UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549  FORM N-CSRS  Investment Company Act file number  811-08599  DWS Equity Trust (Exact Name of Registrant as Specified in Charter)  345 Park Avenue New York, NY 10154-0004 (Address of principal executive offices)             (Zip code)  Registrants Telephone Number, including Area Code:(212) 454-7190  Paul Schubert 345 Park Avenue New York, NY 10154-0004 (Name and Address of Agent for Service)  Date of fiscal year end:
        04/30
  Date of reporting period:
        10/31/08
   ITEM 1.REPORT TO STOCKHOLDERS


|OCTOBER 31, 2008
Semiannual Report
to Shareholders
|--------------------------------------------------
|                                                  
|DWS Disciplined Long/Short
Value Fund             
|dlsv_cover10                                      

Contents

|4Performance Summary
10Information About Your Fund's Expenses
12Portfolio Management Review
17Portfolio Summary
19Investment Portfolio
27Financial Statements
32Financial Highlights
36Notes to Financial Statements
44Shareholder Meeting Results
45Investment Management Agreement Approval
50Summary of Management Fee Evaluation by Independent
Fee Consultant
55Account Management Resources
56Privacy Statement
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

This report must be preceded or accompanied by a prospectus. To obtain a
prospectus for any of our funds, refer to the Account Management Resources
information provided in the back of this booklet. We advise you to consider the
fund's objectives, risks, charges and expenses carefully before investing. The
prospectus contains this and other important information about the fund. Please
read the prospectus carefully before you invest.

Investments in mutual funds involve risk. Some funds have more risk than others. This
fund is subject to stock market risk, meaning stocks in the fund may decline in value for
extended periods of time due to the activities and financial prospects of individual
companies, or due to general market and economic conditions. The Fund can take short
positions in stocks, which means the fund could incur a loss by subsequently buying a
security at a higher price than the price at which the fund previously sold the security
short. The use of short sales-in effect, leveraging the fund's portfolio-could increase the
fund's exposure to the market, magnify losses and increase the volatility of returns.
Management focuses its investments on certain industries or sectors, thereby increasing
its vulnerability to any single industry or regulatory development. Derivatives may be
more volatile and less liquid than traditional securities, and the fund could suffer losses on
its derivatives positions. Please read the prospectus for details regarding the fund's risk
profile.

DWS Investments is part of Deutsche Bank's Asset Management division and, within the US,
represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust
Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust
Company.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Performance SummaryOctober 31, 2008

Classes A, C and Institutional Class

All performance shown is historical, assumes reinvestment of all dividend and
capital gain distributions and does not guarantee future results. Investment return
and principal value fluctuate with changing market conditions so that, when
redeemed, shares may be worth more or less than their original cost. Current
performance may be lower or higher than the performance quoted. Please visit
www.dws-investments.com for the Fund's most recent month-end performance.

The maximum sales charge for Class A shares is 5.75%. Class C shares have no
adjustment for front-end sales charges but redemptions within one year of
purchase may be subject to a CDSC of 1%. Unadjusted returns do not reflect sales
charges and would have been lower if they had. Institutional Class shares are not
subject to sales charges.

The total annual fund operating expense ratios, gross of any fee waivers or expense
reimbursements, as stated in the fee table of the prospectus dated August 1, 2008
are 3.67%, 4.40% and 3.42% for Class A, Class C and Institutional Class shares,
respectively. Please see the Information About Your Fund's Expenses, the Financial
Highlights and Notes to the Financial Statements (Note C, Related Parties) sections
of this report for gross and net expense related disclosure for the period ended
October 31, 2008.

To discourage short-term trading, the Fund imposes a 2% redemption fee on
shareholders redeeming shares held less than 30 days, which has the effect of
lowering total return.

Returns and rankings during all periods shown reflect a fee waiver and/or expense
reimbursement. Without this waiver/reimbursement, returns and rankings would have
been lower.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on
fund distributions or the redemption of fund shares. Returns and rankings may differ by
share class.

|Average Annual Total Returns(Unadjusted for Sales Charge) as of 10/31/08
|------------------------------------------------------------------------
|DWS Disciplined Long/Short Value Fund                                   
|Class A                                                                 
|Class C                                                                 
|Institutional Class                                                     
|Russell 1000® Value Index+                                              

Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.

|Net Asset Value          
|-------------------------
|                         
|Net Asset Value:
10/31/08
|4/30/08                  

|Class A Lipper Rankings  Long/Short Equity Funds Categoryas of 10/31/08
|------------------------------------------------------------------------
|Period                                                                  
|1-Year                                                                  

Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings
are based on total return unadjusted for sales charges with distributions reinvested. If
sales charges had been included, rankings might have been less favorable. Rankings are
for Class A shares; other share classes may vary.

|Growth of an Assumed $10,000 Investment(Adjusted for Maximum Sales Charge)   
|-----------------------------------------------------------------------------
|[]DWS Disciplined Long/Short Value Fund  Class A
[]Russell 1000 Value Index+
|dlsv_g10k50                                                                  
|                                                                             

The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales
charge of 5.75%. This results in a net initial investment of $9,425.

|Comparative Results(Adjusted for Maximum Sales Charge) as of 10/31/08
|---------------------------------------------------------------------
|DWS Disciplined Long/Short Value Fund                                
|Class A                                                              
|Average annual total return                                          
|Class C                                                              
|Average annual total return                                          
|Russell 1000 Value Index+                                            
|Average annual total return                                          

The growth of $10,000 is cumulative.

|Growth of an Assumed $1,000,000 Investment                                               
|-----------------------------------------------------------------------------------------
|[]DWS Disciplined Long/Short Value Fund  Institutional Class
[]Russell 1000 Value Index+
|dlsv_g10k40                                                                              
|                                                                                         

|Comparative Resultsas of 10/31/08    
|-------------------------------------
|DWS Disciplined Long/Short Value Fund
|Institutional Class                  
|Average annual total return          
|Russell 1000 Value Index+            
|Average annual total return          

The growth of $1,000,000 is cumulative.

The minimum initial investment for Institutional Class shares is $1,000,000.

Class S

Class S shares are generally not available to new investors except under certain
circumstances. (Please see the Fund's Statement of Additional Information.)

All performance shown is historical, assumes reinvestment of all dividend and
capital gain distributions, and does not guarantee future results. Investment return
and principal value fluctuate with changing market conditions so that, when
redeemed, shares may be worth more or less than their original cost. Current
performance may be lower or higher than the performance quoted. Please visit
www.dws-investments.com for the Fund's most recent month-end performance.

The total annual fund operating expense ratio, gross of any fee waivers or expense
reimbursements, as stated in the fee table of the prospectus dated August 1, 2008
is 3.43% for Class S shares. Please see the Information About Your Fund's Expenses,
the Financial Highlights and Notes to the Financial Statements (Note C, Related
Parties) sections of this report for gross and net expense related disclosure for the
period ended October 31, 2008.

To discourage short-term trading, the Fund imposes a 2% redemption fee on
shareholders redeeming shares held less than 30 days, which has the effect of
lowering total return.

Returns and rankings during all periods shown for Class S shares reflect a fee waiver
and/or expense reimbursement. Without this waiver/reimbursement, returns and rankings
would have been lower.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on
fund distributions or the redemption of fund shares. Returns and rankings may differ by
share class.

|Average Annual Total Returnsas of 10/31/08
|------------------------------------------
|DWS Disciplined Long/Short Value Fund     
|Class S                                   
|Russell 1000 Value Index+                 

Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.

|Net Asset Value          
|-------------------------
|                         
|Net Asset Value:
10/31/08
|4/30/08                  

|Class S Lipper Rankings  Long/Short Equity Funds Categoryas of 10/31/08
|------------------------------------------------------------------------
|Period                                                                  
|1-Year                                                                  

Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings
are based on total return with distributions reinvested. Rankings are for Class S shares;
other share classes may vary.

|Growth of an Assumed $10,000 Investment                                      
|-----------------------------------------------------------------------------
|[]DWS Disciplined Long/Short Value Fund  Class S
[]Russell 1000 Value Index+
|dlsv_g10k30                                                                  
|                                                                             

|Comparative Resultsas of 10/31/08    
|-------------------------------------
|DWS Disciplined Long/Short Value Fund
|Class S                              
|Average annual total return          
|Russell 1000 Value Index+            
|Average annual total return          

The growth of $10,000 is cumulative.

Information About Your Fund's Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses
and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Fund expenses. Examples of
transaction costs include sales charges (loads), redemption fees and
account maintenance fees, which are not shown in this section. The
following tables are intended to help you understand your ongoing expenses
(in dollars) of investing in the Fund and to help you compare these expenses
with the ongoing expenses of investing in other mutual funds. In the most
recent six-month period, the Fund limited these expenses; had it not done
so, expenses would have been higher. The example in the table is based on
an investment of $1,000 invested at the beginning of the six-month period
and held for the entire period (May 1, 2008 to October 31, 2008).

The tables illustrate your Fund's expenses in two ways:

•   Actual Fund Return. This helps you estimate the actual dollar amount of
ongoing expenses (but not transaction costs) paid on a $1,000
investment in the Fund using the Fund's actual return during the period.
To estimate the expenses you paid over the period, simply divide your
account value by $1,000 (for example, an $8,600 account value divided
by $1,000 = 8.6), then multiply the result by the number in the
"Expenses Paid per $1,000" line under the share class you hold.

•   Hypothetical 5% Fund Return. This helps you to compare your Fund's
ongoing expenses (but not transaction costs) with those of other mutual
funds using the Fund's actual expense ratio and a hypothetical rate of
return of 5% per year before expenses. Examples using a 5%
hypothetical fund return may be found in the shareholder reports of other
mutual funds. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you
paid for the period.

Please note that the expenses shown in these tables are meant to highlight
your ongoing expenses only and do not reflect any transaction costs. The
"Expenses Paid per $1,000" line of the tables is useful in comparing
ongoing expenses only and will not help you determine the relative total
expense of owning different funds. An account maintenance fee of $6.25
per quarter for Class S shares may apply for certain accounts whose
balances do not meet the applicable minimum initial investment. This fee is
not included in these tables. If it was, the estimate of expenses paid for
Class S shares during the period would be higher, and account value during
the period would be lower, by this amount.

|Expenses and Value of a $1,000 Investmentfor the six months ended October 31, 2008
|----------------------------------------------------------------------------------
|Actual Fund Return*                                                               
|Beginning Account Value 5/1/08                                                    
|Ending Account Value 10/31/08                                                     
|Expenses Paid per $1,000*                                                         
|Hypothetical 5% Fund Return                                                       
|Beginning Account Value 5/1/08                                                    
|Ending Account Value 10/31/08                                                     
|Expenses Paid per $1,000*                                                         

|Annualized Expense Ratios+            | Class A | Class C | Class S | Institutional
Class
|------------------------------------- | ------- | ------- | ------- | -------------------
|DWS Disciplined Long/Short Value Fund | 1.65%   | 2.36%   | 1.49%   | 1.46%              

For more information, please refer to the Fund's prospectus.

Portfolio Management Review

In the following interview, the portfolio management team discusses
recent market events as well as the performance and positioning of the
DWS Disciplined Long/Short Value Fund during the six-month period
ended October 31, 2008.

The views expressed in the following discussion reflect those of the portfolio management
team only through the end of the period of the report as stated on the cover. The management
team's views are subject to change at any time based on market and other conditions and
should not be construed as a recommendation. Past performance is no guarantee of future
results. Current and future portfolio holdings are subject to risk.

Q: How did the US stock market perform during the
semiannual period?

A:US equities delivered an extremely poor performance during the
past six months, as measured by the (30.13)% decline of the
Russell 1000® Index.1 The cause of this remarkable downturn was
the ongoing fallout from the housing and credit crises, which
sparked a "flight to quality" out of higher-risk assets into
government bonds. One aspect of these developments was the
outright failure, rescue by the government or forced mergers of
former financial giants such as Fannie Mae and Freddie Mac,
Washington Mutual, American International Group, Lehman
Brothers, and Merrill Lynch. It also became evident that the strain on
the financial system was weighing heavily on economic growth both
in the United States and abroad. Once the markets began to fall, a
wave of "forced selling" by hedge funds and other leveraged
investors caused what had previously been an orderly downturn to
cascade into a full-fledged bear market. The result has been an
extraordinary crisis in confidence among investors and a market
downturn whose severity has little precedent.

In a sign of how poorly the US market performed, the semiannual
period brought the worst quarterly loss for the US market
since 2002 (during the third calendar quarter), the worst October
downturn since 1987 and the largest single-day drop in the 112-year
history of the Dow Jones Industrial Average  778 points  on
September 29.2

Q: How did the fund perform?

A:DWS Disciplined Long/Short Value Fund (Class A shares)
produced a total return of -32.68% during the six-month period
ended October 31, 2008. The fund's benchmark, the Russell 1000®
Value Index, returned -29.91% during the same interval.3 (Returns
are unadjusted for sales charges. If sales charges had been
included, returns would have been lower. Past performance is no
guarantee of future results. Please see pages 4 through 9 for the
performance of other share classes and more complete
performance information.)

To review, this fund is designed to outperform the Russell 1000
Value Index and at the same time achieve a similar risk profile as the
index, or in other words, to generate a better return for the same
level of risk. We seek to achieve this goal by taking overweight long
positions in 100 to 130 stocks that our proprietary model rates most
highly.4 At the same time, we take short positions in 20 to 30 of the
lowest-rated companies. The result is a portfolio that is up to 130%
long and 30% short. This approach provides a net market exposure
of 100% while also allowing for potential outperformance from the
individual stock selections  both long and short  made by our
disciplined investment process.

Q: Why did the fund underperform?

A:Our investment process generated negative results amid the
extreme dislocations in the US equity market. Our goal is to take
long positions in undervalued companies and establish short
positions in overvalued companies. However, the need to raise cash
caused many market participants to indiscriminately sell their
holdings into the falling market. The result of this forced selling was
a breakdown in the correlation between individual stock
performance and the factors that would typically drive stock prices,
such as fundamentals and valuations. We believe this is a
short-term trend caused by the unusually high level of stress on the
market.

Turning to the specific elements of our investment process, we
analyze individual stocks based on factors that can be placed in
three broad categories: growth, valuation and market sentiment. All
three factors underperformed during the past six months, a rare
development that helps illustrate the highly unusual nature of the
market environment.

Q: What specific elements of the fund's positioning hurt its
performance?

A:Our stock selection process was least effective in the materials
sector, where the rising value of the fund's short positions failed to
outweigh the significant losses incurred by its longs. Plummeting
commodity prices and concerns about slower global growth led to
an intense sell-off in basic materials stocks in general, and
metals/mining stocks in particular. Long positions in United States
Steel Corp., Century Aluminum Co., Reliance Steel & Aluminum
Co.* and the graphite producer GrafTech International Ltd. were
among those that lost value. On the plus side, the negative impact
of the fund's long positions was offset by the rising value of its
shorts in Louisiana-Pacific Corp. and Smurfit-Stone Container Corp.*

The capital goods sector was also an area of weakness for the fund.
As was the case with materials, worries about the economic
outlook led to a severe sell-off in industrial stocks. The result was
underperformance for a number of the fund's long positions,
including Flowserve Corp.*, Walter Industries, Inc. and Perini Corp.

The fund was also hurt by holding an underweight position in the
utilities sector, which outperformed due to its defensive nature.
In addition, a long position in Williams Companies, Inc.*  a
producer and transporter of natural gas  lost ground due to the
sharp decline in energy prices.

Q: What individual holdings helped performance?

A:Our investment process added the most value in the retail
sector. As would be expected at a time of slower economic growth
and retrenchment by consumers, it was the fund's short positions
(Office Depot, Inc. and Chico's FAS, Inc.) that rose the most in value.
We also generated positive performance via a long position in one
of the few retailing stocks to produce a double-digit gain during the
period, Family Dollar Stores, Inc. Generally speaking, retail stocks
that have benefited from consumers' efforts to pinch pennies by
"trading down" to lower-cost alternatives have performed well in
2008.

In health care equipment/services, a number of individual positions
performed well for the fund. This enabled us to deliver
outperformance in this group even though the sector declined over
26%  an illustration of how our ability to sell stocks short can add
value. The largest individual contributor was a short position in the
contact lens maker The Cooper Companies Inc.

The banking sector was also a source of strength for the fund,
simply because our investment process guided us away from
holding long positions in many of the companies whose stocks
declined in excess of 50% during the past six months. The
food/beverage/tobacco and consumer durables/apparel sectors
were additional positive areas of note. In terms of individual stock
positions, the most significant contributor in the fund was a short
position in the energy company Global Industries Ltd.

Q: Do you have any closing thoughts for shareholders?

A:Throughout its two-year history, this fund has underperformed at
the times when severe market downturns cause investors to unload
their holdings without regard for the fundamentals and valuations of
the individual stocks in their portfolios. We therefore encourage
shareholders to remain focused on the potential long-term
diversification value of our strategy, rather than the short-term
results generated in a historically difficult period.

Portfolio Summary

|Long Position Sector Diversification(As a % of Long Common Stocks) | 10/31/08 | 4/30/08
|------------------------------------------------------------------ | -------- | -------
|                                                                   |          |        
|Energy                                                             | 21%      | 21%    
|Financials                                                         | 17%      | 21%    
|Industrials                                                        | 11%      | 13%    
|Health Care                                                        | 10%      | 7%     
|Consumer Discretionary                                             | 10%      | 8%     
|Consumer Staples                                                   | 9%       | 6%     
|Information Technology                                             | 9%       | 9%     
|Materials                                                          | 6%       | 5%     
|Telecommunications Services                                        | 4%       | 6%     
|Utilities                                                          | 3%       | 4%     
|                                                                   | 100%     | 100%   

Sector diversifications are subject to change.

|Ten Largest Long Equity Holdings at October 31, 2008(26.3% of Net Assets)                                              
|-----------------------------------------------------------------------------------------------------------------------
|1.      JPMorgan Chase & Co.
Provider of global financial services                                                     
|2.      Chevron Corp.
Operator of petroleum exploration, delivery and refining facilities                              
|3.      Pfizer, Inc.
Manufacturer of prescription pharmaceuticals and nonprescription
self-medications                 
|4.      Verizon Communications, Inc.
Provider of advanced communication and information technology services            
|5.      ExxonMobil Corp.
Explorer and producer of oil and gas                                                          
|6.      Amgen, Inc.
Developer, manufacturer and marketer of human therapeutics                                         
|7.      Hewlett-Packard Co.
Provider of imaging and printing systems and information technology services               
|8.      Occidental Petroleum Corp.
Producer of oil and natural gas                                                     
|9.      International Business Machines Corp.
Manufacturer of computers and provider of information processing services
|10.     US Bancorp.
Provider of diversified financial services                                                         

Portfolio holdings are subject to change.

|Securities Sold Short Position Sector Diversification(As a % of Common Stocks Sold Short) | 10/31/08 | 4/30/08
|----------------------------------------------------------------------------------------- | -------- | -------
|                                                                                          |          |        
|Energy                                                                                    | 39%      | 21%    
|Materials                                                                                 | 18%      | 10%    
|Information Technology                                                                    | 17%      | 24%    
|Consumer Discretionary                                                                    | 11%      | 12%    
|Utilities                                                                                 | 9%       | 6%     
|Financials                                                                                | 6%       |       
|Industrials                                                                               |         | 11%    
|Telecommunication Services                                                                |         | 11%    
|Health Care                                                                               |         | 5%     
|                                                                                          | 100%     | 100%   

Sector diversifications are subject to change.

|Ten Largest Securities Sold Short Equity Holdings at October 31, 2008(11.2% of Net Assets)                    
|--------------------------------------------------------------------------------------------------------------
|1.      CARBO Ceramics, Inc.
Producer and supplier of ceramic proppants for use in the oil and gas industry   
|2.      Range Resources Corp.
Producer of oil and gas                                                         
|3.      Citrix Systems, Inc.
Provider of software services                                                    
|4.      Tessera Technologies, Inc.
Provider of proprietary chip scale packaging technology                    
|5.      Goodrich Petroleum Corp.
Explorer, producer and acquirer of oil and natural gas properties            
|6.      Eagle Materials, Inc.
Manufacturer of building products                                               
|7.      Allegheny Technologies, Inc.
Provider of specialty metals                                             
|8.      Mirant Corp.
Provider of electricity and energy-related products and services                         
|9.      Weatherford International Ltd.
Provider of drilling equipment and services to the oil and gas industry
|10.     Atwood Oceanics, Inc.
Performs contract drilling of development oil and gas wells                     

Portfolio holdings are subject to change.

For more complete details about the Fund's investment portfolio, see page 19. A quarterly Fact
Sheet is available upon request. A complete list of the fund's portfolio holdings is posted as of
the month end on www.dws-investments.com on or about the 15th day of the following
month. More frequent posting of portfolio holdings information may be made from time to time
on www.dws-investments.com. Please see the Account Management Resources section for
contact information.

Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing
is filed with the SEC on Form N-Q. The form will be available on the SEC's Web site at
www.sec.gov, and it also may be reviewed and copied at the SEC's Public Reference
Room in Washington, D.C. Information on the operation of the SEC's Public Reference
Room may be obtained by calling (800) SEC-0330.

Investment Portfolioas of October 31, 2008 (Unaudited)

|                                                    | Shares     | Value ($)
|--------------------------------------------------- | ---------- | ---------
|                                                    |           
|Long Positions 121.1%                              
|Common Stocks 118.8%                               
|Consumer Discretionary 12.0%                       
|Auto Components 1.0%                               
|TRW Automotive Holdings Corp.* (a)                  | 6,800      | 42,976   
|WABCO Holdings, Inc. (a)                            | 3,400      | 62,458   
|                                                    | 105,434   
|Hotels Restaurants & Leisure 0.4%                  
|McDonald's Corp. (a)                                | 600        | 34,758   
|Household Durables 1.2%                            
|Centex Corp. (a)                                    | 10,200     | 124,950  
|Media 4.1%                                         
|Comcast Corp. "A" (a)                               | 8,700      | 137,112  
|DISH Network Corp. "A"* (a)                         | 3,500      | 55,090   
|Liberty Global, Inc. "A"* (a)                       | 5,000      | 82,450   
|Liberty Media Corp.  Entertainment "A"* (a)        | 6,200      | 99,820   
|Time Warner, Inc. (a)                               | 1,900      | 19,171   
|Warner Music Group Corp. (a)                        | 6,800      | 28,152   
|                                                    | 421,795   
|Multiline Retail 1.1%                              
|JC Penney Co., Inc. (a)                             | 4,700      | 112,424  
|Specialty Retail 2.9%                              
|Advance Auto Parts, Inc. (a)                        | 2,700      | 84,240   
|RadioShack Corp. (a)                                | 7,900      | 100,014  
|The Gap, Inc. (a)                                   | 8,800      | 113,872  
|                                                    | 298,126   
|Textiles, Apparel & Luxury Goods 1.3%              
|Fossil, Inc.* (a)                                   | 1,100      | 19,965   
|VF Corp. (a)                                        | 2,000      | 110,200  
|                                                    | 130,165   
|Consumer Staples 10.9%                             
|Beverages 1.5%                                     
|PepsiCo, Inc. (a)                                   | 2,700      | 153,927  
|Food & Staples Retailing 3.7%                      
|SUPERVALU, Inc. (a)                                 | 7,100      | 101,104  
|Sysco Corp. (a)                                     | 5,500      | 144,100  
|Wal-Mart Stores, Inc. (a)                           | 2,400      | 133,944  
|                                                    | 379,148   
|Food Products 3.2%                                 
|Darling International, Inc.* (a)                    | 11,600     | 87,464   
|Fresh Del Monte Produce, Inc.* (a)                  | 3,000      | 63,330   
|General Mills, Inc. (a)                             | 2,100      | 142,254  
|Kellogg Co. (a)                                     | 600        | 30,252   
|                                                    | 323,300   
|Household Products 1.1%                            
|Colgate-Palmolive Co. (a)                           | 500        | 31,380   
|Procter & Gamble Co. (a)                            | 1,200      | 77,448   
|                                                    | 108,828   
|Personal Products 0.2%                             
|Herbalife Ltd. (a)                                  | 700        | 17,101   
|Tobacco 1.2%                                       
|Altria Group, Inc. (a)                              | 2,600      | 49,894   
|Philip Morris International, Inc. (a)               | 1,800      | 78,246   
|                                                    | 128,140   
|Energy 25.5%                                       
|Energy Equipment & Services 2.2%                   
|Complete Production Services, Inc.* (a)             | 8,400      | 104,076  
|Helmerich & Payne, Inc. (a)                         | 600        | 20,586   
|Oil States International, Inc.* (a)                 | 4,600      | 106,398  
|                                                    | 231,060   
|Oil, Gas & Consumable Fuels 23.3%                  
|Apache Corp. (a)                                    | 2,100      | 172,893  
|Chevron Corp. (a)                                   | 5,000      | 373,000  
|Cimarex Energy Co. (a)                              | 3,000      | 121,380  
|ConocoPhillips (a)                                  | 1,500      | 78,030   
|Devon Energy Corp. (a)                              | 100        | 8,086    
|Encore Acquisition Co.* (a)                         | 4,000      | 124,600  
|ExxonMobil Corp. (a)                                | 3,300      | 244,596  
|Forest Oil Corp.* (a)                               | 3,900      | 113,919  
|Foundation Coal Holdings, Inc. (a)                  | 4,600      | 95,496   
|Frontline Ltd. (a)                                  | 3,000      | 95,400   
|Hess Corp. (a)                                      | 2,200      | 132,462  
|Mariner Energy, Inc.* (a)                           | 7,600      | 109,364  
|Massey Energy Co. (a)                               | 4,600      | 106,214  
|Murphy Oil Corp. (a)                                | 800        | 40,512   
|Occidental Petroleum Corp. (a)                      | 3,900      | 216,606  
|Plains Exploration & Production Co.* (a)            | 2,500      | 70,500   
|W&T Offshore, Inc. (a)                              | 4,300      | 82,431   
|Walter Industries, Inc. (a)                         | 1,900      | 73,625   
|Whiting Petroleum Corp.* (a)                        | 2,300      | 119,577  
|                                                    | 2,378,691 
|Financials 20.1%                                   
|Capital Markets 2.1%                               
|BlackRock, Inc. (a)                                 | 200        | 26,268   
|Credit Suisse Group AG (ADR) (a)                    | 2,800      | 104,720  
|State Street Corp. (a)                              | 1,900      | 82,365   
|                                                    | 213,353   
|Commercial Banks 4.9%                              
|Credicorp Ltd. (a)                                  | 1,400      | 54,978   
|PNC Financial Services Group, Inc. (a)              | 2,600      | 173,342  
|Unibanco  Uniao de Bancos Brasileiros SA (GDR) (a) | 900        | 56,772   
|US Bancorp. (a)                                     | 5,900      | 175,879  
|Wells Fargo & Co. (a)                               | 1,200      | 40,860   
|                                                    | 501,831   
|Diversified Financial Services 5.1%                
|Bank of America Corp. (a)                           | 5,200      | 125,684  
|JPMorgan Chase & Co. (a)                            | 9,600      | 396,000  
|                                                    | 521,684   
|Insurance 4.6%                                     
|Allstate Corp. (a)                                  | 4,000      | 105,560  
|MetLife, Inc. (a)                                   | 3,000      | 99,660   
|Protective Life Corp. (a)                           | 1,200      | 10,020   
|Reinsurance Group of America, Inc. "A" (a)          | 2,600      | 97,084   
|The Travelers Companies, Inc. (a)                   | 2,100      | 89,355   
|Unum Group (a)                                      | 4,600      | 72,450   
|                                                    | 474,129   
|Real Estate Investment Trusts 0.8%                 
|Developers Diversified Realty Corp. (REIT) (a)      | 700        | 9,219    
|Essex Property Trust, Inc. (REIT) (a)               | 300        | 29,190   
|Hospitality Properties Trust (REIT) (a)             | 1,800      | 18,270   
|Host Hotels & Resorts, Inc. (REIT) (a)              | 1,300      | 13,442   
|ProLogis (REIT) (a)                                 | 700        | 9,800    
|                                                    | 79,921    
|Thrifts & Mortgage Finance 2.6%                    
|Doral Financial Corp.* (a)                          | 12,600     | 117,810  
|Hudson City Bancorp., Inc. (a)                      | 7,600      | 142,956  
|                                                    | 260,766   
|Health Care 12.4%                                  
|Biotechnology 2.2%                                 
|Amgen, Inc.* (a)                                    | 3,800      | 227,582  
|Health Care Equipment & Supplies 2.6%              
|Baxter International, Inc. (a)                      | 2,500      | 151,225  
|Covidien Ltd. (a)                                   | 100        | 4,429    
|Varian Medical Systems, Inc.* (a)                   | 2,300      | 104,673  
|                                                    | 260,327   
|Health Care Providers & Services 1.1%              
|Community Health Systems, Inc.* (a)                 | 5,700      | 116,850  
|Life Sciences Tools & Services 0.2%                
|Thermo Fisher Scientific, Inc.* (a)                 | 400        | 16,240   
|Pharmaceuticals 6.3%                               
|Bristol-Myers Squibb Co. (a)                        | 1,900      | 39,045   
|Eli Lilly & Co. (a)                                 | 4,800      | 162,336  
|Johnson & Johnson (a)                               | 1,000      | 61,340   
|Merck & Co., Inc. (a)                               | 2,200      | 68,090   
|Pfizer, Inc. (a)                                    | 17,600     | 311,696  
|                                                    | 642,507   
|Industrials 12.9%                                  
|Aerospace & Defense 3.4%                           
|General Dynamics Corp. (a)                          | 2,000      | 120,640  
|Honeywell International, Inc. (a)                   | 3,100      | 94,395   
|L-3 Communications Holdings, Inc. (a)               | 1,400      | 113,638  
|Northrop Grumman Corp. (a)                          | 500        | 23,445   
|                                                    | 352,118   
|Airlines 1.6%                                      
|Continental Airlines, Inc. "B"* (a)                 | 1,600      | 30,272   
|Southwest Airlines Co. (a)                          | 11,100     | 130,758  
|                                                    | 161,030   
|Commercial Services & Supplies 0.6%                
|The Brink's Co. (a)                                 | 1,200      | 58,188   
|Construction & Engineering 1.6%                    
|EMCOR Group, Inc.* (a)                              | 2,800      | 49,756   
|Perini Corp.* (a)                                   | 6,100      | 116,022  
|                                                    | 165,778   
|Electrical Equipment 1.0%                          
|GrafTech International Ltd.* (a)                    | 12,200     | 98,942   
|Industrial Conglomerates 0.9%                      
|General Electric Co. (a)                            | 4,600      | 89,746   
|Machinery 1.0%                                     
|Cummins, Inc. (a)                                   | 800        | 20,680   
|Navistar International Corp.*                       | 2,800      | 84,336   
|                                                    | 105,016   
|Professional Services 0.8%                         
|Manpower, Inc. (a)                                  | 2,700      | 84,051   
|Road & Rail 1.0%                                   
|Ryder System, Inc. (a)                              | 2,700      | 106,974  
|Trading Companies & Distributors 1.0%              
|United Rentals, Inc.* (a)                           | 4,800      | 49,200   
|WESCO International, Inc.* (a)                      | 2,500      | 49,700   
|                                                    | 98,900    
|Information Technology 10.4%                       
|Computers & Peripherals 6.3%                       
|Hewlett-Packard Co. (a)                             | 5,700      | 218,196  
|International Business Machines Corp. (a)           | 2,300      | 213,831  
|QLogic Corp.* (a)                                   | 7,800      | 93,756   
|Western Digital Corp.* (a)                          | 7,000      | 115,500  
|                                                    | 641,283   
|Electronic Equipment, Instruments & Components 0.6%
|Jabil Circuit, Inc. (a)                             | 7,700      | 64,757   
|IT Services 2.3%                                   
|Alliance Data Systems Corp.* (a)                    | 800        | 40,128   
|Broadridge Financial Solutions, Inc. (a)            | 7,200      | 87,120   
|Computer Sciences Corp.* (a)                        | 3,700      | 111,592  
|                                                    | 238,840   
|Semiconductors & Semiconductor Equipment 0.8%      
|Fairchild Semiconductor International, Inc.* (a)    | 3,800      | 21,584   
|Intel Corp. (a)                                     | 3,600      | 57,600   
|                                                    | 79,184    
|Software 0.4%                                      
|Compuware Corp.* (a)                                | 3,200      | 20,416   
|Symantec Corp.* (a)                                 | 1,800      | 22,644   
|                                                    | 43,060    
|Materials 6.7%                                     
|Chemicals 2.2%                                     
|Celanese Corp. "A" (a)                              | 300        | 4,158    
|CF Industries Holdings, Inc. (a)                    | 1,300      | 83,447   
|Terra Industries, Inc. (a)                          | 4,100      | 90,159   
|The Mosaic Co. (a)                                  | 1,200      | 47,292   
|                                                    | 225,056   
|Metals & Mining 4.5%                               
|AK Steel Holding Corp. (a)                          | 4,700      | 65,424   
|Century Aluminum Co.* (a)                           | 3,400      | 42,738   
|Compass Minerals International, Inc. (a)            | 2,400      | 131,832  
|Steel Dynamics, Inc. (a)                            | 11,800     | 140,656  
|United States Steel Corp. (a)                       | 2,100      | 77,448   
|                                                    | 458,098   
|Telecommunication Services 4.1%                    
|Diversified Telecommunication Services             
|AT&T, Inc. (a)                                      | 4,300      | 115,111  
|Verizon Communications, Inc. (a)                    | 10,400     | 308,568  
|                                                    | 423,679   
|Utilities 3.8%                                     
|Electric Utilities 0.3%                            
|Edison International (a)                            | 700        | 24,913   
|Gas Utilities 0.9%                                 
|Energen Corp. (a)                                   | 100        | 3,357    
|ONEOK, Inc. (a)                                     | 2,800      | 89,320   
|                                                    | 92,677    
|Multi-Utilities 2.6%                               
|Dominion Resources, Inc. (a)                        | 3,800      | 137,864  
|Sempra Energy (a)                                   | 3,100      | 132,029  
|                                                    | 269,893   
|Total Common Stocks (Cost $15,867,602)              | 12,145,220

|                                                        | Principal
Amount ($) | Value ($)
|------------------------------------------------------- | -------------------- | ---------
|                                                        |                     
|Government & Agency Obligation 0.6%                    
|US Treasury Obligation                                 
|US Treasury Bill, 0.17%**, 1/15/2009 (b) (Cost $61,978) | 62,000               | 61,954   

|                                                    | Shares  | Value ($)
|--------------------------------------------------- | ------- | ---------
|                                                    |        
|Cash Equivalents 1.7%                              
|Cash Management QP Trust, 2.30% (c) (Cost $172,856) | 172,856 | 172,856  

|                                        | % of Net
Assets | Value ($)  
|--------------------------------------- | --------------- | -----------
|                                        |                
|Total Long Positions(Cost $16,102,436)+ | 121.1           | 12,380,030 
|Other Assets and Liabilities, Net       | (1.3)           | (128,003)  
|Securities Sold Short                   | (19.8)          | (2,028,256)
|Net Assets                              | 100.0           | 10,223,771 

|                                                    | Shares    | Value ($)
|--------------------------------------------------- | --------- | ---------
|                                                    |          
|Common Stocks Sold Short 19.8%                     
|Consumer Discretionary 2.1%                        
|Hotels Restaurants & Leisure 0.4%                  
|Choice Hotels International, Inc.                   | 1,700     | 46,478   
|Household Durables 0.1%                            
|Newell Rubbermaid, Inc.                             | 600       | 8,250    
|Specialty Retail 1.6%                              
|Chico's FAS, Inc.                                   | 27,200    | 92,480   
|Office Depot, Inc.                                  | 18,700    | 67,320   
|                                                    | 159,800  
|Energy 7.7%                                        
|Energy Equipment & Services 4.5%                   
|Atwood Oceanics, Inc.                               | 3,500     | 96,180   
|CARBO Ceramics, Inc.                                | 3,400     | 147,118  
|Global Industries Ltd.                              | 23,000    | 58,650   
|Hercules Offshore, Inc.                             | 6,900     | 50,301   
|Weatherford International Ltd.                      | 6,200     | 104,656  
|                                                    | 456,905  
|Oil, Gas & Consumable Fuels 3.2%                   
|Frontier Oil Corp.                                  | 2,400     | 31,704   
|Goodrich Petroleum Corp.                            | 3,900     | 108,264  
|Range Resources Corp.                               | 3,300     | 139,326  
|Ultra Petroleum Corp.                               | 1,100     | 51,205   
|                                                    | 330,499  
|Financials 1.2%                                    
|Commercial Banks 0.3%                              
|KeyCorp.                                            | 2,400     | 29,352   
|Diversified Financial Services 0.9%                
|Moody's Corp.                                       | 3,700     | 94,720   
|Information Technology 3.5%                        
|IT Services 0.4%                                   
|Fidelity National Information Services, Inc.        | 2,400     | 36,216   
|Semiconductors & Semiconductor Equipment 2.0%      
|Advanced Micro Devices, Inc.                        | 25,800    | 90,300   
|Tessera Technologies, Inc.                          | 6,500     | 112,320  
|                                                    | 202,620  
|Software 1.1%                                      
|Citrix Systems, Inc.                                | 4,500     | 115,965  
|Materials 3.5%                                     
|Construction Materials 1.1%                        
|Eagle Materials, Inc.                               | 6,100     | 108,031  
|Containers & Packaging 0.7%                        
|Pactiv Corp.                                        | 3,100     | 73,036   
|Metals & Mining 1.0%                               
|Allegheny Technologies, Inc.                        | 4,000     | 106,160  
|Paper & Forest Products 0.7%                       
|Louisiana-Pacific Corp.                             | 15,200    | 72,960   
|Utilities 1.8%                                     
|Independent Power Producers & Energy Traders       
|Mirant Corp.                                        | 6,000     | 105,120  
|Ormat Technologies, Inc.                            | 3,400     | 82,144   
|                                                    | 187,264  
|Total Common Stocks Sold Short(Proceeds $2,991,974) | 2,028,256

ADR: American Depositary Receipt

GDR: Global Depositary Receipt

REIT: Real Estate Investment Trust

As of October 31, 2008, open futures contracts purchased were as follows:

|Futures            | Expiration
Date | Contracts | Aggregated
Face
Value ($) | Value ($) | Unrealized
Depreciation ($)
|------------------ | --------------- | --------- | ------------------------- | --------- | ---------------------------
|S&P Mini 500 Index | 12/19/2008      | 2         | 125,215                   | 96,730    | (28,485)                   

Fair Value Measurements

The following is a summary of the inputs used as of October 31, 2008 in valuing the Fund's
investments. For information on the Fund's policy regarding the valuation of investments and of
the valuation inputs, and the aggregate levels used in the tables below, please refer to the
Security Valuation section of Note A in the accompanying Notes to the Financial Statements.

|Valuation Inputs | Investments in
Securities, at
Value | Investments
Sold Short, at
Value | Other Financial
Instruments++
|---------------- | ----------------------------------- | -------------------------------- | -----------------------------
|Level 1          | $       12,318,076                  | $       2,028,256                | $       (28,485)             
|Level 2          | 61,954                              |                                 |                             
|Level 3          |                                    |                                 |                             
|Total            | $    12,380,030                     | $    2,028,256                   | $    (28,485)                

The accompanying notes are an integral part of the financial statements.

Financial Statements

|Statement of Assets and Liabilitiesas of October 31, 2008 (Unaudited)
|---------------------------------------------------------------------
|Assets                                                               
|Investments:Investments in securities, at value (cost $15,929,580)   
|Investment in Cash Management QP Trust (cost $172,856)               
|Total investments, at value (cost $16,102,436)                       
|Cash                                                                 
|Dividends receivable                                                 
|Receivable for daily variation margin on open futures contracts      
|Interest receivable                                                  
|Due from Advisor                                                     
|Other assets                                                         
|Total assets                                                         
|Liabilities                                                          
|Payable for securities sold short, at value (proceeds of $2,991,974) 
|Due to broker                                                        
|Dividends payable for securities sold short                          
|Other accrued expenses and payables                                  
|Total liabilities                                                    
|Net assets, at value                                                 
|Net Assets Consist of                                                
|Undistributed net investment income                                  
|Net unrealized appreciation (depreciation) on:Investments            
|Futures                                                              
|Securities sold short                                                
|Accumulated net realized gain (loss)                                 
|Paid-in capital                                                      
|Net assets, at value                                                 

The accompanying notes are an integral part of the financial statements.

|Statement of Assets and Liabilitiesas of October 31, 2008 (Unaudited) (continued)                                                                                                                                                         
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Net Asset Value                                                                                                                                                                                                                           
|Class A
Net Asset Value and redemption price(a) per share ($1,731,548 ÷ 278,309
outstanding shares of beneficial interest, $.001 par value, unlimited number
of shares authorized)                                                        
|Maximum offering price per share(100 ÷ 94.25 of $6.22)                                                                                                                                                                                    
|Class C
Net Asset Value, offering and redemption price(a) (subject to contingent
deferred sales charge) per share ($1,673,280 ÷ 270,437 outstanding shares
of beneficial interest, $.001 par value, unlimited number of shares
authorized)
|Class S
Net Asset Value, offering and redemption price(a) (subject to contingent
deferred sales charge) per share ($1,675,233 ÷ 269,118 outstanding shares
of beneficial interest, $.001 par value, unlimited number of shares
authorized)
|Institutional Class
Net Asset Value, offering and redemption price(a)per share
($5,143,710 ÷ 826,188 outstanding shares of beneficial interest,
$.001 par value, unlimited number of shares authorized)                                   

The accompanying notes are an integral part of the financial statements.

|Statement of Operationsfor the six months ended October 31, 2008 (Unaudited)
|----------------------------------------------------------------------------
|Investment Income                                                           
|Income:Dividends                                                            
|Interest  Cash Management QP Trust                                         
|Interest                                                                    
|Total Income                                                                
|Expenses:Management fee                                                     
|Reports to shareholders                                                     
|Registration fees                                                           
|Distribution and service fees                                               
|Administration fee                                                          
|Custodian fee                                                               
|Services to shareholders                                                    
|Trustees' fees and expenses                                                 
|Legal fees                                                                  
|Audit fees                                                                  
|Dividends on short positions                                                
|Other                                                                       
|Total expenses before expense reductions                                    
|Expense reductions                                                          
|Total expenses after expense reductions                                     
|Net investment income (loss)                                                
|Realized and Unrealized Gain (Loss)                                         
|Net realized gain (loss) from:Investments                                   
|Futures                                                                     
|Securities sold short                                                       
|                                                                            
|Net unrealized appreciation (depreciation) during the period on:Investments 
|Futures                                                                     
|Securities sold short                                                       
|                                                                            
|Net gain (loss)                                                             
|Net increase (decrease) in net assets resulting from operations             

The accompanying notes are an integral part of the financial statements.

|Statement of Cash Flowsfor the six months ended October 31, 2008 (Unaudited)                                 
|-------------------------------------------------------------------------------------------------------------
|Increase (Decrease) in Cash
Cash Flows from Operating Activities:                                            
|Increase (decrease) in net assets resulting from operations                                                  
|Adjustments to reconcile net increase in net assets from operations to
net cash used in operating activities:
|Purchases of long-term investments                                                                           
|Purchases to cover securities sold short                                                                     
|Net purchases, sales and maturities of short-term investments                                                
|Net amortization of premium (discount)                                                                       
|Proceeds from sales and maturities of long-term investments                                                  
|Proceeds received from securities sold short                                                                 
|(Increase) decrease in interest receivable                                                                   
|(Increase) decrease in dividends receivable                                                                  
|(Increase) decrease in other assets                                                                          
|Increase (decrease) in dividends payable for securities sold short                                           
|(Increase) decrease in daily variation margin on open futures contracts                                      
|Increase (decrease) in other accrued expenses and payables                                                   
|Unrealized (appreciation) depreciation on investments                                                        
|Unrealized (appreciation) depreciation on securities sold short                                              
|Net realized (gain) loss on short sales                                                                      
|Net realized (gain) loss from investments                                                                    
|Cash provided (used) by operating activities                                                                 
|Cash Flows from Financing Activities:                                                                        
|Proceeds from shares sold                                                                                    
|Cost of shares redeemed                                                                                      
|Cash provided (used) for financing activities                                                                
|Increase (decrease) in cash                                                                                  
|Cash at beginning of period*                                                                                 
|Cash at end of period*                                                                                       

The accompanying notes are an integral part of the financial statements.

|Statement of Changes in Net Assets                                                                               
|-----------------------------------------------------------------------------------------------------------------
|Increase (Decrease) in Net Assets                                                                                
|Operations:Net investment income (loss)                                                                          
|Net realized gain (loss)                                                                                         
|Change in net unrealized appreciation (depreciation)                                                             
|Net increase (decrease) in net assets resulting from
operations                                                  
|Distributions to shareholders from:Net investment income:Class A                                                 
|Class C                                                                                                          
|Class S                                                                                                          
|Institutional Class                                                                                              
|Net realized gains:Class A                                                                                       
|Class C                                                                                                          
|Class S                                                                                                          
|Institutional Class                                                                                              
|Total distributions                                                                                              
|Fund share transactions:Proceeds from shares sold                                                                
|Reinvestment of distributions                                                                                    
|Cost of shares redeemed                                                                                          
|Redemption fees                                                                                                  
|Net increase (decrease) in net assets from Fund share
transactions                                               
|Increase (decrease) in net assets                                                                                
|Net assets at beginning of period                                                                                
|Net assets at end of period (including undistributed
net investment income of $107,815 and $35,452,
respectively)

The accompanying notes are an integral part of the financial statements.

Financial Highlights

|Class A
Years Ended April 30,                                                                                                                                                                                                                                                                                                                                                                         | 2008a     | 2008       | 2007b     
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------- | ---------- | ----------
|Selected Per Share Data                                                                                                                                                                                                                                                                                                                                                                              
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                                                                                  | $    9.24 | $    10.55 | $    10.00
|Income (loss) from investment operations:
Net investment income (loss)c                                                                                                                                                                                                                                                                                                                               | .04       | .08        | .01       
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                               | (3.06)    | (1.14)     | .55       
|Total from investment operations                                                                                                                                                                                                                                                                                                                                                                      | (3.02)    | (1.06)     | .56       
|Less distributions from:
Net investment income                                                                                                                                                                                                                                                                                                                                                        |          | (.08)      | (.01)     
|Net realized gains                                                                                                                                                                                                                                                                                                                                                                                    |          | (.17)      |          
|Total from investment operations                                                                                                                                                                                                                                                                                                                                                                      |          | (.25)      | (.01)     
|Redemption fees                                                                                                                                                                                                                                                                                                                                                                                       |          | .00***     | .00***    
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                        | $    6.22 | $    9.24  | $    10.55
|Total Return (%)d,e                                                                                                                                                                                                                                                                                                                                                                                   | (32.68)** | (10.31)    | 5.58**    
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                                                                                                                                                                   
|Net assets, end of period ($ millions)                                                                                                                                                                                                                                                                                                                                                                | 2         | 3          | 3         
|Ratio of expenses before expense reductions (including
interest expense and dividend expense for securities sold
short) (%)                                                                                                                                                                                                                                                                           | 2.78*     | 3.89       | 4.61*     
|Ratio of expenses after expense reductions (including interest
expense and dividend expense for securities sold short) (%)                                                                                                                                                                                                                                                                            | 1.65*     | 2.53       | 2.94*     
|Ratio of expenses after expense reductions (excluding interest
expense and dividend expense for securities sold short) (%)                                                                                                                                                                                                                                                                            | 1.49*     | 1.43       | 1.52*     
|Ratio of net investment income (loss) (%)                                                                                                                                                                                                                                                                                                                                                             | .95*      | .85        | .31*      
|Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                           | 272**     | 485        | 227**     
|aFor the six months ended October 31, 2008 (Unaudited).bFor the period from November 16, 2006 (commencement of operations) to April 30, 2007.cBased on average shares outstanding during the period.dTotal return does not reflect the effect of any sales charges.eTotal return would have been lower had certain expenses not been reduced.*Annualized**Not annualized***Amount is less than $.005.

|Class C
Years Ended April 30,                                                                                                                                                                                                                                                                                                                                                                         | 2008a     | 2008       | 2007b     
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------- | ---------- | ----------
|Selected Per Share Data                                                                                                                                                                                                                                                                                                                                                                              
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                                                                                  | $    9.21 | $    10.52 | $    10.00
|Income (loss) from investment operations:
Net investment income (loss)c                                                                                                                                                                                                                                                                                                                               | .01       | .01        | (.02)     
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                               | (3.03)    | (1.15)     | .54       
|Total from investment operations                                                                                                                                                                                                                                                                                                                                                                      | (3.02)    | (1.14)     | .52       
|Less distributions from:
Net investment income                                                                                                                                                                                                                                                                                                                                                        |          | (.00)***   |          
|Net realized gains                                                                                                                                                                                                                                                                                                                                                                                    |          | (.17)      |          
|Total from distributions                                                                                                                                                                                                                                                                                                                                                                              |          | (.17)      |          
|Redemption fees                                                                                                                                                                                                                                                                                                                                                                                       |          | .00***     | .00***    
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                        | $    6.19 | $    9.21  | $    10.52
|Total Return (%)d,e                                                                                                                                                                                                                                                                                                                                                                                   | (32.79)** | (11.01)    | 5.20**    
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                                                                                                                                                                   
|Net assets, end of period ($ millions)                                                                                                                                                                                                                                                                                                                                                                | 2         | 2          | 3         
|Ratio of expenses before expense reductions (including
interest expense and dividend expense for securities sold
short) (%)                                                                                                                                                                                                                                                                           | 3.49*     | 4.58       | 5.36*     
|Ratio of expenses after expense reductions (including interest
expense and dividend expense for securities sold short) (%)                                                                                                                                                                                                                                                                            | 2.36*     | 3.21       | 3.69*     
|Ratio of expenses after expense reductions (excluding interest
expense and dividend expense for securities sold short)  (%)                                                                                                                                                                                                                                                                           | 2.20*     | 2.11       | 2.27*     
|Ratio of net investment income (loss) (%)                                                                                                                                                                                                                                                                                                                                                             | .24*      | .17        | (.44)*    
|Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                           | 272**     | 485        | 227**     
|aFor the six months ended October 31, 2008 (Unaudited).bFor the period from November 16, 2006 (commencement of operations) to April 30, 2007.cBased on average shares outstanding during the period.dTotal return does not reflect the effect of any sales charges.eTotal return would have been lower had certain expenses not been reduced.*Annualized**Not annualized***Amount is less than $.005.

|Class S
Years Ended April 30,                                                                                                                                                                                                                                                                                                          | 2008a     | 2008       | 2007b     
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------- | ---------- | ----------
|Selected Per Share Data                                                                                                                                                                                                                                                                                                               
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                   | $    9.24 | $    10.55 | $    10.00
|Income (loss) from investment operations:
Net investment income (loss)c                                                                                                                                                                                                                                                                | .05       | .10        | .02       
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                | (3.07)    | (1.14)     | .54       
|Total from investment operations                                                                                                                                                                                                                                                                                                       | (3.02)    | (1.04)     | .56       
|Less distributions from:
Net investment income                                                                                                                                                                                                                                                                                         |          | (.10)      | (.01)     
|Net realized gains                                                                                                                                                                                                                                                                                                                     |          | (.17)      |          
|Total from investment operations                                                                                                                                                                                                                                                                                                       |          | (.27)      | (.01)     
|Redemption fees                                                                                                                                                                                                                                                                                                                        |          | .00***     | .00***    
|Net asset value, end of period                                                                                                                                                                                                                                                                                                         | $    6.22 | $    9.24  | $    10.55
|Total Return (%)d                                                                                                                                                                                                                                                                                                                      | (32.68)** | (10.09)    | 5.71**    
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                                                                                                    
|Net assets, end of period ($ millions)                                                                                                                                                                                                                                                                                                 | 2         | 2          | 3         
|Ratio of expenses before expense reductions (including interest
expense and dividend expense for securities sold short) (%)                                                                                                                                                                                                            | 2.62*     | 3.74       | 4.39*     
|Ratio of expenses after expense reductions (including interest
expense and dividend expense for securities sold short) (%)                                                                                                                                                                                                             | 1.49*     | 2.38       | 2.72*     
|Ratio of expenses after expense reductions (excluding interest
expense and dividend expense for securities sold short) (%)                                                                                                                                                                                                             | 1.33*     | 1.28       | 1.30*     
|Ratio of net investment income (loss) (%)                                                                                                                                                                                                                                                                                              | 1.11*     | 1.00       | .53*      
|Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                            | 272**     | 485        | 227**     
|aFor the six months ended October 31, 2008 (Unaudited).bFor the period from November 16, 2006 (commencement of operations) to April 30, 2007.cBased on average shares outstanding during the period.dTotal return would have been lower had certain expenses not been reduced.*Annualized**Not annualized***Amount is less than $.005.

|Institutional Class
Years Ended April 30,                                                                                                                                                                                                                                                                                              | 2008a     | 2008       | 2007b     
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------- | ---------- | ----------
|Selected Per Share Data                                                                                                                                                                                                                                                                                                               
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                   | $    9.24 | $    10.55 | $    10.00
|Income (loss) from investment operations:
Net investment income (loss)c                                                                                                                                                                                                                                                                | .05       | .10        | .02       
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                | (3.06)    | (1.14)     | .54       
|Total from investment operations                                                                                                                                                                                                                                                                                                       | (3.01)    | (1.04)     | .56       
|Less distributions from:
Net investment income                                                                                                                                                                                                                                                                                         |          | (.10)      | (.01)     
|Net realized gains                                                                                                                                                                                                                                                                                                                     |          | (.17)      |          
|Total from investment operations                                                                                                                                                                                                                                                                                                       |          | (.27)      | (.01)     
|Redemption fees                                                                                                                                                                                                                                                                                                                        |          | .00***     | .00***    
|Net asset value, end of period                                                                                                                                                                                                                                                                                                         | $    6.23 | $    9.24  | $    10.55
|Total Return (%)d                                                                                                                                                                                                                                                                                                                      | (32.58)** | (10.09)    | 5.72**    
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                                                                                                    
|Net assets, end of period ($ millions)                                                                                                                                                                                                                                                                                                 | 5         | 9          | 5         
|Ratio of expenses before expense reductions (including interest
expense and dividend expense for securities sold short) (%)                                                                                                                                                                                                            | 2.60*     | 3.73       | 4.45*     
|Ratio of expenses after expense reductions (including interest
expense and dividend expense for securities sold short (%)                                                                                                                                                                                                              | 1.46*     | 2.35       | 2.72*     
|Ratio of expenses after expense reductions (excluding interest
expense and dividend expense for securities sold short) (%)                                                                                                                                                                                                             | 1.30*     | 1.25       | 1.30*     
|Ratio of net investment income (loss) (%)                                                                                                                                                                                                                                                                                              | 1.14*     | 1.03       | .53*      
|Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                            | 272**     | 485        | 227**     
|aFor the six months ended October 31, 2008 (Unaudited).bFor the period from November 16, 2006 (commencement of operations) to April 30, 2007.cBased on average shares outstanding during the period.dTotal return would have been lower had certain expenses not been reduced.*Annualized**Not annualized***Amount is less than $.005.

Notes to Financial Statements(Unaudited)

A. Significant Accounting Policies

DWS Disciplined Long/Short Value Fund (the "Fund") is a diversified series
of DWS Equity Trust (the "Trust") which is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end
management investment company organized as a Massachusetts business
trust.

The Fund offers multiple classes of shares which provide investors with
different purchase options. Class A shares are offered to investors subject to
an initial sales charge. Class C shares are offered to investors without an
initial sales charge but are subject to higher ongoing expenses than Class A
shares and a contingent deferred sales charge payable upon certain
redemptions within one year of purchase. Class S shares are not subject to
initial or contingent deferred sales charges and are generally not available to
new investors except under certain circumstances. Institutional Class shares
are offered to a limited group of investors, are not subject to initial or
contingent deferred sales charges and have lower ongoing expenses than
other classes.

Investment income, realized and unrealized gains and losses, and certain
fund-level expenses and expense reductions, if any, are borne pro rata on
the basis of relative net assets by the holders of all classes of shares,
except that each class bears certain expenses unique to that class such as
services to shareholders, distribution and service fees and certain other
class-specific expenses. All shares of the Fund have equal rights with
respect to voting subject to class-specific arrangements.

The Fund's financial statements are prepared in accordance with accounting
principles generally accepted in the United States of America which require
the use of management estimates. Actual results could differ from those
estimates. The policies described below are followed consistently by the
Fund in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the
close of regular trading on the New York Stock Exchange on each day the
exchange is open for trading. Equity securities are valued at the most recent
sale price or official closing price reported on the exchange (US or foreign) or
over-the-counter market on which the security is traded most extensively.
Long positions for which no sales are reported are valued at the calculated
mean between the most recent bid and asked quotations on the relevant
market or, if a mean cannot be determined, at the most recent bid
quotation. Short positions for which no sales are reported are valued at the
calculated mean between the most recent bid and ask quotations on the
most relevant market or, if a mean cannot be determined, at the most
recent ask quotation.

Money market instruments purchased with an original or remaining maturity
of sixty days or less, maturing at par, are valued at amortized cost.
Investments in open-end investment companies and Cash Management QP
Trust are valued at their net asset value each business day.

Securities and other assets for which market quotations are not readily
available or for which the above valuation procedures are deemed not to
reflect fair value are valued in a manner that is intended to reflect their fair
value as determined in accordance with procedures approved by the
Trustees.

The Fund adopted Financial Accounting Standards Board Statement of
Financial Accounting Standards No. 157, Fair Value Measurements
("FAS 157"), effective at the beginning of the Fund's fiscal year. FAS 157
establishes a three-tier hierarchy to maximize the use of observable market
data and minimize the use of unobservable inputs and requires additional
disclosure about the classification of fair value measurements.

Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in three broad levels. Level 1 includes quoted
prices in active markets for identical securities. Level 2 includes other
significant observable inputs (including quoted prices for similar securities,
interest rates, prepayment speeds, credit risk, etc.). Level 3 includes
significant unobservable inputs (including the Fund's own assumptions in
determining the fair value of investments). The inputs or methodology used
for valuing securities are not necessarily an indication of the risk associated
with investing in those securities.

The aggregate value by input level, as of October 31, 2008, for the Fund's
investments, is included at the end of the Fund's Investment Portfolio.

New Accounting Pronouncement. In March 2008, the FASB issued
Statement of Financial Accounting Standards No. 161 ("FAS 161"),
"Disclosures about Derivative Instruments and Hedging Activities". FAS 161
requires enhanced disclosure about an entity's derivative and hedging
activities including qualitative disclosures about the objectives and
strategies for using derivatives, quantitative disclosures about fair value
amounts of gains and losses on derivative instruments, and disclosures
about credit-risk-related contingent features in derivative agreements. FAS
161 is effective for fiscal years and interim periods beginning after
November 15, 2008. Management is currently reviewing the enhanced
disclosure requirements for the adoption of FAS 161.

Short Sales.When the Fund takes a short position, it sells at the current
market price a stock it does not own but has borrowed in anticipation that
the market price of the stock will decline. To complete, or close out, the
short sale transaction, the Fund buys the same stock in the market and
returns it to the lender. The Fund will utilize this short sale strategy in
conjunction with its long positions in common stock to seek capital
appreciation independent of stock market direction.

Upon entering into a short sale, the Fund is required to designate liquid
assets it owns as segregated assets to the books of the broker and/or its
custodian in an amount at least equal to its obligations to purchase the
securities sold short (exclusive of short sale proceeds held with the broker
dealers). For financial statements purposes, the settlement amount for
securities sold short is reflected as a corresponding liability. The amount of
the liability is marked-to-market to reflect the current value of the short
position.

Short sales involve the risk that the Fund will incur a loss by subsequently
buying a security at a higher price than the price at which the Fund
previously sold the security short. Any loss will be increased by the amount
of compensation, interest or dividends, and transaction costs the Fund must
pay to a lender of the security. In addition, because the Fund's loss on a
short sale stems from increases in the value of the security sold short, the
extent of such loss, like the price of the security sold short, is theoretically
unlimited. By contrast, the Fund's loss on a long position arises from
decreases in the value of the security held by the Fund and therefore is
limited by the fact that a security's value cannot drop below zero.

Futures Contracts.A futures contract is an agreement between a buyer or
seller and an established futures exchange or its clearinghouse in which the
buyer or seller agrees to take or make a delivery of a specific amount of a
financial instrument at a specified price on a specific date (settlement date).
The Fund may enter into futures contracts as a hedge against anticipated
interest rate, currency or equity market changes, risk management and
return enhancement purposes.

Upon entering into a futures contract, the Fund is required to deposit with a
financial intermediary an amount ("initial margin") equal to a certain
percentage of the face value indicated in the futures contract. Subsequent
payments ("variation margin") are made or received by the Fund dependent
upon the daily fluctuations in the value of the underlying security and are
recorded for financial reporting purposes as unrealized gains or losses by
the Fund. When entering into a closing transaction, the Fund will realize a
gain or loss equal to the difference between the value of the futures
contract to sell and the futures contract to buy. Futures contracts are valued
at the most recent settlement price.

Certain risks may arise upon entering into futures contracts, including the
risk that an illiquid secondary market will limit the Fund's ability to close out
a futures contract prior to the settlement date and that a change in the value
of a futures contract may not correlate exactly with the changes in the value
of the securities or currencies hedged. When utilizing futures contracts to
hedge, the Fund gives up the opportunity to profit from favorable price
movements in the hedged positions during the term of the contract. Risk of
loss may exceed amounts recognized on the Statement of Assets and
Liabilities.

Federal Income Taxes. The Fund's policy is to comply with the requirements
of the Internal Revenue Code, as amended, which are applicable to
regulated investment companies, and to distribute all of its taxable income
to its shareholders.

From November 1, 2007 through April 30, 2008, the Fund incurred
approximately $1,062,000 of net realized capital losses. As permitted by tax
regulations, the Fund intends to elect to defer the losses and treat them as
arising in the fiscal year ending April 30, 2009.

The Fund has reviewed the tax positions for the open tax years as of
April 30, 2008 and has determined that no provision for income tax is
required in the Fund's financial statements. The Fund's federal tax return for
the prior fiscal year remains subject to examination by the Internal Revenue
Service.

Distribution of Income and Gains. Net investment income of the Fund, if
any, is declared and distributed to shareholders annually. Net realized gains
from investment transactions, in excess of available capital loss
carryforwards, would be taxable to the Fund if not distributed, and,
therefore, will be distributed to shareholders at least annually.

The timing and characterization of certain income and capital gain
distributions are determined annually in accordance with federal tax
regulations which may differ from accounting principles generally accepted
in the United States of America. These differences primarily relate to certain
securities sold at a loss and investments in futures contracts. As a result,
net investment income (loss) and net realized gain (loss) on investment
transactions for a reporting period may differ significantly from distributions
during such period. Accordingly, the Fund may periodically make
reclassifications among certain of its capital accounts without impacting the
net asset value of the Fund.

The tax character of current year distributions will be determined at the end
of the current fiscal year.

Statement of Cash Flows. Information on financial transactions which have
been settled through the receipt and disbursement of cash is presented in
the Statement of Cash Flows. The cash amount shown in the Statement of
Cash Flows represents the cash position in the Fund's custodian bank and
deposit with the broker for securities sold short at October 31, 2008.
Previously, the Fund has utilized the direct method for presentation of its
Statement of Cash Flows. The Fund has changed its presentation to the
indirect method, which it believes provides a useful format and conforms to
more common industry practice.

Offering Costs. Offering costs for the Fund were paid in connection with the
offering of shares and have been amortized over one year.

Redemption Fees. The Fund imposes a redemption fee of 2% of the total
redemption amount on the Fund shares redeemed or exchanged within
30 days of buying them, either by purchase or exchange. This fee is
assessed and retained by the Fund for the benefit of the remaining
shareholders. The redemption fee is accounted for as an addition to paid-in
capital.

Expenses. Expenses of the Trust arising in connection with a specific fund
are allocated to that fund. Other trust expenses which cannot be directly
attributed to a fund are apportioned among the funds in the Trust.

Contingencies. In the normal course of business, the Fund may enter into
contracts with service providers that contain general indemnification
clauses. The Fund's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the
Fund that have not yet been made. However, based on experience, the Fund
expects the risk of loss to be remote.

Other.Investment security transactions are accounted for on a trade date
plus one basis for daily net asset value calculations. However, for financial
reporting purposes, investment security transactions are reported on trade
date. Interest income is recorded on the accrual basis. Dividend income is
recorded on the ex-dividend date net of foreign withholding taxes. Dividend
income on short sale transactions is recorded on ex-date net of foreign
withholding taxes and disclosed as an expense in the Statement of
Operations. Realized gains and losses from investment transactions are
recorded on an identified cost basis.

B. Purchases and Sales of Securities

During the six months ended October 31, 2008, purchases and sales of
investment securities (excluding short sale transactions and short-term
investments) aggregated $34,333,754 and $35,802,517, respectively.
Purchases to cover securities sold short and securities sold short
aggregated $7,573,879 and $7,455,657, respectively.

C. Related Parties

Management Agreement. Under the Investment Management Agreement
with Deutsche Investment Management Americas Inc. ("DIMA" or the
"Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG,
the Advisor directs the investments of the Fund in accordance with its
investment objectives, policies and restrictions. The Advisor determines the
securities, instruments and other contracts relating to investments to be
purchased, sold or entered into by the Fund.

Under the Investment Management Agreement with the Advisor, the Fund
pays a monthly management fee based on the Fund's average daily net
assets, computed and accrued daily and payable monthly, at the following
annual rates:

|First $1 billion of the Fund's average daily net assets | 1.00%
|------------------------------------------------------- | -----
|Next $1 billion of such net assets                      | 0.95%
|Next $1 billion of such net assets                      | 0.90%
|Over $3 billion of such net assets                      | 0.85%

For the period from May 1, 2007 through September 30, 2009, the Advisor
has contractually agreed to waive all or a portion of its management fee and
reimburse or pay certain operating expenses of the Fund (excluding certain
expenses such as extraordinary expenses, taxes, brokerage, interest, initial
and ongoing leverage expenses, organizational and offering expenses
(limited to 0.10% through September 30, 2008), and dividend expense on
short sales) to the extent necessary to maintain the Fund's total operating
expenses of each class as follows:

|Class A             | 1.50%
|------------------- | -----
|Class C             | 2.25%
|Class S             | 1.25%
|Institutional Class | 1.20%

Accordingly, for the six months ended October 31, 2008, the fee pursuant to
the Investment Management Agreement aggregated $75,026, all of which
was waived, resulting in an annualized effective rate of 0.00% of the Fund's
average daily net assets.

In addition, for the six months ended October 31, 2008, the Advisor
reimbursed $2,418 of other expenses.

Administration Fee.Pursuant to an Administrative Services Agreement,
DIMA provides most administrative services to the Fund. For all services
provided under the Administrative Services Agreement, the Fund pays the
Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average
daily net assets, computed and accrued daily and payable monthly. For the
six months ended October 31, 2008, the Advisor accrued an Administration
Fee of $7,503, all of which was waived.

Service Provider Fees. DWS Investments Service Company ("DISC"), an
affiliate of the Advisor, is the transfer agent, dividend-paying agent and
shareholder service agent for the Fund. Pursuant to a sub-transfer agency
agreement between DISC and DST Systems, Inc. ("DST"), DISC has
delegated certain transfer agent and dividend-paying agent functions to DST.
DISC compensates DST out of the shareholder servicing fee it receives
from the Fund. For the six months ended October 31, 2008, the amounts
charged to the Fund by DISC were as follows:

|Services to Shareholders | Total
Aggregated | Waived    | Unpaid at
October 31,
2008
|------------------------ | ---------------- | --------- | --------------------------
|Class A                  | $       185      | $        | $       72                
|Class C                  | 41               |          | 23                        
|Class S                  | 221              |          | 99                        
|Institutional Class      | 79               | 79        |                          
|                         | $    526         | $    79   | $    194                  

Distribution and Service Fees. Under the Fund's Class C 12b-1 Plan,
DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor,
receives a fee ("Distribution Fee") of 0.75% of average daily net assets of
Class C shares. In accordance with the Fund's Underwriting and Distribution
Services Agreement, DIDI enters into related selling group agreements with
various firms at various rates for sales of Class C shares. For the six months
ended October 31, 2008, the Distribution Fee was as follows:

|Distribution Fee | Total
Aggregated | Unpaid at
October 31,
2008
|---------------- | ---------------- | --------------------------
|Class C          | $       8,524    | $       1,058             

In addition, DIDI provides information and administrative services for a fee
("Service Fee") to the shareholders of Class A and Class C at an annual rate
of up to 0.25% of average daily net assets for each such class. DIDI in turn
has various agreements with financial services firms that provide these
services and pays these fees based upon the assets of shareholder
accounts the firms service. For the six months ended October 31, 2008, the
Service Fee was as follows:

|Service Fee | Total
Aggregated | Unpaid at
October 31,
2008 | Annualized
Effective Rate
|----------- | ---------------- | -------------------------- | -------------------------
|Class A     | $       1,831    | $       55                 | .15%                     
|Class C     | 1,557            |                           | .14%                     
|            | $    3,388       | $    55                    |                          

Underwriting Agreement and Contingent Deferred Sales Charge. DIDI is
the principal underwriter for the Fund. There were no underwriting
commissions paid in connection with the distribution of Class A shares for
the six months ended October 31, 2008.

In addition, DIDI receives any contingent deferred sales charge ("CDSC")
Class C share redemptions occurring within one year of purchase. There is
no such charge upon redemption of any share appreciation or reinvested
dividends. The CDSC is based on 1% of the value of the shares redeemed.
A deferred sales charge of up to 1% is assessed on certain redemptions of
Class A shares. There were no CDSC fees charged for the six months ended
October 31, 2008.

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA
is compensated for providing typesetting and certain regulatory filing
services to the Fund. For the six months ended October 31, 2008, the
amount charged to the Fund by DIMA included in the Statement of
Operations under "reports to shareholders" aggregated $22,952, of which
$6,172 is unpaid.

Trustees' Fees and Expenses. The Fund paid each Trustee not affiliated with
the Advisor retainer fees plus specified amounts for various committee
services and for the Board Chairperson and Vice Chairperson.

Cash Management QP Trust. Pursuant to an Exemptive Order issued by the
SEC, the Fund may invest in the Cash Management QP Trust
(the "QP Trust") and other affiliated funds managed by the Advisor. The QP
Trust seeks to provide as high a level of income as is consistent with the
preservation of capital and the maintenance of liquidity. The QP Trust does
not pay the Advisor a management fee for the affiliated funds' investments
in the QP Trust.

D. Concentration of Ownership

From time to time, the Fund may have a concentration of several
shareholders holding a significant percentage of shares outstanding.
Investment activities of these shareholders could have a material impact on
the Fund.

At October 31, 2008, the Advisor held approximately 53% of the
outstanding shares of the Fund. In addition, as of October 31, 2008, the
DWS LifeCompass 2015 Fund and the DWS LifeCompass 2020 Fund held
12% and 13%, respectively, of the total shares outstanding of the Fund.

E. Fee Reductions

The Fund has entered into an arrangement with its custodian and transfer
agent whereby credits realized as a result of uninvested cash balances are
used to reduce a portion of the Fund's custodian expenses. During the six
months ended October 31, 2008, the Fund's custodian fee was reduced by
$36 and $25, respectively, for custody and transfer agent credits earned.

F. Share Transactions

The following table summarizes share and dollar activity in the Fund:

|                                                               | Six Months Ended
October 31, 2008 | Year Ended
April 30, 2008
|-------------------------------------------------------------- | --------------------------------- | -------------------------
|                                                               | Shares                            | Dollars                  
|Shares sold                                                   
|Class A                                                        | 22,299                            | $       197,687          
|Class C                                                        |                                  |                         
|Class S                                                        | 4,470                             | 40,245                   
|Institutional Class                                            | 1,746                             | 15,000                   
|                                                               |                                   | $    252,932             
|Shares issued to shareholders in reinvestment of distributions
|Class A                                                        |                                  | $                       
|Class C                                                        |                                  |                         
|Class S                                                        |                                  |                         
|Institutional Class                                            |                                  |                         
|                                                               |                                   | $                       
|Shares redeemed                                               
|Class A                                                        | (16,614)                          | $       (111,452)        
|Class C                                                        | (89)                              | (750)                    
|Class S                                                        | (3,982)                           | (32,371)                 
|Institutional Class                                            | (199,904)                         | (1,563,500)              
|                                                               |                                   | $    (1,708,073)         
|Redemption fees                                                |                                   | $                       
|Net increase (decrease)                                       
|Class A                                                        | 5,685                             | $       86,235           
|Class C                                                        | (89)                              | (750)                    
|Class S                                                        | 488                               | 7,874                    
|Institutional Class                                            | (198,158)                         | (1,548,500)              
|                                                               |                                   | $    (1,455,141)         

Shareholder Meeting Results(Unaudited)

The Special Meeting of Shareholders of DWS Disciplined Long/Short Value
Fund series of DWS Equity Trust (the "Fund") was held on March 31, 2008
at the offices of Deutsche Asset Management, 345 Park Avenue, New York,
NY 10154. The following matters were voted upon by the shareholders of
said Fund (the resulting votes are presented below):

1.      Election of the Board of Trustees of the Fund.

|                       | Number of Votes:
|---------------------- | ----------------
|Trustee                | For             
|John W. Ballantine     | 1,868,613.2730  
|Henry P. Becton, Jr.   | 1,868,613.2730  
|Dawn-Marie Driscoll    | 1,868,613.2730  
|Keith R. Fox           | 1,868,613.2730  
|Paul K. Freeman        | 1,868,613.2730  
|Kenneth C. Froewiss    | 1,868,613.2730  
|Richard J. Herring     | 1,868,613.2730  
|William McClayton      | 1,868,613.2730  
|Rebecca W. Rimel       | 1,868,613.2730  
|William N. Searcy, Jr. | 1,868,613.2730  
|Jean Gleason Stromberg | 1,868,613.2730  
|Robert H. Wadsworth    | 1,868,613.2730  
|Axel Schwarzer         | 1,868,613.2730  

2.      Approval of a Subadvisor Approval Policy.

|Number of Votes:
|----------------
|For             
|1,788,993.9521  

The Meeting was reconvened on August 15, 2008, at which time the
following matter was voted upon by the shareholders. ("Number of Votes"
represents all funds that are series of DWS Equity Trust.)

4A.     Approval of Amended and Restated Declaration of Trust.

|Number of Votes:
|----------------
|For             
|11,587,591.9070 

Investment Management Agreement
Approval

The Board of Trustees, including the Independent Trustees, approved the
renewal of your Fund's investment management agreement (the
"Agreement") with Deutsche Investment Management Americas Inc.
("DIMA") in September 2008.

In terms of the process that the Board followed prior to approving the
Agreement, shareholders should know that:

•   At the present time, all but one of your Fund's Trustees are independent
of DIMA and its affiliates.

•   The Trustees meet frequently to discuss fund matters. Each year, the
Trustees dedicate part or all of several meetings to contract review
matters. Over the course of several months, the Board's Contract
Committee, in coordination with the Board's Fixed Income and Quant
Oversight Committee, reviewed comprehensive materials received from
DIMA, independent third parties and independent counsel. These
materials included an analysis of the Fund's performance, fees and
expenses, and profitability compiled by the Fund's independent fee
consultant. The Board also received extensive information throughout
the year regarding performance of the Fund.

•   The Independent Trustees regularly meet privately with their
independent counsel (and, as needed, other advisors) to discuss contract
review and other matters. In addition, the Independent Trustees were
also advised by the Fund's independent fee consultant in the course of
their review of the Fund's contractual arrangements and considered a
comprehensive report prepared by the independent fee consultant in
connection with their deliberations (the "IFC Report").

•   In connection with reviewing the Agreement, the Board also reviewed
the terms of the Fund's Rule 12b-1 plan, distribution agreement,
administrative services agreement, transfer agency agreement and other
material service agreements.

•   Based on its evaluation of the information provided, the Contract
Committee presented its findings and recommendations to the
Independent Trustees as a group. The Independent Trustees reviewed
the Contract Committee's findings and recommendations and presented
their recommendations to the full Board.

In connection with the contract review process, the Contract Committee
and the Board considered the factors discussed below, among others. The
Board also considered that DIMA and its predecessors have managed the
Fund since its inception, and the Board believes that a long-term relationship
with a capable, conscientious advisor is in the best interests of the Fund.
The Board considered, generally, that shareholders chose to invest or remain
invested in the Fund knowing that DIMA managed the Fund. DIMA is part of
Deutsche Bank, a major global banking institution that is engaged in a wide
range of financial services. The Board believes that there are significant
advantages to being part of a global asset management business that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts with research capabilities in many countries
throughout the world.

While shareholders may focus primarily on fund performance and fees, the
Fund's Board considers these and many other factors, including the quality
and integrity of DIMA's personnel and such other issues as back-office
operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of
the Agreement, including the scope of advisory services provided under the
Agreement. The Board noted that, under the Agreement, DIMA provides
portfolio management services to the Fund and that, pursuant to a separate
administrative services agreement, DIMA provides administrative services
to the Fund. The Board considered the experience and skills of senior
management and investment personnel, the resources made available to
such personnel, the ability of DIMA to attract and retain high-quality
personnel, and the organizational depth and stability of DIMA. The Board
reviewed the Fund's performance and compared those returns to various
agreed-upon performance measures, including market indices and a peer
universe compiled by the independent fee consultant using information
supplied by Lipper Inc. ("Lipper"). The Board also noted that it has put a
process into place of identifying "Focus Funds" (e.g., funds performing
poorly relative to their benchmark or a peer group compiled by Lipper), and
receives more frequent reporting and information from DIMA regarding such
funds, along with DIMA's remedial plans to address underperformance. The
Board believes this process is an effective manner of identifying and
addressing underperforming funds. Based on the information provided, the
Board noted that for the one-year period ended December 31, 2007, the
Fund's performance (Class A shares) was in the 4th quartile of the applicable
Lipper universe (the 1st quartile being the best performers and the 4th
quartile being the worst performers). The Board also observed that the Fund
has underperformed its benchmark in the one-year period ended December
31, 2007. The Board noted the disappointing investment performance of the
Fund in recent periods and continued to discuss with senior management of
DIMA the factors contributing to such underperformance and actions being
taken to improve performance.

On the basis of this evaluation and the ongoing review of investment results
by the Board, the Board concluded that the nature, quality and extent of
services provided by DIMA historically have been and continue to be
satisfactory.

Fees and Expenses. The Board considered the Fund's investment
management fee schedule, operating expenses, and total expense ratios,
and comparative information provided by Lipper and the independent fee
consultant regarding investment management fee rates paid to other
investment advisors by similar funds (1st quartile being the most favorable
and 4th quartile being the least favorable). With respect to management
fees paid to other investment advisors by similar funds, the Board noted that
the contractual fee rates paid by the Fund, which include the 0.10% fee paid
to DIMA under the Fund's administrative services agreement, were lower
than the median (2nd quartile) of the applicable Lipper peer group (based on
Lipper data provided as of December 31, 2007). The Board noted that the
Fund's Class A shares' total (net) operating expenses (excluding 12b-1 fees)
were expected to be higher than the median (3rd quartile) of the applicable
Lipper expense universe (based on Lipper data provided as of December 31,
2007, and analyzing Lipper expense universe Class A expenses less any
applicable 12b-1 fees) ("Lipper Universe Expenses"). The Board also
reviewed each other share class's total (net) operating expenses relative to
the Lipper Universe Expenses. The Board considered the Fund's
management fee rate as compared to fees charged by DIMA and certain of
its affiliates for comparable mutual funds and considered differences in fund
and fee structures between the DWS Funds. The Board also considered
how the Fund's total (net) operating expenses compared to the total (net)
operating expenses of a more customized peer group selected by Lipper
(based on such factors as asset size). The Board also noted that the expense
limitations agreed to by DIMA helped to ensure that the Fund's total (net)
operating expenses would be competitive relative to the applicable Lipper
universe.

On the basis of the information provided, the Board concluded that
management fees were reasonable and appropriate in light of the nature,
quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues
received by DIMA under the Agreement. The Board considered the
estimated costs and pre-tax profits realized by DIMA from advising the DWS
Funds, as well as estimates of the pre-tax profits attributable to managing
the Fund in particular. The Board also received information regarding the
estimated enterprise-wide profitability of the DWS Investments organization
with respect to all fund services in totality and by fund. The Board reviewed
DIMA's methodology in allocating its costs to the management of the Fund.
Based on the information provided, the Board concluded that the pre-tax
profits realized by DIMA in connection with the management of the Fund
were not unreasonable. The Board also reviewed information regarding the
profitability of certain similar investment management firms. The Board
noted that while information regarding the profitability of such firms is
limited (and in some cases is not necessarily prepared on a comparable
basis), DIMA and its affiliates' overall profitability with respect to the DWS
Investments fund complex (after taking into account distribution and other
services provided to the funds by DIMA and its affiliates) was lower than the
overall profitability levels of many comparable firms for which such data was
available.

Economies of Scale. The Board considered whether there are economies of
scale with respect to the management of the Fund and whether the Fund
benefits from any economies of scale. The Board noted that the Fund's
management fee schedule includes fee breakpoints. The Board concluded
that the Fund's fee schedule represents an appropriate sharing between the
Fund and DIMA of such economies of scale as may exist in the
management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the
character and amount of other incidental benefits received by DIMA and its
affiliates, including any fees received by DIMA for administrative services
provided to the Fund and any fees received by an affiliate of DIMA for
distribution services. The Board also considered benefits to DIMA related to
brokerage and soft-dollar allocations, including allocating brokerage to pay
for research generated by parties other than the executing broker dealers,
which pertain primarily to funds investing in equity securities, along with the
incidental public relations benefits to DIMA related to DWS Funds
advertising and cross-selling opportunities among DWS Investments
products and services. The Board concluded that management fees were
reasonable in light of these fallout benefits.

Compliance. The Board considered the significant attention and resources
dedicated by DIMA to documenting and enhancing its compliance
processes in recent years. The Board noted in particular (i) the experience
and seniority of DIMA's chief compliance officer; (ii) the large number of
compliance personnel who report to DIMA's chief compliance officer; and (iii)
the substantial commitment of resources by DIMA and its affiliates to
compliance matters.

Based on all of the information considered and the conclusions reached, the
Board (including a majority of the Independent Trustees) determined that the
continuation of the Agreement is in the best interests of the Fund. In
making this determination the Board did not give particular weight to any
single factor identified above. The Board considered these factors over the
course of numerous meetings, certain of which were in executive session
with only the Independent Trustees and their counsel present. It is possible
that individual Trustees may have weighed these factors differently in
reaching their individual decisions to approve the continuation of the
Agreement.

Summary of Management Fee Evaluation by
Independent Fee Consultant

October 24, 2008

Pursuant to an Order entered into by Deutsche Investment Management
Americas and affiliates (collectively, "DeAM") with the Attorney General of
New York, I, Thomas H. Mack, have been appointed the Independent Fee
Consultant for the DWS Funds (formerly the DWS Scudder Funds). My
duties include preparing an annual written evaluation of the management
fees DeAM charges the Funds, considering among other factors the
management fees charged by other mutual fund companies for like
services, management fees DeAM charges other clients for like services,
DeAM's costs of supplying services under the management agreements
and related profit margins, possible economies of scale if a Fund grows
larger, and the nature and quality of DeAM's services, including fund
performance. This report summarizes my evaluation for 2008, including my
qualifications, the evaluation process for each of the DWS Funds,
consideration of certain complex-level factors, and my conclusions. I served
in substantially the same capacity in 2007.

Qualifications

For more than 35 years I have served in various professional capacities
within the investment management business. I have held investment
analysis and advisory positions, including securities analyst, portfolio
strategist and director of investment policy with a large investment firm. I
have also performed business management functions, including business
development, financial management and marketing research and analysis.

Since 1991, I have been an independent consultant within the asset
management industry. I have provided services to over 125 client
organizations, including investment managers, mutual fund boards, product
distributors and related organizations. Over the past ten years I have
completed a number of assignments for mutual fund boards, specifically
including assisting boards with management contract renewal.

I hold a Master of Business Administration degree, with highest honors,
from Harvard University and Master of Science and Bachelor of Science
(highest honors) degrees from the University of California at Berkeley. I am
an independent director and audit committee financial expert for two
closed-end mutual funds, serve on the board of directors of a private market
research company, and have served in various leadership and financial
oversight capacities with non-profit organizations.

Evaluation of Fees for each DWS Fund

My work focused primarily on evaluating, fund-by-fund, the fees charged to
each of the 129 Fund portfolios in the DWS Fund family. For each Fund, I
considered each of the key factors mentioned above, as well as any other
relevant information. In doing so I worked closely with the Funds'
Independent Directors in their annual contract renewal process, as well as in
their approval of contracts for several new funds (documented separately).

In evaluating each Fund's fees, I reviewed comprehensive materials provided
by or on behalf of DeAM, including expense information prepared by Lipper
Analytical, comparative performance information, profitability data, manager
histories, and other materials. I also accessed certain additional information
from the Lipper, Strategic Insight, and Morningstar databases and drew on
my industry knowledge and experience.

To facilitate evaluating this considerable body of information, I prepared for
each Fund a document summarizing the key data elements in each area as
well as additional analytics discussed below. This made it possible to
consider each key data element in the context of the others.

In the course of contract renewal, DeAM agreed to implement a number of
fee and expense adjustments requested by the Independent Directors
which will favorably impact future fees and expenses, and my evaluation
includes the effects of these changes.

Fees and Expenses Compared with Other Funds

The competitive fee and expense evaluation for each fund focused on two
primary comparisons:

The Fund's contractual management fee (the advisory fee plus the
administration fee where applicable) compared with those of a group
of typically 12-15 funds in the same Lipper investment category
(e.g. Large Capitalization Growth) having similar distribution arrangements
and being of similar size.

The Fund's total expenses compared with a broader universe of funds
from the same Lipper investment category and having similar distribution
arrangements.

These two comparisons provide a view of not only the level of the fee
compared with funds of similar scale but also the total expense the Fund
bears for all the services it receives, in comparison with the investment
choices available in the Fund's investment category and distribution channel.
The principal figure-of-merit used in these comparisons was the subject
Fund's percentile ranking against peers.

DeAM's Fees for Similar Services to Others

DeAM provided management fee schedules for all of its US domiciled fund
and non-fund investment management accounts in any of the investment
categories where there is a DWS Fund. These similar products included the
other DWS Funds, non-fund pooled accounts, institutional accounts and
sub-advisory accounts. Using this information, I calculated for each Fund the
fee that would be charged to each similar product, at the subject Fund's
asset level.

Evaluating information regarding non-fund products is difficult because there
are varying levels of services required for different types of accounts, with
mutual funds generally requiring considerably more regulatory and
administrative types of service as well as having more frequent cash flows
than other types of accounts. Also, while mutual fund fees for similar fund
products can be expected to be similar, there will be some differences due
to different pricing conditions in different distribution channels (e.g. retail
funds versus those used in variable insurance products), differences in
underlying investment processes and other factors.

Costs and Profit Margins

DeAM provided a detailed profitability analysis for each Fund. After making
some adjustments so that the presentation would be more comparable to
the available industry figures, I reviewed profit margins from investment
management alone, from investment management plus other fund services
(excluding distribution) provided to the Funds by DeAM (principally
shareholder services), and DeAM profits from all sources, including
distribution. A later section comments on overall profitability.

Economies of Scale

Economies of scale  an expected decline in management cost per dollar
of fund assets as fund assets grow  are very rarely quantified and
documented because of inherent difficulties in collecting and analyzing
relevant data. However, in virtually every investment category that I
reviewed, larger funds tend to have lower fees and lower total expenses
than smaller funds. To see how each DWS Fund compares with this industry
observation, I reviewed:

The trend in Fund assets over the last five years and the accompanying
trend in total expenses. This shows if the Fund has grown and, if so,
whether total expense (management fees as well as other expenses)
have declined as a percent of assets.

Whether the Fund has break-points in its management fee schedule, the
extent of the fee reduction built into the schedule and the asset levels
where the breaks take effect, and in the case of a sub-advised Fund how
the Fund's break-points compare with those of the sub-advisory fee
schedule.

How the Fund's contractual fee schedule compares with trends in the
industry data. To accomplish this, I constructed a chart showing how
actual latest-fiscal-year contractual fees of the Fund and of other similar
funds relate to average fund assets, with the subject Fund's contractual
fee schedule superimposed.

Quality of Service  Performance

The quality-of-service evaluation focused on investment performance, which
is the principal result of the investment management service. Each Fund's
performance was reviewed over the past 1, 3, 5 and 10 years, as applicable,
and compared with that of other funds in the same investment category and
with a suitable market index.

In addition, I calculated and reviewed risk-adjusted returns relative to an
index of similar mutual funds' returns and a suitable market index. The
risk-adjusted returns analysis provides a way of determining the extent to
which the Fund's return comparisons are mainly the product of investment
value-added (or lack thereof) or alternatively taking considerably more or less
risk than is typical in its investment category.

I also received and considered the history of portfolio manager changes for
each Fund, as this provided an important context for evaluating the
performance results.

Complex-Level Considerations

While this evaluation was conducted mainly at the individual fund level,
there are some issues relating to the reasonableness of fees that can
alternatively be considered across the whole fund complex:

I reviewed DeAM's profitability analysis for all DWS Funds, with a view
toward determining if the allocation procedures used were reasonable
and how profit levels compared with public data for other investment
managers.

I considered whether DeAM and affiliates receive any significant ancillary
or "fall-out" benefits that should be considered in interpreting the direct
profitability results. These would be situations where serving as the
investment manager of the Funds is beneficial to another part of the
Deutsche Bank organization.

I considered how aggregated DWS Fund expenses had varied over the
years, by asset class and in the context of trends in asset levels.

I reviewed the structure of the DeAM organization, trends in staffing
levels, and information on compensation of investment management and
other professionals compared with industry data.

Findings

Based on the process and analysis discussed above, which included
reviewing a wide range of information from management and external data
sources and considering among other factors the fees DeAM charges other
clients, the fees charged by other fund managers, DeAM's costs and profits
associated with managing the Funds, economies of scale, possible fall-out
benefits, and the nature and quality of services provided, in my opinion the
management fees charged the DWS Funds are reasonable.

dlsv_sigmack0Thomas H. Mack

Account Management Resources

|                      
|----------------------
|For More
Information  
|Web Site              
|Written
Correspondence
|Proxy Voting          
|Principal
Underwriter 

|              | Class A    | Class C    | Class S    | Institutional
Class
|------------- | ---------- | ---------- | ---------- | -------------------
|Nasdaq Symbol | LSVLX      | LSVCX      | LSVSX      | LSVIX              
|CUSIP Number  | 233376 854 | 233376 847 | 233376 839 | 233376 821         
|Fund Number   | 431        | 631        | 2431       | 731                

Privacy Statement

Dear Valued Client:

We want to make sure you know our policy regarding the way in which our
clients' private information is handled at DWS Investments. The following
information is issued by DWS Investments Distributors, Inc., Deutsche
Investment Management Americas Inc., DeAM Investor Services, Inc.,
DWS Trust Company and the DWS Funds.

We consider privacy fundamental to our client relationships and adhere
to the policies and practices described below to protect current and
former clients' information.We never sell customer lists or individual
client information. Internal policies are in place to protect confidentiality,
while allowing client needs to be served. Only individuals who need to do
so in carrying out their job responsibilities may access client information. We
maintain physical, electronic and procedural safeguards that comply with
federal and state standards to protect confidentiality. These safeguards
extend to all forms of interaction with us, including the Internet.

In the normal course of business, clients give us nonpublic personal
information on applications and other forms, on our Web sites, and through
transactions with us or our affiliates. Examples of the nonpublic personal
information collected are name, address, Social Security number, and
transaction and balance information. To be able to serve our clients, certain
of this client information is shared with affiliated and nonaffiliated third party
service providers such as transfer agents, custodians and broker-dealers to
assist us in processing transactions and servicing your account.

In addition, we may disclose the information we collect to companies that
perform marketing services on our behalf or to other financial institutions
with which we have joint marketing agreements. These organizations may
only use client information for the purpose designated by the companies
listed above, and additional requirements beyond federal law may be
imposed by certain states. To the extent that these state laws apply, we will
comply with them before we share information about you.

We may also disclose nonpublic personal information about you to other
parties as required or permitted by law. For example, we are required to or
may provide information to government entities or regulatory bodies in
response to requests for information or subpoenas, to private litigants in
certain circumstances, to law enforcement authorities, or any time we
believe it necessary to protect the firm.

At any time, if you have questions about our policy, please write to us at:

DWS Investments 
Attention: Correspondence  Chicago
P.O. Box 219415
Kansas City, MO  64121-9415     September 2008

Notes

Notes

dlsv_backcover0




ITEM 2.
        CODE OF ETHICSNot applicable.ITEM 3.
        AUDIT COMMITTEE FINANCIAL EXPERTNot applicable.ITEM 4.
        PRINCIPAL ACCOUNTANT FEES AND SERVICESNot applicable.
  ITEM 5.
        AUDIT COMMITTEE OF LISTED REGISTRANTSNot ApplicableITEM 6.
        SCHEDULE OF INVESTMENTSNot ApplicableITEM 7.
        DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.ITEM 8.
        PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.
  ITEM 9.
        PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERSNot Applicable.
  ITEM 10.
        SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSThe primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Chairman of the Board, P.O. Box 100176, Cape Coral, FL 33910.ITEM 11.
        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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal controls over financial reporting.
  
  ITEM 12.
        EXHIBITS(a)(1)   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.(b)       Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.


Form N-CSRS Item F  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.  Government & Agency Securities Portfolio, Money Market Portfolio and Tax-Exempt Portfolio (Service Shares), each a series of Cash Account Trust Government & Agency Securities Portfolio, Money Market Portfolio and Tax-Exempt Portfolio (Premier Money Market Shares), each a series of Cash Account Trust Government & Agency Securities Portfolio and Tax-Exempt Portfolio (Capital Assets Funds Shares), Money Market Portfolio (Capital Assets Funds Shares and Capital Assets Funds Preferred Shares), each a series of Cash Account Trust Government & Agency Securities Portfolio, Money Market Portfolio and Tax-Exempt Portfolio (Davidson Cash Equivalent Shares), Government & Agency Securities Portfolio and Money Market Portfolio (Davidson Cash Equivalent Plus Shares), each a series of Cash Account Trust Money Market Portfolio (Premium Reserve Money Market Shares and Institutional Money Market Shares), a series of Cash Account Trust Money Market Portfolio (Institutional Select Money Market Shares), a series of Cash Account Trust Government & Agency Securities Portfolio (DWS Government Cash Institutional Shares and Government Cash Managed Shares), a series of Cash Account Trust Government & Agency Securities Portfolio (DWS Government & Agency Money Fund), a series of Cash Account Trust Tax-Exempt Portfolio (DWS Tax-Exempt Cash Institutional Shares, Tax-Exempt Cash Managed Shares), a series of Cash Account Trust Tax-Exempt Portfolio (DWS Tax-Exempt Money Fund), a series of Cash Account Trust Tax-Exempt Portfolio (DWS Tax Free Money Fund Class S), a series of Cash Account Trust Tax-Exempt Portfolio (Tax-Free Investment Class), a series of Cash Account Trust DWS Disciplined Long/Short Growth Fund, a series of DWS Equity Trust DWS Disciplined Long/Short Value Fund, a series of DWS Equity Trust DWS LifeCompass Income Fund, a series of DWS Target Fund DWS LifeCompass Protect Fund, a series of DWS Target Fund  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        December 29, 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.  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        December 29, 2008
  By:
        /s/Paul Schubert
 Paul Schubert
 Chief Financial Officer and Treasurer  Date:
        December 29, 2008