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:  3/31

Date of reporting period: 12/31/07

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of December 31, 2007  (Unaudited)** |
|----------------------|------------------------------------------|

 

 

**DWS Alternative Asset Allocation Plus Fund**

 

|   | **Shares**             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | **Value ($)** |
|--------|------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|        |
|   | **Equity Funds 65.2%** |  
DWS Commodity Securities Fund "Institutional"

 

815,579 

 

12,568,080 

DWS Disciplined Market Neutral Fund "Institutional"

 

1,830,828 

 

16,825,309 

DWS Emerging Markets Equity Fund "S"

 

348,362 

 

8,419,914 

DWS Gold & Precious Metals Fund "S"

 

199,231 

 

4,279,477 

DWS RREEF Global Real Estate Securities Fund "Institutional"

 

1,613,099 

 

16,921,407 

**Total Equity Funds** (Cost $62,453,906)

 

**59,014,187**

 

**Fixed Income – Bond Funds 28.2%**

 
DWS Emerging Markets Fixed Income Fund "S" 

 

695,379 

 

8,386,270 

DWS Inflation Protected Plus Fund "Institutional" 

 

1,679,885 

 

17,118,025 

**Total Fixed Income – Bond Funds** (Cost $25,585,677)

 

**25,504,295**

 

 

 

 

 

**Fixed Income – Money Market Fund 3.1%**

 
Cash Management QP Trust  (Cost $2,862,391)

 

 

2,862,391

 

**2,862,391**

 

**Principal****Amount ($)**

 

**Value ($)**

 

**Government & Agency Obligations 0.8%**

 
**US Treasury Obligations**

 
US Treasury Bills:

 
 

3.03% *, 1/17/2008 (a) 

 

343,000 

 

342,538 

 

2.75% *, 1/17/2008 (a) 

 

163,000 

 

162,801 

 

2.85% *, 1/17/2008 (a) 

 

28,000 

 

27,965 

 

2.1% *, 1/17/2008 (a) 

 

2,000 

 

1,998 

 

2.74% *, 1/17/2008 (a) 

 

77,000 

 

76,906 

 

2.778% *, 1/17/2008 (a) 

 

2,000 

 

1,998 

 

2.35% *, 1/17/2008 (a) 

 

77,000 

 

76,920 

 

2.475% *, 1/17/2008 (a) 

 

1,000 

 

999 

 

2.2% *, 1/17/2008 (a) 

 

21,000 

 

20,979 

 

2.751% *, 1/17/2008 (a) 

 

4,000 

 

3,995 

 

2.541% *, 1/17/2008 (a) 

 

4,000 

 

3,995 

**Total Government & Agency Obligations** (Cost $721,094)

 

**721,094**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $91,623,068) 

97.3

 

**88,101,967**

**Other Assets and Liabilities, Net**

2.7

 

**2,460,066**

**Net Assets**

100.0

 

**90,562,033**

 

*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.*

***

*Annualized yield at time of purchase; not a coupon rate.*

*(a)*

*At December 31, 2007, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.*

 

 

 

*At December 31, 2007, open futures contracts purchased were as follows:*

**Futures**

 

**Expiration****Date**

 

**Contracts**

 

**Aggregated****Face****Value ($)**

 

**Value ($)**

 

**Unrealized****Appreciation/****(Depreciation) ($)**

 

10 Year US Treasury Note 

 

3/19/2008 

 

50 

 

5,681,543 

 

5,669,532 

 

(12,011)

 
EOE Dutch Stock Index 

 

1/18/2008 

 

7 

 

1,041,052 

 

1,058,130 

 

17,078

 
Hang Seng Stock Index 

 

1/30/2008 

 

8 

 

1,420,057 

 

1,431,759 

 

11,702

 
S&P 500 Index 

 

3/19/2008 

 

2 

 

732,709 

 

738,600 

 

5,891

 
S&P/MIB Index 

 

3/20/2008 

 

1 

 

284,232 

 

284,530 

 

298

 
United Kingdom Treasury Bond 

 

3/27/2008 

 

19 

 

4,154,649 

 

4,169,054 

 

14,405

 
**Total net unrealized appreciation**

 

**37,363**

 
 

*At December 31, 2007, open futures contracts sold were as follows:*

 

 

 

 

**Futures**

 

 

**Expiration****Date**

 

**Contracts**

 

**Aggregated****Face****Value ($)**

 

**Value ($)**

 

**Unrealized****Appreciation/****(Depreciation) ($)**

 

10 Year Australia Treasury Bond 

 

3/17/2008 

 

34 

 

2,920,261 

 

2,916,425 

 

3,836

 
10 Year Federal Republic of Germany Bond 

 

3/6/2008 

 

35 

 

5,878,652 

 

5,788,038 

 

90,614

 
2 Year Federal Republic of Germany Bond 

 

3/6/2008 

 

71 

 

10,782,590 

 

10,728,825

 

53,765

 
DJ Euro Stoxx 50 Index 

 

3/20/2008 

 

1 

 

63,654 

 

64,842 

 

(1,188)

 
FTSE 100 Index 

 

3/20/2008 

 

7 

 

888,715 

 

899,453 

 

(10,738)

 
IBEX 35 Index 

 

1/18/2008 

 

1 

 

224,158 

 

220,923 

 

3,235

 
Russell E Mini 2000 Index 

 

3/20/2008 

 

5 

 

377,577 

 

386,100 

 

(8,523)

 
S&P/ TSE 60 Index 

 

3/19/2008 

 

1 

 

159,586 

 

164,851 

 

(5,265)

 
Topix Index 

 

3/14/2008 

 

2 

 

281,486 

 

263,170 

 

18,316

 
**Total net unrealized appreciation**

 

**144,052**

 
 

 

*The Fund had the following open forward foreign currency exchange contracts at December 31, 2007:*

* *

* *

* *

* *

***Settlement*****

***Unrealized*****

 
***Contracts to Deliver*****

***In Exchange For*****

***Date*****

***Appreciation ($)*****

 
*USD***

*111,417***

*AUD***

*130,000***

*3/19/2008***

*2,084***

 
*USD***

*223,626***

*AUD***

*257,000***

*3/19/2008***

*756***

 
*JPY***

*57,428,000***

*USD***

*519,925***

*3/19/2008***

*1,501***

 
*USD***

*30,000***

*NZD***

*40,000***

*3/19/2008***

*424***

 
*USD***

*60,826***

*NZD***

*80,000***

*3/19/2008***

*22***

 
*USD***

*85,323***

*NOK***

*465,000***

*3/19/2008***

*52***

 
*USD***

*403,924***

*NOK***

*2,203,000***

*3/19/2008***

*553***

 
*USD***

*33,638***

*NOK***

*188,000***

*3/19/2008***

*880***

 
*USD***

*67,537***

*NOK***

*371,000***

*3/19/2008***

*580***

 
*USD***

*446,048***

*SGD***

*639,000***

*3/19/2008***

*643***

 
*USD***

*2,109,522***

*SGD***

*3,024,000***

*3/19/2008***

*4,393***

 
*USD***

*178,375***

*SGD***

*259,000***

*3/19/2008***

*2,678***

 
*USD***

*353,786***

*SGD***

*510,000***

*3/19/2008***

*2,728***

 
*SEK***

*662,000***

*USD***

*103,491***

*3/19/2008***

*956***

 
*SEK***

*140,000***

*USD***

*21,889***

*3/19/2008***

*204***

 
*CHF***

*280,000***

*USD***

*248,867***

*3/19/2008***

*644***

 
*CHF***

*1,326,000***

*USD***

*1,176,053***

*3/19/2008***

*539***

 
***Total net unrealized appreciation*****

 **

 **

***19,637*****

 
 

* *

* *

* *

* *

* *

* *

* *

* *

* *

* *

***Settlement*****

***Unrealized*****

***Contracts to Deliver*****

***In Exchange For*****

***Date*****

***Depreciation ($)*****

*USD***

*1,345,044***

*AUD***

*1,524,000***

*3/19/2008***

*(14,468)***

*USD***

*284,051***

*AUD***

*322,000***

*3/19/2008***

*(2,918)***

*JPY***

*271,979,000***

*USD***

*2,455,016***

*3/19/2008***

*(242)***

*JPY***

*23,263,000***

*USD***

*207,772***

*3/19/2008***

*(2,232)***

*JPY***

*45,861,000***

*USD***

*405,043***

*3/19/2008***

*(8,961)***

*USD***

*367,739***

*NZD***

*473,000***

*3/19/2008***

*(7,975)***

*USD***

*77,667***

*NZD***

*100,000***

*3/19/2008***

*(1,607)***

 

 

 

 

*USD***

*201,980***

*GBP***

*99,000***

*3/19/2008***

*(5,924)***

*USD***

*961,158***

*GBP***

*471,000***

*3/19/2008***

*(28,405)***

*USD***

*80,000***

*GBP***

*40,000***

*3/19/2008***

*(785)***

*USD***

*157,146***

*GBP***

*79,000***

*3/19/2008***

*(697)***

*SEK***

*57,000***

*USD***

*8,674***

*3/19/2008***

*(154)***

*SEK***

*112,000***

*USD***

*17,286***

*3/19/2008***

*(61)***

*CHF***

*113,000***

*USD***

*98,409***

*3/19/2008***

*(1,767)***

*CHF***

*224,000***

*USD***

*196,827***

*3/19/2008***

*(1,751)***

***Total net unrealized depreciation*****

 **

 **

***(77,947)*****

 

***Currency Abbreviations*****

 **

 **

*AUD***

*Australian Dollar***

*NZD***

*New Zealand Dollar***

*CHF***

*Swiss Franc***

*SEK***

*Swedish Krona***

*GBP***

*British Pound***

*SGD***

*Singapore Dollar***

*JPY***

*Japanese Yen***

*USD***

*United States Dollar***

*NOK***

*Norwegian Krone***

 

 

 

**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 Alternative Asset Allocation Plus Fund, a series of DWS Equity Trust

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

February 21, 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 Alternative Asset Allocation Plus Fund, a series of DWS Equity Trust

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

February 21, 2008

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        February 21, 2008

 

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