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  811-08886

DWS Equity Partners Fund, Inc.

(Exact name of registrant as specified in charter)

 

345 Park Avenue

New York, NY  10154-0004

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY  10154-0004

(Name and address of agent for service)

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

Date of fiscal year end:  05/31

Date of reporting period: 02/29/08

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of February 29, 2008  (Unaudited)** |
|----------------------|------------------------------------------|

 

 

**DWS Equity Partners Fund**

 

|   | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | **Value ($)** |
|--------|-------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|        |
|   | **Common Stocks 99.1%** |  
**Consumer Discretionary 12.3%**

 
**Auto Components 1.1%**

 
WABCO Holdings, Inc. (a) 

 

71,824 

 

**3,000,807**

**Hotels Restaurants & Leisure 1.0%**

 
Wyndham Worldwide Corp. (a) 

 

126,010 

 

**2,793,642**

**Leisure Equipment & Products 0.6%**

 
Pool Corp. (a) 

 

80,000 

 

**1,524,000**

**Media 3.8%**

 
Comcast Corp. "A"*  

 

489,555 

 

9,565,904 

R.H. Donnelley Corp.* (a) 

 

132,731 

 

941,063 

 

**10,506,967**

 

 

 

 

**Specialty Retail 5.8%**

 
American Eagle Outfitters, Inc. (a) 

 

113,532 

 

2,426,179 

Lowe's Companies, Inc.  

 

135,450 

 

3,246,736 

TJX Companies, Inc.  

 

318,420 

 

10,189,440 

 

**15,862,355**

**Consumer Staples 5.0%**

 
**Food & Staples Retailing 3.0%**

 
Costco Wholesale Corp.  

 

135,000 

 

**8,359,200**

**Tobacco 2.0%**

 
Altria Group, Inc.  

 

73,080 

 

**5,345,071**

**Energy 8.0%**

 
**Oil, Gas & Consumable Fuels**

Kinder Morgan Management LLC* (a) 

 

258,223 

 

14,075,736 

Magellan Midstream Holdings LP (a) 

 

307,170 

 

7,900,412 

 

**21,976,148**

**Financials 25.0%**

 
**Commercial Banks 2.6%**

 
Wells Fargo & Co.  

 

244,080 

 

**7,134,459**

**Consumer Finance 7.2%**

 
AmeriCredit Corp.* (a) 

 

417,420 

 

6,002,500 

Capital One Financial Corp. (a) 

 

163,710 

 

7,535,571 

First Marblehead Corp.  

 

525,330 

 

6,319,720 

 

**19,857,791**

**Diversified Financial Services 3.3%**

 
Citigroup, Inc.  

 

245,137 

 

5,812,198 

Moody's Corp. (a) 

 

84,420 

 

3,206,272 

 

**9,018,470**

**Insurance 10.2%**

 
Berkshire Hathaway, Inc. "B"*  

 

3,780 

 

17,669,610 

First American Corp.  

 

40,000 

 

1,393,200 

Prudential Financial, Inc.  

 

120,600 

 

8,800,182 

 

**27,862,992**

**Thrifts & Mortgage Finance 1.7%**

 
Freddie Mac  

 

188,730 

 

**4,752,221**

**Health Care 13.7%**

 
**Health Care Equipment & Supplies 1.0%**

 
Covidien Ltd.  

 

66,322 

 

**2,837,918**

**Health Care Providers & Services 12.7%**

 
Coventry Health Care, Inc.*  

 

225,090 

 

11,675,418 

Laboratory Corp. of America Holdings* (a) 

 

10,000 

 

773,100 

Omnicare, Inc. (a) 

 

208,980 

 

4,384,401 

WellPoint, Inc.*  

 

254,790 

 

17,855,683 

 

**34,688,602**

**Industrials 12.3%**

 
**Aerospace & Defense 2.7%**

 
United Technologies Corp.  

 

107,100 

 

**7,551,621**

**Machinery 1.1%**

 
Danaher Corp.  

 

39,400 

 

**2,921,510**

**Road & Rail 8.5%**

 
Burlington Northern Santa Fe Corp.  

 

45,000 

 

3,950,100 

 

 

 

 

Canadian National Railway Co.  

 

369,360 

 

19,494,821 

 
 
 

**23,444,921**

 
**Information Technology 10.1%**

 
**Computers & Peripherals 6.3%**

 
Hewlett-Packard Co.  

 

166,500 

 

7,953,705 

 
International Business Machines Corp.  

 

82,620 

 

9,407,113 

 
 
 

**17,360,818**

 
**IT Services 3.8%**

 
MasterCard, Inc. "A" (a) 

 

45,810 

 

8,703,900 

 
Redecard SA (GDR) 144A  

 

51,750 

 

1,591,272 

 
 
 

**10,295,172**

 
**Telecommunication Services 12.7%**

 
**Wireless Telecommunication Services**

 
America Movil SAB de CV "L" (ADR)  

 

94,500 

 

5,713,470 

 
American Tower Corp. "A"*  

 

202,950 

 

7,801,398 

 
Millicom International Cellular SA* (a) 

 

48,690 

 

5,380,245 

 
NII Holdings, Inc.*  

 

217,300 

 

8,633,329 

 
SBA Communications Corp. "A"* (a) 

 

193,500 

 

6,008,175 

 
Virgin Mobile USA, Inc. "A"* (a) 

 

242,600 

 

1,229,982 

 
 
 

**34,766,599**

 
 
**Total Common Stocks** (Cost $190,050,294)

 

**271,861,284**

 
 

**Securities Lending Collateral 16.2%**

 
Daily Assets Fund Institutional, 3.69%  (b) (c)(Cost $44,501,678)

 

 

44,501,678

 

**44,501,678**

 
 

**Cash Equivalents 1.1%**

 
Cash Management QP Trust, 3.89%  (b)(Cost $3,014,386)

 

 

3,014,386

 

**3,014,386**

 
 

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

 

**Value ($)**

 
 
**Total Investment Portfolio** (Cost $237,566,358) † 

116.4

 

**319,377,348**

 
**Other Assets and Liabilities, Net**

(16.4)

 

**(45,031,456)**

 
 
**Net Assets**

100.0

 

**274,345,892**

 
 

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

*†*

*The cost for federal income tax purposes was $237,566,358.  At February 29, 2008, net unrealized appreciation for all securities based on tax cost was $81,810,990.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $108,883,068 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $27,072,078.*

 
***

*Non-income producing security.*

 
*(a)*

*All or a portion of these securities were on loan.  The value of all securities loaned at February 29, 2008 amounted to $41,826,109 which is 15.2% of net assets.*

 
*(b)*

*Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.*

 
*(c)*

*Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.*

 
*144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.*

 
*ADR: American Depositary Receipt*

 
*GDR: Global Depositary Receipt*

 
 

 

 

 

**ITEM 2.**

**CONTROLS AND PROCEDURES**

 

 

 

(a)          The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

 

 

 

(b)         There have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

 

 

**ITEM 3.**

**EXHIBITS**

 

 

 

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

 

 

 

**SIGNATURES**

 

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

 

Registrant: 

DWS Equity Partners Fund, Inc.

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

April 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 Equity Partners Fund, Inc.

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

April 16, 2008

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        April 16, 2008

 

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