UNITED STATES

SECURITIES AND EXCHANGE            COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF            REGISTERED**

**MANAGEMENT INVESTMENT            COMPANY**

**_______________________________**

Investment Company Act file number            811-08599

DWS Equity Trust

(Exact name of registrant as specified in            charter)

 

222            South Riverside Plaza

Chicago, IL 60606

(Address of principal executive offices)                        (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY 10154

(Name and address of agent for            service)

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

Date of fiscal year end:08/31

Date of reporting            period:11/30/07

 

ITEM 1.            SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of November 30, 2007 (Unaudited)** |
|----------------------|-----------------------------------------|

 

 

**DWS            Disciplined Market Neutral Fund**

 

 

|                                                | **Shares**               |   | **Value                            ($)** |
|-----------------------------------------------------|--------------------------|--------|------------------------------------------|
|                                                     |
|                                                |                     |
|                                                | **Long Positions 99.8%** |   |
| **Common Stocks 87.0%**                             |                     |
| **Consumer Discretionary 17.3%**                    |                     |
| **Auto Components                            2.1%** |                     |
| Autoliv, Inc. (a)                                   |                     | 4,200  |                                     | 245,280 |
| BorgWarner, Inc. (a)                                |                     | 1,000  |                                     | 96,610 |
| Johnson Controls, Inc. (a)                          |                     | 6,700  |                                     | 258,754 |
|                                                     |
|                                                | **600,644**              |
|                                                     |                          |        |                                          |  |  |  |  |

 

 

 

| **Automobiles                            0.8%**                          |        |
|--------------------------------------------------------------------------|-------------|
| Thor Industries, Inc. (a)                                                |        | 6,600 |   | **232,650** |
| **Hotels Restaurants &                            Leisure 1.5%**     |        |
| Darden Restaurants, Inc. (a)                                             |        | 5,300 |   | 210,887 |
| Yum! Brands, Inc. (a)                                                    |        | 5,900 |   | 219,185 |
|                                                                          |
|                                                                     | **430,072** |
| **Household Durables                            1.7%**                   |        |
| Garmin Ltd. (a)                                                          |        | 2,200 |   | 236,170 |
| NVR, Inc.* (a)                                                           |        | 500 |   | 246,000 |
|                                                                          |
|                                                                     | **482,170** |
| **Leisure Equipment &                            Products 0.9%**     |        |
| Hasbro, Inc. (a)                                                         |        | 8,900 |   | **247,153** |
| **Media                            3.4%**                                |        |
| Idearc, Inc. (a)                                                         |        | 11,900 |   | 225,148 |
| Liberty Global, Inc. "A"* (a)                                            |        | 6,000 |   | 243,720 |
| Regal Entertainment Group "A" (a)                                        |        | 12,200 |   | 241,438 |
| The DIRECTV Group, Inc.* (a)                                             |        | 10,500 |   | 261,135 |
|                                                                          |
|                                                                     | **971,441** |
| **Multiline Retail                            2.6%**                     |        |
| Big Lots, Inc.* (a)                                                      |        | 12,400 |   | 231,508 |
| Dollar Tree Stores, Inc.* (a)                                            |        | 9,200 |   | 263,672 |
| Family Dollar Stores, Inc. (a)                                           |        | 11,100 |   | 261,405 |
|                                                                          |
|                                                                     | **756,585** |
| **Specialty Retail                            3.4%**                     |        |
| AutoZone, Inc.* (a)                                                      |        | 400 |   | 44,652 |
| Coldwater Creek, Inc.* (a)                                               |        | 10,700 |   | 88,275 |
| Dick's Sporting Goods, Inc.* (a)                                         |        | 8,300 |   | 259,458 |
| Guess?, Inc. (a)                                                         |        | 5,900 |   | 276,887 |
| RadioShack Corp. (a)                                                     |        | 13,000 |   | 240,500 |
| TJX Companies, Inc. (a)                                                  |        | 1,900 |   | 55,746 |
|                                                                          |
|                                                                     | **965,518** |
| **Textiles, Apparel &                            Luxury Goods 0.9%** |        |
| Polo Ralph Lauren Corp. (a)                                              |        | 3,800 |   | **262,124** |
| **Consumer Staples 5.1%**                                                |        |
| **Beverages                            1.8%**                            |        |
| Coca-Cola Enterprises, Inc. (a)                                          |        | 10,100 |   | 262,297 |
| Pepsi Bottling Group, Inc. (a)                                           |        | 5,500 |   | 234,685 |
|                                                                          |
|                                                                     | **496,982** |
| **Food & Staples Retailing                            1.8%**         |        |
| BJ's Wholesale Club, Inc.* (a)                                           |        | 7,300 |   | 273,385 |
| Kroger Co. (a)                                                           |        | 8,500 |   | 244,375 |
|                                                                          |
|                                                                     | **517,760** |
| **Food Products                            0.6%**                        |        |
| Wm. Wrigley Jr., Co. (a)                                                 |        | 2,800 |   | **179,200** |
| **Personal Products                            0.9%**                    |        |
| Herbalife Ltd. (a)                                                       |        | 6,000 |   | **251,220** |
| **Energy 8.4%**                                                          |        |
| **Energy Equipment &                            Services 4.7%**      |        |
| Diamond Offshore Drilling, Inc. (a)                                      |        | 1,900 |   | 221,217 |
| ENSCO International, Inc.                                                |        | 4,600 |   | 247,710 |
| Global Industries Ltd.* (a)                                              |        | 10,400 |   | 230,568 |
| Helmerich & Payne, Inc. (a)                                          |        | 7,000 |   | 241,850 |
| Tidewater, Inc. (a)                                                      |        | 3,700 |   | 180,893 |
|                                                                          |             |  |  |  |  |

 

 

 

| Transocean, Inc.*                                                        |          | 1,609  |   | 220,911     |
|--------------------------------------------------------------------------|---------------|--------|--------|-------------|
|                                                                          |
|                                                                     | **1,343,149** |
| **Oil, Gas & Consumable                            Fuels 3.7%**      |          |
| Chesapeake Energy Corp. (a)                                              |          | 6,400  |   | 242,240     |
| Foundation Coal Holdings, Inc. (a)                                       |          | 2,400  |   | 109,056     |
| Frontier Oil Corp. (a)                                                   |          | 5,100  |   | 225,420     |
| Hess Corp. (a)                                                           |          | 3,500  |   | 249,270     |
| Tesoro Corp. (a)                                                         |          | 4,600  |   | 226,228     |
|                                                                          |
|                                                                     | **1,052,214** |
| **Financials 7.2%**                                                      |          |
| **Capital Markets                            1.4%**                      |          |
| Federated Investors, Inc. "B" (a)                                        |          | 3,600  |   | 146,844     |
| Morgan Stanley (a)                                                       |          | 4,700  |   | 247,784     |
|                                                                          |
|                                                                     | **394,628**   |
| **Consumer Finance                            0.9%**                     |          |
| AmeriCredit Corp.* (a)                                                   |          | 4,300  |   | 49,321      |
| First Marblehead Corp. (a)                                               |          | 7,200  |   | 216,072     |
|                                                                          |
|                                                                     | **265,393**   |
| **Diversified Financial                            Services 0.9%**       |          |
| Nasdaq Stock Market, Inc.* (a)                                           |          | 5,700  |   | **247,152** |
| **Insurance                            3.4%**                            |          |
| Allied World Assurance Co. Holdings Ltd.                            (a)  |          | 4,900  |   | 226,772     |
| Endurance Specialty Holdings Ltd. (a)                                    |          | 4,300  |   | 173,677     |
| PartnerRe Ltd. (a)                                                       |          | 1,400  |   | 115,598     |
| Unum Group (a)                                                           |          | 8,400  |   | 208,656     |
| XL Capital Ltd. "A" (a)                                                  |          | 4,100  |   | 239,973     |
|                                                                          |
|                                                                     | **964,676**   |
| **Thrifts & Mortgage                            Finance 0.6%**       |          |
| Countrywide Financial Corp. (a)                                          |          | 6,300  |   | 68,166      |
| IndyMac Bancorp, Inc. (a)                                                |          | 12,000 |   | 114,600     |
|                                                                          |
|                                                                     | **182,766**   |
| **Health Care 12.0%**                                                    |          |
| **Biotechnology                            0.9%**                        |          |
| PDL BioPharma, Inc.* (a)                                                 |          | 13,700 |   | **242,627** |
| **Health Care Equipment &                            Supplies 2.6%** |          |
| DENTSPLY International, Inc. (a)                                         |          | 5,700  |   | 243,846     |
| Intuitive Surgical, Inc.* (a)                                            |          | 800    |   | 262,144     |
| Kinetic Concepts, Inc.* (a)                                              |          | 4,000  |   | 234,560     |
|                                                                          |
|                                                                     | **740,550**   |
| **Health Care Providers &                            Services 2.2%** |          |
| Coventry Health Care, Inc.* (a)                                          |          | 1,300  |   | 75,244      |
| Health Net, Inc.* (a)                                                    |          | 5,100  |   | 247,758     |
| Humana, Inc.* (a)                                                        |          | 4,000  |   | 308,120     |
|                                                                          |
|                                                                     | **631,122**   |
| **Life Sciences Tools &                            Services 2.1%**   |          |
| Applera Corp. - Applied Biosystems Group                            (a)  |          | 7,200  |   | 245,952     |
| Invitrogen Corp.* (a)                                                    |          | 3,600  |   | 349,236     |
|                                                                          |
|                                                                     | **595,188**   |
| **Pharmaceuticals                            4.2%**                      |          |
| Bristol-Myers Squibb Co. (a)                                             |          | 3,400  |   | 100,742     |
| Eli Lilly & Co. (a)                                                  |          | 4,700  |   | 248,865     |
| Endo Pharmaceuticals Holdings, Inc.* (a)                                 |          | 1,600  |   | 43,856      |
|                                                                          |               |        |        |             |  |

 

 

 

| Schering-Plough Corp. (a)                                                |          | 7,700  |   | 241,010     |
|--------------------------------------------------------------------------|---------------|--------|--------|-------------|
| Sepracor, Inc.* (a)                                                      |          | 9,300  |   | 246,729     |
| Warner Chilcott Ltd. "A"* (a)                                            |          | 4,100  |   | 74,825      |
| Watson Pharmaceuticals, Inc.* (a)                                        |          | 8,800  |   | 257,928     |
|                                                                          |
|                                                                     | **1,213,955** |
| **Industrials 16.0%**                                                    |          |
| **Aerospace & Defense                            1.6%**              |          |
| Boeing Co. (a)                                                           |          | 2,400  |   | 222,096     |
| Goodrich Corp. (a)                                                       |          | 3,400  |   | 242,386     |
|                                                                          |
|                                                                     | **464,482**   |
| **Airlines                            2.5%**                             |          |
| AMR Corp.* (a)                                                           |          | 11,300 |   | 239,334     |
| Continental Airlines, Inc. "B"* (a)                                      |          | 8,600  |   | 242,090     |
| Delta Air Lines, Inc.* (a)                                               |          | 12,000 |   | 237,120     |
|                                                                          |
|                                                                     | **718,544**   |
| **Building Products                            0.5%**                    |          |
| Trane, Inc.                                                              |          | 3,700  |   | **135,827** |
| **Commercial Services &                            Supplies 2.6%**   |          |
| Allied Waste Industries, Inc.* (a)                                       |          | 21,400 |   | 244,174     |
| Dun & Bradstreet Corp. (a)                                           |          | 2,500  |   | 223,075     |
| The Brink's Co. (a)                                                      |          | 4,200  |   | 268,716     |
|                                                                          |
|                                                                     | **735,965**   |
| **Construction &                            Engineering 1.5%**       |          |
| Fluor Corp. (a)                                                          |          | 1,800  |   | 264,906     |
| Shaw Group, Inc.* (a)                                                    |          | 2,700  |   | 171,234     |
|                                                                          |
|                                                                     | **436,140**   |
| **Industrial Conglomerates                            0.1%**             |          |
| McDermott International, Inc.* (a)                                       |          | 300    |   | **15,690**  |
| **Machinery                            4.1%**                            |          |
| AGCO Corp.* (a)                                                          |          | 4,400  |   | 303,336     |
| Caterpillar, Inc. (a)                                                    |          | 3,000  |   | 215,700     |
| Crane Co. (a)                                                            |          | 2,900  |   | 130,326     |
| Harsco Corp. (a)                                                         |          | 500    |   | 30,035      |
| PACCAR, Inc. (a)                                                         |          | 5,150  |   | 260,641     |
| Toro Co. (a)                                                             |          | 4,200  |   | 233,730     |
|                                                                          |
|                                                                     | **1,173,768** |
| **Marine                            0.9%**                               |          |
| Kirby Corp.* (a)                                                         |          | 5,600  |   | **269,192** |
| **Road & Rail                            0.9%**                      |          |
| Ryder System, Inc. (a)                                                   |          | 5,800  |   | **251,488** |
| **Trading Companies &                            Distributors 1.3%** |          |
| United Rentals, Inc.* (a)                                                |          | 10,700 |   | 248,989     |
| WESCO International, Inc.* (a)                                           |          | 3,300  |   | 133,584     |
|                                                                          |
|                                                                     | **382,573**   |
| **Information Technology 10.8%**                                         |          |
| **Computers & Peripherals                            2.6%**          |          |
| Apple, Inc.* (a)                                                         |          | 1,500  |   | 273,330     |
| Lexmark International, Inc. "A"* (a)                                     |          | 5,600  |   | 195,328     |
| QLogic Corp.* (a)                                                        |          | 16,700 |   | 225,784     |
| Seagate Technology (a)                                                   |          | 1,700  |   | 43,843      |
|                                                                          |
|                                                                     | **738,285**   |
|                                                                          |               |        |        |             |  |

 

 

 

| **Electronic Equipment &                            Instruments 2.4%**           |          |
|--------------------------------------------------------------------------------------|---------------|
| Arrow Electronics, Inc.* (a)                                                         |          | 5,900 |   | 218,359 |
| Avnet, Inc.* (a)                                                                     |          | 7,100 |   | 244,950 |
| National Instruments Corp. (a)                                                       |          | 6,300 |   | 210,231 |
|                                                                                      |
|                                                                                 | **673,540**   |
| **IT Services                            2.4%**                                      |          |
| Accenture Ltd. "A" (a)                                                               |          | 4,300 |   | 148,608 |
| Computer Sciences Corp.* (a)                                                         |          | 4,300 |   | 227,126 |
| DST Systems, Inc.* (a)                                                               |          | 600 |   | 50,850 |
| Hewitt Associates, Inc. "A"* (a)                                                     |          | 6,800 |   | 255,000 |
|                                                                                      |
|                                                                                 | **681,584**   |
| **Semiconductors &                            Semiconductor Equipment 2.0%**     |          |
| MEMC Electronic Materials, Inc.* (a)                                                 |          | 4,300 |   | 333,594 |
| NVIDIA Corp.* (a)                                                                    |          | 7,900 |   | 249,166 |
|                                                                                      |
|                                                                                 | **582,760**   |
| **Software                            1.4%**                                         |          |
| BMC Software, Inc.* (a)                                                              |          | 7,300 |   | 241,484 |
| FactSet Research Systems, Inc. (a)                                                   |          | 2,700 |   | 169,236 |
|                                                                                      |
|                                                                                 | **410,720**   |
| **Materials 6.2%**                                                                   |          |
| **Chemicals                            1.7%**                                        |          |
| Celanese Corp. "A" (a)                                                               |          | 6,600 |   | 261,888 |
| Eastman Chemical Co. (a)                                                             |          | 3,400 |   | 218,314 |
|                                                                                      |
|                                                                                 | **480,202**   |
| **Containers & Packaging                            0.9%**                       |          |
| Owens-Illinois, Inc.* (a)                                                            |          | 5,700 |   | **255,873** |
| **Metals & Mining                            3.6%**                              |          |
| AK Steel Holding Corp.* (a)                                                          |          | 5,600 |   | 249,592 |
| Freeport-McMoRan Copper & Gold, Inc.                            (a)              |          | 2,600 |   | 257,218 |
| Reliance Steel & Aluminum Co. (a)                                                |          | 5,100 |   | 263,109 |
| United States Steel Corp. (a)                                                        |          | 2,800 |   | 273,560 |
|                                                                                      |
|                                                                                 | **1,043,479** |
| **Telecommunication Services 3.7%**                                                  |          |
| **Diversified                            Telecommunication Services 2.5%**           |          |
| CenturyTel, Inc. (a)                                                                 |          | 5,800 |   | 247,254 |
| Embarq Corp. (a)                                                                     |          | 4,900 |   | 249,655 |
| Windstream Corp. (a)                                                                 |          | 18,300 |   | 236,985 |
|                                                                                      |
|                                                                                 | **733,894**   |
| **Wireless Telecommunication                            Services 1.2%**              |          |
| Telephone & Data Systems, Inc. (a)                                               |          | 3,800 |   | 236,550 |
| United States Cellular Corp.* (a)                                                    |          | 1,200 |   | 98,400 |
|                                                                                      |
|                                                                                 | **334,950**   |
| **Utilities 0.3%**                                                                   |          |
| **Gas Utilities                            0.2%**                                    |          |
| Energen Corp. (a)                                                                    |          | 1,100 |   | **70,114** |
| **Independent Power Producers                            & Energy Traders 0.1%** |          |
| NRG Energy, Inc.* (a)                                                                |          | 500 |   | **21,195** |
|                                                                                      |
| **Total Common Stocks**(Cost $25,529,952)                                            |          | **24,877,204** |
|                                                                                      |               |  |  |  |  |  |

 

 

 

|                                                                     | **Cash Equivalents 12.8%**                        |   |
|--------------------------------------------------------------------------|---------------------------------------------------|--------|
| Cash Management QP Trust, 4.88% (b)(Cost $3,665,359)                     |                                              |   | 3,665,359 |   | **3,665,359** |
|                                                                     | **%                            of****Net Assets** |   | **Value                            ($)** |
|                                                                          |
| **Total Long Positions**(Cost $29,195,311)                               | 99.8                                              |   | **28,542,563** |
| **Other Assets and Liabilities, Net**                                    | 86.4                                              |   | **24,722,943** |
| **Securities Sold Short**                                                | (86.2)                                            |   | **(24,653,538)** |
|                                                                          |
| **Net Assets**                                                           | 100.0                                             |   | **28,611,968** |
|                                                                     | **Shares**                                        |   | **Value                            ($)** |
|  

**Common Stocks Sold                            Short 86.2%**    |                                              |
| **Consumer Discretionary 17.0%**                                         |                                              |
| **Auto Components                            1.0%**                      |                                              |
| Gentex Corp.                                                             |                                              | 1,300  |   | 25,766 |
| Goodyear Tire & Rubber Co.*                                          |                                              | 8,700  |   | 250,125 |
|                                                                          |
|                                                                     | **275,891**                                       |
| **Automobiles                            0.9%**                          |                                              |
| Ford Motor Co.*                                                          |                                              | 32,800 |   | **246,328** |
| **Hotels Restaurants &                            Leisure 2.8%**     |                                              |
| Las Vegas Sands Corp.*                                                   |                                              | 2,200  |   | 249,480 |
| Orient-Express Hotels Ltd. "A"                                           |                                              | 4,900  |   | 303,359 |
| The Cheesecake Factory, Inc.*                                            |                                              | 10,700 |   | 249,203 |
|                                                                          |
|                                                                     | **802,042**                                       |
| **Household Durables                            1.6%**                   |                                              |
| KB HOME                                                                  |                                              | 10,300 |   | 215,167 |
| Leggett & Platt, Inc.                                                |                                              | 1,100  |   | 22,638 |
| Lennar Corp. "A"                                                         |                                              | 13,700 |   | 217,008 |
|                                                                          |
|                                                                     | **454,813**                                       |
| **Media                            4.1%**                                |                                              |
| Central European Media Enterprises Ltd.                            "A"*  |                                              | 2,400  |   | 263,304 |
| Getty Images, Inc.*                                                      |                                              | 7,800  |   | 227,370 |
| Interpublic Group of Companies, Inc.*                                    |                                              | 25,900 |   | 245,791 |
| Liberty Media Corp. - Capital "A"*                                       |                                              | 2,100  |   | 250,026 |
| Virgin Media, Inc.                                                       |                                              | 9,800  |   | 186,200 |
|                                                                          |
|                                                                     | **1,172,691**                                     |
| **Multiline Retail                            2.3%**                     |                                              |
| Dillard's, Inc. "A"                                                      |                                              | 10,800 |   | 220,212 |
| Nordstrom, Inc.                                                          |                                              | 6,000  |   | 201,240 |
| Saks, Inc.*                                                              |                                              | 11,900 |   | 245,140 |
|                                                                          |
|                                                                     | **666,592**                                       |
| **Specialty Retail                            3.6%**                     |                                              |
| AutoNation, Inc.*                                                        |                                              | 15,200 |   | 250,800 |
| Foot Locker, Inc.                                                        |                                              | 13,700 |   | 178,785 |
| Office Depot, Inc.*                                                      |                                              | 12,800 |   | 219,392 |
| OfficeMax, Inc.                                                          |                                              | 4,600  |   | 114,678 |
| Staples, Inc.                                                            |                                              | 11,700 |   | 277,290 |
|                                                                          |
|                                                                     | **1,040,945**                                     |
| **Textiles, Apparel &                            Luxury Goods 0.7%** |                                              |
| Jones Apparel Group, Inc.                                                |                                              | 11,300 |   | **210,632** |
| **Consumer Staples 6.3%**                                                |                                              |
| **Food & Staples Retailing                            0.4%**         |                                              |
| Walgreen Co.                                                             |                                              | 3,400  |   | **124,406** |
|                                                                          |                                                   |        |  |  |  |  |  |  |  |

 

 

 

| **Food Products                            5.4%**                   |          |
|---------------------------------------------------------------------|---------------|
| Archer-Daniels-Midland Co.                                          |          | 7,100 |   | 258,085 |
| Bunge Ltd.                                                          |          | 2,200 |   | 247,148 |
| Campbell Soup Co.                                                   |          | 6,900 |   | 253,368 |
| ConAgra Foods, Inc.                                                 |          | 10,300 |   | 257,706 |
| Dean Foods Co.                                                      |          | 8,500 |   | 211,990 |
| Del Monte Foods Co.                                                 |          | 800 |   | 7,040 |
| Hormel Foods Corp.                                                  |          | 1,400 |   | 55,650 |
| Smithfield Foods, Inc.*                                             |          | 8,600 |   | 258,430 |
|                                                                     |
|                                                                | **1,549,417** |
| **Personal Products                            0.5%**               |          |
| Alberto-Culver Co.                                                  |          | 5,100 |   | **130,356** |
| **Energy 7.2%**                                                     |          |
| **Energy Equipment &                            Services 1.7%** |          |
| BJ Services Co.                                                     |          | 9,700 |   | 238,426 |
| Weatherford International Ltd.*                                     |          | 4,000 |   | 250,480 |
|                                                                     |
|                                                                | **488,906**   |
| **Oil, Gas & Consumable                            Fuels 5.5%** |          |
| Anadarko Petroleum Corp.                                            |          | 4,300 |   | 243,380 |
| CNX Gas Corp.*                                                      |          | 200 |   | 6,160 |
| Overseas Shipholding Group, Inc.                                    |          | 3,200 |   | 229,120 |
| Peabody Energy Corp.                                                |          | 4,700 |   | 261,508 |
| Pioneer Natural Resources Co.                                       |          | 4,900 |   | 218,393 |
| Plains Exploration & Production Co.*                            |          | 6,200 |   | 312,542 |
| Quicksilver Resources, Inc.*                                        |          | 1,300 |   | 65,780 |
| Southwestern Energy Co.*                                            |          | 4,600 |   | 228,942 |
|                                                                     |
|                                                                | **1,565,825** |
| **Financials 8.0%**                                                 |          |
| **Commercial Banks                            1.1%**                |          |
| National City Corp.                                                 |          | 11,800 |   | 233,168 |
| Whitney Holding Corp.                                               |          | 2,400 |   | 65,760 |
|                                                                     |
|                                                                | **298,928**   |
| **Diversified Financial                            Services 1.4%**  |          |
| CME Group, Inc.                                                     |          | 400 |   | 263,440 |
| Moody's Corp.                                                       |          | 3,600 |   | 135,576 |
|                                                                     |
|                                                                | **399,016**   |
| **Insurance                            4.6%**                       |          |
| Conseco, Inc.*                                                      |          | 9,800 |   | 125,832 |
| Fidelity National Financial, Inc. "A"                               |          | 16,200 |   | 253,044 |
| First American Corp.                                                |          | 7,400 |   | 252,932 |
| Hanover Insurance Group, Inc.                                       |          | 400 |   | 18,040 |
| Progressive Corp.                                                   |          | 13,400 |   | 246,560 |
| Protective Life Corp.                                               |          | 2,400 |   | 99,312 |
| Unitrin, Inc.                                                       |          | 1,500 |   | 69,390 |
| White Mountains Insurance Group Ltd.                                |          | 500 |   | 257,500 |
|                                                                     |
|                                                                | **1,322,610** |
| **Real Estate Investment                            Trusts 0.9%**   |          |
| Plum Creek Timber Co., Inc. (REIT)                                  |          | 5,700 |   | **264,309** |
| **Health Care 12.6%**                                               |          |
| **Biotechnology                            3.3%**                   |          |
| Abraxis BioScience*                                                 |          | 2,350 |   | 138,650 |
|                                                                     |               |  |  |  |  |

 

 

 

| Amgen, Inc.*                                                             |        | 4,600  |   | 254,150 |
|--------------------------------------------------------------------------|-------------|--------|--------|---------|
| Amylin Pharmaceuticals, Inc.*                                            |        | 5,900  |   | 225,321 |
| Millennium Pharmaceuticals, Inc.*                                        |        | 22,900 |   | 337,546 |
|                                                                          |
|                                                                     | **955,667** |
| **Health Care Equipment &                            Supplies 3.5%** |        |
| ResMed, Inc.*                                                            |        | 5,900  |   | 270,220 |
| The Cooper Companies, Inc.                                               |        | 5,600  |   | 240,968 |
| Varian Medical Systems, Inc.*                                            |        | 4,900  |   | 244,804 |
| Zimmer Holdings, Inc.*                                                   |        | 3,700  |   | 239,501 |
|                                                                          |
|                                                                     | **995,493** |
| **Health Care Providers &                            Services 2.8%** |        |
| Community Health Systems, Inc.*                                          |        | 7,800  |   | 260,676 |
| Health Management Associates, Inc. "A"                                   |        | 9,200  |   | 62,652  |
| LifePoint Hospitals, Inc.*                                               |        | 7,800  |   | 246,792 |
| Universal Health Services, Inc. "B"                                      |        | 4,800  |   | 244,560 |
|                                                                          |
|                                                                     | **814,680** |
| **Life Sciences Tools &                            Services 1.5%**   |        |
| Millipore Corp.*                                                         |        | 3,000  |   | 245,640 |
| Pharmaceutical Product Development, Inc.                                 |        | 4,300  |   | 182,062 |
|                                                                          |
|                                                                     | **427,702** |
| **Pharmaceuticals                            1.5%**                      |        |
| APP Pharmaceuticals, Inc.*                                               |        | 11,000 |   | 129,250 |
| Barr Pharmaceuticals, Inc.*                                              |        | 4,100  |   | 220,170 |
| Mylan, Inc.                                                              |        | 4,700  |   | 67,586  |
|                                                                          |
|                                                                     | **417,006** |
| **Industrials 15.3%**                                                    |        |
| **Aerospace & Defense                            1.9%**              |        |
| Alliant Techsystems, Inc.*                                               |        | 2,200  |   | 257,026 |
| BE Aerospace, Inc.*                                                      |        | 6,000  |   | 282,000 |
|                                                                          |
|                                                                     | **539,026** |
| **Air Freight & Logistics                            2.2%**          |        |
| C.H. Robinson Worldwide, Inc.                                            |        | 1,800  |   | 92,790  |
| Expeditors International of Washington,                            Inc.  |        | 5,900  |   | 276,828 |
| UTI Worldwide, Inc.                                                      |        | 10,800 |   | 256,284 |
|                                                                          |
|                                                                     | **625,902** |
| **Building Products                            1.5%**                    |        |
| Armstrong World Industries, Inc.*                                        |        | 5,400  |   | 230,580 |
| Owens Corning, Inc.*                                                     |        | 9,100  |   | 200,291 |
|                                                                          |
|                                                                     | **430,871** |
| **Commercial Services &                            Supplies 2.7%**   |        |
| Corporate Executive Board Co.                                            |        | 3,600  |   | 241,524 |
| Equifax, Inc.                                                            |        | 6,400  |   | 238,272 |
| Manpower, Inc.                                                           |        | 3,200  |   | 195,520 |
| Monster Worldwide, Inc.*                                                 |        | 3,300  |   | 111,441 |
|                                                                          |
|                                                                     | **786,757** |
| **Electrical Equipment                            2.6%**                 |        |
| First Solar, Inc.*                                                       |        | 1,100  |   | 260,865 |
| General Cable Corp.*                                                     |        | 3,400  |   | 252,892 |
| Rockwell Automation, Inc.                                                |        | 3,300  |   | 224,037 |
|                                                                          |
|                                                                     | **737,794** |
| **Industrial Conglomerates                            1.7%**             |        |
| Carlisle Companies, Inc.                                                 |        | 6,300  |   | 250,803 |
|                                                                          |             |        |        |         |  |

 

 

 

| Tyco International Ltd.                                                          |          | 6,100  |   | 244,793     |
|----------------------------------------------------------------------------------|---------------|--------|--------|-------------|
|                                                                                  |
|                                                                             | **495,596**   |
| **Machinery                            1.0%**                                    |          |
| Donaldson Co., Inc.                                                              |          | 6,100  |   | **285,358** |
| **Marine                            0.9%**                                       |          |
| Alexander & Baldwin, Inc.                                                    |          | 4,900  |   | **251,762** |
| **Road & Rail                            0.8%**                              |          |
| Burlington Northern Santa Fe Corp.                                               |          | 2,800  |   | **233,856** |
| **Information Technology 11.4%**                                                 |          |
| **Communications Equipment                            1.7%**                     |          |
| Motorola, Inc.                                                                   |          | 15,000 |   | 239,550     |
| Tellabs, Inc.*                                                                   |          | 34,300 |   | 238,728     |
|                                                                                  |
|                                                                             | **478,278**   |
| **Electronic Equipment &                            Instruments 0.8%**       |          |
| Jabil Circuit, Inc.                                                              |          | 13,600 |   | **230,520** |
| **IT Services                            4.9%**                                  |          |
| Acxiom Corp.                                                                     |          | 12,800 |   | 157,696     |
| Automatic Data Processing, Inc.                                                  |          | 4,900  |   | 220,794     |
| Convergys Corp.*                                                                 |          | 14,300 |   | 233,233     |
| Iron Mountain, Inc.*                                                             |          | 8,100  |   | 295,488     |
| Unisys Corp.*                                                                    |          | 46,700 |   | 231,632     |
| VeriFone Holdings, Inc.*                                                         |          | 5,500  |   | 264,165     |
|                                                                                  |
|                                                                             | **1,403,008** |
| **Semiconductors &                            Semiconductor Equipment 3.2%** |          |
| Advanced Micro Devices, Inc.*                                                    |          | 19,900 |   | 194,224     |
| Altera Corp.                                                                     |          | 12,900 |   | 242,262     |
| Micron Technology, Inc.*                                                         |          | 27,200 |   | 226,304     |
| Rambus, Inc.*                                                                    |          | 13,100 |   | 254,009     |
|                                                                                  |
|                                                                             | **916,799**   |
| **Software                            0.8%**                                     |          |
| Amdocs Ltd.*                                                                     |          | 6,300  |   | 208,467     |
| Fair Isaac Corp.                                                                 |          | 300    |   | 11,088      |
|                                                                                  |
|                                                                             | **219,555**   |
| **Materials 3.7%**                                                               |          |
| **Chemicals                            1.8%**                                    |          |
| Ashland, Inc.                                                                    |          | 4,900  |   | 241,276     |
| Chemtura Corp.                                                                   |          | 1,100  |   | 8,250       |
| Rohm & Haas Co.                                                              |          | 200    |   | 10,874      |
| Westlake Chemical Corp.                                                          |          | 12,500 |   | 247,125     |
|                                                                                  |
|                                                                             | **507,525**   |
| **Construction Materials                            0.9%**                       |          |
| Eagle Materials, Inc.                                                            |          | 6,800  |   | **265,132** |
| **Metals & Mining                            0.1%**                          |          |
| Titanium Metals Corp.*                                                           |          | 1,300  |   | **38,571**  |
| **Paper & Forest Products                            0.9%**                  |          |
| Louisiana-Pacific Corp.                                                          |          | 15,600 |   | **239,928** |
| **Telecommunication Services 4.1%**                                              |          |
| **Diversified                            Telecommunication Services 0.4%**       |          |
| Citizens Communications Co.                                                      |          | 9,500  |   | **123,310** |
|                                                                                  |               |        |        |             |  |

 

 

 

| **Wireless Telecommunication                            Services 3.7%**              |                                                                                                                                                                                                                                                                                           |
|--------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Crown Castle International Corp.*                                                    |                                                                                                                                                                                                                                                                                           | 6,900 |   | 289,455 |
| Leap Wireless International, Inc.*                                                   |                                                                                                                                                                                                                                                                                           | 6,759 |   | 234,605 |
| NII Holdings, Inc.*                                                                  |                                                                                                                                                                                                                                                                                           | 4,700 |   | 259,252 |
| SBA Communications Corp. "A"*                                                        |                                                                                                                                                                                                                                                                                           | 7,100 |   | 265,824 |
|                                                                                      |
|                                                                                 | **1,049,136**                                                                                                                                                                                                                                                                                  |
| **Utilities 0.6%**                                                                   |                                                                                                                                                                                                                                                                                           |
| **Electric Utilities                            0.2%**                               |                                                                                                                                                                                                                                                                                           |
| Hawaiian Electric Industries, Inc.                                                   |                                                                                                                                                                                                                                                                                           | 2,800 |   | **64,820** |
| **Independent Power Producers                            & Energy Traders 0.4%** |                                                                                                                                                                                                                                                                                           |
| Dynegy, Inc. "A"*                                                                    |                                                                                                                                                                                                                                                                                           | 13,900 |   | **105,779** |
|                                                                                      |
| **Total Common Stocks Sold Short**(Proceeds $24,886,774)                             |                                                                                                                                                                                                                                                                                           | **24,653,538** |
|                                                                                 |                                                                                                                                                                                                                                                                                           |
|                                                                                 | *For information on the Fund's policies regarding                            the valuation of investments and other significant accounting policies,                            please refer to the Fund's most recent semi-annual or annual financial                            statements.* |
| ***                                                                                  | *Non-income producing security.*                                                                                                                                                                                                                                                               |
| *(a)*                                                                                | *Securities are pledged as collateral for short                            sales.*                                                                                                                                                                                                             |
| *(b)*                                                                                | *Affiliated fund managed by Deutsche Investment                            Management Americas Inc. The rate shown is the annualized seven-day                            yield at period end.*                                                                                                |
| *REIT: Real Estate Investment Trust*                                                 |
|                                                                                      |                                                                                                                                                                                                                                                                                                |  |  |  |  |  |  |

 

 

| **ITEM 2.** | **CONTROLS AND PROCEDURES**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|        | (a)                                     The Chief                            Executive and Financial Officers concluded that the Registrant’s                            Disclosure Controls and Procedures are effective based on the                            evaluation of the Disclosure Controls and Procedures as of a date                            within 90 days of the filing date of this report.                                                                                                                                                                               |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|        | (b)                                     There have been                            no changes in the registrant’s internal control over financial                            reporting that occurred during the registrant’s last half-year                            (the registrant’s second fiscal half-year in the case of the                            annual report) that has materially affected, or is reasonably likely to                            materially affect, the registrant’s internal controls over                            financial reporting. |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| **ITEM 3.** | **EXHIBITS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|        | Certification pursuant to Rule 30a-2(a) under the                            Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and                            attached hereto as Exhibit 99.CERT.                                                                                                                                                                                                                                                                                                                                                                                                                                     |

 

 

**SIGNATURES**

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and            the Investment Company Act of 1940, the registrant has duly caused this report to be            signed on its behalf by the undersigned, thereunto duly authorized.

 

| Registrant: | DWS Disciplined Market Neutral Fund, a series of DWS                            Equity Trust |
|-------------|----------------------------------------------------------------------------------------------|

 

| By: | /s/Michael G. Clark |
|-----|---------------------|

|   | Michael G. Clark |
|--------|------------------|

President

 

| Date: | January 16, 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 Disciplined Market Neutral Fund, a series of DWS                            Equity Trust |
|-------------|----------------------------------------------------------------------------------------------|

 

| By: | /s/Michael G. Clark |
|-----|---------------------|

|   | Michael G. Clark |
|--------|------------------|

President

 

| Date: | January 16, 2008 |
|-------|------------------|

 

 

| By: | /s/Paul Schubert |
|-----|------------------|

|   | Paul Schubert |
|--------|---------------|

Chief Financial Officer and Treasurer

 

| Date: | January 16, 2008 |
|-------|------------------|