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)  345 Park Avenue New York, NY 10154-0004 (Address of principal executive offices)             (Zip code)  Registrants Telephone Number, including Area Code:(212) 454-7190  Paul Schubert 345 Park Avenue New York, NY 10154-0004 (Name and Address of Agent for Service)  Date of fiscal year end:
        07/31
  Date of reporting period:
        07/31/08
   ITEM 1.REPORT TO STOCKHOLDERS   
 JULY 31, 2008
Annual Report
to ShareholdersDWS Core Plus Allocation Fundcpaf_cover2b0 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 hereShareholder Meeting Results
click hereSummary of Management Fee Evaluation by Independent
Fee Consultant
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. Diversification does not eliminate risk. Some funds have more risks than others. Although
asset allocation among different asset classes generally limits risk and exposure to any
one class, the risk remains that the investment advisor may favor an asset class that
performs poorly relative to the other asset classes. The fund is subject to stock market
risk, meaning stocks in the underlying funds 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. The underlying funds may invest in foreign
securities and securities of emerging markets which present certain risks, such as
currency fluctuation, political and economic changes, and market risks. The underlying
funds may also invest in individual bonds whose yields and market values fluctuate so
that your investment may be worth more or less than its original cost. Bond investments
are subject to interest rate risk such that when interest rates rise, the prices of the bonds,
and thus the value of the fund, can decline and the investor can lose principal value.
Derivatives may be more volatile and less liquid than traditional securities, and the fund
could suffer losses on an underlying fund's derivative position. Additionally, the underlying
funds may experience relatively large investments or redemptions by the fund or other
DWS fund-of-funds which could affect the underlying funds. Please read the fund's
prospectus for specific details regarding its risk profile. DWS Investments is part of Deutsche Bank's Asset Management division and, within the US,
represents the retail 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 SummaryJuly 31, 2008 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-investments.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
front-end sales charge but redemptions within one year of purchase may be subject
to a CDSC of 1%. Unadjusted returns do not reflect sales charges and would have
been lower if they had.Institutional Class shares are not subject to sales charges. The total annual fund direct operating expense ratios, gross of any fee waivers or
expense reimbursements, as stated in the fee table of the prospectus dated
December 1, 2007 are 1.58%, 2.30% and 1.50% for Class A, Class C and Institutional
Class shares, respectively. The total annual fund direct and estimated indirect
Underlying DWS Fund operating expense ratios, gross of any fee waivers or
expense reimbursements, as stated in the fee table of the prospectus dated
December 1, 2007 are 2.40%, 3.12% and 2.32% 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 B, Related
Parties) sections of this report for gross and net expense related disclosure for the
period ended July 31, 2008. Returns during all periods shown reflect a fee waiver and/or expense reimbursement for
DWS Core Plus Allocation Fund as well as for some Underlying DWS Funds.
Without these waiver/reimbursements, returns would have been lower. Performance figures do not reflect the deduction of taxes that a shareholder would pay
on fund distributions or the redemptions of fund shares. Returns and rankings may differ
by share class. Average Annual Total Returns(Unadjusted for Sales Charge) as of 7/31/08DWS Core Plus Allocation Fund
1-Year
Life of Fund*Class A
-9.22%
1.30%Class C
-9.90%
.53%Institutional Class
-8.83%
1.63%Russell 2000® Index+
-6.71%
.82%Lehman Brothers US Aggregate Index+
6.15%
5.29%Russell 1000® Value Index+
-15.15%
-2.80%Russell 1000® Growth Index+
-6.29%
4.38%MSCI World Index+
-10.88%
2.23%Blended Index+
-5.79%
2.37% Sources: Lipper Inc. and Deutsche Investment Management Americas Inc. * The Fund commenced operations on August 16, 2006. Index returns began on August 31,
2006.  Growth of an Assumed $10,000 Investment(Adjusted for Maximum Sales Charge)[]DWS Core Plus Allocation Fund  Class A
[]Russell 2000 Index+
[]Lehman Brothers US Aggregate Index+
[]Russell 1000 Value Index+
[]Russell 1000 Growth Index+
[]MSCI World Index+
[] Blended Index+cpaf_g10k2a0 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 7/31/08DWS Core Plus Allocation Fund
1-Year
Life of Class*Class A
Growth of $10,000
$8,556
$9,667Average annual total return
-14.44%
-1.71%Class C
Growth of $10,000
$9,010
$10,105Average annual total return
-9.90%
.53%Russell 2000 Index+
Growth of $10,000
$9,329
$10,159Average annual total return
-6.71%
.82%Lehman Brothers
US Aggregate Index+
Growth of $10,000
$10,615
$11,038Average annual total return
6.15%
5.29%Russell 1000 Value Index+
Growth of $10,000
$8,485
$9,470Average annual total return
-15.15%
-2.80%Russell 1000 Growth Index+
Growth of $10,000
$9,371
$10,857Average annual total return
-6.29%
4.38%MSCI World Index+
Growth of $10,000
$8,912
$10,432Average annual total return
-10.88%
2.23%Blended Index+
Growth of $10,000
$9,421
$10,460Average annual total return
-5.79%
2.37% The growth of $10,000 is cumulative. * The Fund commenced operations on August 16, 2006. Index returns began on August 31,
2006.  Growth of an Assumed $1,000,000 Investment[]DWS Core Plus Allocation Fund  Institutional Class
[]Russell 2000 Index+
[]Lehman Brothers US Aggregate Index+
[]Russell 1000 Value Index+
[]Russell 1000 Growth Index+
[]MSCI World Index+
[] Blended Index+cpaf_g10k290 Comparative Resultsas of 7/31/08DWS Core Plus Allocation Fund
1-Year
Life of Class*Institutional Class
Growth of $1,000,000
$911,700
$1,032,100Average annual total return
-8.83%
1.63%Russell 2000 Index+
Growth of $1,000,000
$932,900
$1,015,900Average annual total return
-6.71%
.82%Lehman Brothers US Aggregate
Index+
Growth of $1,000,000
$1,061,500
$1,103,800Average annual total return
6.15%
5.29%Russell 1000 Value Index+
Growth of $1,000,000
$848,500
$947,000Average annual total return
-15.15%
-2.80%Russell 1000 Growth Index+
Growth of $1,000,000
$937,100
$1,085,700Average annual total return
-6.29%
4.38%MSCI World Index+
Growth of $1,000,000
$891,200
$1,043,200Average annual total return
-10.88%
2.23%Blended Index+
Growth of $1,000,000
$942,100
$1,046,000Average annual total return
-5.79%
2.37% The growth of $1,000,000 is cumulative. The minimum initial investment for Institutional Class shares is $1,000,000. * The Fund commenced operations on August 16, 2006. Index returns began on August 31,
2006.  +  The Russell 2000 Index is an unmanaged, capitalization-weighted measure of
approximately 2,000 of the smallest companies in the Russell 3000 Index. The Lehman
Brothers US Aggregate Index is an unmanaged, market value-weighted measure of
treasury issues, agency issues, corporate bond issues and mortgage securities. The
Russell 1000 Value Index is an unmanaged index that consists of those stocks in the
Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values.
The Russell 1000 Growth Index is an unmanaged index that consists of those stocks in the
Russell 1000 Index with higher price-to-book ratios and higher forecasted growth values.
The Morgan Stanley Capital International (MSCI) World Index is an unmanaged,
capitalization-weighted measure of global stock markets including the US, Canada, Europe,
Australia and the Far East. The index is calculated using closing local market prices and
translates into US dollars using the London close foreign exchange rates. The Blended
Index consists of the returns for The Lehman Brothers US Aggregate Index (25%), Russell
1000 Value Index (18.75%), Russell 1000 Growth Index (18.75%), Russell 2000 Index
(18.75%), and the MSCI World Index (18.75%). Equity index returns assume reinvestment
of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible
to invest directly into an index.  Net Asset Value and Distribution InformationClass A
Class C
Institutional
ClassNet Asset Value:
7/31/08
$     9.56
$     9.52
$     9.587/31/07
$     11.07
$     11.02
$     11.08Distribution Information:
Twelve Months as of 7/31/08:Income Dividends
$     .44
$     .35
$     .47Capital Gain Distributions
$     .11
$     .11
$     .11 Class A Lipper Rankings  Mixed Asset Target Allocation Growth Funds
Categoryas of 7/31/08Period
Rank

Number of
Funds Tracked
Percentile
Ranking (%)1-Year
487
of
656
75 Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings
are based on total returns unadjusted for sales charges with distributions reinvested. If
sales charges had been included, rankings might have been less favorable. Rankings are
for Class A shares; other share classes may vary. Class S Class S shares are generally not available to new investors except under certain
circumstances. (Please refer to the Fund's Statement of Additional Information.) All performance shown is historical, assumes reinvestment of all dividend and
capital gain distributions, and does not guarantee future results. Investment return
and principal value fluctuate with changing market conditions so that, when
redeemed, shares may be worth more or less than their original cost. Current
performance may be lower or higher than the performance quoted. Please visit
www.dws-investments.com for the Fund's most recent month-end performance. The total annual fund direct operating expense ratio, gross of any fee waivers or
expense reimbursements, as stated in the fee table of the prospectus dated
December 1, 2007 is 1.39% for Class S shares. The total annual fund direct and
estimated indirect Underlying DWS Fund operating expense ratio, gross of any fee
waivers or expense reimbursements, as stated in the fee table of the prospectus
dated December 1, 2007 is 2.21% for Class S shares. Please see the Information
About Your Fund's Expenses, the Financial Highlights and Notes to the Financial
Statements (Note B, Related Parties) sections of this report for gross and net
expense related disclosure for the period ended July 31, 2008. Returns during all periods shown for Class S shares reflect a fee waiver and/or expense
reimbursement for DWS Core Plus Allocation Fund as well as for some Underlying DWS
Funds. Without these waiver/reimbursements, returns would have been lower. Performance figures do not reflect the deduction of taxes that a shareholder would pay on
fund distributions or the redemptions of fund shares. Returns and rankings may differ by
share class. Average Annual Total Returnsas of 7/31/08DWS Core Plus Allocation Fund
1-Year
Life of
Fund*Class S
-8.88%
1.59%Russell 2000 Index+
-6.71%
.82%Lehman Brothers US Aggregate Index+
6.15%
5.29%Russell 1000 Value Index+
-15.15%
-2.80%Russell 1000 Growth Index+
-6.29%
4.38%MSCI World Index+
-10.88%
2.23%Blended Index+
-5.79%
2.37% Sources: Lipper Inc. and Deutsche Investment Management Americas Inc. * The Fund commenced operations on August 16, 2006. Index returns began on August 31,
2006.  Growth of an Assumed $10,000 Investment[]DWS Core Plus Allocation Fund  Class S
[]Russell 2000 Index+
[]Lehman Brothers US Aggregate Index+
[]Russell 1000 Value Index+
[]Russell 1000 Growth Index+
[]MSCI World Index+
[] Blended Index+cpaf_g10k280 Comparative Resultsas of 7/31/08DWS Core Plus Allocation Fund
1-Year
Life of Class*Class S
Growth of $10,000
$9,112
$10,314Average annual total return
-8.88%
1.59%Russell 2000 Index+
Growth of $10,000
$9,329
$10,159Average annual total return
-6.71%
.82%Lehman Brothers US Aggregate
Index+
Growth of $10,000
$10,615
$11,038Average annual total return
6.15%
5.29%Russell 1000 Value Index+
Growth of $10,000
$8,485
$9,470Average annual total return
-15.15%
-2.80%Russell 1000 Growth Index+
Growth of $10,000
$9,371
$10,857Average annual total return
-6.29%
4.38%MSCI World Index+
Growth of $10,000
$8,912
$10,432Average annual total return
-10.88%
2.23%Blended Index+
Growth of $10,000
$9,421
$10,460Average annual total return
-5.79%
2.37% The growth of $10,000 is cumulative. * The Fund commenced operations on August 16, 2006. Index returns began on August 31,
2006.  +  The Russell 2000 Index is an unmanaged, capitalization-weighted measure of
approximately 2,000 of the smallest companies in the Russell 3000 Index. The Lehman
Brothers US Aggregate Index is an unmanaged, market value-weighted measure of
treasury issues, agency issues, corporate bond issues and mortgage securities. The
Russell 1000 Value Index is an unmanaged index that consists of those stocks in the
Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values.
The Russell 1000 Growth Index is an unmanaged index that consists of those stocks in the
Russell 1000 Index with higher price-to-book ratios and higher forecasted growth values.
The Morgan Stanley Capital International (MSCI) World Index is an unmanaged,
capitalization-weighted measure of global stock markets including the US, Canada, Europe,
Australia and the Far East. The index is calculated using closing local market prices and
translates into US dollars using the London close foreign exchange rates. The Blended
Index consists of the returns for The Lehman Brothers US Aggregate Index (25%), Russell
1000 Value Index (18.75%), Russell 1000 Growth Index (18.75%), Russell 2000 Index
(18.75%), and the MSCI World Index (18.75%). Equity index returns assume reinvestment
of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible
to invest directly into an index.  Net Asset Value and Distribution InformationClass SNet Asset Value:
7/31/08
$     9.587/31/07
$     11.08Distribution Information:
Twelve Months as of 7/31/08:Income Dividends
$     .47Capital Gain Distributions
$     .11 Class S Lipper Rankings  Mixed Asset Target Allocation Growth Funds
Categoryas of 7/31/08Period
Rank

Number of
Funds Tracked
Percentile
Ranking (%)1-Year
475
of
656
73 Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings
are based on total returns with distributions reinvested. Rankings are for Class S shares;
other share classes may vary. 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 addition to
the ongoing expenses which the Fund bears directly, the Fund's
shareholders indirectly bear the expense of the Underlying DWS Funds in
which the Fund invests. The Fund's estimated indirect expense from
investing in the Underlying DWS Funds is based on the expense ratios from
the Underlying DWS Fund's most recent shareholder report. In the most
recent six-month period, the Fund limited these expenses; had it not done
so, expenses would have been higher. In addition, certain of the Underlying
DWS Funds limited expenses; had they not done so, expenses would have
been higher. The examples in the table are based on an investment of
$1,000 invested at the beginning of the six-month period and held for the
entire period (February 1, 2008 to July 31, 2008). The tables illustrate your Fund's expenses in two ways: •    Actual Fund Return. This helps you estimate the actual dollar amount of
ongoing expenses (but not transaction costs) paid on a $1,000
investment in the Fund using the Fund's actual return during the period.
To estimate the expenses you paid over the period, simply divide your
account value by $1,000 (for example, an $8,600 account value divided
by $1,000 = 8.6), then multiply the result by the number in the
"Expenses Paid per $1,000" line under the share class you hold. •    Hypothetical 5% Fund Return. This helps you to compare your Fund's
ongoing expenses (but not transaction costs) with those of other mutual
funds using the Fund's actual expense ratio and a hypothetical rate of
return of 5% per year before expenses. Examples using a 5%
hypothetical fund return may be found in the shareholder reports of other
mutual funds. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you
paid for the period. Please note that the expenses shown in these tables are meant to highlight
your ongoing expenses only and do not reflect any transaction costs. The
"Expenses Paid per $1,000" line of the tables is useful in comparing
ongoing expenses only and will not help you determine the relative total
expense of owning different funds. An account maintenance fee of $6.25
per quarter for Class S shares may apply for certain accounts whose
balances do not meet the applicable minimum initial investment. This fee is
not included in these tables. If it was, the estimate of expenses paid for
Class S shares during the period would be higher, and account value during
the period would be lower, by this amount. Direct Fund Expenses and Value of a $1,000 Investmentfor the six months ended July 31, 2008Actual Fund Return
Class A
Class C
Class S
Institutional
ClassBeginning Account Value 2/1/08
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 7/31/08
$       940.00
$       936.10
$       942.00
$       942.00Expenses Paid per $1,000*
$       3.47
$       7.08
$       2.27
$       2.03Hypothetical 5% Fund Return
Class A
Class C
Class S
Institutional
ClassBeginning Account Value 2/1/08
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 7/31/08
$       1,021.28
$       1,017.55
$       1,022.53
$       1,022.77Expenses Paid per $1,000*
$       3.62
$       7.37
$       2.36
$       2.11 Direct Fund Expenses and Acquired Funds (Underlying DWS Funds) Fees
and Expenses and Value of a $1,000 Investmentfor the six months ended July 31, 2008Actual Fund Return
Class A
Class C
Class S
Institutional
ClassBeginning Account Value 2/1/08
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 7/31/08
$       940.00
$       936.10
$       942.00
$       942.00Expenses Paid per $1,000**
$       7.28
$       10.88
$       6.08
$       5.84Hypothetical 5% Fund Return
Class A
Class C
Class S
Institutional
ClassBeginning Account Value 2/1/08
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 7/31/08
$       1,017.35
$       1,013.63
$       1,018.60
$       1,018.85Expenses Paid per $1,000**
$       7.57
$       11.31
$       6.32
$       6.07 * Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied
by the average account value over the period, multiplied by the number of days in the most
recent six-month period, then divided by 366.  ** Expenses are equal to the Fund's annualized expense ratio for each class plus the Acquired
Funds (Underlying DWS Funds) Fees and Expenses, multiplied by the average account
value over the period, multiplied by the number of days in the most recent six-month
period, then divided by 366.  Annualized Expense Ratios
Class A
Class C
Class S
Institutional
ClassDirect Fund Expense Ratios
.72%
1.47%
.47%
.42%Acquired Funds (Underlying DWS Funds) Fees
and Expenses
.79%
.79%
.79%
.79%Net Annual Fund and Underlying DWS Funds
and Expenses
1.51%
2.26%
1.26%
1.21% For more information, please refer to the Fund's prospectus. Portfolio Management Review DWS Core Plus Allocation 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 Core Plus Allocation 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 2006. • BS, The Wharton School, University of Pennsylvania. Inna Okounkova Director of Deutsche Asset Management and Portfolio Manager of the fund. • Lead portfolio manager for Asset Allocation strategies: New York. • Joined the company in 1999 as quantitative analyst, becoming associate portfolio manager
in 2001. • Joined the fund in 2006. • MS, Moscow State University; 
MBA, University of Chicago Graduate School of Business. In the following interview, the portfolio management team discusses
market conditions and DWS Core Plus Allocation Fund's investment
strategy during the 12-month period ended July 31, 2008. The views expressed in the following discussion reflect those of the portfolio management
team 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 global financial markets perform during the past
year? A:US equities performed poorly during the annual period. The
downturn in stock prices began in August 2007, when the weakness
in housing prices began to spread to the credit markets. Stocks
initially recovered from this shock, but by midway through the fourth
quarter it became evident that the mortgage and credit crises were
not contained to the financial sector and were in fact beginning to
hurt the broader economy. The prospect of slower growth, together
with the soaring prices of oil and gasoline, led to downward
revisions to corporate earnings estimates and an extreme
weakening of investor sentiment. The result was a continued slump
in equity prices that brought the market to a new low shortly before
the end of the reporting period. Financial stocks bore the brunt of the market's sell-off due to the
continued worsening of the housing and credit crises. This was a
distinct negative for the large-cap asset class, which has a heavy
representation of financial stocks. The Russell 1000® Index, a
measure of large-cap performance, declined 10.62% during the
annual period. In contrast, small-cap stocks  which hold a much
lower weighting in financials  produced a narrower loss of -6.71%
(as gauged by the Russell 2000® Index).1 A higher representation of
financials also weighed on the performance of value stocks, causing
the Russell 1000® Value Index  which fell 15.15%  to
significantly lag the -6.29% return of the Russell 1000® Growth
Index.2 1 The Russell 1000 Index is an unmanaged index that measures the performance of the
1,000 largest companies in the Russell 3000 Index, which represents approximately 92%
of the total market capitalization of the Russell 3000 Index. The Russell 2000 Index is an
unmanaged capitalization-weighted measure of approximately 2,000 of the smallest
companies in the Russell 3000 Index.  Index returns assume revinvestment of dividends and, unlike fund returns, do not include
fees or expenses. It is not possible to invest directly into an index.  2 The Russell 1000 Value Index is an unmanaged index that consists of those stocks in the
Russell 1000 Index with lower price-to-book ratios and lower forecasted growth value. The
Russell 1000 Growth Index is an unmanaged, capitalization-weighted index consisting of
those stocks in the Russell 1000 Index that have greater-than-average growth orientation.  International equities were affected by the same factors as the
US market, leading to a return of -12.19% for the Morgan Stanley
Capital International (MSCI) Europe, Australasia and Far East
(EAFE®) Index.3 Specifically, signs that the slowdown in US growth
was spreading to the broader world economy pressured the foreign
markets and caused the asset class  which had outperformed for
several years  to register slight underperformance relative to US
equities. 3 The Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE)
Index is an unmanaged capitalization-weighted index that tracks international stock
performance in the 21 developed markets of Europe, Australasia and the Far East. The
Index is calculated using closing local market prices and translates into US dollars using the
London close foreign exchange rates.  Index returns assume revinvestment of dividends and, unlike fund returns, do not include
fees or expenses. It is not possible to invest directly into an index.  The US bond market was highly volatile during the past 12 months,
but it finished in positive territory with a gain of 6.15% (as measured
by the Lehman Brothers US Aggregate Index).4 A backdrop of
slower growth, crises in the housing and credit markets, and
broader concerns about the financial system prompted the US
Federal Reserve Board (the Fed) to reduce interest rates from
5.25% at the end of July 2007 to 2.00% a year later. This aggressive
Fed action, in conjunction with the high demand for safer
investments, led to a strong rally in Treasuries. At the same time,
however, the ongoing credit crisis and the persistently negative
headlines regarding the economy weighed on the performance of
corporate bonds and other segments of the bond market. 4 The Lehman Brothers US Aggregate Index is an unmanaged index representing domestic
taxable investment-grade bonds, with index components for government and corporate
securities, mortgage pass-through securities and asset-backed securities with average
maturities of one year or more.  Index returns, unlike fund returns, do not include fees or expenses. It is not possible to
invest directly into an index  Q: How did the fund perform? A:The Class A shares of the fund returned -9.22% during the
annual period, underperforming the -5.79% return of the
benchmark. The benchmark, which is a blend of the asset classes in
which the portfolio is invested, consists of an 18.75% allocation to
each of the four equity benchmarks  the Russell 1000 Growth
Index, Russell 1000 Value Index, MSCI World Index and Russell
2000 Index  along with a 25% allocation to the Lehman Brothers
US Aggregate Index. (Returns are unadjusted for sales charges. If
sales had been included, returns would have been lower. Past
performance is no guarantee of future results. Please see pages 4
though 10 for the performance of other share classes and more
complete performance information.)5 5 The Morgan Stanley Capital International (MSCI) World Index is an unmanaged,
capitalization weighted measure of global stock markets, including the United States,
Canada, Europe, Australia and the Far East. The index is calculated using closing market
prices and converts to US dollars using the London close foreign exchange rates. Index
returns assume reinvestment of dividends and, unlike fund returns, do not reflect any fees
or expenses. It is not possible to invest directly into an index.  Q: How did the fund's underlying positions affect performance? A:The fund's position in DWS Core Fixed Income Fund produced an
absolute return that was slightly negative. Still, given the weakness
in the global equity markets, the fund's weighting in DWS Core
Fixed Income Fund helped boost returns and dampened the overall
volatility of the portfolio. We believe this helps illustrate the potential
long-term benefit of diversifying among both stocks and bonds. How is the fund managed?
"This is a fund-of-funds, designed to provide investors with a
one-stop vehicle to achieve exposure to all of the major asset
classes. We invest in five DWS Funds, each of which strives to
invest in the "best ideas" within their respective asset classes. We
believe DWS Core Plus Allocation Fund provides investors with
access to Deutsche Bank's collective research, portfolio
management and technological capabilities from around the world.
The funds are selected to provide a minimal amount of overlap
among the underlying holdings in individual securities, thereby
providing a high level of diversification. The portfolio's weightings
are periodically rebalanced to ensure that the ideal weightings are
maintained."
Portfolio Manager Robert Wang Of the four underlying equity funds in DWS Core Plus Allocation
Fund, two provided strong relative performance. DWS Capital
Growth Fund, which invests in large-cap equities, finished the year
virtually even despite the exceptionally poor performance of US
large caps. The fund was well positioned with an overweight
exposure in energy and an underweight in the troubled financial
sector.6DWS Dreman Small Cap Value Fund also generated strong
relative performance. Although the fund produced a negative
absolute return, it outperformed on the strength of favorable stock
selection and an underweight in financials. 6 "Overweight" means the fund holds a higher weighting in a given sector or security than
the benchmark. "Underweight" means the fund holds a lower weighting.  The other two equity funds in the portfolio  DWS Dreman High
Return Equity Fund and DWS Global Thematic Fund  both finished
in the red and underperformed their respective benchmarks by a
wide margin. In the case of DWS Dreman High Return Equity Fund,
the primary issue was that the fund's deep-value style was out of
favor with the market. In addition, its positions in financial stocks
have been performing poorly. DWS Global Thematic Fund,
meanwhile, hit a stretch of underperformance in the latter half of
the period. However, the fund's management team retains a
positive long-term outlook regarding the various investment themes
it has identified within the global economy. While we are
disappointed with the underperformance of these two funds, we
continue to believe both are a good fit for DWS Core Plus Allocation
Fund based on their strong long-term performance records. Q: Do you have any closing thoughts for shareholders? A:Overall, we remain confident in the value this fund can
potentially deliver to shareholders. By providing one-stop exposure
to five asset classes, the fund is designed to deliver a higher degree
of diversification than many investors can achieve on their own.
Keeping in mind that diversification does not eliminate risk or ensure
higher returns, we believe that diversification becomes even
more important when the markets are pressured by the type
of extreme uncertainty we have witnessed during the past 12
months. Portfolio Summary Asset Allocation(As a % of Investment Portfolio)
7/31/08
7/31/07Equity Funds
75%
72%Fixed Income  Bond Fund
25%
25%Fixed Income  Money Market Fund

3%100%
100% Asset allocation is 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-investments.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-investments.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. This form will be available
on the SEC's Web site at www.sec.gov, and it also may be reviewed and
copied at the SEC's Public Reference Room in Washington, D.C. Information
on the operation of the SEC's Public Reference Room may be obtained by
calling (800) SEC-0330. Investment Portfolioas of July 31, 2008 Shares
Value ($)Equity Funds 73.5%DWS Capital Growth Fund "Institutional"
84,733
4,477,298DWS Dreman High Return Equity Fund "Institutional"
124,233
4,469,905DWS Dreman Small Cap Value Fund "Institutional"
135,851
4,487,145DWS Global Thematic Fund "S"
184,280
4,483,541Total Equity Funds (Cost $21,785,218)
17,917,889Fixed Income  Bond Fund 24.8%DWS Core Fixed Income Fund "Institutional" (Cost $6,409,736)
603,281
6,044,875Fixed Income  Money Market Fund 0.4%Cash Management QP Trust (Cost $86,877)
86,877
86,877 % of Net
Assets
Value ($)Total Investment Portfolio(Cost $28,281,831)+
98.7
24,049,641Other Assets and Liabilities, Net
1.3
311,542Net Assets
100.0
24,361,183 +  The cost for federal income tax purposes was $28,359,700. At July 31, 2008, net
unrealized depreciation for all funds based on tax cost was $4,310,059. This consisted of
aggregate gross unrealized appreciation for all securities in which there was an excess of
value over tax cost of $427 and aggregate gross unrealized depreciation for all securities in
which there was an excess of tax cost over value of $4,310,486.  For the year ended July 31, 2008, purchases and sales of mutual funds (excluding Cash
Management QP Trust) aggregated $10,459,060 and $3,217,400, respectively.  The accompanying notes are an integral part of the financial statements. Financial Statements Statement of Assets and Liabilitiesas of July 31, 2008AssetsInvestments in Underlying Affiliated Funds, at value (cost $28,281,831)
$       24,049,641Receivable for investments sold
250,000Receivable for Fund shares sold
209,070Interest receivable
545Dividends receivable
2,974Due from Advisor
11,009Other assets
36,693Total assets
24,559,932LiabilitiesPayable for investments purchased
95,000Payable for Fund shares redeemed
12,779Other accrued expenses and payables
90,970Total liabilities
198,749Net assets, at value
$    24,361,183Net Assets Consist ofUndistributed net investment income
180,350Net unrealized appreciation (depreciation) on investments
(4,232,190)Accumulated net realized gain (loss)
872,667Paid-in capital
27,540,356Net assets, at value
$    24,361,183 The accompanying notes are an integral part of the financial statements. Statement of Assets and Liabilitiesas of July 31, 2008 (continued)Net Asset ValueClass A
Net Asset Value and redemption price per share ($15,625,313 ÷ 1,634,192
shares outstanding of beneficial interest, $.01 par value, unlimited number
of shares authorized)
$    9.56Maximum offering price per share (100 ÷ 94.25 of $9.56)
$    10.14Class C
Net Asset Value, offering and redemption price (subject to contingent
deferred sales charge) per share ($7,259,276 ÷ 762,282 shares outstanding
of beneficial interest, $.01 par value, unlimited number of shares authorized)
$    9.52Class S
Net Asset Value, offering and redemption priceper share
($1,384,734 ÷ 144,577 shares outstanding of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$    9.58Institutional Class
Net Asset Value, offering and redemption priceper share ($91,860 ÷ 9,593
shares outstanding of beneficial interest, $.01 par value, unlimited number
of shares authorized)
$    9.58 The accompanying notes are an integral part of the financial statements. Statement of Operationsfor the year ended July 31, 2008Investment IncomeIncome distributions from Underlying Affiliated Funds
$       548,861Interest  Cash Management QP Trust
13,272Total Income
562,133Expenses:Management fee
49,456Administration fee
24,728Distribution and service fees
111,446Services to shareholders
39,300Custodian fee
6,819Legal
28,574Audit and tax fees
44,795Trustees' fees and expenses
9,987Reports to shareholders and shareholder meeting
42,584Registration fees
44,641Other
4,488Total expenses before expense reductions
406,818Expense reductions
(174,605)Total expenses after expense reductions
232,213Net investment income
329,920Realized and Unrealized Gain (Loss)Net realized gain (loss) from sale of Underlying Affiliated Funds
(70,954)Capital gain distributions from Underlying Affiliated Funds
1,701,7071,630,753Change in unrealized appreciation (depreciation) on investments
(4,476,235)Net gain (loss)
(2,845,482)Net increase (decrease) in net assets resulting from operations
$    (2,515,562) The accompanying notes are an integral part of the financial statements. Statement of Changes in Net AssetsIncrease (Decrease) in Net Assets
Year Ended
July 31, 2008
Period Ended
July 31, 2007*Operations:Net investment income
$       329,920
$       83,274Net realized gain (loss)
1,630,753
234,497Change in net unrealized appreciation (depreciation)
(4,476,235)
244,045Net increase (decrease) in net assets resulting from
operations
(2,515,562)
561,816Distributions to shareholders from:Net investment income:Class A
(636,910)
(72,086)Class C
(263,123)
(28,085)Class S
(63,389)
(3,867)Institutional Class
(4,109)
(1,450)Net realized gains:Class A
(156,641)
(1,061)Class C
(80,655)
(483)Class S
(14,614)
(54)Institutional Class
(936)
(20)Total distributions
(1,220,377)
(107,106)Fund share transactions:Proceeds from shares sold
12,913,078
22,999,903Reinvestment of distributions
1,135,251
93,740Cost of shares redeemed
(7,742,182)
(1,760,132)Redemption fees
1,399
1,355Net increase (decrease) in net assets from Fund share
transactions
6,307,546
21,334,866Increase (decrease) in net assets
2,571,607
21,789,576Net assets at beginning of period
21,789,576
Net assets at end of period (including undistributed net
investment income of $180,350 and $140,097,
respectively)
$    24,361,183
$    21,789,576 * For the period from August 16, 2006 (commencement of operations) to July 31, 2007.  The accompanying notes are an integral part of the financial statements. Financial Highlights Class A
Years Ended July 31,
2008
2007aSelected Per Share DataNet asset value, beginning of period
$    11.07
$    10.00Income (loss) from investment operations:
Net investment incomeb
.16
.11Net realized and unrealized gain (loss)
(1.12)
1.18Total from investment operations
(.96)
1.29Less distributions from:
Net investment income
(.44)
(.22)Net realized gains
(.11)
(.00)***Total distributions
(.55)
(.22)Redemption fees
.00***
.00***Net asset value, end of period
$    9.56
$    11.07Total Return (%)c,d,e
(9.22)
12.99**Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
16
13Ratio of expenses before expense reductions (%)f
1.44
2.62*Ratio of expenses after expense reductions (%)f
.72
.69*Ratio of net investment income (loss) (%)
1.55
1.06*Portfolio turnover rate (%)
13
3**aFor the period from August 16, 2006 (commencement of operations) to July 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.eTotal return would have been lower if the Advisor had not reduced certain of the
Underlying DWS Funds' expenses.fThe Fund invests in other DWS Funds and indirectly bears its proportionate share of fees
and expenses incurred by the Underlying DWS Funds in which the Fund is invested. This
ratio does not include these indirect fees and expenses.*Annualized**Not annualized***Amount is less than $.005. Class C
Years Ended July 31,
2008
2007aSelected Per Share DataNet asset value, beginning of period
$    11.02
$    10.00Income (loss) from investment operations:
Net investment income (loss)b
.08
.03Net realized and unrealized gain (loss)
(1.12)
1.18Total from investment operations
(1.04)
1.21Less distributions from:
Net investment income
(.35)
(.19)Net realized gains
(.11)
(.00)***Total distributions
(.46)
(.19)Redemption fees
.00***
.00***Net asset value, end of period
$    9.52
$    11.02Total Return (%)c,d,e
(9.90)
12.15**Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
7
7Ratio of expenses before expense reductions (%)f
2.15
3.34*Ratio of expenses after expense reductions (%)f
1.47
1.44*Ratio of net investment income (loss) (%)
.80
.31*Portfolio turnover rate (%)
13
3**aFor the period from August 16, 2006 (commencement of operations) to July 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.eTotal return would have been lower if the Advisor had not reduced certain of the
Underlying DWS Funds' expenses.fThe Fund invests in other DWS Funds and indirectly bears its proportionate share of fees
and expenses incurred by the Underlying DWS Funds in which the Fund is invested. This
ratio does not include these indirect fees and expenses.*Annualized**Not annualized***Amount is less than $.005. Class S
Years Ended July 31,
2008
2007aSelected Per Share DataNet asset value, beginning of period
$    11.08
$    10.00Income (loss) from investment operations:
Net investment incomeb
.19
.13Net realized and unrealized gain (loss)
(1.11)
1.18Total from investment operations
(.92)
1.31Less distributions from:
Net investment income
(.47)
(.23)Net realized gains
(.11)
(.00)***Total distributions
(.58)
(.23)Redemption fees
.00***
.00***Net asset value, end of period
$    9.58
$    11.08Total Return (%)c,d
(8.88)
13.20**Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
1
2Ratio of expenses before expense reductions (%)e
1.17
2.43*Ratio of expenses after expense reductions (%)e
.47
.44*Ratio of net investment income (loss) (%)
1.80
1.31*Portfolio turnover rate (%)
13
3**aFor the period from August 16, 2006 (commencement of operations) to July 31, 2007.bBased on average shares outstanding during the period.cTotal return would have been lower had certain expenses not been reduced.dTotal return would have been lower if the Advisor had not reduced certain of the
Underlying DWS Funds' expenses.eThe Fund invests in other DWS Funds and indirectly bears its proportionate share of fees
and expenses incurred by the Underlying DWS Funds in which the Fund is invested. This
ratio does not include these indirect fees and expenses.*Annualized**Not annualized***Amount is less than $.005. Institutional Class
Years Ended July 31,
2008
2007aSelected Per Share DataNet asset value, beginning of period
$    11.08
$    10.00Income (loss) from investment operations:
Net investment incomeb
.19
.14Net realized and unrealized gain (loss)
(1.11)
1.17Total from investment operations
(.92)
1.31Less distributions from:
Net investment income
(.47)
(.23)Net realized gains
(.11)
(.00)***Total distributions
(.58)
(.23)Redemption fees
.00***
.00***Net asset value, end of period
$    9.58
$    11.08Total Return (%)c,d
(8.83)
13.22**Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
.09
.10Ratio of expenses before expense reductions (%)e
1.38
2.54*Ratio of expenses after expense reductions (%)e
.42
.39*Ratio of net investment income (loss) (%)
1.85
1.36*Portfolio turnover rate (%)
13
3**aFor the period from August 16, 2006 (commencement of operations) to July 31, 2007.bBased on average shares outstanding during the period.cTotal return would have been lower had certain expenses not been reduced.dTotal return would have been lower if the Advisor had not reduced certain of the
Underlying DWS Funds' expenses.eThe Fund invests in other DWS Funds and indirectly bears its proportionate share of fees
and expenses incurred by the Underlying DWS Funds in which the Fund is invested. This
ratio does not include these indirect fees and expenses.*Annualized**Not annualized***Amount is less than $.005. Notes to Financial Statements A. Significant Accounting Policies DWS Core Plus Allocation 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 invests in existing DWS funds (the "Underlying DWS
Funds"). Each Underlying DWS Fund's accounting policies and investment
holdings are outlined in the Underlying DWS Funds' financial statements
and are available upon request. 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 S shares are not subject to
initial or contingent deferred sales charges and are not generally 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 and service fees and certain other
class-specific expenses. Differences in class-level expenses may result in
payment of different per share dividends by class. All shares of the Fund
have equal rights with respect to voting subject to class-specific
arrangements. The Fund's financial statements are prepared in accordance with accounting
principles generally accepted in the United States of America which require
the use of management estimates. Actual results could differ from those
estimates. The policies described below are followed consistently by the
Fund in the preparation of its financial statements. Security Valuation. Investments in the Underlying DWS Funds are valued at
the net asset value per share of each class of the Underlying DWS Fund as
of the close of regular trading on the New York Stock Exchange on each day
the exchange is open for trading. Money market instruments purchased with
an original or remaining maturity of sixty days or less, maturing at par, are
valued at amortized cost. New Accounting Pronouncements. In September 2006, the Financial
Accounting Standards Board ("FASB") released Statement of Financial
Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157").
FAS 157 defines fair value, establishes a framework for measuring fair value
and expands disclosures about fair value measurements. FAS 157 is
effective for fiscal years beginning after November 15, 2007. As of July 31,
2008, management does not believe the adoption of FAS 157 will impact the
amounts reported in the financial statements, however, additional
disclosures will be required about the inputs used to develop the
measurements of fair value and the effect of certain of the measurements
reported in the statement of operations for a fiscal period. In addition, in March 2008, the FASB issued Statement of Financial
Accounting Standards No. 161 ("FAS 161"), "Disclosures about Derivative
Instruments and Hedging Activities". FAS 161 requires enhanced disclosure
about an entity's derivative and hedging activities including qualitative
disclosures about the objectives and strategies for using derivatives,
quantitative disclosures about fair value amounts of gains and losses on
derivative instruments, and disclosures about credit-risk-related contingent
features in derivative agreements. FAS 161 is effective for fiscal years
beginning after November 15, 2008. Management is currently evaluating the
impact the adoption of FAS 161 will have on the Fund's financial statement
disclosures. Federal Income Taxes. The Fund's policy is to comply with the requirements
of the Internal Revenue Code, as amended, which are applicable to
regulated investment companies, and to distribute all of its taxable income
to its shareholders. The Fund has reviewed the tax positions for the open tax years as of
July 31, 2008 and has determined that no provision for income tax is
required in the Fund's financial statements. The Fund's federal tax return for
the prior fiscal year remains subject to examination by the Internal Revenue
Service. Distribution of Income and Gains. Net investment income of the Fund, if
any, is declared and distributed to shareholders annually. Net realized gains
from investment transactions, in excess of available capital loss
carryforwards, would be taxable to the Fund if not distributed, and,
therefore, will be distributed to shareholders at least annually. The timing and characterization of certain income and capital gains
distributions are determined annually in accordance with federal tax
regulations which may differ from accounting principles generally accepted
in the United States of America. These differences primarily relate to short
term gains on underlying funds and certain securities sold at a loss. As a
result, net investment income (loss) and net realized gain (loss) on
investment transactions for a reporting period may differ significantly from
distributions during such period. Accordingly, the Fund may periodically
make reclassifications among certain of its capital accounts without
impacting the net asset value of the Fund. At July 31, 2008, the Fund's components of distributable earnings
(accumulated losses) on a tax-basis were as follows: Undistributed ordinary income*
$       200,799Undistributed long-term capital gains
$       931,693Unrealized appreciation (depreciation) on investments
$       (4,310,059) In addition, the tax character of distributions paid to shareholders by the
Fund is summarized as follows: Year Ended
July 31, 2008
Period Ended
July 31, 2007**Distributions from ordinary income*
$       1,036,681
$       107,106Distributions from long-term capital gains
$       183,696
$        * For tax purposes short-term capital gains distributions are considered ordinary income
distributions.  ** For the period from August 16, 2006 to July 31, 2007.  Offering Costs. Offering costs for the Fund were paid in connection with the
offering of shares and has been amortized over one year. Redemption Fees. Prior to April 1, 2008, the Fund imposed a redemption
fee of 2% of the total redemption amount on the Fund shares redeemed or
exchanged within 15 days of buying them, either by purchase or exchange.
This fee was assessed and retained by the Fund for the benefit of the
remaining shareholders. The redemption fee was 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 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. Distributions of income
and capital gains from the underlying DWS Funds are recorded on
ex-dividend date. Realized gains and losses from investment transactions
are recorded on an identified cost basis. B. Related Parties Management Agreement. Under the Investment Management Agreement
with Deutsche Investment Management Americas Inc. ("DIMA" or the
"Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the
Advisor directs the investments of the Fund in accordance with its
investment objectives, policies and restrictions. The Advisor determines the
securities, instruments and other contracts relating to investments in
Underlying DWS Funds to be purchased, sold or entered into by the Fund. The management fee payable under the Investment Management
Agreement was equivalent to the annual rates shown below of the Fund's
average daily net assets, computed and accrued daily and payable monthly: First $500 million of the Fund's average daily net assets
.200%Next $500 million of such net assets
.190%Next $1.0 billion of such net assets
.180%Next $1.0 billion of such net assets
.170%Next $1.5 billion of such net assets
.165%Next $1.5 billion of such net assets
.160%Next $1.5 billion of such net assets
.155%Next $1.5 billion of such net assets
.150%Next $1.5 billion of such net assets
.145%Over $10.5 billion of such net assets
.140% The Advisor has agreed to waive its 0.20% management fee until the Fund
reaches $50 million in assets. In addition, for the period from August 1, 2007
through November 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, and indirect expenses of
Underlying DWS Funds) to the extent necessary to maintain the direct
operating expenses of each class as follows: Class A
.69%Class C
1.44%Class S
.44%Institutional Class
.39% The Fund will continue to bear its proportionate share of fees and expenses
incurred by the Underlying DWS Funds in which it is invested. Accordingly, for the year ended July 31, 2008, the Advisor waived $49,456
of management fees, which resulted in an annual effective rate of 0.00% of
the Fund's average daily net assets. In addition, for the year ended July 31, 2008, the Advisor reimbursed the
Fund $83,452 of other 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
year ended July 31, 2008, the Advisor accrued an Administration Fee of
$24,728, all of which was waived. Service Provider Fees. DWS Investments Service Company ("DISC"), an
affiliate of the Advisor, is the transfer agent, dividend-paying agent and
shareholder service agent for the Fund. Pursuant to a sub-transfer agency
agreement between DISC and DST Systems, Inc. ("DST"), DISC has
delegated certain transfer agent, dividend-paying agent and shareholder
service agent functions to DST. DISC compensate DST out of the
shareholder serving fee it receives from the Fund. For the year ended
July 31, 2008, the amounts charged to the Fund by DISC were as follows: Services to Shareholders
Total
Aggregated
Waived
Unpaid at
July 31, 2008Class A
$       18,304
$       11,195
$       Class C
9,764
3,005
1,505Class S
1,819
969
310Institutional Class
305
305
$    30,192
$    15,474
$    1,815 Distribution and Service Fees. Under the Fund's Class C 12b-1 Plan,
DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor,
receives a fee ("Distribution Fee") of 0.75% of average daily net assets of
Class C shares. In accordance with the Fund's Underwriting and Distribution
Services Agreement, DIDI enters into related selling group agreements with
various firms at various rates for sales of Class C shares. For the year ended
July 31, 2008, the Distribution Fee charged to Class C shares was $58,556,
of which $4,608 is unpaid. In addition, DIDI provides information and administrative services for a fee
("Service Fee") to Class A and C shareholders at an annual rate of up to
0.25% of average daily net assets for each such class. DIDI 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 year ended July 31, 2008, the Service Fee was as
follows: Service Fee
Total
Aggregated
Unpaid at
July 31, 2008
Annual
Effective RateClass A
$       36,239
$       5,517
.24%Class C
16,651
4,499
.21%$    52,890
$    10,016 Underwriting Agreement and Contingent Deferred Sales Charge. DIDI is
the principal underwriter for the Fund. Underwriting commissions paid by
shareholders in connection with the distribution of Class A shares for the
year ended July 31, 2008, aggregated $25,995. In addition, DIDI receives any contingent deferred sales charge ("CDSC")
from 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 1% of the value of the shares redeemed
for Class C. A deferred sales charge of up to 1% is assessed on certain
redemptions of Class A shares. For the year ended July 31, 2008, DIDI
received $1,866 for Class C shares. Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA
is compensated for providing typesetting and certain regulatory filing
services to the Fund. For the year ended July 31, 2008, the amount charged
to the Fund by DIMA included in the Statements of Operations under
"reports to shareholders and shareholder meeting" aggregated $33,838, of
which $9,912 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 and Vice Chairperson. In connection with the board consolidation on April 1, 2008, of the two DWS
Funds Boards of Trustees, certain Independent Board Members retired prior
to their normal retirement date, and received a one-time retirement benefit.
DIMA has agreed to reimburse the Funds for the cost of this benefit. During
the period ended July 31, 2008, the Fund paid its allocated portion of the
retirement benefit of $1,267 to the non-continuing Independent Board
Members, and the Fund was reimbursed by DIMA for this payment. Cash Management QP Trust. Pursuant to an Exemptive Order issued by the
SEC, the Fund may invest in the Cash Management QP Trust (the
"QP Trust") and other affiliated funds managed by the Advisor. The QP Trust
seeks to provide as high a level of current income as is consistent with the
preservation of capital and the maintenance of liquidity. The QP Trust does
not pay the Advisor a management fee for the affiliated funds' investments
in the QP Trust. C. Line of Credit The Fund and other affiliated funds (the "Participants") share in a
$490 million revolving credit facility provided by a syndication of banks. The
Fund may borrow for temporary or emergency purposes, including the
meeting of redemption requests that otherwise might require the untimely
disposition of securities. The Participants are charged an annual
commitment fee which is allocated based on net assets, among each of the
Participants. Interest is calculated at the Federal Funds Rate plus
0.35 percent. The Fund may borrow up to a maximum of 33 percent of its
net assets under the agreement. D. Fee Reductions The Fund has entered into an arrangement with its custodian and transfer
agent whereby credits realized as a result of uninvested cash balances were
used to reduce a portion of the Fund's custodian expenses. During year
ended July 31, 2008, the Fund's custodian fee was reduced by $228 for
transfer agent credits earned. E. Share Transactions The following table summarizes share and dollar activity in the Fund: Year Ended July 31, 2008
Period Ended July 31, 2007*Shares
Dollars
Shares
DollarsShares soldClass A
824,987
$       8,817,146
1,213,056
$       13,151,266Class C
309,881
3,302,107
662,137
7,175,032Class S
74,332
781,325
235,186
2,581,214Institutional Class
1,246
12,500
8,669
92,391$    12,913,078

$    22,999,903Shares issued to shareholders in reinvestment of distributionsClass A
69,208
$       737,069
5,950
$       63,599Class C
29,833
318,024
2,413
25,798Class S
7,291
77,720
367
3,922Institutional Class
229
2,438
39
421$    1,135,251

$    93,740Shares redeemedClass A
(394,462)
$       (4,093,200)
(84,547)
$       (951,712)Class C
(200,024)
(2,083,958)
(41,958)
(469,325)Class S
(142,553)
(1,558,963)
(30,046)
(339,095)Institutional Class
(590)
(6,061)

$    (7,742,182)

$    (1,760,132)Redemption fees
$    1,399

$    1,355Net increase (decrease)Class A
499,733
$       5,461,456
1,134,459
$       12,264,407Class C
139,690
1,536,178
622,592
6,731,566Class S
(60,930)
(698,965)
205,507
2,246,081Institutional Class
885
8,877
8,708
92,812$    6,307,546

$    21,334,866 * For the period from August 16, 2006 (commencement of operations) to July 31, 2007.  Report of Independent Registered
Public Accounting Firm To the Board of Trustees of DWS Equity Trust and Shareholders of
DWS Core Plus Allocation Fund: We have audited the accompanying statement of assets and liabilities of
DWS Core Plus Allocation Fund (the "Fund"), a series of DWS Equity Trust
(the "Trust"), including the portfolio of investments, as of July 31, 2008, and
the related statement of operations for the year then ended, and the
statement of changes in net assets and the financial highlights for each of
the periods indicated therein. 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 audits. We conducted our audits 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 audits 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 July 31, 2008,by correspondence with the custodian and
brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide 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 Core Plus Allocation Fund at July 31, 2008, the results of its
operations for the year then ended, and the changes in its net assets and
the financial highlights for each of the periods indicated therein, in
conformity with U.S. generally accepted accounting principles. Boston, Massachusetts
September 15, 2008

cpaf_eny0 Tax Information(Unaudited) The Fund paid distributions of $.078 per share from long-term capital gains
during its year ended July 31, 2008, of which 100% represents 15% rate
gains. Pursuant to Section 852 of the Internal Revenue Code, the Fund designates
$1,059,000 as capital gain dividends for its year ended July 31, 2008, of
which 100% represents 15% rate gains. For federal Income tax purposes, the Fund designates $604,000, 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. Shareholder Meeting Results The Special Meeting of Shareholders of DWS Core Plus Allocation Fund (the
"Fund") was held on March 31, 2008 at the offices of Deutsche Asset
Management, 345 Park Avenue, New York, NY 10154. The following matters
were voted upon by the shareholders of said Fund (the resulting votes are
presented below): 1.       Election of the Board of Trustees. Number of Votes:Trustee
For
WithheldJohn W. Ballantine
1,383,222.2083
87,921.6407Henry P. Becton, Jr.
1,382,231.7741
88,912.0749Dawn-Marie Driscoll
1,383,168.7741
87,975.0749Keith R. Fox
1,382,285.2083
88,858.6407Paul K. Freeman
1,383,222.2083
87,921.6407Kenneth C. Froewiss
1,383,222.2083
87,921.6407Richard J. Herring
1,383,222.2083
87,921.6407William McClayton
1,382,231.7741
88,912.0749Rebecca W. Rimel
1,382,231.7741
88,912.0749William N. Searcy, Jr.
1,382,285.2083
88,858.6407Jean Gleason Stromberg
1,383,222.2083
87,921.6407Robert H. Wadsworth
1,382,285.2083
88,858.6407Axel Schwarzer
1,382,285.2083
88,858.6407 The meeting was reconvened on June 13, 2008, at which time the following
matter was voted upon by the shareholders: 2-B.     Approval of a Subadvisor Approval Policy. Number of Votes:For
Against
Abstain1,124,177.9224
22,628.2260
118,652.7915 The meeting was reconvened again on August 15, 2008, at which time the
following matter was voted upon by the shareholders: 4-B.     Approval of Amended and Restated Declaration of Trust.1 Number of Votes:For
Against
Abstain11,587,591.9070
216,856.7774
468,000.8653 1 Because Proposal 4-B was approved by the affirmative vote of at least a majority of
the shares entitled to vote, but less than two-thirds of the shares entitled to vote, the
Amended and Restated Declaration of Trust was approved except for the provisions that
may be deemed to have the effect of diminishing or eliminating voting rights of
shareholders, in which case the relevant provisions of the current declaration of trust
remain in effect.  Summary of Management Fee Evaluation by
Independent Fee Consultant October 26, 2007 Pursuant to an Order entered into by Deutsche Investment Management
Americas and affiliates (collectively, "DeAM") with the Attorney General of
New York, I, Thomas H. Mack, have been appointed the Independent Fee
Consultant for the DWS Scudder Funds. My duties include preparing an
annual written evaluation of the management fees DeAM charges the
Funds, considering among other factors the management fees charged by
other mutual fund companies for like services, management fees DeAM
charges other clients for like services, DeAM's costs of supplying services
under the management agreements and related profit margins, possible
economies of scale if a Fund grows larger, and the nature and quality of
DeAM's services, including fund performance. This report summarizes my
evaluation for 2007, including my qualifications, the evaluation process for
each of the DWS Scudder Funds, consideration of certain complex-level
factors, and my conclusions. Qualifications For more than 30 years I have served in various professional capacities
within the investment management business. I have held investment
analysis and advisory positions, including securities analyst, portfolio
strategist and director of investment policy with a large investment firm. I
have also performed business management functions, including business
development, financial management and marketing research and analysis. Since 1991, I have been an independent consultant within the asset
management industry. I have provided services to over 125 client
organizations, including investment managers, mutual fund boards, product
distributors and related organizations. Over the past several years I have
completed a number of assignments for mutual fund boards, specifically
including assisting boards with management contract renewal. I hold a Master of Business Administration degree, with highest honors,
from Harvard University; and Master of Science and Bachelor of Science
(highest honors) degrees from the University of California at Berkeley. I am
an independent director and audit committee financial expert for two
closed-end mutual funds, serve on the board of directors of a private market
research company, and have served in various leadership and financial
oversight capacities with non-profit organizations. Evaluation of Fees for each DWS Scudder Fund My work focused primarily on evaluating, fund-by-fund, the fees charged to
each of the 136 Fund portfolios in the DWS Scudder Fund family. For each
Fund, I considered each of the key factors mentioned above, as well as any
other relevant information. In doing so I worked closely with the Funds'
Independent Directors in their annual contract renewal process, as well as in
their approval of contracts for several new funds (documented separately). In evaluating each Fund's fees, I reviewed comprehensive materials provided
by or on behalf of DeAM, including expense information prepared by Lipper
Analytical, comparative performance information, profitability data, manager
histories, and other materials. I also accessed certain additional information
from the Lipper, Strategic Insight, and Morningstar databases and drew on
my industry knowledge and experience. To facilitate evaluating this considerable body of information, I prepared for
each Fund a document summarizing the key data elements in each area as
well as additional analytics discussed below. This made it possible to
consider each key data element in the context of the others. In the course of contract renewal, DeAM agreed to implement a number of
fee and expense adjustments requested by the Independent Directors
which will favorably impact future fees and expenses, and my evaluation
includes the effects of these changes. Fees and Expenses Compared with Other Funds The competitive fee and expense evaluation for each fund focused on two
primary comparisons: The Fund's contractual management fee (the advisory fee plus the
administration fee where applicable) compared with those of a group of
typically 12-15 funds in the same Lipper investment category (e.g. Large
Capitalization Growth) having similar distribution arrangements and being
of similar size. The Fund's total expenses compared with a broader universe of funds
from the same Lipper investment category and having similar distribution
arrangements. These two comparisons provide a view of not only the level of the fee
compared with funds of similar scale but also the total expense the Fund
bears for all the services it receives, in comparison with the investment
choices available in the Fund's investment category and distribution channel.
The principal figure-of-merit used in these comparisons was the subject
Fund's percentile ranking against peers. DeAM's Fees for Similar Services to Others DeAM provided management fee schedules for all of its US domiciled fund
and non-fund investment management accounts in any of the investment
categories where there is a DWS Scudder Fund. These similar products
included the other DWS Scudder Funds, non-fund pooled accounts,
institutional accounts and sub-advisory accounts. Using this information, I
calculated for each Fund the fee that would be charged to each similar
product, at the subject Fund's asset level. Evaluating information regarding non-fund products is difficult because there
are varying levels of services required for different types of accounts, with
mutual funds generally requiring considerably more regulatory and
administrative types of service as well as having more frequent cash flows
than other types of accounts. Also, while mutual fund fees for similar fund
products can be expected to be similar, there will be some differences due
to different pricing conditions in different distribution channels (e.g. retail
funds versus those used in variable insurance products), differences in
underlying investment processes and other factors. Costs and Profit Margins DeAM provided a detailed profitability analysis for each Fund. After making
some adjustments so that the presentation would be more comparable to
the available industry figures, I reviewed profit margins from investment
management alone, from investment management plus other fund services
(excluding distribution) provided to the Funds by DeAM (principally
shareholder services), and DeAM profits from all sources, including
distribution. A later section comments on overall profitability. Economies of Scale Economies of scale  an expected decline in management cost per dollar
of fund assets as fund assets grow  are very rarely quantified and
documented because of inherent difficulties in collecting and analyzing
relevant data. However, in virtually every investment category that I
reviewed, larger funds tend to have lower fees and lower total expenses
than smaller funds. To see how each DWS Scudder Fund compares with
this industry observation, I reviewed: The trend in Fund assets over the last five years and the accompanying
trend in total expenses. This shows if the Fund has grown and, if so,
whether total expense (management fees as well as other expenses)
have declined as a percent of assets. Whether the Fund has break-points in its management fee schedule, the
extent of the fee reduction built into the schedule and the asset levels
where the breaks take effect, and in the case of a sub-advised Fund how
the Fund's break-points compare with those of the sub-advisory fee
schedule. How the Fund's contractual fee schedule compares with trends in the
industry data. To accomplish this, I constructed a chart showing how
actual latest-fiscal-year contractual fees of the Fund and of other similar
funds relate to average fund assets, with the subject Fund's contractual
fee schedule superimposed. Quality of Service  Performance The quality-of-service evaluation focused on investment performance, which
is the principal result of the investment management service. Each Fund's
performance was reviewed over the past 1, 3, 5 and 10 years, as applicable,
and compared with that of other funds in the same investment category and
with a suitable market index. In addition, I calculated and reviewed risk-adjusted returns relative to an
index of similar mutual funds' returns and a suitable market index. The
risk-adjusted returns analysis provides a way of determining the extent to
which the Fund's return comparisons are mainly the product of investment
value-added (or lack thereof) or alternatively taking considerably more or less
risk than is typical in its investment category. I also received and considered the history of portfolio manager changes for
each Fund, as this provided an important context for evaluating the
performance results. Complex-Level Considerations While this evaluation was conducted mainly at the individual fund level,
there are some issues relating to the reasonableness of fees that can
alternatively be considered across the whole fund complex: I reviewed DeAM's profitability analysis for all DWS Scudder funds, with a
view toward determining if the allocation procedures used were
reasonable and how profit levels compared with public data for other
investment managers. I considered whether DeAM and affiliates receive any significant ancillary
or "fall-out" benefits that should be considered in interpreting the direct
profitability results. These would be situations where serving as the
investment manager of the Funds is beneficial to another part of the
Deutsche Bank organization. I considered how aggregated DWS Scudder Fund expenses had varied
over the years, by asset class and in the context of trends in asset levels. I reviewed the structure of the DeAM organization, trends in staffing
levels, and information on compensation of investment management and
other professionals compared with industry data. Findings Based on the process and analysis discussed above, which included
reviewing a wide range of information from management and external data
sources and considering among other factors the fees DeAM charges other
clients, the fees charged by other fund managers, DeAM's costs and profits
associated with managing the Funds, economies of scale, possible fall-out
benefits, and the nature and quality of services provided, in my opinion the
management fees charged the DWS Scudder Funds are reasonable. cpaf_m0Thomas H. Mack Trustees and Officers The following table presents certain information regarding the Board
Members and Officers of the Trust as of July 31, 2008. Each Board
Member's year of birth is set forth in parentheses after his or her name.
Unless otherwise noted, (i) each Board Member 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 Independent Board Member is c/o Dawn-Marie Driscoll, PO Box
100176, Cape Coral, FL 33904. Except as otherwise noted below, the term
of office for each Board Member is until the election and qualification of a
successor, or until such Board Member sooner dies, resigns, is removed or
as otherwise provided in the governing documents of the fund. Because the
fund does not hold an annual meeting of shareholders, each Board Member
will hold office for an indeterminate period. The Board Members may also
serve in similar capacities with other funds in the fund complex. The Length
of Time Served represents the year in which the Board Member joined the
board of one or more DWS funds now overseen by the Board. Independent Board MembersName, Year of
Birth, Position
with the Fund
and Length of
Time Served1
Business Experience and Directorships During the
Past Five Years
Number of
Funds in
DWS Fund
Complex
OverseenDawn-Marie
Driscoll (1946)Chairperson since
20042Board Member
since 1987
President, Driscoll Associates (consulting firm); Executive
Fellow, Center for Business Ethics, Bentley College; formerly,
Partner, Palmer & Dodge (1988-1990); Vice President of
Corporate Affairs and General Counsel, Filene's (1978-1988).
Directorships: Trustee of eight open-end mutual funds
managed by Sun Capital Advisers, Inc. (since 2007); Director of
ICI Mutual Insurance Company (since 2007); Advisory Board,
Center for Business Ethics, Bentley College; Trustee,
Southwest Florida Community Foundation (charitable
organization). Former Directorships: Investment Company
Institute (audit, executive, nominating committees) and
Independent Directors Council (governance, executive
committees)
133Paul K. Freeman
(1950)Vice Chairperson
since 2008Board Member
since 1993
Consultant, World Bank/Inter-American Development Bank;
formerly, Project Leader, International Institute for Applied
Systems Analysis (1998-2001); Chief Executive Officer, The
Eric Group, Inc. (environmental insurance) (1986-1998)
133John W.
Ballantine (1946)Board Member
since 1999
Retired; formerly, Executive Vice President and Chief Risk
Management Officer, First Chicago NBD Corporation/The First
National Bank of Chicago (1996-1998); Executive Vice
President and Head of International Banking (1995-1996).
Directorships: Healthways, Inc. (provider of disease and care
management services); Portland General Electric (utility
company); Stockwell Capital Investments PLC (private equity).
Former Directorships: First Oak Brook Bancshares, Inc. and
Oak Brook Bank
133Henry P. Becton,
Jr. (1943)Board Member
since 1990
Vice Chair, WGBH Educational Foundation. Directorships:
Association of Public Television Stations; Becton Dickinson
and Company3 (medical technology company); Belo
Corporation3 (media company); Boston Museum of Science;
Public Radio International. Former Directorships: American
Public Television; Concord Academy; New England Aquarium;
Mass. Corporation for Educational Telecommunications;
Committee for Economic Development; Public Broadcasting
Service
133Keith R. Fox
(1954)Board Member
since 1996
Managing General Partner, Exeter Capital Partners (a series of
private equity funds). Directorships: Progressive Holding
Corporation (kitchen goods importer and distributor); Natural
History, Inc. (magazine publisher); Box Top Media Inc.
(advertising); The Kennel Shop (retailer)
133Kenneth C.
Froewiss (1945)Board Member
since 2001
Clinical Professor of Finance, NYU Stern School of Business
(1997-present); Member, Finance Committee, Association for
Asian Studies (2002-present); Director, Mitsui Sumitomo
Insurance Group (US) (2004-present); prior thereto, Managing
Director, J.P. Morgan (investment banking firm) (until 1996)
133Richard J. Herring
(1946)Board Member
since 1990
Jacob Safra Professor of International Banking and Professor,
Finance Department, The Wharton School, University of
Pennsylvania (since July 1972); Co-Director, Wharton Financial
Institutions Center (since July 2000); Director, Japan Equity
Fund, Inc. (since September 2007), Thai Capital Fund, Inc.
(since September 2007), Singapore Fund, Inc. (since
September 2007). Formerly, Vice Dean and Director, Wharton
Undergraduate Division (July 1995-June 2000); Director,
Lauder Institute of International Management Studies (July
2000-June 2006)
133William
McClayton (1944)Board Member
since 2004
Managing Director, Diamond Management & Technology
Consultants, Inc. (global management consulting firm)
(2001-present); Directorship: Board of Managers, YMCA of
Metropolitan Chicago; formerly: Senior Partner, Arthur
Andersen LLP (accounting) (1966-2001); Trustee, Ravinia
Festival
133Rebecca W.
Rimel (1951)Board Member
since 1995
President and Chief Executive Officer, The Pew Charitable
Trusts (charitable organization) (1994 to present); Trustee,
Thomas Jefferson Foundation (charitable organization) (1994 to
present); Trustee, Executive Committee, Philadelphia Chamber
of Commerce (2001-2007); Trustee, Pro Publica
(2007-present) (charitable organization). Formerly, Executive
Vice President, The Glenmede Trust Company (investment
trust and wealth management) (1983-2004); Board Member,
Investor Education (charitable organization) (2004-2005);
Director, Viasys Health Care3 (January 2007-June 2007)
133William N. Searcy,
Jr. (1946)Board Member
since 1993
Private investor since October 2003; Trustee of eight open-end
mutual funds managed by Sun Capital Advisers, Inc. (since
October 1998). Formerly, Pension & Savings Trust Officer,
Sprint Corporation3 (telecommunications) (November
1989-September 2003)
133Jean Gleason
Stromberg (1943)Board Member
since 1997
Retired. Formerly, Consultant (1997-2001); Director, US
Government Accountability Office (1996-1997); Partner,
Fulbright & Jaworski, L.L.P. (law firm) (1978-1996).
Directorships: The William and Flora Hewlett Foundation;
Service Source, Inc. Former Directorships: Mutual Fund
Directors Forum (2002-2004), American Bar Retirement
Association (funding vehicle for retirement plans) (1987-1990
and 1994-1996)
133Robert H.
Wadsworth(1940)Board Member
since 1999
President, Robert H. Wadsworth & Associates, Inc. (consulting
firm) (1983 to present); Director, The Phoenix Boys Choir
Association
136 Interested Board MemberName, Year of
Birth, Position
with the Fund
and Length of
Time Served1
Business Experience and Directorships During the
Past Five Years
Number of
Funds in
Fund
Complex
OverseenAxel Schwarzer4(1958)Board Member
since 2006
Managing Director5, Deutsche Asset Management; Head of
Deutsche Asset Management Americas; CEO of DWS Investments;
formerly, board member of DWS Investments, Germany
(1999-2005); formerly, Head of Sales and Product Management for
the Retail and Private Banking Division of Deutsche Bank in
Germany (1997-1999); formerly, various strategic and operational
positions for Deutsche Bank Germany Retail and Private Banking
Division in the field of investment funds, tax driven instruments and
asset management for corporates (1989-1996)
133 Officers6Name, Year of Birth,
Position with the Fund and
Length of Time Served7
Principal Occupation(s) During Past 5 Years and Other
Directorships HeldMichael G. Clark8 (1965)President, 2006-present
Managing Director5, Deutsche Asset Management
(2006-present); President of DWS family of funds; Director, ICI
Mutual Insurance Company (since October 2007); formerly,
Director of Fund Board Relations (2004-2006) and Director of
Product Development (2000-2004), Merrill Lynch Investment
Managers; Senior Vice President Operations, Merrill Lynch
Asset Management (1999-2000)John Millette9 (1962)Vice President and Secretary,
1999-present
Director5, Deutsche Asset ManagementPaul H. Schubert8 (1963)Chief Financial Officer,
2004-presentTreasurer, 2005-present
Managing Director5, Deutsche Asset Management (since July
2004); formerly, Executive Director, Head of Mutual Fund
Services and Treasurer for UBS Family of Funds (1998-2004);
Vice President and Director of Mutual Fund Finance at UBS
Global Asset Management (1994-1998)Patricia DeFilippis10(1963)Assistant Secretary,
2005-present
Vice President, Deutsche Asset Management (since June
2005); formerly, Counsel, New York Life Investment
Management LLC (2003-2005); legal associate, Lord, Abbett &
Co. LLC (1998-2003)Elisa D. Metzger10 (1962)Assistant Secretary
2005-present
Director5, Deutsche Asset Management (since September
2005); formerly, Counsel, Morrison and Foerster LLP
(1999-2005)Caroline Pearson9 (1962)Assistant Secretary,
1997-present
Managing Director5, Deutsche Asset ManagementPaul Antosca9 (1957)Assistant Treasurer,
2007-present
Director5, Deutsche Asset Management (since 2006); Vice
President, The Manufacturers Life Insurance Company (U.S.A.)
(1990-2006)Jack Clark9 (1967)Assistant Treasurer,
2007-present
Director5, Deutsche Asset Management (since 2007);
formerly, Vice President, State Street Corporation (2002-2007)Kathleen Sullivan D'Eramo9
(1957)Assistant Treasurer,
2003-present
Director5, Deutsche Asset ManagementDiane Kenneally9(1966)Assistant Treasurer,
2007-present
Director5, Deutsche Asset ManagementJason Vazquez10 (1972)Anti-Money Laundering
Compliance Officer,
2007-present
Vice President, Deutsche Asset Management (since 2006);
formerly, AML Operations Manager for Bear Stearns
(2004-2006), Supervising Compliance Principal and Operations
Manager for AXA Financial (1999-2004)Robert Kloby10 (1962)Chief Compliance Officer,
2006-present
Managing Director5, Deutsche Asset Management
(2004-present); formerly, Chief Compliance Officer/Chief Risk
Officer, Robeco USA (2000-2004); Vice President, The
Prudential Insurance Company of America (1988-2000);
E.F. Hutton and Company (1984-1988)J. Christopher Jackson10
(1951)Chief Legal Officer,
2006-present
Director5, Deutsche Asset Management (2006-present);
formerly, Director, Senior Vice President, General Counsel and
Assistant Secretary, Hansberger Global Investors, Inc.
(1996-2006); Director, National Society of Compliance
Professionals (2002-2005) (2006-2009) 1 The length of time served represents the year in which the Board Member joined the board
of one or more DWS funds currently overseen by the Board.  2 Represents the year Ms. Driscoll was first appointed Chairperson of certain DWS funds.  3 A publicly held company with securities registered pursuant to Section 12 of the Securities
Exchange Act of 1934.  4 The mailing address of Axel Schwarzer is c/o Deutsche Investment Management Americas
Inc., 345 Park Avenue, New York, New York 10154. Mr. Schwarzer is an interested Board
Member by virtue of his positions with Deutsche Asset Management. As an interested
person, Mr. Schwarzer receives no compensation from the funds.  5 Executive title, not a board directorship.  6 As a result of their respective positions held with the Advisor, these individuals are
considered "interested persons" of the Advisor within the meaning of the 1940 Act.
Interested persons receive no compensation from the funds.  7 The length of time served represents the year in which the officer was first elected in such
capacity for one or more DWS funds.  8 Address: 345 Park Avenue, New York, New York 10154.  9 Address: One Beacon Street, Boston, MA 02108.  10 Address: 280 Park Avenue, New York, New York 10017.  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
The automated telephone system allows you to access personalized
account information and obtain information on other DWS funds using
either your voice or your telephone keypad. Certain account types
within Classes A, C and S also have the ability to purchase, exchange
or redeem shares using this system.For more information, contact your financial advisor. You may
also access our automated telephone system or speak with a
DWS Investments representative by calling the appropriate
number below:For shareholders of Classes A, C and Institutional Class:
(800) 621-1048For shareholders of Class S:
(800) 728-3337Web Site
www.dws-investments.com
View your account transactions and balances, trade shares, monitor
your asset allocation, and change your address, 24 hours a day.Obtain prospectuses and applications,blank forms, interactive
worksheets, news about DWS funds, subscription to fund updates by
e-mail, retirement planning information, and more.Written
Correspondence
DWS Investments
PO Box 219151
Kansas City, MO 64121-9151Proxy Voting
The fund's policies and procedures for voting proxies for portfolio
securities and information about how the fund voted proxies related to
its portfolio securities during the 12-month period endedJune 30are
available on our Web site  www.dws-investments.com (click on
"proxy voting"at the bottom of the page)  or on the SEC's Web site
 www.sec.gov. To obtain a written copy of the fund's policies and
procedures without charge, upon request, call us toll free at (800)
621-1048.Principal
Underwriter
If you have questions, comments or complaints, contact:DWS Investments Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808(800) 621-1148 Class A
Class C
Class S
Institutional
ClassNasdaq Symbol
CORAX
CORPX
CORSX
CORIXCUSIP Number
233376  409
233376  508
233376  607
233376  706Fund Number
478
778
2178
579 cpaf_notesblank0Notes cpaf_backcover0


ITEM 2.
        CODE OF ETHICSAs of the end of the period, July 31, 2008, DWS Core Plus Allocation 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 Funds audit committee is comprised solely of trustees who are independent (as such term has been defined by the Securities and Exchange Commission (SEC) in regulations implementing Section 407 of the Sarbanes-Oxley Act (the Regulations)). The Funds Board of Trustees has determined that there are several audit committee financial experts (as such term has been defined by the Regulations) serving on the Funds audit committee including Mr. William McClayton, the chair of the Funds audit committee.  The SEC has stated that an audit committee financial expert is not an expert for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an audit committee
financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. In accordance with New York Stock Exchange requirements, the Board believes that all members of the Funds audit committee are financially literate, as such qualification is interpreted by the Board in its business judgment, and that at least one member of the audit committee has accounting or related financial management expertise.ITEM 4.
        PRINCIPAL ACCOUNTANT FEES AND SERVICES
  DWS CORE PLUS ALLOCATION 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 YearEndedJuly 31,
        Audit Fees Billed to Fund
        Audit-RelatedFees Billed to Fund
        Tax Fees Billed to Fund
        AllOther Fees Billed to Fund2008
        $39,976
        $0
        $5,451
        $02007
        $31,794
        $0
        $4,336
        $0
  The above "Tax Fees" were billed for professional services rendered for tax return preparation. 
  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 YearEndedJuly 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 Providers2008
        $0
        $402,000
        $02007
        $262,000
        $466,614
        $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 YearEndedJuly 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)2008
        $5,451
        $402,000
        $1,674,733
        $2,082,1842007
        $4,336
        $466,614
        $1,319,326
        $1,790,276
   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 2007 and 2008 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 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 has terminated 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 Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Chairman of the Board, P.O. Box 100176, Cape Coral, FL 33910.
  
  ITEM 11.
        CONTROLS AND PROCEDURES(a)          The Chief Executive and Financial Officers concluded that the Registrants Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.(b)          There have been no changes in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal controls over financial reporting.ITEM 12.
        EXHIBITS(a)(1)     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 Core Plus Allocation Fund, a series of DWS Equity Trust
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        September 29, 2008
   Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.  Registrant:
        DWS Core Plus Allocation Fund, a series of DWS Equity Trust
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        September 29, 2008
   By:
        /s/Paul Schubert
 Paul Schubert
 Chief Financial Officer and Treasurer  Date:                                        September 29, 2008