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  811-08886

DWS Equity Partners Fund, Inc.

(Exact name of registrant as specified in charter)

 

One South Street

Baltimore, MD  21202

(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:  05/31

Date of reporting period: 08/31/07

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

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

 

 

**DWS Equity Partners Fund**

 

|   | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | **Value ($)** |
|--------|-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|        |
|   | **Common Stocks 95.5%** |  
**Consumer Discretionary 14.1%**

 
**Auto Components 0.3%**

 
WABCO Holdings, Inc.*  

 

26,080 

 

**1,180,381**

**Hotels Restaurants & Leisure 1.0%**

 
Wyndham Worldwide Corp.* (a) 

 

140,010 

 

**4,466,319**

**Media 9.2%**

 
Clear Channel Communications, Inc.  

 

361,600 

 

13,473,216 

Comcast Corp. "A"*  

 

543,950 

 

14,191,655 

LodgeNet Entertainment Corp.* (a) 

 

102,503 

 

2,685,579 

R.H. Donnelley Corp.* (a) 

 

104,231 

 

6,131,910 

 

 

 

 

Time Warner, Inc.  

 

205,000 

 

3,890,900 

 

**40,373,260**

**Specialty Retail 3.6%**

 
American Eagle Outfitters, Inc.  

 

113,532 

 

2,932,531 

Lowe's Companies, Inc.  

 

75,500 

 

2,345,030 

TJX Companies, Inc.  

 

353,800 

 

10,787,362 

 

**16,064,923**

**Consumer Staples 3.8%**

 
**Food & Staples Retailing 2.1%**

 
Costco Wholesale Corp.  

 

150,000 

 

**9,262,500**

**Food Products 0.4%**

 
Kraft Foods, Inc. "A"  

 

56,192 

 

**1,801,516**

**Tobacco 1.3%**

 
Altria Group, Inc.  

 

81,200 

 

**5,636,092**

**Energy 5.2%**

 
**Oil, Gas & Consumable Fuels**

Kinder Morgan Management LLC* (a) 

 

277,133 

 

13,341,176 

Magellan Midstream Holdings LP (a) 

 

341,300 

 

9,662,203 

 

**23,003,379**

**Financials 29.4%**

 
**Commercial Banks 2.3%**

 
Wells Fargo & Co.  

 

271,200 

 

**9,909,648**

**Consumer Finance 8.8%**

 
AmeriCredit Corp.* (a) 

 

463,800 

 

8,028,378 

Capital One Financial Corp.  

 

181,900 

 

11,761,654 

First Marblehead Corp.  

 

560,700 

 

18,777,843 

 

**38,567,875**

**Diversified Financial Services 3.4%**

 
Citigroup, Inc.  

 

272,372 

 

12,768,799 

Moody's Corp.  

 

51,000 

 

2,338,350 

 

**15,107,149**

**Insurance 10.0%**

 
Aon Corp.  

 

120,000 

 

5,198,400 

Berkshire Hathaway, Inc. "B"*  

 

4,700 

 

18,283,000 

Prudential Financial, Inc.  

 

227,000 

 

20,380,060 

 

**43,861,460**

**Real Estate Investment Trusts 0.2%**

 
American Financial Realty Trust (REIT)  

 

122,000 

 

**1,010,160**

**Thrifts & Mortgage Finance 4.7%**

 
Countrywide Financial Corp. (a) 

 

386,400 

 

7,670,040 

Freddie Mac  

 

209,700 

 

12,919,617 

 

**20,589,657**

**Health Care 14.2%**

 
**Health Care Equipment & Supplies 0.7%**

 
Covidien Ltd.*  

 

73,692 

 

**2,935,152**

**Health Care Providers & Services 13.5%**

 
Coventry Health Care, Inc.*  

 

250,100 

 

14,348,237 

Laboratory Corp. of America Holdings*  

 

10,000 

 

776,600 

Omnicare, Inc. (a) 

 

232,200 

 

7,576,686 

UnitedHealth Group, Inc.  

 

75,000 

 

3,750,750 

 

 

 

 

WellPoint, Inc.*  

 

409,600 

 

33,009,664 

 

**59,461,937**

**Pharmaceuticals 0.0%**

 
Pfizer, Inc.  

 

8,000 

 

**198,720**

**Industrials 9.1%**

 
**Aerospace & Defense 2.0%**

 
United Technologies Corp.  

 

119,000 

 

**8,880,970**

**Industrial Conglomerates 0.8%**

 
Tyco International Ltd.  

 

73,692 

 

**3,254,239**

**Road & Rail 6.3%**

 
Canadian National Railway Co.  

 

528,000 

 

**27,799,200**

**Information Technology 10.0%**

 
**Computers & Peripherals 4.5%**

 
Hewlett-Packard Co.  

 

185,000 

 

9,129,750 

International Business Machines Corp.  

 

91,800 

 

10,712,142 

 

**19,841,892**

**Electronic Equipment & Instruments 0.6%**

 
Tyco Electronics Ltd.*  

 

73,692 

 

**2,569,640**

**IT Services 4.9%**

 
CheckFree Corp.* (a) 

 

102,600 

 

4,743,198 

First Data Corp.  

 

281,579 

 

9,354,054 

MasterCard, Inc. "A" (a) 

 

50,900 

 

6,972,791 

Redecard SA (GDR) 144A*  

 

18,750 

 

573,395 

 

**21,643,438**

**Telecommunication Services 9.7%**

 
**Diversified Telecommunication Services 0.9%**

 
Iowa Telecommunications Services, Inc. (a) 

 

215,100 

 

**3,981,501**

**Wireless Telecommunication Services 8.8%**

 
America Movil SAB de CV "L" (ADR)  

 

105,000 

 

6,348,300 

American Tower Corp. "A"*  

 

225,500 

 

8,934,310 

Millicom International Cellular SA* (a) 

 

54,100 

 

4,562,253 

NII Holdings, Inc.*  

 

147,500 

 

11,679,050 

SBA Communications Corp. "A"* (a) 

 

215,000 

 

7,002,550 

 

**38,526,463**

**Total Common Stocks** (Cost $249,543,140)

 

**419,927,471**

 

**Securities Lending Collateral 11.0%**

 
Daily Assets Fund Institutional, 5.49%  (b) (c)(Cost $48,596,116)

 

 

48,596,116

 

**48,596,116**

 

**Cash Equivalents 5.4%**

 
Cash Management QP Trust, 5.32%  (b)(Cost $23,852,503)

 

 

23,852,503

 

**23,852,503**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $321,991,759) 

111.9

 

**492,376,090**

**Other Assets and Liabilities, Net**

(11.9)

 

**(52,500,384)**

**Net Assets**

100.0

 

**439,875,706**

 

*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.*

 

 

 

 

*(a)*

*All or a portion of these securities were on loan.  The value of all securities loaned at August 31, 2007 amounted to $48,276,215 which is 11.0% of net assets.*

*(b)*

*Affiliated fund managed by Deutsche Investment Management Americas Inc.  The rate shown is the annualized seven-day yield at period end.*

*(c)*

*Represents collateral held in connection with securities lending.*

*144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.*

*ADR: American Depositary Receipt*

*GDR: Global Depositary Receipt*

*REIT: Real Estate Investment Trust*

 

**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 Equity Partners Fund, Inc.

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

October 17, 2007

 

 

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 Equity Partners Fund, Inc.

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

October 17, 2007

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        October 17, 2007

 

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