UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF        REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

**_______________________________**

Investment Company Act file number        811-08599

DWS        Equity Trust

(Exact name of registrant as specified in        charter)

 

222        South Riverside Plaza

Chicago, IL 60606

(Address of principal executive offices)                    (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY 10154

(Name and address of agent for        service)

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

Date of fiscal year end:04/30

Date of reporting        period:01/31/08

 

ITEM 1.        SCHEDULE OF INVESTMENTS

| Investment Portfolio | **as of January 31, 2008 (Unaudited)** |
|----------------------|----------------------------------------|

         

 

**DWS        Disciplined Long/Short Value Fund**

|                                                             | **Shares**  |   | **Value                        ($)** |
|------------------------------------------------------------------|-------------|--------|--------------------------------------|
|                                                                  |
| **Long Positions 123.2%**                                        |        |
| **Common Stocks 122.2%**                                         |        |
| **Consumer Discretionary 9.4%**                                  |        |
| **Auto Components                        0.4%**                  |        |
| Autoliv, Inc. (a)                                                |        | 1,400  |                                 | **69,930** |
| **Automobiles                        1.2%**                      |        |
| Ford Motor Co.* (a)                                              |        | 32,100 |                                 | **213,144** |
| **Hotels Restaurants & Leisure                        2.6%** |        |
| McDonald's Corp. (a)                                             |        | 5,700  |                                 | 305,235 |
| Yum! Brands, Inc. (a)                                            |        | 4,500  |                                 | 153,720 |
|                                                                  |
|                                                             | **458,955** |
|                                                                  |             |        |                                      |  |  |  |

| **Household Durables                        0.9%**               |          |
|------------------------------------------------------------------|---------------|
| Garmin Ltd. (a)                                                  |          | 1,200 |   | 86,580 |
| NVR, Inc.* (a)                                                   |          | 100 |   | 63,150 |
|                                                                  |
|                                                             | **149,730**   |
| **Media 2.2%**                                                   |          |
| Liberty Global, Inc. "A"* (a)                                    |          | 4,700 |   | 189,927 |
| The DIRECTV Group, Inc.* (a)                                     |          | 7,900 |   | 178,382 |
| Walt Disney Co.                                                  |          | 700 |   | 20,951 |
|                                                                  |
|                                                             | **389,260**   |
| **Specialty Retail                        2.1%**                 |          |
| Best Buy Co., Inc.                                               |          | 3,600 |   | 175,716 |
| RadioShack Corp. (a)                                             |          | 10,500 |   | 182,175 |
|                                                                  |
|                                                             | **357,891**   |
| **Consumer Staples 7.3%**                                        |          |
| **Beverages                        2.4%**                        |          |
| Anheuser-Busch Companies, Inc. (a)                               |          | 4,200 |   | 195,384 |
| Coca-Cola Enterprises, Inc. (a)                                  |          | 300 |   | 6,921 |
| Pepsi Bottling Group, Inc. (a)                                   |          | 4,400 |   | 153,340 |
| PepsiAmericas, Inc. (a)                                          |          | 2,300 |   | 56,672 |
|                                                                  |
|                                                             | **412,317**   |
| **Food & Staples Retailing                        1.3%**     |          |
| Safeway, Inc.                                                    |          | 6,400 |   | 198,336 |
| SUPERVALU, Inc. (a)                                              |          | 1,300 |   | 39,078 |
|                                                                  |
|                                                             | **237,414**   |
| **Household Products                        1.5%**               |          |
| Kimberly-Clark Corp. (a)                                         |          | 1,400 |   | 91,910 |
| Procter & Gamble Co. (a)                                     |          | 2,500 |   | 164,875 |
|                                                                  |
|                                                             | **256,785**   |
| **Personal Products                        1.0%**                |          |
| Herbalife Ltd. (a)                                               |          | 4,300 |   | **170,624** |
| **Tobacco                        1.1%**                          |          |
| Altria Group, Inc. (a)                                           |          | 2,600 |   | **197,132** |
| **Energy 24.6%**                                                 |          |
| **Energy Equipment & Services                        1.6%**  |          |
| Global Industries Ltd.* (a)                                      |          | 6,400 |   | 113,024 |
| Transocean, Inc.* (a)                                            |          | 1,379 |   | 169,065 |
|                                                                  |
|                                                             | **282,089**   |
| **Oil, Gas & Consumable Fuels                        23.0%** |          |
| Apache Corp.                                                     |          | 2,700 |   | 257,688 |
| Chevron Corp. (a)                                                |          | 6,400 |   | 540,800 |
| ConocoPhillips (a)                                               |          | 6,600 |   | 530,112 |
| ExxonMobil Corp. (a)                                             |          | 13,700 |   | 1,183,680 |
| Foundation Coal Holdings, Inc.                                   |          | 3,700 |   | 193,510 |
| Frontline Ltd.                                                   |          | 4,500 |   | 191,565 |
| Hess Corp. (a)                                                   |          | 3,000 |   | 272,490 |
| Marathon Oil Corp. (a)                                           |          | 5,500 |   | 257,675 |
| Occidental Petroleum Corp.                                       |          | 400 |   | 27,148 |
| Spectra Energy Corp. (a)                                         |          | 9,000 |   | 205,560 |
| St. Mary Land & Exploration Co.                              |          | 5,200 |   | 183,196 |
| W&T Offshore, Inc.                                           |          | 6,000 |   | 169,740 |
|                                                                  |
|                                                             | **4,013,164** |
|                                                                  |               |  |  |  |  |

| **Financials 27.7%**                                                            |          |
|---------------------------------------------------------------------------------|---------------|
| **Capital Markets                        7.6%**                                 |          |
| Ameriprise Financial, Inc. (a)                                                  |          | 4,000 |   | 221,240 |
| Bank of New York Mellon Corp. (a)                                               |          | 5,600 |   | 261,128 |
| Lazard Ltd. "A" (a)                                                             |          | 4,100 |   | 162,032 |
| Northern Trust Corp.                                                            |          | 2,500 |   | 183,400 |
| TD Ameritrade Holding Corp.*                                                    |          | 10,100 |   | 189,476 |
| The Goldman Sachs Group, Inc. (a)                                               |          | 1,500 |   | 301,155 |
|                                                                                 |
|                                                                            | **1,318,431** |
| **Commercial Banks                        6.8%**                                |          |
| PNC Financial Services Group, Inc. (a)                                          |          | 3,700 |   | 242,794 |
| SunTrust Banks, Inc. (a)                                                        |          | 3,800 |   | 262,010 |
| Wachovia Corp. (a)                                                              |          | 8,500 |   | 330,905 |
| Wells Fargo & Co. (a)                                                       |          | 10,400 |   | 353,704 |
|                                                                                 |
|                                                                            | **1,189,413** |
| **Diversified Financial Services                        4.6%**                  |          |
| Bank of America Corp. (a)                                                       |          | 5,900 |   | 261,665 |
| Citigroup, Inc. (a)                                                             |          | 8,000 |   | 225,760 |
| JPMorgan Chase & Co. (a)                                                    |          | 3,500 |   | 166,425 |
| Nasdaq Stock Market, Inc.*                                                      |          | 3,400 |   | 157,318 |
|                                                                                 |
|                                                                            | **811,168**   |
| **Insurance                        6.6%**                                       |          |
| ACE Ltd.                                                                        |          | 3,600 |   | 210,024 |
| Allied World Assurance Co. Holdings Ltd.                                        |          | 2,400 |   | 114,312 |
| American International Group, Inc. (a)                                          |          | 1,500 |   | 82,740 |
| Hartford Financial Services Group, Inc. (a)                                     |          | 2,900 |   | 234,233 |
| MetLife, Inc. (a)                                                               |          | 4,100 |   | 241,777 |
| The Travelers Companies, Inc. (a)                                               |          | 5,400 |   | 259,740 |
|                                                                                 |
|                                                                            | **1,142,826** |
| **Real Estate Investment Trusts                        1.9%**                   |          |
| AMB Property Corp. (REIT) (a)                                                   |          | 700 |   | 35,420 |
| Apartment Investment & Management Co. "A" (REIT)                        (a) |          | 500 |   | 19,820 |
| Boston Properties, Inc. (REIT) (a)                                              |          | 200 |   | 18,384 |
| Equity Residential (REIT) (a)                                                   |          | 1,100 |   | 41,151 |
| Host Hotels & Resorts, Inc. (REIT) (a)                                      |          | 1,900 |   | 31,806 |
| iStar Financial, Inc. (REIT) (a)                                                |          | 1,600 |   | 42,688 |
| Kimco Realty Corp. (REIT) (a)                                                   |          | 400 |   | 14,324 |
| Mack-Cali Realty Corp. (REIT) (a)                                               |          | 500 |   | 17,760 |
| ProLogis (REIT) (a)                                                             |          | 500 |   | 29,675 |
| Public Storage (REIT) (a)                                                       |          | 300 |   | 23,475 |
| SL Green Realty Corp. (REIT) (a)                                                |          | 100 |   | 9,281 |
| Vornado Realty Trust (REIT) (a)                                                 |          | 600 |   | 54,240 |
|                                                                                 |
|                                                                            | **338,024**   |
| **Real Estate Management &                        Development 0.2%**        |          |
| The St. Joe Co.                                                                 |          | 900 |   | **34,938** |
| **Health Care 10.6%**                                                           |          |
| **Biotechnology                        1.2%**                                   |          |
| Amgen, Inc.* (a)                                                                |          | 4,600 |   | **214,314** |
| **Health Care Providers &                        Services 3.5%**            |          |
| Health Net, Inc.* (a)                                                           |          | 3,700 |   | 172,013 |
| Humana, Inc.* (a)                                                               |          | 2,400 |   | 192,720 |
| WellPoint, Inc.*                                                                |          | 3,000 |   | 234,600 |
|                                                                                 |
|                                                                            | **599,333**   |
|                                                                                 |               |  |  |  |  |

| **Pharmaceuticals                        5.9%**                              |          |
|------------------------------------------------------------------------------|---------------|
| Eli Lilly & Co. (a)                                                      |          | 1,800 |   | 92,736 |
| Johnson & Johnson (a)                                                    |          | 1,200 |   | 75,912 |
| Merck & Co., Inc. (a)                                                    |          | 1,300 |   | 60,164 |
| Pfizer, Inc. (a)                                                             |          | 25,400 |   | 594,106 |
| Sepracor, Inc.* (a)                                                          |          | 7,300 |   | 206,152 |
|                                                                              |
|                                                                         | **1,029,070** |
| **Industrials 12.7%**                                                        |          |
| **Aerospace & Defense                        0.1%**                      |          |
| General Dynamics Corp.                                                       |          | 100 |   | **8,446** |
| **Airlines                        0.9%**                                     |          |
| US Airways Group, Inc.* (a)                                                  |          | 11,800 |   | **162,958** |
| **Commercial Services &                        Supplies 2.1%**           |          |
| Allied Waste Industries, Inc.* (a)                                           |          | 16,900 |   | 166,465 |
| The Brink's Co. (a)                                                          |          | 3,300 |   | 200,079 |
|                                                                              |
|                                                                         | **366,544**   |
| **Construction & Engineering                        1.3%**               |          |
| Fluor Corp.                                                                  |          | 400 |   | 48,668 |
| Shaw Group, Inc.* (a)                                                        |          | 3,300 |   | 186,450 |
|                                                                              |
|                                                                         | **235,118**   |
| **Industrial Conglomerates                        4.8%**                     |          |
| General Electric Co. (a)                                                     |          | 18,700 |   | 662,167 |
| McDermott International, Inc.*                                               |          | 3,900 |   | 184,002 |
|                                                                              |
|                                                                         | **846,169**   |
| **Machinery                        2.2%**                                    |          |
| AGCO Corp.* (a)                                                              |          | 3,100 |   | 186,682 |
| Parker Hannifin Corp. (a)                                                    |          | 2,800 |   | 189,308 |
|                                                                              |
|                                                                         | **375,990**   |
| **Road & Rail                        1.3%**                              |          |
| CSX Corp.                                                                    |          | 700 |   | 33,936 |
| Kansas City Southern* (a)                                                    |          | 5,200 |   | 186,576 |
|                                                                              |
|                                                                         | **220,512**   |
| **Information Technology 11.1%**                                             |          |
| **Computers & Peripherals                        5.4%**                  |          |
| Apple, Inc.*                                                                 |          | 1,200 |   | 162,432 |
| Lexmark International, Inc. "A"* (a)                                         |          | 5,500 |   | 199,155 |
| Network Appliance, Inc.*                                                     |          | 8,300 |   | 192,726 |
| Seagate Technology                                                           |          | 9,500 |   | 192,565 |
| Sun Microsystems, Inc.* (a)                                                  |          | 10,900 |   | 190,750 |
|                                                                              |
|                                                                         | **937,628**   |
| **Electronic Equipment &                        Instruments 2.5%**       |          |
| Arrow Electronics, Inc.* (a)                                                 |          | 4,100 |   | 140,302 |
| Dolby Laboratories, Inc. "A"*                                                |          | 4,200 |   | 180,978 |
| Tech Data Corp.*                                                             |          | 3,300 |   | 113,454 |
|                                                                              |
|                                                                         | **434,734**   |
| **IT Services                        1.1%**                                  |          |
| Computer Sciences Corp.*                                                     |          | 4,800 |   | **203,136** |
| **Office Electronics                        0.1%**                           |          |
| Xerox Corp. (a)                                                              |          | 1,300 |   | **20,020** |
| **Semiconductors &                        Semiconductor Equipment 1.0%** |          |
| NVIDIA Corp.*                                                                |          | 7,000 |   | **172,130** |
|                                                                              |               |  |  |  |  |

| **Software                        1.0%**                                       |                                            |
|--------------------------------------------------------------------------------|-------------------------------------------------|
| Compuware Corp.* (a)                                                           |                                            | 20,500 |   | **174,250** |
| **Materials 7.1%**                                                             |                                            |
| **Containers & Packaging                        1.2%**                     |                                            |
| Owens-Illinois, Inc.*                                                          |                                            | 4,200 |   | **211,680** |
| **Metals & Mining                        5.9%**                            |                                            |
| AK Steel Holding Corp.*                                                        |                                            | 4,300 |   | 205,454 |
| Allegheny Technologies, Inc. (a)                                               |                                            | 2,500 |   | 176,000 |
| Commercial Metals Co. (a)                                                      |                                            | 5,000 |   | 141,750 |
| Nucor Corp. (a)                                                                |                                            | 1,800 |   | 104,040 |
| Steel Dynamics, Inc.                                                           |                                            | 3,800 |   | 198,170 |
| United States Steel Corp.                                                      |                                            | 1,900 |   | 194,009 |
|                                                                                |
|                                                                           | **1,019,423**                                   |
| **Telecommunication Services 7.1%**                                            |                                            |
| **Diversified Telecommunication                        Services 6.2%**         |                                            |
| AT&T, Inc. (a)                                                             |                                            | 11,500 |   | 442,635 |
| Embarq Corp. (a)                                                               |                                            | 4,100 |   | 185,730 |
| Verizon Communications, Inc. (a)                                               |                                            | 12,000 |   | 466,080 |
|                                                                                |
|                                                                           | **1,094,445**                                   |
| **Wireless Telecommunication                        Services 0.9%**            |                                            |
| Telephone & Data Systems, Inc. (a)                                         |                                            | 2,900 |   | **152,946** |
| **Utilities 4.6%**                                                             |                                            |
| **Electric Utilities                        2.8%**                             |                                            |
| American Electric Power Co., Inc. (a)                                          |                                            | 2,000 |   | 85,660 |
| Edison International (a)                                                       |                                            | 4,200 |   | 219,072 |
| Entergy Corp. (a)                                                              |                                            | 1,700 |   | 183,906 |
|                                                                                |
|                                                                           | **488,638**                                     |
| **Multi-Utilities                        1.8%**                                |                                            |
| Dominion Resources, Inc.                                                       |                                            | 2,700 |   | 116,100 |
| Sempra Energy (a)                                                              |                                            | 3,700 |   | 206,830 |
|                                                                                |
|                                                                           | **322,930**                                     |
|                                                                                |
| **Total Common Stocks**(Cost                        $21,795,228)               |                                            | **21,333,649** |
|                                                                           | **Principal                        Amount ($)** |   | **Value                        ($)** |
|                                                                                |
| **Government & Agency Obligation 0.2%**                                    |                                            |
| **US Treasury Obligation**                                                     |                                            |
| US Treasury Bill, 2.22%**, 4/17/2008 (b) (Cost                        $39,813) |                                            | 40,000 |   | **39,843** |
|                                                                           | **Shares**                                      |   | **Value                        ($)** |
|                                                                                |
| **Cash Equivalents 0.8%**                                                      |                                            |
| Cash Management QP Trust, 4.52% (c)(Cost $133,458)                             |                                            |   | 133,458 |   | **133,458** |
|                                                                                |                                                 |  |  |  |  |  |  |  |

|                                                                 | **%                        of****Net Assets** |   | **Value                        ($)** |
|----------------------------------------------------------------------|-----------------------------------------------|--------|--------------------------------------|
|                                                                      |
| **Total Long Positions**(Cost                        $21,968,499)    | 123.2                                         |   | **21,506,950**                       |
| **Other Assets and Liabilities, Net**                                | 20.1                                          |   | **3,508,916**                        |
| **Notes Payable**                                                    | (22.6)                                        |   | **(3,938,000)**                      |
| **Securities Sold Short**                                            | (20.7)                                        |   | **(3,622,083)**                      |
|                                                                      |
| **Net Assets**                                                       | 100.0                                         |   | **17,455,783**                       |
|                                                                 | **Shares**                                    |   | **Value                        ($)** |
|                                                                      |
| **Common Stocks Sold Short 20.7%**                                   |                                          |
| **Consumer Discretionary 1.4%**                                      |                                          |
| **Hotels, Restaurants & Leisure 0.7%**                           |                                          |
| Las Vegas Sands Corp.*                                               |                                          | 1,500  |                                 | **131,505** |
| **Household Durables 0.7%**                                          |                                          |
| Centex Corp.                                                         |                                          | 4,100  |                                 | **113,898** |
| **Consumer Staples 0.8%**                                            |                                          |
| **Beverages 0.8%**                                                   |                                          |
| Hansen Natural Corp.*                                                |                                          | 3,800  |                                 | **146,528** |
| **Energy 2.9%**                                                      |                                          |
| **Energy, Equipment & Services 1.0%**                            |                                          |
| TETRA Technologies, Inc.*                                            |                                          | 10,700 |                                 | **167,455** |
| **Oil, Gas & Consumable Fuels 1.9%**                             |                                          |
| Peabody Energy Corp.                                                 |                                          | 3,500  |                                 | 189,070 |
| Teekay Corp.                                                         |                                          | 3,200  |                                 | 151,360 |
|                                                                      |
|                                                                 | **340,430**                                   |
| **Health Care 2.9%**                                                 |                                          |
| **Biotechnology 0.8%**                                               |                                          |
| Amylin Pharmaceuticals, Inc.*                                        |                                          | 4,900  |                                 | **145,285** |
| **Health Care Equipment & Supplies                        1.0%** |                                          |
| Advanced Medical Optics, Inc.*                                       |                                          | 7,200  |                                 | 151,416 |
| ResMed, Inc.*                                                        |                                          | 500    |                                 | 23,290 |
|                                                                      |
|                                                                 | **174,706**                                   |
| **Pharmaceuticals 1.1%**                                             |                                          |
| APP Pharmaceuticals, Inc.*                                           |                                          | 17,300 |                                 | **181,823** |
| **Industrials 0.2%**                                                 |                                          |
| **Air Freight & Logistics 0.1%**                                 |                                          |
| Expeditors International of Washington, Inc.                         |                                          | 400    |                                 | **18,916** |
| **Commercial Services & Supplies 0.1%**                          |                                          |
| Equifax, Inc.                                                        |                                          | 600    |                                 | **22,254** |
| **Information Technology 6.0%**                                      |                                          |
| **Communications Equipment 0.6%**                                    |                                          |
| Tellabs, Inc.*                                                       |                                          | 15,900 |                                 | **108,438** |
| **IT Services 1.6%**                                                 |                                          |
| Fidelity National Information Services, Inc.                         |                                          | 1,700  |                                 | 72,165 |
| VeriFone Holdings, Inc.*                                             |                                          | 10,400 |                                 | 203,528 |
|                                                                      |
|                                                                 | **275,693**                                   |
|                                                                      |                                               |        |                                      |  |  |  |  |

| **Semiconductors & Semiconductor Equipment                        3.8%**                       |                                                                                                                                                                                                                                                                               |
|----------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Advanced Micro Devices, Inc.*                                                                      |                                                                                                                                                                                                                                                                               | 21,400 |   | 163,496 |
| LSI Corp.*                                                                                         |                                                                                                                                                                                                                                                                               | 31,600 |   | 164,952 |
| Micron Technology, Inc.*                                                                           |                                                                                                                                                                                                                                                                               | 23,900 |   | 168,017 |
| Rambus, Inc.*                                                                                      |                                                                                                                                                                                                                                                                               | 8,700 |   | 169,302 |
|                                                                                                    |
|                                                                                               | **665,767**                                                                                                                                                                                                                                                                        |
| **Materials 3.2%**                                                                                 |                                                                                                                                                                                                                                                                               |
| **Chemicals 1.1%**                                                                                 |                                                                                                                                                                                                                                                                               |
| Westlake Chemical Corp.                                                                            |                                                                                                                                                                                                                                                                               | 9,400 |   | **188,940** |
| **Construction Materials 1.1%**                                                                    |                                                                                                                                                                                                                                                                               |
| Eagle Materials, Inc.                                                                              |                                                                                                                                                                                                                                                                               | 5,000 |   | **188,500** |
| **Paper & Forest Products 1.0%**                                                               |                                                                                                                                                                                                                                                                               |
| Louisiana-Pacific Corp.                                                                            |                                                                                                                                                                                                                                                                               | 12,000 |   | **183,240** |
| **Telecommunication Services 1.3%**                                                                |                                                                                                                                                                                                                                                                               |
| **Wireless Telecommunication Services**                                                            |                                                                                                                                                                                                                                                                               |
| Leap Wireless International, Inc.*                                                                 |                                                                                                                                                                                                                                                                               | 5,500 |   | **227,425** |
| **Utilities 2.0%**                                                                                 |                                                                                                                                                                                                                                                                               |
| **Independent Power Producers & Energy                        Traders**                        |                                                                                                                                                                                                                                                                               |
| Dynegy, Inc. "A"*                                                                                  |                                                                                                                                                                                                                                                                               | 25,000 |   | 175,500 |
| Mirant Corp.*                                                                                      |                                                                                                                                                                                                                                                                               | 4,500 |   | 165,780 |
|                                                                                                    |
|                                                                                               | **341,280**                                                                                                                                                                                                                                                                        |
|                                                                                                    |
| **Total Common Stocks Sold Short**(Proceeds $3,899,963)                                            |                                                                                                                                                                                                                                                                               | **3,622,083** |
|                                                                                               | *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, 2008, 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.*                                                                                            |
| *REIT: Real Estate Investment Trust*                                                               |
| *As of January 31, 2008, open futures contracts                        purchased were as follows:* |
| **Futures**                                                                                        |                                                                                                                                                                                                                                                                               | **Expiration****Date** |   | **Contracts** |   | **Aggregated****Face****Value ($)** |   | **Value                        ($)** |   | **Unrealized****Appreciation ($)** |
|                                                                                                    |
|                                                                                               |
| S&P Mini 500 Index                                                                             |                                                                                                                                                                                                                                                                               | 3/20/2008 |   | 1 |   | 66,278 |   | 68,980 |   | **2,702** |   |
|                                                                                                    |                                                                                                                                                                                                                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

| **ITEM 2.** | **CONTROLS AND PROCEDURES**                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|        | (a)                                 The Chief Executive                        and Financial Officers concluded that the Registrant’s Disclosure                        Controls and Procedures are effective based on the evaluation of the                        Disclosure Controls and Procedures as of a date within 90 days of the                        filing date of this report. |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                            |

|        | (b)                                 There have been no                        changes in the registrant’s internal control over financial reporting                        that occurred during the registrant’s last half-year (the                        registrant’s second fiscal half-year in the case of the annual                        report) that has materially affected, or is reasonably likely to materially                        affect, the registrant’s internal controls over financial                        reporting. |
|-------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **ITEM 3.** | **EXHIBITS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|        | Certification pursuant to Rule 30a-2(a) under the Investment                        Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as                        Exhibit 99.CERT.                                                                                                                                                                                                                                                                                                                                                                                                                 |

 

**SIGNATURES**

 

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

 

| Registrant: | DWS Disciplined Long/Short Value Fund, a series of DWS                        Equity Trust |
|-------------|--------------------------------------------------------------------------------------------|

 

| By: | /s/Michael G. Clark |
|-----|---------------------|

|   | Michael G. Clark |
|--------|------------------|

President

 

| Date: | March 17, 2008 |
|-------|----------------|

 

 

Pursuant to        the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of        1940, this report has been signed below by the following persons on behalf of the        registrant and in the capacities and on the dates indicated.

 

| Registrant: | DWS Disciplined Long/Short Value Fund, a series of DWS                        Equity Trust |
|-------------|--------------------------------------------------------------------------------------------|

 

| By: | /s/Michael G. Clark |
|-----|---------------------|

|   | Michael G. Clark |
|--------|------------------|

President

 

| Date: | March 17, 2008 |
|-------|----------------|

 

 

| By: | /s/Paul Schubert |
|-----|------------------|

|   | Paul Schubert |
|--------|---------------|

Chief Financial Officer and Treasurer

 

| Date: | March 17, 2008 |
|-------|----------------|