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:
        9/30
  Date of reporting period:
        03/31/08
   ITEM 1.REPORT TO STOCKHOLDERS


|MARCH 31, 2008
Semiannual Report
to Shareholders
|------------------------------------------------
|                                                
|DWS Small Cap Core Fund                         
|scc_cover250                                    

Contents

|click herePerformance Summary
click hereInformation About Your Fund's Expenses
click herePortfolio Management Review
click herePortfolio Summary
click hereInvestment Portfolio
click hereFinancial Statements
click hereFinancial Highlights
click hereNotes to Financial Statements
click hereSummary of Management Fee Evaluation by Independent
Fee Consultant
click hereAccount Management Resources
click herePrivacy Statement
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

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

DWS Scudder is part of Deutsche Asset Management, which is the marketing name in the US
for the 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 SummaryMarch 31, 2008

Classes A, B and C

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

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

The total annual fund operating expense ratios, gross of any fee waivers or expense
reimbursements, as stated in the fee table of the prospectus dated February 1, 2008
are 1.48%, 2.38% and 2.23% for Class A, Class B and Class C shares, respectively.
Please see the Information About Your Fund's Expenses, the Financial Highlights
and Notes to the Financial Statements (Note C, Related Parties) sections of this
report for gross and net expense related disclosure for the period ended March 31,
2008.

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

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

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

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

|Average Annual Total Returns(Unadjusted for Sales Charge) as of 3/31/08
|-----------------------------------------------------------------------
|DWS Small Cap Core Fund                                                
|Class A                                                                
|Class B                                                                
|Class C                                                                
|Russell 2000® Index+                                                   

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

|Net Asset Value and Distribution Information                                 
|-----------------------------------------------------------------------------
|                                                                             
|Net Asset Value:
3/31/08                                                     
|9/30/07                                                                      
|Distribution Information:
Six Months as of 3/31/08:Capital Gain Distributions

|Class A Lipper Rankings  Small-Cap Core Funds Categoryas of 3/31/08
|--------------------------------------------------------------------
|Period                                                              
|1-Year                                                              
|3-Year                                                              
|5-Year                                                              

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

|Growth of an Assumed $10,000 Investment(Adjusted for Maximum Sales Charge)
|--------------------------------------------------------------------------
|[]DWS Small Cap Core Fund  Class A
[]Russell 2000 Index+                 
|scc_g10k1f0                                                               
|Yearly periods ended March 31                                             

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

|Comparative Results(Adjusted for Maximum Sales Charge) as of 3/31/08
|--------------------------------------------------------------------
|DWS Small Cap Core Fund                                             
|Class A                                                             
|Average annual total return                                         
|Class B                                                             
|Average annual total return                                         
|Class C                                                             
|Average annual total return                                         
|Russell 2000 Index+                                                 
|Average annual total return                                         

The growth of $10,000 is cumulative.

Class S

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

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

The total annual fund operating expense ratio, gross of any fee waivers or expense
reimbursements, as stated in the fee table of the prospectus dated February 1, 2008
is 1.15% for Class S shares. Please see the Information About Your Fund's Expenses,
the Financial Highlights and Notes to the Financial Statements (Note C, Related
Parties) sections of this report for gross and net expense related disclosure for the
period ended March 31, 2008.

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

Returns and rankings during 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 redemption of fund shares. Returns and rankings may differ by
share class.

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

|Average Annual Total Returnsas of 3/31/08
|-----------------------------------------
|DWS Small Cap Core Fund                  
|Class S                                  
|Russell 2000 Index+                      

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

|Net Asset Value and Distribution Information                       
|-------------------------------------------------------------------
|                                                                   
|Net Asset Value:
3/31/08                                           
|9/30/07                                                            
|Distribution Information:
Six Months as of 3/31/08:Income Dividends
|Capital Gain Distributions                                         

|Class S Lipper Rankings  Small-Cap Core Funds Categoryas of 3/31/08
|--------------------------------------------------------------------
|Period                                                              
|1-Year                                                              
|3-Year                                                              
|5-Year                                                              

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

|Growth of an Assumed $10,000 Investment                  
|---------------------------------------------------------
|[]DWS Small Cap Core Fund  Class S
[]Russell 2000 Index+
|scc_g10k1e0                                              
|Yearly periods ended March 31                            

|Comparative Resultsas of 3/31/08
|--------------------------------
|DWS Small Cap Core Fund         
|Class S                         
|Average annual total return     
|Russell 2000 Index+             
|Average annual total return     

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 higher. The example in the
table is based on an investment of $1,000 invested at the beginning of the
six-month period and held for the entire period(October 1, 2007 to March
31, 2008).

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

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

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

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

|Expenses and Value of a $1,000 Investmentfor the six months ended March 31, 2008
|--------------------------------------------------------------------------------
|Actual Fund Return                                                              
|Beginning Account Value 10/1/07                                                 
|Ending Account Value 3/31/08                                                    
|Expenses Paid per $1,000*                                                       
|Hypothetical 5% Fund Return                                                     
|Beginning Account Value 10/1/07                                                 
|Ending Account Value 3/31/08                                                    
|Expenses Paid per $1,000*                                                       

|Annualized Expense Ratios | Class A | Class B | Class C | Class S
|------------------------- | ------- | ------- | ------- | -------
|DWS Small Cap Core Fund   | 1.61%   | 2.25%   | 2.28%   | 1.21%  

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

Portfolio Management Review

In the following interview, Portfolio Managers Robert Wang, Jin Chen
and Julie Abbett discuss DWS Small Cap Core Fund's performance,
management strategy and the market environment during the
six-month period ended March 31, 2008.

The views expressed in the following discussion reflect those of the portfolio managers 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.

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

A:The six-month period from September 30, 2007 through
March 31, 2008 was a time of considerable economic uncertainty
and significant turmoil in capital markets. In the last few months of
2007, what began as a correction in the US housing market
accelerated into a crisis in the subprime mortgage market with
profound implications for the entire economy. By early 2008, there
had been pronounced changes in attitudes toward risk in financial
markets, as demonstrated by tightening of financial conditions and
an increasingly volatile equity market.

In this challenging economic environment, most US equity indices
posted negative returns. The Russell 3000® Index, which is
generally regarded as a good indicator of the broad stock market,
returned -12.54% for the period.1 Large-cap stocks performed
better than small-cap stocks, as investors demonstrated a
preference for investments considered to be less risky. The Russell
1000® Index posted a return of -12.41% for the six months ended
March 2008, while the Russell 2000® Index returned -14.02%.2
Within the small-cap category, in which this fund invests, value
stocks performed somewhat better than growth stocks: the Russell
2000® Value Index had a return of -13.33%, while the Russell
2000® Growth Index returned -14.66%.3

Q: How did the fund perform during this period?

A:DWS Small Cap Core Fund (Class A shares) produced a total
return of -15.18% for the six months ended March 31, 2008.
(Returns are unadjusted for sales charges. If sales charges had been
included, returns would have been lower. Past performance is no
guarantee of future results. Please see pages 4 through 9 for the
performance of other share classes and more complete
performance information.) The fund underperformed its benchmark,
the Russell 2000 Index, which returned -14.02% for the period, and
its peer group, the Lipper Small-Cap Core Funds category, which
posted an average return of -14.98%.4

Q: How is this fund managed?

A:We use a quantitative investment process focused on stock
selection. We analyze a broad universe of stocks in an effort to find
those that we believe are most likely to outperform their industry
peers over time. Sector allocations are normally kept very close to
the Russell 2000 Index. The universe for DWS Small Cap Core Fund
includes the stocks in the Russell 2000 Index.

We begin by sorting these stocks into 24 clearly-defined industry
groups. Next, we compare the stocks side-by-side within their
industry groups based on 12 factors that have a low correlation to
one another. These include current and historical data such as
valuation, a measure of how expensive a stock is; earnings growth
and growth potential; and market sentiment, which help us pinpoint
stock movement outside of fundamentals. By synthesizing all this
information we rank stocks according to their expected
performance. Our model also creates an "optimal" portfolio,
suggesting which stocks should be included in the fund and which
ones should be omitted, as well as proportions of individual stocks
to be held. This step-by-step approach leads to a portfolio of roughly
300 to 325 stocks. Diversifying holdings among a large number of
stocks reduces, but does not remove, the risk associated with each
individual stock.

Our approach combines technology and professional skill to create
what we believe is the best way to manage risk by using an
objective, consistent and repeatable system to choose stocks that
are attractively valued.

Q: What decisions made positive contributions to performance?

A:The three sectors that contributed most to return were
technology hardware & equipment, energy and diversified financials.
Major contributors in the technology hardware & equipment sector
were Tessera Technologies, Inc., a developer of miniaturization and
micro-optics technologies, and Amkor Technology, Inc., a
semiconductor assembly subcontractor that reported very strong
earnings.

In the energy sector, positions in a number of oil and natural
gas exploration and production companies contributed to
performance. These include Clayton Williams Energy Inc.,
PetroQuest Energy, Inc. and Comstock Resources, Inc. In diversified
financials, the fund's performance benefited from positions in
Waddell & Reed Financial, Inc., an investment management firm
that reported strong earnings results, and Huron Consulting Group,
Inc.*, a provider of financial and operational consulting services.

Q: What were the main detractors from the fund's performance?

A:Sectors that detracted from returns included capital goods,
commercial services & supplies, and banks. In the capital goods
sector, holdings that detracted from performance included Dycom
Industries, Inc., a provider of specialty contracting services, and
Michael Baker Corp., an engineering and energy services firm that
has had to restate its financial statements. In the commercial
services & supplies sector, detractors included check printer Deluxe
Corporation, which reported disappointing earnings, and DeVry, Inc.,
a for-profit education firm whose stock dropped despite strong
earnings results.

In the banks sector, which has been affected by problems in the
mortgage market and throughout the financial industry, holdings
that detracted from performance include Boston Private Financial
Holdings, Inc. and Ocwen Financial Corp. Stock of Boston Private
dropped on news that it had raised its provision for loan losses.
Ocwen, which services subprime mortgages and provides collection
services on delinquent loans, reported a loss for the fourth quarter
of 2007.

Q: What other comments do you have for shareholders?

A:Despite a challenging economic and market environment,
we believe there are many opportunities to deliver attractive
long-term returns by investing in small-cap companies with strong
balance sheets and solid fundamentals. We will continue to utilize a
balanced approach to seeking attractive investment opportunities
among small-cap stocks. We believe a diversified portfolio of
small-cap stocks, managed with careful attention to risk control, can
be an excellent equity vehicle for many investors.

Portfolio Summary

|Asset Allocation(As a % of Investment Portfolio excluding
Securities Lending Collateral) | 3/31/08 | 9/30/07
|---------------------------------------------------------------------------------------- | ------- | -------
|                                                                                         |         |        
|Common Stocks                                                                            | 97%     | 98%    
|Cash Equivalents                                                                         | 3%      | 2%     
|                                                                                         | 100%    | 100%   

|Sector Diversification(As a % of Common Stocks) | 3/31/08 | 9/30/07
|----------------------------------------------- | ------- | -------
|                                                |         |        
|Financials                                      | 18%     | 18%    
|Consumer Discretionary                          | 16%     | 14%    
|Information Technology                          | 15%     | 14%    
|Health Care                                     | 15%     | 15%    
|Industrials                                     | 14%     | 18%    
|Energy                                          | 8%      | 7%     
|Materials                                       | 7%      | 5%     
|Consumer Staples                                | 3%      | 4%     
|Utilities                                       | 2%      | 2%     
|Telecommunication Services                      | 2%      | 3%     
|                                                | 100%    | 100%   

Asset allocation and sector diversification are subject to change.

|Ten Largest Equity Holdings at March 31, 2008(8.1% of Net Assets)                                                        
|-------------------------------------------------------------------------------------------------------------------------
|1.      CF Industries Holdings, Inc.
Manufactures and distributes fertilizers                                            
|2.      Flowers Foods, Inc.
Producer and marketer of bakery and dessert products                                         
|3.      WGL Holdings, Inc.
Sells and delivers natural gas and other energy-related products and services                 
|4.      Perrigo Co.
Manufacturer of over-the-counter pharmaceuticals                                                     
|5.      MICROS Systems, Inc.
Designer and marketer of information solutions                                              
|6.      Waddell & Reed Financial, Inc.
Serves as the investment advisor and underwriter for a family of mutual funds     
|7.      SVB Financial Group
Provider of commercial banking services to emerging growth and
middle-market growth companies
|8.      Comstock Resources, Inc.
Producer and explorer for oil and natural gas reserves                                  
|9.      Owens & Minor, Inc.
Distributes medical/surgical supplies throughout the United States                           
|10.     Rock-Tenn Co.
Manufacturer of packaging products                                                                 

Portfolio holdings are subject to change.

For more complete details about the Fund's investment portfolio, see page 18. A quarterly Fact
Sheet is available upon request. Information concerning portfolio holdings of the Fund as of
month end will be posted to www.dws-scudder.com on or after the last day of the following
month. In addition, the Fund's top ten holdings and other information about the Fund is posted
on www.dws-scudder.com as of the calendar quarter-end on or after the 15th day following
quarter-end. Please see the Account Management Resources section for contact information.

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

Investment Portfolioas of March 31, 2008 (Unaudited)

|                                                   | Shares      | Value ($)
|-------------------------------------------------- | ----------- | ---------
|                                                   |            
|Common Stocks 96.6%                               
|Consumer Discretionary 15.4%                      
|Auto Components 1.8%                              
|Aftermarket Technology Corp.*                      | 14,900      | 289,656  
|American Axle & Manufacturing Holdings, Inc.       | 12,800      | 262,400  
|Amerigon, Inc.*                                    | 12,900      | 190,920  
|Cooper Tire & Rubber Co.                           | 35,100      | 525,447  
|Lear Corp.*                                        | 22,200      | 575,202  
|                                                   | 1,843,625  
|Diversified Consumer Services 0.9%                
|DeVry, Inc.                                        | 16,000      | 669,440  
|Sotheby's                                          | 8,200       | 237,062  
|                                                   | 906,502    
|Hotels Restaurants & Leisure 3.0%                 
|AFC Enterprises, Inc.*                             | 7,300       | 65,627   
|Bob Evans Farms, Inc.                              | 22,400      | 618,016  
|CEC Entertainment, Inc.*                           | 2,900       | 83,752   
|Chipotle Mexican Grill, Inc. "B"*                  | 3,000       | 291,270  
|CKE Restaurants, Inc.                              | 56,200      | 630,564  
|P.F. Chang's China Bistro, Inc.* (a)               | 20,800      | 591,552  
|Premier Exhibitions, Inc.* (a)                     | 11,400      | 68,856   
|Town Sports International Holdings, Inc.* (a)      | 30,300      | 194,223  
|WMS Industries, Inc.*                              | 17,200      | 618,684  
|                                                   | 3,162,544  
|Household Durables 2.3%                           
|American Greetings Corp. "A"                       | 23,600      | 437,780  
|Blyth, Inc.                                        | 14,900      | 293,828  
|CSS Industries, Inc.                               | 15,700      | 548,872  
|Hooker Furniture Corp.                             | 20,300      | 453,502  
|La-Z-Boy, Inc.                                     | 4,000       | 33,360   
|Libbey, Inc.                                       | 16,800      | 282,912  
|Tupperware Brands Corp.                            | 9,200       | 355,856  
|                                                   | 2,406,110  
|Internet & Catalog Retail 1.1%                    
|FTD Group, Inc.                                    | 32,700      | 438,834  
|GSI Commerce, Inc.*                                | 9,900       | 130,185  
|Priceline.com, Inc.* (a)                           | 2,300       | 277,978  
|Systemax, Inc. (a)                                 | 30,100      | 363,006  
|                                                   | 1,210,003  
|Leisure Equipment & Products 0.5%                 
|Callaway Golf Co.                                  | 23,700      | 347,916  
|JAKKS Pacific, Inc.*                               | 5,000       | 137,850  
|Sturm, Ruger & Co., Inc.*                          | 1,900       | 15,656   
|                                                   | 501,422    
|Media 1.2%                                        
|DG Fastchannel, Inc.*                              | 20,700      | 397,026  
|Global Sources Ltd.* (a)                           | 15,210      | 225,868  
|Scholastic Corp.*                                  | 21,200      | 641,724  
|                                                   | 1,264,618  
|Specialty Retail 2.5%                             
|Christopher & Banks Corp.                          | 42,300      | 422,577  
|Hot Topic, Inc.*                                   | 44,000      | 189,640  
|Jo-Ann Stores, Inc.*                               | 24,000      | 353,520  
|New York & Co., Inc.* (a)                          | 45,900      | 263,466  
|Rent-A-Center, Inc.* (a)                           | 34,000      | 623,900  
|Shoe Carnival, Inc.*                               | 13,400      | 181,302  
|The Buckle, Inc.                                   | 12,100      | 541,233  
|West Marine, Inc.* (a)                             | 12,900      | 89,913   
|                                                   | 2,665,551  
|Textiles, Apparel & Luxury Goods 2.1%             
|Fossil, Inc.*                                      | 18,200      | 555,828  
|G-III Apparel Group Ltd.*                          | 14,000      | 187,880  
|Movado Group, Inc.                                 | 14,300      | 278,707  
|Oxford Industries, Inc.                            | 8,200       | 184,746  
|Perry Ellis International, Inc.*                   | 23,600      | 515,188  
|The Warnaco Group, Inc.*                           | 12,800      | 504,832  
|                                                   | 2,227,181  
|Consumer Staples 2.7%                             
|Food & Staples Retailing 0.4%                     
|Ingles Markets, Inc. "A"                           | 9,500       | 233,605  
|Ruddick Corp.                                      | 4,600       | 169,556  
|                                                   | 403,161    
|Food Products 2.3%                                
|Cal-Maine Foods, Inc. (a)                          | 13,800      | 460,644  
|Darling International, Inc.*                       | 3,400       | 44,030   
|Flowers Foods, Inc.                                | 36,600      | 905,850  
|Fresh Del Monte Produce, Inc.*                     | 20,100      | 731,640  
|Imperial Sugar Co. (a)                             | 16,400      | 308,648  
|                                                   | 2,450,812  
|Energy 7.4%                                       
|Energy Equipment & Services 2.7%                  
|Atwood Oceanics, Inc.*                             | 7,000       | 642,040  
|Bristow Group, Inc.*                               | 12,300      | 660,141  
|Dawson Geophysical Co.*                            | 4,600       | 310,500  
|Grey Wolf, Inc.*                                   | 74,900      | 507,822  
|Gulf Island Fabrication, Inc.                      | 7,700       | 221,144  
|Oil States International, Inc.*                    | 300         | 13,443   
|Union Drilling, Inc.*                              | 24,500      | 428,505  
|                                                   | 2,783,595  
|Oil, Gas & Consumable Fuels 4.7%                  
|Alpha Natural Resources, Inc.*                     | 12,900      | 560,376  
|Bois d'Arc Energy, Inc.*                           | 28,500      | 612,465  
|Brigham Exploration Co.* (a)                       | 28,800      | 174,816  
|Clayton Williams Energy, Inc.*                     | 12,400      | 650,876  
|Comstock Resources, Inc.*                          | 20,200      | 814,060  
|Knightsbridge Tankers Ltd.                         | 5,800       | 154,744  
|Mariner Energy, Inc.* (a)                          | 27,300      | 737,373  
|PetroQuest Energy, Inc.*                           | 35,900      | 622,506  
|Swift Energy Co.*                                  | 13,800      | 620,862  
|                                                   | 4,948,078  
|Financials 17.8%                                  
|Capital Markets 1.4%                              
|GFI Group, Inc.                                    | 1,000       | 57,300   
|Prospect Capital Corp. (a)                         | 36,458      | 554,891  
|Waddell & Reed Financial, Inc. "A"                 | 26,000      | 835,380  
|                                                   | 1,447,571  
|Commercial Banks 4.5%                             
|Boston Private Financial Holdings, Inc. (a)        | 13,800      | 146,142  
|Center Financial Corp.                             | 4,900       | 44,394   
|Citizens Republic Bancorp., Inc.                   | 3,800       | 47,234   
|City Holding Co.                                   | 6,000       | 239,400  
|Community Bank System, Inc.                        | 2,700       | 66,312   
|First Financial Bankshares, Inc.                   | 1,700       | 69,666   
|FirstMerit Corp.                                   | 21,800      | 450,388  
|National Penn Bancshares, Inc.                     | 17,938      | 326,292  
|NBT Bancorp., Inc.                                 | 2,900       | 64,380   
|Old National Bancorp.                              | 20,600      | 370,800  
|Oriental Financial Group, Inc.                     | 27,800      | 547,938  
|Sterling Bancshares, Inc.                          | 41,800      | 415,492  
|Susquehanna Bancshares, Inc.                       | 28,800      | 586,656  
|SVB Financial Group*                               | 19,000      | 829,160  
|Taylor Capital Group, Inc.                         | 9,900       | 162,558  
|Tompkins Financial Corp.                           | 3,200       | 157,440  
|WesBanco, Inc.                                     | 9,300       | 229,803  
|                                                   | 4,754,055  
|Consumer Finance 0.9%                             
|Dollar Financial Corp.*                            | 22,100      | 508,300  
|EZCORP, Inc. "A"*                                  | 34,400      | 423,464  
|                                                   | 931,764    
|Diversified Financial Services 0.3%               
|Interactive Brokers Group, Inc. "A"*               | 14,600      | 374,782  
|Insurance 2.9%                                    
|AmTrust Financial Services, Inc.                   | 31,300      | 507,373  
|Aspen Insurance Holdings Ltd.                      | 21,700      | 572,446  
|Hallmark Financial Services, Inc.*                 | 12,000      | 133,920  
|IPC Holdings Ltd.                                  | 5,700       | 159,600  
|Max Capital Group Ltd.                             | 3,100       | 81,189   
|National Interstate Corp.                          | 3,100       | 72,385   
|Navigators Group, Inc.*                            | 8,100       | 440,640  
|Platinum Underwriters Holdings Ltd.                | 12,600      | 408,996  
|Seabright Insurance Holdings*                      | 26,900      | 396,237  
|Selective Insurance Group, Inc.                    | 10,900      | 260,292  
|                                                   | 3,033,078  
|Real Estate Investment Trusts 6.5%                
|Alexandria Real Estate Equities, Inc. (REIT)       | 4,500       | 417,240  
|BioMed Realty Trust, Inc. (REIT)                   | 13,800      | 329,682  
|Corporate Office Properties Trust (REIT)           | 8,000       | 268,880  
|Cousins Properties, Inc. (REIT) (a)                | 12,000      | 296,520  
|Digital Realty Trust, Inc. (REIT)                  | 10,700      | 379,850  
|EastGroup Properties, Inc. (REIT)                  | 5,900       | 274,114  
|Equity Lifestyle Properties, Inc. (REIT)           | 6,000       | 296,220  
|Equity One, Inc. (REIT) (a)                        | 15,000      | 359,550  
|First Industrial Realty Trust, Inc. (REIT) (a)     | 10,300      | 318,167  
|Glimcher Realty Trust (REIT)                       | 12,800      | 153,088  
|Healthcare Realty Trust, Inc. (REIT) (a)           | 10,500      | 274,575  
|Home Properties, Inc. (REIT)                       | 7,900       | 379,121  
|LaSalle Hotel Properties (REIT)                    | 10,800      | 310,284  
|Maguire Properties, Inc. (REIT)                    | 4,300       | 61,533   
|National Retail Properties, Inc. (REIT)            | 13,800      | 304,290  
|Nationwide Health Properties, Inc. (REIT)          | 10,900      | 367,875  
|Newcastle Investment Corp. (REIT) (a)              | 17,000      | 140,420  
|Pennsylvania Real Estate Investment Trust (REIT)   | 9,100       | 221,949  
|Potlatch Corp. (REIT)                              | 1,500       | 61,905   
|Realty Income Corp. (REIT) (a)                     | 11,700      | 299,754  
|Redwood Trust, Inc. (REIT) (a)                     | 4,300       | 156,305  
|Sovran Self Storage, Inc. (REIT)                   | 7,600       | 324,596  
|Sunstone Hotel Investors, Inc. (REIT)              | 8,200       | 131,282  
|Tanger Factory Outlet Centers, Inc. (REIT) (a)     | 8,200       | 315,454  
|Washington Real Estate Investment Trust (REIT) (a) | 10,300      | 344,226  
|                                                   | 6,786,880  
|Thrifts & Mortgage Finance 1.3%                   
|Anchor BanCorp Wisconsin, Inc.                     | 7,800       | 147,966  
|Corus Bankshares, Inc. (a)                         | 26,200      | 254,926  
|Dime Community Bancshares                          | 11,600      | 202,768  
|Flagstar Bancorp., Inc.                            | 23,600      | 170,392  
|Northwest Bancorp, Inc.                            | 10,500      | 286,965  
|Ocwen Financial Corp.* (a)                         | 38,300      | 170,052  
|WSFS Financial Corp.                               | 2,700       | 133,056  
|                                                   | 1,366,125  
|Health Care 14.3%                                 
|Biotechnology 2.6%                                
|Alkermes, Inc.*                                    | 43,100      | 512,028  
|Alnylam Pharmaceuticals, Inc.*                     | 15,300      | 373,320  
|Applera Corp.  Celera Group*                      | 8,600       | 126,420  
|Cubist Pharmaceuticals, Inc.*                      | 30,900      | 569,178  
|Isis Pharmaceuticals, Inc.*                        | 9,300       | 131,223  
|Onyx Pharmaceuticals, Inc.*                        | 13,800      | 400,614  
|OSI Pharmaceuticals, Inc.*                         | 17,500      | 654,325  
|                                                   | 2,767,108  
|Health Care Equipment & Supplies 1.6%             
|Align Technology, Inc.*                            | 25,800      | 286,638  
|Cutera, Inc.*                                      | 2,900       | 39,063   
|Hologic, Inc.*                                     | 2,800       | 155,680  
|Meridian Bioscience, Inc.                          | 14,300      | 478,049  
|Merit Medical Systems, Inc.*                       | 7,900       | 125,057  
|SurModics, Inc.* (a)                               | 13,500      | 565,380  
|                                                   | 1,649,867  
|Health Care Providers & Services 4.7%             
|Air Methods Corp.*                                 | 2,200       | 106,414  
|Alliance Imaging, Inc.*                            | 20,700      | 178,020  
|Amedisys, Inc.*                                    | 14,000      | 550,760  
|Animal Health International, Inc.*                 | 4,200       | 45,948   
|Apria Healthcare Group, Inc.*                      | 33,700      | 665,575  
|Centene Corp.*                                     | 27,200      | 379,168  
|Chemed Corp.                                       | 5,100       | 215,220  
|CorVel Corp.*                                      | 11,100      | 339,549  
|Healthspring, Inc.*                                | 32,200      | 453,376  
|Kindred Healthcare, Inc.*                          | 25,100      | 548,937  
|Magellan Health Services, Inc.*                    | 10,700      | 424,683  
|MedCath Corp.*                                     | 2,000       | 36,400   
|Owens & Minor, Inc.                                | 20,000      | 786,800  
|RehabCare Group, Inc.*                             | 12,200      | 183,000  
|                                                   | 4,913,850  
|Health Care Technology 0.8%                       
|Eclipsys Corp.*                                    | 26,100      | 511,821  
|Phase Forward, Inc.*                               | 5,400       | 92,232   
|TriZetto Group, Inc.*                              | 15,900      | 265,371  
|                                                   | 869,424    
|Life Sciences Tools & Services 2.2%               
|Albany Molecular Research, Inc.*                   | 2,800       | 33,992   
|Cambrex Corp.                                      | 51,000      | 353,430  
|Dionex Corp.*                                      | 9,500       | 731,405  
|eResearchTechnology, Inc.*                         | 12,000      | 149,040  
|Nektar Therapeutics* (a)                           | 10,600      | 73,564   
|PAREXEL International Corp.*                       | 24,100      | 629,010  
|Pharmanet Development Group, Inc.*                 | 13,100      | 330,513  
|                                                   | 2,300,954  
|Pharmaceuticals 2.4%                              
|Caraco Pharmaceutical Laboratories Ltd.*           | 15,100      | 271,045  
|Medicis Pharmaceutical Corp. "A" (a)               | 31,400      | 618,266  
|Obagi Medical Products, Inc.*                      | 2,300       | 19,964   
|Perrigo Co.                                        | 23,300      | 879,109  
|Salix Pharmaceuticals Ltd.*                        | 73,700      | 462,836  
|ViroPharma, Inc.*                                  | 36,900      | 329,886  
|                                                   | 2,581,106  
|Industrials 13.9%                                 
|Aerospace & Defense 0.7%                          
|Teledyne Technologies, Inc.*                       | 15,200      | 714,400  
|Airlines 0.2%                                     
|Alaska Air Group, Inc.*                            | 3,000       | 58,860   
|Allegiant Travel Co.*                              | 2,300       | 60,766   
|Pinnacle Airlines Corp.* (a)                       | 15,600      | 136,188  
|                                                   | 255,814    
|Building Products 0.6%                            
|Apogee Enterprises, Inc.                           | 35,800      | 551,320  
|Gibraltar Industries, Inc.                         | 4,100       | 48,093   
|                                                   | 599,413    
|Commercial Services & Supplies 4.2%               
|American Ecology Corp.                             | 700         | 17,731   
|Bowne & Co., Inc.                                  | 3,100       | 47,275   
|COMSYS IT Partners, Inc.*                          | 40,700      | 344,322  
|Consolidated Graphics, Inc.*                       | 10,600      | 594,130  
|Deluxe Corp.                                       | 26,900      | 516,749  
|Diamond Management & Technology Consultants, Inc.  | 4,000       | 25,800   
|G & K Services, Inc. "A"                           | 300         | 10,683   
|Herman Miller, Inc.                                | 24,100      | 592,137  
|Hudson Highland Group, Inc.*                       | 38,200      | 323,554  
|IKON Office Solutions, Inc.                        | 24,000      | 182,400  
|PeopleSupport, Inc.* (a)                           | 16,100      | 146,832  
|The Advisory Board Co.*                            | 600         | 32,964   
|United Stationers, Inc.*                           | 13,400      | 639,180  
|Volt Information Sciences, Inc.*                   | 26,700      | 452,832  
|Watson Wyatt Worldwide, Inc. "A"                   | 7,600       | 431,300  
|                                                   | 4,357,889  
|Construction & Engineering 1.8%                   
|EMCOR Group, Inc.*                                 | 26,900      | 597,449  
|Granite Construction, Inc.                         | 18,900      | 618,219  
|Michael Baker Corp.*                               | 6,800       | 152,728  
|Perini Corp.*                                      | 14,800      | 536,204  
|                                                   | 1,904,600  
|Electrical Equipment 3.5%                         
|Acuity Brands, Inc.                                | 16,500      | 708,675  
|AZZ, Inc.*                                         | 7,100       | 252,618  
|Encore Wire Corp.                                  | 5,500       | 100,155  
|GrafTech International Ltd.*                       | 31,400      | 508,994  
|II-VI, Inc.*                                       | 17,700      | 672,246  
|LSI Industries, Inc.                               | 18,500      | 244,385  
|Superior Essex, Inc.*                              | 20,200      | 568,024  
|Woodward Governor Co.                              | 23,100      | 617,232  
|                                                   | 3,672,329  
|Machinery 1.9%                                    
|Actuant Corp. "A"                                  | 13,900      | 419,919  
|Columbus McKinnon Corp.*                           | 15,700      | 486,386  
|Mueller Industries, Inc.                           | 6,700       | 193,295  
|Robbins & Myers, Inc.                              | 15,500      | 506,075  
|Sun Hydraulics Corp. (a)                           | 5,800       | 169,766  
|TriMas Corp.*                                      | 14,300      | 75,361   
|Twin Disc, Inc.                                    | 8,700       | 137,634  
|Xerium Technologies, Inc. (a)                      | 36,400      | 46,956   
|                                                   | 2,035,392  
|Marine 0.3%                                       
|TBS International Ltd. "A"*                        | 11,700      | 353,340  
|Road & Rail 0.1%                                  
|Dollar Thrifty Automotive Group, Inc.*             | 8,600       | 117,304  
|Trading Companies & Distributors 0.6%             
|Applied Industrial Technologies, Inc.              | 21,100      | 630,679  
|Information Technology 14.8%                      
|Communications Equipment 1.4%                     
|Anaren, Inc.*                                      | 7,500       | 94,950   
|Dycom Industries, Inc.*                            | 25,600      | 307,456  
|MasTec, Inc.*                                      | 41,300      | 339,073  
|Plantronics, Inc.                                  | 9,100       | 175,721  
|Tekelec*                                           | 43,300      | 539,085  
|                                                   | 1,456,285  
|Computers & Peripherals 1.4%                      
|Data Domain, Inc.*                                 | 16,900      | 402,220  
|Emulex Corp.*                                      | 43,600      | 708,064  
|Novatel Wireless, Inc.*                            | 30,900      | 299,112  
|Rimage Corp.*                                      | 1,500       | 32,850   
|                                                   | 1,442,246  
|Electronic Equipment & Instruments 0.3%           
|LoJack Corp.*                                      | 3,100       | 39,184   
|Multi-Fineline Electronix, Inc.*                   | 17,500      | 328,475  
|                                                   | 367,659    
|Internet Software & Services 1.5%                 
|Chordiant Software, Inc.*                          | 13,200      | 79,596   
|CMGI, Inc.*                                        | 13,100      | 173,706  
|CNET Networks, Inc.* (a)                           | 33,200      | 235,720  
|EarthLink, Inc.*                                   | 33,400      | 252,170  
|Greenfield Online, Inc.*                           | 4,400       | 52,184   
|InfoSpace, Inc.                                    | 10,600      | 122,642  
|j2 Global Communications, Inc.*                    | 7,800       | 174,096  
|United Online, Inc. (a)                            | 17,800      | 187,968  
|ValueClick, Inc.*                                  | 9,200       | 158,700  
|Websense, Inc.*                                    | 5,700       | 106,875  
|                                                   | 1,543,657  
|IT Services 1.5%                                  
|CSG Systems International, Inc.*                   | 60,900      | 692,433  
|MAXIMUS, Inc.                                      | 19,100      | 701,161  
|SRA International, Inc. "A"*                       | 9,200       | 223,652  
|                                                   | 1,617,246  
|Semiconductors & Semiconductor Equipment 4.5%     
|Amkor Technology, Inc.*                            | 35,200      | 376,640  
|Cabot Microelectronics Corp.*                      | 13,500      | 434,025  
|Cymer, Inc.*                                       | 6,500       | 169,260  
|Mattson Technology, Inc.*                          | 60,300      | 367,227  
|Pericom Semiconductor Corp.*                       | 36,600      | 537,288  
|Semtech Corp.*                                     | 48,300      | 692,139  
|Sigma Designs, Inc.* (a)                           | 15,800      | 358,186  
|Skyworks Solutions, Inc.*                          | 35,200      | 256,256  
|Standard Microsystems Corp.*                       | 15,300      | 446,454  
|Tessera Technologies, Inc.*                        | 26,300      | 547,040  
|Zoran Corp.*                                       | 36,800      | 502,688  
|                                                   | 4,687,203  
|Software 4.2%                                     
|Advent Software, Inc.*                             | 13,500      | 575,370  
|Ansoft Corp.*                                      | 23,700      | 723,324  
|Commvault Systems, Inc.*                           | 11,100      | 137,640  
|Jack Henry & Associates, Inc.                      | 15,600      | 384,852  
|JDA Software Group, Inc.*                          | 31,700      | 578,525  
|MICROS Systems, Inc.*                              | 25,100      | 844,866  
|Net 1 UEPS Technologies, Inc.*                     | 16,600      | 374,330  
|Progress Software Corp.*                           | 4,900       | 146,608  
|Renaissance Learning, Inc.                         | 1,600       | 22,384   
|Secure Computing Corp.*                            | 14,100      | 90,945   
|Solera Holdings, Inc.*                             | 3,100       | 75,516   
|SPSS, Inc.*                                        | 2,500       | 96,950   
|Sybase, Inc.*                                      | 2,900       | 76,270   
|Ultimate Software Group, Inc.*                     | 10,400      | 312,624  
|                                                   | 4,440,204  
|Materials 6.5%                                    
|Chemicals 2.7%                                    
|CF Industries Holdings, Inc.                       | 9,500       | 984,390  
|Ferro Corp.                                        | 9,500       | 141,170  
|GenTek, Inc.* (a)                                  | 7,600       | 228,608  
|NewMarket Corp.                                    | 4,800       | 362,160  
|Rockwood Holdings, Inc.*                           | 6,600       | 216,282  
|Stepan Co.                                         | 5,900       | 225,557  
|Terra Industries, Inc.*                            | 18,300      | 650,199  
|                                                   | 2,808,366  
|Containers & Packaging 2.0%                       
|AEP Industries, Inc.*                              | 4,800       | 145,392  
|AptarGroup, Inc.                                   | 11,000      | 428,230  
|Greif, Inc. "A"                                    | 10,900      | 740,437  
|Rock-Tenn Co. "A"                                  | 25,400      | 761,238  
|                                                   | 2,075,297  
|Metals & Mining 1.3%                              
|Compass Minerals International, Inc.               | 11,800      | 695,964  
|Universal Stainless & Alloy Products, Inc.*        | 5,800       | 172,318  
|Worthington Industries, Inc. (a)                   | 33,800      | 570,206  
|                                                   | 1,438,488  
|Paper & Forest Products 0.5%                      
|Buckeye Technologies, Inc.*                        | 21,800      | 243,288  
|Schweitzer-Mauduit International, Inc.             | 11,100      | 256,854  
|                                                   | 500,142    
|Telecommunication Services 1.6%                   
|Diversified Telecommunication Services 1.2%       
|Alaska Communications Systems Group, Inc.          | 52,200      | 638,928  
|Atlantic Tele-Network, Inc.                        | 9,300       | 314,619  
|Cincinnati Bell, Inc.*                             | 59,600      | 253,896  
|                                                   | 1,207,443  
|Wireless Telecommunication Services 0.4%          
|Syniverse Holdings, Inc.*                          | 5,500       | 91,630   
|USA Mobility, Inc.*                                | 50,600      | 361,284  
|                                                   | 452,914    
|Utilities 2.2%                                    
|Electric Utilities 0.6%                           
|Westar Energy, Inc. (a)                            | 25,700      | 585,189  
|Gas Utilities 1.6%                                
|New Jersey Resources Corp.                         | 6,950       | 215,798  
|South Jersey Industries, Inc.                      | 1,900       | 66,709   
|Southwest Gas Corp.                                | 9,000       | 251,640  
|The Laclede Group, Inc.                            | 7,800       | 277,914  
|WGL Holdings, Inc.                                 | 27,900      | 894,474  
|                                                   | 1,706,535  
|Total Common Stocks (Cost $107,885,476)            | 101,519,800

|                                                         | Principal
Amount ($) | Value ($)
|-------------------------------------------------------- | -------------------- | ---------
|                                                         |                     
|Government & Agency Obligation 0.3%                     
|US Treasury Obligation                                  
|US Treasury Bill, 3.03%**, 4/17/2008 (b) (Cost $311,580) | 312,000              | 311,834  

|                                                                 | Shares    | Value ($)
|---------------------------------------------------------------- | --------- | ---------
|                                                                 |          
|Securities Lending Collateral 9.1%                              
|Daily Assets Fund Institutional, 3.25% (c) (d) (Cost $9,519,337) | 9,519,337 | 9,519,337
|                                                                
|Cash Equivalents 3.1%                                           
|Cash Management QP Trust, 2.84% (c) (Cost $3,227,708)            | 3,227,708 | 3,227,708

|                                               | % of Net
Assets | Value ($)  
|---------------------------------------------- | --------------- | -----------
|                                               |                
|Total Investment Portfolio(Cost $120,944,101)+ | 109.1           | 114,578,679
|Other Assets and Liabilities, Net              | (9.1)           | (9,533,802)
|Net Assets                                     | 100.0           | 105,044,877

REIT: Real Estate Investment Trust

At March 31, 2008, open futures contracts purchased were as follows:

|Futures            | Expiration
Date | Contracts | Aggregated
Face
Value ($) | Value ($) | Unrealized
Appreciation ($)
|------------------ | --------------- | --------- | ------------------------- | --------- | ---------------------------
|Russell 2000 Index | 6/18/2008       | 10        | 3,390,295                 | 3,450,000 | 59,705                     

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

Financial Statements

|Statement of Assets and Liabilitiesas of March 31, 2008 (Unaudited)                                            
|---------------------------------------------------------------------------------------------------------------
|Assets                                                                                                         
|Investments:Investments in securities, at value (cost $108,197,056)  including
$9,076,679 of securities loaned
|Investment in Daily Assets Fund Institutional (cost $9,519,337)*                                               
|Investment in Cash Management QP Trust (cost $3,227,708)                                                       
|Total investments, at value (cost $120,944,101)                                                                
|Receivable for investments sold                                                                                
|Interest receivable                                                                                            
|Dividends receivable                                                                                           
|Receivable for daily variation margin on open futures contracts                                                
|Receivable for Fund shares sold                                                                                
|Other assets                                                                                                   
|Total assets                                                                                                   
|Liabilities                                                                                                    
|Payable upon return of securities loaned                                                                       
|Cash overdraft                                                                                                 
|Payable for Fund shares redeemed                                                                               
|Accrued management fee                                                                                         
|Other accrued expenses and payables                                                                            
|Total liabilities                                                                                              
|Net assets, at value                                                                                           
|Net Assets Consist of                                                                                          
|Undistributed net investment income                                                                            
|Net unrealized appreciation (depreciation) on:Investments                                                      
|Futures                                                                                                        
|Accumulated net realized gain (loss)                                                                           
|Paid-in capital                                                                                                
|Net assets, at value                                                                                           

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



|Statement of Assets and Liabilitiesas of March 31, 2008 (Unaudited) (continued)                                                                                                                                                          
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Net Asset Value                                                                                                                                                                                                                          
|Class A
Net Asset Value and redemption price(a) per share ($6,943,565 ÷ 438,336
outstanding shares of beneficial interest, $.01 par value, unlimited number
of shares authorized)                                                        
|Maximum offering price per share (100 ÷ 94.25 of $15.84)                                                                                                                                                                                 
|Class B
Net Asset Value, offering and redemption price(a) (subject to contingent
deferred sales charge) per share ($2,011,718 ÷ 138,144 outstanding shares
of beneficial interest, $.01 par value, unlimited number of shares authorized)
|Class C
Net Asset Value, offering and redemption price(a) (subject to contingent
deferred sales charge) per share ($819,496 ÷ 56,062 outstanding shares of
beneficial interest, $.01 par value, unlimited number of shares authorized)   
|Class S
Net Asset Value, offering and redemption price(a)per share
($95,270,098 ÷ 5,849,702 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)                                            

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

|Statement of Operationsfor the six months ended March 31, 2008 (Unaudited)                               
|---------------------------------------------------------------------------------------------------------
|Investment Income                                                                                        
|Income:Dividends (net of foreign taxes withheld of $389)                                                 
|Interest  Cash Management QP Trust                                                                      
|Interest                                                                                                 
|Securities lending income, including income from Daily Assets Fund
Institutional, net of borrower rebates
|Total Income                                                                                             
|Expenses:Management fee                                                                                  
|Services to shareholders                                                                                 
|Administration fees                                                                                      
|Reports to shareholders                                                                                  
|Distribution and service fees                                                                            
|Professional fees                                                                                        
|Registration fees                                                                                        
|Custodian fee                                                                                            
|Trustees' fees and expenses                                                                              
|Other                                                                                                    
|Total expenses before expense reductions                                                                 
|Expense reductions                                                                                       
|Total expenses after expense reductions                                                                  
|Net investment income (loss)                                                                             
|Realized and Unrealized Gain (Loss)                                                                      
|Net realized gain (loss) from:Investments                                                                
|Futures                                                                                                  
|                                                                                                         
|Change in net unrealized appreciation (depreciation) on:Investments                                      
|Futures                                                                                                  
|                                                                                                         
|Net gain (loss)                                                                                          
|Net increase (decrease) in net assets resulting from operations                                          

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

|Statement of Changes in Net Assets                                                                              
|----------------------------------------------------------------------------------------------------------------
|Increase (Decrease) in Net Assets                                                                               
|Operations:Net investment income (loss)                                                                         
|Net realized gain (loss)                                                                                        
|Change in net realized appreciation (depreciation)                                                              
|Net increase (decrease) in net assets resulting from
operations                                                 
|Distributions to shareholders from:Net investment income:Class S                                                
|Net realized gains:Class A                                                                                      
|Class B                                                                                                         
|Class C                                                                                                         
|Class S                                                                                                         
|Total distributions                                                                                             
|Fund share transactions:Proceeds from shares sold                                                               
|Reinvestment of distributions                                                                                   
|Cost of shares redeemed                                                                                         
|Redemption fees                                                                                                 
|Net increase (decrease) in net assets from Fund share
transactions                                              
|Increase (decrease) in net assets                                                                               
|Net assets at beginning of period                                                                               
|Net assets at end of year (including undistributed net
investment income of $286,125 and $314,958,
respectively)

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

Financial Highlights

|Class A
Years Ended September 30,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 2008a      | 2007       | 2006       | 2005       | 2004       | 2003      
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------
|Selected Per Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|Net asset value, beginning of
period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $    21.77 | $    23.27 | $    25.70 | $    24.87 | $    21.43 | $    16.02
|Income (loss) from investment
operations:
Net investment income (loss)b                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | .02        | (.02)      | (.08)d     | (.16)      | (.15)      | (.05)     
|Net realized and unrealized gain
(loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (3.04)     | 1.19       | 1.05       | 4.10       | 4.29       | 5.46      
|Total from investment
operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (3.02)     | 1.17       | .97        | 3.94       | 4.14       | 5.41      
|Less distributions from:
Net realized gains                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (2.91)     | (2.67)     | (3.40)     | (3.11)     | (.70)      |          
|Redemption fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | .00***     | .00***     | .00***     | .00***     |           |          
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $    15.84 | $    21.77 | $    23.27 | $    25.70 | $    24.87 | $    21.43
|Total Return (%)c                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (15.18)**  | 4.45       | 4.41d      | 16.45      | 19.45      | 33.77     
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|Net assets, end of period ($ millions)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 7          | 10         | 12         | 12         | 13         | 5         
|Ratio of expenses (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 1.61*      | 1.48       | 1.57       | 1.50       | 1.50       | 1.42      
|Ratio of net investment income
(loss) (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | .15*       | (.12)      | (.37)d     | (.63)      | (.62)      | (.25)     
|Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 98**       | 202        | 205        | 198        | 186        | 164       
|aFor the six months ended March 31, 2008 (Unaudited).bBased on average shares outstanding during the period.cTotal return does not reflect the effect of any sales charges.dIncludes non-recurring income from the Advisor recorded as a result of an administrative
proceeding regarding disclosure of brokerage allocation practices in connection with sales
of DWS Scudder Funds. The non-recurring income resulted in an increase in net
investment income of $0.001 per share. Excluding this non-recurring income, total return
would have remained the same.*Annualized**Not annualized***Amount is less than $.005.

|Class B
Years Ended September 30,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 2008a      | 2007       | 2006       | 2005       | 2004       | 2003      
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ---------- | ---------- | ---------- | ---------- | ---------- | ----------
|Selected Per Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|Net asset value, beginning of
period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $    20.32 | $    22.04 | $    24.70 | $    24.20 | $    21.03 | $    15.85
|Income (loss) from investment
operations:
Net investment income (loss)b                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (.03)      | (.17)      | (.25)e     | (.36)      | (.33)      | (.19)     
|Net realized and unrealized gain
(loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (2.82)     | 1.12       | .99        | 3.97       | 4.20       | 5.37      
|Total from investment
operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (2.85)     | .95        | .74        | 3.61       | 3.87       | 5.18      
|Less distributions from:
Net realized gains                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (2.91)     | (2.67)     | (3.40)     | (3.11)     | (.70)      |          
|Redemption fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | .00***     | .00***     | .00***     | .00***     |           |          
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $    14.56 | $    20.32 | $    22.04 | $    24.70 | $    24.20 | $    21.03
|Total Return (%)c                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (15.45)d** | 3.62d      | 3.58d,e    | 15.50d     | 18.47d     | 32.68     
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|Net assets, end of period ($ millions)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2          | 3          | 3          | 3          | 3          | 2         
|Ratio of expenses before expense
reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 2.43*      | 2.38       | 2.39       | 2.38       | 2.32       | 2.25      
|Ratio of expenses after expense
reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 2.25*      | 2.25       | 2.38       | 2.35       | 2.31       | 2.25      
|Ratio of net investment income
(loss) (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (.49)*     | (.89)      | (1.18)e    | (1.48)     | (1.43)     | (1.08)    
|Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 98**       | 202        | 205        | 198        | 186        | 164       
|aFor the six months ended March 31, 2008 (Unaudited).bBased on average shares outstanding during the period.cTotal return does not reflect the effect of any sales charges.dTotal return would have been lower had certain expenses not been reduced.eIncludes 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 Scudder Funds. The non-recurring income resulted in an increase in net
investment income of $0.001 per share. Excluding this non-recurring income, total return
would have remained the same.*Annualized**Not annualized***Amount is less than $.005.

|Class C
Years Ended September 30,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 2008a      | 2007       | 2006       | 2005       | 2004       | 2003      
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ---------- | ---------- | ---------- | ---------- | ---------- | ----------
|Selected Per Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|Net asset value, beginning of
period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $    20.39 | $    22.10 | $    24.74 | $    24.21 | $    21.04 | $    15.85
|Income (loss) from investment
operations:
Net investment income (loss)b                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (.03)      | (.17)      | (.22)e     | (.35)      | (.33)      | (.20)     
|Net realized and unrealized gain
(loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (2.83)     | 1.13       | .98        | 3.99       | 4.20       | 5.39      
|Total from investment
operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (2.86)     | .96        | .76        | 3.64       | 3.87       | 5.19      
|Less distributions from:
Net realized gains                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (2.91)     | (2.67)     | (3.40)     | (3.11)     | (.70)      |          
|Redemption fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | .00***     | .00***     | .00***     | .00***     |           |          
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $    14.62 | $    20.39 | $    22.10 | $    24.74 | $    24.21 | $    21.04
|Total Return (%)c                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (15.45)d** | 3.66       | 3.70d      | 15.54      | 18.51      | 32.74     
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|Net assets, end of period ($ millions)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 1          | 2          | 2          | 2          | 1          | .9        
|Ratio of expenses before expense
reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 2.28*      | 2.23       | 2.27       | 2.30       | 2.28       | 2.21      
|Ratio of expenses after expense
reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 2.28*      | 2.23       | 2.27       | 2.30       | 2.28       | 2.21      
|Ratio of net investment income
(loss) (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (.52)*     | (.87)      | (1.07)e    | (1.43)     | (1.40)     | (1.04)    
|Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 98**       | 202        | 205        | 198        | 186        | 164       
|aFor the six months ended March 31, 2008 (Unaudited).bBased on average shares outstanding during the period.cTotal return does not reflect the effect of any sales charges.dTotal return would have been lower had certain expenses not been reduced.eIncludes 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 Scudder Funds. The non-recurring income resulted in an increase in net
investment income of $0.001 per share. Excluding this non-recurring income, total return
would have remained the same.*Annualized**Not annualized***Amount is less than $.005.

|Class S
Years Ended September 30,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 2008a      | 2007       | 2006       | 2005       | 2004       | 2003      
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------
|Selected Per Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|Net asset value, beginning of
period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $    22.31 | $23.71     | $    26.04 | $    25.10 | $    21.56 | $    16.08
|Income (loss) from investment
operations:
Net investment income (loss)b                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | .05        | .06        | .01d       | (.07)      | (.08)      | (.01)     
|Net realized and unrealized gain
(loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | (3.10)     | 1.21       | 1.06       | 4.12       | 4.32       | 5.49      
|Total from investment
operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (3.05)     | 1.27       | 1.07       | 4.05       | 4.24       | 5.48      
|Less distributions from:
Net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (.06)      |           |           |           |           |          
|Net realized gains                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (2.91)     | (2.67)     | (3.40)     | (3.11)     | (.70)      |          
|Total distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | (2.97)     |           |           |           |           |          
|Redemption fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | .00***     | .00***     | .00***     | .00***     |           |          
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $    16.29 | $    22.31 | $    23.71 | $    26.04 | $    25.10 | $    21.56
|Total Return (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (14.95)**  | 4.82c      | 4.82c,d    | 16.72      | 19.80      | 34.08     
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|Net assets, end of period ($ millions)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 95         | 126        | 138        | 101        | 77         | 52        
|Ratio of expenses before expense
reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 1.21*      | 1.15       | 1.19       | 1.14       | 1.20       | 1.21      
|Ration of expenses after expense
reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 1.21*      | 1.09       | 1.17       | 1.14       | 1.20       | 1.21      
|Ratio of net investment income
(loss) (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | .55*       | .27        | .03d       | (.27)      | (.32)      | (.04)     
|Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 98**       | 202        | 205        | 198        | 186        | 164       
|aFor the six months ended March 31, 2008 (Unaudited).bBased on average shares outstanding during the period.cTotal return would have been lower had certain expenses not been reduced.dIncludes non-recurring income from the Advisor recorded as a result of an administrative
proceeding regarding disclosure of brokerage allocation practices in connection with sales
of DWS Scudder Funds. The non-recurring income resulted in an increase in net
investment income of $0.001 per share. Excluding this non-recurring income, total return
would have remained the same.*Annualized**Not annualized***Amount is less than $.005.

Notes to Financial Statements(Unaudited)

A. Significant Accounting Policies

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

The Fund offers multiple classes of shares which provide investors with
different purchase options. Class A shares are offered to investors subject to
an initial sales charge. Class B shares are offered without an initial sales
charge but are subject to higher ongoing expenses than Class A shares and
a contingent deferred sales charge payable upon certain redemptions. Class
B shares automatically convert to Class A shares six years after issuance.
Class C shares are offered to investors without an initial sales charge but are
subject to higher ongoing expenses than Class A shares and a contingent
deferred sales charge payable upon certain redemptions within one year of
purchase. Class C shares do not convert into another class. Class S shares
are not subject to initial or contingent deferred sales charges and are
generally not available to new investors except under certain circumstances.

Investment income, realized and unrealized gains and losses and certain
fund-level expenses and expense reductions, if any, are borne pro rata on
the basis of relative net assets by the holders of all classes of shares,
except that each class bears certain expenses unique to that class such as
distribution and service fees, services to shareholders and certain other
class-specific expenses. Differences in class-level expenses may result in
payment of different per share dividends by class. All shares of the Fund
have equal rights with respect to voting subject to class-specific
arrangements.

The Fund's financial statements are prepared in accordance with accounting
principles generally accepted in the United States of America which require
the use of management estimates. Actual results could differ from those
estimates. The policies described below are followed consistently by the
Fund in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the
close of regular trading on the New York Stock Exchange on each day the
exchange is open for trading. Equity securities are valued at the most recent
sale price or official closing price reported on the exchange (US or foreign) or
over-the-counter market on which the security is traded most extensively.
Securities for which no sales are reported are valued at the calculated mean
between the most recent bid and asked quotations on the relevant market
or, if a mean cannot be determined, at the most recent bid quotation.

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

Securities and other assets for which market quotations are not readily
available or for which the above valuation procedures are deemed not to
reflect fair value are valued in a manner that is intended to reflect their fair
value as determined in accordance with procedures approved by the
Trustees.

New Accounting Pronouncements. In September 2006, the Financial
Accounting Standards Board ("FASB") released Statement of Financial
Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157").
FAS 157 defines fair value, establishes a framework for measuring fair value
and expands disclosures about fair value measurements. FAS 157 is
effective for fiscal years beginning after November 15, 2007. As of March 31,
2008, management does not believe the adoption of FAS 157 will impact the
amounts reported in the financial statements, however, additional
disclosures will be required about the inputs used to develop the
measurements of fair value and the effect of certain of the measurements
reported in the statement of operations for a fiscal period.

In addition, in March 2008, FASB issued Statement of Financial Accounting
Standards No. 161 ("FAS 161") Disclosures about Derivative Instruments
and Hedging Activities, an amendment of FASB Statement No. 133. FAS 161
requires enhanced disclosure about an entity's derivative and hedging
activities. FAS 161 is effective for fiscal years beginning after November 15,
2008. Management is currently evaluating the impact the adoption of FAS
161 will have on the Fund's financial statement disclosures.

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

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

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

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. 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. The Fund is
subject to all investment risks associated with the value of any cash
collateral received, including, but not limited to, interest rate, credit and
liquidity risk associated with such investments.

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.

The Fund has reviewed the tax positions for each of the three open tax
years as of September 30, 2007 and has determined that no provision for
income tax is required in the Fund's financial statements. The Fund's federal
tax returns for the prior three fiscal years remain subject to examination by
the Internal Revenue Service.

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

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

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

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

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

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

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

Other. Investment transactions are accounted for on a trade date plus one
basis for daily net asset valuation calculations. However, for financial
reporting purposes, investment transactions are reported on trade date.
Dividend income is recorded on the ex-dividend date net of foreign
withholding taxes. Realized gains and losses from investment transactions
are recorded on an identified cost basis. At the fiscal year end of the Fund,
distributions received from Real Estate Investment Trusts (REITs) in excess
of income are recorded as either a reduction of cost of investments or
realized gains. The Fund distinguishes between dividends on a tax basis and
a financial reporting basis and only distributions in excess of tax basis
earnings and profits are reported in the financial statements as a tax return
of capital.

B. Purchases and Sales of Securities

During the six months ended March 31, 2008, purchases and sales of
investment securities (excluding short-term investments) aggregated
$116,246,444 and $130,404,712, respectively.

C. Related Parties

Management Agreement. Under the Investment Management Agreement
with Deutsche Investment Management Americas Inc. ("DIMA" or the
"Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the
Advisor directs the investments of the Fund in accordance with its
investment objectives, policies and restrictions. The Advisor determines the
securities, instruments and other contracts relating to investments to be
purchased, sold or entered into by the Fund.

Under the Investment Management Agreement with the Advisor, the Fund
pays a monthly investment management fee based on the Fund's average
daily net assets computed and accrued daily and payable monthly, at the
following annual rates:

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

Accordingly, for the six months ended March 31, 2008, the fee pursuant to
the management agreement was equivalent to an annualized effective rate
of 0.665% of the Fund's average daily net assets.

For the period from October 1, 2007 through January 31, 2009, the Advisor
has contractually agreed to waive all or a portion of its management fee and
reimburse or pay certain operating expenses of the Fund (excluding certain
expenses such as extraordinary expenses, taxes, brokerage and interest) to
the extent necessary to maintain the operating expenses for Class B at
2.25%.

For the period from October 1, 2007 through January 31, 2008, the Advisor
has contractually agreed to waive all or a portion of its management fee and
reimburse or pay certain operating expenses of the Fund (excluding certain
expenses such as extraordinary expenses, taxes, brokerage and interest) to
the extent necessary to maintain the operating expenses for Class C at
2.25%.

Administration Fee. Pursuant to an Administrative Service Agreement,
DIMA provides most administrative services to the Fund. For all services
provided under the Administrative Services Agreement, the Fund pays the
Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average
daily net assets, computed and accrued daily and payable monthly. For the
six months ended March 31, 2008, the Advisor received an Administration
Fee of $59,352, of which $8,848 is unpaid.

Service Provider Fees. DWS Scudder Investments Service Company
("DWS-SISC"), an affiliate of the Advisor, is the transfer agent,
dividend-paying agent and shareholder service agent of the Fund. Pursuant
to a sub-transfer agency agreement between DWS-SISC and DST Systems,
Inc. ("DST"), DWS-SISC has delegated certain transfer agent,
dividend-paying agent and shareholder service agent functions to DST.
DWS-SISC compensates DST out of the shareholder servicing fee it
receives from the Fund. For the six months ended March 31, 2008, the
amounts charged to the Fund by DWS-SISC were as follows:

|Services to Shareholders | Total
Aggregated | Waived     | Unpaid at
March 31, 2008
|------------------------ | ---------------- | ---------- | ------------------------
|Class A                  | $       13,758   | $         | $       5,660           
|Class B                  | 5,233            | 2,203      | 789                     
|Class C                  | 1,418            | 4          | 197                     
|Class S                  | 107,334          |           | 34,119                  
|                         | $    127,743     | $    2,207 | $    40,765             

Distribution and Service Fees. Under the Fund's Class B and C 12b-1 plans,
DWS-Scudder Distributors, Inc. ("DWS-SDI"), 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, DWS-SDI enters into related selling
group agreements with various firms at various rates for sales of Class B
and C shares. For the six months ended March 31, 2008, the Distribution
Fee was as follows:

|Distribution Fee | Total
Aggregated | Unpaid at
March 31, 2008
|---------------- | ---------------- | ------------------------
|Class B          | $       9,136    | $       1,314           
|Class C          | 4,510            | 515                     
|                 | $    13,646      | $    1,829              

In addition, DWS-SDI 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. DWS-SDI in turn
has various agreements with financial services firms that provide these
services and pays these fees based upon the assets of shareholder
accounts the firms service. For the six months ended March 31, 2008, the
Service Fee was as follows:

|Service Fee | Total
Aggregated | Unpaid at
March 31, 2008 | Annualized
Effective Rate
|----------- | ---------------- | ------------------------ | -------------------------
|Class A     | $       10,088   | $       1,323            | .24%                     
|Class B     | 3,000            | 480                      | .25%                     
|Class C     | 1,500            | 156                      | .25%                     
|            | $    14,588      | $    1,959               |                          

Underwriting Agreement and Contingent Deferred Sales Charge. DWS-SDI
is the principal underwriter for the Fund. Underwriting commissions paid in
connection with the distribution of Class A shares for the six months ended
March 31, 2008 aggregated $303.

In addition, DWS-SDI receives any contingent deferred sales charge
("CDSC") from Class B share redemptions occurring within six years of
purchase and Class C share redemptions occurring within one year of
purchase. There is no such charge upon redemption of any share
appreciation or reinvested dividends. The CDSC is based on declining rates
ranging from 4% to 1% for Class B and 1% for Class C of the value of the
shares redeemed. For the six months ended March 31, 2008, the CDSC
for Class B and C shares aggregated $2,000 and $166, respectively. A
deferred sales charge of up to 1% is assessed on certain redemptions of
Class A shares.

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA
is compensated for providing typesetting and certain regulatory filing
services to the Fund. For the six months ended March 31, 2008, the amount
charged to the Fund by DIMA included in the Statement of Operations
under "reports to shareholders" aggregated $11,696, all of which is unpaid.

Trustees' Fees and Expenses. During the period ended March 31, 2008, the
Fund pays each Trustee compensation for his or her services. Each
Independent Trustee receives an aggregated annual fee, plus a fee for each
meeting attended (plus reimbursement for reasonable out-of-pocket
expenses incurred in connection with his or her attendance at board and
committee meetings) from each fund in the Fund Complex for which he or
she serves. In addition, the Chairperson of the Board and the Chairperson of
each committee of the Board receive additional compensation for their
services. Payment of such fees and expenses is allocated among all such
funds described above in direct proportion to their relative net assets.

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

D. Fee Reductions

The Fund has entered into an arrangement with its custodian and transfer
agent whereby credits realized as a result of uninvested cash balances are
used to reduce a portion of the Fund's custodian expenses. During the six
months ended March 31, 2008, the Fund's custodian fee was reduced by
$109 and $860, respectively, for custody and transfer agent credits earned.

E. Line of Credit

The Fund and other affiliated funds (the "Participants") share in a
$750 million revolving credit facility administered by JPMorgan Chase Bank
N.A. 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 upon net assets, among each of
the Participants. Interest is calculated at the Federal Funds Rate plus
0.35 percent. The Fund may borrow up to a maximum of 33 percent of its
net assets under the agreement.

F. Share Transactions

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

|                                                               | Six Months Ended
March 31, 2008 | Year Ended
September 30, 2007
|-------------------------------------------------------------- | ------------------------------- | -----------------------------
|                                                               | Shares                          | Dollars                      
|Shares sold                                                   
|Class A                                                        | 107,796                         | $       1,871,078            
|Class B                                                        | 11,518                          | 195,967                      
|Class C                                                        | 4,831                           | 86,596                       
|Class S                                                        | 303,418                         | 5,539,714                    
|                                                               |                                 | $    7,693,355               
|Shares issued to shareholders in reinvestment of distributions
|Class A                                                        | 61,504                          | $       1,080,008            
|Class B                                                        | 22,733                          | 367,592                      
|Class C                                                        | 10,224                          | 166,038                      
|Class S                                                        | 834,068                         | 15,038,254                   
|                                                               |                                 | $    16,651,892              
|Shares redeemed                                               
|Class A                                                        | (180,961)                       | $       (3,142,578)          
|Class B                                                        | (43,084)                        | (747,270)                    
|Class C                                                        | (46,320)                        | (818,597)                    
|Class S                                                        | (935,445)                       | (18,179,633)                 
|                                                               |                                 | $    (22,888,078)            
|Redemption fees                                                |                                 | $    71                      
|Net increase (decrease)                                       
|Class A                                                        | (11,661)                        | $       (191,492)            
|Class B                                                        | (8,833)                         | (183,711)                    
|Class C                                                        | (31,265)                        | (565,963)                    
|Class S                                                        | 202,041                         | 2,398,406                    
|                                                               |                                 | $    1,457,240               

Summary of Management Fee Evaluation by
Independent Fee Consultant

October 26, 2007

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 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 2007, including my qualifications, the evaluation process for
each of the DWS Scudder Funds, consideration of certain complex-level
factors, and my conclusions.

Qualifications

For more than 30 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 several 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 Scudder Fund

My work focused primarily on evaluating, fund-by-fund, the fees charged to
each of the 136 Fund portfolios in the DWS Scudder 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 Scudder Fund. These similar products
included the other DWS Scudder 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 Scudder 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 Scudder 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 Scudder 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 Scudder Funds are reasonable.

scc_m0

Thomas H. Mack

Account Management Resources

|                      
|----------------------
|For More
Information  
|Web Site              
|Written
Correspondence
|Proxy Voting          
|Principal
Underwriter 

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

Privacy Statement

This privacy statement is issued by DWS Scudder Distributors, Inc.,
Deutsche Investment Management Americas Inc., DeAM Investor Services,
Inc., DWS Trust Company and the DWS Funds.

We never sell customer lists or individual client information. We consider
privacy fundamental to our client relationships and adhere to the policies
and practices described below to protect current and former clients'
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 with us. In
addition, we may disclose all of 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. The
organizations described above that receive client information may only use it
for the purpose designated by the DWS Scudder Companies listed in the
first paragraph of this Privacy Statement.

We may also disclose nonpublic personal information about you to other
parties as required or permitted by law. For example, we are required or we
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.

Questions on this policy may be sent to:

DWS Scudder  
Attention: Correspondence  Chicago
P.O. Box 219415
Kansas City, MO  64121-9415

September 2007

Notes

Notes

Notes

Notes

Notes

Notes

Notes

scc_backcover0




ITEM 2.
        CODE OF ETHICSNot applicable.ITEM 3.
        AUDIT COMMITTEE FINANCIAL EXPERTNot applicable.ITEM 4.
        PRINCIPAL ACCOUNTANT FEES AND SERVICESNot applicable.
  ITEM 5.
        AUDIT COMMITTEE OF LISTED REGISTRANTSNot ApplicableITEM 6.
        SCHEDULE OF INVESTMENTSNot ApplicableITEM 7.
        DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.ITEM 8.
        PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.
  ITEM 9.
        PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERSNot Applicable.
  ITEM 10.
        SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSThe primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Chairman of the Board, P.O. Box 100176, Cape Coral, FL 33910.ITEM 11.
        CONTROLS AND PROCEDURES(a)        The Chief Executive and Financial Officers concluded that the Registrants Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.(b)        There have been no changes in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal controls over financial reporting.
  
  ITEM 12.
        EXHIBITS(a)(1)   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 Small Cap Core Fund, a series of DWS Investment Trust
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        May 30, 2008
   Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.  Registrant:
        DWS Small Cap Core Fund, a series of DWS Investment Trust
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        May 30, 2008
   By:
        /s/Paul Schubert
 Paul Schubert
 Chief Financial Officer and Treasurer  Date:
        May 30, 2008