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  811-1444 DWS Value Equity Trust (Exact name of registrant as specified in charter)  345 Park Avenue New York, NY  10154 (Address of principal executive offices)             (Zip code)  Paul Schubert 345 Park Avenue New York, NY  10154-0004 (Name and address of agent for service) Registrant's telephone number, including area code:(212) 454-7190 Date of fiscal year end:02/28 Date of reporting period:5/31/09  ITEM 1.  SCHEDULE OF INVESTMENTS Investment Portfolio
        as of May 31, 2009  (Unaudited)
   DWS S&P 500 Plus Fund   Shares
        
        Value ($)Common Stocks 84.2%Consumer Discretionary 7.5%Auto Components 0.2%Goodyear Tire & Rubber Co.*
        
        1,600
        
        18,320Johnson Controls, Inc.
        
        5,400
        
        107,622125,942Automobiles 0.2%Ford Motor Co.*
        
        28,350
        
        163,013Harley-Davidson, Inc.
        
        1,600
        
        27,152190,165Distributors 0.1%Genuine Parts Co.
        
        1,400
        
        46,872
    Diversified Consumer Services 0.1%Apollo Group, Inc. "A"*
        
        1,100
        
        65,010H&R Block, Inc.
        
        2,604
        
        38,018103,028Hotels Restaurants & Leisure 1.3%Carnival Corp. (Units)
        
        3,500
        
        89,040Darden Restaurants, Inc.
        
        1,100
        
        39,787International Game Technology
        
        2,200
        
        38,192Marriott International, Inc. "A"
        
        2,900
        
        67,744McDonald's Corp.
        
        9,308
        
        549,079Starbucks Corp.*
        
        6,200
        
        89,218Starwood Hotels & Resorts Worldwide, Inc.
        
        1,300
        
        31,811Wyndham Worldwide Corp.
        
        1,600
        
        18,864Wynn Resorts Ltd.*
        
        400
        
        14,824Yum! Brands, Inc.
        
        4,100
        
        141,9831,080,542Household Durables 0.3%Black & Decker Corp.
        
        400
        
        12,828Centex Corp.
        
        900
        
        7,587D.R. Horton, Inc.
        
        2,000
        
        18,420Fortune Brands, Inc.
        
        1,400
        
        49,014Harman International Industries, Inc.
        
        400
        
        7,456KB HOME
        
        500
        
        7,500Leggett & Platt, Inc.
        
        1,000
        
        14,680Lennar Corp. "A"
        
        1,200
        
        11,412Newell Rubbermaid, Inc.
        
        1,700
        
        19,567Pulte Homes, Inc.
        
        1,500
        
        13,200Snap-on, Inc.
        
        600
        
        18,690The Stanley Works
        
        500
        
        17,850Whirlpool Corp.
        
        600
        
        25,284223,488Internet & Catalog Retail 0.3%Amazon.com, Inc.*
        
        2,700
        
        210,573Expedia, Inc.*
        
        1,800
        
        31,158241,731Leisure Equipment & Products 0.1%Eastman Kodak Co.
        
        1,700
        
        4,437Hasbro, Inc.
        
        1,500
        
        38,115Mattel, Inc.
        
        3,300
        
        51,51394,065Media 2.2%CBS Corp. "B"
        
        5,200
        
        38,376Comcast Corp. "A"
        
        24,100
        
        331,857Gannett Co., Inc.
        
        2,217
        
        10,575Interpublic Group of Companies, Inc.*
        
        3,400
        
        17,816McGraw-Hill Companies, Inc.
        
        2,700
        
        81,243Meredith Corp.
        
        600
        
        16,176New York Times Co. "A"
        
        1,200
        
        7,920News Corp. "A"
        
        20,200
        
        197,556Omnicom Group, Inc.
        
        2,500
        
        76,250Scripps Networks Interactive "A"
        
        900
        
        24,966The DIRECTV Group, Inc.*
        
        4,300
        
        96,750Time Warner Cable, Inc.
        
        2,976
        
        91,631Time Warner, Inc.
        
        10,266
        
        240,430Viacom, Inc. "B"*
        
        5,500
        
        121,935
    Walt Disney Co.
        
        15,600
        
        377,832Washington Post Co. "B"
        
        100
        
        36,0001,767,313Multiline Retail 0.7%Big Lots, Inc.*
        
        800
        
        18,408Family Dollar Stores, Inc.
        
        1,100
        
        33,297J.C. Penney Co., Inc.
        
        1,700
        
        44,353Kohl's Corp.*
        
        2,700
        
        114,669Macy's, Inc.
        
        4,300
        
        50,224Nordstrom, Inc.
        
        1,100
        
        21,659Sears Holdings Corp.* (a)
        
        500
        
        28,425Target Corp.
        
        6,400
        
        251,520562,555Specialty Retail 1.6%Abercrombie & Fitch Co. "A"
        
        500
        
        15,055AutoNation, Inc.*
        
        600
        
        9,528AutoZone, Inc.*
        
        300
        
        45,645Bed Bath & Beyond, Inc.*
        
        2,400
        
        67,464Best Buy Co., Inc.
        
        2,800
        
        98,280GameStop Corp. "A"*
        
        1,200
        
        29,940Home Depot, Inc. (a)
        
        14,400
        
        333,504Limited Brands, Inc.
        
        1,900
        
        23,769Lowe's Companies, Inc.
        
        12,500
        
        237,625O'Reilly Automotive, Inc.*
        
        1,200
        
        43,260Office Depot, Inc.*
        
        2,500
        
        11,650RadioShack Corp.
        
        1,200
        
        16,128Staples, Inc.
        
        5,700
        
        116,565The Gap, Inc.
        
        3,600
        
        64,260The Sherwin-Williams Co.
        
        800
        
        42,240Tiffany & Co.
        
        900
        
        25,533TJX Companies, Inc.
        
        3,800
        
        112,1381,292,584Textiles, Apparel & Luxury Goods 0.4%Coach, Inc.*
        
        3,100
        
        81,437NIKE, Inc. "B"
        
        3,118
        
        177,882Polo Ralph Lauren Corp.
        
        400
        
        21,528VF Corp.
        
        700
        
        39,774320,621Consumer Staples 10.1%Beverages 2.2%Brown-Forman Corp. "B"
        
        800
        
        35,080Coca-Cola Co.
        
        16,639
        
        817,973Coca-Cola Enterprises, Inc.
        
        2,800
        
        46,648Constellation Brands, Inc. "A"*
        
        1,300
        
        15,028Dr. Pepper Snapple Group, Inc.*
        
        2,400
        
        52,152Molson Coors Brewing Co. "B"
        
        1,200
        
        52,788Pepsi Bottling Group, Inc.
        
        1,100
        
        36,146PepsiCo, Inc.
        
        13,005
        
        676,9111,732,726Food & Staples Retailing 2.6%Costco Wholesale Corp.
        
        3,500
        
        169,820CVS Caremark Corp.
        
        12,300
        
        366,540Kroger Co.
        
        5,800
        
        132,240
    Safeway, Inc.
        
        3,244
        
        65,724SUPERVALU, Inc.
        
        1,900
        
        31,540Sysco Corp.
        
        4,800
        
        115,008Wal-Mart Stores, Inc.
        
        18,888
        
        939,489Walgreen Co.
        
        8,400
        
        250,236Whole Foods Market, Inc.
        
        900
        
        16,9832,087,580Food Products 1.5%Archer-Daniels-Midland Co.
        
        5,700
        
        156,864Campbell Soup Co.
        
        1,700
        
        47,124ConAgra Foods, Inc.
        
        3,500
        
        65,065Dean Foods Co.*
        
        1,200
        
        22,560General Mills, Inc.
        
        2,784
        
        142,485H.J. Heinz Co.
        
        2,900
        
        106,082Hormel Foods Corp.
        
        600
        
        20,844Kellogg Co.
        
        2,000
        
        86,500Kraft Foods, Inc. "A"
        
        12,319
        
        321,649McCormick & Co., Inc.
        
        1,100
        
        33,572Sara Lee Corp.
        
        5,500
        
        49,445The Hershey Co.
        
        1,300
        
        45,786The J.M. Smucker Co.
        
        1,000
        
        40,260Tyson Foods, Inc. "A"
        
        3,200
        
        42,6241,180,860Household Products 2.2%Clorox Co.
        
        1,100
        
        57,684Colgate-Palmolive Co.
        
        4,200
        
        276,990Kimberly-Clark Corp.
        
        3,506
        
        181,926Procter & Gamble Co.
        
        24,687
        
        1,282,2431,798,843Personal Products 0.2%Avon Products, Inc.
        
        3,500
        
        92,960Estee Lauder Companies, Inc. "A"
        
        1,000
        
        33,080126,040Tobacco 1.4%Altria Group, Inc.
        
        17,403
        
        297,417Lorillard, Inc.
        
        1,400
        
        95,662Philip Morris International, Inc.
        
        16,903
        
        720,744Reynolds American, Inc.
        
        1,400
        
        55,9581,169,781Energy 11.0%Energy Equipment & Services 1.6%Baker Hughes, Inc.
        
        2,800
        
        109,368BJ Services Co.
        
        2,200
        
        34,408Cameron International Corp.*
        
        2,100
        
        65,583Diamond Offshore Drilling, Inc.
        
        600
        
        50,568ENSCO International, Inc.
        
        1,200
        
        46,668Halliburton Co.
        
        7,600
        
        174,268Nabors Industries Ltd.*
        
        2,300
        
        41,124National-Oilwell Varco, Inc.*
        
        3,400
        
        131,308Rowan Companies, Inc.
        
        1,000
        
        20,460Schlumberger Ltd.
        
        10,041
        
        574,646Smith International, Inc.
        
        1,700
        
        49,6231,298,024
    Oil, Gas & Consumable Fuels 9.4%Anadarko Petroleum Corp.
        
        4,082
        
        195,038Apache Corp.
        
        2,886
        
        243,174Cabot Oil & Gas Corp.
        
        1,100
        
        38,643Chesapeake Energy Corp.
        
        4,789
        
        108,519Chevron Corp.
        
        16,900
        
        1,126,723ConocoPhillips
        
        12,477
        
        571,946CONSOL Energy, Inc.
        
        1,400
        
        57,624Denbury Resources, Inc.*
        
        2,100
        
        36,099Devon Energy Corp.
        
        3,792
        
        239,806El Paso Corp.
        
        6,800
        
        66,300EOG Resources, Inc.
        
        2,000
        
        146,380ExxonMobil Corp.
        
        41,579
        
        2,883,504Hess Corp.
        
        2,400
        
        159,816Marathon Oil Corp.
        
        6,208
        
        197,911Massey Energy Co.
        
        600
        
        13,734Murphy Oil Corp.
        
        1,700
        
        100,317Noble Energy, Inc.
        
        1,500
        
        89,220Occidental Petroleum Corp.
        
        6,700
        
        449,637Peabody Energy Corp.
        
        2,400
        
        81,552Pioneer Natural Resources Co.
        
        800
        
        22,496Range Resources Corp.
        
        1,300
        
        59,553Southwestern Energy Co.*
        
        2,800
        
        121,716Spectra Energy Corp.
        
        5,000
        
        80,250Sunoco, Inc.
        
        800
        
        24,344Tesoro Corp.
        
        900
        
        15,246Valero Energy Corp.
        
        4,200
        
        93,954Williams Companies, Inc.
        
        4,800
        
        80,544XTO Energy, Inc.
        
        4,925
        
        210,6427,514,688Financials 11.4%Capital Markets 2.4%Ameriprise Financial, Inc.
        
        1,716
        
        51,823Bank of New York Mellon Corp.
        
        9,652
        
        268,133Charles Schwab Corp.
        
        7,800
        
        137,280E*TRADE Financial Corp.* (a)
        
        4,700
        
        6,768Federated Investors, Inc. "B"
        
        900
        
        22,527Franklin Resources, Inc.
        
        1,200
        
        80,220Invesco Ltd.
        
        3,800
        
        59,470Janus Capital Group, Inc.
        
        1,100
        
        11,154Legg Mason, Inc.
        
        900
        
        17,352Morgan Stanley
        
        10,316
        
        312,781Northern Trust Corp.
        
        2,100
        
        121,065State Street Corp.
        
        3,600
        
        167,220T. Rowe Price Group, Inc.
        
        2,000
        
        81,140The Goldman Sachs Group, Inc.
        
        4,270
        
        617,3141,954,247Commercial Banks 2.3%BB&T Corp.
        
        5,400
        
        121,068Comerica, Inc.
        
        1,300
        
        28,184Fifth Third Bancorp.
        
        4,000
        
        27,600First Horizon National Corp.
        
        1,437
        
        17,445Huntington Bancshares, Inc.
        
        2,500
        
        9,800KeyCorp
        
        3,500
        
        17,500
    M&T Bank Corp. (a)
        
        700
        
        35,210Marshall & Ilsley Corp.
        
        2,200
        
        14,476PNC Financial Services Group, Inc.
        
        3,446
        
        156,965Regions Financial Corp.
        
        5,300
        
        22,207SunTrust Banks, Inc.
        
        3,600
        
        47,412US Bancorp.
        
        16,000
        
        307,200Wells Fargo & Co.
        
        38,565
        
        983,408Zions Bancorp.
        
        900
        
        12,3121,800,787Consumer Finance 0.5%American Express Co.
        
        9,900
        
        246,015Capital One Financial Corp.
        
        4,000
        
        97,760Discover Financial Services
        
        3,701
        
        35,381SLM Corp.*
        
        3,300
        
        21,813400,969Diversified Financial Services 3.2%Bank of America Corp.
        
        64,326
        
        724,954CIT Group, Inc.
        
        2,000
        
        7,660Citigroup, Inc. (a)
        
        48,353
        
        179,873CME Group, Inc.
        
        600
        
        192,984IntercontinentalExchange, Inc.*
        
        700
        
        75,453JPMorgan Chase & Co.
        
        31,644
        
        1,167,664Leucadia National Corp.*
        
        2,000
        
        41,760Moody's Corp.
        
        1,600
        
        43,824NYSE Euronext
        
        2,600
        
        78,000The NASDAQ OMX Group, Inc.*
        
        1,000
        
        21,1102,533,282Insurance 2.0%Aflac, Inc.
        
        4,100
        
        145,550Allstate Corp.
        
        4,697
        
        120,854American International Group, Inc.
        
        18,933
        
        31,997Aon Corp.
        
        2,200
        
        79,200Assurant, Inc.
        
        900
        
        21,267Chubb Corp.
        
        3,100
        
        122,915Cincinnati Financial Corp.
        
        1,320
        
        29,845Genworth Financial, Inc. "A"
        
        3,300
        
        19,536Hartford Financial Services Group, Inc.
        
        2,200
        
        31,548Lincoln National Corp.
        
        1,700
        
        32,215Loews Corp.
        
        2,900
        
        78,445Marsh & McLennan Companies, Inc.
        
        4,100
        
        77,572MBIA, Inc.*
        
        1,300
        
        8,385MetLife, Inc.
        
        6,619
        
        208,498Principal Financial Group, Inc.
        
        2,868
        
        63,670Progressive Corp.*
        
        5,700
        
        91,941Prudential Financial, Inc.
        
        3,607
        
        143,955The Travelers Companies, Inc.
        
        5,000
        
        203,300Torchmark Corp.
        
        700
        
        28,112Unum Group
        
        2,600
        
        44,486XL Capital Ltd. "A"
        
        2,200
        
        22,2641,605,555Real Estate Investment Trusts 0.9%Apartment Investment & Management Co. "A" (REIT)
        
        1,170
        
        11,057AvalonBay Communities, Inc. (REIT)
        
        515
        
        31,662Boston Properties, Inc. (REIT)
        
        1,100
        
        53,152
    Equity Residential (REIT)
        
        1,900
        
        46,246HCP, Inc. (REIT)
        
        2,600
        
        60,398Health Care REIT, Inc. (REIT)
        
        800
        
        27,400Host Hotels & Resorts, Inc. (REIT)
        
        5,900
        
        55,342Kimco Realty Corp. (REIT)
        
        3,300
        
        38,577Plum Creek Timber Co., Inc. (REIT)
        
        1,200
        
        41,580ProLogis (REIT)
        
        5,300
        
        44,997Public Storage (REIT)
        
        900
        
        59,949Simon Property Group, Inc. (REIT)
        
        2,237
        
        119,612Ventas, Inc. (REIT)
        
        2,100
        
        63,756Vornado Realty Trust (REIT)
        
        1,416
        
        66,071719,799Real Estate Management & Development 0.0%CB Richard Ellis Group, Inc. "A"*
        
        1,600
        
        11,680Thrifts & Mortgage Finance 0.1%Hudson City Bancorp., Inc.
        
        4,800
        
        61,584People's United Financial, Inc.
        
        2,900
        
        45,820107,404Health Care 11.7%Biotechnology 1.5%Amgen, Inc.*
        
        8,600
        
        429,484Biogen Idec, Inc.*
        
        2,500
        
        129,475Celgene Corp.*
        
        4,000
        
        168,960Cephalon, Inc.*
        
        500
        
        29,155Genzyme Corp.*
        
        2,400
        
        141,936Gilead Sciences, Inc.*
        
        7,600
        
        327,5601,226,570Health Care Equipment & Supplies 1.9%Baxter International, Inc.
        
        5,107
        
        261,427Becton, Dickinson & Co.
        
        2,100
        
        142,128Boston Scientific Corp.*
        
        11,900
        
        111,860C.R. Bard, Inc.
        
        800
        
        57,192Covidien Ltd.
        
        4,500
        
        160,740DENTSPLY International, Inc.
        
        1,500
        
        43,890Hospira, Inc.*
        
        1,400
        
        48,300Intuitive Surgical, Inc.*
        
        300
        
        44,904Medtronic, Inc.
        
        9,400
        
        322,890St. Jude Medical, Inc.*
        
        3,000
        
        117,060Stryker Corp.
        
        2,000
        
        76,880Varian Medical Systems, Inc.*
        
        1,100
        
        39,336Zimmer Holdings, Inc.*
        
        1,900
        
        84,6451,511,252Health Care Providers & Services 1.8%Aetna, Inc.
        
        3,700
        
        99,086AmerisourceBergen Corp.
        
        1,300
        
        48,230Cardinal Health, Inc.
        
        3,300
        
        117,975CIGNA Corp.
        
        2,700
        
        59,859Coventry Health Care, Inc.*
        
        1,200
        
        21,660DaVita, Inc.*
        
        1,100
        
        49,621Express Scripts, Inc.*
        
        2,000
        
        128,100Humana, Inc.*
        
        1,200
        
        37,596Laboratory Corp. of America Holdings*
        
        872
        
        53,157McKesson Corp.
        
        2,500
        
        102,875
    Medco Health Solutions, Inc.*
        
        4,200
        
        192,738Patterson Companies, Inc.*
        
        600
        
        12,354Quest Diagnostics, Inc.
        
        1,200
        
        62,664Tenet Healthcare Corp.*
        
        2,700
        
        9,801UnitedHealth Group, Inc.
        
        10,224
        
        271,959WellPoint, Inc.*
        
        4,300
        
        200,2511,467,926Health Care Technology 0.0%IMS Health, Inc.
        
        1,500
        
        18,060Life Sciences Tools & Services 0.3%Life Technologies Corp.*
        
        1,362
        
        52,818Millipore Corp.*
        
        400
        
        25,156PerkinElmer, Inc.
        
        700
        
        11,389Thermo Fisher Scientific, Inc.*
        
        3,500
        
        136,185Waters Corp.*
        
        700
        
        30,324255,872Pharmaceuticals 6.2%Abbott Laboratories
        
        12,904
        
        581,454Allergan, Inc.
        
        2,500
        
        110,325Bristol-Myers Squibb Co.
        
        16,624
        
        331,150Eli Lilly & Co.
        
        8,500
        
        293,845Forest Laboratories, Inc.*
        
        2,500
        
        59,225Johnson & Johnson
        
        23,208
        
        1,280,153King Pharmaceuticals, Inc.*
        
        2,000
        
        18,920Merck & Co., Inc.
        
        17,813
        
        491,283Mylan, Inc.*
        
        2,100
        
        27,741Pfizer, Inc.
        
        56,966
        
        865,314Schering-Plough Corp.
        
        13,730
        
        335,012Watson Pharmaceuticals, Inc.*
        
        900
        
        27,225Wyeth
        
        11,200
        
        502,4324,924,079Industrials 8.5%Aerospace & Defense 2.4%Boeing Co.
        
        6,307
        
        282,869General Dynamics Corp.
        
        3,331
        
        189,534Goodrich Corp.
        
        1,000
        
        48,540Honeywell International, Inc.
        
        6,200
        
        205,592ITT Corp.
        
        1,500
        
        61,770L-3 Communications Holdings, Inc.
        
        900
        
        66,159Lockheed Martin Corp.
        
        2,830
        
        236,673Northrop Grumman Corp.
        
        2,900
        
        138,098Precision Castparts Corp.
        
        1,200
        
        99,084Raytheon Co.
        
        3,261
        
        145,604Rockwell Collins, Inc.
        
        1,200
        
        50,904United Technologies Corp.
        
        7,904
        
        415,8291,940,656Air Freight & Logistics 0.9%C.H. Robinson Worldwide, Inc.
        
        1,500
        
        76,230Expeditors International of Washington, Inc.
        
        2,000
        
        65,620FedEx Corp.
        
        2,500
        
        138,575United Parcel Service, Inc. "B"
        
        8,313
        
        425,127705,552
    Airlines 0.1%Southwest Airlines Co.
        
        6,800
        
        45,832Building Products 0.0%Masco Corp.
        
        2,500
        
        25,900Commercial Services & Supplies 0.5%Avery Dennison Corp.
        
        1,100
        
        30,316Cintas Corp.
        
        1,000
        
        23,290Iron Mountain, Inc.*
        
        1,800
        
        49,050Pitney Bowes, Inc.
        
        1,800
        
        41,184R.R. Donnelley & Sons Co.
        
        1,400
        
        18,872Republic Services, Inc.
        
        2,600
        
        59,254Stericycle, Inc.*
        
        600
        
        29,988Waste Management, Inc.
        
        4,400
        
        121,396373,350Construction & Engineering 0.1%Fluor Corp.
        
        1,700
        
        79,866Jacobs Engineering Group, Inc.*
        
        900
        
        38,610118,476Electrical Equipment 0.4%Cooper Industries Ltd. "A"
        
        1,400
        
        45,948Emerson Electric Co.
        
        6,300
        
        202,167Rockwell Automation, Inc.
        
        1,400
        
        42,966291,081Industrial Conglomerates 1.9%3M Co.
        
        5,799
        
        331,123General Electric Co.
        
        89,213
        
        1,202,591Textron, Inc.
        
        1,700
        
        19,5501,553,264Machinery 1.2%Caterpillar, Inc.
        
        5,200
        
        184,392Cummins, Inc.
        
        1,520
        
        49,294Danaher Corp.
        
        2,029
        
        122,450Deere & Co.
        
        3,400
        
        147,798Dover Corp.
        
        1,600
        
        50,304Eaton Corp.
        
        1,300
        
        56,550Flowserve Corp.
        
        400
        
        29,428Illinois Tool Works, Inc.
        
        3,100
        
        100,099Ingersoll-Rand Co., Ltd. "A"
        
        2,828
        
        57,210Manitowoc Co., Inc.
        
        900
        
        5,868PACCAR, Inc.
        
        2,900
        
        86,565Pall Corp.
        
        1,300
        
        33,384Parker Hannifin Corp.
        
        1,300
        
        54,938978,280Professional Services 0.1%Dun & Bradstreet Corp.
        
        400
        
        32,716Equifax, Inc.
        
        1,400
        
        38,108Monster Worldwide, Inc.*
        
        800
        
        9,344Robert Half International, Inc.
        
        1,000
        
        21,390101,558Road & Rail 0.8%Burlington Northern Santa Fe Corp.
        
        2,300
        
        166,612CSX Corp.
        
        3,700
        
        117,512Norfolk Southern Corp.
        
        3,400
        
        126,480Ryder System, Inc.
        
        400
        
        11,272
    Union Pacific Corp.
        
        4,242
        
        209,003630,879Trading Companies & Distributors 0.1%Fastenal Co.
        
        900
        
        29,898W.W. Grainger, Inc.
        
        500
        
        39,41569,313Information Technology 15.0%Communications Equipment 2.5%Ciena Corp.*
        
        900
        
        9,900Cisco Systems, Inc.*
        
        49,152
        
        909,312Corning, Inc.
        
        13,500
        
        198,450Harris Corp.
        
        1,200
        
        37,296Harris Stratex Networks, Inc. "A"*
        
        10
        
        48JDS Uniphase Corp.*
        
        1,500
        
        8,085Juniper Networks, Inc.*
        
        4,600
        
        113,758Motorola, Inc.
        
        18,900
        
        114,534QUALCOMM, Inc.
        
        13,828
        
        602,762Tellabs, Inc.*
        
        2,600
        
        14,4302,008,575Computers & Peripherals 4.3%Apple, Inc.*
        
        7,438
        
        1,010,155Dell, Inc.*
        
        14,200
        
        164,436EMC Corp.*
        
        17,400
        
        204,450Hewlett-Packard Co.
        
        20,096
        
        690,297International Business Machines Corp.
        
        11,213
        
        1,191,718Lexmark International, Inc. "A"*
        
        700
        
        11,438NetApp, Inc.*
        
        2,500
        
        48,750QLogic Corp.*
        
        1,200
        
        16,380SanDisk Corp.*
        
        1,600
        
        25,056Sun Microsystems, Inc.*
        
        7,100
        
        63,900Teradata Corp.*
        
        1,500
        
        32,4003,458,980Electronic Equipment, Instruments & Components 0.3%Agilent Technologies, Inc.*
        
        3,400
        
        61,982Amphenol Corp. "A"
        
        1,700
        
        56,763FLIR Systems, Inc.*
        
        1,400
        
        31,444Jabil Circuit, Inc.
        
        1,800
        
        14,094Molex, Inc.
        
        900
        
        13,752Tyco Electronics Ltd.
        
        4,300
        
        74,691252,726Internet Software & Services 1.6%Akamai Technologies, Inc.*
        
        1,200
        
        26,712eBay, Inc.*
        
        8,700
        
        153,294Google, Inc. "A"*
        
        2,049
        
        854,904VeriSign, Inc.*
        
        1,400
        
        32,774Yahoo!, Inc.*
        
        12,000
        
        190,0801,257,764IT Services 0.9%Affiliated Computer Services, Inc. "A"*
        
        800
        
        35,952Automatic Data Processing, Inc.
        
        4,200
        
        159,642Cognizant Technology Solutions Corp. "A"*
        
        2,700
        
        68,013Computer Sciences Corp.*
        
        1,200
        
        50,952Convergys Corp.*
        
        400
        
        3,700
    Fidelity National Information Services, Inc.
        
        1,600
        
        30,816Fiserv, Inc.*
        
        1,500
        
        63,540MasterCard, Inc. "A"
        
        600
        
        105,798Paychex, Inc.
        
        2,500
        
        68,425Total System Services, Inc.
        
        1,693
        
        23,109Western Union Co.
        
        6,300
        
        111,069721,016Office Electronics 0.1%Xerox Corp.
        
        8,700
        
        59,160Semiconductors & Semiconductor Equipment 2.0%Advanced Micro Devices, Inc.*
        
        4,500
        
        20,430Altera Corp.
        
        2,300
        
        39,146Analog Devices, Inc.
        
        2,400
        
        58,584Applied Materials, Inc.
        
        11,900
        
        133,994Broadcom Corp. "A"*
        
        3,400
        
        86,632Intel Corp.
        
        47,194
        
        741,890KLA-Tencor Corp.
        
        1,200
        
        32,400Linear Technology Corp.
        
        1,900
        
        44,479LSI Corp.*
        
        5,500
        
        24,585MEMC Electronic Materials, Inc.*
        
        1,600
        
        30,864Microchip Technology, Inc.
        
        1,200
        
        25,884Micron Technology, Inc.* (a)
        
        6,200
        
        31,372National Semiconductor Corp.
        
        1,800
        
        24,984Novellus Systems, Inc.*
        
        500
        
        8,965NVIDIA Corp.*
        
        3,900
        
        40,677Teradyne, Inc.*
        
        1,800
        
        12,870Texas Instruments, Inc.
        
        11,300
        
        219,220Xilinx, Inc.
        
        1,900
        
        39,4061,616,382Software 3.3%Adobe Systems, Inc.*
        
        4,200
        
        118,356Autodesk, Inc.*
        
        1,800
        
        38,628BMC Software, Inc.*
        
        1,800
        
        61,380CA, Inc.
        
        3,300
        
        57,585Citrix Systems, Inc.*
        
        1,800
        
        56,538Compuware Corp.*
        
        2,400
        
        18,312Electronic Arts, Inc.*
        
        2,900
        
        66,671Intuit, Inc.*
        
        2,500
        
        68,050McAfee, Inc.*
        
        1,200
        
        47,076Microsoft Corp.
        
        63,970
        
        1,336,333Novell, Inc.*
        
        2,200
        
        9,152Oracle Corp.
        
        31,899
        
        624,902Salesforce.com, Inc.*
        
        1,100
        
        41,745Symantec Corp.*
        
        7,400
        
        115,3662,660,094Materials 2.9%Chemicals 1.6%Air Products & Chemicals, Inc.
        
        1,900
        
        123,082CF Industries Holdings, Inc.
        
        400
        
        31,056Dow Chemical Co.
        
        9,000
        
        159,120E.I. du Pont de Nemours & Co.
        
        7,787
        
        221,696Eastman Chemical Co.
        
        600
        
        24,864Ecolab, Inc.
        
        1,600
        
        59,760International Flavors & Fragrances, Inc.
        
        900
        
        28,710
    Monsanto Co.
        
        4,500
        
        369,675PPG Industries, Inc.
        
        1,300
        
        57,811Praxair, Inc.
        
        2,500
        
        183,000Sigma-Aldrich Corp.
        
        1,000
        
        48,4601,307,234Construction Materials 0.1%Vulcan Materials Co.
        
        1,200
        
        53,148Containers & Packaging 0.2%Ball Corp.
        
        800
        
        31,840Bemis Co., Inc.
        
        900
        
        22,581Owens-Illinois, Inc.*
        
        1,400
        
        40,082Pactiv Corp.*
        
        800
        
        17,920Sealed Air Corp.
        
        1,800
        
        36,018148,441Metals & Mining 0.8%AK Steel Holding Corp.
        
        800
        
        11,440Alcoa, Inc.
        
        8,200
        
        75,604Allegheny Technologies, Inc.
        
        700
        
        24,787Freeport-McMoRan Copper & Gold, Inc.
        
        3,566
        
        194,097Newmont Mining Corp.
        
        4,100
        
        200,367Nucor Corp.
        
        2,500
        
        109,775Titanium Metals Corp.
        
        700
        
        6,482United States Steel Corp.
        
        1,463
        
        49,859672,411Paper & Forest Products 0.2%International Paper Co.
        
        3,000
        
        43,110MeadWestvaco Corp.
        
        1,000
        
        15,970Weyerhaeuser Co.
        
        1,800
        
        60,444119,524Telecommunication Services 2.9%Diversified Telecommunication Services 2.6%AT&T, Inc.
        
        49,696
        
        1,231,964CenturyTel, Inc.
        
        800
        
        24,680Embarq Corp.
        
        1,166
        
        48,995Frontier Communications Corp.
        
        3,800
        
        27,664Qwest Communications International, Inc. (a)
        
        11,200
        
        48,832Verizon Communications, Inc.
        
        23,958
        
        701,011Windstream Corp.
        
        3,500
        
        29,4352,112,581Wireless Telecommunication Services 0.3%American Tower Corp. "A"*
        
        3,200
        
        101,984Sprint Nextel Corp.*
        
        23,700
        
        122,055224,039Utilities 3.2%Electric Utilities 1.9%Allegheny Energy, Inc.
        
        1,700
        
        42,500American Electric Power Co., Inc.
        
        4,092
        
        107,783Duke Energy Corp.
        
        10,900
        
        154,235Edison International
        
        2,700
        
        78,948Entergy Corp.
        
        1,495
        
        111,557Exelon Corp.
        
        5,500
        
        264,055FirstEnergy Corp.
        
        2,671
        
        100,937
    FPL Group, Inc.
        
        3,454
        
        195,255Northeast Utilities
        
        1,700
        
        35,343Pepco Holdings, Inc.
        
        1,700
        
        22,066Pinnacle West Capital Corp.
        
        800
        
        22,120PPL Corp.
        
        2,900
        
        94,163Progress Energy, Inc.
        
        2,500
        
        88,775Southern Co.
        
        6,553
        
        186,1711,503,908Gas Utilities 0.1%EQT Corp.
        
        1,100
        
        40,975Nicor, Inc.
        
        500
        
        15,725Questar Corp.
        
        1,300
        
        44,057100,757Independent Power Producers & Energy Traders 0.1%AES Corp.*
        
        5,900
        
        58,941Constellation Energy Group, Inc.
        
        1,400
        
        38,192Dynegy, Inc. "A"*
        
        3,500
        
        7,035104,168Multi-Utilities 1.1%Ameren Corp.
        
        1,800
        
        41,868CenterPoint Energy, Inc.
        
        3,100
        
        31,372CMS Energy Corp.
        
        2,300
        
        26,082Consolidated Edison, Inc.
        
        2,100
        
        74,466Dominion Resources, Inc.
        
        5,000
        
        158,950DTE Energy Co.
        
        1,400
        
        42,350Integrys Energy Group, Inc.
        
        700
        
        18,963NiSource, Inc.
        
        2,500
        
        26,725PG&E Corp.
        
        3,200
        
        117,472Public Service Enterprise Group, Inc.
        
        4,000
        
        127,480SCANA Corp.
        
        900
        
        27,018Sempra Energy
        
        1,900
        
        86,792TECO Energy, Inc.
        
        1,900
        
        21,318Wisconsin Energy Corp.
        
        1,000
        
        39,460Xcel Energy, Inc.
        
        3,700
        
        63,455903,771Total Common Stocks(Cost $64,232,121)
        
        67,613,750PrincipalAmount ($)
        
        Value ($)Government & Agency Obligations 5.8%US Treasury ObligationsUS Treasury Bills:0.14% **, 6/18/2009 (b)
        
        1,382,000
        
        1,381,9200.15% **, 6/11/2009 (b)
        
        1,701,000
        
        1,700,9490.16% **, 6/18/2009 (b)
        
        685,000
        
        684,9600.26% **, 6/11/2009 (b)
        
        922,000
        
        921,973Total Government & Agency Obligations(Cost $4,687,725)
        
        4,689,802Shares
        
        Value ($)Securities Lending Collateral 0.8%Daily Assets Fund Institutional, 0.53% (c) (d)(Cost $616,580)
        
        
        616,580
        
        616,580
    Cash Equivalents 7.1%Cash Management QP Trust, 0.39% (c)(Cost $5,734,601)
        
        
        5,734,601
        
        5,734,601% ofNet Assets
        
        Value ($)Total Investment Portfolio(Cost $75,271,027) 
        97.9
        
        78,654,733Other Assets and Liabilities, Net(a)
        2.1
        
        1,668,381Net Assets
        100.0
        
        80,323,114For 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.**
        Annualized yield at time of purchase; not a coupon rate.
        The cost for federal income tax purposes was $79,659,669.  At May 31, 2009, net unrealized depreciation for all securities based on tax cost was $1,004,936.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $9,595,960 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $10,600,896.(a)
        All or a portion of these securities were on loan amounting to $597,689. In addition, included in other assets and liabilities, net is a pending sale, amounting to $3,907, that is also on loan. The value of all securities loaned at May 31, 2009 amounted to $601,596 which is 0.7% of net assets.(b)
        At May 31, 2009, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.(c)
        Affiliated fund managed by Deutsche Investment Management Americas Inc.  The rate shown is the annualized seven-day yield at period end.(d)
        Represents collateral held in connection with securities lending.  Income earned by the Fund is net of borrower rebates.REIT: Real Estate Investment TrustAt May 31, 2009, open futures contracts purchased were as follows:Futures
        
        ExpirationDate
        
        Contracts
        
        AggregatedFaceValue ($)
        
        Value ($)
        
        UnrealizedAppreciation/(Depreciation) ($)10 Year Australian Treasury Bond
        
        6/15/2009
        
        53
        
        4,792,590
        
        4,490,013
        
        (302,577)10 Year Canadian Government Bond
        
        9/21/2009
        
        14
        
        1,561,313
        
        1,546,123
        
        (15,190)10 Year US Treasury Note
        
        9/21/2009
        
        105
        
        12,274,731
        
        12,285,000
        
        10,269ASX SPI 200 Index
        
        6/18/2009
        
        6
        
        416,322
        
        456,393
        
        40,071DJ Euro Stoxx 50 Index
        
        6/19/2009
        
        45
        
        1,275,712
        
        1,554,787
        
        279,075FTSE 100 Index
        
        6/19/2009
        
        74
        
        4,561,357
        
        5,251,310
        
        689,953Hang Seng Index
        
        6/29/2009
        
        12
        
        1,323,786
        
        1,404,753
        
        80,967IBEX 35 Index
        
        6/19/2009
        
        1
        
        131,989
        
        133,304
        
        1,315NASDAQ E-Mini 100 Index
        
        6/19/2009
        
        38
        
        954,931
        
        1,090,980
        
        136,049S&P 500 Index
        
        6/18/2009
        
        24
        
        4,490,201
        
        5,508,600
        
        1,018,399S&P E-Mini 500 Index
        
        6/19/2009
        
        180
        
        7,649,973
        
        8,262,900
        
        612,927S&P MIB Index
        
        6/19/2009
        
        3
        
        347,081
        
        421,607
        
        74,526United Kingdom Long Gilt Bond
        
        9/28/2009
        
        83
        
        15,764,785
        
        15,732,111
        
        (32,674)Total net unrealized appreciation
        2,593,110
    At May 31, 2009, open futures contracts sold were as follows:Futures
        
        
        ExpirationDate
        
        Contracts
        
        AggregatedFaceValue ($)
        
        Value ($)
        
        UnrealizedAppreciation/(Depreciation) ($)10 Year Japanese Government Bond
        
        6/11/2009
        
        13
        
        18,829,378
        
        18,611,776
        
        217,602AEX Index
        
        6/19/2009
        
        5
        
        363,583
        
        367,138
        
        (3,555)CAC 40 Index
        
        6/19/2009
        
        25
        
        1,129,298
        
        1,154,285
        
        (24,987)DAX Index
        
        6/19/2009
        
        7
        
        1,074,192
        
        1,221,153
        
        (146,961)Federal Republic of Germany Euro-Bund
        
        6/8/2009
        
        83
        
        14,352,644
        
        14,025,296
        
        327,348Russell 2000 Mini Index
        
        6/19/2009
        
        82
        
        3,473,972
        
        4,110,660
        
        (636,688)S&P TSE 60 Index
        
        6/18/2009
        
        11
        
        1,079,963
        
        1,272,947
        
        (192,984)TOPIX Index
        
        6/12/2009
        
        37
        
        2,872,460
        
        3,477,487
        
        (605,027)Total net unrealized depreciation
        (1,065,252)As of May 31, 2009, the Fund had the following open forward foreign currency exchange contracts:Contracts to Deliver
        
        In Exchange For
        
        SettlementDate
        
        UnrealizedAppreciation ($)USD
        6,941,965
        
        AUD
        9,170,000
        
        6/17/2009
        
        376,789USD
        2,988,450
        
        CAD
        3,475,000
        
        6/17/2009
        
        182,499USD
        8,484,273
        
        CHF
        9,380,000
        
        6/17/2009
        
        289,943USD
        2,322,903
        
        JPY
        223,159,000
        
        6/17/2009
        
        12,914USD
        1,732,005
        
        NZD
        2,908,000
        
        6/17/2009
        
        118,407USD
        467,564
        
        SEK
        3,670,000
        
        6/17/2009
        
        13,461Total unrealized appreciation
        
        
        
        
        
        994,013Contracts to Deliver
        
        In Exchange For
        
        SettlementDate
        
        UnrealizedDepreciation ($)EUR
        5,509,000
        
        USD
        7,488,191
        
        6/17/2009
        
        (292,891)GBP
        3,457,000
        
        USD
        5,231,444
        
        6/17/2009
        
        (354,087)NOK
        6,901,000
        
        USD
        1,060,738
        
        6/17/2009
        
        (31,244)Total unrealized depreciation
        
        
        
        
        
        (678,222)
  Currency AbbreviationsAUD
        Australian Dollar
        JPY
        Japanese YenCAD
        Canadian Dollar
        NOK
        Norwegian KroneCHF
        Swiss Franc
        NZD
        New Zealand DollarEUR
        Euro
        SEK
        Swedish KronaGBP
        British Pound
        USD
        United States Dollar
         Fair Value Measurements  Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements, establishes a three-tier hierarchy for measuring fair value and requires additional disclosure about the classification of fair value measurements . Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  The following is a summary of the inputs used as of May 31, 2009 in valuing the Fund's investments:  Valuation Inputs
        Investments in  Securities
        Other Financial InstrumentsLevel 1
        $                 68,230,330
        $               1,527,858Level 2
        10,424,403
        315,791Level 3
        -
        -Total
        $                 78,654,733
        $               1,843,649
   Other financial instruments are derivative instruments not reflected in the Investment Portfolio, such as futures contracts and forward foreign currency exchange contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.  Derivative Instruments and Hedging Activities  Financial Accounting Standards Board Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities, requires enhanced disclosure about an entitys derivative and hedging activities.  The following is a summary of the unrealized appreciation (depreciation) of the Fund's derivative instruments categorized by risk exposure as of May 31, 2009. Please see below for information on the Funds policy regarding the objectives and strategies for using futures and forward foreign currency exchange contracts.  Primary Underlying Risk Disclosure
        Futures
        Forward Currency ContractsInterest Rate Contracts
        $          204,778
        $                     -Foreign Exchange Contracts
        $                      -
        $         315,791Credit Contracts
        $                      -
        $                     -Equity Contracts
        $       1,323,080
        $                     -Other Contracts
        $                      -
        $                     -
  Futures.  The Fund is subject to equity risk.  The Fund invests in futures to keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to the stock market.  In addition, the Fund seeks to enhance returns by employing a global tactical asset allocation overlay strategy.  The Fund may enter into futures contracts on equity and fixed-income securities, including on financial indices, and security indices and on currency as part of its global tactical asset allocation overlay strategy.  As part of this strategy, the Fund may use futures contracts to gain exposure to changes in interest rates, and take advantage of short-term inefficiencies and relative mispricings within the global equity, bond and currency markets.  Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary an initial margin equal to a certain percentage of the face
value indicated in the futures contract.  Subsequent payments (variation margin) are made or received by the fund dependent upon the daily  fluctuations in the value of the underlying security.   Since all futures contracts are exchange traded, counterparty risk is minimized as the exchange's clearinghouse acts as the counterparty, and guarantees the futures against default.  Forward Foreign Currency Exchange Contracts.  The Fund seeks to enhance returns by employing a global tactical asset allocation overlay strategy.  As part of this strategy, the Fund may use forward currency exchange contracts to gain exposure to changes in the value of foreign currencies, and to take advantage of short-term and medium-term mispricings within the currency markets.  Certain risks may arise upon entering into forward currency contracts from the potential inability of counterparties to meet the terms of their contracts.  The maximum counterparty credit risk to the Fund is measured by the current value of the forward currency contract, to the extent that this amount is beneficial to the fund.  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.
        EXHIBITSCertification 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 S&P 500 Plus Fund, a series of DWS Value Equity TrustBy:
        /s/Michael G. Clark
Michael G. Clark
PresidentDate:
        July 20, 2009
   Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.  Registrant:
        DWS S&P 500 Plus Fund, a series of DWS Value Equity TrustBy:
        /s/Michael G. Clark
Michael G. Clark
PresidentDate:
        July 20, 2009By:
        /s/Paul Schubert
Paul Schubert
Chief Financial Officer and TreasurerDate:
        July 20, 2009