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  811-8606

DWS Target Date Series

(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:  08/31

Date of reporting period: 5/31/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of May 31, 2009  (Unaudited)** |
|----------------------|-------------------------------------|

 

 

**DWS LifeCompass Retirement Fund**

 

 

|   | **Shares** |   | **Value ($)** |  
 

**Equity - Equity Funds 27.9%**

 
DWS Blue Chip Fund "Institutional"  

 

3,358 

 

40,760 

 
DWS Capital Growth Fund "Institutional"  

 

30,974 

 

1,228,113 

 
DWS Commodity Securities Fund "Institutional"  

 

317 

 

1,059 

 
DWS Communications Fund "Institutional"  

 

18,728 

 

242,525 

 
DWS Disciplined Long/Short Value Fund "Institutional"  

 

42,749 

 

265,471 

 
DWS Disciplined Market Neutral Fund "Institutional"  

 

9,290 

 

87,601 

 
DWS Diversified International Equity Fund "Institutional"  

 

132,663 

 

740,258 

 
DWS Dreman Concentrated Value Fund "Institutional"  

 

1,552 

 

9,637 

 
DWS Dreman High Return Equity Fund "Institutional"  

 

29,702 

 

745,515 

 
DWS Dreman Mid Cap Value Fund "Institutional"  

 

23,681 

 

179,502 

 
DWS Dreman Small Cap Value Fund "Institutional"  

 

40,072 

 

1,007,399 

 
DWS Emerging Markets Equity Fund "Institutional"  

 

18,824 

 

256,008 

 
 

 

 

DWS Equity 500 Index Portfolio "Institutional"  

 

47,625 

 

4,979,223 

 
DWS Europe Equity Fund "Institutional"  

 

62,425 

 

1,210,424 

 
DWS Global Opportunities Fund "Institutional"  

 

1,533 

 

39,038 

 
DWS Global Thematic Fund "Institutional"  

 

27,877 

 

473,903 

 
DWS Gold & Precious Metals Fund "Institutional"  

 

9,312 

 

168,086 

 
DWS Growth & Income Fund "Institutional"  

 

210,851 

 

2,473,284 

 
DWS Health Care Fund "Institutional"  

 

52,558 

 

1,004,915 

 
DWS International Fund "Institutional"  

 

34,421 

 

1,300,085 

 
DWS International Value Opportunities Fund "Institutional"  

 

22,406 

 

172,750 

 
DWS Japan Equity Fund "S"  

 

30,306 

 

223,050 

 
DWS Large Cap Value Fund "Institutional"  

 

157,673 

 

2,202,699 

 
DWS Large Company Growth Fund "Institutional"  

 

24,665 

 

529,068 

 
DWS Micro Cap Fund "Institutional"  

 

7,065 

 

74,749 

 
DWS RREEF Global Real Estate Securities Fund "Institutional"  

 

90,342 

 

522,175 

 
DWS RREEF Real Estate Securities Fund "Institutional"  

 

8,600 

 

88,234 

 
DWS S&P 500 Plus Fund "S"  

 

141,868 

 

1,298,096 

 
DWS Small Cap Core Fund "S"  

 

87,826 

 

999,454 

 
DWS Small Cap Growth Fund "Institutional"  

 

17,207 

 

222,484 

 
DWS Technology Fund "Institutional"  

 

168,808 

 

1,541,220 

 
**Total Equity Funds** (Cost $31,397,928)

 

**24,326,785**

 
 

**Equity  - Exchange-Traded Funds 8.7%**

 
Consumer Discretionary Select Sector SPDR Fund  

 

30,524 

 

707,546 

 
Consumer Staples Select Sector SPDR Fund  

 

43,399 

 

1,002,951 

 
Energy Select Sector SPDR Fund  

 

17,583 

 

905,700 

 
Financial Select Sector SPDR Fund  

 

77,450 

 

956,508 

 
Industrial Select Sector SPDR Fund  

 

41,639 

 

937,710 

 
iShares MSCI Australia Index Fund  

 

25,636 

 

420,943 

 
iShares MSCI Canada Index Fund  

 

24,549 

 

567,328 

 
iShares MSCI EAFE Small Cap Index Fund  

 

11,499 

 

343,245 

 
iShares MSCI France Index Fund  

 

11,918 

 

261,481 

 
iShares MSCI Germany Index Fund  

 

14,615 

 

282,362 

 
iShares MSCI Switzerland Index Fund  

 

5,985 

 

108,508 

 
iShares MSCI United Kingdom Index Fund  

 

52,296 

 

718,024 

 
Utilities Select Sector SPDR Fund  

 

14,236 

 

381,525 

 
**Total Exchange-Traded Funds** (Cost $7,821,469)

 

**7,593,831**

 
 

**Fixed Income - Bond Funds 61.6%**

 
DWS Core Fixed Income Fund "Institutional"  

 

2,728,254 

 

23,653,962 

 
DWS Core Plus Income Fund "Institutional"  

 

168 

 

1,641 

 
DWS Emerging Markets Fixed Income Fund "Institutional"  

 

1,229 

 

11,414 

 
DWS Floating Rate Plus Fund "Institutional"  

 

967,093 

 

7,611,026 

 
DWS Global Bond Fund "S"  

 

322,813 

 

3,173,256 

 
DWS GNMA Fund "Institutional"  

 

134,684 

 

2,020,257 

 
DWS High Income Fund "Institutional"  

 

877,314 

 

3,491,708 

 
DWS High Income Plus Fund "Institutional"  

 

4,663 

 

26,484 

 
DWS Inflation Protected Plus Fund "Institutional"  

 

367,175 

 

3,414,730 

 
DWS Short Duration Fund "Institutional"  

 

735 

 

6,610 

 
DWS Short Duration Plus Fund "Institutional"  

 

657,086 

 

6,012,337 

 
DWS US Bond Index Fund "Institutional"  

 

427,802 

 

4,376,410 

 
**Total Fixed Income - Bond Funds** (Cost $61,195,902)

 

**53,799,835**

 
 

**Fixed Income - Money Market Funds 2.0%**

 
Cash Management QP Trust  

 

1,715,989 

 

1,715,989 

 
DWS Money Market Prime Series "DWS Cash Investment Trust Class S"  

 

8,061 

 

8,061 

 
 

 

 

DWS Money Market Series "Institutional"  

 

19,851 

 

19,851 

 
**Total Fixed Income - Money Market Funds** (Cost $1,743,901)

 

**1,743,901**

 
 

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

 

**Value ($)**

 
**Total Investment Portfolio** (Cost $102,159,200) †

100.2

 

**87,464,352**

 
**Other Assets and Liabilities, Net**

(0.2)

 

**(215,631)**

 
**Net Assets**

100.0

 

**87,248,721**

 
*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.*

 
*†*

*The cost for federal income tax purposes was $103,049,669.  At May 31, 2009, net unrealized depreciation for all securities based on tax cost was $15,585,317. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $513,960 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $16,099,277.*

 
*EAFE: Europe, Australasia and Far East*

 
*MSCI: Morgan Stanley Capital International*

 
*SPDR: Standard & Poor's Depositary Receipt*

 
 

***Fair Value Measurements***

 

*Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements,” establishes a three-tier hierarchy for measuring fair value and requires additional disclosure about the classification of fair value measurements.*

 

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

 

*The following is a summary of the inputs used as of May 31, 2009 in valuing the Fund's investments:*

 

**Valuation Inputs**

**Investments in  Securities**

Level 1 

$                85,748,363  

Level 2 

1,715,989

Level 3 

-   

**Total**

**$                87,464,352**

 

 

**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 LifeCompass Retirement Fund, a series of DWS Target Date Series

 

 

By:

/s/Michael G. Clark

Michael G. Clark

President

 

 

Date:

July 20, 2009

 

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 LifeCompass Retirement Fund, a series of DWS Target Date Series

 

 

By:

/s/Michael G. Clark

Michael G. Clark

President

 

 

Date:

July 20, 2009

 

 

 

 

 

 

By:

/s/Paul Schubert

Paul Schubert

Chief Financial Officer and Treasurer

 

 

Date:

July 20, 2009

 

  |
|--------|------------|--------|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|