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)

 

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:  04/30

Date of reporting period: 1/31/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of January 31, 2009  (Unaudited)** |
|----------------------|-----------------------------------------|

 

 

**DWS Disciplined Long/Short Value Fund**

 

 

|   | **Shares**                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | **Value ($)** |
|--------|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|        |
|   | **Long Positions 119.7%** |  
**Common Stocks 114.6%**

**Consumer Discretionary 15.0%**

 
**Auto Components 1.5%**

 
Modine Manufacturing Co. (a) 

 

5,800 

 

15,892 

Stoneridge, Inc.* (a) 

 

800 

 

1,568 

TRW Automotive Holdings Corp.* (a) 

 

6,800 

 

21,012 

WABCO Holdings, Inc. (a) 

 

5,800 

 

86,710 

 

**125,182**

**Automobiles 0.1%**

 
Thor Industries, Inc. (a) 

 

800 

 

**8,464**

 

 

 

**Distributors 0.9%**

 
Genuine Parts Co. (a) 

 

2,300 

 

**73,646**

**Hotels Restaurants & Leisure 1.8%**

 
McDonald's Corp. (a) 

 

2,500 

 

145,050 

MGM MIRAGE* (a) 

 

800 

 

6,400 

 

**151,450**

**Media 3.4%**

 
Comcast Corp. "A" (a) 

 

7,800 

 

114,270 

Discovery Communications, Inc. "A"* (a) 

 

6,400 

 

92,800 

Hearst-Argyle Television, Inc. (a) 

 

800 

 

3,152 

Interpublic Group of Companies, Inc.* (a) 

 

7,800 

 

25,974 

McGraw-Hill Companies, Inc. (a) 

 

1,600 

 

35,184 

Warner Music Group Corp. (a) 

 

6,800 

 

13,940 

 

**285,320**

**Multiline Retail 2.3%**

 
Big Lots, Inc.* (a) 

 

5,400 

 

72,630 

Family Dollar Stores, Inc. (a) 

 

4,100 

 

113,857 

 

**186,487**

**Specialty Retail 3.0%**

 
Aeropostale, Inc.* (a) 

 

400 

 

8,444 

Barnes & Noble, Inc. (a) 

 

3,900 

 

64,038 

Foot Locker, Inc. (a) 

 

6,600 

 

48,576 

Rent-A-Center, Inc.* (a) 

 

2,800 

 

41,580 

The Gap, Inc. (a) 

 

7,800 

 

87,984 

 

**250,622**

**Textiles, Apparel & Luxury Goods 2.0%**

 
Carter's, Inc.* (a) 

 

4,400 

 

74,756 

Hanesbrands, Inc.* (a) 

 

600 

 

5,394 

Phillips-Van Heusen Corp. (a) 

 

4,700 

 

89,394 

 

**169,544**

**Consumer Staples 10.3%**

 
**Food & Staples Retailing 4.2%**

 
Casey's General Stores, Inc. (a) 

 

200 

 

4,250 

Kroger Co. (a) 

 

4,200 

 

94,500 

Sysco Corp. (a) 

 

5,500 

 

122,595 

Wal-Mart Stores, Inc. (a) 

 

2,800 

 

131,936 

 

**353,281**

**Food Products 3.4%**

 
Archer-Daniels-Midland Co. (a) 

 

4,000 

 

109,520 

Darling International, Inc.* (a) 

 

16,700 

 

76,653 

Dean Foods Co.* (a) 

 

1,000 

 

19,340 

General Mills, Inc. (a) 

 

1,400 

 

82,810 

 

**288,323**

**Household Products 0.8%**

 
Kimberly-Clark Corp. (a) 

 

400 

 

20,588 

Procter & Gamble Co. (a) 

 

900 

 

49,050 

 

**69,638**

**Personal Products 1.2%**

 
Herbalife Ltd. (a) 

 

4,700 

 

**96,397**

**Tobacco 0.7%**

 
Altria Group, Inc. (a) 

 

3,300 

 

**54,582**

 

 

 

**Energy 23.4%**

 
**Energy Equipment & Services 2.9%**

 
Complete Production Services, Inc.* (a) 

 

4,900 

 

31,409 

North American Energy Partners, Inc.* (a) 

 

20,100 

 

41,607 

Oil States International, Inc.* (a) 

 

4,600 

 

84,226 

Superior Energy Services, Inc.* (a) 

 

1,500 

 

23,370 

Unit Corp.* (a) 

 

2,500 

 

62,350 

 

**242,962**

**Oil, Gas & Consumable Fuels 20.5%**

 
Alpha Natural Resources, Inc.* (a) 

 

4,200 

 

68,544 

Anadarko Petroleum Corp. (a) 

 

400 

 

14,696 

Apache Corp. (a) 

 

2,100 

 

157,500 

Chevron Corp. (a) 

 

3,200 

 

225,664 

ConocoPhillips (a) 

 

600 

 

28,518 

Devon Energy Corp. (a) 

 

1,900 

 

117,040 

Encore Acquisition Co.* (a) 

 

4,000 

 

108,720 

ExxonMobil Corp. (a) 

 

3,300 

 

252,384 

Hess Corp. (a) 

 

2,000 

 

111,220 

Mariner Energy, Inc.* (a) 

 

8,800 

 

87,120 

Massey Energy Co. (a) 

 

4,900 

 

74,382 

McMoRan Exploration Co.* (a) 

 

8,000 

 

53,520 

Murphy Oil Corp. (a) 

 

800 

 

35,344 

Southwestern Energy Co.* (a) 

 

3,000 

 

94,950 

Sunoco, Inc. (a) 

 

2,300 

 

106,536 

Walter Industries, Inc. (a) 

 

1,900 

 

35,036 

Whiting Petroleum Corp.* (a) 

 

2,300 

 

66,700 

World Fuel Services Corp. (a) 

 

2,300 

 

77,671 

 

**1,715,545**

**Financials 16.5%**

 
**Capital Markets 1.9%**

 
Bank of New York Mellon Corp. (a) 

 

4,700 

 

120,978 

UBS AG (Registered) (a) 

 

3,300 

 

41,085 

 

**162,063**

**Commercial Banks 3.2%**

 
PNC Financial Services Group, Inc. (a) 

 

2,600 

 

84,552 

US Bancorp. (a) 

 

2,500 

 

37,100 

Wells Fargo & Co. (a) 

 

7,700 

 

145,530 

 

**267,182**

**Consumer Finance 0.9%**

 
Capital One Financial Corp. (a) 

 

4,500 

 

**71,280**

**Diversified Financial Services 3.1%**

 
Bank of America Corp. (a) 

 

1,800 

 

11,844 

JPMorgan Chase & Co. (a) 

 

9,800 

 

249,998 

 

**261,842**

**Insurance 5.5%**

 
ACE Ltd. (a) 

 

2,800 

 

122,248 

Aflac, Inc. (a) 

 

900 

 

20,889 

Allstate Corp. (a) 

 

100 

 

2,167 

Aon Corp. (a) 

 

900 

 

33,345 

Arch Capital Group Ltd.* (a) 

 

1,100 

 

66,165 

Fairfax Financial Holdings Ltd. (a) 

 

100 

 

32,568 

The Travelers Companies, Inc. (a) 

 

2,200 

 

85,008 

Unum Group (a) 

 

6,700 

 

94,872 

 

**457,262**

 

 

 

**Real Estate Investment Trusts 0.6%**

 
AvalonBay Communities, Inc. (REIT) (a) 

 

200 

 

10,362 

Essex Property Trust, Inc. (REIT) (a) 

 

300 

 

19,815 

Host Hotels & Resorts, Inc. (REIT) (a) 

 

1,300 

 

6,994 

Vornado Realty Trust (REIT) (a) 

 

200 

 

10,162 

 

**47,333**

**Thrifts & Mortgage Finance 1.3%**

 
New York Community Bancorp., Inc. (a) 

 

8,500 

 

**112,625**

**Health Care 12.5%**

 
**Biotechnology 0.8%**

 
Amgen, Inc.* (a) 

 

1,300 

 

**71,305**

**Health Care Equipment & Supplies 1.8%**

 
Baxter International, Inc. (a) 

 

2,500 

 

**146,625**

**Health Care Providers & Services 4.2%**

 
Aetna, Inc. (a) 

 

4,400 

 

136,400 

AmerisourceBergen Corp. (a) 

 

3,200 

 

116,224 

Centene Corp.* (a) 

 

1,400 

 

24,822 

Universal Health Services, Inc. "B" (a) 

 

2,000 

 

75,700 

 

**353,146**

**Pharmaceuticals 5.7%**

 
Eli Lilly & Co. (a) 

 

3,500 

 

128,870 

Johnson & Johnson (a) 

 

700 

 

40,383 

Merck & Co., Inc. (a) 

 

2,200 

 

62,810 

Perrigo Co. (a) 

 

1,900 

 

55,765 

Pfizer, Inc. (a) 

 

8,000 

 

116,640 

Schering-Plough Corp. (a) 

 

3,900 

 

68,484 

 

**472,952**

**Industrials 13.2%**

 
**Aerospace & Defense 1.6%**

 
Lockheed Martin Corp. (a) 

 

300 

 

24,612 

Northrop Grumman Corp. (a) 

 

800 

 

38,496 

United Technologies Corp. (a) 

 

1,500 

 

71,985 

 

**135,093**

**Airlines 0.7%**

 
Hawaiian Holdings, Inc.* (a) 

 

13,400 

 

**54,538**

**Commercial Services & Supplies 0.2%**

 
The Brink's Co. (a) 

 

700 

 

**18,501**

**Construction & Engineering 1.6%**

 
EMCOR Group, Inc.* (a) 

 

1,200 

 

24,708 

Shaw Group, Inc.* (a) 

 

3,900 

 

108,420 

 

**133,128**

**Electrical Equipment 1.5%**

 
GrafTech International Ltd.* (a) 

 

15,000 

 

**120,150**

**Industrial Conglomerates 0.4%**

 
General Electric Co. (a) 

 

2,900 

 

**35,177**

**Machinery 2.9%**

 
AGCO Corp.* (a) 

 

2,100 

 

44,688 

CNH Global NV (a) 

 

600 

 

4,806 

Dover Corp. (a) 

 

3,400 

 

96,152 

Joy Global, Inc. (a) 

 

3,000 

 

62,490 

 

 

 

Pall Corp. (a) 

 

1,400 

 

36,498 

 

**244,634**

**Road & Rail 4.3%**

 
Arkansas Best Corp. (a) 

 

2,300 

 

53,797 

Burlington Northern Santa Fe Corp. (a) 

 

1,500 

 

99,375 

Norfolk Southern Corp. (a) 

 

2,100 

 

80,556 

Ryder System, Inc. (a) 

 

3,000 

 

101,340 

Union Pacific Corp. (a) 

 

600 

 

26,274 

 

**361,342**

**Information Technology 10.0%**

 
**Communications Equipment 0.5%**

 
Brocade Communications Systems, Inc.* (a) 

 

10,300 

 

**39,243**

**Computers & Peripherals 4.6%**

 
Hewlett-Packard Co. (a) 

 

1,200 

 

41,700 

International Business Machines Corp. (a) 

 

1,500 

 

137,475 

NCR Corp.* (a) 

 

2,700 

 

33,885 

QLogic Corp.* (a) 

 

5,800 

 

65,656 

Western Digital Corp.* (a) 

 

7,000 

 

102,760 

 

**381,476**

**Electronic Equipment, Instruments & Components 0.4%**

 
Celestica, Inc.* (a) 

 

6,100 

 

26,230 

SYNNEX Corp.* (a) 

 

500 

 

7,675 

 

**33,905**

**IT Services 2.0%**

 
Accenture Ltd. "A" (a) 

 

1,100 

 

34,716 

Computer Sciences Corp.* (a) 

 

3,000 

 

110,520 

SAIC, Inc.* (a) 

 

1,000 

 

19,740 

 

**164,976**

**Semiconductors & Semiconductor Equipment 1.0%**

 
Skyworks Solutions, Inc.* (a) 

 

19,900 

 

**85,968**

**Software 1.5%**

 
Sybase, Inc.* (a) 

 

3,600 

 

98,316 

Symantec Corp.* (a) 

 

1,800 

 

27,594 

 

**125,910**

**Materials 6.4%**

 
**Chemicals 3.4%**

 
A. Schulman, Inc. (a) 

 

5,400 

 

81,810 

CF Industries Holdings, Inc. (a) 

 

700 

 

32,900 

Innophos Holdings, Inc. (a) 

 

5,800 

 

87,754 

Terra Industries, Inc. (a) 

 

4,100 

 

83,968 

 

**286,432**

**Metals & Mining 2.1%**

 
Compass Minerals International, Inc. (a) 

 

1,600 

 

96,272 

Rio Tinto PLC (ADR) (a) 

 

900 

 

78,075 

 

**174,347**

**Paper & Forest Products 0.9%**

 
International Paper Co. (a) 

 

7,900 

 

**72,048**

**Telecommunication Services 4.1%**

 
**Diversified Telecommunication Services 3.2%**

 
AT&T, Inc. (a) 

 

4,300 

 

105,866 

Verizon Communications, Inc. (a) 

 

5,000 

 

149,350 

 

 

 

Windstream Corp. (a) 

 

1,400 

 

12,152 

 

**267,368**

**Wireless Telecommunication Services 0.9%**

 
USA Mobility, Inc.* (a) 

 

7,500 

 

**79,275**

**Utilities 3.2%**

 
**Electric Utilities 1.3%**

 
Edison International (a) 

 

3,400 

 

**110,738**

**Multi-Utilities 1.9%**

 
Dominion Resources, Inc. (a) 

 

3,800 

 

133,684 

PG&E Corp. (a) 

 

700 

 

27,069 

 

**160,753**

**Total Common Stocks** (Cost $11,982,265)

 

**9,580,060**

 

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

 

**Value ($)**

 

**Government & Agency Obligation 0.7%**

 
**US Treasury Obligation**

 
US Treasury Bill, 0.13% **, 6/11/2009 (b) (Cost $61,971)

 

62,000

 

**61,943**

 

**Shares**

 

**Value ($)**

 

**Cash Equivalents 4.4%**

 
Cash Management QP Trust, 1.12% (c)(Cost $364,665)

 

 

364,665

 

**364,665**

 

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

 

**Value ($)**

**Total Long Positions** (Cost $12,408,901) †

119.7

 

**10,006,668**

**Other Assets and Liabilities, Net**

(0.2)

 

**(16,359)**

**Securities Sold Short**

(19.5)

 

**(1,633,165)**

**Net Assets**

100.0

 

**8,357,144**

*†*

*The cost for federal income tax purposes was $12,536,969.  At January 31, 2009, net unrealized depreciation for all securities based on tax cost was $2,530,301.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $289,324 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $2,819,625.*

 

**Shares**

 

**Value ($)**

 

**Common Stocks Sold Short 19.5%**

 
**Consumer Discretionary 3.7%**

 
**Auto Components 1.9%**

 
American Axle & Manufacturing Holdings, Inc.  

 

6,200 

 

6,758 

Cooper Tire & Rubber Co.  

 

15,400 

 

71,918 

Goodyear Tire & Rubber Co.  

 

13,200 

 

81,444 

 

**160,120**

**Hotels Restaurants & Leisure 0.0%**

 
Orient-Express Hotels Ltd. "A"  

 

400 

 

**2,528**

**Household Durables 0.5%**

 
KB HOME  

 

800 

 

8,536 

Lennar Corp. "A"  

 

4,400 

 

33,836 

 

**42,372**

**Specialty Retail 1.3%**

 
AnnTaylor Stores Corp.  

 

2,100 

 

10,332 

 

 

 

Chico's FAS, Inc.  

 

24,600 

 

97,416 

 

**107,748**

**Energy 6.8%**

 
**Energy Equipment & Services 4.1%**

 
Atwood Oceanics, Inc.  

 

2,000 

 

33,300 

Global Industries Ltd.  

 

23,000 

 

79,350 

Helix Energy Solutions Group, Inc.  

 

400 

 

2,060 

Hercules Offshore, Inc.  

 

14,900 

 

55,428 

Pride International, Inc.  

 

5,200 

 

83,824 

Weatherford International Ltd.  

 

7,600 

 

83,828 

 

**337,790**

**Oil, Gas & Consumable Fuels 2.7%**

 
CONSOL Energy, Inc.  

 

2,400 

 

65,424 

Frontier Oil Corp.  

 

3,400 

 

48,552 

Petrohawk Energy Corp.  

 

1,000 

 

19,710 

Range Resources Corp.  

 

2,300 

 

82,432 

Tesoro Corp.  

 

700 

 

12,061 

 

**228,179**

**Financials 1.1%**

 
**Commercial Banks 0.2%**

 
KeyCorp.

 

1,600 

 

11,648 

Sterling Financial Corp.  

 

800 

 

1,480 

 

**13,128**

**Diversified Financial Services 0.9%**

 
Moody's Corp.  

 

3,700 

 

**79,254**

**Health Care 1.3%**

 
**Pharmaceuticals**

Mylan, Inc.  

 

9,800 

 

**111,034**

**Industrials 2.3%**

 
**Airlines 1.7%**

 
AirTran Holdings, Inc.  

 

23,700 

 

97,170 

UAL Corp.  

 

4,300 

 

40,592 

 

**137,762**

**Building Products 0.5%**

 
USG Corp.  

 

7,000 

 

**45,570**

**Professional Services 0.1%**

 
Volt Information Sciences, Inc.  

 

900 

 

**4,797**

**Information Technology 1.8%**

 
**IT Services 0.5%**

 
Fidelity National Information Services, Inc.  

 

2,400 

 

**38,184**

**Semiconductors & Semiconductor Equipment 0.5%**

 
NVIDIA Corp.  

 

5,200 

 

**41,340**

**Software 0.8%**

 
THQ, Inc.  

 

17,700 

 

**69,915**

**Materials 1.8%**

 
**Metals & Mining**

Alcoa, Inc.  

 

6,600 

 

51,414 

Commercial Metals Co.  

 

8,700 

 

100,050 

 

 

 

 

**151,464**

 

 

 

**Utilities 0.7%**

 
**Independent Power Producers & Energy Traders**

Ormat Technologies, Inc.  

 

2,000 

 

**61,980**

**Total Common Stocks Sold Short** (Proceeds $2,235,792)

 

**1,633,165**

 

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

***

*Non-income producing security.*

****

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

*(a)*

*Securities are pledged, in whole or in part, as collateral for short sales.*

*(b)*

*At January 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.*

*ADR: American Depositary Receipt*

*REIT: Real Estate Investment Trust*

 

*At January 31, 2009, open futures contracts purchased were as follows:*

**Futures**

 

**Expiration****Date**

 

**Contracts**

 

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

 

**Value ($)**

 

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

 

S&P 500 E-Mini Index 

 

3/20/2009 

 

10 

 

439,604 

 

411,250 

 

**(28,354)**

 
 

***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 January 31, 2009 in valuing the Fund's investments. Please see below for information on the Fund’s policy regarding valuation inputs, and their aggregate levels used in the table below:*

 

**Valuation Inputs**

**Investments in  Securities, at Value**

**Investments Sold Short, at Value**

**Other Financial Instruments***††*

Level 1 

$                9,580,060

**$**1,633,165

$                 (28,354)

Level 2 

426,608                                       

-   

-   

Level 3 

-   

-   

-   

**Total**

**$               10,006,668**

**$                1,633,165**

**$                (28,354)**

 

*†† Other financial instruments are derivative instruments not reflected in the Investment Portfolio, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.*

 

 

 

**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 Disciplined Long/Short Value Fund, a series of DWS Equity Trust

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

March 23, 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 Disciplined Long/Short Value Fund, a series of DWS Equity Trust

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

March 23, 2009

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        March 23, 2009

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