UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

**_______________________________**

Investment Company Act file number  811-08599

DWS Equity Trust

(Exact name of registrant as specified in charter)

 

345 Park Avenue

New York, NY  10154

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY  10154-0004

(Name and address of agent for service)

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

Date of fiscal year end:  04/30

Date of reporting period: 07/31/08

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

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

 

 

**DWS Disciplined Long/Short Value Fund**

 

|   | **Shares**                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | **Value ($)** |
|--------|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|        |
|   | **Long Positions 115.9%** |  
**Common Stocks 112.7%**

 
**Consumer Discretionary 12.1%**

 
**Auto Components 1.4%**

 
Autoliv, Inc. (a) 

 

3,400 

 

132,736 

TRW Automotive Holdings Corp.* (a) 

 

5,100 

 

94,605 

 

**227,341**

**Hotels Restaurants & Leisure 1.4%**

 
McDonald's Corp. (a) 

 

3,600 

 

**215,244**

**Household Durables 1.9%**

 
American Greetings Corp. "A" (a) 

 

300 

 

4,446 

 

 

 

D.R. Horton, Inc. (a) 

 

17,200 

 

191,264 

NVR, Inc.* (a) 

 

100 

 

55,232 

Pulte Homes, Inc.  

 

3,800 

 

46,398 

 

**297,340**

**Internet & Catalog Retail 1.1%**

 
Netflix, Inc.*  

 

5,400 

 

**166,806**

**Media 3.3%**

 
DISH Network Corp. "A"* (a) 

 

5,600 

 

164,752 

Liberty Global, Inc. "A"*  

 

5,000 

 

144,150 

Time Warner, Inc.  

 

15,100 

 

216,232 

 

**525,134**

**Multiline Retail 1.3%**

 
Family Dollar Stores, Inc. (a) 

 

8,600 

 

**200,380**

**Specialty Retail 1.3%**

 
AnnTaylor Stores Corp.* (a) 

 

3,800 

 

85,690 

The Gap, Inc. (a) 

 

7,700 

 

124,124 

 

**209,814**

**Textiles, Apparel & Luxury Goods 0.4%**

 
Coach, Inc.* (a) 

 

2,700 

 

**68,877**

**Consumer Staples 7.7%**

 
**Beverages 0.9%**

 
Pepsi Bottling Group, Inc. (a) 

 

5,200 

 

**144,820**

**Food & Staples Retailing 3.4%**

 
SUPERVALU, Inc. (a) 

 

5,800 

 

148,596 

Sysco Corp. (a) 

 

5,500 

 

155,980 

Wal-Mart Stores, Inc. (a) 

 

4,000 

 

234,480 

 

**539,056**

**Food Products 1.2%**

 
General Mills, Inc.  

 

2,900 

 

**186,731**

**Household Products 0.8%**

 
Procter & Gamble Co. (a) 

 

1,900 

 

**124,412**

**Personal Products 0.3%**

 
Alberto-Culver Co.  

 

1,500 

 

**40,245**

**Tobacco 1.1%**

 
Altria Group, Inc. (a) 

 

3,100 

 

63,085 

Lorillard, Inc.*  

 

500 

 

33,555 

Philip Morris International, Inc.  

 

1,600 

 

82,640 

 

**179,280**

**Energy 22.9%**

 
**Energy Equipment & Services 0.7%**

 
Tidewater, Inc. (a) 

 

1,700 

 

101,898 

Unit Corp.*  

 

200 

 

13,510 

 

**115,408**

**Oil, Gas & Consumable Fuels 22.2%**

 
Anadarko Petroleum Corp.  

 

1,300 

 

75,283 

Apache Corp. (a) 

 

2,000 

 

224,340 

Chesapeake Energy Corp.  

 

3,300 

 

165,495 

Chevron Corp. (a) 

 

5,100 

 

431,256 

Cimarex Energy Co. (a) 

 

2,800 

 

145,908 

Clayton Williams Energy, Inc.* (a) 

 

1,600 

 

149,120 

ConocoPhillips (a) 

 

4,200 

 

342,804 

 

 

 

Devon Energy Corp.  

 

2,200 

 

208,758 

Encore Acquisition Co.*  

 

600 

 

37,122 

ExxonMobil Corp.  

 

2,200 

 

176,946 

Frontline Ltd.  

 

2,300 

 

147,591 

Hess Corp. (a) 

 

1,900 

 

192,660 

Marathon Oil Corp. (a) 

 

1,200 

 

59,364 

Mariner Energy, Inc.*  

 

5,400 

 

142,884 

Massey Energy Co.  

 

2,300 

 

170,775 

Occidental Petroleum Corp. (a) 

 

3,900 

 

307,437 

W&T Offshore, Inc. (a) 

 

3,300 

 

146,058 

Walter Industries, Inc.  

 

1,800 

 

188,766 

Williams Companies, Inc.  

 

5,200 

 

166,660 

 

**3,479,227**

**Financials 19.4%**

 
**Capital Markets 3.4%**

 
Bank of New York Mellon Corp. (a) 

 

6,200 

 

220,100 

BlackRock, Inc. (a) 

 

500 

 

108,355 

State Street Corp. (a) 

 

1,500 

 

107,460 

The Goldman Sachs Group, Inc.  

 

500 

 

92,020 

 

**527,935**

**Commercial Banks 4.7%**

 
BB&T Corp. (a) 

 

5,300 

 

148,506 

Pacific Capital Bancorp. (a) 

 

1,400 

 

18,298 

PNC Financial Services Group, Inc. (a) 

 

1,300 

 

92,677 

US Bancorp. (a) 

 

9,000 

 

275,490 

Wells Fargo & Co. (a) 

 

6,600 

 

199,782 

 

**734,753**

**Consumer Finance 2.0%**

 
American Express Co.  

 

3,300 

 

122,496 

Discover Financial Services (a) 

 

12,800 

 

187,520 

 

**310,016**

**Diversified Financial Services 1.8%**

 
Bank of America Corp. (a) 

 

2,700 

 

88,830 

Interactive Brokers Group, Inc. "A"*  

 

2,000 

 

56,120 

JPMorgan Chase & Co. (a) 

 

3,500 

 

142,205 

 

**287,155**

**Insurance 5.4%**

 
Allied World Assurance Co. Holdings Ltd. (a) 

 

4,100 

 

170,601 

Loews Corp.  

 

4,000 

 

178,240 

MetLife, Inc. (a) 

 

3,000 

 

152,310 

Progressive Corp.  

 

3,200 

 

64,800 

The Travelers Companies, Inc. (a) 

 

6,400 

 

282,368 

 

**848,319**

**Real Estate Investment Trusts 0.5%**

 
Essex Property Trust, Inc. (REIT) (a) 

 

300 

 

36,405 

Host Hotels & Resorts, Inc. (REIT) (a) 

 

1,300 

 

17,043 

ProLogis (REIT) (a) 

 

700 

 

34,216 

 

**87,664**

**Thrifts & Mortgage Finance 1.6%**

 
Doral Financial Corp.* (a) 

 

11,800 

 

163,902 

New York Community Bancorp., Inc. (a) 

 

5,200 

 

86,424 

 

**250,326**

 

 

 

**Health Care 8.6%**

 
**Biotechnology 0.3%**

 
Amgen, Inc.*  

 

700 

 

**43,841**

**Health Care Equipment & Supplies 1.1%**

 
Baxter International, Inc.  

 

2,500 

 

**171,525**

**Health Care Providers & Services 2.3%**

 
Aetna, Inc. (a) 

 

5,000 

 

205,050 

Owens & Minor, Inc. (a) 

 

3,600 

 

165,312 

 

**370,362**

**Pharmaceuticals 4.9%**

 
Eli Lilly & Co. (a) 

 

4,800 

 

226,128 

Johnson & Johnson (a) 

 

2,100 

 

143,787 

Merck & Co., Inc. (a) 

 

2,300 

 

75,670 

Pfizer, Inc. (a) 

 

3,600 

 

67,212 

Schering-Plough Corp. (a) 

 

12,000 

 

252,960 

 

**765,757**

**Industrials 13.2%**

 
**Aerospace & Defense 1.5%**

 
Boeing Co.  

 

2,700 

 

164,997 

Honeywell International, Inc. (a) 

 

1,500 

 

76,260 

 

**241,257**

**Commercial Services & Supplies 0.4%**

 
Manpower, Inc. (a) 

 

1,300 

 

**62,400**

**Construction & Engineering 1.2%**

 
EMCOR Group, Inc.*  

 

2,400 

 

72,288 

Perini Corp.* (a) 

 

4,200 

 

114,912 

 

**187,200**

**Electrical Equipment 0.8%**

 
GrafTech International Ltd.* (a) 

 

5,200 

 

**121,940**

**Industrial Conglomerates 1.0%**

 
General Electric Co. (a) 

 

5,700 

 

**161,253**

**Machinery 4.6%**

 
AGCO Corp.* (a) 

 

2,000 

 

119,700 

Caterpillar, Inc. (a) 

 

2,100 

 

145,992 

Flowserve Corp. (a) 

 

1,200 

 

160,008 

Gardner Denver, Inc.*  

 

3,200 

 

145,920 

Parker Hannifin Corp. (a) 

 

2,500 

 

154,200 

 

**725,820**

**Marine 1.0%**

 
Kirby Corp.* (a) 

 

3,100 

 

**147,932**

**Road & Rail 1.3%**

 
Burlington Northern Santa Fe Corp. (a) 

 

300 

 

31,239 

Ryder System, Inc. (a) 

 

2,700 

 

178,092 

 

**209,331**

**Trading Companies & Distributors 1.4%**

 
United Rentals, Inc.* (a) 

 

8,400 

 

135,912 

WESCO International, Inc.*  

 

2,300 

 

86,595 

 

**222,507**

**Information Technology 9.8%**

 
**Computers & Peripherals 4.8%**

 
Hewlett-Packard Co. (a) 

 

5,700 

 

255,360 

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

 

5,500 

 

192,940 

 

 

 

Seagate Technology (a) 

 

11,000 

 

164,670 

Western Digital Corp.* (a) 

 

4,700 

 

135,313 

 

**748,283**

**Internet Software & Services 0.3%**

 
eBay, Inc.* (a) 

 

2,200 

 

**55,374**

**Semiconductors & Semiconductor Equipment 2.5%**

 
Broadcom Corp. "A"*  

 

6,200 

 

150,598 

Skyworks Solutions, Inc.*  

 

6,900 

 

65,274 

Texas Instruments, Inc. (a) 

 

7,000 

 

170,660 

 

**386,532**

**Software 2.2%**

 
Mentor Graphics Corp.*  

 

4,400 

 

61,072 

Microsoft Corp.  

 

11,000 

 

282,920 

 

**343,992**

**Materials 12.3%**

 
**Chemicals 4.4%**

 
Celanese Corp. "A"  

 

800 

 

30,824 

CF Industries Holdings, Inc. (a) 

 

1,300 

 

212,498 

Dow Chemical Co. (a) 

 

6,800 

 

226,508 

Terra Industries, Inc. (a) 

 

4,100 

 

221,400 

 

**691,230**

**Metals & Mining 7.9%**

 
Commercial Metals Co.  

 

1,200 

 

35,820 

Compass Minerals International, Inc.  

 

2,100 

 

158,760 

Freeport-McMoRan Copper & Gold, Inc. (a) 

 

2,200 

 

212,850 

Nucor Corp.  

 

2,900 

 

165,938 

Reliance Steel & Aluminum Co.  

 

2,600 

 

164,216 

Schnitzer Steel Industries, Inc. "A"  

 

1,800 

 

162,432 

Steel Dynamics, Inc.  

 

4,900 

 

155,232 

United States Steel Corp.  

 

1,200 

 

192,432 

 

**1,247,680**

**Telecommunication Services 4.3%**

 
**Diversified Telecommunication Services**

AT&T, Inc. (a) 

 

4,300 

 

132,483 

Embarq Corp. (a) 

 

4,500 

 

205,965 

Verizon Communications, Inc. (a) 

 

9,900 

 

336,996 

 

**675,444**

**Utilities 2.4%**

 
**Electric Utilities**

Edison International (a) 

 

4,200 

 

203,028 

FirstEnergy Corp.  

 

2,300 

 

169,165 

 

**372,193**

**Total Common Stocks** (Cost $18,505,548)

 

**17,718,136**

 

**Principal Amount ($)**

 

**Value ($)**

 

**Government & Agency Obligation 0.4%**

 
**US Treasury Obligation**

 
US Treasury Bill, 1.35%**, 10/16/2008 (b)  (Cost $61,823)

 

62,000 

 

**61,790**

 

 

 

 

**Shares**

 

**Value ($)**

 

**Cash Equivalents 2.8%**

 
Cash Management QP Trust, 2.42% (c)(Cost $437,829)

 

 

437,829

 

**437,829**

 

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

 

**Value ($)**

**Total Long Positions** (Cost $19,005,200) †

115.9

 

**18,217,755**

**Other Assets and Liabilities, Net**

3.0

 

**463,694**

**Securities Sold Short**

(18.9)

 

**(2,971,055)**

**Net Assets**

100.0

 

**15,710,394**

*†*

*The cost for federal income tax purposes was $19,133,268.  At July 31, 2008, net unrealized depreciation for all securities based on tax cost was $915,513.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $628,421 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,543,934.*

 

**Shares**

 

**Value ($)**

 

**Common Stocks Sold Short 18.9%**

 
**Consumer Discretionary 1.9%**

 
**Leisure Equipment & Products 0.5%**

 
Brunswick Corp.  

 

6,900 

 

**89,010**

**Specialty Retail 1.4%**

 
Chico's FAS, Inc.*  

 

22,800 

 

126,996 

Office Depot, Inc.*  

 

13,000 

 

88,400 

 

**215,396**

**Energy 4.9%**

 
**Energy Equipment & Services 3.9%**

 
BJ Services Co.  

 

5,200 

 

152,880 

CARBO Ceramics, Inc.  

 

3,400 

 

186,048 

Global Industries Ltd.*  

 

11,400 

 

136,116 

Weatherford International Ltd.*  

 

3,800 

 

143,374 

 

**618,418**

**Oil, Gas & Consumable Fuels 1.0%**

 
Frontier Oil Corp.  

 

8,300 

 

**151,475**

**Health Care 0.2%**

 
**Health Care Equipment & Supplies**

Hologic, Inc.*  

 

1,800 

 

**33,246**

**Industrials 2.8%**

 
**Aerospace & Defense 1.1%**

 
BE Aerospace, Inc.*  

 

5,400 

 

138,672 

Hexcel Corp.*  

 

2,200 

 

41,756 

 

**180,428**

**Commercial Services & Supplies 0.8%**

 
Mine Safety Appliances Co.  

 

3,600 

 

**118,944**

**Machinery 0.9%**

 
Oshkosh Corp.  

 

7,500 

 

**135,300**

**Information Technology 1.9%**

 
**Communications Equipment 1.0%**

 
Tellabs, Inc.*  

 

32,200 

 

**165,508**

 

 

 

**Semiconductors & Semiconductor Equipment 0.9%**

 
Rambus, Inc.*  

 

8,500 

 

**140,760**

 
**Materials 5.6%**

 
**Chemicals 1.9%**

 
Cabot Corp.  

 

5,200 

 

139,516 

 
Westlake Chemical Corp.  

 

8,600 

 

150,586 

 
 
 

**290,102**

 
**Containers & Packaging 2.1%**

 
Pactiv Corp.*  

 

300 

 

7,233 

 
Sealed Air Corp.  

 

5,700 

 

123,690 

 
Temple-Inland, Inc.  

 

12,300 

 

199,875 

 
 
 

**330,798**

 
**Paper & Forest Products 1.6%**

 
Louisiana-Pacific Corp.  

 

15,200 

 

128,592 

 
Weyerhaeuser Co.  

 

2,400 

 

128,304 

 
 
 

**256,896**

 
**Telecommunication Services 0.5%**

 
**Wireless Telecommunication Services**

 
NII Holdings, Inc.*  

 

1,400 

 

**76,524**

 
**Utilities 1.1%**

 
**Independent Power Producers & Energy Traders**

 
Dynegy, Inc. "A"*  

 

25,000 

 

**168,250**

 
 
**Total Common Stocks Sold Short** (Proceeds $3,376,933)

 

**2,971,055**

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

 
***

*Non-income producing security.*

 
****

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

 
*(a)*

*Securities are pledged, in whole or in part, as collateral for short sales.*

 
*(b)*

*At July 31, 2008, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.*

 
*(c)*

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

 
*REIT: Real Estate Investment Trust*

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

 

 
***Futures*****

* *

***Expiration******Date*****

* *

***Contracts*****

* *

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

* *

***Value ($)*****

* *

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

 
* *

 
*S&P Mini 500 Index***

* *

*9/19/2008***

* *

*7***

* *

*444,404***

* *

*443,485***

* *

***(919)*****

 

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

 

**Valuation Inputs**

**Investments in  Securities at**

**Value**

**Investments Sold Short at Value**

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

Level 1 - Quoted Prices

$             18,155,965   

$              (2,971,055)                    

$                         (919)   

Level 2 - Other Significant

61,790   

-   

-   

Observable Inputs

 

 

 

Level 3 - Significant

-   

-   

-   

Unobservable Inputs

**Total**

**$            18,217,755**

**$              (2,971,055)**

**$                        (919)**

 

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

 

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

 

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

 

 

**•**

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

 

**•**

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

 

**•**

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

 

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

 

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

 

 

 

**ITEM 2.**

**CONTROLS AND PROCEDURES**

 

 

 

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

 

 

 

 

 

 

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

 

 

**ITEM 3.**

**EXHIBITS**

 

 

 

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

 

 

**SIGNATURES**

 

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

 

Registrant: 

DWS Disciplined Long/Short Value Fund, a series of DWS Equity Trust

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

September 16, 2008

 

 

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

 

Registrant: 

DWS Disciplined Long/Short Value Fund, a series of DWS Equity Trust

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

September 16, 2008

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        September 16, 2008

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