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dit1:C000015696Member 2012-02-02 2013-02-01 0000088064 dit1:S000005709Member dit1:BeforeTaxMember dit1:C000015698Member 2012-02-02 2013-02-01 0000088064 dit1:S000005709Member dit1:BeforeTaxMember dit1:C000015699Member 2012-02-02 2013-02-01 0000088064 dit1:S000005709Member dit1:BeforeTaxMember dit1:C000015700Member 2012-02-02 2013-02-01 0000088064 dit1:S000005709Member dit1:RussellTwoThousandIndexMember 2012-02-02 2013-02-01 0000088064 dit1:S000031150Member dit1:RussellTwoThousandGrowthIndexMember dit1:C000096648Member 2012-02-02 2013-02-01 pure iso4217:USD <div style="display:none">~ http://www.dws-investments.com/role/ScheduleShareholderFeesDWSCapitalGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualFundOperatingExpensesDWSCapitalGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAverageAnnualTotalReturnsTransposedDWSCapitalGrowthFund column period compact * ~</div> 2013-02-01 DWS Investment Trust 0000088064 2013-02-01 2012-09-30 false DWS Capital Growth Fund Investment Objective The fund seeks to provide long-term growth of capital. Fees and Expenses of the Fund These are the fees and expenses you may pay when you buy and hold shares. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in DWS funds. More information about these and other discounts is available from your financial professional and in Choosing a Share Class (p. 34) and Purchase and Redemption of Shares in the fund's Statement of Additional Information (SAI) (p. II-15). SHAREHOLDER FEES (paid directly from your investment) There are several risk factors that could hurt the fund's performance, cause you to lose money or cause the fund's performance to trail that of other investments. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Stock market risk. When stock prices fall, you should expect the value of your investment to fall as well. Stock prices can be hurt by poor management on the part of the stock's issuer, shrinking product demand and other business risks. These may affect single companies as well as groups of companies. In addition, movements in financial markets may adversely affect a stock's price, regardless of how well the company performs. To the extent the fund invests in a particular capitalization or market sector, the fund's performance may be proportionately affected by that segment's general performance. Growth investing risk. As a category, growth stocks may underperform value stocks (and the stock market as a whole) over any period of time. Because the prices of growth stocks are based largely on the expectation of future earnings, growth stock prices can decline rapidly and significantly in reaction to negative news about such factors as earnings, the economy, political developments, or other news. Security selection risk. The securities in the fund's portfolio may decline in value. Portfolio management could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities or other matters. Medium-sized company risk. Medium-sized company stocks tend to be more volatile than large company stocks. Medium-sized companies are less widely followed by stock analysts and less information about them is available to investors. Industry-wide reversals may have a greater impact on medium-sized companies, since they lack the financial resources of larger companies. Medium-sized company stocks are typically less liquid than large company stocks. Small company risk. Small company stocks tend to be more volatile than medium-sized or large company stocks. Small companies are less widely followed by stock analysts and less information about them is available to investors. Industry-wide reversals may have a greater impact on small companies, since they may lack the financial resources of larger companies. Small company stocks are typically less liquid than large company stocks. Foreign investment risk. The fund faces the risks inherent in foreign investing. Adverse political, economic or social developments could undermine the value of the fund's investments or prevent the fund from realizing their full value. Financial reporting standards for companies based in foreign markets differ from those in the US. Additionally, foreign securities markets generally are smaller and less liquid than US markets. To the extent that the fund invests in non-US dollar denominated foreign securities, changes in currency exchange rates may affect the US dollar value of foreign securities or the income or gain received on these securities. Securities lending risk. Any decline in the value of a portfolio security that occurs while the security is out on loan is borne by the fund and will adversely affect performance. Also, there may be delays in recovery of securities loaned or even a loss of rights in the collateral should the borrower of the securities fail financially while holding the security. Counterparty risk. A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund. Liquidity risk. In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price. Pricing risk. If market conditions make it difficult to value some investments, the fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different than the value realized upon such investment's sale. As a result, you could pay more than the market value when buying fund shares or receive less than the market value when selling fund shares. Past Performance How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. All performance figures below assume that dividends were reinvested. For more recent performance figures, go to www.dws-investments.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus. For Class R shares, performance prior to its inception date is based on the historical performance of the fund's original share class (Class AARP), adjusted to reflect the higher expenses of Class R shares. CALENDAR YEAR TOTAL RETURNS (%) (Class A) PORTFOLIO TURNOVER The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs are not reflected in annual fund operating expenses or in the expense example, and can affect the fund's performance. Portfolio turnover rate for fiscal year 2012: 27%. Principal Investment Strategy Main Risks EXAMPLE This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: These year-by-year returns do not include sales charges, if any, and would be lower if they did. Returns for other classes were different and are not shown here. Average Annual Total Returns (For periods ended 12/31/2012 expressed as a %) After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. 0.0046 0.0046 0.0046 0.0046 0.0046 0.0024 0.01 0.01 0 0 0.003 0.0032 0.0051 0.0032 0.0023 0.0102 0.0197 0.0178 0.0069 0.0076 You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in DWS funds. 50000 0.0575 0 0 0 0 0 0 0.04 0.01 0 0 0 20 20 20 0 0 20 673 281 130 70 78 881 560 406 221 243 1106 964 702 384 422 1751 1823 2095 1545 859 942 673 200 181 130 70 78 881 618 560 406 221 243 1106 1062 964 702 384 422 1751 1823 2095 1545 859 942 Class B converts to Class A after six years; the Example for Class B reflects Class A fees after the conversion. 0.27 How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. www.dws-investments.com There are several risk factors that could hurt the fund's performance, cause you to lose money or cause the fund's performance to trail that of other investments. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. These year-by-year returns do not include sales charges, if any, and would be lower if they did. After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. After-tax returns (which are shown only for Class A and would be different for other classes) Best Quarter: 16.27%, Q1 2012  Worst Quarter: -21.28%, Q4 2008 0.2599 0.071 0.0816 0.0806 0.1198 -0.3298 0.2557 0.1587 -0.0521 0.1533 0.087 0.0856 0.0584 0.1125 0.1446 0.149 0.1572 0.1565 0.1526 0.0009 0.0003 0.0007 0.003 0.005 0.0101 0.0165 0.0156 0.0312 0.059 0.0586 0.0518 0.0569 0.0577 0.0623 0.0693 0.068 0.0752 2001-06-25 2001-06-25 2001-06-25 2003-11-03 2002-08-19 2000-07-14 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleShareholderFeesDWSCoreEquityFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualFundOperatingExpensesDWSCoreEquityFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAverageAnnualTotalReturnsTransposedDWSCoreEquityFund column period compact * ~</div> DWS Core Equity Fund Investment Objective The fund seeks long-term growth of capital, current income and growth of income. Fees and Expenses of the Fund These are the fees and expenses you may pay when you buy and hold shares. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in DWS funds. More information about these and other discounts is available from your financial professional and in Choosing a Share Class (p. 34) and Purchase and Redemption of Shares in the fund's Statement of Additional Information (SAI) (p. II-15). SHAREHOLDER FEES (paid directly from your investment) 0.0575 0 0 0 0 0 0 0.04 0.01 0 0 0 20 20 20 0 0 20 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleShareholderFeesDWSMidCapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualFundOperatingExpensesDWSMidCapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAverageAnnualTotalReturnsTransposedDWSMidCapGrowthFund column period compact * ~</div> 0.0575 0 0 0 0 0 0.04 0.01 0 0 20 20 20 0 20 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment) 918 1262 600 0.0036 0.0036 0.0036 0.0036 0.0036 0.0036 0.0046 0.0045 0.0024 0.01 0.0037 0.01 0.005 0 0 0.0128 DWS Mid Cap Growth Fund Investment Objective 0.0028 0.0019 0.0243 The fund seeks long-term capital growth. 0.0034 0.0046 0.0033 Fees and Expenses of the Fund These are the fees and expenses you may pay when you buy and hold shares. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in DWS funds. More information about these and other discounts is available from your financial professional and in Choosing a Share Class (p. 34) and Purchase and Redemption of Shares in the fund's Statement of Additional Information (SAI) (p. II-15). 0.0064 0.0055 SHAREHOLDER FEES (paid directly from your investment) 0.0329 0.017 0.0182 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment) 0.0093 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleShareholderFeesDWSSmallCapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualFundOperatingExpensesDWSSmallCapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAverageAnnualTotalReturnsTransposedDWSSmallCapGrowthFund column period compact * ~</div> EXAMPLE PORTFOLIO TURNOVER Principal Investment Strategy Main Risks Past Performance CALENDAR YEAR TOTAL RETURNS (%) (Class A) Average Annual Total Returns (For periods ended 12/31/2012 expressed as a %) <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualTotalReturnsDWSCapitalGrowthFundBarChart column period compact * ~</div> DWS Small Cap Growth Fund Investment Objective The fund seeks long-term capital growth. Fees and Expenses of the Fund These are the fees and expenses you may pay when you buy and hold shares. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in DWS funds. More information about these and other discounts is available from your financial professional and in Choosing a Share Class (p. 34) and Purchase and Redemption of Shares in the fund's Statement of Additional Information (SAI) (p. II-15). You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in DWS funds. 0 50000 0 0 SHAREHOLDER FEES (paid directly from your investment) -0.0166 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment) 0 0 The Advisor has contractually agreed through January 31, 2014 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses at a ratio no higher than 1.63% (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expenses) for Class R. The agreement may only be terminated with the consent of the fund's Board. EXAMPLE This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses (including one year of capped expenses in each period for Class R) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.0064 0.0055 0.0163 0.017 0.0182 0.0093 Main investments. The fund normally invests at least 65% of total assets in equities, mainly common stocks of US companies. The fund generally focuses on established companies that are similar in size to the companies in the S&P 500® Index (generally 500 of the largest companies in the US) or the Russell 1000® Growth Index (generally those stocks among the 1,000 largest US companies that have above-average price-to-earnings ratios). As of December 31, 2012, the S&P 500® Index had a median market capitalization of $12.7 billion and the Russell 1000® Growth Index had a median market capitalization of $6.4 billion. Although the fund can invest in companies of any size, the fund intends to invest primarily in companies whose market capitalizations fall within the normal range of these indexes. The fund may also invest in other types of equity securities such as preferred stocks or convertible securities. Management process. In choosing stocks, portfolio management begins by utilizing a proprietary quantitative model to rank stocks based on a number of factors including valuation and profitability. Portfolio management also applies fundamental techniques to seek to identify companies that display above-average earnings growth compared to other companies and that have strong product lines, effective management and leadership positions within core markets. The factors considered and models used by the portfolio managers may change over time. Portfolio management will normally sell a security when it believes the potential risks have increased, its price is unlikely to go higher, its fundamental factors have changed, other investments offer better opportunities or in the course of adjusting the fund's emphasis on a given industry. Securities Lending. The fund may lend securities (up to one-third of total assets) to approved institutions. 0.0575 0 0 0 0 0 0 0.04 664 0.01 0 585 0 0 273 166 56 65 -0.02 -0.02 -0.02 -0.02 -0.02 -0.02 20 20 20 0 0 20 You would pay the following expenses if you did not redeem your shares: 0.0065 0.0065 0.0065 0.0065 0.0065 Class B converts to Class A after six years; the Example for Class B reflects Class A fees after the conversion. 0 0.01 0.01 0.0024 0 You would pay the following expenses if you did not redeem your shares: 0.0038 0.0042 0.0053 PORTFOLIO TURNOVER 0.0048 0.003 The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs are not reflected in annual fund operating expenses or in the expense example, and can affect the fund's performance. Portfolio turnover rate for fiscal year 2012: 302%. 0.0131 0.0218 0.0213 0.0095 0.0103 3.02 701 616 316 97 105 854 873 536 858 176 205 0 -0.0005 0 0 0 Principal Investment Strategy 328 303 667 977 966 357 307 1573 923 1185 1060 0.0103 0.0095 0.0213 0.0213 1252 0.0131 1365 1144 525 569 1652 1688 2009 3473 689 2063 798 2086 2462 1166 1259 Main investments. Under normal circumstances, the fund invests at least 80% of total assets, determined at the time of purchase, in equities, mainly common stocks. Although the fund can invest in companies of any size and from any country, it invests primarily in large US companies. Portfolio management may favor securities from different industries and companies at different times. At times, the fund's assets may be invested in securities in relatively few industries or sectors. Management process. Portfolio management uses both quantitative and fundamental analysis to evaluate each company's stock price relative to the company's earnings, operating trends, market outlook and other measures of performance potential. Portfolio management will normally sell a stock when it believes the fundamental factors have changed, other investments offer better opportunities or in the course of adjusting the fund's emphasis on or within a given industry. Derivatives. Portfolio management generally may use futures contracts, which are a type of derivative (a contract whose value is based on, for example, indices, currencies or securities), as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions. The fund may also use various types of derivatives (i) for hedging purposes; (ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions. Securities Lending. The fund may lend securities (up to one-third of total assets) to approved institutions. Main Risks 0.0065 0.0065 0.0065 0.0065 0.0065 0.0065 701 216 216 97 105 0.0024 0.01 0.01 0.005 0 0 966 677 667 303 328 0.0057 0.0082 0.0057 0.0231 0.0034 0.0059 569 525 1144 1165 1252 0.2834 2063 2086 0.0984 2462 1166 1259 0.1224 0.1077 0.0792 -0.5013 0.4113 0.3085 -0.0422 0.0859 664 185 173 56 2002-06-28 There are several risk factors that could hurt the fund's performance, cause you to lose money or cause the fund's performance to trail that of other investments. 2002-06-28 65 2002-06-28 1993-10-12 An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. 2005-02-01 Past Performance 0.0234 0.0234 0.0152 0.0468 0.0769 0.0901 0.0883 0.1581 854 573 536 -0.0202 176 -0.0211 -0.0175 205 -0.0188 -0.0166 -0.0048 -0.0062 0.0323 0.055 0.0523 0.0483 0.0528 0.0529 0.0645 0.0633 0.1032 357 307 923 985 1060 How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. All performance figures below assume that dividends were reinvested. For more recent performance figures, go to www.dws-investments.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus. Class R does not have a full calendar year of performance available. In the table below, the performance figures for Class R shares are based on the performance of the fund's Class S shares adjusted to reflect the higher expenses of Class R. 1652 1688 2009 689 798 How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). 0.0346 Past performance may not indicate future results. 0.0099 0.0124 www.dws-investments.com 0.0146 0.0247 0.0222 0 -0.0024 0 -0.0173 0 -0.0001 0.0146 0.0223 0.0222 0.0173 0.0099 0.0123 There are several risk factors that could hurt the fund's performance, cause you to lose money or cause the fund's performance to trail that of other investments. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Stock market risk. When stock prices fall, you should expect the value of your investment to fall as well. Stock prices can be hurt by poor management on the part of the stock's issuer, shrinking product demand and other business risks. These may affect single companies as well as groups of companies. In addition, movements in financial markets may adversely affect a stock's price, regardless of how well the company performs. To the extent the fund invests in a particular capitalization or market sector, the fund's performance may be proportionately affected by that segment's general performance. Security selection risk. The securities in the fund's portfolio may decline in value. Portfolio management could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities or other matters. Foreign investment risk. The fund faces the risks inherent in foreign investing. Adverse political, economic or social developments could undermine the value of the fund's investments or prevent the fund from realizing their full value. Financial reporting standards for companies based in foreign markets differ from those in the US. Additionally, foreign securities markets generally are smaller and less liquid than US markets. To the extent that the fund invests in non-US dollar denominated foreign securities, changes in currency exchange rates may affect the US dollar value of foreign securities or the income or gain received on these securities. Medium-sized company risk. Medium-sized company stocks tend to be more volatile than large company stocks. Medium-sized companies are less widely followed by stock analysts and less information about them is available to investors. Industry-wide reversals may have a greater impact on medium-sized companies, since they lack the financial resources of larger companies. Medium-sized company stocks are typically less liquid than large company stocks. Small company risk. Small company stocks tend to be more volatile than medium-sized or large company stocks. Small companies are less widely followed by stock analysts and less information about them is available to investors. Industry-wide reversals may have a greater impact on small companies, since they may lack the financial resources of larger companies. Small company stocks are typically less liquid than large company stocks. Focus risk. To the extent that the fund focuses its investments in particular industries, asset classes or sectors of the economy, any market price movements, regulatory or technological changes, or economic conditions affecting companies in those industries, asset classes or sectors will have a significant impact on the fund's performance. Securities lending risk. Any decline in the value of a portfolio security that occurs while the security is out on loan is borne by the fund and will adversely affect performance. Also, there may be delays in recovery of securities loaned or even a loss of rights in the collateral should the borrower of the securities fail financially while holding the security. Derivatives risk. Risks associated with derivatives include the risk that the derivative is not well correlated with the security, index or currency to which it relates; the risk that derivatives may result in losses or missed opportunities; the risk that the fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; and the risk that the derivative transaction could expose the fund to the effects of leverage, which could increase the fund's exposure to the market and magnify potential losses. Counterparty risk. A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund. Liquidity risk. In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price. Pricing risk. If market conditions make it difficult to value some investments, the fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different than the value realized upon such investment's sale. As a result, you could pay more than the market value when buying fund shares or receive less than the market value when selling fund shares. CALENDAR YEAR TOTAL RETURNS (%) (Class A) These year-by-year returns do not include sales charges, if any, and would be lower if they did. Returns for other classes were different and are not shown here. 166 858 1573 3473 This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses (including one year of capped expenses in each period for Class B) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Class B converts to Class A after six years; the Example for Class B reflects Class A fees after the conversion. January 31, 2014 The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs are not reflected in annual fund operating expenses or in the expense example, and can affect the fund's performance. Portfolio turnover rate for fiscal year 2012: 70%. 0.7 Main investments. Under normal circumstances, the fund invests at least 80% of its assets, determined at the time of purchase, in companies with market caps within the market capitalization range of the Russell Mid Cap Growth Index or securities with equity characteristics that provide exposure to those companies. While the market capitalization range of the Russell Mid Cap Growth Index changes throughout the year, as of the most recent reconstitution date of the index (June 22, 2012), companies in the index had a weighted average market capitalization of approximately $8.57 billion. The fund's equity investments are mainly common stocks, but may also include other types of equity securities such as preferred stocks or convertible securities. The fund may invest up to 20% of its assets in stocks and other securities of companies based outside the US. Management process. In choosing stocks, portfolio management focuses on individual security selection rather than industry selection. Portfolio management uses an active process that combines financial analysis with company visits to evaluate management and strategies. Each portfolio manager has specific sector responsibilities, with investment discretion over securities within their sectors. Company research lies at the heart of the investment process. Portfolio management uses a "bottom-up" approach to picking securities, focusing on stocks portfolio management believes to be undervalued, but with fast-growing earnings and superior near-to-intermediate term performance potential. Portfolio management emphasizes individual selection of stocks of medium-sized companies across all economic sectors, early in their growth cycles and which portfolio management believes to have the potential to be the blue chips of the future. Portfolio management generally seeks companies that it believes have a leading or dominant position in their niche markets, a high rate of return on invested capital and the ability to finance a major part of future growth from internal sources. Portfolio management follows a disciplined selling process that is designed to lessen risk, and will normally sell a stock when its price reaches portfolio management's expectations or portfolio management believes that there is a material change in the company's fundamentals, other investments offer better opportunities or the market capitalization of a stock is distorting the weighted average market capitalization of the fund. Securities Lending. The fund may lend securities (up to one-third of total assets) to approved institutions. There are several risk factors that could hurt the fund's performance, cause you to lose money or cause the fund's performance to trail that of other investments. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Stock market risk. When stock prices fall, you should expect the value of your investment to fall as well. Stock prices can be hurt by poor management on the part of the stock's issuer, shrinking product demand and other business risks. These may affect single companies as well as groups of companies. In addition, movements in financial markets may adversely affect a stock's price, regardless of how well the company performs. To the extent the fund invests in a particular capitalization or market sector, the fund's performance may be proportionately affected by that segment's general performance. Medium-sized company risk. Medium-sized company stocks tend to be more volatile than large company stocks. Medium-sized companies are less widely followed by stock analysts and less information about them is available to investors. Industry-wide reversals may have a greater impact on medium-sized companies, since they lack the financial resources of larger companies. Medium-sized company stocks are typically less liquid than large company stocks. Growth investing risk. As a category, growth stocks may underperform value stocks (and the stock market as a whole) over any period of time. Because the prices of growth stocks are based largely on the expectation of future earnings, growth stock prices can decline rapidly and significantly in reaction to negative news about such factors as earnings, the economy, political developments, or other news. Security selection risk. The securities in the fund's portfolio may decline in value. Portfolio management could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities or other matters. Foreign investment risk. The fund faces the risks inherent in foreign investing. Adverse political, economic or social developments could undermine the value of the fund's investments or prevent the fund from realizing their full value. Financial reporting standards for companies based in foreign markets differ from those in the US. Additionally, foreign securities markets generally are smaller and less liquid than US markets. To the extent that the fund invests in non-US dollar denominated foreign securities, changes in currency exchange rates may affect the US dollar value of foreign securities or the income or gain received on these securities. Emerging markets risk. Foreign investment risks are greater in emerging markets than in developed markets. Investments in emerging markets are often considered speculative. P> Securities lending risk. Any decline in the value of a portfolio security that occurs while the security is out on loan is borne by the fund and will adversely affect performance. Also, there may be delays in recovery of securities loaned or even a loss of rights in the collateral should the borrower of the securities fail financially while holding the security. Counterparty risk. A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund. Liquidity risk. In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price. Pricing risk. If market conditions make it difficult to value some investments, the fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different than the value realized upon such investment's sale. As a result, you could pay more than the market value when buying fund shares or receive less than the market value when selling fund shares. There are several risk factors that could hurt the fund's performance, cause you to lose money or cause the fund's performance to trail that of other investments. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. 0.2655 How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. All performance figures below assume that dividends were reinvested. For more recent performance figures, go to www.dws-investments.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus. The bar chart and the after-tax returns below are shown for Class A shares (instead of Institutional Class shares, which had been used in the past) because Class A shares now have 10 or more years of annual returns and are available to most investors. For Class S shares, performance prior to class inception is based on the performance of the fund's original share class, Investment Class shares, adjusted to reflect the higher expenses of Class S. Investment Class shares merged into Class S shares on October 20, 2006. 0.0937 0.0558 0.1307 0.0047 -0.3874 0.337 0.1371 Best Quarter: 18.25%, Q3 2009  Worst Quarter: -21.99%, Q4 2008 -0.0046 0.154 How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. www.dws-investments.com These year-by-year returns do not include sales charges, if any, and would be lower if they did. Returns for other classes were different and are not shown here. Best Quarter: These year-by-year returns do not include sales charges, if any, and would be lower if they did. 2009-09-30 0.1825 Worst Quarter: 2008-12-31 -0.2199 Best Quarter: 21.32%, Q2 2009  Worst Quarter: -32.68%, Q4 2008 After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. Best Quarter: 2009-06-30 0.2132 Worst Quarter: 2008-12-31 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleDWSMidCapGrowthFund column period compact * ~</div> Average Annual Total Returns (For periods ended 12/31/2012 expressed as a %) 715 626 325 176 101 125 You would pay the following expenses if you did not redeem your shares: 1010 1047 694 902 315 392 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleDWSCoreEquityFund column period compact * ~</div> January 31, 2014 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleNoRedemptionDWSMidCapGrowthFund column period compact * ~</div> 1327 1494 1190 1650 547 680 2221 2308 2554 3623 1213 1499 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualTotalReturnsDWSMidCapGrowthFundBarChart column period compact * ~</div> 715 226 225 176 101 125 1010 747 694 902 315 392 1327 1294 1190 1650 547 680 2221 2308 2554 3623 1213 1499 The Advisor has contractually agreed through January 31, 2014 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses at ratios no higher than 2.23%, 1.73% and 1.23% (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expenses) for Class B, Class R and Class S, respectively. The agreement may only be terminated with the consent of the fund's Board. 485BPOS January 31, 2014 You would pay the following expenses if you did not redeem your shares: Class B converts to Class A after six years; the Example for Class B reflects Class A fees after the conversion. 0.0877 0.0847 0.0591 0.1146 0.1456 0.1484 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleNoRedemptionDWSCoreEquityFund column period compact * ~</div> 0.1587 0.1577 0.1642 0.0017 -0.0005 0.0007 0.0021 0.006 0.0108 0.0186 0.0173 0.0192 0.0529 0.044 0.044 0.0495 0.0509 0.0562 0.0642 0.0752 0.0628 1999-08-02 2000-12-29 2000-12-29 2012-05-01 2002-08-19 1929-05-31 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualTotalReturnsDWSCoreEquityFundBarChart column period compact * ~</div> PORTFOLIO TURNOVER The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs are not reflected in annual fund operating expenses or in the expense example, and can affect the fund's performance. Portfolio turnover rate for fiscal year 2012: 81%. Principal Investment Strategy 0.81 The Advisor has contractually agreed through September 30, 2013 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses at 2.10%; and for the period from October 1, 2013 through January 31, 2014, at a ratio no higher than 2.13% (in each instance, excluding extraordinary expenses, taxes, brokerage and interest expenses) for Class B. These agreements may only be terminated with the consent of the fund's Board. Main investments. Under normal circumstances, the fund invests at least 80% of its assets, determined at the time of purchase, in stocks and other securities with equity characteristics of US smaller capitalization companies. For purposes of this 80% investment limitation, the small capitalization equity universe is defined as the bottom 20% of the total domestic equity market capitalization (at the time of initial investment), using a minimum market capitalization of $10 million. As of December 31, 2012, companies in which the fund typically invests have a market capitalization range of between $250 million and $3.0 billion. The fund may also invest in other types of equity securities such as preferred stocks or convertible securities. The fund may invest up to 20% of its assets in the stocks of non-US companies and large capitalization stocks. Management process. In choosing stocks, portfolio management focuses on individual security selection rather than industry selection. Portfolio management uses an active process that combines financial analysis with company visits to evaluate management and strategies. Each portfolio manager has specific sector responsibilities, with investment discretion over securities within sectors. Company research lies at the heart of the investment process. Portfolio management uses a "bottom-up" approach to picking securities, focusing on stocks that it believes have superior growth prospects and above average near-to-intermediate term performance potential. Portfolio management emphasizes individual selection of small and mid-sized company stocks across all economic sectors, early in their growth cycles and which portfolio management believes to have the potential to be the blue chips of the future. Portfolio management generally seeks companies it believes have a leading or dominant position in their niche markets, a high rate of return on invested capital and the ability to finance a major part of future growth from internal sources. Portfolio management also looks for estimated above-average growth in revenues and earnings and a balance sheet that portfolio management believes can support this growth potential with sufficient working capital and manageable levels of debt. Portfolio management follows a disciplined selling process that is designed to lessen risk, and will normally sell a stock when its price reaches portfolio management's expectations or portfolio management believes there is a material change in the company's fundamentals, other investments offer better opportunities or the market capitalization of a stock is distorting the weighted average market capitalization of the fund. Securities Lending. The fund may lend securities (up to one-third of total assets) to approved institutions. Main Risks You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in DWS funds. 50000 -0.3268 There are several risk factors that could hurt the fund's performance, cause you to lose money or cause the fund's performance to trail that of other investments. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Stock market risk. When stock prices fall, you should expect the value of your investment to fall as well. Stock prices can be hurt by poor management on the part of the stock's issuer, shrinking product demand and other business risks. These may affect single companies as well as groups of companies. In addition, movements in financial markets may adversely affect a stock's price, regardless of how well the company performs. To the extent the fund invests in a particular capitalization or market sector, the fund's performance may be proportionately affected by that segment's general performance. Small company risk. Small company stocks tend to be more volatile than medium-sized or large company stocks. Small companies are less widely followed by stock analysts and less information about them is available to investors. Industry-wide reversals may have a greater impact on small companies, since they may lack the financial resources of larger companies. Small company stocks are typically less liquid than large company stocks. Medium-sized company risk. Medium-sized company stocks tend to be more volatile than large company stocks. Medium-sized companies are less widely followed by stock analysts and less information about them is available to investors. Industry-wide reversals may have a greater impact on medium-sized companies, since they lack the financial resources of larger companies. Medium-sized company stocks are typically less liquid than large company stocks. Growth investing risk. As a category, growth stocks may underperform value stocks (and the stock market as a whole) over any period of time. Because the prices of growth stocks are based largely on the expectation of future earnings, growth stock prices can decline rapidly and significantly in reaction to negative news about such factors as earnings, the economy, political developments, or other news. Security selection risk. The securities in the fund's portfolio may decline in value. Portfolio management could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities or other matters. Foreign investment risk. The fund faces the risks inherent in foreign investing. Adverse political, economic or social developments could undermine the value of the fund's investments or prevent the fund from realizing their full value. Financial reporting standards for companies based in foreign markets differ from those in the US. Additionally, foreign securities markets generally are smaller and less liquid than US markets. To the extent that the fund invests in non-US dollar denominated foreign securities, changes in currency exchange rates may affect the US dollar value of foreign securities or the income or gain received on these securities. Emerging markets risk. Foreign investment risks are greater in emerging markets than in developed markets. Investments in emerging markets are often considered speculative. Securities lending risk. Any decline in the value of a portfolio security that occurs while the security is out on loan is borne by the fund and will adversely affect performance. Also, there may be delays in recovery of securities loaned or even a loss of rights in the collateral should the borrower of the securities fail financially while holding the security. Counterparty risk. A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund. Liquidity risk. In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price. Pricing risk. If market conditions make it difficult to value some investments, the fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different than the value realized upon such investment's sale. As a result, you could pay more than the market value when buying fund shares or receive less than the market value when selling fund shares. There are several risk factors that could hurt the fund's performance, cause you to lose money or cause the fund's performance to trail that of other investments. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Past Performance How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. All performance figures below assume that dividends were reinvested. For more recent performance figures, go to www.dws-investments.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus. Class R does not have a full calendar year of performance available. How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. www.dws-investments.com Class R does not have a full calendar year of performance available. CALENDAR YEAR TOTAL RETURNS (%) (Class A) These year-by-year returns do not include sales charges, if any, and would be lower if they did. Returns for other classes were different and are not shown here. Best Quarter: 25.24%, Q2 2009  Worst Quarter: -32.52%, Q4 2008 Average Annual Total Returns (For periods ended 12/31/2012 expressed as a %) After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. Index comparisons for Class S and Institutional Class shares began on December 31, 2004. After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. After-tax returns (which are shown only for Class A and would be different for other classes) After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. 0.2168 0.1329 0.0689 0.0473 0.0563 -0.5039 0.3993 0.2969 0.0267 0.1108 Best Quarter: 2012-03-31 0.1627 Worst Quarter: 2008-12-31 -0.2128 Best Quarter: 2009-06-30 0.2524 Worst Quarter: 2008-12-31 -0.3252 0.0469 0.0469 0.0305 0.0719 0.1026 0.1459 -0.0065 -0.0075 -0.006 -0.0049 0.0349 -0.0023 0.0466 0.0436 0.0404 0.0446 0.0449 0.098 2002-06-28 2002-06-28 2002-06-28 These year-by-year returns do not include sales charges, if any, and would be lower if they did. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in DWS funds. 50000 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleShareholderFeesDWSSmallCapCoreFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualFundOperatingExpensesDWSSmallCapCoreFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAverageAnnualTotalReturnsTransposedDWSSmallCapCoreFund column period compact * ~</div> 0.0575 0 0 0 0 0.04 0 0.01 -0.02 -0.02 -0.02 -0.02 20 20 20 20 0.0067 0.0067 0.0067 0.0067 0.0025 0.01 0.01 0 0.007 0.0072 0.0072 0.0064 0.0162 0.0239 0.0239 0.0131 713 622 322 121 -0.0012 -0.0018 -0.002 -0.002 1040 1026 726 403 0.0144 0.0219 0.0219 0.0119 1390 1457 1257 707 2372 2344 2711 1569 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleNoRedemptionDWSCapitalGrowthFund column period compact * ~</div> 713 222 222 121 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment) 1040 726 726 403 1390 1257 1257 707 2372 2344 2711 1569 0.4856 0.1637 0.0253 0.1521 -0.1166 -0.3848 0.2887 0.2067 -0.0259 0.1759 0.1083 0.1074 0.0714 0.137 0.1674 0.1785 0.1635 0.0065 0.0062 0.0055 0.0092 0.0107 0.0208 0.0356 0.0642 0.0503 0.0511 0.0623 0.0624 0.0735 0.0972 2001-06-25 2001-06-25 2001-06-25 2000-07-14 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleDWSCapitalGrowthFund column period compact * ~</div> DWS Small Cap Core Fund Investment Objective Fees and Expenses of the Fund SHAREHOLDER FEES (paid directly from your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment) EXAMPLE PORTFOLIO TURNOVER Principal Investment Strategy Main Risks Past Performance CALENDAR YEAR TOTAL RETURNS (%) (Class A) Average Annual Total Returns (For periods ended 12/31/2012 expressed as a %) The fund seeks to provide long-term capital growth. These are the fees and expenses you may pay when you buy and hold shares. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in DWS funds. More information about these and other discounts is available from your financial professional and in Choosing a Share Class (p. 34) and Purchase and Redemption of Shares in the fund's Statement of Additional Information (SAI) (p. II-15). You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in DWS funds. 50000 January 31, 2014 This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses (including one year of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Advisor has contractually agreed through September 30, 2013 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses at 1.40%, 2.15%, 2.15% and 1.15%; and for the period from October 1, 2013 through January 31, 2014, at ratios no higher than 1.44%, 2.19%, 2.19% and 1.19% (in each instance, excluding extraordinary expenses, taxes, brokerage and interest expenses) for Classes A, B, C and S, respectively. These agreements may only be terminated with the consent of the fund's Board. You would pay the following expenses if you did not redeem your shares: Class B converts to Class A after six years; the Example for Class B reflects Class A fees after the conversion. The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs are not reflected in annual fund operating expenses or in the expense example, and can affect the fund's performance. Portfolio turnover rate for fiscal year 2012: 379%. 3.79 0.1163 0.1136 0.1459 0.0089 0.0079 0.0349 0.0302 0.0293 0.052 2004-12-20 2004-12-20 Main investments. Under normal circumstances, the fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in common stocks of small US companies with potential for above-average long-term capital growth. These companies are similar in size to the companies in the Russell 2000® Index (generally the 2,000 smallest companies out of the 3,000 largest companies in the US). As of December 31, 2012, the median market capitalization of the index was $508 million. The fund intends to invest in companies whose market capitalizations fall within the normal range of theRussell 2000® Index. While the fund invests primarily in common stocks, it may invest up to 20% of its total assets in US government securities. The fund may also invest in other types of equity securities such as preferred stocks or convertible securities. Management process. Portfolio management uses a quantitative stock valuation model to compare each company's stock price to the company's earnings, book value, sales and other measures of performance potential. Portfolio management also incorporates technical analysis to capture short-term price changes and evaluate the market's responsiveness to new information. Portfolio management then seeks to build a diversified portfolio of companies that are attractively rated based on its investment process. Derivatives. Portfolio management generally may use futures contracts, which are a type of derivative (a contract whose value is based on, for example, indices, currencies or securities), as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions. The fund may also use various types of derivatives (i) for hedging purposes; (ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions. Securities Lending. The fund may lend securities (up to one-third of total assets) to approved institutions. There are several risk factors that could hurt the fund's performance, cause you to lose money or cause the fund's performance to trail that of other investments. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Stock market risk. When stock prices fall, you should expect the value of your investment to fall as well. Stock prices can be hurt by poor management on the part of the stock's issuer, shrinking product demand and other business risks. These may affect single companies as well as groups of companies. In addition, movements in financial markets may adversely affect a stock's price, regardless of how well the company performs. To the extent the fund invests in a particular capitalization or market sector, the fund's performance may be proportionately affected by that segment's general performance. Small company risk. Small company stocks tend to be more volatile than medium-sized or large company stocks. Small companies are less widely followed by stock analysts and less information about them is available to investors. Industry-wide reversals may have a greater impact on small companies, since they may lack the financial resources of larger companies. Small company stocks are typically less liquid than large company stocks. Security selection risk. The securities in the fund's portfolio may decline in value. Portfolio management could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities or other matters. Securities lending risk. Any decline in the value of a portfolio security that occurs while the security is out on loan is borne by the fund and will adversely affect performance. Also, there may be delays in recovery of securities loaned or even a loss of rights in the collateral should the borrower of the securities fail financially while holding the security. Derivatives risk. Risks associated with derivatives include the risk that the derivative is not well correlated with the security, index or currency to which it relates; the risk that derivatives may result in losses or missed opportunities; the risk that the fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; and the risk that the derivative transaction could expose the fund to the effects of leverage, which could increase the fund's exposure to the market and magnify potential losses. Counterparty risk. A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund. Liquidity risk. In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price. Pricing risk. If market conditions make it difficult to value some investments, the fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different than the value realized upon such investment's sale. As a result, you could pay more than the market value when buying fund shares or receive less than the market value when selling fund shares. There are several risk factors that could hurt the fund's performance, cause you to lose money or cause the fund's performance to trail that of other investments. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. All performance figures below assume that dividends were reinvested. For more recent performance figures, go to www.dws-investments.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus. How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. www.dws-investments.com These year-by-year returns do not include sales charges, if any, and would be lower if they did. Returns for other classes were different and are not shown here. These year-by-year returns do not include sales charges, if any, and would be lower if they did. Best Quarter: 21.83%, Q2 2003  Worst Quarter: -27.55%, Q4 2008 After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleNoRedemptionDWSSmallCapCoreFund column period compact * ~</div> Best Quarter: 2003-06-30 0.2183 Worst Quarter: 2008-12-31 -0.2755 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualTotalReturnsDWSSmallCapCoreFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleDWSSmallCapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleNoRedemptionDWSSmallCapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleDWSSmallCapCoreFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualTotalReturnsDWSSmallCapGrowthFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAverageAnnualTotalReturnsTransposedDWSSmallCapGrowthFundSupplement column period compact * ~</div> EXAMPLE This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses [(including one year of capped expenses in each period for Class B, Class R and Class S)] remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The bar chart and the after-tax returns below are shown for Class A shares (instead of Institutional Class shares, which had been used in the past) because Class A shares now have 10 or more years of annual returns and are available to most investors. 2013-01-28 After-tax returns (which are shown only for Class A and would be different for other classes) After-tax returns (which are shown only for Class A and would be different for other classes) After-tax returns (which are shown only for Class A and would be different for other classes) These year-by-year returns do not include sales charges, if any, and would be lower if they did.