 1,944,390                        |
|                                                                                      | **5,636,910**   |
| **Semiconductors & Semiconductor Equipment                    1.7%**                  |
| Intel Corp.                    (a)                                                        | 232,860         | **3,003,894**                    |
| **Software                    2.0%**                                                      |
| Adobe Systems,                    Inc.*                                                   | 91,900          | 1,774,589                        |
| Microsoft                    Corp.                                                        | 108,400         | 1,853,640                        |
|                                                                                      | **3,628,229**   |
| **Materials                    8.1%**                                                     |
| **Chemicals                    5.7%**                                                     |
| Ecolab,                    Inc.                                                           | 89,700          | 3,046,212                        |
| Monsanto                    Co.                                                           | 50,800          | 3,863,848                        |
| Praxair,                    Inc.                                                          | 56,300          | 3,505,238                        |
|                                                                                      | **10,415,298**  |
| **Metals &                    Mining 2.4%**                                           |
| Barrick Gold                    Corp.                                                     | 94,600          | 3,559,505                        |
| Freeport-McMoRan Copper & Gold, Inc.                    (a)                           | 31,300          | 786,882                          |
|                                                                                      | **4,346,387**   |
| **Telecommunication Services                    0.9%**                                    |
| **Diversified                    Telecommunication Services**                             |
| AT&T,                    Inc.                                                         | 68,700          | **1,691,394**                    |
| **Total                    Common Stocks** (Cost $177,653,177)                            | **175,278,142** |
| **Securities Lending                    Collateral 16.8%**                                |
| Daily Assets                    Fund Institutional, 1.25% (b) (c) (Cost $30,513,685) | 30,513,685      | **30,513,685**                   |
| * *                                                                                  |
| **Cash Equivalents                    3.2%**                                              |
| Cash                    Management QP Trust, 1.12% (b) (Cost $5,874,186)                  | 5,874,186       | **5,874,186**                    |

|                                                                        | **% of Net                    Assets** | **Value                    ($)** |
|-----------------------------------------------------------------------------|----------------------------------------|----------------------------------|
|                                                                        |                                   |
| **Total                    Investment Portfolio** (Cost $214,041,048)+ | 116.4                                  | **211,666,013**                  |
| **Other Assets                    and Liabilities, Net**                    | (16.4)                                 | **(29,805,549)**                 |
| **Net                    Assets**                                           | 100.0                                  | **181,860,464**                  |

***Fair Value        Measurements***

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

*Various inputs are used        in determining the value of the Fund's investments. These inputs are summarized in three        broad levels. Level 1 includes quoted prices in active markets for identical securities.        Level 2 includes other significant observable inputs (including quoted prices for similar        securities, interest rates, prepayment speeds and credit risk). Level 3 includes        significant unobservable inputs (including the Fund's own assumptions in determining the        fair value of investments). The inputs or methodology used for valuing securities are not        necessarily an indication of the risk associated with investing in those        securities.*

*The following is a        summary of the inputs used as of January 31, 2009 in valuing the Fund's investments. For        information on the Fund's policy regarding the valuation of investments, please refer to        the Security Valuation section of Note A in the accompanying Notes to the Financial        Statements.*

| **Valuation                    Inputs** | **Investments in Securities**        |
|-----------------------------------------|--------------------------------------|
| Level 1                                 | $                    195,593,088     |
| Level 2                                 | 16,072,925                           |
| Level 3                                 | —                              |
| **Total**                               | **$                    211,666,013** |

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

**Financial        Statements**

| **Statement of                    Assets and Liabilities**as of January                    31, 2009 (Unaudited)                                                    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Assets**                                                                                                                                                         |
| Investments:
Investments in                    securities, at value (cost $177,653,177) — including $29,162,883 of                    securities loaned | $                    175,278,142 |
| Investment in                    Daily Assets Fund Institutional (cost $30,513,685)*                                                                          | 30,513,685 |
| Investment in                    Cash Management QP Trust (cost $5,874,186)                                                                                   | 5,874,186 |
| Total investments, at value                (cost $214,041,048)                                                                                                | 211,666,013 |
| Foreign currency, at value (cost $8,850)                                                                                                                           | 9,031 |
| Receivable for investments sold                                                                                                                                    | 919,761 |
| Dividends receivable                                                                                                                                               | 105,354 |
| Interest receivable                                                                                                                                                | 16,938 |
| Receivable for Fund shares sold                                                                                                                                    | 79,547 |
| Foreign taxes recoverable                                                                                                                                          | 15,148 |
| Other assets                                                                                                                                                       | 44,339 |
| Total assets                                                                                                                                                       | 212,856,131 |
| **Liabilities**                                                                                                                                                    |
| Payable for Fund shares redeemed                                                                                                                                   | 78,449 |
| Payable upon return of securities loaned                                                                                                                           | 30,513,685 |
| Accrued management fee                                                                                                                                             | 105,404 |
| Other accrued expenses and payables                                                                                                                                | 298,129 |
| Total liabilities                                                                                                                                                  | 30,995,667 |
| **Net assets,                    at value**                                                                                                                        | **$                    181,860,464** |
| **Net Assets                    Consist of**                                                                                                                       |
| Undistributed net investment income                                                                                                                                | 462,204 |
| Net unrealized appreciation (depreciation)                    on:
Investments                                                                                      | (2,375,035) |
| Foreign                    currency                                                                                                                                | 744 |
| Accumulated net realized gain (loss)                                                                                                                               | (233,089,200) |
| Paid-in capital                                                                                                                                                    | 416,861,751 |
| **Net assets,                    at value**                                                                                                                        | **$                    181,860,464** |

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

| **Statement of                    Assets and Liabilities**as of January                    31, 2009 (Unaudited) (continued)                                                                                                                                                                                                                                                 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Net Asset                    Value**                                                                                                                                                                                                                                                                                                                                      |
| **Class                    A**
**Net Asset Value** and redemption                    price(a) per share ($17,896,527 ÷ 920,216                    outstanding shares of beneficial interest, $.01 par value, unlimited                    number of shares authorized)                                                                           | **$                    19.45** |
| Maximum offering price per share                (100 ÷ 94.25 of $19.45)                                                                                                                                                                                                                                                                                    | **$                    20.64** |
| **Class                    B**
**Net Asset Value,** offering and redemption                    price(a) (subject to contingent deferred sales charge) per share                    ($1,079,942 ÷ 58,816 outstanding shares of beneficial                    interest, $.01 par value, unlimited number of shares                    authorized)  | **$                    18.36** |
| **Class                    C**
**Net Asset Value,** offering and redemption                    price(a) (subject to contingent deferred sales charge) per share                    ($3,152,262 ÷ 171,507 outstanding shares of beneficial                    interest, $.01 par value, unlimited number of shares                    authorized) | **$                    18.38** |
| **Class                    S**
**Net Asset Value,** offering and redemption                    price(a) per share ($146,439,763 ÷ 7,395,367                    outstanding shares of beneficial interest, $.01 par value, unlimited                    number of shares authorized)                                                              | **$                    19.80** |
| **Institutional Class**
**Net Asset Value,** offering and redemption                    price(a) per share ($13,291,970 ÷ 667,476                    outstanding shares of beneficial interest, $.01 par value, unlimited                    number of shares authorized)                                                                        | **$                    19.91** |

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

| **Statement of                    Operations**for the six months ended                    January 31, 2009 (Unaudited)   |
|--------------------------------------------------------------------------------------------------------------------------|
| **Investment                    Income**                                                                                 |
| Income:Dividends (net of foreign taxes withheld                of $15,606)                                          | $                    1,588,907 |
| Interest — Cash Management                QP Trust                                                            | 61,025 |
| Securities lending income, including income from                Daily Assets Fund Institutional, net of borrower rebates | 16,922 |
| Total Income                                                                                                             | 1,666,854 |
| Expenses:Management fee                                                                                                  | 654,235 |
| Administration fee                                                                                                       | 106,380 |
| Services to shareholders                                                                                                 | 257,536 |
| Custodian fee                                                                                                            | 8,206 |
| Distribution and service fees                                                                                            | 40,924 |
| Professional fees                                                                                                        | 60,175 |
| Trustees' fees and expenses                                                                                              | 4,548 |
| Reports to shareholders                                                                                                  | 28,356 |
| Registration fees                                                                                                        | 31,814 |
| Other                                                                                                                    | 7,879 |
| Total expenses before expense reductions                                                                                 | 1,200,053 |
| Expense reductions                                                                                                       | (1,135) |
| Total expenses after expense reductions                                                                                  | 1,198,918 |
| **Net                    investment income (loss)**                                                                      | **467,936** |
| **Realized and                    Unrealized Gain (Loss)**                                                               |
| Net realized gain (loss) from:Investments                                                                                | (3,588,449) |
| Foreign currency                                                                                                         | (28,909) |
| * *                                                                                                                 | (3,617,358) |
| Change in net unrealized appreciation                (depreciation) on:Investments                                       | (74,364,368) |
| Foreign currency                                                                                                         | (1,290) |
| * *                                                                                                                 | (74,365,658) |
| **Net gain                    (loss)**                                                                                   | **(77,983,016)** |
| **Net increase                    (decrease) in net assets resulting from operations**                                   | **$                    (77,515,080)** |

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

| **Statement of                    Changes in Net Assets**                                                                                        |
|--------------------------------------------------------------------------------------------------------------------------------------------------|
| **Increase                    (Decrease) in Net Assets**                                                                                         | **Six Months                    Ended January 31, 2009 (Unaudited)** | **Year Ended                    July 31, 2008** |
| Operations:Net investment income (loss)                                                                                                          | $                    467,936 | $                    395,576 |
| Net realized gain (loss)                                                                                                                         | (3,617,358) | 40,236,480 |
| Change in net unrealized appreciation                (depreciation)                                                                              | (74,365,658) | (38,824,606) |
| Net increase (decrease) in net assets resulting                from operations                                                                   | (77,515,080) | 1,807,450 |
| Distributions to shareholders from:Net investment income:
Class                    A                                                             | — | (35,152) |
| Class                    S                                                                                                                       | (234,165) | (1,079,579) |
| Institutional                    Class                                                                                                           | (61,071) | (130,258) |
| Total distributions                                                                                                                              | (295,236) | (1,244,989) |
| Fund share transactions:Proceeds from shares sold                                                                                                | 27,683,187 | 42,717,636 |
| Reinvestment of distributions                                                                                                                    | 274,375 | 1,203,359 |
| Cost of shares redeemed                                                                                                                          | (26,246,252) | (84,864,164) |
| Redemption fees                                                                                                                                  | 1,162 | 3,681 |
| Net increase (decrease) in net assets from Fund                share transactions                                                                | 1,712,472 | (40,939,488) |
| **Increase                    (decrease) in net assets**                                                                                         | (76,097,844) | (40,377,027) |
| Net assets at beginning of period                                                                                                                | 257,958,308 | 298,335,335 |
| Net assets at end of period (including                undistributed net investment income of $462,204 and $289,504,                respectively) | **$                    181,860,464** | **$                    257,958,308** |

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

**Financial        Highlights**

| **Class A**

**Years Ended                    July 31,**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | **2009a**                      | **2008**                       | **2007**                       | **2006**                       | **2005**                       | **2004**                       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------|--------------------------------|--------------------------------|--------------------------------|--------------------------------|
| **Selected Per                    Share Data**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **Net asset                    value, beginning of period**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | **$                    27.91** | **$                    28.04** | **$                    24.47** | **$                    24.36** | **$                    21.54** | **$                    20.32** |
| *Income                    (loss) from investment operations:*

Net investment                    income (loss)b                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | .03                            | (.03)                          | .05e                           | (.07)                          | .05                            | (.08)                          |
| Net realized                    and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (8.49)                         | (.05)f                         | 3.52                           | .25                            | 2.77                           | 1.30                           |
| **Total from                    investment operations**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (8.46)                         | (.08)                          | 3.57                           | .18                            | 2.82                           | 1.22                           |
| *Less                    distributions from:*

Net investment                    income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | —                        | (.05)                          | —                        | (.07)                          | —                        | —                        |
| Redemption fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | .00***                         | .00***                         | .00***                         | .00***                         | .00***                         | —                        |
| **Net asset                    value, end of period**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | **$                    19.45** | **$                    27.91** | **$                    28.04** | **$                    24.47** | **$                    24.36** | **$                    21.54** |
| Total Return (%)c                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | (30.31)**                      | (.30)d                         | 14.59d,e                       | .69d                           | 13.09                          | 6.00d                          |
| **Ratios to                    Average Net Assets and Supplemental Data**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Net assets, end of period                ($ millions)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 18                             | 20                             | 20                             | 24                             | 28                             | 42                             |
| Ratio of expenses before expense                reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 1.32*                          | 1.38                           | 1.30                           | 1.37                           | 1.27                           | 1.35                           |
| Ratio of expenses after expense                reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 1.32*                          | 1.36                           | 1.28                           | 1.35                           | 1.27                           | 1.29                           |
| Ratio of net investment income                (loss) (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | .25*                           | (.12)                          | .17e                           | (.26)                          | .22                            | (.38)                          |
| Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 11**                           | 43                             | 23                             | 16                             | 20                             | 21                             |
| a*For the six months ended January 31, 2009                (Unaudited).*b*Based on average shares outstanding during the                period.*c*Total return does not reflect the effect of any                sales charges.*d*Total return would have been lower had certain                expenses not been reduced.*e*Includes non-recurring income from the Advisor                recorded as a result of an administrative proceeding regarding disclosure of                brokerage allocation practices in connection with sales of DWS Funds. The                non-recurring income resulted in an increase in net investment income of $0.031 per                share and an increase in the ratio of net investment income (loss) of 0.12%.                Excluding this non-recurring income, total return would have been 0.12%                lower.*f*The amount of net realized and unrealized loss                shown for a share outstanding for the year ended July 31, 2008 does not correspond                with the aggregate net gain on investments for the period due to the timing of                sales and repurchases of Fund shares in relation to fluctuating values of the                investments of the Fund.***Annualized****Not annualized*****Amount is less than $.005.* |

| **Class B**

**Years Ended                    July 31,**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | **2009a**                      | **2008**                       | **2007**                       | **2006**                       | **2005**                       | **2004**                       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------|--------------------------------|--------------------------------|--------------------------------|--------------------------------|
| **Selected Per                    Share Data**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **Net asset                    value, beginning of period**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | **$                    26.45** | **$                    26.74** | **$                    23.50** | **$                    23.51** | **$                    20.94** | **$                    19.91** |
| *Income                    (loss) from investment operations:*

Net investment                    income (loss)b                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (.05)                          | (.23)                          | (.13)e                         | (.24)                          | (.11)                          | (.24)                          |
| Net realized                    and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (8.04)                         | (.06)f                         | 3.37                           | .23                            | 2.68                           | 1.27                           |
| **Total from                    investment operations**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (8.09)                         | (.29)                          | 3.24                           | (.01)                          | 2.57                           | 1.03                           |
| Redemption fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | .00***                         | .00***                         | .00***                         | .00***                         | .00***                         | —                        |
| **Net asset                    value, end of period**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | **$                    18.36** | **$                    26.45** | **$                    26.74** | **$                    23.50** | **$                    23.51** | **$                    20.94** |
| Total Return (%)c,d                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | (30.59)**                      | (1.08)                         | 13.79e                         | (.04)                          | 12.27                          | 5.17                           |
| **Ratios to                    Average Net Assets and Supplemental Data**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Net assets, end of period                ($ millions)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 1                              | 2                              | 3                              | 3                              | 4                              | 4                              |
| Ratio of expenses before expense                reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 2.22*                          | 2.20                           | 2.07                           | 2.45                           | 2.30                           | 2.15                           |
| Ratio of expenses after expense                reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 2.11*                          | 2.14                           | 2.01                           | 2.11                           | 2.05                           | 2.06                           |
| Ratio of net investment income                (loss) (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | (.54)*                         | (.90)                          | (.56)e                         | (1.02)                         | (.56)                          | (1.15)                         |
| Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 11**                           | 43                             | 23                             | 16                             | 20                             | 21                             |
| a*For the six months ended January 31, 2009                (Unaudited).*b*Based on average shares outstanding during the                period.*c*Total return does not reflect the effect of any                sales charges.*d*Total return would have been lower had certain                expenses not been reduced.*e*Includes non-recurring income from the Advisor                recorded as a result of an administrative proceeding regarding disclosure of                brokerage allocation practices in connection with sales of DWS Funds. The                non-recurring income resulted in an increase in net investment income of $0.031 per                share and an increase in the ratio of net investment income (loss) of 0.12%.                Excluding this non-recurring income, total return would have been 0.12%                lower.*f*The amount of net realized and unrealized loss                shown for a share outstanding for the year ended July 31, 2008 does not correspond                with the aggregate net gain on investments for the period due to the timing of                sales and repurchases of Fund shares in relation to fluctuating values of the                investments of the Fund.***Annualized****Not annualized*****Amount is less than $.005.* |

| **Class C**

**Years Ended                    July 31,**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | **2009a**                      | **2008**                       | **2007**                       | **2006**                       | **2005**                       | **2004**                       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------|--------------------------------|--------------------------------|--------------------------------|--------------------------------|
| **Selected Per                    Share Data**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **Net asset                    value, beginning of period**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | **$                    26.48** | **$                    26.76** | **$                    23.53** | **$                    23.54** | **$                    20.97** | **$                    19.94** |
| *Income                    (loss) from investment operations:*

Net investment                    income (loss)b                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (.04)                          | (.21)                          | (.14)e                         | (.24)                          | (.11)                          | (.24)                          |
| Net realized                    and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (8.06)                         | (.07)f                         | 3.37                           | .23                            | 2.68                           | 1.27                           |
| **Total from                    investment operations**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (8.10)                         | (.28)                          | 3.23                           | (.01)                          | 2.57                           | 1.03                           |
| Redemption fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | .00***                         | .00***                         | .00***                         | .00***                         | .00***                         | —                        |
| **Net asset                    value, end of period**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | **$                    18.38** | **$                    26.48** | **$                    26.76** | **$                    23.53** | **$                    23.54** | **$                    20.97** |
| Total Return (%)c                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | (30.59)d**                     | (1.05)                         | 13.73d,e                       | (.04)d                         | 12.26d                         | 5.17d                          |
| **Ratios to                    Average Net Assets and Supplemental Data**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Net assets, end of period                ($ millions)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 3                              | 3                              | 3                              | 3                              | 3                              | 3                              |
| Ratio of expenses before expense                reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 2.10*                          | 2.09                           | 2.06                           | 2.22                           | 2.20                           | 2.18                           |
| Ratio of expenses after expense                reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 2.09*                          | 2.09                           | 2.04                           | 2.12                           | 2.04                           | 2.06                           |
| Ratio of net investment income                (loss) (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | (.52)*                         | (.85)                          | (.59)e                         | (1.03)                         | (.55)                          | (1.15)                         |
| Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 11**                           | 43                             | 23                             | 16                             | 20                             | 21                             |
| a*For the six months ended January 31, 2009                (Unaudited).*b*Based on average shares outstanding during the                period.*c*Total return does not reflect the effect of any                sales charges.*d*Total return would have been lower had certain                expenses not been reduced.*e*Includes non-recurring income from the Advisor                recorded as a result of an administrative proceeding regarding disclosure of                brokerage allocation practices in connection with sales of DWS Funds. The                non-recurring income resulted in an increase in net investment income of $0.031 per                share and an increase in the ratio of net investment income (loss) of 0.12%.                Excluding this non-recurring income, total return would have been 0.12%                lower.*f*The amount of net realized and unrealized loss                shown for a share outstanding for the year ended July 31, 2008 does not correspond                with the aggregate net gain on investments for the period due to the timing of                sales and repurchases of Fund shares in relation to fluctuating values of the                investments of the Fund.***Annualized****Not annualized*****Amount is less than $.005.* |

| **Class S**

**Years Ended                    July 31,**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | **2009a**                      | **2008**                       | **2007**                       | **2006**                       | **2005**                       | **2004**                       |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------|--------------------------------|--------------------------------|--------------------------------|--------------------------------|
| **Selected Per                    Share Data**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **Net asset                    value, beginning of period**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | **$                    28.43** | **$                    28.56** | **$                    24.86** | **$                    24.73** | **$                    21.81** | **$                    20.52** |
| *Income                    (loss) from investment operations:*

Net investment                    income (loss)b                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | .05                            | .05                            | .11d                           | (.01)                          | .10                            | (.03)                          |
| Net realized                    and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (8.65)                         | (.05)e                         | 3.59                           | .26                            | 2.82                           | 1.32                           |
| **Total from                    investment operations**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (8.60)                         | —                        | 3.70                           | .25                            | 2.92                           | 1.29                           |
| *Less                    distributions from:*

Net investment                    income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (.03)                          | (.13)                          | —                        | (.12)                          | —                        | —                        |
| Redemption fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | .00***                         | .00***                         | .00***                         | .00***                         | .00***                         | —                        |
| **Net asset                    value, end of period**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | **$                    19.80** | **$                    28.43** | **$                    28.56** | **$                    24.86** | **$                    24.73** | **$                    21.81** |
| Total Return (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (30.25)**                      | (.03)c                         | 14.88c,d                       | .94c                           | 13.39c                         | 6.29c                          |
| **Ratios to                    Average Net Assets and Supplemental Data**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Net assets, end of period                ($ millions)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 146                            | 212                            | 255                            | 270                            | 349                            | 401                            |
| Ratio of expenses before expense                reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 1.11*                          | 1.09                           | 1.04                           | 1.21                           | 1.10                           | 1.08                           |
| Ratio of expenses after expense                reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 1.11*                          | 1.08                           | 1.02                           | 1.11                           | 1.06                           | 1.02                           |
| Ratio of net investment income                (loss) (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | .46*                           | .16                            | .43d                           | (.02)                          | .43                            | (.11)                          |
| Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 11**                           | 43                             | 23                             | 16                             | 20                             | 21                             |
| a*For the six months ended January 31, 2009                (Unaudited).*b*Based on average shares outstanding during the                period.*c*Total return would have been lower had certain                expenses not been reduced.*d*Includes non-recurring income from the Advisor                recorded as a result of an administrative proceeding regarding disclosure of                brokerage allocation practices in connection with sales of DWS Funds. The                non-recurring income resulted in an increase in net investment income of $0.031 per                share and an increase in the ratio of net investment income (loss) of 0.12%.                Excluding this non-recurring income, total return would have been 0.12%                lower.*e*The amount of net realized and unrealized loss                shown for a share outstanding for the year ended July 31, 2008 does not correspond                with the aggregate net gain on investments for the period due to the timing of                sales and repurchases of Fund shares in relation to fluctuating values of the                investments of the Fund.***Annualized****Not annualized*****Amount is less than $.005.* |

| **Institutional                    Class**

**Years Ended                    July 31,**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | **2009a**                      | **2008**                       | **2007**                       | **2006**                       | **2005**                       | **2004**                       |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------|--------------------------------|--------------------------------|--------------------------------|--------------------------------|
| **Selected Per                    Share Data**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **Net asset                    value, beginning of period**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | **$                    28.62** | **$                    28.73** | **$                    24.96** | **$                    24.86** | **$                    21.88** | **$                    20.56** |
| *Income                    (loss) from investment operations:*

Net investment                    income (loss)b                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | .08                            | .12                            | .16d                           | .03                            | .15                            | .01                            |
| Net realized                    and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (8.71)                         | (.04)e                         | 3.61                           | .26                            | 2.83                           | 1.31                           |
| **Total from                    investment operations**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (8.63)                         | .08                            | 3.77                           | .29                            | 2.98                           | 1.32                           |
| *Less                    distributions from:*

Net investment                    income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (.08)                          | (.19)                          | —                        | (.19)                          | —                        | —                        |
| Redemption fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | .00***                         | .00***                         | .00***                         | .00***                         | .00***                         | —                        |
| **Net asset                    value, end of period**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | **$                    19.91** | **$                    28.62** | **$                    28.73** | **$                    24.96** | **$                    24.86** | **$                    21.88** |
| Total Return (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (30.15)**                      | .19                            | 15.10d                         | 1.12c                          | 13.62                          | 6.42                           |
| **Ratios to                    Average Net Assets and Supplemental Data**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Net assets, end of period                ($ millions)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 13                             | 21                             | 18                             | 19                             | 37                             | 20                             |
| Ratio of expenses before expense                reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | .87*                           | .83                            | .83                            | .99                            | .84                            | .85                            |
| Ratio of expenses after expense                reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | .87*                           | .83                            | .83                            | .96                            | .84                            | .85                            |
| Ratio of net investment income                (loss) (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | .70*                           | .41                            | .62d                           | .13                            | .65                            | .06                            |
| Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 11**                           | 43                             | 23                             | 16                             | 20                             | 21                             |
| a*For the six months ended January 31, 2009                (Unaudited).*b*Based on average shares outstanding during the                period.*c*Total return would have been lower had certain                expenses not been reduced.*d*Includes non-recurring income from the Advisor                recorded as a result of an administrative proceeding regarding disclosure of                brokerage allocation practices in connection with sales of DWS Funds. The                non-recurring income resulted in an increase in net investment income of $0.031 per                share and an increase in the ratio of net investment income (loss) of 0.12%.                Excluding this non-recurring income, total return would have been 0.12%                lower.*e*The amount of net realized and unrealized loss                shown for a share outstanding for the year ended July 31, 2008 does not correspond                with the aggregate net gain on investments for the period due to the timing of                sales and repurchases of Fund shares in relation to fluctuating values of the                investments of the Fund.***Annualized****Not annualized*****Amount is less than $.005.* |

**Notes to Financial        Statements(Unaudited)**

**A. Significant Accounting        Policies**

DWS Large Company Growth Fund (the        "Fund") is a diversified series of DWS Investment Trust (the "Trust") which is registered        under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end        management investment company organized as a Massachusetts business trust.

The Fund offers multiple classes of        shares which provide investors with different purchase options. Class A shares are offered        to investors subject to an initial sales charge. Class B shares 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 automatically 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.

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

**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 market value. The Fund requires the borrowers of the securities to maintain        collateral with the Fund consisting of liquid, unencumbered assets having a value at least        equal to the value of the securities loaned. When the collateral falls below specified        amounts, the lending agents will use their best efforts to obtain additional collateral on        the next business day to meet required amounts under the security lending agreement. The        Fund may invest the cash collateral into a joint trading account in an affiliated money        market fund pursuant to Exemptive Orders issued by the SEC. The Fund receives compensation        for lending its securities either in the form of fees or by earning interest on invested        cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund        or the borrower may terminate the loan. There may be risks of delay and costs in recovery        of securities or even loss of rights in the collateral should the borrower of the        securities fail financially. The Fund is also subject to all investment risks associated        with the reinvestment of any cash collateral received, including, but not limited to,        interest rate, credit and liquidity risk associated with such investments.

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

At July 31, 2008, the Fund had        a net tax basis capital loss carryforward of approximately $228,387,000, which may be        applied against any realized net taxable capital gains of each succeeding year until fully        utilized or until July 31, 2010 ($129,871,000), July 31, 2011 ($78,161,000) and        July 31, 2012 ($20,355,000), the respective expiration dates, whichever occurs        first.

The Fund has reviewed the tax        positions for the open tax years as of July 31, 2008 and has determined that no        provision for income tax is required in the Fund's financial statements. The Fund's federal        tax returns for the prior three fiscal years remain subject to examination by the Internal        Revenue Service.

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

The timing and characterization of        certain income and capital gains distributions are determined annually in accordance with        federal tax regulations which may differ from accounting principles generally accepted in        the United States of America. These differences primarily relate to net investment losses        incurred by the Fund and certain securities sold at a loss. As a result, net investment        income (loss) and net realized gain (loss) on investment transactions for a reporting        period may differ significantly from distributions during such period. Accordingly, the        Fund may periodically make reclassifications among certain of its capital accounts without        impacting the net asset value of the Fund.

The tax character of current year        distributions will be determined at the end of the current fiscal year.

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

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

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

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

**B. Purchases and Sales of        Securities**

During the six months ended January        31, 2009, purchases and sales of investment securities (excluding short-term investments)        aggregated $23,583,888 and $23,864,962, 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 the        following annual rates:

| First $1.5 billion of the Fund's average daily net                assets | .615% |
|--------------------------------------------------------------------------|-------|
| Next $500 million of such net assets                                     | .565% |
| Over $2.0 billion of such net assets                                     | .515% |

Accordingly, for the six months        ended January 31, 2009, the fee pursuant to the Investment Management Agreement was        equivalent to an annualized effective rate of 0.615% of the Fund's average daily net        assets.

For the period from August 1, 2008        through September 30, 2008, the Advisor had contractually agreed to waive all or a portion        of its management fee and reimbursed or paid 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 certain classes as        follows:

| Class A | 1.39% |
|---------|-------|
| Class B | 2.14% |

Effective October 1, 2008 through        September 30, 2009 the Advisor has contractually agreed to waive all or a portion of its        management fee and reimburse or pay certain operating expenses of the Fund (excluding        certain expenses such as extraordinary expenses, taxes, brokerage and interest) to the        extent necessary to maintain the operating expenses of certain classes as        follows:

| Class A | 1.34% |
|---------|-------|
| Class B | 2.09% |
| Class C | 2.09% |

**Administration Fee.** Pursuant to an        Administrative Services Agreement, DIMA provides most administrative services to the Fund.        For all services provided under the Administrative Services Agreement, the Fund pays the        Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net        assets, computed and accrued daily and payable monthly. For the six months ended January        31, 2009, the Advisor received an Administration Fee of $106,380, of which $15,850 is        unpaid.

**Service Provider        Fees.** DWS Investments Service Company ("DISC"), an affiliate of the Advisor, is        the transfer agent, dividend-paying agent and shareholder service agent for the Fund.        Pursuant to a sub-transfer agency agreement between DISC and DST Systems, Inc. ("DST"),        DISC has delegated certain transfer agent, dividend-paying agent and shareholder service        agent functions to DST. DISC compensates DST out of the shareholder servicing fee it        receives from the Fund. For the six months ended January 31, 2009, the amounts charged to        the Fund by DISC were as follows:

| **Services to                    Shareholders** | **Total                    Aggregated** | **Waived**                   | **Unpaid at                    January 31, 2009** |
|-------------------------------------------------|-----------------------------------------|------------------------------|---------------------------------------------------|
| Class A                                         | $                    18,411             | $                    — | $                    13,495                       |
| Class B                                         | 2,238                                   | 698                          | 1,540                                             |
| Class C                                         | 3,218                                   | 137                          | 2,213                                             |
| Class S                                         | 186,131                                 | —                      | 139,224                                           |
| Institutional Class                             | 96                                      | —                      | 77                                                |
|                                            | **$                    210,094**        | **$                    835** | **$                    156,549**                  |

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

| **Distribution                    Fee** | **Total                    Aggregated** | **Unpaid at                    January 31, 2009** |
|-----------------------------------------|-----------------------------------------|---------------------------------------------------|
| Class B                                 | $                    4,838              | $                    747                          |
| Class C                                 | 11,120                                  | 2,043                                             |
|                                    | **$                    15,958**         | **$                    2,790**                    |

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

| **Service                    Fee** | **Total                    Aggregated** | **Unpaid at                    January 31, 2009** | **Annualized                    Effective Rate** |
|------------------------------------|-----------------------------------------|---------------------------------------------------|-------------------------------------------------------|
| Class A                            | $                    19,769             | $                    8,491                        | .23%                                                  |
| Class B                            | 1,538                                   | 590                                               | .24%                                                  |
| Class C                            | 3,659                                   | 1,352                                             | .25%                                                  |
|                               | **$                    24,966**         | **$                    10,433**                   |                                                  |

**Underwriting        Agreement and Contingent Deferred Sales Charge.** DIDI is the principal        underwriter for the Fund. Underwriting commissions paid in connection with the distribution        of Class A shares for the six months ended January 31, 2009 aggregated $1,578.

In addition, DIDI receives any        contingent deferred sales charge ("CDSC") from Class B share redemptions occurring        within six years of purchase and Class C share redemptions occurring within one year of        purchase. There is no such charge upon redemption of any share appreciation or reinvested        dividends. The CDSC is based on declining rates, ranging from 4% to 1% for Class B and 1%        for Class C, of the value of the shares redeemed. For the six months ended January 31,        2009, the CDSC for Class B and C shares aggregated $821 and $49, respectively. A deferred        sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the six        months ended January 31, 2009, DIDI received $64 for Class A shares.

**Typesetting and        Filing****ServiceFees.**Under an agreement        withDIMA, DIMAis compensated for providing typesetting and        certain regulatory filing services to the Fund. For thesix        months ended January 31, 2009, the amount charged to the Fund by DIMAincluded in the Statement of Operations under "reports to        shareholders"aggregated $6,552, all of which is        paid.

**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.

**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 six months ended January 31, 2009, the Fund's custodian fee was        reduced by $33 and $267, respectively, for custody and transfer agent credits        earned.

**E. Line of Credit**

The Fund and other affiliated funds        (the "Participants") share in a $490 million revolving credit facility provided by a        syndication of banks. The Fund may borrow for temporary or emergency purposes, including        the meeting of redemption requests that otherwise might require the untimely disposition of        securities. The Participants are charged an annual commitment fee which is allocated based        on net assets, among each of the Participants. Interest is calculated at the Federal Funds        Rate plus 0.35 percent. The Fund may borrow up to a maximum of 33 percent of its net        assets under the agreement.

**F. Share        Transactions**

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

|                                                                                  | **Six Months                    Ended                    January 31, 2009** | **Year                    Ended                    January 31, 2008** |
|---------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|-----------------------------------------------------------------------|
| * *                                                                              | **Shares**                                                                  | **Dollars**                                                           | **Shares** | **Dollars** |
| **Shares                    sold**                                                    |
| Class A                                                                               | 338,526                                                                     | $                    7,076,415                                        | 296,864 | $                    8,662,855 |
| Class B                                                                               | 16,883                                                                      | 359,104                                                               | 12,674 | 348,112 |
| Class C                                                                               | 79,911                                                                      | 1,571,279                                                             | 73,546 | 2,048,547 |
| Class S                                                                               | 832,490                                                                     | 18,068,090                                                            | 901,591 | 26,570,912 |
| Institutional Class                                                                   | 27,045                                                                      | 608,299                                                               | 170,905 | 5,087,210 |
| * *                                                                              |                                                                        | **$                    27,683,187**                                   |   | **$                    42,717,636** |
| **Shares                    issued to shareholders in reinvestment of distributions** |
| Class A                                                                               | —                                                                     | $                    —                                          | 1,072 | $                    31,698 |
| Class S                                                                               | 10,576                                                                      | 213,304                                                               | 34,645 | 1,041,428 |
| Institutional Class                                                                   | 3,013                                                                       | 61,071                                                                | 4,311 | 130,233 |
| * *                                                                              |                                                                        | **$                    274,375**                                      |   | **$                    1,203,359** |
| **Shares                    redeemed**                                                |
| Class A                                                                               | (132,903)                                                                   | $                    (2,951,491)                                      | (291,779) | $                    (8,416,247) |
| Class B                                                                               | (17,537)                                                                    | (370,112)                                                             | (49,802) | (1,367,035) |
| Class C                                                                               | (31,958)                                                                    | (661,170)                                                             | (71,689) | (1,955,629) |
| Class S                                                                               | (907,462)                                                                   | (20,153,929)                                                          | (2,401,987) | (71,487,760) |
| Institutional Class                                                                   | (99,477)                                                                    | (2,109,550)                                                           | (55,996) | (1,637,493) |
| * *                                                                              |                                                                        | **$                    (26,246,252)**                                 |   | **$                    (84,864,164)** |
| **Redemption                    fees**                                                |                                                                        | **$                    1,162**                                        |   | **$                    3,681** |
| **Net increase                    (decrease)**                                        |
| Class A                                                                               | 205,623                                                                     | $                    4,125,398                                        | 6,157 | $                    279,623 |
| Class B                                                                               | (654)                                                                       | (11,008)                                                              | (37,128) | (1,018,795) |
| Class C                                                                               | 47,953                                                                      | 910,111                                                               | 1,857 | 92,918 |
| Class S                                                                               | (64,396)                                                                    | (1,871,856)                                                           | (1,465,751) | (43,873,198) |
| Institutional Class                                                                   | (69,419)                                                                    | (1,440,173)                                                           | 119,220 | 3,579,964 |
| * *                                                                              |                                                                        | **$                    1,712,472**                                    |   | **$                    (40,939,488)** |

**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 3rd quartile, 2nd 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 outperformed its benchmark in the one- and three-year periods ended December 31,        2007 and underperformed its benchmark in the five-year period ended December 31, 2007. 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 the 0.10% fee paid to DIMA under the Fund's administrative        services agreement, were lower than the median (2nd quartile) of the applicable Lipper peer        group (based on Lipper data provided as of December 31, 2007). The Board noted that the        Fund's Class A shares' total (net) operating expenses (excluding 12b-1 fees) were expected        to be higher than the median (3rd quartile) of the applicable Lipper expense universe        (based on Lipper data provided as of December 31, 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). The Board also noted that the expense limitations agreed to by DIMA        helped to ensure that the Fund's total (net) operating expenses would be competitive        relative to the applicable Lipper universe.

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.

        Thomas H. Mack

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

September 29, 2008

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

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

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

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

        Thomas H. Mack

**Account Management        Resources**

|                                          |
|-----------------------------------------------|
| **For More                    Information**   | The automated telephone system allows you to                    access personalized account information and obtain information on other DWS                    funds using either your voice or your telephone keypad. Certain account types                    within Classes A, B, C and S also have the ability to purchase, exchange or                    redeem shares using this system.For more information, contact your financial                    advisor. You may also access our automated telephone system or speak with                    a DWS Investments representative by calling the appropriate                    number below:
**For                    shareholders of Classes A, B, C and Institutional Class:**
(800) 621-1048
**For                    shareholders of Class S:**
(800) 728-3337 |
| **Web                    Site**               | **www.dws-investments.com**
View your account transactions and balances,                    trade shares, monitor your asset allocation, and change your address, 24 hours                    a day.**Obtain prospectuses and                    applications,**blank forms,                    interactive worksheets, news about DWS funds, subscription to fund updates by                    e-mail, retirement planning information, and more. |
| **Written                    Correspondence** | **DWS                    Investments**
PO Box 219151                    Kansas City, MO 64121-9151 |
| **Proxy                    Voting**           | The                fund's policies and procedures for voting proxies for portfolio securities and                information about how the fund voted proxies related to its portfolio                securities during the 12-month period 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 Class** |
|--------------------------------------|--------------------------------|--------------------------------|--------------------------------|--------------------------------|-------------------------|
| **Nasdaq                    Symbol** | SGGAX                          | SGGBX                          | SGGCX                          | SCQGX                          | SGGIX                   |
| **CUSIP                    Number**  | 23338J 822                     | 23338J 814                     | 23338J 798                     | 23338J 772                     | 23338J 756              |
| **Fund                    Number**   | 469                            | 669                            | 769                            | 2060                           | 1469                    |

**Privacy        Statement**

Dear Valued Client:

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

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

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

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

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

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

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

**Notes**

**Notes**

**Notes**

**Notes**

**Notes**

**Notes**

----

 

| **ITEM 2.** | **CODE OF ETHICS**                         |
|-------------|--------------------------------------------|
|        |                                       |
|        | Not applicable.                            |
|        |                                       |
| **ITEM 3.** | **AUDIT COMMITTEE FINANCIAL EXPERT**       |
|        |                                       |
|        | Not applicable.                            |
|        |                                       |
| **ITEM 4.** | **PRINCIPAL ACCOUNTANT FEES AND SERVICES** |
|        |                                       |
|        | Not applicable.                            |

 

| **ITEM 5.** | **AUDIT COMMITTEE OF LISTED REGISTRANTS**                                                                                        |
|-------------|----------------------------------------------------------------------------------------------------------------------------------|
|        |                                                                                                                             |
|        | Not Applicable                                                                                                                   |
|        |                                                                                                                             |
| **ITEM 6.** | **SCHEDULE OF INVESTMENTS**                                                                                                      |
|        |                                                                                                                             |
|        | Not Applicable                                                                                                                   |
|        |                                                                                                                             |
| **ITEM 7.** | **DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES                            FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES** |
|        |                                                                                                                             |
|        | Not applicable.                                                                                                                  |
|        |                                                                                                                             |
| **ITEM 8.** | **PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT                            INVESTMENT COMPANIES**                                  |
|        |                                                                                                                             |
|        | Not applicable.                                                                                                                  |

 

| **ITEM 9.** | **PURCHASES OF EQUITY SECURITIES BY CLOSED-END                            MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS** |
|-------------|-------------------------------------------------------------------------------------------------------------------------------------|
|        |                                                                                                                                |
|        | Not Applicable.                                                                                                                     |

 

| **ITEM 10.** | **SUBMISSION OF MATTERS TO A VOTE OF SECURITY                            HOLDERS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|         | The primary function of the Nominating and Governance                            Committee is to identify and recommend individuals for membership on                            the Board and oversee the administration of the Board Governance                            Guidelines. Shareholders may recommend candidates for Board positions                            by forwarding their correspondence by U.S. mail or courier service to                            Chairman of the Board, P.O. Box 100176, Cape Coral, FL                            33910. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **ITEM 11.** | **CONTROLS AND PROCEDURES**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|         | (a)        The Chief                            Executive and Financial Officers concluded that the Registrant’s                            Disclosure Controls and Procedures are effective based on the                            evaluation of the Disclosure Controls and Procedures as of a date                            within 90 days of the filing date of this report.                                                                                                                                            |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|         | (b)        There have                            been no changes in the registrant’s internal control over                            financial reporting that occurred during the second fiscal quarter of                            the period covered by this report that has materially affected, or is                            reasonably likely to materially affect, the registrant’s internal                            controls over financial reporting.                                                  |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

 

----

 

| **ITEM 12.** | **EXHIBITS**                                                                                                                                                                                                                                                                                 |
|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|         |                                                                                                                                                                                                                                                                                         |
|         | (a)(1)   Certification pursuant to Rule                            30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a))                            is filed and attached hereto as Exhibit 99.CERT.                                                        |
|         |                                                                                                                                                                                                                                                                                         |
|         | (b)       Certification                            pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17                            CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit                            99.906CERT. |

 

 

 

 

----

Form            N-CSRS Item F

 

**SIGNATURES**

 

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

 

| Registrant: | DWS Large Company Growth Fund, a series of DWS                            Investment Trust |
|-------------|--------------------------------------------------------------------------------------------|

 

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

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

President

 

| Date: | March 31, 2009 |
|-------|----------------|

 

 

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

 

| Registrant: | DWS Large Company Growth Fund, a series of DWS                            Investment Trust |
|-------------|--------------------------------------------------------------------------------------------|

 

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

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

President

 

| Date: | March 31, 2009 |
|-------|----------------|

 

 

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

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

Chief Financial Officer and Treasurer

 

Date:                                        March            31, 2009