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: 07/31/08

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

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

 

 

**DWS Disciplined Long/Short Growth Fund**

 

 

|   | **Shares**                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | **Value ($)** |
|--------|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|        |
|   | **Long Positions 110.3%** |  
**Common Stocks 109.6%**

 
**Consumer Discretionary 12.8%**

 
**Auto Components 1.5%**

 
Autoliv, Inc.  

 

2,800 

 

109,312 

WABCO Holdings, Inc.  

 

1,400 

 

63,224 

 

**172,536**

**Diversified Consumer Services 0.3%**

 
DeVry, Inc.  

 

600 

 

**34,086**

**Hotels Restaurants & Leisure 3.0%**

 
McDonald's Corp. (a) 

 

3,700 

 

221,223 

 

 

 

Yum! Brands, Inc. (a) 

 

3,700 

 

132,534 

 

**353,757**

**Internet & Catalog Retail 0.8%**

 
Amazon.com, Inc.* (a) 

 

1,200 

 

**91,608**

**Leisure Equipment & Products 0.9%**

 
Hasbro, Inc. (a) 

 

2,600 

 

**100,672**

**Media 2.8%**

 
Morningstar, Inc.*  

 

100 

 

6,296 

Omnicom Group, Inc. (a) 

 

3,300 

 

140,877 

The DIRECTV Group, Inc.* (a) 

 

6,500 

 

175,630 

 

**322,803**

**Multiline Retail 0.8%**

 
Big Lots, Inc.*  

 

3,000 

 

**91,380**

**Specialty Retail 0.7%**

 
AnnTaylor Stores Corp.* (a) 

 

3,900 

 

**87,945**

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

 
Coach, Inc.* (a) 

 

5,100 

 

130,101 

Deckers Outdoor Corp.*  

 

600 

 

67,806 

Hanesbrands, Inc.* (a) 

 

1,600 

 

34,304 

 

**232,211**

**Consumer Staples 4.9%**

 
**Beverages 0.4%**

 
Pepsi Bottling Group, Inc. (a) 

 

800 

 

22,280 

PepsiCo, Inc. (a) 

 

400 

 

26,624 

 

**48,904**

**Food & Staples Retailing 1.8%**

 
CVS Caremark Corp.  

 

900 

 

32,850 

SUPERVALU, Inc. (a) 

 

4,200 

 

107,604 

Wal-Mart Stores, Inc. (a) 

 

1,100 

 

64,482 

 

**204,936**

**Food Products 0.4%**

 
Flowers Foods, Inc.  

 

1,400 

 

**42,098**

**Household Products 1.2%**

 
Colgate-Palmolive Co. (a) 

 

400 

 

29,708 

Procter & Gamble Co.  

 

1,700 

 

111,316 

 

**141,024**

**Tobacco 1.1%**

 
Altria Group, Inc. (a) 

 

2,500 

 

50,875 

Philip Morris International, Inc. (a) 

 

1,600 

 

82,640 

 

**133,515**

**Energy 17.6%**

 
**Energy Equipment & Services 0.5%**

 
Schlumberger Ltd. (a) 

 

400 

 

40,640 

Transocean, Inc.*  

 

100 

 

13,603 

 

**54,243**

**Oil, Gas & Consumable Fuels 17.1%**

 
Apache Corp. (a) 

 

1,200 

 

134,604 

Chesapeake Energy Corp.  

 

3,300 

 

165,495 

Chevron Corp. (a) 

 

1,700 

 

143,752 

Cimarex Energy Co. (a) 

 

1,900 

 

99,009 

ConocoPhillips (a) 

 

400 

 

32,648 

 

 

 

Devon Energy Corp.  

 

500 

 

47,445 

Encore Acquisition Co.* (a) 

 

1,700 

 

105,179 

Foundation Coal Holdings, Inc.  

 

1,700 

 

100,980 

Frontline Ltd.  

 

1,300 

 

83,421 

Hess Corp. (a) 

 

1,400 

 

141,960 

Massey Energy Co.  

 

1,600 

 

118,800 

Noble Energy, Inc. (a) 

 

1,400 

 

103,418 

Occidental Petroleum Corp. (a) 

 

2,000 

 

157,660 

Plains Exploration & Production Co.*  

 

1,000 

 

55,970 

Southwestern Energy Co.* (a) 

 

3,000 

 

108,930 

St. Mary Land & Exploration Co.  

 

600 

 

25,536 

Swift Energy Co.* (a) 

 

2,100 

 

106,722 

W&T Offshore, Inc. (a) 

 

2,400 

 

106,224 

Walter Industries, Inc.  

 

1,200 

 

125,844 

Whiting Petroleum Corp.*  

 

200 

 

18,734 

 

**1,982,331**

**Financials 3.8%**

 
**Capital Markets 1.5%**

 
Bank of New York Mellon Corp. (a) 

 

2,900 

 

102,950 

Charles Schwab Corp.  

 

700 

 

16,023 

State Street Corp. (a) 

 

700 

 

50,148 

 

**169,121**

**Commercial Banks 0.3%**

 
Wells Fargo & Co. (a) 

 

1,300 

 

**39,351**

**Diversified Financial Services 1.8%**

 
Interactive Brokers Group, Inc. "A"*  

 

3,200 

 

89,792 

IntercontinentalExchange, Inc.* (a) 

 

1,200 

 

119,760 

 

**209,552**

**Insurance 0.2%**

 
Assurant, Inc.  

 

400 

 

**24,048**

**Health Care 18.8%**

 
**Biotechnology 3.3%**

 
Amgen, Inc.* (a) 

 

1,100 

 

68,893 

Gilead Sciences, Inc.* (a) 

 

5,900 

 

318,482 

 

**387,375**

**Health Care Equipment & Supplies 5.8%**

 
Baxter International, Inc.  

 

2,900 

 

198,969 

Becton, Dickinson & Co. (a) 

 

2,000 

 

169,820 

Hospira, Inc.*  

 

2,300 

 

87,768 

Intuitive Surgical, Inc.* (a) 

 

200 

 

62,258 

St. Jude Medical, Inc.*  

 

3,300 

 

153,714 

 

**672,529**

**Health Care Providers & Services 5.0%**

 
Aetna, Inc.  

 

200 

 

8,202 

Express Scripts, Inc.* (a) 

 

2,400 

 

169,296 

Kindred Healthcare, Inc.* (a) 

 

4,500 

 

121,365 

Medco Health Solutions, Inc.* (a) 

 

3,100 

 

153,698 

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

 

2,000 

 

121,240 

 

**573,801**

**Pharmaceuticals 4.7%**

 
Abbott Laboratories  

 

2,100 

 

118,314 

Eli Lilly & Co. (a) 

 

2,500 

 

117,775 

 

 

 

Merck & Co., Inc. (a) 

 

3,200 

 

105,280 

Schering-Plough Corp. (a) 

 

9,600 

 

202,368 

 

**543,737**

**Industrials 11.2%**

 
**Aerospace & Defense 4.0%**

 
Alliant Techsystems, Inc.*  

 

200 

 

19,798 

Goodrich Corp. (a) 

 

2,300 

 

113,022 

Honeywell International, Inc. (a) 

 

3,200 

 

162,688 

Lockheed Martin Corp. (a) 

 

1,600 

 

166,928 

 

**462,436**

**Commercial Services & Supplies 0.8%**

 
Manpower, Inc. (a) 

 

2,000 

 

**96,000**

**Construction & Engineering 1.1%**

 
Foster Wheeler Ltd.*  

 

2,200 

 

**124,894**

**Electrical Equipment 0.7%**

 
GrafTech International Ltd.* (a) 

 

3,300 

 

**77,385**

**Machinery 2.6%**

 
AGCO Corp.* (a) 

 

2,200 

 

131,670 

Flowserve Corp. (a) 

 

900 

 

120,006 

Parker Hannifin Corp. (a) 

 

800 

 

49,344 

 

**301,020**

**Marine 0.6%**

 
Kirby Corp.* (a) 

 

1,500 

 

**71,580**

**Road & Rail 1.1%**

 
Ryder System, Inc. (a) 

 

1,900 

 

**125,324**

**Trading Companies & Distributors 0.3%**

 
WESCO International, Inc.*  

 

1,100 

 

**41,415**

**Information Technology 28.5%**

 
**Communications Equipment 5.6%**

 
ADTRAN, Inc.  

 

1,100 

 

24,596 

Brocade Communications Systems, Inc.*  

 

10,300 

 

69,525 

Cisco Systems, Inc.* (a) 

 

3,900 

 

85,761 

Corning, Inc. (a) 

 

6,500 

 

130,065 

QUALCOMM, Inc.  

 

3,000 

 

166,020 

Research In Motion Ltd.* (a) 

 

1,400 

 

171,948 

 

**647,915**

**Computers & Peripherals 9.6%**

 
Apple, Inc.* (a) 

 

2,200 

 

349,690 

EMC Corp.* (a) 

 

4,800 

 

72,048 

Hewlett-Packard Co. (a) 

 

4,400 

 

197,120 

International Business Machines Corp. (a) 

 

1,200 

 

153,576 

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

 

3,800 

 

133,304 

Seagate Technology (a) 

 

5,900 

 

88,323 

Western Digital Corp.* (a) 

 

4,200 

 

120,918 

 

**1,114,979**

**Electronic Equipment & Instruments 0.9%**

 
Jabil Circuit, Inc.  

 

6,700 

 

**108,942**

**Internet Software & Services 3.6%**

 
Akamai Technologies, Inc.* (a) 

 

1,500 

 

35,010 

eBay, Inc.* (a) 

 

3,400 

 

85,578 

Google, Inc. "A"* (a) 

 

600 

 

284,250 

 

 

 

Yahoo!, Inc.*  

 

600 

 

11,934 

 

**416,772**

**IT Services 2.2%**

 
Cognizant Technology Solutions Corp. "A"*  

 

6,300 

 

176,841 

Computer Sciences Corp.* (a) 

 

1,700 

 

80,529 

 

**257,370**

**Semiconductors & Semiconductor Equipment 3.1%**

 
Analog Devices, Inc. (a) 

 

500 

 

15,255 

Applied Materials, Inc.  

 

5,900 

 

102,188 

Broadcom Corp. "A"*  

 

2,900 

 

70,441 

Intel Corp.  

 

700 

 

15,533 

Skyworks Solutions, Inc.*  

 

12,100 

 

114,466 

Texas Instruments, Inc. (a) 

 

1,500 

 

36,570 

 

**354,453**

**Software 3.5%**

 
Adobe Systems, Inc.* (a) 

 

300 

 

12,405 

Microsoft Corp. (a) 

 

10,700 

 

275,204 

Symantec Corp.* (a) 

 

2,300 

 

48,461 

Ultimate Software Group, Inc.*  

 

2,500 

 

65,575 

 

**401,645**

**Materials 10.6%**

 
**Chemicals 2.5%**

 
Celanese Corp. "A"  

 

2,800 

 

107,884 

CF Industries Holdings, Inc. (a) 

 

900 

 

147,114 

The Mosaic Co.* (a) 

 

300 

 

38,163 

 

**293,161**

**Metals & Mining 8.1%**

 
AK Steel Holding Corp.  

 

2,000 

 

127,000 

Commercial Metals Co.  

 

3,600 

 

107,460 

Freeport-McMoRan Copper & Gold, Inc.  

 

1,800 

 

174,150 

Nucor Corp.  

 

2,000 

 

114,440 

Reliance Steel & Aluminum Co.  

 

1,700 

 

107,372 

Schnitzer Steel Industries, Inc. "A"  

 

1,300 

 

117,312 

Steel Dynamics, Inc.  

 

1,300 

 

41,184 

United States Steel Corp. (a) 

 

900 

 

144,324 

 

**933,242**

**Telecommunication Services 1.4%**

 
**Diversified Telecommunication Services**

NTELOS Holdings Corp.  

 

1,400 

 

33,474 

Verizon Communications, Inc. (a) 

 

3,800 

 

129,352 

 

**162,826**

**Total Common Stocks** (Cost $13,266,069)

 

**12,704,922**

 

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

 

**Value ($)**

 

**Government & Agency Obligation 0.5%**

 
**US Treasury Obligation**

 
US Treasury Bill, 1.35% **, 10/16/2008 (b) (Cost $64,815)

 

65,000

 

**64,779**

 

 

 

 

**Shares**

 

**Value ($)**

 

**Cash Equivalents 0.2%**

 
Cash Management QP Trust, 2.42% (c)(Cost $18,416)

 

 

18,416

 

**18,416**

 

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

 

**Value ($)**

**Total Long Positions** (Cost $13,349,300) †

110.3

 

**12,788,117**

**Other Assets and Liabilities, Net**

8.5

 

**982,216**

**Securities Sold Short**

(18.8)

 

**(2,174,024)**

**Net Assets**

100.0

 

**11,596,309**

*†*

*The cost for federal income tax purposes was $13,478,377.  At July 31, 2008, net unrealized depreciation for all securities based on tax cost was $690,260.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $434,663 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,124,923.*

 

**Shares**

 

**Value ($)**

 

**Common Stocks Sold Short 18.8%**

 
**Consumer Discretionary 1.6%**

 
**Media 1.0%**

 
Live Nation, Inc.*  

 

9,000 

 

**113,580**

**Specialty Retail 0.6%**

 
Chico's FAS, Inc.*  

 

11,600 

 

**64,612**

**Energy 3.0%**

 
**Energy Equipment & Services 2.1%**

 
BJ Services Co.  

 

3,800 

 

111,720 

Exterran Holdings, Inc.*  

 

800 

 

45,152 

Hercules Offshore, Inc.*  

 

3,400 

 

84,898 

 

**241,770**

**Oil, Gas & Consumable Fuels 0.9%**

 
Frontier Oil Corp.  

 

5,600 

 

**102,200**

**Health Care 1.0%**

 
**Biotechnology 0.7%**

 
Rigel Pharmaceuticals, Inc.*  

 

3,300 

 

**83,952**

**Health Care Equipment & Supplies 0.3%**

 
American Medical Systems Holdings, Inc.*  

 

2,200 

 

**36,234**

**Industrials 4.2%**

 
**Aerospace & Defense 1.3%**

 
BE Aerospace, Inc.*  

 

2,100 

 

53,928 

Hexcel Corp.*  

 

5,200 

 

98,696 

 

**152,624**

**Building Products 0.9%**

 
Masco Corp.  

 

6,800 

 

**112,132**

**Industrial Conglomerates 0.3%**

 
General Electric Co.  

 

1,100 

 

**31,119**

**Machinery 1.7%**

 
Kaydon Corp.  

 

1,900 

 

90,098 

Oshkosh Corp.  

 

5,800 

 

104,632 

 

**194,730**

 

 

 

**Information Technology 4.4%**

 
**Communications Equipment 2.0%**

 
Motorola, Inc.  

 

14,700 

 

127,008 

Riverbed Technology, Inc.*  

 

6,700 

 

106,329 

 

**233,337**

**IT Services 0.5%**

 
Euronet Worldwide, Inc.*  

 

3,900 

 

**62,400**

**Semiconductors & Semiconductor Equipment 1.0%**

 
Rambus, Inc.*  

 

6,800 

 

**112,608**

**Software 0.9%**

 
Macrovision Solutions Corp.*  

 

6,900 

 

**104,880**

**Materials 3.9%**

 
**Construction Materials 1.0%**

 
Eagle Materials, Inc.  

 

4,600 

 

**114,126**

**Containers & Packaging 1.1%**

 
Temple-Inland, Inc.  

 

7,800 

 

**126,750**

**Paper & Forest Products 1.8%**

 
Louisiana-Pacific Corp.  

 

11,900 

 

100,674 

Weyerhaeuser Co.  

 

2,100 

 

112,266 

 

**212,940**

**Utilities 0.7%**

 
**Independent Power Producers & Energy Traders**

Dynegy, Inc. "A"*  

 

11,000 

 

**74,030**

**Total Common Stocks Sold Short** (Proceeds $2,466,958)

 

**2,174,024**

*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 July 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.*

*At July 31, 2008, open futures contracts purchased were as follows:*

**Futures**

 

**Expiration****Date**

 

**Contracts**

 

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

 

**Value ($)**

 

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

 

S&P Mini 500 Index 

 

9/19/2008 

 

9 

 

581,309 

 

570,195 

 

**(11,114)**

 
 

 

 

 

*The following is a summary of the inputs used as of July 31, 2008 in valuing the Fund’s assets carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.  Please see below for information on the Fund’s policy regarding the valuation of investments and of the valuation inputs, and their aggregate levels used in the table below.*

 

 

 

**Valuation Inputs**

**Investments in  Securities at**

**Value**

**Investments Sold Short at Value**

**Net Unrealized Depreciation on  Other Financial Instruments***††*

Level 1 - Quoted Prices

$                12,723,338                                    

$               (2,174,024)   

$                  (11,114)   

Level 2 - Other Significant

64,779   

-   

-   

Observable Inputs

Level 3 - Significant

-   

-   

-   

Unobservable Inputs

**Total**

**$               12,788,117**

**$               (2,174,024)**

**$                  (11,114)**

 

*†† Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future contracts, which are valued at the unrealized appreciation/depreciation on the instrument.*

 

*The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157"), which governs the application of generally accepted accounting principles that require fair value measurements of the Fund’s assets and liabilities.  Fair value is an estimate of the price the Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuationtechnique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.*

 

*Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels as follows:*

 

 

**•**

*Level 1 – quoted prices in active markets for identical securities*

 

**•**

*Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)*

 

**•**

*Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)*

 

*For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.  The Fund’s Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly.  Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants.  Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates forsimilar liabilities.  For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances.  In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.*

 

*The Fund may record changes to valuations based on the amount that might reasonably be expected to receive for a security upon its current sale consistent with the fair value measurement objective.  Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another.  Examples of such factors may include, but are not limited to the type of the security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issue or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s financial statements, an evaluation of the forces that influence the issuer and themarket(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded.   Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments.*

 

 

 

**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:

September 16, 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 Growth Fund, a series of DWS Equity Trust

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

September 16, 2008

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        September 16, 2008

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