UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

**_______________________________**

Investment Company Act file number  811-08599

DWS Equity Trust

(Exact name of registrant as specified in charter)

 

345 Park Avenue

New York, NY  10154

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY  10154-0004

(Name and address of agent for service)

Registrant's telephone number, including area code:  (212) 454-7190

Date of fiscal year end:  08/31

Date of reporting period: 5/31/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of May 31, 2009  (Unaudited)** |
|----------------------|-------------------------------------|

 

 

**DWS Select Alternative Allocation Fund**

 

 

|   | **Shares** |   | **Value ($)** |  
 

**Equity - Equity Funds 57.5%**

 
DWS Commodity Securities Fund "Institutional"  

 

851,699 

 

2,844,674 

 
DWS Disciplined Market Neutral Fund "Institutional"  

 

776,815 

 

7,325,366 

 
DWS Emerging Markets Equity Fund "Institutional"  

 

141,235 

 

1,920,791 

 
DWS Gold & Precious Metals Fund "Institutional"  

 

54,984 

 

992,454 

 
DWS RREEF Global Infrastructure Fund "Institutional"  

 

519,426 

 

3,755,450 

 
DWS RREEF Global Real Estate Securities Fund "Institutional"  

 

1,024,808 

 

5,923,389 

 
**Total Equity Funds** (Cost $20,490,354)

 

**22,762,124**

 
 

**Fixed Income - Bond Funds 37.3%**

 
DWS Emerging Markets Fixed Income Fund "Institutional"  

 

198,679 

 

1,845,730 

 
DWS Floating Rate Plus Fund "Institutional"  

 

705,294 

 

5,550,663 

 
 

 

DWS Inflation Protected Plus Fund "Institutional"  

 

793,076 

 

7,375,599 

 
**Total Fixed Income - Bond Funds** (Cost $13,948,943)

 

**14,771,992**

 
 

**Fixed Income - Money Market Fund 2.8%**

 
Cash Management QP Trust  (Cost $1,102,168)

 

1,102,168 

 

**1,102,168**

 
 

**% of****Net Assets**

 

**Value ($)**

 
**Total Investment Portfolio** (Cost $35,541,465) †

97.6

 

**38,636,284**

 
**Other Assets and Liabilities, Net**

2.4

 

**962,231**

 
**Net Assets**

100.0

 

**39,598,515**

 
*For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*

 
*†*

*The cost for federal income tax purposes was $35,541,465.  At May 31, 2009, net unrealized appreciation for all securities based on tax cost was $3,094,819.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $3,134,033 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $39,214.*

 
 

***Fair Value Measurements***

 

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

 

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

 

*The following is a summary of the inputs used as of May 31, 2009 in valuing the Fund's investments:*

 

**Valuation Inputs**

**Investments in  Securities**

Level 1 

$                37,534,116   

Level 2 

1,102,168   

Level 3 

-   

**Total**

**$                38,636,284**

 

**ITEM 2.**

**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 fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

 

 

**ITEM 3.**

**EXHIBITS**

 

 

 

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.

 

**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 Select Alternative Allocation Fund, a series of DWS Equity Trust

 

 

By:

/s/Michael G. Clark

Michael G. Clark

President

 

 

Date:

July 20, 2009

 

 

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

 

Registrant:

DWS Select Alternative Allocation Fund, a series of DWS Equity Trust

 

 

By:

/s/Michael G. Clark

Michael G. Clark

President

 

 

Date:

July 20, 2009

 

 

 

 

 

 

By:

/s/Paul Schubert

Paul Schubert

Chief Financial Officer and Treasurer

 

 

Date:

July 20, 2009

 

 

 

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