UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

**_______________________________**

Investment Company Act file number  811-08599

DWS Equity Trust

(Exact name of registrant as specified in charter)

 

345 Park Avenue

New York, NY  10154

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY  10154-0004

(Name and address of agent for service)

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

Date of fiscal year end:  03/31

Date of reporting period: 06/30/08

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of June 30, 2008  (Unaudited)** |
|----------------------|--------------------------------------|

 

 

**DWS Alternative Asset Allocation Plus Fund**

 

|   | **Shares**             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | **Value ($)** |
|--------|------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|        |
|   | **Equity Funds 66.1%** |  
DWS Commodity Securities Fund "Institutional"  

 

3,133,866 

 

59,794,171 

DWS Disciplined Market Neutral Fund "Institutional"  

 

8,146,861 

 

79,594,836 

DWS Emerging Markets Equity Fund "Institutional"  

 

1,831,013 

 

39,769,611 

DWS Gold & Precious Metals Fund "Institutional"  

 

835,365 

 

19,814,849 

DWS RREEF Global Real Estate Securities Fund "Institutional"  

 

8,914,583 

 

79,518,083 

**Total Equity Funds** (Cost $279,338,750)

 

**278,491,550**

 

**Fixed Income – Bond Funds 28.2%**

 
DWS Emerging Markets Fixed Income Fund "Institutional"  

 

3,426,826 

 

39,751,187 

DWS Inflation Protected Plus Fund "Institutional"  

 

7,543,240 

 

79,354,883 

**Total Fixed Income**–**Bond Funds** (Cost $119,295,128)

 

**119,106,070**

 

 

 

 

 

**Fixed Income – Money Market Fund 1.7%**

 
Cash Management QP Trust (Cost $7,399,883)

 

 

7,399,883

 

**7,399,883**

 

**Principal Amount ($)**

 

**Value ($)**

 

**Government & Agency Obligation 1.5%**

 
**US Treasury Obligation**

 
US Treasury Bill, 1.08% *, 7/17/2008 (a) (Cost $6,191,338)

 

6,195,000 

 

**6,191,110**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $412,225,099) †

97.5

 

**411,188,613**

**Other Assets and Liabilities, Net**

2.5

 

**10,391,072**

**Net Assets**

100.0

 

**421,579,685**

*For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*

***

*Annualized yield at time of purchase; not a coupon rate.*

*†*

*The cost for federal income tax purposes was $412,225,099.  At June 30, 2008, net unrealized depreciation for all securities based on tax cost was $1,036,486.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $13,714,713 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $14,751,199.*

*(a)*

*At June 30, 2008, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.*

 

 

 

 

 

*At June 30, 2008, open futures contracts purchased were as follows:*

**Futures**

 

**Expiration****Date**

 

**Contracts**

 

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

 

**Value ($)**

 

**Unrealized****Appreciation/ Depreciation ($)**

 

10 Year Australian Treasury Bond 

 

9/15/2008 

 

77 

 

6,987,152 

 

7,139,570 

 

152,418

 
10 Year Canadian Government Bond 

 

9/19/2008 

 

48 

 

5,557,277 

 

5,529,626 

 

(27,651)

 
10 Year US Treasury Note 

 

9/19/2008 

 

372 

 

42,305,604 

 

42,378,939 

 

73,335

 
2 Year US Treasury Note 

 

9/30/2008 

 

105 

 

22,175,967 

 

22,176,328 

 

361

 
EOE Dutch Stock Index 

 

7/18/2008 

 

3 

 

439,285 

 

402,524 

 

(36,761)

 
FTSE 100 Index 

 

9/19/2008 

 

35 

 

4,127,451 

 

3,937,488 

 

(189,963)

 
Hang Seng Stock Index 

 

7/30/2008 

 

24 

 

3,509,300 

 

3,404,277 

 

(105,023)

 
S&P Canada 60 Index 

 

9/18/2008 

 

27 

 

4,738,127 

 

4,587,114 

 

(151,013)

 
S&P MIB 30 Index 

 

9/19/2008 

 

4 

 

987,680 

 

934,468 

 

(53,212)

 
S&P Mini 500 Index 

 

9/19/2008 

 

65 

 

4,423,653 

 

4,163,575 

 

(260,078)

 
SPI 200 Index 

 

9/18/2008 

 

25 

 

3,219,696 

 

3,111,417 

 

(108,279)

 
United Kingdom Treasury Bond 

 

9/26/2008 

 

148 

 

31,227,438 

 

30,773,515 

 

(453,923)

 
**Total net unrealized depreciation**

 

**(1,159,789)**

 
 

 

 

 

 

*At June 30, 2008, open futures contracts sold were as follows:*

**Futures**

 

 

**Expiration****Date**

 

**Contracts**

 

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

 

**Value ($)**

 

**Unrealized****Depreciation/ Appreciation ($)**

 

10 Year Federal Republic of Germany Bond 

 

9/8/2008 

 

482 

 

84,497,853 

 

83,909,960 

 

587,893

 
10 Year Japan Government Bond 

 

9/10/2008 

 

5 

 

6,326,087 

 

6,378,019 

 

(51,932)

 
2 Year Federal Republic of Germany Bond 

 

9/8/2008 

 

49 

 

7,910,730 

 

7,894,180 

 

16,550

 
CAC 40 10 Euro Index 

 

7/18/2008 

 

63 

 

4,674,158 

 

4,408,022 

 

266,136

 
DAX Index 

 

9/19/2008 

 

12 

 

3,270,166 

 

3,060,733 

 

209,433

 
DJ Euro Stoxx 50 Index 

 

9/19/2008 

 

40 

 

2,258,550 

 

2,128,658 

 

129,892

 
IBEX 35 Index 

 

7/18/2008 

 

1 

 

202,357 

 

188,210 

 

14,147

 
Russell E Mini 2000 Index 

 

9/19/2008 

 

65 

 

4,801,072 

 

4,496,050 

 

305,022

 
Topix Index 

 

9/12/2008 

 

35 

 

4,606,479 

 

4,345,953 

 

260,526

 
**Total net unrealized appreciation**

 

**1,737,667**

 
 

 

 

 

 

*At June 30, 2008, the Fund had the following open forward foreign currency exchange contracts:*

 

 
* *

* *

* *

* *

***Settlement*****

***Unrealized*****

 
***Contracts to Deliver*****

***In Exchange For*****

***Date*****

***Appreciation ($)*****

*CAD***

*1,083,000***

*USD***

*1,064,750***

*9/17/2008***

*2,654***

*USD***

*19,097,172***

*NOK***

*99,523,000***

*9/17/2008***

*295,658***

*USD***

*1,354,919***

*NOK***

*7,058,000***

*9/17/2008***

*20,387***

*USD***

*2,703,804***

*NZD***

*3,635,000***

*9/17/2008***

*26,645***

*USD***

*191,562***

*NZD***

*258,000***

*9/17/2008***

*2,236***

*USD***

*36,193,542***

*SGD***

*49,463,000***

*9/17/2008***

*286,834***

*USD***

*2,561,869***

*SGD***

*3,508,000***

*9/17/2008***

*25,382***

***Total unrealized appreciation*** **

 **

 **

 **

***659,796*****

 
* *

* *

* *

* *

* *

* *

 
* *

* *

* *

* *

***Settlement*****

***Unrealized*****

 
***Contracts to Deliver*****

***In Exchange For*****

***Date*****

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

*CAD***

*77,000***

*USD***

*75,180***

*9/17/2008***

*(333)***

*CHF***

*15,495,000***

*USD***

*14,916,680***

*9/17/2008***

*(278,911)***

*CHF***

*1,099,000***

*USD***

*1,057,018***

*9/17/2008***

*(20,746)***

*DKK***

*14,001,000***

*USD***

*2,898,758***

*9/17/2008***

*(44,983)***

*DKK***

*993,000***

*USD***

*205,478***

*9/17/2008***

*(3,303)***

*EUR***

*3,008,000***

*USD***

*4,647,360***

*9/17/2008***

*(70,532)***

*EUR***

*213,000***

*USD***

*328,804***

*9/17/2008***

*(5,275)***

*GBP***

*2,650,000***

*USD***

*5,155,575***

*9/17/2008***

*(88,351)***

 

 

 

 

*GBP***

*188,000***

*USD***

*367,563***

*9/17/2008***

*(4,459)***

*JPY***

*319,162,000***

*USD***

*2,990,424***

*9/17/2008***

*(28,004)***

*JPY***

*22,635,000***

*USD***

*210,729***

*9/17/2008***

*(3,338)***

*SEK***

*2,321,000***

*USD***

*382,751***

*9/17/2008***

*(850)***

*SEK***

*165,000***

*USD***

*27,249***

*9/17/2008***

*(22)***

***Total unrealized depreciation*** **

 **

* *

* *

***(549,107)*****

 

***Currency Abbreviations*****

 **

 **

 **

*CAD***

*Canadian Dollar***

* *

*NOK***

*Norwegian Krone***

*CHF***

*Swiss Franc***

* *

*NZD***

*New Zealand Dollar***

*DKK***

*Danish Krone***

* *

*SEK***

*Swedish Krona***

*EUR***

*Euro***

* *

*SGD***

*Singapore Dollar***

*GBP***

*British Pound***

* *

*USD***

*United States Dollar***

*JPY***

*Japanese Yen***

* *

* *

* *

 

 

 

 

 

 

 

 

 

 

 

*The following is a summary of the inputs used as of June 30, 2008 in valuing the Fund’s assets carried at fair value:*

 

**Valuation Inputs**

**Investments in  Securities at**

**Value**

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

Level 1 - Quoted Prices

$              404,997,503   

$                  577,878   

Level 2 - Other Significant

6,191,110   

110,689   

Observable Inputs

Level 3 - Significant

-   

-   

Unobservable Inputs

**Total**

**$              411,188,613**

**$                 688,567**

 

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

 

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

 

 

*technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.*

 

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

 

 

**•**

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

 

**•**

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

 

**•**

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

 

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

 

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

 

 

**ITEM 2.**

**CONTROLS AND PROCEDURES**

 

 

 

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

 

 

 

(b)         There have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

 

 

**ITEM 3.**

**EXHIBITS**

 

 

 

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

 

 

 

**SIGNATURES**

 

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

 

Registrant: 

DWS Alternative Asset Allocation Plus Fund, a series of DWS Equity Trust

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

August 20, 2008

 

 

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

 

Registrant: 

DWS Alternative Asset Allocation Plus Fund, a series of DWS Equity Trust

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

August 20, 2008

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        August 20, 2008

 

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