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 Growth Fund**

 

 

|   | **Shares**                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | **Value ($)** |
|--------|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|        |
|   | **Long Positions 117.7%** |  
**Common Stocks 110.3%**

 
**Consumer Discretionary 13.6%**

 
**Auto Components 1.3%**

 
Johnson Controls, Inc. (a) 

 

2,700 

 

33,777 

WABCO Holdings, Inc. (a) 

 

4,300 

 

64,285 

 

**98,062**

**Distributors 0.9%**

 
Genuine Parts Co. (a) 

 

2,100 

 

**67,242**

**Hotels Restaurants & Leisure 3.6%**

 
McDonald's Corp. (a) 

 

3,100 

 

179,862 

 

 

 

Yum! Brands, Inc. (a) 

 

3,000 

 

85,860 

 

**265,722**

**Household Durables 0.7%**

 
Harman International Industries, Inc. (a) 

 

2,500 

 

40,225 

Ryland Group, Inc. (a) 

 

800 

 

12,480 

 

**52,705**

**Internet & Catalog Retail 0.6%**

 
Amazon.com, Inc.* (a) 

 

800 

 

**47,056**

**Leisure Equipment & Products 0.7%**

 
Hasbro, Inc. (a) 

 

2,100 

 

**50,673**

**Media 3.4%**

 
Comcast Corp. "A" (a) 

 

3,700 

 

54,205 

DISH Network Corp. "A"* (a) 

 

5,300 

 

68,052 

Interpublic Group of Companies, Inc.* (a) 

 

8,900 

 

29,637 

McGraw-Hill Companies, Inc. (a) 

 

1,900 

 

41,781 

The DIRECTV Group, Inc.* (a) 

 

2,700 

 

59,130 

 

**252,805**

**Specialty Retail 2.4%**

 
Children's Place Retail Stores, Inc.* (a) 

 

2,400 

 

45,144 

GameStop Corp. "A"* (a) 

 

2,100 

 

52,038 

Jo-Ann Stores, Inc.* (a) 

 

2,600 

 

33,202 

The Gap, Inc. (a) 

 

4,300 

 

48,504 

 

**178,888**

**Consumer Staples 8.5%**

 
**Beverages 1.0%**

 
Coca-Cola Enterprises, Inc. (a) 

 

3,300 

 

37,059 

PepsiCo, Inc. (a) 

 

700 

 

35,161 

 

**72,220**

**Food & Staples Retailing 2.3%**

 
CVS Caremark Corp. (a) 

 

400 

 

10,752 

Wal-Mart Stores, Inc. (a) 

 

3,400 

 

160,208 

 

**170,960**

**Food Products 1.6%**

 
Archer-Daniels-Midland Co. (a) 

 

2,600 

 

71,188 

Bunge Ltd. (a) 

 

1,200 

 

51,528 

 

**122,716**

**Household Products 1.8%**

 
Colgate-Palmolive Co. (a) 

 

1,600 

 

104,064 

Procter & Gamble Co. (a) 

 

600 

 

32,700 

 

**136,764**

**Personal Products 0.6%**

 
Herbalife Ltd. (a) 

 

2,300 

 

**47,173**

**Tobacco 1.2%**

 
Altria Group, Inc. (a) 

 

2,500 

 

41,350 

Lorillard, Inc. (a) 

 

800 

 

47,568 

 

**88,918**

**Energy 11.6%**

 
**Energy Equipment & Services 2.2%**

 
Diamond Offshore Drilling, Inc. (a) 

 

900 

 

56,484 

Noble Corp. (a) 

 

2,300 

 

62,445 

 

 

 

Oil States International, Inc.* (a) 

 

2,500 

 

45,775 

 

**164,704**

**Oil, Gas & Consumable Fuels 9.4%**

 
Chevron Corp. (a) 

 

1,500 

 

105,780 

Cimarex Energy Co. (a) 

 

1,400 

 

34,776 

Devon Energy Corp. (a) 

 

600 

 

36,960 

Encore Acquisition Co.* (a) 

 

1,500 

 

40,770 

EOG Resources, Inc. (a) 

 

1,100 

 

74,547 

ExxonMobil Corp. (a) 

 

1,700 

 

130,016 

Murphy Oil Corp. (a) 

 

1,200 

 

53,016 

Occidental Petroleum Corp. (a) 

 

1,000 

 

54,550 

Southwestern Energy Co.* (a) 

 

1,700 

 

53,805 

Sunoco, Inc. (a) 

 

1,700 

 

78,744 

W&T Offshore, Inc. (a) 

 

3,100 

 

38,967 

 

**701,931**

**Financials 6.2%**

 
**Capital Markets 1.4%**

 
Charles Schwab Corp. (a) 

 

5,000 

 

67,950 

State Street Corp. (a) 

 

1,500 

 

34,905 

 

**102,855**

**Commercial Banks 0.8%**

 
HSBC Holdings PLC (ADR) (Registered) 

 

21 

 

816 

Wells Fargo & Co. (a) 

 

3,300 

 

62,370 

 

**63,186**

**Diversified Financial Services 2.4%**

 
Citigroup, Inc. (a) 

 

7,900 

 

28,045 

IntercontinentalExchange, Inc.* (a) 

 

800 

 

45,544 

JPMorgan Chase & Co. (a) 

 

4,000 

 

102,040 

 

**175,629**

**Insurance 1.6%**

 
ACE Ltd. (a) 

 

1,800 

 

78,588 

First American Corp. (a) 

 

1,700 

 

37,128 

 

**115,716**

**Real Estate Investment Trusts 0.0%**

 
Apartment Investment & Management Co. "A" (REIT)  

 

282 

 

**2,507**

**Health Care 23.9%**

 
**Biotechnology 7.5%**

 
Amgen, Inc.* (a) 

 

1,100 

 

60,335 

Celgene Corp.* (a) 

 

1,300 

 

68,835 

Cephalon, Inc.* (a) 

 

700 

 

54,026 

Cubist Pharmaceuticals, Inc.* (a) 

 

2,000 

 

42,820 

CV Therapeutics, Inc.* (a) 

 

4,200 

 

65,730 

Gilead Sciences, Inc.* (a) 

 

4,500 

 

228,465 

PDL BioPharma, Inc. (a) 

 

6,700 

 

43,014 

 

**563,225**

**Health Care Equipment & Supplies 5.6%**

 
Baxter International, Inc. (a) 

 

1,500 

 

87,975 

Becton, Dickinson & Co. (a) 

 

500 

 

36,335 

C.R. Bard, Inc. (a) 

 

1,000 

 

85,570 

Gen-Probe, Inc.* (a) 

 

1,100 

 

49,522 

St. Jude Medical, Inc.* (a) 

 

2,300 

 

83,651 

Varian Medical Systems, Inc.* (a) 

 

2,000 

 

74,260 

 

**417,313**

 

 

 

**Health Care Providers & Services 4.8%**

 
Aetna, Inc. (a) 

 

2,700 

 

83,700 

AmerisourceBergen Corp. (a) 

 

1,800 

 

65,376 

Express Scripts, Inc.* (a) 

 

2,400 

 

129,024 

Owens & Minor, Inc. (a) 

 

2,000 

 

79,540 

 

**357,640**

**Pharmaceuticals 6.0%**

 
Abbott Laboratories (a) 

 

2,700 

 

149,688 

Eli Lilly & Co. (a) 

 

2,000 

 

73,640 

Johnson & Johnson (a) 

 

1,600 

 

92,304 

Merck & Co., Inc. (a) 

 

1,200 

 

34,260 

Pfizer, Inc. (a) 

 

2,200 

 

32,076 

Sanofi-Aventis (ADR) (a) 

 

1,400 

 

39,438 

Teva Pharmaceutical Industries Ltd. (ADR) (a) 

 

600 

 

24,870 

 

**446,276**

**Industrials 13.0%**

 
**Aerospace & Defense 2.9%**

 
General Dynamics Corp. (a) 

 

1,500 

 

85,095 

Raytheon Co. (a) 

 

1,200 

 

60,744 

United Technologies Corp. (a) 

 

1,500 

 

71,985 

 

**217,824**

**Airlines 0.7%**

 
AMR Corp.* (a) 

 

4,300 

 

25,542 

Delta Air Lines, Inc.* (a) 

 

3,900 

 

26,910 

 

**52,452**

**Commercial Services & Supplies 0.7%**

 
The Brink's Co. (a) 

 

2,000 

 

**52,860**

**Construction & Engineering 2.4%**

 
Chicago Bridge & Iron Co. NV (NY Registered Shares) (a) 

 

5,400 

 

60,804 

Fluor Corp. (a) 

 

1,800 

 

70,020 

Shaw Group, Inc.* (a) 

 

1,800 

 

50,040 

 

**180,864**

**Electrical Equipment 0.8%**

 
ABB Ltd. (ADR) (a) 

 

4,200 

 

**54,810**

**Machinery 2.7%**

 
Flowserve Corp. (a) 

 

1,400 

 

74,634 

Gardner Denver, Inc.* (a) 

 

2,700 

 

58,779 

John Bean Technologies Corp. (a) 

 

4,600 

 

44,620 

Oshkosh Corp. (a) 

 

3,400 

 

24,548 

 

**202,581**

**Professional Services 0.5%**

 
Manpower, Inc. (a) 

 

1,400 

 

**39,844**

**Road & Rail 2.3%**

 
Burlington Northern Santa Fe Corp. (a) 

 

700 

 

46,375 

J.B. Hunt Transport Services, Inc. (a) 

 

2,300 

 

51,221 

Norfolk Southern Corp. (a) 

 

1,900 

 

72,884 

 

**170,480**

**Information Technology 25.0%**

 
**Communications Equipment 3.8%**

 
Cisco Systems, Inc.* (a) 

 

7,300 

 

109,281 

QUALCOMM, Inc. (a) 

 

1,700 

 

58,735 

Research In Motion Ltd.* (a) 

 

1,300 

 

72,020 

 

 

 

Riverbed Technology, Inc.* (a) 

 

4,200 

 

42,630 

 

**282,666**

**Computers & Peripherals 6.9%**

 
Apple, Inc.* (a) 

 

1,600 

 

144,208 

EMC Corp.* (a) 

 

5,800 

 

64,032 

Hewlett-Packard Co. (a) 

 

3,300 

 

114,675 

International Business Machines Corp. (a) 

 

600 

 

54,990 

Lexmark International, Inc. "A"* (a) 

 

2,200 

 

52,096 

NCR Corp.* (a) 

 

3,400 

 

42,670 

QLogic Corp.* (a) 

 

4,200 

 

47,544 

 

**520,215**

**Electronic Equipment, Instruments & Components 0.6%**

 
Benchmark Electronics, Inc.* (a) 

 

3,700 

 

**43,438**

**Internet Software & Services 2.8%**

 
Akamai Technologies, Inc.*  

 

1,500 

 

20,220 

Google, Inc. "A"* (a) 

 

500 

 

169,265 

Yahoo!, Inc.* (a) 

 

1,500 

 

17,595 

 

**207,080**

**IT Services 4.3%**

 
Automatic Data Processing, Inc. (a) 

 

2,100 

 

76,293 

Computer Sciences Corp.* (a) 

 

2,100 

 

77,364 

CSG Systems International, Inc.* (a) 

 

2,600 

 

37,700 

Gartner, Inc.* (a) 

 

2,800 

 

39,648 

SAIC, Inc.* (a) 

 

3,900 

 

76,986 

Satyam Computer Services Ltd. (ADR) (a) 

 

5,900 

 

11,210 

 

**319,201**

**Semiconductors & Semiconductor Equipment 3.5%**

 
Altera Corp. (a) 

 

2,700 

 

41,526 

Broadcom Corp. "A"* (a) 

 

3,300 

 

52,305 

Intel Corp. (a) 

 

6,000 

 

77,400 

Linear Technology Corp. (a) 

 

4,000 

 

93,680 

 

**264,911**

**Software 3.1%**

 
Adobe Systems, Inc.* (a) 

 

3,200 

 

61,792 

Microsoft Corp. (a) 

 

6,100 

 

104,310 

Oracle Corp.* (a) 

 

600 

 

10,098 

Tyler Technologies, Inc.* (a) 

 

4,300 

 

54,137 

 

**230,337**

**Materials 4.7%**

 
**Chemicals 4.1%**

 
Ashland, Inc. (a) 

 

4,400 

 

35,288 

Monsanto Co. (a) 

 

2,100 

 

159,726 

Terra Industries, Inc. (a) 

 

3,700 

 

75,776 

The Mosaic Co. (a) 

 

1,100 

 

39,237 

 

**310,027**

**Metals & Mining 0.6%**

 
BHP Billiton Ltd. (ADR)* (a) 

 

1,100 

 

**41,294**

**Telecommunication Services 1.6%**

 
**Diversified Telecommunication Services 1.1%**

 
Verizon Communications, Inc. (a) 

 

2,700 

 

**80,649**

**Wireless Telecommunication Services 0.5%**

 
America Movil SAB de CV "L" (ADR) (a) 

 

1,300 

 

**37,063**

 

 

 

**Utilities 2.2%**

 
**Gas Utilities 1.4%**

 
Atmos Energy Corp. (a) 

 

2,500 

 

61,375 

UGI Corp. (a) 

 

1,800 

 

45,666 

 

**107,041**

**Independent Power Producers & Energy Traders 0.8%**

 
Mirant Corp.* (a) 

 

3,400 

 

**58,378**

**Total Common Stocks** (Cost $9,715,804)

 

**8,236,901**

 

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

 

**Value ($)**

 

**Government & Agency Obligation 1.2%**

 
**US Treasury Obligation**

 
US Treasury Bill, 0.13% **, 6/11/2009 (b) (Cost $91,957)

 

 

92,000 

 

**91,915**

 

**Shares**

 

**Value ($)**

 

**Cash Equivalents 6.2%**

 
Cash Management QP Trust, 1.12% (c)(Cost $461,071)

 

 

461,071

 

**461,071**

 

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

 

**Value ($)**

**Total Long Positions** (Cost $10,268,832) †

117.7

 

**8,789,887**

**Other Assets and Liabilities, Net**

0.2

 

**13,198**

**Securities Sold Short**

(17.9)

 

**(1,336,432)**

**Net Assets**

100.0

 

**7,466,653**

*†*

*The cost for federal income tax purposes was $10,397,909.  At January 31, 2009, net unrealized depreciation for all securities based on tax cost was $1,608,022.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $217,025 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,825,047.*

 

**Shares**

 

**Value ($)**

 

**Common Stocks Sold Short 17.9%**

 
**Consumer Discretionary 1.6%**

 
**Auto Components 0.4%**

 
Goodyear Tire & Rubber Co. 

 

800 

 

4,936 

Magna International, Inc. "A"  

 

800 

 

22,264 

 

**27,200**

**Automobiles 0.2%**

 
Toyota Motor Corp. (ADR)  

 

300 

 

**19,053**

**Distributors 0.3%**

 
LKQ Corp.

 

1,700 

 

**19,635**

**Diversified Consumer Services 0.1%**

 
K12, Inc. 

 

600 

 

**9,582**

**Hotels Restaurants & Leisure 0.2%**

 
Ctrip.com International Ltd. (ADR)  

 

300 

 

6,297 

International Speedway Corp. "A"  

 

200 

 

4,656 

Starwood Hotels & Resorts Worldwide, Inc.  

 

400 

 

6,048 

 

**17,001**

 

 

 

**Internet & Catalog Retail 0.0%**

 
Gaiam, Inc. "A"

 

700 

 

**2,499**

**Media 0.2%**

 
Clear Channel Outdoor Holdings, Inc. "A" 

 

1,800 

 

9,324 

CTC Media, Inc.  

 

900 

 

3,105 

 

**12,429**

**Specialty Retail 0.2%**

 
O'Reilly Automotive, Inc.  

 

400 

 

**11,628**

**Consumer Staples 1.2%**

 
**Beverages 0.1%**

 
Central European Distribution Corp.  

 

700 

 

**8,470**

**Food & Staples Retailing 0.5%**

 
United Natural Foods, Inc.  

 

1,800 

 

27,972 

Wal-Mart de Mexico SAB de CV "V" (ADR)  

 

300 

 

6,210 

 

**34,182**

**Food Products 0.3%**

 
Ralcorp Holdings, Inc.  

 

400 

 

**23,688**

**Household Products 0.3%**

 
Energizer Holdings, Inc.  

 

500 

 

**23,815**

**Energy 3.7%**

 
**Energy Equipment & Services 0.9%**

 
Atwood Oceanics, Inc.

 

1,100 

 

18,315 

Pride International, Inc.  

 

1,000 

 

16,120 

Smith International, Inc.  

 

300 

 

6,810 

Weatherford International Ltd.  

 

1,900 

 

20,957 

 

**62,202**

**Oil, Gas & Consumable Fuels 2.8%**

 
Cabot Oil & Gas Corp.  

 

1,500 

 

41,235 

Concho Resources, Inc.  

 

100 

 

2,522 

Frontier Oil Corp.  

 

1,800 

 

25,704 

Goodrich Petroleum Corp.  

 

1,400 

 

40,460 

Marathon Oil Corp.  

 

100 

 

2,723 

Penn Virginia Corp.  

 

400 

 

8,240 

Petrohawk Energy Corp.  

 

800 

 

15,768 

Quicksilver Resources, Inc.  

 

2,800 

 

19,404 

Range Resources Corp.  

 

300 

 

10,752 

Spectra Energy Corp.  

 

500 

 

7,255 

XTO Energy, Inc.  

 

1,000 

 

37,090 

 

**211,153**

**Financials 0.0%**

 
**Insurance**

Loews Corp.  

 

100 

 

**2,440**

**Health Care 4.1%**

 
**Biotechnology 1.0%**

 
Acorda Therapeutics, Inc.  

 

500 

 

12,265 

Arena Pharmaceuticals, Inc.  

 

900 

 

3,726 

BioMarin Pharmaceutical, Inc.  

 

1,500 

 

28,890 

Progenics Pharmaceuticals, Inc.  

 

900 

 

6,561 

Rigel Pharmaceuticals, Inc.  

 

1,000 

 

6,990 

United Therapeutics Corp.  

 

200 

 

13,590 

 

**72,022**

 

 

 

**Health Care Equipment & Supplies 1.6%**

 
Hologic, Inc. 

 

1,000 

 

11,790 

Inverness Medical Innovations, Inc. 

 

300 

 

7,341 

NuVasive, Inc. 

 

300 

 

11,202 

Teleflex, Inc.  

 

700 

 

37,226 

The Cooper Companies, Inc.  

 

300 

 

5,691 

Wright Medical Group, Inc.  

 

2,400 

 

49,776 

 

**123,026**

**Life Sciences Tools & Services 0.4%**

 
AMAG Pharmaceuticals, Inc.  

 

800 

 

**28,200**

**Pharmaceuticals 1.1%**

 
Dr. Reddy's Laboratories Ltd. (ADR)  

 

1,700 

 

15,385 

Mylan, Inc.  

 

2,800 

 

31,724 

Salix Pharmaceuticals Ltd.  

 

400 

 

3,200 

XenoPort, Inc.  

 

1,300 

 

33,956 

 

**84,265**

**Industrials 2.2%**

 
**Aerospace & Defense 0.3%**

 
Boeing Co.  

 

500 

 

**21,155**

**Commercial Services & Supplies 0.1%**

 
United Stationers, Inc.  

 

300 

 

**8,403**

**Machinery 1.7%**

 
Eaton Corp.  

 

800 

 

35,216 

Ingersoll-Rand Co., Ltd. "A"  

 

2,900 

 

47,009 

Kaydon Corp.  

 

400 

 

10,880 

PACCAR, Inc.  

 

1,300 

 

34,307 

 

**127,412**

**Road & Rail 0.1%**

 
Con-way, Inc.  

 

500 

 

**11,015**

**Information Technology 3.2%**

 
**Communications Equipment 0.3%**

 
Corning, Inc.  

 

300 

 

3,033 

Motorola, Inc.  

 

3,800 

 

16,834 

 

**19,867**

**Electronic Equipment, Instruments & Components 0.1%**

 
Rofin-Sinar Technologies, Inc.  

 

400 

 

**6,756**

**IT Services 0.8%**

 
DST Systems, Inc.  

 

400 

 

12,708 

Fiserv, Inc.  

 

1,400 

 

44,450 

 

**57,158**

**Semiconductors & Semiconductor Equipment 0.5%**

 
Advanced Micro Devices, Inc.  

 

7,700 

 

16,863 

Cavium Networks, Inc.  

 

1,000 

 

9,100 

KLA-Tencor Corp.  

 

500 

 

10,020 

Rambus, Inc.

 

300 

 

2,718 

 

**38,701**

**Software 1.5%**

 
Macrovision Solutions Corp.

 

5,800 

 

76,038 

THQ, Inc.

 

10,100 

 

39,895 

 

**115,933**

 

 

 

**Materials 1.0%**

 
**Chemicals 0.1%**

 
Lubrizol Corp.  

 

100 

 

**3,412**

**Construction Materials 0.4%**

 
Eagle Materials, Inc.  

 

1,700 

 

**30,736**

**Metals & Mining 0.5%**

 
Alcoa, Inc.  

 

5,000 

 

**38,950**

**Telecommunication Services 0.2%**

 
**Diversified Telecommunication Services**

Cbeyond, Inc.  

 

800 

 

**12,592**

**Utilities 0.7%**

 
**Gas Utilities 0.3%**

 
EQT Corp.  

 

700 

 

**23,961**

**Independent Power Producers & Energy Traders 0.4%**

 
Ormat Technologies, Inc.  

 

900 

 

**27,891**

**Total Common Stocks Sold Short** (Proceeds $1,492,188)

 

**1,336,432**

 

*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 

 

6 

 

265,594 

 

246,750 

 

**(18,844)**

 
 

 

 

 

 

 

 

***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 

$               8,236,901

$               1,336,432   

$                 (18,844)

Level 2 

552,986                                       

-   

-   

Level 3 

-   

-   

-   

**Total**

**$               8,789,887**

**$              1,336,432**

**$                (18,844)**

 

*†† 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 Growth 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 Growth 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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