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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Horizon Technology Finance Corp. 7.375% Senior Notes Due 2019 | NYSE:HTF | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.179 | 0 | 01:00:00 |
Date of fiscal year end:
|
9/30
|
Date of reporting period:
|
9/30/2012
|
ITEM 1.
|
REPORT TO STOCKHOLDERS
|
SEPTEMBER 30, 2012
Annual Report
to Shareholders
|
DWS Mid Cap Growth Fund
|
|
4
Portfolio Management Review
9
Performance Summary
12
Investment Portfolio
18
Statement of Assets and Liabilities
20
Statement of Operations
21
Statement of Changes in Net Assets
22
Financial Highlights
27
Notes to Financial Statements
36
Report of Independent Registered Public Accounting Firm
37
Information About Your Fund's Expenses
38
Tax Information
39
Investment Management Agreement Approval
44
Summary of Management Fee Evaluation by Independent Fee Consultant
48
Board Members and Officers
53
Account Management Resources
|
In choosing stocks, portfolio management focuses on individual security selection rather than industry selection.
|
"While we have continued to position the fund for eventual economic recovery, we have also maintained a balance between aggressiveness and defensiveness."
|
Average Annual Total Returns
as of 9/30/12
|
||||
Unadjusted for Sales Charge
|
1-Year
|
3-Year
|
5-Year
|
10-Year
|
Class A
|
17.31%
|
12.95%
|
-1.82%
|
6.45%
|
Class B
|
16.38%
|
11.97%
|
-2.63%
|
5.61%
|
Class C
|
16.48%
|
12.09%
|
-2.59%
|
5.62%
|
Russell Midcap
®
Growth Index
†
|
26.69%
|
14.73%
|
2.54%
|
11.11%
|
Adjusted for the Maximum Sales Charge
|
||||
Class A
(max 5.75% load)
|
10.57%
|
10.74%
|
-2.97%
|
5.83%
|
Class B
(max 4.00% CDSC)
|
13.38%
|
11.43%
|
-2.80%
|
5.61%
|
Class C
(max 1.00% CDSC)
|
16.48%
|
12.09%
|
-2.59%
|
5.62%
|
Russell Midcap
®
Growth Index
†
|
26.69%
|
14.73%
|
2.54%
|
11.11%
|
No Sales Charges
|
||||
Class S
|
17.64%
|
13.29%
|
-1.57%
|
6.65%
|
Institutional Class
|
17.85%
|
13.58%
|
-1.45%
|
6.78%
|
Russell Midcap
®
Growth Index
†
|
26.69%
|
14.73%
|
2.54%
|
11.11%
|
Growth of an Assumed $10,000 Investment
(Adjusted for Maximum Sales Charge)
|
|
|
Yearly periods ended September 30
|
Net Asset Value
|
||||||||||||||||||||
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
||||||||||||||||
Net Asset Value:
9/30/12
|
$ | 14.84 | $ | 13.71 | $ | 13.71 | $ | 15.07 | $ | 15.25 | ||||||||||
9/30/11
|
$ | 12.65 | $ | 11.78 | $ | 11.77 | $ | 12.81 | $ | 12.94 |
Shares
|
Value ($)
|
|||||||
Common Stocks 97.3%
|
||||||||
Consumer Discretionary 22.0%
|
||||||||
Auto Components 1.4%
|
||||||||
BorgWarner, Inc.* (a)
|
33,672 | 2,327,072 | ||||||
Tenneco, Inc.* (a)
|
86,613 | 2,425,164 | ||||||
4,752,236 | ||||||||
Hotels, Restaurants & Leisure 2.6%
|
||||||||
Darden Restaurants, Inc. (a)
|
61,032 | 3,402,534 | ||||||
Panera Bread Co. "A"*
|
30,208 | 5,162,245 | ||||||
8,564,779 | ||||||||
Household Durables 3.0%
|
||||||||
Jarden Corp.
|
82,853 | 4,377,952 | ||||||
Newell Rubbermaid, Inc. (a)
|
105,489 | 2,013,785 | ||||||
Toll Brothers, Inc.* (a)
|
105,807 | 3,515,967 | ||||||
9,907,704 | ||||||||
Internet & Catalog Retail 0.6%
|
||||||||
Priceline.com, Inc.*
|
3,459 | 2,140,187 | ||||||
Leisure Equipment & Products 0.6%
|
||||||||
Polaris Industries, Inc.
|
25,179 | 2,036,226 | ||||||
Media 0.8%
|
||||||||
Cinemark Holdings, Inc.
|
123,553 | 2,771,294 | ||||||
Multiline Retail 1.2%
|
||||||||
Family Dollar Stores, Inc. (a)
|
57,812 | 3,832,936 | ||||||
Specialty Retail 9.1%
|
||||||||
Advance Auto Parts, Inc.
|
26,200 | 1,793,128 | ||||||
Ascena Retail Group, Inc.*
|
152,958 | 3,280,949 | ||||||
Children's Place Retail Stores, Inc.* (a)
|
67,559 | 4,053,540 | ||||||
DSW, Inc. "A"
|
48,377 | 3,227,714 | ||||||
Guess?, Inc. (a)
|
75,189 | 1,911,304 | ||||||
PetSmart, Inc. (a)
|
62,638 | 4,320,769 | ||||||
Ross Stores, Inc.
|
53,779 | 3,474,123 | ||||||
Ulta Salon, Cosmetics & Fragrance, Inc.
|
37,407 | 3,602,481 | ||||||
Urban Outfitters, Inc.* (a)
|
116,494 | 4,375,515 | ||||||
30,039,523 | ||||||||
Textiles, Apparel & Luxury Goods 2.7%
|
||||||||
Carter's, Inc.*
|
58,452 | 3,147,056 | ||||||
Deckers Outdoor Corp.* (a)
|
40,651 | 1,489,452 | ||||||
Hanesbrands, Inc.* (a)
|
131,306 | 4,186,035 | ||||||
8,822,543 | ||||||||
Consumer Staples 3.8%
|
||||||||
Food Products 2.6%
|
||||||||
Green Mountain Coffee Roasters, Inc.* (a)
|
63,571 | 1,509,812 | ||||||
McCormick & Co., Inc. (a)
|
60,425 | 3,748,767 | ||||||
Mead Johnson Nutrition Co. (a)
|
43,479 | 3,186,141 | ||||||
8,444,720 | ||||||||
Household Products 1.2%
|
||||||||
Church & Dwight Co., Inc. (a)
|
74,664 | 4,031,109 | ||||||
Energy 8.6%
|
||||||||
Energy Equipment & Services 5.9%
|
||||||||
Core Laboratories NV (a)
|
26,230 | 3,186,420 | ||||||
Dresser-Rand Group, Inc.* (a)
|
58,955 | 3,249,010 | ||||||
Ensco PLC "A" (a)
|
44,666 | 2,436,977 | ||||||
FMC Technologies, Inc.* (a)
|
97,447 | 4,511,796 | ||||||
National Oilwell Varco, Inc.
|
26,144 | 2,094,396 | ||||||
Oil States International, Inc.*
|
48,591 | 3,861,041 | ||||||
19,339,640 | ||||||||
Oil, Gas & Consumable Fuels 2.7%
|
||||||||
Alpha Natural Resources, Inc.* (a)
|
113,565 | 746,122 | ||||||
Pioneer Natural Resources Co. (a)
|
32,192 | 3,360,845 | ||||||
Range Resources Corp. (a)
|
42,815 | 2,991,484 | ||||||
Ultra Petroleum Corp.* (a)
|
84,548 | 1,858,365 | ||||||
8,956,816 | ||||||||
Financials 7.7%
|
||||||||
Capital Markets 2.6%
|
||||||||
Affiliated Managers Group, Inc.* (a)
|
29,591 | 3,639,693 | ||||||
Invesco Ltd.
|
98,699 | 2,466,488 | ||||||
Lazard Ltd. "A" (a)
|
86,745 | 2,535,556 | ||||||
8,641,737 | ||||||||
Commercial Banks 1.0%
|
||||||||
Signature Bank* (a)
|
48,748 | 3,270,016 | ||||||
Diversified Financial Services 1.4%
|
||||||||
Portfolio Recovery Associates, Inc.* (a)
|
44,453 | 4,642,227 | ||||||
Insurance 1.3%
|
||||||||
W.R. Berkley Corp. (a)
|
115,234 | 4,320,123 | ||||||
Real Estate Investment Trusts 0.6%
|
||||||||
Digital Realty Trust, Inc. (REIT) (a)
|
28,165 | 1,967,325 | ||||||
Real Estate Management & Development 0.8%
|
||||||||
CBRE Group, Inc. "A"*
|
149,972 | 2,760,985 | ||||||
Health Care 15.7%
|
||||||||
Biotechnology 5.2%
|
||||||||
Alexion Pharmaceuticals, Inc.* (a)
|
35,297 | 4,037,977 | ||||||
Alkermes PLC* (a)
|
129,296 | 2,682,892 | ||||||
ARIAD Pharmaceuticals, Inc.* (a)
|
87,205 | 2,112,541 | ||||||
Incyte Corp., Ltd.* (a)
|
138,917 | 2,507,452 | ||||||
Regeneron Pharmaceuticals, Inc.* (a)
|
24,210 | 3,695,898 | ||||||
Vertex Pharmaceuticals, Inc.* (a)
|
37,139 | 2,077,927 | ||||||
17,114,687 | ||||||||
Health Care Equipment & Supplies 1.2%
|
||||||||
Thoratec Corp.*
|
119,691 | 4,141,309 | ||||||
Health Care Providers & Services 6.6%
|
||||||||
AmerisourceBergen Corp. (a)
|
105,289 | 4,075,737 | ||||||
Catamaran Corp.*
|
54,561 | 5,345,341 | ||||||
Centene Corp.* (a)
|
62,993 | 2,356,568 | ||||||
DaVita, Inc.*
|
45,011 | 4,663,590 | ||||||
Fresenius Medical Care AG & Co. KGaA (ADR)
|
22,289 | 1,636,012 | ||||||
Humana, Inc.
|
53,572 | 3,758,076 | ||||||
21,835,324 | ||||||||
Life Sciences Tools & Services 1.4%
|
||||||||
Agilent Technologies, Inc.
|
117,340 | 4,511,723 | ||||||
Pharmaceuticals 1.3%
|
||||||||
Pacira Pharmaceuticals, Inc.* (a)
|
256,719 | 4,466,911 | ||||||
Industrials 15.1%
|
||||||||
Aerospace & Defense 1.2%
|
||||||||
BE Aerospace, Inc.*
|
90,713 | 3,819,017 | ||||||
Commercial Services & Supplies 0.9%
|
||||||||
Stericycle, Inc.* (a)
|
32,916 | 2,979,556 | ||||||
Construction & Engineering 0.4%
|
||||||||
Chicago Bridge & Iron Co. NV
|
35,019 | 1,333,874 | ||||||
Electrical Equipment 3.0%
|
||||||||
General Cable Corp.* (a)
|
109,346 | 3,212,585 | ||||||
Rockwell Automation, Inc. (a)
|
56,430 | 3,924,707 | ||||||
The Babcock & Wilcox Co.*
|
107,913 | 2,748,544 | ||||||
9,885,836 | ||||||||
Machinery 4.1%
|
||||||||
Joy Global, Inc.
|
63,933 | 3,584,084 | ||||||
Manitowoc Co., Inc. (a)
|
245,453 | 3,274,343 | ||||||
Valmont Industries, Inc.
|
24,147 | 3,175,330 | ||||||
WABCO Holdings, Inc.*
|
59,780 | 3,447,513 | ||||||
13,481,270 | ||||||||
Professional Services 3.2%
|
||||||||
IHS, Inc. "A"*
|
38,350 | 3,733,373 | ||||||
Robert Half International, Inc. (a)
|
116,641 | 3,106,150 | ||||||
Verisk Analytics, Inc. "A"*
|
79,553 | 3,787,518 | ||||||
10,627,041 | ||||||||
Road & Rail 1.2%
|
||||||||
Kansas City Southern (a)
|
53,479 | 4,052,639 | ||||||
Trading Companies & Distributors 1.1%
|
||||||||
United Rentals, Inc.* (a)
|
110,126 | 3,602,221 | ||||||
Information Technology 16.3%
|
||||||||
Communications Equipment 2.6%
|
||||||||
F5 Networks, Inc.* (a)
|
28,496 | 2,983,531 | ||||||
Harris Corp. (a)
|
53,360 | 2,733,099 | ||||||
Palo Alto Networks, Inc.* (a)
|
44,147 | 2,718,131 | ||||||
8,434,761 | ||||||||
Computers & Peripherals 1.7%
|
||||||||
Western Digital Corp.
|
147,964 | 5,730,646 | ||||||
Internet Software & Services 1.2%
|
||||||||
Equinix, Inc.* (a)
|
19,581 | 4,034,665 | ||||||
IT Services 3.0%
|
||||||||
Syntel, Inc. (a)
|
66,811 | 4,169,674 | ||||||
Teradata Corp.* (a)
|
36,977 | 2,788,436 | ||||||
VeriFone Systems, Inc.* (a)
|
111,485 | 3,104,857 | ||||||
10,062,967 | ||||||||
Semiconductors & Semiconductor Equipment 2.3%
|
||||||||
ARM Holdings PLC (ADR) (a)
|
73,246 | 2,049,423 | ||||||
Avago Technologies Ltd.
|
79,692 | 2,778,462 | ||||||
Skyworks Solutions, Inc.*
|
121,980 | 2,874,459 | ||||||
7,702,344 | ||||||||
Software 5.5%
|
||||||||
Citrix Systems, Inc.*
|
58,100 | 4,448,717 | ||||||
Concur Technologies, Inc.* (a)
|
18,451 | 1,360,392 | ||||||
MICROS Systems, Inc.* (a)
|
64,397 | 3,163,181 | ||||||
QLIK Technologies, Inc.*
|
98,562 | 2,208,774 | ||||||
Red Hat, Inc.*
|
75,934 | 4,323,682 | ||||||
TIBCO Software, Inc.*
|
84,073 | 2,541,527 | ||||||
18,046,273 | ||||||||
Materials 7.2%
|
||||||||
Chemicals 4.3%
|
||||||||
Albemarle Corp.
|
38,567 | 2,031,709 | ||||||
CF Industries Holdings, Inc. (a)
|
21,916 | 4,870,612 | ||||||
Rockwood Holdings, Inc.
|
75,458 | 3,516,343 | ||||||
Westlake Chemical Corp. (a)
|
50,897 | 3,718,535 | ||||||
14,137,199 | ||||||||
Containers & Packaging 1.0%
|
||||||||
Crown Holdings, Inc.*
|
91,554 | 3,364,609 | ||||||
Metals & Mining 1.0%
|
||||||||
Allegheny Technologies, Inc. (a)
|
62,079 | 1,980,320 | ||||||
Walter Energy, Inc.
|
40,080 | 1,300,997 | ||||||
3,281,317 | ||||||||
Paper & Forest Products 0.9%
|
||||||||
Schweitzer-Mauduit International, Inc. (a)
|
91,712 | 3,025,579 | ||||||
Telecommunication Services 0.9%
|
||||||||
Wireless Telecommunication Services
|
||||||||
SBA Communications Corp. "A"* (a)
|
45,497 | 2,861,761 | ||||||
Total Common Stocks
(Cost $273,615,895)
|
321,775,655 | |||||||
Exchange-Traded Fund 0.5%
|
||||||||
SPDR S&P Biotech* (a) (Cost $1,577,619)
|
17,036 | 1,591,333 | ||||||
Securities Lending Collateral 45.0%
|
||||||||
Daily Assets Fund Institutional, 0.23% (b) (c) (Cost $148,832,039)
|
148,832,039 | 148,832,039 | ||||||
Cash Equivalents 2.6%
|
||||||||
Central Cash Management Fund, 0.15% (b) (Cost $8,476,609)
|
8,476,609 | 8,476,609 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio
(Cost $432,502,162)
†
|
145.4 | 480,675,636 | ||||||
Other Assets and Liabilities, Net (a)
|
(45.4 | ) | (150,065,720 | ) | ||||
Net Assets
|
100.0 | 330,609,916 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks (d)
|
$ | 321,775,655 | $ | — | $ | — | $ | 321,775,655 | ||||||||
Exchange-Traded Fund
|
1,591,333 | — | — | 1,591,333 | ||||||||||||
Short-Term Investments (d)
|
157,308,648 | — | — | 157,308,648 | ||||||||||||
Total
|
$ | 480,675,636 | $ | — | $ | — | $ | 480,675,636 |
as of September 30, 2012
|
||||
Assets
|
||||
Investments:
Investments in non-affiliated securities, at value (cost $275,193,514) — including $143,384,845 of securities loaned
|
$ | 323,366,988 | ||
Investment in Daily Assets Fund Institutional (cost $148,832,039)*
|
148,832,039 | |||
Investment in Central Cash Management Fund (cost $8,476,609)
|
8,476,609 | |||
Total investments in securities, at value (cost $432,502,162)
|
480,675,636 | |||
Cash
|
10,000 | |||
Receivable for investments sold
|
1,664,189 | |||
Receivable for Fund shares sold
|
15,528 | |||
Dividends receivable
|
146,328 | |||
Interest receivable
|
23,496 | |||
Foreign taxes recoverable
|
150 | |||
Other assets
|
18,472 | |||
Total assets
|
482,553,799 | |||
Liabilities
|
||||
Payable upon return of securities loaned
|
148,832,039 | |||
Payable for investments purchased
|
2,006,399 | |||
Payable for Fund shares redeemed
|
462,375 | |||
Accrued management fee
|
180,126 | |||
Accrued Trustees' fees
|
1,976 | |||
Other accrued expenses and payables
|
460,968 | |||
Total liabilities
|
151,943,883 | |||
Net assets, at value
|
$ | 330,609,916 | ||
Net Assets Consist of
|
||||
Net investment loss
|
(1,077,448 | ) | ||
Net unrealized appreciation (depreciation) on investments
|
48,173,474 | |||
Accumulated net realized gain (loss)
|
(18,421,203 | ) | ||
Paid-in capital
|
301,935,093 | |||
Net assets, at value
|
$ | 330,609,916 |
for the year ended September 30, 2012
|
||||
Investment Income
|
||||
Income:
Dividends (net of foreign taxes withheld of $13,666)
|
$ | 2,395,971 | ||
Income distributions — Central Cash Management Fund
|
12,525 | |||
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates
|
288,421 | |||
Total income
|
2,696,917 | |||
Expenses:
Management fee
|
2,270,504 | |||
Administration fee
|
349,308 | |||
Services to shareholders
|
846,877 | |||
Distribution and service fees
|
587,317 | |||
Custodian fee
|
10,787 | |||
Professional fees
|
61,783 | |||
Reports to shareholders
|
65,217 | |||
Registration fees
|
64,933 | |||
Trustees' fees and expenses
|
13,602 | |||
Other
|
17,266 | |||
Total expenses
|
4,287,594 | |||
Net investment income (loss)
|
(1,590,677 | ) | ||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) from investments
|
38,042,520 | |||
Change in net unrealized appreciation (depreciation) on investments
|
19,232,670 | |||
Net gain (loss)
|
57,275,190 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 55,684,513 |
Years Ended September 30,
|
||||||||
Increase (Decrease) in Net Assets
|
2012
|
2011
|
||||||
Operations:
Net investment income (loss)
|
$ | (1,590,677 | ) | $ | (2,355,089 | ) | ||
Net realized gain (loss)
|
38,042,520 | 51,619,696 | ||||||
Change in net unrealized appreciation (depreciation)
|
19,232,670 | (41,274,325 | ) | |||||
Net increase (decrease) in net assets resulting from operations
|
55,684,513 | 7,990,282 | ||||||
Distributions to shareholders from:
Net investment income:
Class A
|
— | (3,113,793 | ) | |||||
Class B
|
— | (30,223 | ) | |||||
Class C
|
— | (95,832 | ) | |||||
Class S
|
— | (2,930,984 | ) | |||||
Institutional Class
|
— | (28,533 | ) | |||||
Total distributions
|
— | (6,199,365 | ) | |||||
Fund share transactions:
Proceeds from shares sold
|
22,337,189 | 51,293,413 | ||||||
Reinvestment of distributions
|
— | 5,956,316 | ||||||
Payments for shares redeemed
|
(71,065,163 | ) | (96,133,878 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
(48,727,974 | ) | (38,884,149 | ) | ||||
Increase from regulatory settlements (see Note F)
|
— | 636,864 | ||||||
Increase (decrease) in net assets
|
6,956,539 | (36,456,368 | ) | |||||
Net assets at beginning of period
|
323,653,377 | 360,109,745 | ||||||
Net assets at end of period (including net investment loss and undistributed net investment income of $1,077,448 and $0, respectively)
|
$ | 330,609,916 | $ | 323,653,377 |
Years Ended September 30,
|
|||||||||||||||||||||
Class A
|
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
Selected Per Share Data
|
|||||||||||||||||||||
Net asset value, beginning of period
|
$ | 12.65 | $ | 12.75 | $ | 10.45 | $ | 11.81 | $ | 19.07 | |||||||||||
Income (loss) from investment operations:
Net investment income (loss)
a
|
(.08 | ) | (.10 | ) | (.09 | ) | (.02 | ) | (.09 | ) | |||||||||||
Net realized and unrealized gain (loss)
|
2.27 | .19 | 2.11 | (1.34 | ) | (4.67 | ) | ||||||||||||||
Total from investment operations
|
2.19 | .09 | 2.02 | (1.36 | ) | (4.76 | ) | ||||||||||||||
Less distributions from:
Net investment income
|
— | (.21 | ) | — | — | — | |||||||||||||||
Net realized gains
|
— | — | — | — | (2.50 | ) | |||||||||||||||
Total distributions
|
— | (.21 | ) | — | — | (2.50 | ) | ||||||||||||||
Increase from regulatory settlements
|
— | .02 | d | .28 | d | — | — | ||||||||||||||
Net asset value, end of period
|
$ | 14.84 | $ | 12.65 | $ | 12.75 | $ | 10.45 | $ | 11.81 | |||||||||||
Total Return (%)
c
|
17.31 | .66 | d | 22.01 | d | (11.52 | ) b | (28.43 | ) b | ||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
|||||||||||||||||||||
Net assets, end of period ($ millions)
|
175 | 174 | 193 | 182 | 236 | ||||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.31 | 1.27 | 1.40 | 1.39 | 1.37 | ||||||||||||||||
Ratio of expenses after expense reductions (%)
|
1.31 | 1.27 | 1.40 | 1.22 | 1.25 | ||||||||||||||||
Ratio of net investment income (loss) (%)
|
(.54 | ) | (.66 | ) | (.75 | ) | (.24 | ) | (.62 | ) | |||||||||||
Portfolio turnover rate (%)
|
70 | 54 | 68 | 90 | 82 | ||||||||||||||||
a
Based on average shares outstanding during the period.
b
Total return would have been lower had certain expenses not been reduced.
c
Total return does not reflect the effect of any sales charges.
d
The period ended September 30, 2010 includes a non-recurring payment from the Advisor, which amounted to $0.236 per share recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements. The Fund also received $0.024 and $0.042 per share of non-affiliated regulatory settlements for the periods ended September 30, 2011 and 2010, respectively. Excluding these non-recurring payments, total return would have been 0.19% and 2.66% lower for the periods ended September 30, 2011 and 2010, respectively.
|
Capital loss carryforwards
|
$ | (16,270,000 | ) | |
Net unrealized appreciation (depreciation) on investments
|
$ | 47,584,830 |
Years Ended September 30,
|
||||||||
2012
|
2011
|
|||||||
Distributions from ordinary income*
|
$ | — | $ | 6,199,365 |
First $500 million of the Fund's average daily net assets
|
.65 | % | ||
Next $1 billion of such net assets
|
.60 | % | ||
Next $2.5 billion of such net assets
|
.55 | % | ||
Next $2.5 billion of such net assets
|
.54 | % | ||
Next $2.5 billion of such net assets
|
.53 | % | ||
Next $2.5 billion of such net assets
|
.52 | % | ||
Over $11.5 billion of such net assets
|
.51 | % |
Services to Shareholders
|
Total Aggregated
|
Unpaid at September 30, 2012
|
||||||
Class A
|
$ | 322,141 | $ | 85,769 | ||||
Class B
|
10,994 | 2,698 | ||||||
Class C
|
28,836 | 6,869 | ||||||
Class S
|
236,072 | 58,330 | ||||||
Institutional Class
|
1,400 | 492 | ||||||
$ | 599,443 | $ | 154,158 |
Distribution Fee
|
Total Aggregated
|
Unpaid at September 30, 2012
|
||||||
Class B
|
$ | 26,030 | $ | 2,154 | ||||
Class C
|
84,614 | 6,186 | ||||||
$ | 110,644 | $ | 8,340 |
Service Fee
|
Total Aggregated
|
Unpaid at September 30, 2012
|
Annual Effective Rate
|
|||||||||
Class A
|
$ | 440,158 | $ | 112,187 | .24 | % | ||||||
Class B
|
8,555 | 1,845 | .25 | % | ||||||||
Class C
|
27,960 | 6,299 | .25 | % | ||||||||
$ | 476,673 | $ | 120,331 |
Year Ended September 30, 2012
|
Year Ended September 30, 2011
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Class A
|
970,181 | $ | 14,113,841 | 1,792,859 | $ | 26,239,513 | ||||||||||
Class B
|
889 | 12,720 | 26,584 | 385,415 | ||||||||||||
Class C
|
87,745 | 1,196,651 | 155,515 | 2,110,383 | ||||||||||||
Class S
|
345,684 | 5,153,945 | 1,445,541 | 21,292,304 | ||||||||||||
Institutional Class
|
129,913 | 1,860,032 | 82,288 | 1,265,798 | ||||||||||||
$ | 22,337,189 | $ | 51,293,413 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Class A
|
— | $ | — | 209,495 | $ | 3,002,067 | ||||||||||
Class B
|
— | — | 2,181 | 29,309 | ||||||||||||
Class C
|
— | — | 6,887 | 92,420 | ||||||||||||
Class S
|
— | — | 193,654 | 2,804,148 | ||||||||||||
Institutional Class
|
— | — | 1,938 | 28,372 | ||||||||||||
$ | — | $ | 5,956,316 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Class A
|
(2,909,668 | ) | $ | (42,217,640 | ) | (3,428,803 | ) | $ | (50,078,303 | ) | ||||||
Class B
|
(118,246 | ) | (1,591,814 | ) | (154,839 | ) | (2,130,589 | ) | ||||||||
Class C
|
(314,380 | ) | (4,271,064 | ) | (317,046 | ) | (4,326,158 | ) | ||||||||
Class S
|
(1,449,662 | ) | (21,592,694 | ) | (2,637,376 | ) | (39,062,237 | ) | ||||||||
Institutional Class
|
(93,569 | ) | (1,391,951 | ) | (36,083 | ) | (536,591 | ) | ||||||||
$ | (71,065,163 | ) | $ | (96,133,878 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Class A
|
(1,939,487 | ) | $ | (28,103,799 | ) | (1,426,449 | ) | $ | (20,836,723 | ) | ||||||
Class B
|
(117,357 | ) | (1,579,094 | ) | (126,074 | ) | (1,715,865 | ) | ||||||||
Class C
|
(226,635 | ) | (3,074,413 | ) | (154,644 | ) | (2,123,355 | ) | ||||||||
Class S
|
(1,103,978 | ) | (16,438,749 | ) | (998,181 | ) | (14,965,785 | ) | ||||||||
Institutional Class
|
36,344 | 468,081 | 48,143 | 757,579 | ||||||||||||
$ | (48,727,974 | ) | $ | (38,884,149 | ) |
Boston, Massachusetts
November 21, 2012
|
PricewaterhouseCoopers LLP
|
Annualized Expense Ratios
|
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
DWS Mid Cap Growth Fund
|
1.30%
|
2.16%
|
2.11%
|
1.02%
|
.95%
|
Officers
4
|
||
Name, Year of Birth, Position with the Fund and Length of Time Served
5
|
Principal Occupation(s) During Past 5 Years and Other Directorships Held
|
|
W. Douglas Beck, CFA
6
(1967)
President, 2011-present
|
Managing Director
3
, Deutsche Asset Management (2006-present); President of DWS family of funds and Head of Product Management, U.S. for DWS Investments; formerly, Executive Director, Head of Product Management (2002-2006) and President (2005-2006) of the UBS Funds at UBS Global Asset Management; Co-Head of Manager Research/Managed Solutions Group, Merrill Lynch (1998-2002)
|
|
John Millette
7
(1962)
Vice President and Secretary, 1999-present
|
Director
3
, Deutsche Asset Management
|
|
Paul H. Schubert
6
(1963)
Chief Financial Officer, 2004-present
Treasurer, 2005-present
|
Managing Director
3
, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
|
|
Caroline Pearson
7
(1962)
Chief Legal Officer, 2010-present
|
Managing Director
3
, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010)
|
|
Melinda Morrow
6
(1970)
Vice President,
2012-present
|
Director
3
, Deutsche Asset Management
|
|
Paul Antosca
7
(1957)
Assistant Treasurer, 2007-present
|
Director
3
, Deutsche Asset Management
|
|
Jack Clark
7
(1967)
Assistant Treasurer, 2007-present
|
Director
3
, Deutsche Asset Management
|
|
Diane Kenneally
7
(1966)
Assistant Treasurer, 2007-present
|
Director
3
, Deutsche Asset Management
|
|
John Caruso
6
(1965)
Anti-Money Laundering Compliance Officer, 2010-present
|
Managing Director
3
, Deutsche Asset Management
|
|
Robert Kloby
6
(1962)
Chief Compliance Officer, 2006-present
|
Managing Director
3
, Deutsche Asset Management
|
For More Information
|
The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, B, C and S also have the ability to purchase, exchange or redeem shares using this system.
For more information, contact your financial advisor. You may also access our automated telephone system or speak with a DWS Investments representative by calling:
(800) 728-3337
|
|
Web Site
|
www.dws-investments.com
View your account transactions and balances, trade shares, monitor your asset allocation, and change your address, 24 hours a day.
Obtain prospectuses and applications,
blank forms, interactive worksheets, news about DWS funds, subscription to fund updates by e-mail, retirement planning information, and more.
|
|
Written Correspondence
|
DWS Investments
PO Box 219151
Kansas City, MO 64121-9151
|
|
Proxy Voting
|
The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — www.dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at ((800) 728-3337.
|
|
Portfolio Holdings
|
Following the fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. This form will be available on the SEC's Web site at www.sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The fund's portfolio holdings are also posted on www.dws-investments.com from time to time. Please see the fund's current prospectus for more information.
|
|
Principal Underwriter
|
If you have questions, comments or complaints, contact:
DWS Investments Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808
(800) 621-1148
|
|
Investment Management
|
Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), which is part of Deutsche Asset Management, is the investment advisor for the fund. DIMA and its predecessors have more than 80 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients.
DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution engaged in a wide variety of financial services, including investment management, retail, private and commercial banking, investment banking and insurance.
DWS Investments is the retail brand name in the U.S. for the asset management activities of Deutsche Bank AG and DIMA. As such, DWS is committed to delivering the investing expertise, insight and resources of this global investment platform to American investors.
|
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
||
Nasdaq Symbol
|
SMCAX
|
SMCBX
|
SMCCX
|
SMCSX
|
BTEAX
|
|
CUSIP Number
|
23338J 632
|
23338J 624
|
23338J 616
|
23338J 590
|
23338J 582
|
|
Fund Number
|
483
|
683
|
783
|
2383
|
583
|
Fiscal Year
Ended
September 30,
|
Audit Fees Billed to Fund
|
Audit-Related
Fees Billed to Fund
|
Tax Fees Billed to Fund
|
All
Other Fees Billed to Fund
|
||||||||||||
2012
|
$ | 54,515 | $ | 0 | $ | 0 | $ | 0 | ||||||||
2011
|
$ | 52,636 | $ | 0 | $ | 0 | $ | 0 |
Fiscal Year Ended
September 30,
|
Audit-Related
Fees Billed
to Adviser and Affiliated Fund Service Providers
|
Tax Fees Billed to Adviser and Affiliated Fund Service Providers
|
All
Other Fees Billed to Adviser and Affiliated Fund Service Providers
|
|||||||||
2012
|
$ | 0 | $ | 56,300 | $ | 0 | ||||||
2011
|
$ | 0 | $ | 0 | $ | 0 |
Fiscal Year
Ended
September 30,
|
Total
Non-Audit Fees Billed to Fund
(A)
|
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)
(B)
|
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)
(C)
|
Total of (A), (B)
and (C)
|
||||||||||||
2012
|
$ | 0 | $ | 56,300 | $ | 0 | $ | 56,300 | ||||||||
2011
|
$ | 0 | $ | 0 | $ | 0 | $ | 0 |
Registrant:
|
DWS Mid Cap Growth Fund, a series of DWS Investment Trust
|
By:
|
/s/W. Douglas Beck
W. Douglas Beck
President
|
Date:
|
November 29, 2012
|
By:
|
/s/W. Douglas Beck
W. Douglas Beck
President
|
Date:
|
November 29, 2012
|
By:
|
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
|
Date:
|
November 29, 2012
|
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