UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549  FORM N-CSR  Investment Company Act file number
        811-08599
  DWS Equity Trust (Exact Name of Registrant as Specified in Charter)  222 South Riverside Plaza Chicago, IL  60606 (Address of principal executive offices)             (Zip code)  Registrants Telephone Number, including Area Code:(212) 454-7190  Paul Schubert 345 Park Avenue New York, NY 10154 (Name and Address of Agent for Service)  Date of fiscal year end:
        8/31
  Date of reporting period:
        8/31/07
   ITEM 1.REPORT TO STOCKHOLDERS


AUGUST 31, 2007

# Annual Report
to Shareholders

DWS Disciplined Market Neutral Fund

|dmn_cover2a0
|------------

Contents

Click herePerformance Summary

Click hereInformation About Your Fund's Expenses

Click herePortfolio Management Review

Click herePortfolio Summary

Click hereInvestment Portfolio

Click hereFinancial Statements

Click hereFinancial Highlights

Click hereNotes to Financial Statements

Click hereReport of Independent Registered Public Accounting Firm

Click hereTax Information

Click hereTrustees and Officers

Click hereAccount Management Resources

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

Investments in mutual funds involve risk. Some funds have more risk than others. This
fund is subject to stock market risk, meaning stocks in the fund may decline in value for
extended periods of time due to the activities and financial prospects of individual
companies, or due to general market and economic conditions. Management can take
short positions in stocks, which means the fund could incur a loss by subsequently
buying a security at a higher price than the price at which the fund previously sold the
security short. The use of short sales-in effect, leveraging the fund's portfolio-could
increase the fund's exposure to the market, magnify losses and increase the volatility
of returns. Management focuses its investments on certain industrial sectors, thereby
increasing its vulnerability to any single industry or regulatory development. Derivatives
may be more volatile and less liquid than traditional securities, and the fund could
suffer losses on its derivatives positions. Please read the prospectus for details
regarding the fund's risk profile.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name in
the US for the asset management activities of Deutsche Bank AG, Deutsche Bank Trust
Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust
Company.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Performance SummaryAugust 31, 2007

Classes A, C and Institutional Class

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

The maximum sales charge for Class A shares is 5.75%. Class C shares have no
adjustment for front-end sales charges but redemptions within one year of
purchase may be subject to a CDSC of 1%. Unadjusted returns do not reflect
sales charges and would have been lower if they had. Institutional Class shares
are not subject to sales charge.

The total annual fund operating expense ratios, gross of any fee waivers or
expense reimbursements, as stated in the fee table of the prospectus dated
October 13, 2006 are 2.38%, 3.08% and 1.94% for Class A, Class C and
Institutional Class shares, respectively. Please see the Information About Your
Fund's Expenses, the Financial Highlights and Notes to the Financial Statements
(Note C, Related Parties) sections of this report for gross and net expense related
disclosure for the period ended August 31, 2007.

To discourage short-term trading, the Fund imposes a 2% redemption fee on
shareholders redeeming shares held less than 30 days, which has the effect of
lowering total return.

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

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

|Cumulative Total Returns(Unadjusted for Sales Charge) as of 8/31/07
|-------------------------------------------------------------------
|DWS Disciplined Market Neutral Fund                                
|Class A                                                            
|Class C                                                            
|Institutional Class                                                
|Citigroup 3-Month T-Bill Index                                    

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

|Net Asset Value Information                                                                
|-------------------------------------------------------------------------------------------
|                                                                                           
|Net Asset Value:
8/31/07                                                                   
|10/13/06 (commencement of operations)                                                      
|Distribution Information:
10/13/06 (commencement of operations) to 8/31/07:Income Dividends
|Capital Gain Distributions                                                                 

|Growth of an Assumed $10,000 Investment(Adjusted for Maximum Sales Charge)       
|---------------------------------------------------------------------------------
|[]DWS Disciplined Market Neutral Fund  Class A
[]Citigroup 3-Month T-Bill Index
|dmn_g10k230                                                                      
|                                                                                 

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

|Comparative Results(Adjusted for Maximum Sales Charge) as of 8/31/07
|--------------------------------------------------------------------
|DWS Disciplined Market Neutral Fund                                 
|Class A                                                             
|Average annual total return                                         
|Class C                                                             
|Average annual total return                                         
|Citigroup 3-Month T-Bill Index                                     
|Average annual total return                                         

The growth of $10,000 is cumulative.

|Growth of an Assumed $1,000,000 Investment                                                   
|---------------------------------------------------------------------------------------------
|[]DWS Disciplined Market Neutral Fund  Institutional Class
[]Citigroup 3-Month T-Bill Index
|dmn_g10k220                                                                                  
|                                                                                             

|Comparative Resultsas of 8/31/07   
|-----------------------------------
|DWS Disciplined Market Neutral Fund
|Institutional Class                
|Average annual total return        
|Citigroup 3-Month T-Bill Index    
|Average annual total return        

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

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

Class S

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

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

The total annual fund operating expense ratio, gross of any fee waivers or
expense reimbursements, as stated in the fee table of the prospectus dated
October 13, 2006 is 2.26% Class S shares. Please see the Information About Your
Fund's Expenses, the Financial Highlights and Notes to the Financial Statements
(Note C, Related Parties) sections of this report for gross and net expense related
disclosure for the period ended August 31, 2007.

To discourage short-term trading, the Fund imposes a 2% redemption fee on
shareholders redeeming shares held less than 30 days, which has the effect of
lowering total return.

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

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

|Cumulative Total Returnsas of 8/31/07
|-------------------------------------
|DWS Disciplined Market Neutral Fund  
|Class S                              
|Citigroup 3-Month T-Bill Index      

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

|Net Asset Value and Distribution Information                                               
|-------------------------------------------------------------------------------------------
|                                                                                           
|Net Asset Value:
8/31/07                                                                   
|10/13/06 (commencement of operations)                                                      
|Distribution Information:
10/13/06 (commencement of operations) to 8/31/07:Income Dividends
|Capital Gain Distributions                                                                 

|Growth of an Assumed $10,000 Investment                                          
|---------------------------------------------------------------------------------
|[]DWS Disciplined Market Neutral Fund  Class S
[]Citigroup 3-Month T-Bill Index
|dmn_g10k210                                                                      
|                                                                                 

|Comparative Resultsas of 8/31/07   
|-----------------------------------
|DWS Disciplined Market Neutral Fund
|Class S                            
|Average annual total return        
|Citigroup 3-Month T-Bill Index    
|Average annual total return        

The growth of $10,000 is cumulative.

Information About Your Fund's Expenses

As an investor of the Fund, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management
fees, distribution and service (12b-1) fees and other Fund expenses.
Examples of transaction costs include sales charges (loads), redemption
fees and account maintenance fees, which are not shown in this section.
The following tables are intended to help you understand your ongoing
expenses (in dollars) of investing in the Fund and to help you compare
these expenses with the ongoing expenses of investing in other mutual
funds. In the most recent six-month period, the Fund limited these
expenses; had it not done so, expenses would have been higher. The
example in the table is based on an investment of $1,000 invested at the
beginning of the six-month period and held for the entire period (March 1,
2007 to August 31, 2007).

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

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

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

Please note that the expenses shown in these tables are meant to
highlight your ongoing expenses only and do not reflect any transaction
costs. The "Expenses Paid per $1,000" line of the tables is useful in
comparing ongoing expenses only and will not help you determine the
relative total expense of owning different funds. If these transaction costs
had been included, your costs would have been higher.

|Expenses and Value of a $1,000 Investmentfor the six months ended August 31, 2007
|---------------------------------------------------------------------------------
|Actual Fund Return                                                               
|Beginning Account Value 3/1/07                                                   
|Ending Account Value 8/31/07                                                     
|Expenses Paid per $1,000*                                                        
|Hypothetical 5% Fund Return                                                      
|Beginning Account Value 3/1/07                                                   
|Ending Account Value 8/31/07                                                     
|Expenses Paid per $1,000*                                                        

|Annualized Expense Ratios            | Class A | Class C | Class S | Institutional
Class
|------------------------------------ | ------- | ------- | ------- | -------------------
|DWS Disciplined Market Neutral Fund+ | 3.09%   | 3.85%   | 2.97%   | 2.92%              

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

Portfolio Management Review

DWS Disciplined Market Neutral Fund:
A Team Approach to Investing

Deutsche Investment Management Americas Inc. ("DIMA" or the
"Advisor"), which is part of Deutsche Asset Management, is the
investment advisor for DWS Disciplined Market Neutral Fund. DIMA and
its predecessors have more than 80 years of experience managing mutual
funds and DIMA provides a full range of investment advisory services to
institutional and retail clients.

Deutsche Asset Management is a global asset management organization
that offers a wide range of investing expertise and resources. This
well-resourced global investment platform brings together a wide variety
of experience and investment insight across industries, regions, asset
classes and investing styles.

DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG.
Deutsche Bank AG is a major global banking institution that is engaged in
a wide range of financial services, including investment management,
mutual funds, retail, private and commercial banking, investment banking
and insurance.

Portfolio Management Team

Robert Wang

Managing Director of Deutsche Asset Management and Portfolio Manager of the fund.

Joined Deutsche Asset Management in 1995 as portfolio manager for asset allocation
after 13 years of experience of trading fixed income, foreign exchange and derivative
products at J.P. Morgan.

Global Head of Quantitative Strategies Portfolio Management: New York.

Joined the fund in 2007.

BS, The Wharton School, University of Pennsylvania.

Jin Chen, CFA

Director of Deutsche Asset Management and Portfolio Manager of the fund.

Senior portfolio manager for Global Strategies: New York.

Joined Deutsche Asset Management in 1999; prior to that, served as portfolio manager
for Absolute Return Strategies and as a fundamental equity analyst and portfolio
manager for Thomas White Asset Management.

Joined the fund in 2007.

BS, Nanjing University; MS, Michigan State University.

Julie Abbett

Director of Deutsche Asset Management and Portfolio Manager of the fund.

Senior portfolio manager for Global Quantitative Equity: New York.

Joined Deutsche Asset Management in 2000 after four years of combined experience
as a consultant with equity trading services for BARRA, Inc. and a product developer for
FactSet Research.

Joined the fund in 2007.

BA, University of Connecticut.

In the following interview, the fund's portfolio managers discuss
recent market events as well as the performance and positioning
of the portfolio during the period from the fund's commencement of
operations on October 16, 2006 through August 31, 2007.*



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

Q: How did the US stock market and the fund perform during
the period under review?

A:Despite a significant increase in market volatility throughout
July and August, US equities delivered a strong performance
during the fund's reporting period. A backdrop of robust global
growth and better-than-expected corporate profits provided a
positive underpinning for stock prices. In addition, heavy buying
activity by private equity firms  which purchase the stock of
public companies at a premium in order to take them private 
boosted the shares of both companies that were purchased as
well as those viewed as being potential acquisition targets. These
factors helped the market to rise steadily from the beginning of
the reporting period through mid-July, with only a brief sell-off in
early March interrupting the otherwise powerful rally. A notable
outcome of this rally was that traditional valuation metrics proved
largely ineffective amid investors' frenzied search for the next
likely takeover candidate.

This frenzied investment environment suddenly took a turn for the
worse in mid-July, however, when the continued deterioration in
housing prices and rising defaults among subprime mortgage
holders caused the credit markets to freeze up. Investors rapidly
grew more risk-averse, leading to a sell-off across virtually all
asset classes. Stock prices were hit hard, and the resulting
market dislocations led to an unusual outcome: higher-quality,
more reasonably valued stocks generally underperformed, while
lower-quality, higher-valued stocks outperformed and in some
cases actually gained ground.

This backdrop proved very difficult for the fund. First, the surge in
merger and acquisition activity in the first half of 2007 led to a
short-term breakdown in the effectiveness of the fund's valuation
criteria. Second, the outperformance of lower-quality stocks
during the July-August correction meant that the fund's short
positions did not rise as much as the value of its long positions
declined.1 The result was that the fund no longer performed in a
market-neutral manner, but instead lagged the performance of
the broader market by a substantial margin. While the fund
rebounded sharply in the final two weeks of the period once
market conditions normalized, this was not enough to make up for
the shortfall that had occurred previously.

The result was that the fund underperformed for the full period.
From its inception on October 13, 2006 through August 31, 2007,
DWS Disciplined Market Neutral Fund's Class A shares produced
a total return of -2.54%. (Returns are unadjusted for sales
charges. If sales charges had been included, returns would have
been lower. Past performance is no guarantee of future results.
Please see pages 4 through 8 for complete performance
information.) Its benchmark, the Citigroup 3-Month T-Bill Index,
returned 4.18% during the same interval.2

|How is the fund managed?
"We use a quantitative process to assess a large investment
universe  the Russell 1000 Index. All of the stocks are ranked
from best to worst based on a proprietary screening process, then
we invest in about 130 to 160 of the top-rated stocks in the index
and sell short an equal dollar amount of the lowest-ranked stocks.
(A 'short sale' is an investment whose value rises if the price of a
security declines.) The proceeds from short selling are held in a
money market investment, which will account for a portion of the
fund's total return. To ensure market neutrality, the portfolio is
constantly adjusted to eliminate the effects of market capitalization,
investment style and industry exposure.
This proprietary quantitative model ranks every stock within the
Russell 1000 Index using nine factors that fit into three broad
categories: valuation factors, growth factors and market sentiment
factors. The first looks at earnings quality as well as forward
price-to-earnings and price-to-cash flow ratios. In the growth
category, the factors assessed include earnings revision momentum
(to ensure that estimates are not falling), cash flow growth, cash
flow return on invested capital (a measure of management
effectiveness) and a proprietary analysis designed to predict the
likelihood of earnings surprises. Rounding out the approach is
an analysis of market sentiment, based on each stock's price
momentum and the percentage of shares that are already sold
short.
The goal: a steady total return resulting from the combination of
the cash yield and the potential gains generated from the long
and short equity positions. Additionally, during normal market
conditions the matching values of the long/short positions should
result in a portfolio with a beta  that is, sensitivity to the
movements of the broader market  of zero. For investors, this
creates the opportunity to greatly improve diversification by holding
an investment that should be uncorrelated to their other portfolio
holdings."
Portfolio Manager Robert Wang
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Q: What elements of the fund's positioning helped and hurt
performance?

A:Looking first at the fund's disciplined investment approach
using fundamental valuation, growth and market sentiment
information (please see discussion on how the fund is managed),
those that measure both growth characteristics and market
sentiment proved effective. However  consistent with the
unusual environment  the fund's valuation factors were the
main source of underperformance.

The effectiveness of the fund's individual stock selection was
mixed. It should be noted that our strategy is active in nature, so
many of the holdings we discuss here will not appear in the
portfolio report. In these cases, the trades were closed out prior
to the end of the reporting period.

From an industry perspective, our selection was most effective in
basic materials, where long positions in the chemicals companies
Huntsman Corp., Lyondell Chemical Co. and Celanese Corp.
all boosted returns. Additional gains came from long positions
in Southern Copper Corp. and United States Steel Corp.
The second-largest contribution came from health care
equipment/services, where the most significant contributor
was a long position in Dade Behring Holdings, Inc. Capital goods,
insurance and consumer durables/apparel were also sources of
strong performance for the fund.

On the negative side, the fund lost ground via its short positions
in hotels/restaurants/leisure, where the casino stocks Wynn
Resorts Ltd., Las Vegas Sands Corp. and MGM MIRAGE all
outperformed. Energy, where gains in our long positions failed to
make up for the losses in our short positions, also proved to be an
area of softness for the fund. Software/services, retailing and
food/beverage/tobacco were additional areas in which the fund
underperformed.

Q: Do you have any closing thoughts for shareholders?

A:While we are not pleased with the fund's underperformance,
we believe this was largely the result of the exceptional external
market environment. Under normal circumstances, it can be
expected that higher-quality stocks will typically outperform, while
their lower-quality counterparts will lag. Believing this will remain
the case over the long term, we intend to maintain the fund's
unique strategy. We urge shareholders to keep a long-term
perspective through such short-term disruptions.

Portfolio Summary

|Long Position Sector Diversification(As a % of Long Common Stocks) | 8/31/07
|------------------------------------------------------------------ | -------
|                                                                   |        
|Consumer Discretionary                                             | 22%    
|Industrials                                                        | 17%    
|Information Technology                                             | 14%    
|Health Care                                                        | 13%    
|Financials                                                         | 9%     
|Energy                                                             | 8%     
|Materials                                                          | 7%     
|Telecommunications Services                                        | 5%     
|Consumer Staples                                                   | 4%     
|Utilities                                                          | 1%     
|                                                                   | 100%   

Sector diversifications are subject to change.

|Ten Largest Long Equity Holdings at August 31, 2007(11.1% of Net Assets)                             
|-----------------------------------------------------------------------------------------------------
|1.      Invitrogen Corp.
Developer of research kits                                                  
|2.      Ryder System, Inc.
Provider of equipment leasing and transportation services                 
|3.      Embarq Corp.
Offers regulated local communications services                                  
|4.      MEMC Electronic Materials, Inc.
Manufacturer of semiconductors and equipment                 
|5.      Humana, Inc.
Provider of managed health plans                                                
|6.      Frontier Oil Corp.
Sells refined crude products                                              
|7.      BJ's Wholesale Club, Inc.
Operator of a chain of discount stores                             
|8.      Dollar Tree Stores
Operates a discount variety store chain                                   
|9.      UAL Corp.
Transports persons, property and mail through the United States and abroad         
|10.     United States Cellular Corp.
Provides cellular telephone service throughout the United States

Portfolio holdings are subject to change.

For more complete details about the Fund's investment portfolio, see page 19. A quarterly
Fact Sheet is available upon request. Information concerning portfolio holdings of the Fund
as of month end will be posted to www.dws-scudder.com on or after the last day of the
following month. In addition, the Fund's top ten holdings and other information about the
Fund is posted on www.dws-scudder.com as of the calendar quarter-end on or after the
15th day following quarter-end. Please see the Account Management Resources section for
contact information.

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

|Securities Sold Short Position Sector Diversification(As a % of Common Stocks Sold Short) | 8/31/07
|----------------------------------------------------------------------------------------- | -------
|                                                                                          |        
|Consumer Discretionary                                                                    | 20%    
|Information Technology                                                                    | 19%    
|Industrials                                                                               | 14%    
|Health Care                                                                               | 14%    
|Financials                                                                                | 9%     
|Energy                                                                                    | 9%     
|Materials                                                                                 | 7%     
|Consumer Staples                                                                          | 5%     
|Telecommunications Services                                                               | 3%     
|                                                                                          | 100%   

Sector diversifications are subject to change.

|Ten Largest Securities Sold Short Equity Holdings at August 31, 2007(12.1% of Net Assets)                                                 
|------------------------------------------------------------------------------------------------------------------------------------------
|1.      Varian Semiconductor Equipment Associates, Inc.
Manufacturer of semiconductor processing equipment                                
|2.      Las Vegas Sands Corp.
Owns and operates hotels in Las Vegas                                                                       
|3.      Oceaneering International, Inc.
Provider of engineered services and hardware for oil and gas, aerospace
and construction companies
|4.      Amylin Pharmaceuticals, Inc.
Manufacturer of pharmaceuticals and pharmaceutical preparation service                               
|5.      Cypress Semiconductor Corp.
Manufacturer of digital and mixed-signal integrated circuits                                          
|6.      Carlisle Companies, inc.
Manufactures and distributes construction materials and transportation
products                          
|7.      Constellation Brands, Inc.
Producer and distributor of alcoholic beverages                                                        
|8.      Bunge Ltd.
Integrated global agribusiness and food company spanning the
farm-to-consumer food chain                               
|9.      Quest Diagnostics, Inc.
Operator of a clinical testing laboratory                                                                 
|10.     Smith International, Inc.
Supplies products and services to the oil and gas exploration and production
industry                   

Portfolio holdings are subject to change.

For more complete details about the Fund's investment portfolio, see page 19. A quarterly
Fact Sheet is available upon request. Information concerning portfolio holdings of the Fund
as of month end will be posted to www.dws-scudder.com on or after the last day of the
following month. In addition, the Fund's top ten holdings and other information about the
Fund is posted on www.dws-scudder.com as of the calendar quarter-end on or after the
15th day following quarter-end. Please see the Account Management Resources section for
contact information.

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

Investment Portfolioas of August 31, 2007

|                                                    | Shares     | Value ($)
|--------------------------------------------------- | ---------- | ---------
|                                                    |           
|Long Positions 98.2%                               
|Common Stocks 96.4%                                
|Consumer Discretionary 21.5%                       
|Automobiles 1.0%                                   
|Thor Industries, Inc. (a)                           | 4,100      | 180,359  
|Hotels Restaurants & Leisure 4.4%                  
|Boyd Gaming Corp. (a)                               | 4,500      | 183,825  
|Brinker International, Inc. (a)                     | 6,600      | 190,344  
|Darden Restaurants, Inc. (a)                        | 4,500      | 187,200  
|McDonald's Corp. (a)                                | 3,500      | 172,375  
|Yum! Brands, Inc.                                   | 2,000      | 65,440   
|                                                    | 799,184   
|Household Durables 2.8%                            
|Centex Corp. (a)                                    | 5,800      | 167,678  
|KB HOME (a)                                         | 5,500      | 166,870  
|NVR, Inc.* (a)                                      | 300        | 167,850  
|                                                    | 502,398   
|Internet & Catalog Retail 1.0%                     
|NutriSystem, Inc.* (a)                              | 3,400      | 184,382  
|Leisure Equipment & Products 1.0%                  
|Hasbro, Inc. (a)                                    | 6,300      | 177,723  
|Media 1.9%                                         
|McGraw-Hill Companies, Inc. (a)                     | 3,200      | 161,472  
|The DIRECTV Group, Inc.* (a)                        | 8,100      | 188,973  
|                                                    | 350,445   
|Multiline Retail 2.7%                              
|Big Lots, Inc.* (a)                                 | 3,800      | 113,126  
|Dollar Tree Stores, Inc.* (a)                       | 4,500      | 195,525  
|Family Dollar Stores, Inc. (a)                      | 6,500      | 190,320  
|                                                    | 498,971   
|Specialty Retail 4.3%                              
|AutoZone, Inc.* (a)                                 | 1,500      | 181,935  
|Chico's FAS, Inc.* (a)                              | 10,400     | 166,192  
|Coldwater Creek, Inc.* (a)                          | 5,500      | 68,420   
|Dick's Sporting Goods, Inc.* (a)                    | 2,800      | 181,720  
|RadioShack Corp. (a)                                | 7,400      | 175,898  
|                                                    | 774,165   
|Textiles, Apparel & Luxury Goods 2.4%              
|Coach, Inc.* (a)                                    | 3,800      | 169,214  
|Jones Apparel Group, Inc. (a)                       | 5,000      | 95,950   
|Polo Ralph Lauren Corp. (a)                         | 2,300      | 173,742  
|                                                    | 438,906   
|Consumer Staples 4.0%                              
|Beverages 1.1%                                     
|Coca-Cola Enterprises, Inc. (a)                     | 8,000      | 190,560  
|Food & Staples Retailing 1.1%                      
|BJ's Wholesale Club, Inc.* (a)                      | 5,600      | 196,000  
|Household Products 1.0%                            
|Energizer Holdings, Inc.* (a)                       | 1,700      | 180,081  
|Tobacco 0.8%                                       
|Loews Corp.  Carolina Group (a)                    | 2,000      | 152,240  
|Energy 7.8%                                        
|Energy Equipment & Services 4.4%                   
|Global Industries, Ltd.* (a)                        | 7,600      | 183,768  
|Patterson-UTI Energy, Inc. (a)                      | 8,200      | 176,054  
|Superior Energy Services, Inc.* (a)                 | 1,700      | 65,994   
|Transocean, Inc.* (a)                               | 1,700      | 178,653  
|Unit Corp.* (a)                                     | 3,900      | 191,334  
|                                                    | 795,803   
|Oil, Gas & Consumable Fuels 3.4%                   
|Frontier Oil Corp. (a)                              | 4,800      | 196,944  
|Marathon Oil Corp. (a)                              | 1,400      | 75,446   
|Newfield Exploration Co.* (a)                       | 4,000      | 173,960  
|Tesoro Corp. (a)                                    | 3,600      | 177,588  
|                                                    | 623,938   
|Financials 8.7%                                    
|Capital Markets 2.8%                               
|Lehman Brothers Holdings, Inc. (a)                  | 2,700      | 148,041  
|Morgan Stanley (a)                                  | 2,900      | 180,873  
|The Goldman Sachs Group, Inc. (a)                   | 1,000      | 176,010  
|                                                    | 504,924   
|Insurance 3.3%                                     
|Allied World Assurance Holdings Ltd. (a)            | 1,100      | 52,822   
|Endurance Specialty Holdings Ltd. (a)               | 800        | 31,896   
|First American Corp. (a)                            | 4,000      | 167,320  
|W.R. Berkley Corp. (a)                              | 6,100      | 182,329  
|XL Capital Ltd. "A" (a)                             | 2,300      | 175,260  
|                                                    | 609,627   
|Real Estate Management & Development 1.8%          
|CB Richard Ellis Group, Inc. "A"* (a)               | 5,600      | 165,312  
|Jones Lang LaSalle, Inc. (a)                        | 1,400      | 156,352  
|                                                    | 321,664   
|Thrifts & Mortgage Finance 0.8%                    
|MGIC Investment Corp. (a)                           | 5,000      | 150,800  
|Health Care 12.6%                                  
|Biotechnology 1.0%                                 
|Gilead Sciences, Inc.* (a)                          | 4,800      | 174,576  
|Health Care Equipment & Supplies 1.7%              
|Baxter International, Inc. (a)                      | 2,400      | 131,424  
|Kinetic Concepts, Inc.* (a)                         | 3,000      | 180,330  
|                                                    | 311,754   
|Health Care Providers & Services 5.1%              
|Aetna, Inc. (a)                                     | 3,600      | 183,276  
|Coventry Health Care, Inc.* (a)                     | 3,300      | 189,321  
|Health Net, Inc.* (a)                               | 3,300      | 180,807  
|Humana, Inc.* (a)                                   | 3,100      | 198,679  
|WellCare Health Plans, Inc.* (a)                    | 1,800      | 177,660  
|                                                    | 929,743   
|Life Sciences Tools & Services 1.2%                
|Invitrogen Corp.* (a)                               | 2,800      | 218,120  
|Pharmaceuticals 3.6%                               
|Eli Lilly & Co. (a)                                 | 3,100      | 177,785  
|Endo Pharmaceuticals Holdings, Inc.* (a)            | 5,500      | 175,340  
|Sepracor, Inc.* (a)                                 | 4,800      | 140,016  
|Watson Pharmaceuticals, Inc.* (a)                   | 5,700      | 169,974  
|                                                    | 663,115   
|Industrials 16.4%                                  
|Aerospace & Defense 2.1%                           
|Boeing Co. (a)                                      | 1,800      | 174,060  
|Honeywell International, Inc. (a)                   | 1,000      | 56,150   
|Precision Castparts Corp. (a)                       | 1,200      | 156,372  
|                                                    | 386,582   
|Airlines 2.0%                                      
|Delta Air Lines, Inc.* (a)                          | 9,900      | 167,112  
|UAL Corp.* (a)                                      | 4,100      | 194,627  
|                                                    | 361,739   
|Commercial Services & Supplies 2.5%                
|Dun & Bradstreet Corp. (a)                          | 1,800      | 175,590  
|R.R. Donnelley & Sons Co. (a)                       | 3,200      | 114,624  
|The Brink's Co. (a)                                 | 3,000      | 172,080  
|                                                    | 462,294   
|Construction & Engineering 2.0%                    
|Fluor Corp. (a)                                     | 1,400      | 178,010  
|Quanta Services, Inc.* (a)                          | 6,700      | 189,409  
|                                                    | 367,419   
|Electrical Equipment 1.0%                          
|Thomas & Betts Corp.* (a)                           | 3,200      | 177,248  
|Industrial Conglomerates 1.0%                      
|Teleflex, Inc. (a)                                  | 2,300      | 178,871  
|Machinery 2.7%                                     
|AGCO Corp.* (a)                                     | 2,800      | 120,960  
|PACCAR, Inc. (a)                                    | 2,100      | 179,655  
|Toro Co. (a)                                        | 3,100      | 183,365  
|                                                    | 483,980   
|Road & Rail 3.1%                                   
|Ryder System, Inc. (a)                              | 3,800      | 208,050  
|Union Pacific Corp. (a)                             | 1,600      | 178,512  
|YRC Worldwide, Inc.* (a)                            | 5,600      | 172,536  
|                                                    | 559,098   
|Information Technology 13.3%                       
|Computers & Peripherals 1.8%                       
|International Business Machines Corp. (a)           | 1,300      | 151,697  
|NCR Corp.* (a)                                      | 3,500      | 174,195  
|                                                    | 325,892   
|Electronic Equipment & Instruments 1.0%            
|Avnet, Inc.* (a)                                    | 4,500      | 176,895  
|Internet Software & Services 0.2%                  
|WebMD Health Corp. "A"* (a)                         | 800        | 43,600   
|IT Services 3.9%                                   
|Accenture Ltd. "A" (a)                              | 4,400      | 181,324  
|Computer Sciences Corp.* (a)                        | 3,100      | 173,445  
|Hewitt Associates, Inc. "A"* (a)                    | 5,300      | 178,239  
|Unisys Corp.* (a)                                   | 24,000     | 176,880  
|                                                    | 709,888   
|Semiconductors & Semiconductor Equipment 5.4%      
|Analog Devices, Inc. (a)                            | 4,800      | 177,024  
|Integrated Device Technology, Inc.* (a)             | 11,300     | 176,732  
|MEMC Electronic Materials, Inc.* (a)                | 3,300      | 202,686  
|National Semiconductor Corp. (a)                    | 7,300      | 192,136  
|Novellus Systems, Inc.* (a)                         | 6,100      | 166,957  
|NVIDIA Corp.* (a)                                   | 1,200      | 61,392   
|                                                    | 976,927   
|Software 1.0%                                      
|NAVTEQ Corp.* (a)                                   | 2,900      | 182,700  
|Materials 6.9%                                     
|Chemicals 1.3%                                     
|Albemarle Corp. (a)                                 | 1,500      | 60,705   
|Cabot Corp. (a)                                     | 4,300      | 173,462  
|                                                    | 234,167   
|Containers & Packaging 2.6%                        
|Ball Corp. (a)                                      | 3,400      | 178,092  
|Pactiv Corp.* (a)                                   | 5,000      | 146,250  
|Sonoco Products Co. (a)                             | 4,500      | 162,090  
|                                                    | 486,432   
|Metals & Mining 3.0%                               
|Alcoa, Inc. (a)                                     | 4,900      | 178,997  
|Freeport-McMoRan Copper & Gold, Inc. (a)            | 2,000      | 174,840  
|Southern Copper Corp. (a)                           | 1,700      | 178,925  
|United States Steel Corp. (a)                       | 100        | 9,448    
|                                                    | 542,210   
|Telecommunication Services 4.2%                    
|Diversified Telecommunication Services 3.1%        
|CenturyTel, Inc. (a)                                | 3,900      | 187,122  
|Embarq Corp. (a)                                    | 3,300      | 205,986  
|Windstream Corp. (a)                                | 12,600     | 179,928  
|                                                    | 573,036   
|Wireless Telecommunication Services 1.1%           
|United States Cellular Corp.* (a)                   | 2,000      | 194,500  
|Utilities 1.0%                                     
|Gas Utilities 0.0%                                 
|UGI Corp. (a)                                       | 300        | 7,665    
|Independent Power Producers & Energy Traders 1.0%  
|Dynegy, Inc. "A"* (a)                               | 21,700     | 175,554  
|Total Common Stocks (Cost $18,002,516)              | 17,536,175
|                                                   
|Cash Equivalents 1.8%                              
|Cash Management QP Trust, 5.32% (b) (Cost $328,034) | 328,034    | 328,034  

|                                        | % of Net
Assets | Value ($)   
|--------------------------------------- | --------------- | ------------
|                                        |                
|Total Long Positions(Cost $18,330,550)+ | 98.2            | 17,864,209  
|Other Assets and Liabilities, Net       | 97.4            | 17,720,439  
|Securities Sold Short                   | (95.6)          | (17,393,752)
|Net Assets                              | 100.0           | 18,190,896  

|                                                      | Shares     | Value ($)
|----------------------------------------------------- | ---------- | ---------
|                                                      |           
|Common Stocks Sold Short 95.6%                       
|Consumer Discretionary 19.6%                         
|Auto Components 0.9%                                 
|Goodyear Tire & Rubber Co.*                           | 6,200      | 171,492  
|Diversified Consumer Services 1.0%                   
|H&R Block, Inc.                                       | 9,100      | 180,544  
|Hotels Restaurants & Leisure 5.5%                    
|Burger King Holdings, Inc.                            | 7,500      | 177,825  
|Las Vegas Sands Corp.*                                | 2,300      | 229,310  
|MGM MIRAGE*                                           | 2,400      | 201,528  
|Orient-Express Hotels Ltd. "A"                        | 3,800      | 190,190  
|Starwood Hotels & Resorts Worldwide, Inc.             | 900        | 55,008   
|Wyndham Worldwide Corp.*                              | 4,800      | 153,120  
|                                                      | 1,006,981 
|Household Durables 1.0%                              
|Whirlpool Corp.                                       | 1,800      | 173,538  
|Media 2.6%                                           
|Central European Media Enterprises Ltd. "A"*          | 1,300      | 119,860  
|Interpublic Group of Companies, Inc.*                 | 16,100     | 176,295  
|Liberty Media Corp.  Capital "A"*                    | 1,600      | 174,384  
|                                                      | 470,539   
|Multiline Retail 1.8%                                
|Dillard's, Inc. "A"                                   | 6,800      | 161,432  
|Sears Holdings Corp.*                                 | 1,200      | 172,272  
|                                                      | 333,704   
|Specialty Retail 5.8%                                
|AutoNation, Inc.*                                     | 8,300      | 157,534  
|Bed Bath & Beyond, Inc.*                              | 3,300      | 114,312  
|CarMax, Inc.*                                         | 7,900      | 179,014  
|Circuit City Stores, Inc.                             | 15,700     | 170,816  
|Guess?, Inc.                                          | 3,500      | 185,500  
|OfficeMax, Inc.                                       | 600        | 21,312   
|Penske Automotive Group, Inc.                         | 700        | 13,797   
|Tractor Supply Co.*                                   | 3,700      | 178,192  
|Urban Outfitters, Inc.*                               | 1,500      | 34,350   
|                                                      | 1,054,827 
|Textiles, Apparel & Luxury Goods 1.0%                
|Liz Claiborne, Inc.                                   | 5,100      | 174,267  
|Consumer Staples 4.5%                                
|Beverages 1.8%                                       
|Brown-Forman Corp. "B"                                | 1,600      | 114,496  
|Constellation Brands, Inc. "A"*                       | 8,700      | 210,366  
|                                                      | 324,862   
|Food Products 2.7%                                   
|Archer-Daniels-Midland Co.                            | 5,500      | 185,350  
|Bunge Ltd.                                            | 2,300      | 210,312  
|Sara Lee Corp.                                        | 6,000      | 99,720   
|                                                      | 495,382   
|Energy 8.3%                                          
|Energy Equipment & Services 5.4%                     
|BJ Services Co.                                       | 7,200      | 178,632  
|Grant Prideco, Inc.*                                  | 3,500      | 193,550  
|Oceaneering International, Inc.*                      | 3,400      | 228,344  
|Smith International, Inc.                             | 3,100      | 207,731  
|Weatherford International Ltd.*                       | 3,100      | 180,978  
|                                                      | 989,235   
|Oil, Gas & Consumable Fuels 2.9%                     
|Anadarko Petroleum Corp.                              | 1,100      | 53,878   
|Cabot Oil & Gas Corp.                                 | 500        | 16,670   
|Overseas Shipholding Group, Inc.                      | 1,000      | 71,400   
|Peabody Energy Corp.                                  | 4,200      | 178,542  
|Plains Exploration & Production Co.*                  | 4,800      | 180,144  
|W&T Offshore, Inc.                                    | 900        | 20,061   
|                                                      | 520,695   
|Financials 8.5%                                      
|Capital Markets 1.9%                                 
|Investment Technology Group, Inc.*                    | 4,400      | 178,068  
|Lazard Ltd. "A"                                       | 4,400      | 176,396  
|                                                      | 354,464   
|Diversified Financial Services 2.3%                  
|CME Group, Inc.                                       | 300        | 166,440  
|Nasdaq Stock Market, Inc.*                            | 6,000      | 195,960  
|NYSE Euronext                                         | 700        | 50,925   
|                                                      | 413,325   
|Insurance 3.2%                                       
|Cincinnati Financial Corp.                            | 1,400      | 58,996   
|Progressive Corp.                                     | 7,800      | 158,652  
|Protective Life Corp.                                 | 1,000      | 41,800   
|Unitrin, Inc.                                         | 3,800      | 172,748  
|White Mountains Insurance Group Ltd.                  | 300        | 156,600  
|                                                      | 588,796   
|Thrifts & Mortgage Finance 1.1%                      
|Freddie Mac                                           | 3,100      | 190,991  
|Health Care 13.2%                                    
|Biotechnology 4.5%                                   
|Amgen, Inc.*                                          | 3,500      | 175,385  
|Amylin Pharmaceuticals, Inc.*                         | 4,500      | 220,635  
|Genentech, Inc.*                                      | 2,400      | 179,544  
|Millennium Pharmaceuticals, Inc.*                     | 17,600     | 178,640  
|PDL BioPharma, Inc.*                                  | 3,100      | 60,481   
|                                                      | 814,685   
|Health Care Equipment & Supplies 4.9%                
|Hillenbrand Industries, Inc.                          | 3,200      | 184,160  
|ResMed, Inc.*                                         | 4,500      | 182,970  
|St. Jude Medical, Inc.*                               | 4,000      | 174,280  
|The Cooper Companies, Inc.                            | 3,800      | 185,288  
|Varian Medical Systems, Inc.*                         | 4,300      | 173,677  
|                                                      | 900,375   
|Health Care Providers & Services 1.7%                
|DaVita, Inc.*                                         | 1,800      | 103,536  
|Quest Diagnostics, Inc.                               | 3,800      | 208,050  
|                                                      | 311,586   
|Life Sciences Tools & Services 1.0%                  
|Pharmaceutical Product Development, Inc.              | 5,000      | 175,150  
|Pharmaceuticals 1.1%                                 
|Merck & Co., Inc.                                     | 400        | 20,068   
|Pfizer, Inc.                                          | 7,000      | 173,880  
|                                                      | 193,948   
|Industrials 14.0%                                    
|Aerospace & Defense 1.0%                             
|BE Aerospace, Inc.*                                   | 4,600      | 179,262  
|Air Freight & Logistics 1.1%                         
|Expeditors International of Washington, Inc.          | 4,500      | 198,765  
|Airlines 1.9%                                        
|Southwest Airlines Co.                                | 10,700     | 161,677  
|US Airways Group, Inc.*                               | 5,900      | 182,605  
|                                                      | 344,282   
|Commercial Services & Supplies 2.9%                  
|Cintas Corp.                                          | 4,900      | 179,585  
|Corporate Executive Board Co.                         | 2,500      | 170,075  
|Covanta Holding Corp.*                                | 7,600      | 171,684  
|                                                      | 521,344   
|Construction & Engineering 1.0%                      
|URS Corp.*                                            | 3,400      | 181,696  
|Industrial Conglomerates 1.6%                        
|Carlisle Companies, Inc.                              | 4,300      | 211,689  
|McDermott International, Inc.*                        | 900        | 86,391   
|                                                      | 298,080   
|Machinery 3.6%                                       
|Donaldson Co., Inc.                                   | 4,700      | 179,446  
|Graco, Inc.                                           | 4,400      | 177,804  
|IDEX Corp.                                            | 1,800      | 69,246   
|Joy Global, Inc.                                      | 4,000      | 173,560  
|Timken Co.                                            | 1,500      | 53,340   
|                                                      | 653,396   
|Trading Companies & Distributors 0.9%                
|Fastenal Co.                                          | 3,600      | 164,196  
|Information Technology 18.4%                         
|Communications Equipment 5.1%                        
|ADC Telecommunications, Inc.*                         | 10,000     | 183,000  
|Ciena Corp.*                                          | 4,700      | 178,036  
|Corning, Inc.                                         | 8,000      | 186,960  
|Harris Corp.                                          | 500        | 30,415   
|JDS Uniphase Corp.*                                   | 12,400     | 180,544  
|Motorola, Inc.                                        | 10,500     | 177,975  
|                                                      | 936,930   
|Computers & Peripherals 0.2%                         
|Network Appliance, Inc.*                              | 1,000      | 27,860   
|IT Services 4.1%                                     
|Global Payments, Inc.                                 | 5,000      | 197,400  
|Iron Mountain, Inc.*                                  | 6,200      | 175,212  
|Paychex, Inc.                                         | 3,900      | 173,277  
|VeriFone Holdings, Inc.*                              | 5,300      | 195,888  
|                                                      | 741,777   
|Office Electronics 1.0%                              
|Zebra Technologies Corp. "A"*                         | 5,000      | 181,500  
|Semiconductors & Semiconductor Equipment 5.6%        
|Altera Corp.                                          | 7,500      | 178,575  
|Cypress Semiconductor Corp.*                          | 8,800      | 220,352  
|International Rectifier Corp.*                        | 5,300      | 182,373  
|Microchip Technology, Inc.                            | 4,700      | 181,044  
|Varian Semiconductor Equipment Associates, Inc.*      | 4,600      | 255,898  
|                                                      | 1,018,242 
|Software 2.4%                                        
|Autodesk, Inc.*                                       | 2,000      | 92,640   
|BEA Systems, Inc.*                                    | 14,500     | 176,900  
|Citrix Systems, Inc.*                                 | 4,800      | 174,480  
|                                                      | 444,020   
|Materials 6.6%                                       
|Chemicals 3.7%                                       
|Chemtura Corp.                                        | 6,900      | 63,549   
|Cytec Industries, Inc.                                | 3,100      | 205,840  
|Scotts Miracle-Gro Co. "A"                            | 3,800      | 171,988  
|Valspar Corp.                                         | 1,800      | 48,546   
|Westlake Chemical Corp.                               | 6,700      | 181,302  
|                                                      | 671,225   
|Metals & Mining 1.9%                                 
|Commercial Metals Co.                                 | 6,000      | 173,340  
|Steel Dynamics, Inc.                                  | 4,000      | 173,520  
|                                                      | 346,860   
|Paper & Forest Products 1.0%                         
|Louisiana-Pacific Corp.                               | 9,900      | 185,427  
|Telecommunication Services 2.5%                      
|Diversified Telecommunication Services 0.5%          
|Level 3 Communications, Inc.*                         | 17,300     | 90,479   
|Wireless Telecommunication Services 2.0%             
|Crown Castle International Corp.*                     | 5,300      | 194,829  
|NII Holdings, Inc.*                                   | 2,200      | 174,196  
|                                                      | 369,025   
|Total Common Stocks Sold Short (Proceeds $17,266,479) | 17,393,752

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

Financial Statements

|Statement of Assets and Liabilitiesas of August 31, 2007             
|---------------------------------------------------------------------
|Assets                                                               
|Investments:Investments in securities, at value (cost $18,002,516)   
|Investment in Cash Management QP Trust (cost $328,034)               
|Total investments, at value (cost $18,330,550)                       
|Cash                                                                 
|Deposits with broker for securities sold short                       
|Deferred offering costs                                              
|Dividends receivable                                                 
|Interest receivable                                                  
|Receivable for Fund shares sold                                      
|Due from Advisor                                                     
|Other assets                                                         
|Total assets                                                         
|Liabilities                                                          
|Payable for securities sold short, at value (proceeds of $17,266,479)
|Payable for Fund shares redeemed                                     
|Dividends payable for securities sold short                          
|Accrued management fee                                               
|Other accrued expenses and payables                                  
|Total liabilities                                                    
|Net assets, at value                                                 
|Net Assets Consist of                                                
|Undistributed net investment income                                  
|Net unrealized appreciation (depreciation) on:Investments            
|Short Sales                                                          
|Accumulated net realized gain (loss)                                 
|Paid-in capital                                                      
|Net assets, at value                                                 

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

|Statement of Assets and Liabilitiesas of August 31, 2007 (continued)                                                                                                                                                                
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Net Asset Value                                                                                                                                                                                                                     
|Class A
Net Asset Value and redemption price(a) per share
($6,180,624 ÷ 641,297 shares of capital stock outstanding,
$.001 par value, unlimited number of shares authorized)                                                        
|Maximum offering price per share(100 ÷ 94.25 of $9.64)                                                                                                                                                                              
|Class C
Net Asset Value, offering and redemption price(a) (subject to contingent
deferred sales charge) per share ($4,308,863 ÷ 449,220 shares of capital
stock outstanding, $.001 par value, unlimited number of shares
authorized)
|Class S
Net Asset Value, offering and redemption price(a) (subject to contingent
deferred sales charge) per share ($3,542,013 ÷ 367,058 shares of capital
stock outstanding, $.001 par value, unlimited number of shares
authorized)
|Institutional Class
Net Asset Value, offering and redemption price(a)per share
($4,159,396 ÷ 431,246 shares of capital stock outstanding,
$.001 par value, unlimited number of shares authorized)                                   

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

|Statement of Operationsfor the period from October 16, 2006 (commencement of operations) to August 31, 2007
|-----------------------------------------------------------------------------------------------------------
|Investment Income                                                                                          
|Income:Dividends                                                                                           
|Interest  Cash Management QP Trust                                                                        
|Interest*                                                                                                  
|Total Income                                                                                               
|Expenses:Management fee                                                                                    
|Administration fee                                                                                         
|Services to shareholders                                                                                   
|Custodian fees                                                                                             
|Distribution service fees                                                                                  
|Auditing                                                                                                   
|Legal                                                                                                      
|Trustees' fees and expenses                                                                                
|Reports to shareholders                                                                                    
|Registration fees                                                                                          
|Offering expenses                                                                                          
|Dividend expense on securities sold short                                                                  
|Interest expense                                                                                           
|Other                                                                                                      
|Total expenses before expense reductions                                                                   
|Expense reductions                                                                                         
|Total expenses after expense reductions                                                                    
|Net investment income (loss)                                                                               
|Realized and Unrealized Gain (Loss)                                                                        
|Net realized gain (loss) from:Investments                                                                  
|Securities sold short                                                                                      
|Increase from payments by affiliates (Note H)                                                              
|                                                                                                           
|Change in net unrealized appreciation (depreciation) on:Investments                                        
|Securities sold short                                                                                      
|                                                                                                           
|Net gain (loss)                                                                                            
|Net increase (decrease) in net assets resulting from operations                                            

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

|Statement of Changes in Net Assets                                                     
|---------------------------------------------------------------------------------------
|Increase (Decrease) in Net Assets                                                      
|Operations:Net investment income (loss)                                                
|Net realized gain (loss)                                                               
|Net unrealized appreciation (depreciation)                                             
|Net increase (decrease) in net assets resulting from operations                        
|Distributions to shareholders from:Net investment income:Class A                       
|Class C                                                                                
|Class S                                                                                
|Institutional Class                                                                    
|Net realized gains:Class A                                                             
|Class C                                                                                
|Class S                                                                                
|Institutional Class                                                                    
|Fund share transactions:Proceeds from shares sold                                      
|Reinvestment of distributions                                                          
|Cost of shares redeemed                                                                
|Redemption fees                                                                        
|Net increase (decrease) in net assets from Fund share transactions                     
|Increase (decrease) in net assets                                                      
|Net assets at beginning of period (initial capital)                                    
|Net assets at end of period (including undistributed net investment
income of $374,599)

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

Financial Highlights

|Class A                                                                                                                                                                                                                                                                                                                                        | 2007a     
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------
|Selected Per Share Data                                                                                                                                                                                                                                                                                                                       
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                           | $    10.00
|Income (loss) from investment operations:
Net investment income (loss)b                                                                                                                                                                                                                                                                        | .28       
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                        | (.53)     
|Total from investment operations                                                                                                                                                                                                                                                                                                               | (.25)     
|Less distributions from:
Net investment income (loss)                                                                                                                                                                                                                                                                                          | (.08)     
|Net realized gains                                                                                                                                                                                                                                                                                                                             | (.03)     
|Total distributions                                                                                                                                                                                                                                                                                                                            | (.11)     
|Redemption fees                                                                                                                                                                                                                                                                                                                                | .00***    
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                 | $    9.64 
|Total Return (%)c,d                                                                                                                                                                                                                                                                                                                            | (2.54)**  
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                                                                                                            
|Net assets, end of period ($ millions)                                                                                                                                                                                                                                                                                                         | 6         
|Ratio of expenses before expense reductions (including dividend expense for
securities sold short) (%)                                                                                                                                                                                                                                         | 4.23*     
|Ratio of expenses after expense reductions (including dividend expense for
securities sold short) (%)                                                                                                                                                                                                                                          | 2.99*     
|Ratio of expenses after expense reductions (excluding dividend expense for
securities sold short) (%)                                                                                                                                                                                                                                          | 2.11*     
|Ratio of net investment income (loss) (%)                                                                                                                                                                                                                                                                                                      | 3.31*     
|Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                    | 1,009**   
|aFor the period from October 16, 2006 (commencement of operations) to
August 31, 2007.bBased on average shares outstanding during the period.cTotal return does not reflect the effect of any sales charges.dTotal return would have been lower had certain expenses not been reduced.*Annualized**Not annualized***Amount is less than $.005.

|Class C                                                                                                                                                                                                                                                                                                                                        | 2007a     
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------
|Selected Per Share Data                                                                                                                                                                                                                                                                                                                       
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                           | $    10.00
|Income (loss) from investment operations:
Net investment income (loss)b                                                                                                                                                                                                                                                                        | .22       
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                        | (.54)     
|Total from investment operations                                                                                                                                                                                                                                                                                                               | (.32)     
|Less distributions from:
Net investment income (loss)                                                                                                                                                                                                                                                                                          | (.06)     
|Net realized gains                                                                                                                                                                                                                                                                                                                             | (.03)     
|Total distributions                                                                                                                                                                                                                                                                                                                            | (.09)     
|Redemption fees                                                                                                                                                                                                                                                                                                                                | .00***    
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                 | $    9.59 
|Total Return (%)c,d                                                                                                                                                                                                                                                                                                                            | (3.20)**  
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                                                                                                            
|Net assets, end of period ($ millions)                                                                                                                                                                                                                                                                                                         | 4         
|Ratio of expenses before expense reductions (including dividend expense for
securities sold short) (%)                                                                                                                                                                                                                                         | 4.97*     
|Ratio of expenses after expense reductions (including dividend expense for
securities sold short) (%)                                                                                                                                                                                                                                          | 3.73*     
|Ratio of expenses after expense reductions (excluding dividend expense for
securities sold short)  (%)                                                                                                                                                                                                                                         | 2.85*     
|Ratio of net investment income (loss) (%)                                                                                                                                                                                                                                                                                                      | 2.57*     
|Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                    | 1,009**   
|aFor the period from October 16, 2006 (commencement of operations) to
August 31, 2007.bBased on average shares outstanding during the period.cTotal return does not reflect the effect of any sales charges.dTotal return would have been lower had certain expenses not been reduced.*Annualized**Not annualized***Amount is less than $.005.

|Class S                                                                                                                                                                                                                                                                         | 2007a     
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------
|Selected Per Share Data                                                                                                                                                                                                                                                        
|Net asset value, beginning of period                                                                                                                                                                                                                                            | $    10.00
|Income (loss) from investment operations:
Net investment income (loss)b                                                                                                                                                                                                         | .30       
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                         | (.54)     
|Total from investment operations                                                                                                                                                                                                                                                | (.24)     
|Less distributions from:
Net investment income (loss)                                                                                                                                                                                                                           | (.08)     
|Net realized gains                                                                                                                                                                                                                                                              | (.03)     
|Total distributions                                                                                                                                                                                                                                                             | (.11)     
|Redemption fees                                                                                                                                                                                                                                                                 | .00***    
|Net asset value, end of period                                                                                                                                                                                                                                                  | $    9.65 
|Total Return (%)c                                                                                                                                                                                                                                                               | (2.38)**  
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                                             
|Net assets, end of period ($ millions)                                                                                                                                                                                                                                          | 4         
|Ratio of expenses before expense reductions (including dividend expense for
securities sold short) (%)                                                                                                                                                                          | 4.05*     
|Ratio of expenses after expense reductions (including dividend expense for
securities sold short) (%)                                                                                                                                                                           | 2.81*     
|Ratio of expenses after expense reductions (excluding dividend expense for
securities sold short) (%)                                                                                                                                                                           | 1.93*     
|Ratio of net investment income (loss) (%)                                                                                                                                                                                                                                       | 3.49*     
|Portfolio turnover rate (%)                                                                                                                                                                                                                                                     | 1,009**   
|aFor the period from October 16, 2006 (commencement of operations) to
August 31, 2007.bBased on average shares outstanding during the period.cTotal return would have been lower had certain expenses not been reduced.*Annualized**Not annualized***Amount is less than $.005.

|Institutional Class                                                                                                                                                                                                                                                             | 2007a     
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------
|Selected Per Share Data                                                                                                                                                                                                                                                        
|Net asset value, beginning of period                                                                                                                                                                                                                                            | $    10.00
|Income (loss) from investment operations:
Net investment income (loss)b                                                                                                                                                                                                         | .30       
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                         | (.54)     
|Total from investment operations                                                                                                                                                                                                                                                | (.24)     
|Less distributions from:
Net investment income (loss)                                                                                                                                                                                                                           | (.08)     
|Net realized gains                                                                                                                                                                                                                                                              | (.03)     
|Total distributions                                                                                                                                                                                                                                                             | (.11)     
|Redemption fees                                                                                                                                                                                                                                                                 | .00***    
|Net asset value, end of period                                                                                                                                                                                                                                                  | $    9.65 
|Total Return (%)c                                                                                                                                                                                                                                                               | (2.47)**  
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                                             
|Net assets, end of period ($ millions)                                                                                                                                                                                                                                          | 4         
|Ratio of expenses before expense reductions (including dividend expense for
securities sold short) (%)                                                                                                                                                                          | 4.05*     
|Ratio of expenses after expense reductions (including dividend expense for
securities sold short (%)                                                                                                                                                                            | 2.79*     
|Ratio of expenses after expense reductions (excluding dividend expense for
securities sold short) (%)                                                                                                                                                                           | 1.91*     
|Ratio of net investment income (loss) (%)                                                                                                                                                                                                                                       | 3.51*     
|Portfolio turnover rate (%)                                                                                                                                                                                                                                                     | 1,009**   
|aFor the period from October 16, 2006 (commencement of operations) to
August 31, 2007.bBased on average shares outstanding during the period.cTotal return would have been lower had certain expenses not been reduced.*Annualized**Not annualized***Amount is less than $.005.

Notes to Financial Statements

A. Significant Accounting Policies

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

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

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

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

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

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

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

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

Short Sales.When the Fund takes a short position, it sells at the current
market price a stock it does not own but has borrowed in anticipation that
the market price of the stock will decline. To complete, or close out, the
short sale transaction, the Fund buys the same stock in the market and
returns it to the lender. The Fund will utilize this short sale strategy in
conjunction with its long positions in common stock to seek capital
appreciation independent of stock market direction.

Upon entering into a short sale, the Fund is required to designate liquid
assets it owns as segregated assets to the books of the broker and/or its
custodian in an amount at least equal to its obligations to purchase the
securities sold short. For financial statements purposes, this is reflected
as an asset on the Statement of Assets and Liabilities, and the settlement
amount for securities sold short is reflected as a corresponding liability.
The amount of the liability is marked-to-market to reflect the current value
of the short position.

Short sales involve the risk that the Fund will incur a loss by subsequently
buying a security at a higher price than the price at which the Fund
previously sold the security short. Any loss will be increased by the
amount of compensation, interest or dividends, and transaction costs the
Fund must pay to a lender of the security. In addition, because the Fund's
loss on a short sale stems from increases in the value of the security sold
short, the extent of such loss, like the price of the security sold short, is
theoretically unlimited. By contrast, the Fund's loss on a long position
arises from decreases in the value of the security held by the Fund and
therefore is limited by the fact that a security's value cannot drop below
zero.

Federal Income Taxes. The Fund's policy is to comply with the
requirements of the Internal Revenue Code, as amended, which are
applicable to regulated investment companies, and to distribute all of its
taxable income to its shareholders. Accordingly, the Fund paid no federal
income taxes and no federal income tax provision was required.

In addition, from November 1, 2006 through August 31, 2007, the Fund
incurred approximately $90,000 of net realized capital losses. As
permitted by the tax regulations, the Fund intends to elect to defer these
losses and treat them as arising in the fiscal year ended August 31, 2008.

In July 2006, FASB issued Interpretation No. 48 ("FIN 48"), "Accounting
for Uncertainty in Income Taxes  an interpretation of FASB Statement
No. 109" (the "Interpretation"). The Interpretation establishes for the
Fund a minimum threshold for financial statement recognition of the
benefit of positions taken in filing tax returns (including whether the Fund
is taxable in certain jurisdictions), and requires certain expanded tax
disclosures. The Interpretation is effective for fiscal years beginning after
December 15, 2006. On December 22, 2006, the SEC indicated that they
would not object if a Fund implements FIN 48 in the first required financial
statement reporting period for its fiscal year beginning after December 15,
2006. Management is evaluating the application of the Interpretation to
the Fund and is not in a position at this time to estimate the significance
of its impact, if any, on the Fund's financial statements.

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

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

At August 31, 2007, the Fund's components of distributable earnings
(accumulated losses) on a tax-basis were as follows:

|Undistributed ordinary income*                            | $       375,335  
|--------------------------------------------------------- | -----------------
|Undistributed net long-term capital gains                 | $               
|Net unrealized appreciation (depreciation) on investments | $       (595,867)

In addition, the tax character of distributions paid to shareholders by the
Fund is summarized as follows:

|                                    | Years Ended
August 31,
|----------------------------------- | ----------------------
|                                    | 2007                  
|Distributions from ordinary income* | $       111,243       

Offering Costs. Offering costs for the Fund were paid in connection with
the offering of shares and are being amortized over one year.

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

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

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

Other.Investment security transactions are accounted for on a trade date
plus one basis for daily net asset value calculations. However, for financial
reporting purposes, investment security transactions are reported on
trade date. Interest income is recorded on the accrual basis. Dividend
income is recorded on the ex-dividend date net of foreign withholding
taxes. Dividend income on short sale transactions is recorded on ex-date
net of foreign withholding taxes and disclosed as an expense in the
Statement of Operations. Certain dividends from foreign securities may
be recorded subsequent to the ex-dividend date as soon as the Fund is
informed of such dividends. Realized gains and losses from investment
transactions are recorded on an identified cost basis.

B. Purchases and Sales of Securities

During the period from October 16, 2006 (commencement of operations)
to August 31, 2007, purchases and sales of investment securities
(excluding short sale transactions) aggregated $76,125,758 and
$59,606,005, respectively. Purchases to cover securities sold short and
securities sold short aggregated $58,460,862 and $74,111,760,
respectively.

C. Related Parties

Investment Management Agreement. Under the Investment
Management Agreement with Deutsche Investment Management
Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned
subsidiary of Deutsche Bank AG, the Advisor directs the investments of
the Fund in accordance with its investment objectives, policies and
restrictions. The Advisor determines the securities, instruments and other
contracts relating to investments to be purchased, sold or entered into by
the Fund. Under the Investment Management Agreement, the Fund pays
a monthly investment management fee ("Management Fee") based on
the Fund's average daily net assets accrued daily and payable monthly, at
the following annual rates:

|First $1 billion of the Fund's average daily net assets | 1.25%
|------------------------------------------------------- | -----
|Next $1 billion of such net assets                      | 1.20%
|Next $1 billion of such net assets                      | 1.15%
|Over $3 billion of such net assets                      | 1.10%

For the period from October 16, 2006 (commencement of operations)
through September 30, 2008, the advisor has contractually agreed to
waive all or a portion of its management fee and reimburse or pay certain
operating expenses of the Fund (excluding certain expenses such as
extraordinary expenses, taxes, brokerage, interest, organizational and
offering expenses (limited to 0.10% of average daily net assets), and
dividend expenses on short sales) to the extent necessary to maintain the
Fund's total operating expenses of each class as follows:

|Class A             | 1.75%
|------------------- | -----
|Class C             | 2.50%
|Class S             | 1.50%
|Institutional Class | 1.45%

Accordingly, for the period ended August 31, 2007, the fee pursuant to the
Investment Management Agreement aggregated $150,389, of which
$78,241 was waived, resulting in an annual effective rate of 0.60% of the
Fund's average daily net assets.

For the period ended August 31, 2007 the Advisor waived $71,353 of
organization and offering expenses.

Administration Fee.Pursuant to an Administrative Services Agreement,
DIMA provides most administrative services to the Fund. For all services
provided under the Administrative Services Agreement, the Fund pays the
Advisor an annual fee ("Administration fee") of 0.10% of the Fund's
average daily net assets, computed and accrued daily and payable
monthly. For the period from October 16, 2006 (commencement of
operations) through August 31, 2007, the Advisor received an
Administration Fee of $12,035, of which $1,830 is unpaid.

Service Provider Fees. DWS Scudder Investments Service Company
("DWS-SISC"), an affiliate of the Advisor, is the transfer agent,
dividend-paying agent and shareholder service agent for Class A, C, S and
Institutional Class shares. Pursuant to a sub-transfer agency agreement
between DWS-SISC and DST Systems, Inc. ("DST"), DWS-SISC has
delegated certain transfer agent and dividend-paying agent functions to
DST. DWS-SISC compensates DST out of the shareholder servicing fees it
receives from the Fund. For the period from from October 16, 2006
(commencement of operations) to August 2007, the amounts charged to
the Fund by DWS-SISC were as follows:

|Services to Shareholders | Total
Aggregated | Waived    | Unpaid at
August 31, 2007
|------------------------ | ---------------- | --------- | -------------------------
|Class A                  | $       1,585    | $        | $       402              
|Class C                  | 1,013            |          | 129                      
|Class S                  | 495              |          | 6                        
|Institutional Class      | 319              | 319       |                         
|                         | $    3,412       | $    319  | $    537                 

Distribution Agreement. Under the Distribution Agreement, in
accordance with Rule 12b-1 under the 1940 Act, DWS Scudder
Distributors, Inc. ("DWS-SDI"), an affiliate of the Advisor, receives a fee
("Distribution Fee") of 0.75% of average daily net assets of Class C
shares. Pursuant to the agreement, DWS-SDI enters into related selling
group agreements with various firms at various rates for sales of Class C
shares. For the period from from October 16, 2006 (commencement of
operations) to August 31, 2007, the Distribution Fee was as follows:

|Distribution Fee | Total
Aggregated | Unpaid at
August 31, 2007
|---------------- | ---------------- | -------------------------
|Class C          | 22,327           | 2,702                    

In addition, DWS-SDI provides information and administrative services for
a fee ("Shareholder Servicing Fee") to the shareholders of Class A and
Class C shareholders at an annual rate of up to 0.25% of average daily net
assets for each such class. DWS-SDI in turn has various agreements with
financial services firms that provide these services and pays these fees
based upon the assets of shareholder accounts the firms service. For the
period from from October 16, 2006 (commencement of operations) to
August 31, 2007, the Shareholder Servicing Fee was as follows:

|Service Fee | Total
Aggregated | Unpaid at
August 31, 2007 | Annualized
Effective Rate
|----------- | ---------------- | ------------------------- | -------------------------
|Class A     | $       5,502    | $       1,988             | .15%                     
|Class C     | 4,609            | 4,446                     | .15%                     
|            | $    10,111      | $    6,434                |                          

Underwriting Agreement and Contingent Deferred Sales Charge.
DWS-SDI is the principal underwriter for the Fund. Underwriting
commissions paid in connection with the distribution of Class A shares for
the period from from October 16, 2006 (commencement of operations) to
August 31, 2007 aggregated $3,654.

In addition, DWS-SDI receives any contingent deferred sales charge
("CDSC") Class C share redemptions occurring within one year of
purchase. There is no such charge upon redemption of any share
appreciation or reinvested dividends. The CDSC is based on 1% for
Class C, of the value of the shares redeemed. A deferred sales charge of
up to 1% is assessed on certain redemptions of Class A shares. There
were no CDSC fees charged for the period from from October 16, 2006
(commencement of operations) to August 31, 2007.

Typesetting and Filing Service Fees. Under an agreement with DIMA,
DIMA is compensated for providing typesetting and certain regulatory
filing services to the Fund. For the period from October 16, 2006,
(commencement of operations) to August 31, 2007, the amount charged
to the Fund by DIMA included in the Statement of Operations under
"reports to shareholders" aggregated $12,676, all of which $6,276 is
unpaid.

Trustees' Fees and Expenses. The Fund paid each Trustee not affiliated
with the Advisor retainer fees plus specified amounts for various
committee services and for the Board Chairperson.

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

D. Concentration of Ownership

From time to time the Fund may have a concentration of several
shareholders holding a significant percentage of shares outstanding.
Investment activities of these shareholders could have a material impact
on the Fund.

At August 31, 2007, the Advisor holds approximately 54% of the
outstanding shares of the Fund.

E. Fee Reductions

The Fund has entered into an arrangement with its custodian whereby
credits realized as a result of uninvested cash balances are used to reduce
a portion of the Fund's custodian expenses. During the period from
October 16, 2006 (commencement of operations) to August 31, 2007, the
custodian fees were reduced by $95 for custodian credits earned.

F. Line of Credit

The Fund and other affiliated funds (the "Participants") share in a
$750 million revolving credit facility administered by JPMorgan Chase
Bank N.A. for temporary or emergency purposes, including the meeting of
redemption requests that otherwise might require the untimely
disposition of securities. The Participants are charged an annual
commitment fee which is allocated, pro rata based upon net assets,
among each of the Participants. Interest is calculated at the Federal Funds
Rate plus 0.35 percent. The Fund may borrow up to a maximum of 20
percent of its net assets under this agreement.

G. Share Transactions

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

|                                                               | Period Ended August 31, 2007*
|-------------------------------------------------------------- | -----------------------------
|                                                               | Shares                       
|Shares sold                                                   
|Class A                                                        | 534,323                      
|Class C                                                        | 197,425                      
|Class S                                                        | 119,792                      
|Institutional Class                                            | 185,508                      
|                                                               |                              
|Shares issued to shareholders in reinvestment of distributions
|Class A                                                        | 2,886                        
|Class C                                                        | 2,410                        
|Class S                                                        | 2,980                        
|Institutional Class                                            | 2,973                        
|                                                               |                              
|Shares redeemed                                               
|Class A                                                        | (145,912)                    
|Class C                                                        | (615)                        
|Class S                                                        | (5,714)                      
|Institutional Class                                            | (7,235)                      
|                                                               |                              
|Redemption fees                                                |                              
|Net increase (decrease)                                       
|Class A                                                        | 391,297                      
|Class C                                                        | 199,220                      
|Class S                                                        | 117,058                      
|Institutional Class                                            | 181,246                      
|                                                               |                              
|Initial Capital                                               
|Class A                                                        | 250,000                      
|Class C                                                        | 250,000                      
|Class S                                                        | 250,000                      
|Institutional Class                                            | 250,000                      
|                                                               |                              

H. Payments Made by Affiliates

During year ended August 31, 2007, the Advisor fully reimbursed DWS
Disciplined Market Neutral Fund $1,992 for a loss incurred on a trade
executed incorrectly.

I. Regulatory Matters and Litigation

Regulatory Settlements. On December 21, 2006, Deutsche Asset
Management ("DeAM") settled proceedings with the Securities and
Exchange Commission ("SEC") and the New York Attorney General on
behalf of Deutsche Asset Management, Inc. ("DAMI") and Deutsche
Investment Management Americas Inc. ("DIMA"), the investment
advisors to many of the DWS Scudder funds, regarding allegations of
improper trading of fund shares at DeAM and at the legacy Scudder and
Kemper organizations prior to their acquisition by DeAM in April 2002.
These regulators alleged that although the prospectuses for certain funds
in the regulators' view indicated that the funds did not permit market
timing, DAMI and DIMA breached their fiduciary duty to those funds in
that their efforts to limit trading activity in the funds were not effective at
certain times. The regulators also alleged that DAMI and DIMA breached
their fiduciary duty to certain funds by entering into certain market timing
arrangements with investors. These trading arrangements originated in
businesses that existed prior to the currently constituted DeAM
organization, which came together as a result of various mergers of the
legacy Scudder, Kemper and Deutsche fund groups, and all of the
arrangements were terminated prior to the start of the regulatory
investigations that began in the summer of 2003. No current DeAM
employee approved these trading arrangements. Under the terms of the
settlements, DAMI and DIMA neither admitted nor denied any
wrongdoing.

The terms of the SEC settlement, which identified improper trading in the
legacy Deutsche and Kemper mutual funds only, provide for payment
of disgorgement in the amount of $17.2 million. The terms of the
settlement with the New York Attorney General provide for payment of
disgorgement in the amount of $102.3 million, which is inclusive of the
amount payable under the SEC settlement, plus a civil penalty in the
amount of $20 million. The total amount payable by DeAM, approximately
$122.3 million, would be distributed in accordance with a distribution plan
to be developed by a distribution consultant. The funds' investment
advisors do not believe these amounts will have a material adverse
financial impact on them or materially affect their ability to perform under
their investment management agreements with the DWS funds. The
above-described amounts are not material to Deutsche Bank, and have
already been reserved.

Among the terms of the settled orders, DeAM is subject to certain
undertakings regarding the conduct of its business in the future, including:
formation of a Code of Ethics Oversight Committee to oversee all matters
relating to issues arising under the advisors' Code of Ethics;
establishment of an Internal Compliance Controls Committee having
overall compliance oversight responsibility of the advisors; engagement of
an Independent Compliance Consultant to conduct a comprehensive
review of the advisors' supervisory compliance and other policies and
procedures designed to prevent and detect breaches of fiduciary duty,
breaches of the Code of Ethics and federal securities law violations by the
advisors and their employees; and commencing in 2008, the advisors
shall undergo a compliance review by an independent third party.

In addition, DeAM is subject to certain further undertakings relating to the
governance of the mutual funds, including that: at least 75% of the
members of the Boards of Trustees/Directors overseeing the DWS Funds
continue to be independent of DeAM; the Chairmen of the DWS Funds'
Boards of Trustees/Directors continue to be independent of DeAM; DeAM
maintain existing management fee reductions for certain funds for a
period of five years and not increase management fees for these certain
funds during this period; the funds retain a senior officer (or independent
consultants, as applicable) responsible for assisting in the review of fee
arrangements and monitoring compliance by the funds and the
investment advisors with securities laws, fiduciary duties, codes of ethics
and other compliance policies, the expense of which shall be borne by
DeAM; and periodic account statements, fund prospectuses and the
mutual funds' web site contain additional disclosure and/or tools that
assist investors in understanding the fees and costs associated with an
investment in the funds and the impact of fees and expenses on fund
returns.

DeAM has also settled proceedings with the Illinois Secretary of State
regarding market timing matters. The terms of the Illinois settlement
provide for investor education contributions totaling approximately
$4 million and a payment in the amount of $2 million to the Securities
Audit and Enforcement Fund.

On September 28, 2006, the SEC and the National Association of
Securities Dealers ("NASD") announced final agreements in which
Deutsche Investment Management Americas Inc. ("DIMA"), Deutsche
Asset Management, Inc. ("DAMI") and Scudder Distributors, Inc. ("SDI")
(now known as DWS Scudder Distributors, Inc.) settled administrative
proceedings regarding disclosure of brokerage allocation practices in
connection with sales of the Scudder Funds' (now known as the DWS
Scudder Funds) shares during 2001-2003. The agreements with the SEC
and NASD are reflected in orders which state, among other things, that
DIMA and DAMI failed to disclose potential conflicts of interest to the
fund Boards and to shareholders relating to SDI's use of certain funds'
brokerage commissions to reduce revenue sharing costs to broker-dealer
firms with whom it had arrangements to market and distribute Scudder
Fund shares. These directed brokerage practices were discontinued in
October 2003.

Under the terms of the settlements, in which DIMA, DAMI and SDI
neither admitted nor denied any of the regulators' findings, DIMA, DAMI
and SDI agreed to pay disgorgement, prejudgment interest and civil
penalties in the total amount of $19.3 million. The portion of the
settlements distributed to the funds was approximately $17.8 million and
was paid to the funds as prescribed by the settlement orders based upon
the amount of brokerage commissions from each fund used to satisfy
revenue sharing agreements with broker-dealers who sold fund shares.
Based on the prescribed settlement order, the Fund was not entitled to a
portion of the settlement.

As part of the settlements, DIMA, DAMI and SDI also agreed to
implement certain measures and undertakings relating to revenue sharing
payments including making additional disclosures in the fund
Prospectuses or Statements of Additional Information, adopting or
modifying relevant policies and procedures and providing regular reporting
to the fund Boards.

Private Litigation Matters. The matters alleged in the regulatory
settlements described above also serve as the general basis of a number
of private class action lawsuits involving the DWS funds. These lawsuits
name as defendants various persons, including certain DWS funds, the
funds' investment advisors and their affiliates, and certain individuals,
including in some cases fund Trustees/Directors, officers, and other
parties. Each DWS fund's investment advisor has agreed to indemnify the
applicable DWS funds in connection with these lawsuits, or other lawsuits
or regulatory actions that may be filed making similar allegations.

Based on currently available information, the funds' investment advisors
believe the likelihood that the pending lawsuits will have a material
adverse financial impact on a DWS fund is remote and such actions are
not likely to materially affect their ability to perform under their investment
management agreements with the DWS funds.

Report of Independent Registered
Public Accounting Firm

To the Board of Trustees of DWS Equity Trust and Shareholders of DWS
Disciplined Market Neutral Fund:

We have audited the accompanying statement of assets and liabilities of
DWS Disciplined Market Neutral Fund (the "Fund"), a series of DWS
Equity Trust (the "Trust"), including the portfolio of investments, as of
August 31, 2007, and the related statements of operations, changes in net
assets, and the financial highlights for the period from October 16, 2006
(commencement of operations) to August 31, 2007. These financial
statements and financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audit.

We conducted our audit in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements and financial highlights are free of
material misstatement. We were not engaged to perform an audit of the
Fund's internal control over financial reporting. Our audit included
consideration of internal control over financial reporting as a basis for
designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the
Fund's internal control over financial reporting. Accordingly, we express no
such opinion. An audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements and
financial highlights, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of August 31, 2007, by correspondence with the
custodian and brokers. We believe that our audit provides a reasonable
basis for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of DWS
Disciplined Market Neutral Fund at August 31, 2007, the results of its
operations, the changes in its net assets, and the financial highlights for
the period from October 16, 2006 (commencement of operations) to
August 31, 2007, in conformity with U.S. generally accepted accounting
principles.

|Boston, Massachusetts
October 19, 2007 |  | dmn_eny0
|-------------------------------------- |  | --------

Tax Information(Unaudited)

For corporate shareholders, 81% of the income dividends paid during the
Fund's fiscal year ended August 31, 2007, qualified for the dividends
received deductions.

For federal income tax purposes, the fund designates $128,000, or the
maximum amount allowable under tax law, as qualified dividend income.

Please consult a tax advisor if you have questions about federal or state
income tax laws, or on how to prepare your tax returns. If you have
specific questions about your account, please call (800) 621-1048.

Trustees and Officers

The following table presents certain information regarding the Board
Members and Officers of the fund as of August 31, 2007. Each individual's
year of birth is set forth in parentheses after his or her name. Unless
otherwise noted; (i) each individual has engaged in the principal
occupation(s) noted in the table for at least the most recent five years,
although not necessarily in the same capacity, and (ii) the address of each
individual is c/o Deutsche Asset Management, 222 South Riverside Plaza,
Chicago, Illinois 60606. Each Board Member's term of office extends until
the next shareholders' meeting called for the purpose of electing such
Board Members and until the election and qualification of a successor, or
until such Board Member sooner dies, retires, resigns or is removed as
provided in the governing documents of the fund.

|Independent Board Members                                                     
|------------------------------------------------------------------------------
|Name, Year of
Birth, Position(s)
Held with the
Fund and Length
of Time Served1
|Paul K. Freeman
(1950)Chairperson since
2007, and Board
Member,
2002-present  
|John W. Ballantine
(1946)Board Member,
1999-present                           
|Donald L. Dunaway
(1937)Board Member,
1980-present                            
|James R. Edgar
(1946)Board Member,
1999-present                               
|Robert B. Hoffman
(1936)Board Member,
1981-present                            
|William McClayton
(1944)Board Member,
2004-present                            
|Shirley D. Peterson
(1941)Board Member,
1995-present                          
|Robert H.
Wadsworth(1940)Board Member,
2004-present                           

|Officers2                                                                           
|------------------------------------------------------------------------------------
|Name, Year of
Birth, Position(s)
Held with the
Fund and Length
of Time Served1      
|Michael G. Clark4
(1965)President,
2006-present                                     
|Philip J. Collora
(1945)Vice President and
Assistant Secretary,
1986-present        
|Paul H. Schubert4
(1963)Chief Financial
Officer,
2004-presentTreasurer,
2005-present
|John Millette5
(1962)Secretary,
2001-present                                        
|Patricia DeFilippis4(1963)Assistant Secretary,
2005-present                         
|Elisa D. Metzger4,(1962)Assistant Secretary
2005-present                            
|Caroline Pearson5
(1962)Assistant Secretary,
1998-present                           
|Paul Antosca5
(1957)Assistant Treasurer,
2007-present                               
|Kathleen Sullivan
D'Eramo5(1957)Assistant Treasurer,
2003-present                   
|Jason Vazquez4
(1972)Anti-Money
Laundering
Compliance Officer,
2007-present         
|Robert Kloby4(1962)Chief Compliance
Officer,
2006-present                           

The fund's Statement of Additional Information ("SAI") includes additional information about
the Board Members. The SAI is available, without charge, upon request. If you would like to
request a copy of the SAI, you may do so by calling the following toll-free number:
(800) 621-1048.

Account Management Resources

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

|              | Class A     | Class C     | Class S     | Institutional
Class
|------------- | ----------- | ----------- | ----------- | -------------------
|Nasdaq Symbol | DDMAX       | DDMCX       | DDMSX       | DDMIX              
|CUSIP Number  | 233376  805 | 233376  888 | 23337R  627 | 233376  862        
|Fund Number   | 496         | 796         | 2096        | 592                

Notes

Notes

Notes

Notes

Notes

dmn_backcover0

---

ITEM 2.
        CODE OF ETHICSAs of the end of the period, August 31, 2007, DWS Disciplined Market Neutral Fund has a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer.

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

A copy of the code of ethics is filed as an exhibit to this Form N-CSR.ITEM 3.
        AUDIT COMMITTEE FINANCIAL EXPERTThe Funds Board of Directors/Trustees has determined that the Fund has at least one audit committee financial expert serving on its audit  committee: Mr. William McClayton, Mr. Donald Dunaway and Mr. Robert Hoffman. Each of these audit committee members is independent, meaning that he is not an interested person of the Fund (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940) and he does not accept any consulting, advisory, or other compensatory fee from the Fund (except in the capacity as a Board or committee member).

An audit committee financial expert is not an expert for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an audit committee financial expert. Further, the designation of a person as an audit committee financial expert does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the audit committee financial expert designation. Similarly, the designation of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.ITEM 4.
        PRINCIPAL ACCOUNTANT FEES AND SERVICES
 DWS DISCIPLINED MARKET NEUTRAL FUND FORM N-CSR DISCLOSURE RE: AUDIT FEES The following table shows the amount of fees that Ernst & Young, LLP (E&Y), the Funds Independent Registered Public Accountant, billed to the Fund during the Funds last two fiscal years.  The Audit Committee approved in advance all audit services and non-audit services that E&Y provided to the Fund. The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee). Services that the Funds Independent Registered Public Accountant Billed to the Fund Fiscal YearEndedAugust 31
        Audit Fees Billed to Fund
        Audit-RelatedFees Billed to Fund
        Tax Fees Billed to Fund
        AllOther Fees Billed to Fund2007
        $31,816
        $0
        $4,339
        $02006*
        N/A
        $0
        N/A
        $0
  The above "Tax Fees" were billed for professional services rendered for tax return preparation.  * Fund commenced operations on October 16, 2006.  Services that the Funds Independent Registered Public Accountant Billed to the Adviser and Affiliated Fund Service Providers

The following table shows the amount of fees billed by E&Y to Deutsche Investment Management Americas, Inc. (DeIM or the Adviser), and any entity controlling, controlled by or under common control with DeIM (Control Affiliate) that provides ongoing services to the Fund (Affiliated Fund Service Provider), for engagements directly related to the Funds operations and financial reporting, during the Funds last two fiscal years.




Fiscal YearEndedAugust 31
        Audit-RelatedFees Billedto Adviser and Affiliated Fund Service Providers
        Tax Fees Billed to Adviser and Affiliated Fund Service Providers
        AllOther Fees Billed to Adviser and Affiliated Fund Service Providers2007
        $330,000
        $486,614
        $02006
        $182,000
        $316,254
        $0



The Audit-Related Fees were billed for services in connection with agreed upon procedures related to fund mergers and the above Tax Fees were billed in connection with tax compliance services and agreed upon procedures.

Non-Audit Services

The following table shows the amount of fees that E&Y billed during the Funds last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that E&Y provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Funds operations and financial reporting. The Audit Committee requested and received information from E&Y about any non-audit services that E&Y rendered during the Funds last fiscal year to the Adviser and any Affiliated Fund Service Provider.  The Committee considered this information in evaluating E&Ys independence.




Fiscal YearEndedAugust 31
        TotalNon-Audit Fees Billed to Fund
(A)
        Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)
(B)
        Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)
(C)
        Total of (A), (B)and (C)2007
        $4,339
        $486,614
        $1,519,326
        $2,010,2792006
        n/a
        $316,254
        $510,763
        $827,017





All other engagement fees were billed for services in connection with internal control reviews, agreed upon procedures and tax compliance for DeIM and other related entities that provide support for the operations of the fund.



***



In connection with the audit of the 2006 and 2007 financial statements, the Fund entered into an engagement letter with E&Y.  The terms of the engagement letter required by E&Y, and agreed to by the Audit Committee, include provisions in which the parties consent to the sole jurisdiction of federal courts in New York, Boston or the Northern District of Illinois, as well as a waiver of right to a trial by jury and an exclusion of punitive damages.



***

E&Y recently advised the Funds Audit Committee that certain arrangements between the Ernst & Young member firm in Germany (E&Y Germany) and Deutsche Bank AG (DB) had been determined to be inconsistent with the SEC auditor independence rules.  DB is within the Investment Company Complex (as defined by SEC rules) and therefore covered by the SEC auditor independence rules applicable to the Fund.  In 2006 and 2007, DB provided standard overdraft protection on a depository account and a guarantee of certain lease deposits to E&Y Germany.  E&Y advised the Audit Committee that while neither of these arrangements was ever utilized by E&Y Germany, they could constitute lending type arrangements in violation of Rule 2-01 of Regulation S-X.  (Rule 2-01(c)(1)(ii)(A) provides that an accountant is not independent when an accounting firm
has a loan to or from an audit client.)  E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audits of the Fund.  In reaching this conclusion, E&Y noted a number of factors, including that neither of the arrangements was ever utilized and, accordingly, E&Y Germany never had amounts outstanding to DB, these arrangements were immaterial to E&Y Germany and DB and the E&Y professionals responsible for the Funds audits were not aware of these arrangements.  E&Y informed the Audit Committee that E&Y Germany has cancelled the overdraft arrangements and is in the process of terminating the guarantee on the lease deposits.


ITEM 5.
        AUDIT COMMITTEE OF LISTED REGISTRANTSNot ApplicableITEM 6.
        SCHEDULE OF INVESTMENTSNot ApplicableITEM 7.
        DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.ITEM 8.
        PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.




ITEM 9.
        PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERSNot Applicable.




ITEM 10.
        SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSThe primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Procedures and Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to the Fund's Secretary for the attention of the Chairman of the Nominating and Governance Committee, Two International Place, Boston, MA 02110. Suggestions for candidates must include a resume of the candidate.





ITEM 11.
        CONTROLS AND PROCEDURES(a)          The Chief Executive and Financial Officers concluded that the Registrants Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.(b)          There have been no changes in the registrants internal control over financial reporting that occurred during the registrants last half-year (the registrants second fiscal half-year in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal controls over financial reporting.ITEM 12.
        EXHIBITS(a)(1)     Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.(a)(2)     Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.(b)         Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.


Form N-CSR Item F  SIGNATURES  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.  Registrant:
        DWS Disciplined Market Neutral Fund, a series of DWS Equity Trust
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        October 29, 2007
   Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.  Registrant:
        DWS Disciplined Market Neutral Fund, a series of DWS Equity Trust
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        October 29, 2007
   By:
        /s/Paul Schubert
 Paul Schubert
 Chief Financial Officer and Treasurer  Date:
        October 29, 2007