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            811-1444

DWS Value Equity Trust

(Exact name of registrant as specified in            charter)

 

Two            International Place

Boston, MA 02110

(Address of principal executive offices)                        (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY 10154

(Name and address of agent for            service)

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

Date of fiscal year end:02/29

Date of reporting            period:11/30/07

 

ITEM 1.            SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of November 30, 2007 (Unaudited)** |
|----------------------|-----------------------------------------|

             

 

**DWS            Enhanced S&P 500 Index Fund**

 

 

|                                                | **Shares**              |   | **Value                            ($)** |
|-----------------------------------------------------|-------------------------|--------|------------------------------------------|
|                                                     |
|                                                | **Common Stocks 99.3%** |   |
| **Consumer Discretionary 7.5%**                     |                    |
| **Auto Components                            0.3%** |                    |
| Johnson Controls, Inc.                              |                    | 7,200  |                                     | **278,064** |
| **Automobiles                            0.5%**     |                    |
| Ford Motor Co.*                                     |                    | 33,300 |                                     | 250,083 |
| Harley-Davidson, Inc.                               |                    | 4,074  |                                     | 195,633 |
|                                                     |
|                                                | **445,716**             |
| **Distributors                            0.1%**    |                    |
| Genuine Parts Co.                                   |                    | 2,500  |                                     | **120,125** |
|                                                     |                         |        |                                          |  |  |  |  |

 

 

 

| **Diversified Consumer                            Services 0.3%**    |          |
|----------------------------------------------------------------------|---------------|
| Apollo Group, Inc. "A"*                                              |          | 1,300 |   | 99,476 |
| H&R Block, Inc.                                                  |          | 9,504 |   | 187,039 |
|                                                                      |
|                                                                 | **286,515**   |
| **Hotels Restaurants &                            Leisure 1.1%** |          |
| Darden Restaurants, Inc.                                             |          | 5,100 |   | 202,929 |
| McDonald's Corp.                                                     |          | 11,808 |   | 690,414 |
| Wyndham Worldwide Corp.                                              |          | 1,900 |   | 55,423 |
| Yum! Brands, Inc.                                                    |          | 3,900 |   | 144,885 |
|                                                                      |
|                                                                 | **1,093,651** |
| **Household Durables                            0.7%**               |          |
| Black & Decker Corp.                                             |          | 1,700 |   | 140,505 |
| Fortune Brands, Inc.                                                 |          | 800 |   | 61,320 |
| Leggett & Platt, Inc.                                            |          | 1,300 |   | 26,754 |
| Lennar Corp. "A"                                                     |          | 4,500 |   | 71,280 |
| Newell Rubbermaid, Inc.                                              |          | 1,800 |   | 48,204 |
| Pulte Homes, Inc.                                                    |          | 8,200 |   | 83,804 |
| The Stanley Works                                                    |          | 2,300 |   | 119,945 |
| Whirlpool Corp.                                                      |          | 1,500 |   | 121,440 |
|                                                                      |
|                                                                 | **673,252**   |
| **Internet & Catalog                            Retail 0.3%**    |          |
| Amazon.com, Inc.*                                                    |          | 3,700 |   | **335,072** |
| **Leisure Equipment &                            Products 0.5%** |          |
| Brunswick Corp.                                                      |          | 5,200 |   | 106,028 |
| Eastman Kodak Co.                                                    |          | 2,400 |   | 56,352 |
| Hasbro, Inc.                                                         |          | 4,700 |   | 130,519 |
| Mattel, Inc.                                                         |          | 10,075 |   | 201,298 |
|                                                                      |
|                                                                 | **494,197**   |
| **Media                            0.9%**                            |          |
| CBS Corp. "B"                                                        |          | 5,400 |   | 148,122 |
| Clear Channel Communications, Inc.                                   |          | 700 |   | 25,130 |
| Comcast Corp. "A"*                                                   |          | 2,012 |   | 41,326 |
| Dow Jones & Co., Inc.                                            |          | 900 |   | 53,775 |
| E.W. Scripps Co. "A"                                                 |          | 500 |   | 21,725 |
| Gannett Co., Inc.                                                    |          | 5,117 |   | 188,050 |
| Interpublic Group of Companies, Inc.*                                |          | 6,700 |   | 63,583 |
| Meredith Corp.                                                       |          | 800 |   | 44,040 |
| Omnicom Group, Inc.                                                  |          | 1,000 |   | 48,750 |
| The DIRECTV Group, Inc.*                                             |          | 1,300 |   | 32,331 |
| Time Warner, Inc.                                                    |          | 306 |   | 5,282 |
| Tribune Co.                                                          |          | 900 |   | 27,936 |
| Viacom, Inc. "B"*                                                    |          | 5,100 |   | 214,302 |
|                                                                      |
|                                                                 | **914,352**   |
| **Multiline Retail                            0.4%**                 |          |
| Big Lots, Inc.*                                                      |          | 5,100 |   | 95,217 |
| Dillard's, Inc. "A"                                                  |          | 2,500 |   | 50,975 |
| Family Dollar Stores, Inc.                                           |          | 1,400 |   | 32,970 |
| Kohl's Corp.*                                                        |          | 2,700 |   | 133,056 |
| Macy's, Inc.                                                         |          | 2,000 |   | 59,300 |
|                                                                      |
|                                                                 | **371,518**   |
| **Specialty Retail                            1.7%**                 |          |
| AutoZone, Inc.*                                                      |          | 1,000 |   | 111,630 |
| Bed Bath & Beyond, Inc.*                                         |          | 1,600 |   | 50,320 |
|                                                                      |               |  |  |  |  |

 

 

 

| Best Buy Co., Inc.                                                       |          | 2,200  |   | 112,310   |
|--------------------------------------------------------------------------|---------------|--------|--------|-----------|
| Home Depot, Inc.                                                         |          | 8,502  |   | 242,817   |
| Lowe's Companies, Inc.                                                   |          | 12,400 |   | 302,684   |
| RadioShack Corp.                                                         |          | 6,700  |   | 123,950   |
| The Gap, Inc.                                                            |          | 8,500  |   | 173,400   |
| The Sherwin-Williams Co.                                                 |          | 3,547  |   | 222,858   |
| Tiffany & Co.                                                        |          | 2,400  |   | 111,432   |
| TJX Companies, Inc.                                                      |          | 5,900  |   | 173,106   |
|                                                                          |
|                                                                     | **1,624,507** |
| **Textiles, Apparel &                            Luxury Goods 0.7%** |          |
| Liz Claiborne, Inc.                                                      |          | 2,400  |   | 60,216    |
| NIKE, Inc. "B"                                                           |          | 5,818  |   | 381,952   |
| VF Corp.                                                                 |          | 2,600  |   | 194,454   |
|                                                                          |
|                                                                     | **636,622**   |
| **Consumer Staples 11.6%**                                               |          |
| **Beverages                            2.9%**                            |          |
| Anheuser-Busch Companies, Inc.                                           |          | 3,064  |   | 161,534   |
| Brown-Forman Corp. "B"                                                   |          | 1,400  |   | 98,896    |
| Coca-Cola Co.                                                            |          | 17,439 |   | 1,082,962 |
| Constellation Brands, Inc. "A"*                                          |          | 4,900  |   | 115,395   |
| Molson Coors Brewing Co. "B"                                             |          | 2,900  |   | 156,136   |
| Pepsi Bottling Group, Inc.                                               |          | 3,300  |   | 140,811   |
| PepsiCo, Inc.                                                            |          | 14,205 |   | 1,096,342 |
|                                                                          |
|                                                                     | **2,852,076** |
| **Food & Staples Retailing                            2.4%**         |          |
| Costco Wholesale Corp.                                                   |          | 1,800  |   | 121,320   |
| CVS Caremark Corp.                                                       |          | 6,600  |   | 264,594   |
| Kroger Co.                                                               |          | 6,000  |   | 172,500   |
| Safeway, Inc.                                                            |          | 8,544  |   | 297,331   |
| SUPERVALU, Inc.                                                          |          | 2,700  |   | 113,049   |
| Sysco Corp.                                                              |          | 1,300  |   | 42,263    |
| Wal-Mart Stores, Inc.                                                    |          | 21,188 |   | 1,014,905 |
| Walgreen Co.                                                             |          | 6,700  |   | 245,153   |
|                                                                          |
|                                                                     | **2,271,115** |
| **Food Products                            2.1%**                        |          |
| Archer-Daniels-Midland Co.                                               |          | 3,800  |   | 138,130   |
| Campbell Soup Co.                                                        |          | 6,200  |   | 227,664   |
| ConAgra Foods, Inc.                                                      |          | 7,400  |   | 185,148   |
| Dean Foods Co.                                                           |          | 1,600  |   | 39,904    |
| General Mills, Inc.                                                      |          | 5,584  |   | 335,878   |
| H.J. Heinz Co.                                                           |          | 6,100  |   | 288,530   |
| Kellogg Co.                                                              |          | 600    |   | 32,424    |
| Kraft Foods, Inc. "A"                                                    |          | 14,719 |   | 508,541   |
| McCormick & Co., Inc.                                                |          | 1,700  |   | 64,957    |
| Sara Lee Corp.                                                           |          | 8,100  |   | 136,323   |
| Wm. Wrigley Jr. Co.                                                      |          | 1,800  |   | 115,200   |
|                                                                          |
|                                                                     | **2,072,699** |
| **Household Products                            2.4%**                   |          |
| Clorox Co.                                                               |          | 600    |   | 38,928    |
| Colgate-Palmolive Co.                                                    |          | 1,300  |   | 104,104   |
| Kimberly-Clark Corp.                                                     |          | 5,906  |   | 412,298   |
| Procter & Gamble Co.                                                 |          | 24,187 |   | 1,789,838 |
|                                                                          |
|                                                                     | **2,345,168** |
|                                                                          |               |        |        |           |  |

 

 

 

| **Personal Products                            0.1%**                |           |
|----------------------------------------------------------------------|----------------|
| Avon Products, Inc.                                                  |           | 500 |   | 20,525 |
| Estee Lauder Companies, Inc. "A"                                     |           | 1,400 |   | 62,832 |
|                                                                      |
|                                                                 | **83,357**     |
| **Tobacco                            1.7%**                          |           |
| Altria Group, Inc.                                                   |           | 17,303 |   | 1,342,021 |
| Reynolds American, Inc.                                              |           | 4,000 |   | 280,080 |
| UST, Inc.                                                            |           | 700 |   | 40,530 |
|                                                                      |
|                                                                 | **1,662,631**  |
| **Energy 12.7%**                                                     |           |
| **Energy Equipment &                            Services 2.1%**  |           |
| Baker Hughes, Inc.                                                   |           | 600 |   | 48,162 |
| BJ Services Co.                                                      |           | 3,200 |   | 78,656 |
| ENSCO International, Inc.                                            |           | 1,900 |   | 102,315 |
| Halliburton Co.                                                      |           | 4,200 |   | 153,762 |
| Nabors Industries Ltd.*                                              |           | 3,700 |   | 99,530 |
| National-Oilwell Varco, Inc.*                                        |           | 2,700 |   | 184,005 |
| Noble Corp.                                                          |           | 3,200 |   | 166,816 |
| Rowan Companies, Inc.                                                |           | 2,000 |   | 70,800 |
| Schlumberger Ltd.                                                    |           | 7,741 |   | 723,397 |
| Smith International, Inc.                                            |           | 2,700 |   | 169,344 |
| Transocean, Inc.*                                                    |           | 350 |   | 48,024 |
| Weatherford International Ltd.*                                      |           | 3,600 |   | 225,432 |
|                                                                      |
|                                                                 | **2,070,243**  |
| **Oil, Gas & Consumable                            Fuels 10.6%** |           |
| Anadarko Petroleum Corp.                                             |           | 6,682 |   | 378,201 |
| Apache Corp.                                                         |           | 4,486 |   | 434,200 |
| Chesapeake Energy Corp.                                              |           | 7,889 |   | 298,599 |
| Chevron Corp.                                                        |           | 17,300 |   | 1,518,421 |
| ConocoPhillips                                                       |           | 13,677 |   | 1,094,707 |
| CONSOL Energy, Inc.                                                  |           | 3,900 |   | 231,192 |
| Devon Energy Corp.                                                   |           | 5,492 |   | 454,792 |
| El Paso Corp.                                                        |           | 4,300 |   | 69,144 |
| EOG Resources, Inc.                                                  |           | 2,400 |   | 198,672 |
| ExxonMobil Corp.                                                     |           | 41,679 |   | 3,716,100 |
| Hess Corp.                                                           |           | 2,200 |   | 156,684 |
| Marathon Oil Corp.                                                   |           | 4,908 |   | 274,357 |
| Murphy Oil Corp.                                                     |           | 2,200 |   | 157,344 |
| Occidental Petroleum Corp.                                           |           | 8,600 |   | 600,022 |
| Spectra Energy Corp.                                                 |           | 4,600 |   | 113,344 |
| Sunoco, Inc.                                                         |           | 3,200 |   | 214,720 |
| Valero Energy Corp.                                                  |           | 4,100 |   | 266,787 |
| XTO Energy, Inc.                                                     |           | 2,100 |   | 129,822 |
|                                                                      |
|                                                                 | **10,307,108** |
| **Financials 15.6%**                                                 |           |
| **Capital Markets                            2.4%**                  |           |
| American Capital Strategies Ltd.                                     |           | 2,300 |   | 86,503 |
| Ameriprise Financial, Inc.                                           |           | 3,716 |   | 218,092 |
| Bank of New York Mellon Corp.                                        |           | 7,052 |   | 338,214 |
| Charles Schwab Corp.                                                 |           | 6,700 |   | 162,877 |
| Federated Investors, Inc. "B"                                        |           | 4,000 |   | 163,160 |
| Franklin Resources, Inc.                                             |           | 1,200 |   | 147,816 |
| Janus Capital Group, Inc.                                            |           | 3,400 |   | 114,138 |
|                                                                      |                |  |  |  |  |

 

 

 

| Morgan Stanley                                                     |          | 116    |   | 6,115     |
|--------------------------------------------------------------------|---------------|--------|--------|-----------|
| Northern Trust Corp.                                               |          | 400    |   | 32,396    |
| State Street Corp.                                                 |          | 2,300  |   | 183,747   |
| The Goldman Sachs Group, Inc.                                      |          | 3,670  |   | 831,769   |
|                                                                    |
|                                                               | **2,284,827** |
| **Commercial Banks                            2.1%**               |          |
| Commerce Bancorp, Inc.                                             |          | 800    |   | 31,856    |
| Fifth Third Bancorp                                                |          | 900    |   | 26,919    |
| Huntington Bancshares, Inc.                                        |          | 1,700  |   | 26,673    |
| KeyCorp.                                                           |          | 4,300  |   | 113,262   |
| M&T Bank Corp.                                                 |          | 700    |   | 63,672    |
| National City Corp.                                                |          | 1,500  |   | 29,640    |
| PNC Financial Services Group, Inc.                                 |          | 2,500  |   | 183,025   |
| SunTrust Banks, Inc.                                               |          | 5,000  |   | 350,550   |
| Synovus Financial Corp.                                            |          | 6,600  |   | 164,274   |
| Wachovia Corp.                                                     |          | 3,665  |   | 157,595   |
| Wells Fargo & Co.                                              |          | 29,067 |   | 942,643   |
|                                                                    |
|                                                               | **2,090,109** |
| **Consumer Finance                            0.1%**               |          |
| American Express Co.                                               |          | 199    |   | 11,737    |
| Discover Financial Services                                        |          | 6,101  |   | 105,974   |
|                                                                    |
|                                                               | **117,711**   |
| **Diversified Financial                            Services 3.1%** |          |
| Bank of America Corp.                                              |          | 29,572 |   | 1,364,157 |
| Citigroup, Inc.                                                    |          | 24,553 |   | 817,615   |
| CME Group, Inc.                                                    |          | 200    |   | 131,720   |
| JPMorgan Chase & Co.                                           |          | 13,644 |   | 622,439   |
| Leucadia National Corp.                                            |          | 900    |   | 42,264    |
|                                                                    |
|                                                               | **2,978,195** |
| **Insurance                            6.8%**                      |          |
| ACE Ltd.                                                           |          | 3,100  |   | 185,473   |
| Aflac, Inc.                                                        |          | 7,000  |   | 438,480   |
| Allstate Corp.                                                     |          | 7,697  |   | 393,471   |
| American International Group, Inc.                                 |          | 21,133 |   | 1,228,461 |
| Aon Corp.                                                          |          | 5,100  |   | 254,847   |
| Assurant, Inc.                                                     |          | 1,200  |   | 78,516    |
| Chubb Corp.                                                        |          | 6,300  |   | 343,665   |
| Cincinnati Financial Corp.                                         |          | 3,220  |   | 128,736   |
| Genworth Financial, Inc. "A"                                       |          | 8,400  |   | 220,416   |
| Hartford Financial Services Group, Inc.                            |          | 4,400  |   | 419,408   |
| Lincoln National Corp.                                             |          | 4,616  |   | 284,207   |
| Loews Corp.                                                        |          | 2,200  |   | 105,138   |
| Marsh & McLennan Companies, Inc.                               |          | 1,100  |   | 27,632    |
| MetLife, Inc.                                                      |          | 7,620  |   | 499,796   |
| Principal Financial Group, Inc.                                    |          | 4,568  |   | 299,158   |
| Progressive Corp.                                                  |          | 6,000  |   | 110,400   |
| Prudential Financial, Inc.                                         |          | 5,407  |   | 509,015   |
| Safeco Corp.                                                       |          | 3,400  |   | 196,214   |
| The Travelers Companies, Inc.                                      |          | 6,900  |   | 366,459   |
| Torchmark Corp.                                                    |          | 3,400  |   | 209,712   |
| Unum Group                                                         |          | 9,200  |   | 228,528   |
| XL Capital Ltd. "A"                                                |          | 1,400  |   | 81,942    |
|                                                                    |
|                                                               | **6,609,674** |
|                                                                    |               |        |        |           |  |

 

 

 

| **Real Estate Investment                            Trusts 0.3%**               |          |
|---------------------------------------------------------------------------------|---------------|
| Apartment Investment & Management Co. "A"                            (REIT) |          | 4,448 |   | 176,897 |
| Boston Properties, Inc. (REIT)                                                  |          | 300 |   | 29,526 |
| ProLogis (REIT)                                                                 |          | 1,000 |   | 65,420 |
| Simon Property Group, Inc. (REIT)                                               |          | 300 |   | 29,535 |
|                                                                                 |
|                                                                            | **301,378**   |
| **Real Estate Management &                            Development 0.1%**    |          |
| CB Richard Ellis Group, Inc. "A"*                                               |          | 3,300 |   | **78,375** |
| **Thrifts & Mortgage                            Finance 0.7%**              |          |
| Countrywide Financial Corp.                                                     |          | 7,900 |   | 85,478 |
| Fannie Mae                                                                      |          | 6,700 |   | 257,414 |
| Freddie Mac                                                                     |          | 7,931 |   | 278,140 |
| Hudson City Bancorp, Inc.                                                       |          | 1,900 |   | 28,918 |
|                                                                                 |
|                                                                            | **649,950**   |
| **Health Care 12.5%**                                                           |          |
| **Biotechnology                            0.7%**                               |          |
| Amgen, Inc.*                                                                    |          | 5,100 |   | 281,775 |
| Biogen Idec, Inc.*                                                              |          | 2,400 |   | 177,888 |
| Gilead Sciences, Inc.*                                                          |          | 5,600 |   | 260,624 |
|                                                                                 |
|                                                                            | **720,287**   |
| **Health Care Equipment &                            Supplies 1.9%**        |          |
| Baxter International, Inc.                                                      |          | 8,107 |   | 485,366 |
| Becton, Dickinson & Co.                                                     |          | 2,900 |   | 239,917 |
| Boston Scientific Corp.*                                                        |          | 2,000 |   | 25,260 |
| C.R. Bard, Inc.                                                                 |          | 400 |   | 33,812 |
| Covidien Ltd.                                                                   |          | 4,000 |   | 160,440 |
| Hospira, Inc.*                                                                  |          | 900 |   | 38,970 |
| Medtronic, Inc.                                                                 |          | 7,500 |   | 381,375 |
| St. Jude Medical, Inc.*                                                         |          | 3,800 |   | 151,050 |
| Stryker Corp.                                                                   |          | 2,300 |   | 167,049 |
| Zimmer Holdings, Inc.*                                                          |          | 3,200 |   | 207,136 |
|                                                                                 |
|                                                                            | **1,890,375** |
| **Health Care Providers &                            Services 2.7%**        |          |
| Aetna, Inc.                                                                     |          | 3,400 |   | 189,992 |
| Cardinal Health, Inc.                                                           |          | 800 |   | 48,440 |
| CIGNA Corp.                                                                     |          | 2,900 |   | 155,469 |
| Coventry Health Care, Inc.*                                                     |          | 2,000 |   | 115,760 |
| Express Scripts, Inc.*                                                          |          | 1,900 |   | 128,725 |
| Humana, Inc.*                                                                   |          | 1,600 |   | 123,248 |
| Laboratory Corp. of America Holdings*                                           |          | 3,072 |   | 223,242 |
| McKesson Corp.                                                                  |          | 2,400 |   | 160,152 |
| Medco Health Solutions, Inc.*                                                   |          | 1,800 |   | 179,982 |
| Patterson Companies, Inc.*                                                      |          | 1,600 |   | 51,488 |
| Quest Diagnostics, Inc.                                                         |          | 2,300 |   | 126,638 |
| UnitedHealth Group, Inc.                                                        |          | 12,924 |   | 710,820 |
| WellPoint, Inc.*                                                                |          | 4,300 |   | 362,103 |
|                                                                                 |
|                                                                            | **2,576,059** |
| **Life Sciences Tools &                            Services 0.5%**          |          |
| Applera Corp. - Applied Biosystems Group                                        |          | 1,600 |   | 54,656 |
| Millipore Corp.*                                                                |          | 200 |   | 16,376 |
| Thermo Fisher Scientific, Inc.*                                                 |          | 6,342 |   | 365,553 |
| Waters Corp.*                                                                   |          | 700 |   | 54,628 |
|                                                                                 |
|                                                                            | **491,213**   |
|                                                                                 |               |  |  |  |  |

 

 

 

| **Pharmaceuticals                            6.7%**                    |          |
|------------------------------------------------------------------------|---------------|
| Abbott Laboratories                                                    |          | 14,304 |   | 822,623 |
| Barr Pharmaceuticals, Inc.*                                            |          | 800 |   | 42,960 |
| Bristol-Myers Squibb Co.                                               |          | 14,624 |   | 433,309 |
| Eli Lilly & Co.                                                    |          | 5,200 |   | 275,340 |
| Forest Laboratories, Inc.*                                             |          | 700 |   | 26,985 |
| Johnson & Johnson                                                  |          | 23,508 |   | 1,592,432 |
| King Pharmaceuticals, Inc.*                                            |          | 8,700 |   | 92,133 |
| Merck & Co., Inc.                                                  |          | 19,013 |   | 1,128,612 |
| Mylan, Inc.                                                            |          | 3,400 |   | 48,892 |
| Pfizer, Inc.                                                           |          | 57,066 |   | 1,355,888 |
| Schering-Plough Corp.                                                  |          | 10,730 |   | 335,849 |
| Wyeth                                                                  |          | 6,300 |   | 309,330 |
|                                                                        |
|                                                                   | **6,464,353** |
| **Industrials 12.6%**                                                  |          |
| **Aerospace & Defense                            3.6%**            |          |
| Boeing Co.                                                             |          | 607 |   | 56,172 |
| General Dynamics Corp.                                                 |          | 5,231 |   | 464,408 |
| Goodrich Corp.                                                         |          | 2,100 |   | 149,709 |
| Honeywell International, Inc.                                          |          | 8,400 |   | 475,608 |
| L-3 Communications Holdings, Inc.                                      |          | 1,400 |   | 154,910 |
| Lockheed Martin Corp.                                                  |          | 4,130 |   | 457,067 |
| Northrop Grumman Corp.                                                 |          | 5,000 |   | 393,950 |
| Precision Castparts Corp.                                              |          | 1,000 |   | 147,340 |
| Raytheon Co.                                                           |          | 5,461 |   | 337,763 |
| Rockwell Collins, Inc.                                                 |          | 2,000 |   | 144,240 |
| United Technologies Corp.                                              |          | 9,504 |   | 710,614 |
|                                                                        |
|                                                                   | **3,491,781** |
| **Air Freight & Logistics                            0.7%**        |          |
| FedEx Corp.                                                            |          | 2,052 |   | 202,060 |
| United Parcel Service, Inc. "B"                                        |          | 6,113 |   | 450,406 |
|                                                                        |
|                                                                   | **652,466**   |
| **Building Products                            0.1%**                  |          |
| Trane, Inc.                                                            |          | 3,200 |   | **117,472** |
| **Commercial Services &                            Supplies 0.4%** |          |
| Allied Waste Industries, Inc.*                                         |          | 10,800 |   | 123,228 |
| Avery Dennison Corp.                                                   |          | 2,000 |   | 104,220 |
| Pitney Bowes, Inc.                                                     |          | 1,100 |   | 42,350 |
| R.R. Donnelley & Sons Co.                                          |          | 3,600 |   | 131,976 |
| Waste Management, Inc.                                                 |          | 1,300 |   | 44,616 |
|                                                                        |
|                                                                   | **446,390**   |
| **Construction &                            Engineering 0.1%**     |          |
| Fluor Corp.                                                            |          | 400 |   | **58,868** |
| **Electrical Equipment                            0.7%**               |          |
| Cooper Industries Ltd. "A"                                             |          | 2,700 |   | 135,594 |
| Emerson Electric Co.                                                   |          | 9,200 |   | 524,584 |
| Rockwell Automation, Inc.                                              |          | 800 |   | 54,312 |
|                                                                        |
|                                                                   | **714,490**   |
| **Industrial Conglomerates                            3.6%**           |          |
| 3M Co.                                                                 |          | 7,099 |   | 591,062 |
| General Electric Co.                                                   |          | 71,013 |   | 2,719,088 |
| Textron, Inc.                                                          |          | 800 |   | 55,240 |
| Tyco International Ltd.                                                |          | 4,000 |   | 160,520 |
|                                                                        |
|                                                                   | **3,525,910** |
|                                                                        |               |  |  |  |  |

 

 

 

| **Machinery                            2.4%**                              |          |
|----------------------------------------------------------------------------|---------------|
| Caterpillar, Inc.                                                          |          | 2,500 |   | 179,750 |
| Cummins, Inc.                                                              |          | 2,110 |   | 246,659 |
| Danaher Corp.                                                              |          | 4,029 |   | 349,798 |
| Deere & Co.                                                            |          | 2,000 |   | 343,600 |
| Eaton Corp.                                                                |          | 1,700 |   | 151,827 |
| Illinois Tool Works, Inc.                                                  |          | 6,200 |   | 344,100 |
| Ingersoll-Rand Co., Ltd. "A"                                               |          | 3,400 |   | 175,576 |
| ITT Corp.                                                                  |          | 2,200 |   | 141,768 |
| Parker Hannifin Corp.                                                      |          | 3,000 |   | 238,290 |
| Terex Corp.*                                                               |          | 1,900 |   | 122,455 |
|                                                                            |
|                                                                       | **2,293,823** |
| **Road & Rail                            0.8%**                        |          |
| CSX Corp.                                                                  |          | 7,000 |   | 294,000 |
| Union Pacific Corp.                                                        |          | 3,571 |   | 450,446 |
|                                                                            |
|                                                                       | **744,446**   |
| **Trading Companies &                            Distributors 0.2%**   |          |
| W.W. Grainger, Inc.                                                        |          | 2,400 |   | **211,920** |
| **Information Technology 14.4%**                                           |          |
| **Communications Equipment                            1.7%**               |          |
| Ciena Corp.*                                                               |          | 1,100 |   | 48,378 |
| Cisco Systems, Inc.*                                                       |          | 28,852 |   | 808,433 |
| Juniper Networks, Inc.*                                                    |          | 6,600 |   | 196,152 |
| Motorola, Inc.                                                             |          | 11,500 |   | 183,655 |
| QUALCOMM, Inc.                                                             |          | 10,628 |   | 433,410 |
|                                                                            |
|                                                                       | **1,670,028** |
| **Computers & Peripherals                            4.2%**            |          |
| Apple, Inc.*                                                               |          | 7,238 |   | 1,318,909 |
| Dell, Inc.*                                                                |          | 21,300 |   | 522,702 |
| Hewlett-Packard Co.                                                        |          | 19,796 |   | 1,012,763 |
| International Business Machines Corp.                                      |          | 11,313 |   | 1,189,901 |
| Teradata Corp.*                                                            |          | 1,300 |   | 33,748 |
|                                                                            |
|                                                                       | **4,078,023** |
| **Electronic Equipment &                            Instruments 0.3%** |          |
| Agilent Technologies, Inc.*                                                |          | 800 |   | 30,264 |
| Jabil Circuit, Inc.                                                        |          | 2,100 |   | 35,595 |
| Molex, Inc.                                                                |          | 2,000 |   | 55,120 |
| Tyco Electronics Ltd.                                                      |          | 4,300 |   | 160,777 |
|                                                                            |
|                                                                       | **281,756**   |
| **Internet Software &                            Services 1.7%**       |          |
| eBay, Inc.*                                                                |          | 5,100 |   | 171,003 |
| Google, Inc. "A"*                                                          |          | 1,949 |   | 1,350,657 |
| VeriSign, Inc.*                                                            |          | 3,600 |   | 147,240 |
|                                                                            |
|                                                                       | **1,668,900** |
| **IT Services                            0.9%**                            |          |
| Affiliated Computer Services, Inc. "A"*                                    |          | 2,100 |   | 88,116 |
| Automatic Data Processing, Inc.                                            |          | 3,000 |   | 135,180 |
| Computer Sciences Corp.*                                                   |          | 2,100 |   | 110,922 |
| Electronic Data Systems Corp.                                              |          | 6,800 |   | 137,768 |
| Fidelity National Information Services,                            Inc.    |          | 2,800 |   | 121,016 |
| Fiserv, Inc.*                                                              |          | 2,900 |   | 148,857 |
| Western Union Co.                                                          |          | 3,700 |   | 83,620 |
|                                                                            |
|                                                                       | **825,479**   |
|                                                                            |               |  |  |  |  |

 

 

 

| **Semiconductors &                            Semiconductor Equipment 2.4%** |          |
|----------------------------------------------------------------------------------|---------------|
| Applied Materials, Inc.                                                          |          | 5,100 |   | 96,033 |
| Intel Corp.                                                                      |          | 48,594 |   | 1,267,331 |
| Linear Technology Corp.                                                          |          | 1,100 |   | 33,506 |
| Maxim Integrated Products, Inc.                                                  |          | 3,000 |   | 69,570 |
| Micron Technology, Inc.*                                                         |          | 11,800 |   | 98,176 |
| National Semiconductor Corp.                                                     |          | 1,900 |   | 43,434 |
| NVIDIA Corp.*                                                                    |          | 7,550 |   | 238,127 |
| Texas Instruments, Inc.                                                          |          | 15,300 |   | 483,021 |
|                                                                                  |
|                                                                             | **2,329,198** |
| **Software                            3.2%**                                     |          |
| Adobe Systems, Inc.*                                                             |          | 800 |   | 33,712 |
| Autodesk, Inc.*                                                                  |          | 2,900 |   | 136,561 |
| Electronic Arts, Inc.*                                                           |          | 600 |   | 33,714 |
| Intuit, Inc.*                                                                    |          | 4,800 |   | 140,736 |
| Microsoft Corp.                                                                  |          | 60,370 |   | 2,028,432 |
| Oracle Corp.*                                                                    |          | 27,199 |   | 548,876 |
| Symantec Corp.*                                                                  |          | 11,000 |   | 195,800 |
|                                                                                  |
|                                                                             | **3,117,831** |
| **Materials 4.2%**                                                               |          |
| **Chemicals                            2.6%**                                    |          |
| Air Products & Chemicals, Inc.                                               |          | 1,800 |   | 178,272 |
| Ashland, Inc.                                                                    |          | 3,252 |   | 160,129 |
| Dow Chemical Co.                                                                 |          | 8,300 |   | 348,102 |
| E.I. du Pont de Nemours & Co.                                                |          | 7,687 |   | 354,755 |
| Eastman Chemical Co.                                                             |          | 1,000 |   | 64,210 |
| Ecolab, Inc.                                                                     |          | 900 |   | 43,110 |
| Hercules, Inc.                                                                   |          | 6,200 |   | 120,342 |
| International Flavors & Fragrances,                            Inc.          |          | 2,800 |   | 140,392 |
| Monsanto Co.                                                                     |          | 2,800 |   | 278,236 |
| PPG Industries, Inc.                                                             |          | 3,600 |   | 247,104 |
| Praxair, Inc.                                                                    |          | 2,500 |   | 213,450 |
| Rohm & Haas Co.                                                              |          | 2,400 |   | 130,488 |
| Sigma-Aldrich Corp.                                                              |          | 4,700 |   | 247,455 |
|                                                                                  |
|                                                                             | **2,526,045** |
| **Containers & Packaging                            0.2%**                   |          |
| Ball Corp.                                                                       |          | 2,300 |   | 106,375 |
| Pactiv Corp.*                                                                    |          | 4,300 |   | 109,220 |
| Temple-Inland, Inc.                                                              |          | 500 |   | 22,985 |
|                                                                                  |
|                                                                             | **238,580**   |
| **Metals & Mining                            1.2%**                          |          |
| Alcoa, Inc.                                                                      |          | 11,100 |   | 403,707 |
| Freeport-McMoRan Copper & Gold, Inc.                                         |          | 3,466 |   | 342,891 |
| Newmont Mining Corp.                                                             |          | 1,600 |   | 79,504 |
| Nucor Corp.                                                                      |          | 1,000 |   | 59,210 |
| United States Steel Corp.                                                        |          | 2,563 |   | 250,405 |
|                                                                                  |
|                                                                             | **1,135,717** |
| **Paper & Forest Products                            0.2%**                  |          |
| International Paper Co.                                                          |          | 4,500 |   | **151,875** |
| **Telecommunication Services 3.4%**                                              |          |
| **Diversified                            Telecommunication Services 3.1%**       |          |
| AT&T, Inc.                                                                   |          | 48,096 |   | 1,837,748 |
|                                                                                  |               |  |  |  |  |

 

 

 

| Embarq Corp.                                                                         |                                                                    | 2,866          |                                     | 146,023     |
|--------------------------------------------------------------------------------------|-------------------------------------------------------------------------|----------------|------------------------------------------|-------------|
| Verizon Communications, Inc.                                                         |                                                                    | 21,058         |                                     | 909,916     |
| Windstream Corp.                                                                     |                                                                    | 9,800          |                                     | 126,910     |
|                                                                                      |
|                                                                                 | **3,020,597**                                                           |
| **Wireless Telecommunication                            Services 0.3%**              |                                                                    |
| Sprint Nextel Corp.                                                                  |                                                                    | 19,700         |                                     | **305,744** |
| **Utilities 4.8%**                                                                   |                                                                    |
| **Electric Utilities                            2.9%**                               |                                                                    |
| American Electric Power Co., Inc.                                                    |                                                                    | 6,792          |                                     | 323,775     |
| Duke Energy Corp.                                                                    |                                                                    | 8,700          |                                     | 172,173     |
| Edison International                                                                 |                                                                    | 2,100          |                                     | 117,558     |
| Entergy Corp.                                                                        |                                                                    | 2,995          |                                     | 358,022     |
| Exelon Corp.                                                                         |                                                                    | 4,400          |                                     | 356,708     |
| FirstEnergy Corp.                                                                    |                                                                    | 4,971          |                                     | 340,812     |
| FPL Group, Inc.                                                                      |                                                                    | 4,854          |                                     | 338,615     |
| PPL Corp.                                                                            |                                                                    | 3,700          |                                     | 188,552     |
| Progress Energy, Inc.                                                                |                                                                    | 5,600          |                                     | 273,392     |
| Southern Co.                                                                         |                                                                    | 7,753          |                                     | 291,668     |
|                                                                                      |
|                                                                                 | **2,761,275**                                                           |
| **Gas Utilities                            0.3%**                                    |                                                                    |
| Nicor, Inc.                                                                          |                                                                    | 4,400          |                                     | 185,416     |
| Questar Corp.                                                                        |                                                                    | 1,900          |                                     | 101,555     |
|                                                                                      |
|                                                                                 | **286,971**                                                             |
| **Independent Power Producers                            & Energy Traders 0.3%** |                                                                    |
| Constellation Energy Group                                                           |                                                                    | 3,300          |                                     | **330,693** |
| **Multi-Utilities                            1.3%**                                  |                                                                    |
| CenterPoint Energy, Inc.                                                             |                                                                    | 11,300         |                                     | 201,705     |
| CMS Energy Corp.                                                                     |                                                                    | 7,300          |                                     | 127,239     |
| Consolidated Edison, Inc.                                                            |                                                                    | 5,800          |                                     | 281,010     |
| Dominion Resources, Inc.                                                             |                                                                    | 3,800          |                                     | 179,474     |
| DTE Energy Co.                                                                       |                                                                    | 2,500          |                                     | 122,625     |
| Integrys Energy Group, Inc.                                                          |                                                                    | 1,100          |                                     | 56,111      |
| PG&E Corp.                                                                       |                                                                    | 900            |                                     | 41,643      |
| Public Service Enterprise Group, Inc.                                                |                                                                    | 1,500          |                                     | 143,610     |
| Sempra Energy                                                                        |                                                                    | 300            |                                     | 18,786      |
| TECO Energy, Inc.                                                                    |                                                                    | 7,100          |                                     | 122,972     |
|                                                                                      |
|                                                                                 | **1,295,175**                                                           |
|                                                                                      |
| **Total Common Stocks**(Cost $73,628,950)                                            |                                                                    | **96,471,947** |
|                                                                                 | **Principal Amount ($)**                                                |           | **Value                            ($)** |
|                                                                                      |
|                                                                                 | **Government & Agency Obligations                            0.1%** |           |
| US Treasury Bill, 4.84%**, 1/17/2008 (a) (Cost                            $94,427)   |                                                                    | 95,000         |                                     | **94,646**  |
|                                                                                 | **Shares**                                                              |           | **Value                            ($)** |
|                                                                                      |
|                                                                                 | **Cash Equivalents 1.3%**                                               |           |
| Cash Management QP Trust, 4.88% (b)(Cost $1,226,613)                                 |                                                                    |           | 1,226,613                                |        | **1,226,613** |
|                                                                                      |                                                                         |                |                                          |             |  |  |  |  |  |

 

 

 

|                                                                                                 | **%                            of****Net Assets**                                                                                                                                                                                                                                              |                   | **Value                            ($)** |
|------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|------------------------------------------|
|                                                                                                      |
| **Total Investment Portfolio**(Cost $74,949,990)                                                     | 100.7                                                                                                                                                                                                                                                                                          |                   | **97,793,206**                           |
| **Other Assets and Liabilities, Net**                                                                | (0.7)                                                                                                                                                                                                                                                                                          |                   | **(643,805)**                            |
|                                                                                                      |
| **Net Assets**                                                                                       | 100.0                                                                                                                                                                                                                                                                                          |                   | **97,149,401**                           |
|                                                                                                 | *For information on the Fund's policies regarding                            the valuation of investments and other significant accounting policies,                            please refer to the Fund's most recent semi-annual or annual financial                            statements.* |
| ***                                                                                                  | *Non-income producing security.*                                                                                                                                                                                                                                                               |
| ****                                                                                                 | *Annualized yield at time of purchase; not a coupon                            rate.*                                                                                                                                                                                                          |
| *(a)*                                                                                                | *At November 30, 2007, this security has been                            pledged, in whole or in part, to cover initial margin requirements for                            open futures contracts.*                                                                                            |
| *(b)*                                                                                                | *Affiliated fund managed by Deutsche Investment                            Management Americas Inc. The rate shown is the annualized seven-day                            yield at period end.*                                                                                                |
| *REIT: Real Estate Investment Trust*                                                                 |
| *At November 30, 2007, open futures contracts                            purchased were as follows:* |
| **Futures**                                                                                          |                                                                                                                                                                                                                                                                                           | **Expiration****Date** |                                     | **Contracts** |   | **Aggregated****Face****Value ($)** |   | **Value ($)** |   | **Unrealized****Appreciation ($)** |
|                                                                                                      |
|                                                                                                 |
| S&P Mini 500 Index Futures                                                                       |                                                                                                                                                                                                                                                                                           | 12/21/2007             |                                     | 21 |   | 1,547,753 |   | 1,557,885 |   | 10,132 |   |
|                                                                                                      |                                                                                                                                                                                                                                                                                                |                        |                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

 

 

 

| **ITEM 2.** | **CONTROLS AND PROCEDURES**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|        | (a)                                     The Chief                            Executive and Financial Officers concluded that the Registrant’s                            Disclosure Controls and Procedures are effective based on the                            evaluation of the Disclosure Controls and Procedures as of a date                            within 90 days of the filing date of this report.                                                                                                                                                                               |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|        | (b)                                     There have been                            no changes in the registrant’s internal control over financial                            reporting that occurred during the registrant’s last half-year                            (the registrant’s second fiscal half-year in the case of the                            annual report) that has materially affected, or is reasonably likely to                            materially affect, the registrant’s internal controls over                            financial reporting. |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| **ITEM 3.** | **EXHIBITS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|        | Certification pursuant to Rule 30a-2(a) under the                            Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and                            attached hereto as Exhibit 99.CERT.                                                                                                                                                                                                                                                                                                                                                                                                                                     |

 

 

**SIGNATURES**

 

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

 

| Registrant: | DWS Enhanced S&P 500 Index Fund, a series of DWS                            Value Equity Trust |
|-------------|----------------------------------------------------------------------------------------------------|

 

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

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

President

 

| Date: | January 16, 2008 |
|-------|------------------|

 

 

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

 

| Registrant: | DWS Enhanced S&P 500 Index Fund, a series of DWS                            Value Equity Trust |
|-------------|----------------------------------------------------------------------------------------------------|

 

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

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

President

 

| Date: | January 16, 2008 |
|-------|------------------|

 

 

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

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

Chief Financial Officer and Treasurer

 

| Date: | January 16, 2008 |
|-------|------------------|