UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549  FORM N-CSRS  Investment Company Act file number  811-5896  DWS Target Fund (Exact Name of Registrant as Specified in Charter)  345 Park Avenue New York, NY 10154-0004 (Address of principal executive offices)             (Zip code)  Registrants Telephone Number, including Area Code:(212) 454-7190  Paul Schubert 345 Park Avenue New York, NY 10154-0004 (Name and Address of Agent for Service)  Date of fiscal year end:
        07/30
  Date of reporting period:
        1/31/09
   ITEM 1.REPORT TO STOCKHOLDERS  
 JANUARY 31, 2009
Semiannual Report
to ShareholdersDWS Target 2011 Fundtf11_cover170 Contents 4Performance Summary
6Information About Your Fund's Expenses
8Portfolio Management Review
13Portfolio Summary
15Investment Portfolio
22Financial Statements
25Financial Highlights
26Notes to Financial Statements
31Investment Management Agreement Approval
36Summary of Management Fee Evaluation by Independent
Fee Consultant
41Summary of Administrative Fee Evaluation by Independent
Fee Consultant
42Account Management Resources
43Privacy Statement This report must be preceded by a prospectus. The prospectus contains the fund's
objectives, risks, charges and expenses, and other important information about the
fund. Investments in mutual funds involve risk. Some funds have more risk than others.
Because the fund provides investment protection only on the maturity date to investors
who reinvest all dividends and do not redeem their shares before the maturity date, the
principal value of the fund is subject to market fluctuation prior to and after the maturity
date. This fund is subject to stock market risk, meaning stocks in the fund may decline in
value for extended periods of time due to the activities and financial prospects of
individual companies, or due to general market and economic conditions. Additionally, the
fund invests in individual bonds whose yields and market values fluctuate so that your
investment may be worth more or less than its original cost. Bond investments are
subject to interest-rate risk such that when interest rates rise, the prices of the bonds,
and thus the value of the fund, can decline and the investor can lose principal value.
Please read this fund's prospectus for specific details regarding its investments and risk
profile. This fund is closed to new investors. Please refer to the fund's prospectus for
more details. DWS Investments is part of Deutsche Bank's Asset Management division and, within the US,
represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust
Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust
Company. NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY Performance SummaryJanuary 31, 2009 All performance shown is historical, assumes reinvestment of all dividend and
capital gain distributions, and does not guarantee future results. Investment return
and principal value fluctuate with changing market conditions so that, when
redeemed, shares may be worth more or less than their original cost. Current
performance may be lower or higher than the performance quoted. Please visit
www.dws-investments.com for the Fund's most recent month-end performance. The maximum sales charge for the Fund is 5.0%. Unadjusted returns do not reflect
sales charges and would have been lower if they had. The total annual operating expense ratio, gross of any fee waivers or expense
reimbursements, as stated in the fee table of the prospectus dated December 1,
2008 is 1.05%. Please see the Information About Your Fund's Expenses, the
Financial Highlights and Notes to the Financial Statements (Note C, Related Parties)
sections of this report for gross and net expense related disclosure for the period
ended January 31, 2009. To discourage short-term trading, the Fund imposes a 2% redemption fee on
shareholders redeeming shares held less than 15 days, which has the effect of
lowering total return. Returns and rankings during the 1-year, 3-year, 5-year and 10-year periods reflect a fee
waiver and/or expense reimbursement. Without this waiver/reimbursement, returns and
rankings would have been lower. Performance figures do not reflect the deduction of taxes that a shareholder would pay on
fund distributions or the redemption of fund shares. Average Annual Total Returns(Unadjusted for Sales Charge) as of 1/31/096-Month
1-Year
3-Year
5-Year
10-YearDWS Target 2011 Fund
-3.85%
-5.58%
2.10%
2.57%
3.77%S&P 500® Index+
-33.95%
-38.63%
-11.78%
-4.24%
-2.65%Barclays Capital US Treasury Index++
7.56%
7.69%
7.56%
5.54%
5.89% Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.   Total returns shown for periods less than one year are not annualized.  Net Asset Value and Distribution InformationNet Asset Value:
1/31/09
$      9.057/31/08
$      9.82Distribution Information:
Six Months as of 1/31/09:Income Dividends
$      .37Capital Gain Distributions
$      .03 Lipper Rankings  Mixed-Asset Target 2015 Funds Categoryas of 1/31/09Period
Rank

Number of
Funds Tracked
Percentile
Ranking (%)1-Year
5
of
110
53-Year
4
of
45
95-Year
3
of
17
1710-Year
1
of
6
15 Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings
are based on total returns unadjusted for sales charges with distributions reinvested. If
sales charges had been included, rankings might have been less favorable. Growth of an Assumed $10,000 Investment(Adjusted for Maximum Sales Charge)[]DWS Target 2011 Fund
[]S&P 500 Index+
[]Barclays Capital US Treasury Index++tf11_g10k120Yearly periods ended January 31 The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales
charge of 5.0%. This results in a net initial investment of $9,500. Comparative Results(Adjusted for Maximum Sales Charge) as of 1/31/091-Year
3-Year
5-Year
10-YearDWS Target 2011 Fund
Growth of $10,000
$8,970
$10,113
$10,783
$13,761Average annual total return
-10.30%
.37%
1.52%
3.24%S&P 500 Index+
Growth of $10,000
$6,137
$6,866
$8,050
$7,647Average annual total return
-38.63%
-11.78%
-4.24%
-2.65%Barclays Capital
US Treasury Index++
Growth of $10,000
$10,769
$12,445
$13,094
$17,720Average annual total return
7.69%
7.56%
5.54%
5.89% The growth of $10,000 is cumulative. +  The Standard & Poor's 500 (S&P 500) Index is an unmanaged, capitalization-weighted index
of 500 stocks. The index is designed to measure performance of the broad domestic
economy through changes in the aggregate market value of 500 stocks representing all
major industries. Index returns assume reinvestment of dividends and, unlike Fund returns,
do not reflect any fees or expenses. It is not possible to invest directly into an index.  + + The Barclays Capital US Treasury Index (name changed from Lehman Brothers US
Treasury Index, effective November 3, 2008) is an unmanaged index reflecting the
performance of all public obligations and does not focus on one particular segment of the
Treasury market.  Index returns, unlike Fund returns, do not reflect any fees or expenses. It is not possible to
invest directly into an index.  Information About Your Fund's Expenses As an investor of the Fund, you incur two types of costs: ongoing expenses
and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Fund expenses. Examples of
transaction costs include sales charges (loads) and account maintenance
fees, which are not shown in this section. The following tables are intended
to help you understand your ongoing expenses (in dollars) of investing in the
Fund and to help you compare these expenses with the ongoing expenses
of investing in other mutual funds. The example in the table is based on an
investment of $1,000 invested at the beginning of the six-month period and
held for the entire period(August 1, 2008 to January 31, 2009). The tables illustrate your Fund's expenses in two ways: •   Actual Fund Return. This helps you estimate the actual dollar amount of
ongoing expenses (but not transaction costs) paid on a $1,000
investment in the Fund using the Fund's actual return during the period.
To estimate the expenses you paid over the period, simply divide your
account value by $1,000 (for example, an $8,600 account value divided
by $1,000 = 8.6), then multiply the result by the number in the
"Expenses Paid per $1,000" line under the share class you hold. •   Hypothetical 5% Fund Return. This helps you to compare your Fund's
ongoing expenses (but not transaction costs) with those of other mutual
funds using the Fund's actual expense ratio and a hypothetical rate of
return of 5% per year before expenses. Examples using a 5%
hypothetical fund return may be found in the shareholder reports of other
mutual funds. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you
paid for the period. Please note that the expenses shown in these tables are meant to highlight
your ongoing expenses only and do not reflect any transaction costs. The
"Expenses Paid per $1,000" line of the tables is useful in comparing
ongoing expenses only and will not help you determine the relative total
expense of owning different funds. If these transaction costs had been
included, your costs would have been higher. Expenses and Value of a $1,000 Investmentfor the six months ended January 31, 2009Actual Fund ReturnBeginning Account Value 8/1/08
$      1,000.00Ending Account Value 1/31/09
$      961.50Expenses Paid per $1,000*
$      4.99Hypothetical 5% Fund ReturnBeginning Account Value 8/1/08
$      1,000.00Ending Account Value 1/31/09
$      1,020.11Expenses Paid per $1,000*
$      5.14 * Expenses are equal to the Fund's annualized expense ratio, multiplied by the average
account value over the period, multiplied by the number of days in the most recent
six-month period, then divided by 365.  Annualized Expense RatioDWS Target 2011 Fund
1.01% For more information, please refer to the Fund's prospectus. Portfolio Management Review In the following interview, the portfolio management teamdiscusses
the market environment, fund performance and its strategy in
managing DWS Target 2011 Fund during the semiannual period ended
January 31, 2009. The views expressed in the following discussion reflect those of the portfolio management
team only through the end of the period of the report as stated on the cover. The management
team's views are subject to change at any time based on market and other conditions and
should not be construed as a recommendation. Past performance is no guarantee of future
results. Current and future portfolio holdings are subject to risk. Q: How did the fund perform? A:DWS Target 2011 Fund produced a total return of -3.85% during
the semiannual period. (Returns are unadjusted for sales charges. If
sales charges had been included, returns would have been lower.
Past performance is no guarantee of future results. Please see
pages 4 through 5 for more complete performance information.)
The fund, which invests in both stocks and bonds, held weightings
of 14.4% and 84.7%, respectively, in the two asset classes as of
January 31, 2009. (Weightings are as a percentage of the
investment portfolio.) The fund's stock benchmark is the Standard &
Poor's 500® (S&P 500) Index, which posted a total return of
-33.95% during the past six months.1 Its bond benchmark is the
Barclays Capital US Treasury Index, which returned 7.56% for the
same period.2 While the fixed-income component of the fund
performed well in this environment, this was more than offset by
the decline in its equity investments. 1 The Standard & Poor's 500 (S&P 500) Index is an unmanaged, capitalization-weighted index
of 500 stocks. The index is designed to measure performance of the broad domestic
economy through changes in the aggregate market value of 500 stocks representing all
major industries. Index returns reflect the reinvestment of dividends and, unlike fund
returns, do not reflect any fees or expenses. It is not possible to invest directly into an
index.  2 The Barclays Capital US Treasury Index (name changed from Lehman Brothers US
Treasury Index, effective November 3, 2008) is an unmanaged index reflecting the
performance of all public obligations and does not focus on one particular segment of the
Treasury market. Index returns, unlike fund returns, do not reflect any fees or expenses. It
is not possible to invest directly into an index.  Although the fund produced a negative absolute return in the short
term, we are pleased to report that for the one-year period ended
January 31, 2009, the fund ranked fifth among 110 funds in its
Lipper peer group, Mixed-Asset Target 2015 Funds.3 For the, three-,
five- and 10-year periods, the fund ranked, four (45 funds), three (17
funds) and one (six funds), respectively, for the same (Rankings are
historical and do not guarantee future results. Rankings are based
on total returns unadjusted for sales charges with distributions
reinvested. If sales charges had been included, rankings might have
been less favorable.) 3 The Lipper Mixed-Asset Target 2015 Funds category consists of funds that seek to
maximize assets for retirement or other purposes with an expected time horizon not to
exceed the year 2015. Category returns assume reinvestment of dividends. It is not
possible to invest directly into a Lipper category.  Q: How did US Treasuries perform during the past half year? A:Treasury issues performed exceptionally well during the fund's
semiannual reporting period. Disruptions in the financial markets
and the prospect of slower economic growth sent investors
stampeding not just from US equities, but also from the
international markets, commodities and higher-risk segments of the
bond market. Seeking a safe place to put their money, investors
poured cash into government bonds. The result was a spectacular
rally in Treasury issues, with the bulk of the gain coming in just a
few weeks in November and December. Q: Please discuss the performance of the US stock market. A:The US stock market plunged during the fund's semiannual
reporting period, offsetting the positive impact of the rally in
Treasuries. Equities initially came under intense selling pressure
early in the fourth quarter of 2008, when it became evident that the
financial crisis was leading to a larger-than-expected slowdown in
the global economy. This downturn fed on itself when "forced
selling" by hedge funds and other leveraged investors created a
snowball effect that sent stocks skidding nearly 20% in just a matter
of days in mid-October. The US government and the US Federal
Reserve Board (the Fed) acted aggressively to stem the crisis,
helping the markets to stage a modest rebound in the final five
weeks of 2008. Stocks quickly gave back the bulk of these gains
during January, however, once companies began to report severe
earnings weakness for the fourth quarter and slashed their guidance
for 2009. The net result was a market downturn whose severity has
little historical precedent. Q: What factors helped and hurt the performance of the equity
portion of the portfolio? A:The equity portion of the fund underperformed the S&P 500
Index during the past six months. Consistent with our investment
approach, the majority of the underperformance was the result of
individual stock selection. It should be noted that our strategy is
active in nature, so many of the holdings we discuss here will not
appear in the investment portfolio. In these cases, the positions
were closed out prior to the end of the reporting period. The fund's largest margin of underperformance occurred in the
energy sector, where positions in a number of smaller drilling
companies weighed on its return. Most notable among these were
Mariner Energy, Inc., W&T Offshore, Inc.* and Cimarex Energy Co.
Positions in two coal stocks  Arch Coal, Inc.* and Massey Energy
Co.*  also hurt performance given that coal was one of the
worst-performing subsectors within energy. The downturn in energy
prices also led to underperformance for several of the fund's
holdings in the utilities sector, including Williams Cos.* and El Paso
Corp.* The industrials sector was an additional source of under-
performance for the fund. Here, the bulk of the shortfall came from
two stocks that were hit hard by the environment of weakening
economic growth: United Rentals, Inc.*, which rents equipment to
companies in the struggling construction and industrial sectors, and
Ryder System, Inc., which was hurt by the slowdown in trucking
activity. Other industries in which our stock selection process did not work
well included materials, transportation and retailing. On the plus side, we added the most value in the banking and
diversified financial sectors. Reflecting the fact that these were
among the worst-performing segments of the market, the bulk of
the fund's outperformance came from stocks we did not hold.
Specifically, our avoidance of the many large-cap banking stocks that
fell anywhere from 30% to 70%-plus aided performance relative to
the S&P 500. The media, hotels/restaurants/leisure and consumer
durables/apparel sectors were also areas in which the fund's relative
performance was strong. Q: How did the fund's investments in fixed-income securities
affect performance? A:The fixed-income portion of the portfolio is invested entirely in
Treasury STRIPS, which are securities representing the principal
payment of a Treasury security that has been "stripped" of its
semiannual income component.4 In other words, the final payment
of the bond  the return of principal  is the only payment
investors receive. Such securities initially sell at a discount to their
final value, and their prices gradually rise until they become fully
valued at par ($100 per bond) on their maturity date. Because
STRIPS are more responsive to interest rate changes than
coupon-bearing bonds of similar maturity, they tend to be more
sensitive to volatility in the broader bond market. This is particularly
true for longer-maturity STRIPS. On the other hand, the dominant
contribution to price performance for STRIPS with closer maturity
dates comes from the gradual appreciation of the bonds towards
their $100 par value. 4 STRIPS is an acronym for Separate Trading of Registered Interest and Principal of
Securities.  DWS Target 2011 Fund is scheduled to mature on August 15, 2011.
Given the relative proximity of this maturity date, the performance
of the fixed-income portion of the portfolio continues to be
dominated by the accretion of the STRIPS' price toward its par
value. Nevertheless, the interval until the fund's maturity date is
long enough that its STRIPS position continues to be affected by the
movements in prevailing interest rates. The fund's STRIPS
investment therefore benefited from the rally in short-term
Treasuries that took place during the past half year. The yield on the
2-year Treasury note fell from 2.51% to 0.94% in the six-month
period ended January 31, 2009, reflecting a strong rise in its price.
The result was that the price of the fund's STRIPS position rose
from $91.81 to $97.26, a return of roughly 5.9%. This return was
well above that of the broader bond market, which was negatively
affected by the poor performance of corporate bonds and other
non-government securities. As the fund moves closer to its maturity date, we will continue
to manage the portfolio by investing in zero coupon bonds and
US equities that the portfolio management team believes to have
the possibility for capital growth. * Not held in the portfolio as of January 31, 2009.  Portfolio Summary Asset Allocation(As a % of Investment Portfolio excluding
Securities Lending Collateral)
1/31/09
7/31/08Government & Agency Obligations
85%
76%Common Stocks
14%
23%Cash Equivalents
1%
1%100%
100% Sector Diversification(As a % of Common Stocks)
1/31/09
7/31/08Health Care
16%
11%Information Technology
15%
14%Energy
14%
19%Consumer Staples
13%
8%Industrials
12%
14%Financials
10%
12%Consumer Discretionary
9%
10%Utilities
5%
1%Telecommunication Services
4%
5%Materials
2%
6%100%
100% Asset allocation and sector diversification are subject to change. Ten Largest Equity Holdings at January 31, 2009(3.5% of Net Assets)1.      ExxonMobil Corp.
Explorer and producer of oil and gas
0.5%2.      Chevron Corp.
Operator of petroleum exploration, delivery and refining facilities
0.4%3.      Abbott Laboratories
Developer of health care products
0.4%4.      Verizon Communications, Inc.
Provider of advanced communication and information technology services
0.4%5.      Microsoft Corp.
Developer of computer software
0.3%6.      JPMorgan Chase & Co.
Provider of global financial services
0.3%7.      International Business Machines Corp.
Manufacturer of computers and provider of information processing services
0.3%8.      Hewlett-Packard Co.
Provider of imaging and printing systems and information technology services
0.3%9.      Eli Lilly & Co.
Producer of pharmaceuticals
0.3%10.     Wal-Mart Stores, Inc.
Operator of discount stores and supercenters
0.3% Portfolio holdings are subject to change. For more complete details about the Portfolio's investment portfolio, see page 15. A quarterly
Fact Sheet is available upon request. A complete list of the Fund's portfolio holdings is posted
as of the month end on www.dws-investments.com on or about the 15th day of the following
month. More frequent posting of portfolio holdings information may be made from time to time
on www.dws-investments.com. Please see the Account Management Resources section for
contact information. Following the Fund's fiscal first and third quarter-end, a complete portfolio
holdings listing is filed with the SEC on Form N-Q. This form will be available
on the SEC's Web site at www.sec.gov, and it also may be reviewed and
copied at the SEC's Public Reference Room in Washington, D.C. Information
on the operation of the SEC's Public Reference Room may be obtained by
calling (800) SEC-0330. Investment Portfolioas of January 31, 2009 (Unaudited) Shares
Value ($)Common Stocks 14.5%Consumer Discretionary 1.3%Auto Components 0.1%Johnson Controls, Inc.
2,700
33,777TRW Automotive Holdings Corp.*
3,200
9,888WABCO Holdings, Inc.
551
8,23851,903Distributors 0.1%Genuine Parts Co.
2,300
73,646Hotels Restaurants & Leisure 0.3%McDonald's Corp.
2,296
133,214Panera Bread Co. "A"*
100
4,698Yum! Brands, Inc.
1,900
54,378192,290Household Durables 0.1%Harman International Industries, Inc.
1,700
27,353Media 0.4%Comcast Corp. "A"
8,200
120,130DISH Network Corp. "A"*
527
6,766Liberty Media Corp.  Entertainment "A"*
300
5,505McGraw-Hill Companies, Inc.
1,900
41,781The DIRECTV Group, Inc.*
683
14,958Time Warner, Inc.
5,800
54,114243,254Multiline Retail 0.1%Big Lots, Inc.*
1,500
20,175Family Dollar Stores, Inc.
1,000
27,77047,945Specialty Retail 0.2%AutoZone, Inc.*
100
13,289Barnes & Noble, Inc.
2,300
37,766Foot Locker, Inc.
1,700
12,512The Gap, Inc.
3,100
34,968The Sherwin-Williams Co.
200
9,550108,085Textiles, Apparel & Luxury Goods 0.0%Phillips-Van Heusen Corp.
1,200
22,824Consumer Staples 1.8%Food & Staples Retailing 0.6%Kroger Co.
4,425
99,563Sysco Corp.
3,273
72,955Wal-Mart Stores, Inc.
3,403
160,349332,867Food Products 0.6%Archer-Daniels-Midland Co.
5,600
153,328Bunge Ltd.
2,700
115,938Dean Foods Co.*
700
13,538General Mills, Inc.
400
23,660H.J. Heinz Co.
1,400
51,100357,564Household Products 0.3%Colgate-Palmolive Co.
700
45,528Procter & Gamble Co.
2,805
152,872198,400Personal Products 0.1%Herbalife Ltd.
2,400
49,224Tobacco 0.2%Altria Group, Inc.
2,763
45,700Philip Morris International, Inc.
1,124
41,75787,457Energy 2.1%Energy Equipment & Services 0.1%Oil States International, Inc.*
1,700
31,127Oil, Gas & Consumable Fuels 2.0%Alpha Natural Resources, Inc.*
2,700
44,064Apache Corp.
903
67,725Chevron Corp.
3,400
239,768Cimarex Energy Co.
441
10,954Devon Energy Corp.
200
12,320Encore Acquisition Co.*
2,051
55,746EOG Resources, Inc.
200
13,554ExxonMobil Corp.
3,702
283,129Mariner Energy, Inc.*
5,593
55,371Murphy Oil Corp.
2,900
128,122Occidental Petroleum Corp.
1,381
75,334Southwestern Energy Co.*
400
12,660Sunoco, Inc.
3,200
148,2241,146,971Financials 1.4%Capital Markets 0.2%Bank of New York Mellon Corp.
3,000
77,220Charles Schwab Corp.
1,162
15,792Jefferies Group, Inc.
500
5,77098,782Commercial Banks 0.2%PNC Financial Services Group, Inc.
1,552
50,471Wells Fargo & Co.
3,200
60,480110,951Diversified Financial Services 0.5%Bank of America Corp.
8,200
53,956Citigroup, Inc.
5,500
19,525JPMorgan Chase & Co.
7,600
193,876The NASDAQ OMX Group, Inc.*
400
8,728276,085Insurance 0.3%Allstate Corp.
1,700
36,839Aon Corp.
600
22,230Arch Capital Group Ltd.*
200
12,030Fidelity National Financial, Inc. "A"
400
5,848First American Corp.
2,200
48,048Progressive Corp.*
3,100
37,665Unum Group
1,800
25,488188,148Real Estate Investment Trusts 0.1%AMB Property Corp. (REIT)
200
3,224AvalonBay Communities, Inc. (REIT)
134
6,942Equity Residential (REIT)
600
14,358HCP, Inc. (REIT)
400
9,336Host Hotels & Resorts, Inc. (REIT)
1,200
6,456ProLogis (REIT)
400
4,004Public Storage (REIT)
300
18,561Simon Property Group, Inc. (REIT)
500
21,490The Macerich Co. (REIT)
100
1,474Vornado Realty Trust (REIT)
100
5,08190,926Thrifts & Mortgage Finance 0.1%Hudson City Bancorp., Inc.
5,300
61,480Health Care 2.4%Biotechnology 0.3%Amgen, Inc.*
2,500
137,125Gilead Sciences, Inc.*
1,000
50,770187,895Health Care Equipment & Supplies 0.3%Baxter International, Inc.
275
16,129Becton, Dickinson & Co.
1,500
109,005Gen-Probe, Inc.*
200
9,004Varian Medical Systems, Inc.*
900
33,417167,555Health Care Providers & Services 0.5%Aetna, Inc.
3,588
111,228Express Scripts, Inc.*
1,192
64,082LifePoint Hospitals, Inc.*
1,100
24,794Universal Health Services, Inc. "B"
1,200
45,420245,524Pharmaceuticals 1.3%Abbott Laboratories
4,100
227,304Eli Lilly & Co.
4,393
161,750Johnson & Johnson
2,400
138,456Merck & Co., Inc.
2,537
72,431Pfizer, Inc.
10,736
156,531756,472Industrials 1.7%Aerospace & Defense 0.6%General Dynamics Corp.
2,400
136,152L-3 Communications Holdings, Inc.
400
31,608Lockheed Martin Corp.
1,200
98,448Northrop Grumman Corp.
400
19,248United Technologies Corp.
1,000
47,990333,446Commercial Services & Supplies 0.2%The Brink's Co.
4,595
121,446Construction & Engineering 0.1%Fluor Corp.
700
27,230Shaw Group, Inc.*
1,000
27,80055,030Industrial Conglomerates 0.0%General Electric Co.
1,459
17,698Machinery 0.4%AGCO Corp.*
1,600
34,048Flowserve Corp.
1,639
87,375Gardner Denver, Inc.*
1,373
29,890Joy Global, Inc.
2,000
41,660Manitowoc Co., Inc.
2,000
11,000203,973Professional Services 0.0%Manpower, Inc.
500
14,230Road & Rail 0.4%Burlington Northern Santa Fe Corp.
800
53,000Norfolk Southern Corp.
3,000
115,080Ryder System, Inc.
1,684
56,885224,965Trading Companies & Distributors 0.0%WESCO International, Inc.*
1,400
25,788Information Technology 2.2%Computers & Peripherals 1.1%Apple, Inc.*
1,191
107,345Hewlett-Packard Co.
4,657
161,830International Business Machines Corp.
1,900
174,135Lexmark International, Inc. "A"*
2,616
61,947NCR Corp.*
1,700
21,335QLogic Corp.*
3,800
43,016Western Digital Corp.*
3,407
50,015619,623Electronic Equipment, Instruments & Components 0.1%Ingram Micro, Inc. "A"*
1,700
20,859Jabil Circuit, Inc.
9,661
56,22777,086Internet Software & Services 0.3%eBay, Inc.*
2,023
24,317Google, Inc. "A"*
310
104,944Yahoo!, Inc.*
700
8,211137,472IT Services 0.3%Accenture Ltd. "A"
200
6,312Automatic Data Processing, Inc.
1,400
50,862Computer Sciences Corp.*
900
33,156MasterCard, Inc. "A"
500
67,890SAIC, Inc.*
1,600
31,584189,804Semiconductors & Semiconductor Equipment 0.0%Altera Corp.
1,300
19,994Software 0.4%Microsoft Corp.
11,947
204,294Symantec Corp.*
1,180
18,089222,383Materials 0.3%Chemicals 0.2%CF Industries Holdings, Inc.
800
37,600Terra Industries, Inc.
4,314
88,351The Mosaic Co.
500
17,835143,786Metals & Mining 0.1%Carpenter Technology Corp.
300
4,950Cliffs Natural Resources, Inc.
1,500
34,75539,705Telecommunication Services 0.6%Diversified Telecommunication Services 0.5%AT&T, Inc.
3,912
96,313Verizon Communications, Inc.
7,102
212,137308,450Wireless Telecommunication Services 0.1%United States Cellular Corp.*
500
20,975Utilities 0.7%Electric Utilities 0.3%American Electric Power Co., Inc.
1,300
40,755Edison International
4,085
133,048FirstEnergy Corp.
200
9,998Pepco Holdings, Inc.
300
5,343189,144Gas Utilities 0.1%UGI Corp.
1,200
30,444Independent Power Producers & Energy Traders 0.1%AES Corp.*
1,600
12,656Mirant Corp.*
2,300
39,49152,147Multi-Utilities 0.2%Consolidated Edison, Inc.
400
16,300Dominion Resources, Inc.
700
24,626DTE Energy Co.
700
24,150Integrys Energy Group, Inc.
500
20,875PG&E Corp.
200
7,734Sempra Energy
300
13,153106,838Total Common Stocks (Cost $9,633,072)
8,309,155 Principal
Amount ($)
Value ($)Government & Agency Obligation 84.8%US Treasury ObligationUS Treasury STRIPS, 6.082%**, 8/15/2011 (a)
(Cost $43,087,345)
50,172,000
48,795,431 Shares
Value ($)Securities Lending Collateral 15.6%Daily Assets Fund Institutional, 1.25% (b) (c) (Cost $8,966,250)
8,966,250
8,966,250Cash Equivalents 0.9%Cash Management QP Trust, 1.12% (b) (Cost $534,348)
534,348
534,348 % of Net
Assets
Value ($)Total Investment Portfolio(Cost $62,221,015)+
115.8
66,605,184Other Assets and Liabilities, Net
(15.8)
(9,064,427)Net Assets
100.0
57,540,757 * Non-income producing security.  ** Annualized yield at time of purchase; not a coupon rate.  +  The cost for federal income tax purposes was $62,379,829. At January 31, 2009, net
unrealized appreciation for all securities based on tax cost was $4,225,355. This consisted
of aggregate gross unrealized appreciation for all securities in which there was an excess
of value over tax cost of $6,069,294 and aggregate gross unrealized depreciation for all
securities in which there was an excess of tax cost over value of $1,843,939.  (a) All or a portion of these securities were on loan (see Notes to Financial Statements). The
value of all securities loaned at January 31, 2009 amounted to $8,753,067, which is 15.2%
of net assets.  (b) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate
shown is the annualized seven-day yield at period end.  (c) Represents collateral held in connection with securities lending. Income earned by the
Fund is net of borrower rebates.  REIT: Real Estate Investment Trust STRIPS: Separate Trading of Registered Interest and Principal Securities 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 January 31, 2009 in valuing the Fund's
investments. For information on the Fund's policy regarding the valuation of investments,
please refer to the Security Valuation section of Note A in the accompanying Notes to the
Financial Statements. Valuation Inputs
Investments in
SecuritiesLevel 1
$      17,275,405Level 2
49,329,779Level 3
Total
$   66,605,184 The accompanying notes are an integral part of the financial statements. Financial Statements Statement of Assets and Liabilitiesas of January 31, 2009 (Unaudited)AssetsInvestments:Investments in securities, at value (cost $52,720,417  including
$8,753,067 of securities loaned)
$      57,104,586Investment in Daily Asset Fund Institutional (cost $8,966,250)*
8,966,250Investment in Cash Management QP Trust (cost $534,348)
534,348Total investments, at value (cost $62,221,015)
66,605,184Cash
137Dividends receivable
14,699Interest receivable
8,383Other assets
438Total assets
66,628,841LiabilitiesPayable upon return of securities loaned
8,966,250Payable for Fund shares redeemed
573Accrued management fee
21,070Other accrued expenses and payables
100,191Total liabilities
9,088,084Net assets, at value
$   57,540,757Net Assets Consist ofUndistributed net investment income
982,873Net unrealized appreciation (depreciation) on investments
4,384,169Accumulated net realized gain (loss)
(4,629,185)Paid-in capital
56,802,900Net assets, at value
$   57,540,757Net Asset ValueNet Asset Value and redemption price(a) per share
($57,540,757 ÷ 6,359,786 outstanding shares of beneficial interest,
no par value, unlimited number of shares authorized)
$   9.05 * Represents collateral on securities loaned.  (a) Redemption price per share for shares held less than 15 days is equal to net asset value
less a 2% redemption fee.  The accompanying notes are an integral part of the financial statements. Statement of Operationsfor the six months ended January 31, 2009 (Unaudited)Investment IncomeIncome:Dividends
$      126,207Interest
1,321,796Interest  Cash Management QP Trust
5,942Securities lending income, including income from Daily Assets Fund
Institutional, net of borrower rebates
76,845Total Income
1,530,790Expenses:Management fee
122,377Administration fee
30,594Services to shareholders
30,504Legal fees
3,945Audit and tax fees
20,949Custodian fee
5,616Distribution service fee
75,890Trustees' fees and expenses
3,229Reports to shareholders
6,636Registration fees
5,882Other
2,218Total expenses before expense reductions
307,840Expense reductions
(76)Total expenses after expense reductions
307,764Net investment income (loss)
1,223,026Realized and Unrealized Gain (Loss)Net realized gain (loss) from:Investments
(3,586,133)Change in net unrealized appreciation (depreciation) on investments
(100,713)Net gain (loss)
(3,686,846)Net increase (decrease) in net assets resulting from operations
$   (2,463,820) The accompanying notes are an integral part of the financial statements. Statement of Changes in Net AssetsSix Months
Ended
January 31,
2009
(Unaudited)
Year Ended
July 31, 2008Operations:Net investment income (loss)
$      1,223,026
$      2,512,594Net realized gain (loss)
(3,586,133)
(699,539)Change in net unrealized appreciation (depreciation)
(100,713)
959,779Net increase (decrease) in net assets resulting from
operations
(2,463,820)
2,772,834Distributions to shareholders from:Net investment income
(2,279,766)
(2,321,059)Net realized gains
(161,514)
(4,461,316)Total distributions
(2,441,280)
(6,782,375)Fund share transactions:Reinvestment of distributions
2,437,666
6,679,387Cost of shares redeemed
(4,363,800)
(9,295,699)Net increase (decrease) in net assets from Fund share
transactions
(1,926,134)
(2,616,312)Increase (decrease) in net assets
(6,831,234)
(6,625,853)Net assets at beginning of period
64,371,991
70,997,844Net assets at end of period (including undistributed
net investment income of $982,873 and $2,039,613,
respectively)
$   57,540,757
$   64,371,991Other InformationShares outstanding at beginning of period
6,552,937
6,793,102Shares issued to shareholders in reinvestment of
distributions
269,345
673,297Shares redeemed
(462,496)
(913,462)Net increase (decrease) in Fund shares
(193,151)
(240,165)Shares outstanding at end of period
6,359,786
6,552,937 The accompanying notes are an integral part of the financial statements. Financial Highlights Years Ended July 31,
2009a
2008
2007
2006
2005
2004Selected Per Share DataNet asset value, beginning of period
$   9.82
$   10.45
$   10.49
$   11.14
$   10.44
$   10.23Income (loss) from investment
operations:
Net investment income (loss)b
.19
.37
.37e
.37
.37
.32Net realized and unrealized gain (loss)
(.56)
.04
.37
(.30)
.33
.31Total from investment operations
(.37)
.41
.74
.07
.70
.63Less distributions from:
Net investment income
(.37)
(.36)
(.36)
(.58)

(.42)Net realized gains
(.03)
(.68)
(.42)
(.14)

Total distributions
(.40)
(1.04)
(.78)
(.72)

(.42)Net asset value, end of period
$   9.05
$   9.82
$   10.45
$   10.49
$   11.14
$   10.44Total Return (%)c
(3.85)**
3.81d
7.15d,e
.60d
6.70
6.22Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
58
64
71
79
94
101Ratio of expenses before expense
reductions (%)
1.01*
1.08
1.07
1.03
1.05
.99Ratio of expenses after expense
reductions (%)
1.01*
1.08
1.07
1.02
1.05
.99Ratio of net investment income
(loss) (%)
3.99*
3.62
3.51e
3.44
3.34
3.08Portfolio turnover rate (%)
28**
70
75
29
23
7aFor the six months ended January 31, 2009 (Unaudited).bBased on average shares outstanding during the period.cTotal return does not reflect the effect of any sales charge.dTotal return would have been lower had certain expenses not been reduced.eIncludes non-recurring income from the Advisor recorded as a result of an administrative
proceeding regarding disclosure of brokerage allocation practices in connection with sales
of DWS Funds. The non-recurring income resulted in an increase in net investment income
of $0.006 per share and an increase in the ratio of net investment income of 0.05%.
Excluding this non-recurring income, total return would have been 0.05% lower.*Annualized**Not annualized Notes to Financial Statements(Unaudited) A. Significant Accounting Policies DWS Target 2011 Fund (the "Fund") is a diversified series of DWS Target
Fund (the "Trust"), which is registered under the Investment Company Act
of 1940, as amended (the "1940 Act"), as an open-end, management
investment company organized as a Massachusetts business trust. By investing in Zero Coupon Treasuries, the Fund seeks to assure that
investors who reinvest all dividends and hold their shares until the Maturity
Date (August 15, 2011) will receive at least their original investment on the
Maturity Date. This assurance is further backed by an agreement entered
into between Deutsche Investment Management Americas Inc. ("DIMA" or
the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG,
the Fund's investment manager, and the Fund. Under this agreement, the
Advisor has agreed to make, if necessary, sufficient payments on the Fund's
Maturity Date to the investors who have reinvested all dividends and held
their investments in the Fund to the Maturity Date to enable them to receive
on that date an aggregate amount of redemption proceeds and payments
equal to the amount of their original investment, including any applicable
sales charge. Fund shares were sold during limited offering periods, and are
redeemable on a continuous basis. The Fund's returns will fluctuate and
there is no assurance that the Fund will achieve its objective of long-term
capital growth. The Fund's financial statements are prepared in accordance with accounting
principles generally accepted in the United States of America which require
the use of management estimates. Actual results could differ from those
estimates. The policies described below are followed consistently by the
Fund in the preparation of its financial statements. Security Valuation. Investments are stated at value determined as of the
close of regular trading on the New York Stock Exchange on each day the
exchange is open for trading. Equity securities are valued at the most recent
sale price or official closing price reported on the exchange (US or foreign) or
over-the-counter market on which the security is traded most extensively.
Securities for which no sales are reported are valued at the calculated mean
between the most recent bid and asked quotations on the relevant market
or, if a mean cannot be determined, at the most recent bid quotation. Debt securities are valued by independent pricing services approved by the
Trustees of the Fund. If the pricing services are unable to provide valuations,
the securities are valued at the most recent bid quotation or evaluated price,
as applicable, obtained from one or more broker-dealers. Such services may
use various pricing techniques which take into account appropriate factors
such as yield, quality, coupon rate, maturity, type of issue, trading
characteristics and other data, as well as broker quotes. Money market instruments purchased with an original or remaining maturity
of sixty days or less, maturing at par, are valued at amortized cost.
Investments in open-end investment companies and Cash Management QP
Trust are valued at their net asset value each business day. Securities and other assets for which market quotations are not readily
available or for which the above valuation procedures are deemed not to
reflect fair value are valued in a manner that is intended to reflect their fair
value as determined in accordance with procedures approved by the
Trustees. The Fund adopted Financial Accounting Standards Board ("FASB")
Statement of Financial Accounting Standards No. 157, "Fair Value
Measurements," effective at the beginning of the Fund's fiscal year.
Disclosure about the classification of fair value measurements is included at
the end of the Fund's Investment Portfolio. Securities Lending. The Fund may lend securities to financial institutions.
The Fund retains beneficial ownership of the securities it has loaned and
continues to receive interest and dividends paid by the issuer of securities
and to participate in any changes in their market value. The Fund requires
the borrowers of the securities to maintain collateral with the Fund
consisting of liquid, unencumbered assets having a value at least equal to
the value of the securities loaned. When the collateral falls below specified
amounts, the lending agents will use their best efforts to obtain additional
collateral on the next business day to meet required amounts under the
security lending agreement. The Fund may invest the cash collateral into a
joint trading account in an affiliated money market fund pursuant to
Exemptive Orders issued by the SEC. The Fund receives compensation for
lending its securities either in the form of fees or by earning interest on
invested cash collateral net of borrower rebates and fees paid to a lending
agent. Either the Fund or the borrower may terminate the loan. There may
be risks of delay and costs in recovery of securities or even loss of rights in
the collateral should the borrower of the securities fail financially. The Fund
is also subject to all investment risks associated with the reinvestment of
any cash collateral received, including, but not limited to, interest rate, credit
and liquidity risk associated with such investments. Federal Income Taxes. The Fund's policy is to comply with the requirements
of the Internal Revenue Code, as amended, which are applicable to
regulated investment companies, and to distribute all of its taxable income
to its shareholders. From November 1, 2007 through July 31, 2008, the Fund incurred
approximately $821,000 of net realized capital losses. As permitted by tax
regulations, the Fund intends to elect to defer these losses and treat them
as arising in the fiscal year ended July 31, 2009. The Fund has reviewed the tax positions for the open tax years as of
July 31, 2008 and has determined that no provision for income tax is
required in the Fund's financial statements. The Fund's federal tax returns
for the prior three fiscal years remain subject to examination by the Internal
Revenue Service. Distribution of Income and Gains. Net investment income of the Fund, if
any, is declared and distributed to shareholders annually. Net realized gains
from investment transactions, in excess of available capital loss
carryforwards, would be taxable to the Fund if not distributed, and,
therefore, will be distributed to shareholders at least annually. The timing and characterization of certain income and capital gains
distributions are determined annually in accordance with federal tax
regulations which may differ from accounting principles generally accepted
in the United States of America. These differences primarily relate to certain
securities sold at a loss. As a result, net investment income (loss) and net
realized gain (loss) on investment transactions for a reporting period may
differ significantly from distributions during such period. Accordingly, the
Fund may periodically make reclassifications among certain of its capital
accounts without impacting the net asset value of the Fund. The tax character of current year distributions will be determined at the end
of the current fiscal year. Redemption Fees. The Fund imposes a redemption fee of 2% of the total
redemption amount on the Fund shares redeemed or exchanged within 15
days of buying them, either by purchase or exchange. This fee is assessed
and retained by the Fund for the benefit of the remaining shareholders. The
redemption fee is accounted for as an addition to paid-in capital. Expenses. Expenses of the Trust arising in connection with a specific fund
are allocated to that fund. Other Trust expenses which cannot be directly
attributed to a fund are apportioned among the funds in the Trust. Contingencies. In the normal course of business, the Fund may enter into
contracts with service providers that contain general indemnification
clauses. The Fund's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the
Fund that have not yet been made. However, based on experience, the Fund
expects the risk of loss to be remote. Other. Investment transactions are accounted for on a trade date plus one
basis for daily net asset value calculations. However, for financial reporting
purposes, investment transactions are reported on trade date. Interest
income is recorded on the accrual basis. Dividend income is recorded on the
ex-dividend date net of foreign withholding taxes. Realized gains and losses
from investment transactions are recorded on an identified cost basis. All
premiums and discounts are amortized/accreted for both tax and financial
reporting purposes. B. Purchases and Sales of Securities During the six months ended January 31, 2009, purchases and sales of
investment securities (excluding short-term instruments and US Treasury
obligations) aggregated $16,750,971 and $17,910,861, respectively.
Purchases and sales of US Treasury obligations aggregated $236,793 and
$3,667,745, respectively. C. Related Parties Management Agreement. Under the Investment Management Agreement,
the Advisor directs the investments of the Fund in accordance with its
investment objectives, policies and restrictions. The Advisor determines the
securities, instruments and other contracts relating to investments to be
purchased, sold or entered into by the Fund.  The management fee payable
under the Investment Management Agreement is equal to an annual rate of
0.40% of average daily net assets, computed and accrued daily and payable
monthly. Administration Fee. Pursuant to an Administrative Services Agreement,
DIMA provides most administrative services to the Fund. For all services
provided under the Administrative Services Agreement, the Fund pays the
Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average
daily net assets, computed and accrued daily and payable monthly. For the
six months ended January 31, 2009, the Advisor received an Administration
Fee of $30,594, of which $4,968 is unpaid. Service Provider Fees. DWS Investments Service Company (``DISC''), an
affiliate of the Advisor, is the transfer agent, dividend-paying agent and
shareholder service agent for the Fund. Pursuant to a sub-transfer agency
agreement between DISC and DST Systems, Inc. ("DST"), DISC has
delegated certain transfer agent, dividend-paying agent and shareholder
service agent functions to DST. DISC compensates DST out of the
shareholder servicing fee it receives from the Fund. For the six months
ended January 31, 2009, the amount charged to the Fund by DISC
aggregated $26,325, of which $19,605 is unpaid. Distribution Service Fee. Under the Fund's 12b-1 Plan, DWS Investments
Distributors, Inc. ("DIDI"), an affiliate of the Advisor, provides information
and administrative services for a fee ("Service Fee") to shareholders at an
annual rate of up to 0.25% of average daily net assets. DIDI in turn has
various agreements with financial services firms that provide these services
and pays these fees based upon the assets of shareholder accounts the
firms service. For the six months ended January 31, 2009, the Service Fee
was $75,890, of which $24,187 is unpaid. Accordingly, for the six months
ended January 31, 2009, the Service Fee was equivalent to an annualized
effective rate of 0.25% of the Fund's average daily net assets. Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA
is compensated for providing typesetting and certain regulatory filing
services to the Fund. For the six months ended January 31, 2009, the
amount charged to the Fund by DIMA included in the Statement of
Operations under "reports to shareholders" aggregated $6,636, of which
$6,057 is unpaid. Trustees' Fees and Expenses. The Fund paid each Trustee not affiliated with
the Advisor retainer fees plus specified amounts for various committee
services and for the Board Chairperson and Vice Chairperson. Cash Management QP Trust.Pursuant to an Exemptive Order issued by the
SEC, the Fund may invest in the Cash Management QP Trust (the
"QP Trust") and other affiliated funds managed by the Advisor. The QP Trust
seeks to provide as high a level of current income as is consistent with the
preservation of capital and the maintenance of liquidity. The QP Trust does
not pay the Advisor a management fee for the affiliated funds' investments
in the QP Trust. D. Fee Reductions The Fund has entered into an arrangement with its custodian and transfer
agent whereby credits realized as a result of uninvested cash balances are
used to reduce a portion of the Fund's custodian expenses. During the six
months ended January 31, 2009, the Fund's custodian fee was reduced by
$8 and $68, respectively, for custody and transfer agent credits earned. E. Line of Credit The Fund and other affiliated funds (the "Participants") share in a
$490 million revolving credit facility provided by a syndication of banks. The
Fund may borrow for temporary or emergency purposes, including the
meeting of redemption requests that otherwise might require the untimely
disposition of securities. The Participants are charged an annual
commitment fee which is allocated based on net assets, among each of the
Participants. Interest is calculated at the Federal Funds Rate plus
0.35 percent. The Fund may borrow up to a maximum of 33 percent of its
net assets under the agreement. Investment Management Agreement
Approval The Board of Trustees, including the Independent Trustees, approved
the renewal of your Fund's investment management agreement (the
"Agreement") with Deutsche Investment Management Americas Inc.
("DIMA") in September 2008. In terms of the process that the Board followed prior to approving the
Agreement, shareholders should know that: •   At the present time, all but one of your Fund's Trustees are independent
of DIMA and its affiliates. •   The Trustees meet frequently to discuss fund matters. Each year, the
Trustees dedicate part or all of several meetings to contract review
matters. Over the course of several months, the Board's Contract
Committee, in coordination with the Board's Fixed Income and Quant
Oversight Committee, reviewed comprehensive materials received from
DIMA, independent third parties and independent counsel. These
materials included an analysis of the Fund's performance, fees and
expenses, and profitability compiled by the Fund's independent fee
consultant. The Board also received extensive information throughout
the year regarding performance of the Fund. •   The Independent Trustees regularly meet privately with their
independent counsel (and, as needed, other advisors) to discuss contract
review and other matters. In addition, the Independent Trustees were
also advised by the Fund's independent fee consultant in the course of
their review of the Fund's contractual arrangements and considered a
comprehensive report prepared by the independent fee consultant in
connection with their deliberations (the "IFC Report"). •   In connection with reviewing the Agreement, the Board also reviewed
the terms of the Fund's Rule 12b-1 plan, distribution agreement,
administrative services agreement, transfer agency agreement and other
material service agreements. •   Based on its evaluation of the information provided, the Contract
Committee presented its findings and recommendations to the
Independent Trustees as a group. The Independent Trustees reviewed
the Contract Committee's findings and recommendations and presented
their recommendations to the full Board. In connection with the contract review process, the Contract Committee
and the Board considered the factors discussed below, among others.
The Board also considered that DIMA and its predecessors have managed
the Fund since its inception, and the Board believes that a long-term
relationship with a capable, conscientious advisor is in the best interests of
the Fund. The Board considered, generally, that shareholders chose to invest
or remain invested in the Fund knowing that DIMA managed the Fund, and
that the Agreement was approved by the Fund's shareholders at a special
meeting held in 2008. DIMA is part of Deutsche Bank, a major global
banking institution that is engaged in a wide range of financial services. The
Board believes that there are significant advantages to being part of a global
asset management business that offers a wide range of investing expertise
and resources, including hundreds of portfolio managers and analysts with
research capabilities in many countries throughout the world. While shareholders may focus primarily on fund performance and fees, the
Fund's Board considers these and many other factors, including the quality
and integrity of DIMA's personnel and such other issues as back-office
operations, fund valuations, and compliance policies and procedures. Nature, Quality and Extent of Services. The Board considered the terms of
the Agreement, including the scope of advisory services provided under the
Agreement. The Board noted that, under the Agreement, DIMA provides
portfolio management services to the Fund and that, pursuant to a separate
administrative services agreement, DIMA provides administrative services
to the Fund. The Board considered the experience and skills of senior
management and investment personnel, the resources made available to
such personnel, the ability of DIMA to attract and retain high-quality
personnel, and the organizational depth and stability of DIMA. The Board
reviewed the Fund's performance over short-term and long-term periods and
compared those returns to various agreed-upon performance measures,
including market indices and a peer universe compiled by the independent
fee consultant using information supplied by Lipper Inc. ("Lipper"). The
Board also noted that it has put a process into place of identifying "Focus
Funds" (e.g., funds performing poorly relative to their benchmark or a peer
group compiled by Lipper), and receives more frequent reporting and
information from DIMA regarding such funds, along with DIMA's remedial
plans to address underperformance. The Board believes this process is an
effective manner of identifying and addressing underperforming funds.
Based on the information provided, the Board noted that for the one-, three-
and five-year periods ended December 31, 2007, the Fund's performance
was in the 2nd quartile, 4th quartile and 4th quartile, respectively, of the
applicable Lipper universe (the 1st quartile being the best performers and
the 4th quartile being the worst performers). The Board also observed that
the Fund has underperformed its benchmark in each of the one-, three- and
five-year periods ended December 31, 2007. The Board also noted the
disappointing investment performance of the Fund in recent periods
and continued to discuss with senior management of DIMA the factors
contributing to such underperformance. The Board observed that the Fund
had experienced improved relative performance during the first six months
of 2008. On the basis of this evaluation and the ongoing review of investment results
by the Board, the Board concluded that the nature, quality and extent of
services provided by DIMA historically have been and continue to be
satisfactory. Fees and Expenses. The Board considered the Fund's investment
management fee schedule, operating expenses, and total expense ratios,
and comparative information provided by Lipper and the independent fee
consultant regarding investment management fee rates paid to other
investment advisors by similar funds (1st quartile being the most favorable
and 4th quartile being the least favorable). With respect to management
fees paid to other investment advisors by similar funds, the Board noted that
the contractual fee rates paid by the Fund, which include the 0.10% fee paid
to DIMA under the Fund's administrative services agreement, were lower
than the median (1st quartile) of the applicable Lipper peer group (based on
Lipper data provided as of December 31, 2007). The Board noted that the
Fund's total (net) operating expenses (excluding 12b-1 fees) were expected
to be lower than the median (1st quartile) of the applicable Lipper expense
universe (based on Lipper data provided as of December 31, 2007, and
analyzing Lipper expense universe Class A expenses less any applicable
12b-1 fees). The Board considered the Fund's management fee rate as
compared to fees charged by DIMA and certain of its affiliates for
comparable mutual funds and considered differences in fund and fee
structures between the DWS Funds. The Board also considered how the
Fund's total (net) operating expenses compared to the total (net) operating
expenses of a more customized peer group selected by Lipper (based on
such factors as asset size). On the basis of the information provided, the Board concluded that
management fees were reasonable and appropriate in light of the nature,
quality and extent of services provided by DIMA. Profitability. The Board reviewed detailed information regarding revenues
received by DIMA under the Agreement. The Board considered the
estimated costs and pre-tax profits realized by DIMA from advising the DWS
Funds, as well as estimates of the pre-tax profits attributable to managing
the Fund in particular. The Board also received information regarding the
estimated enterprise-wide profitability of the DWS Investments organization
with respect to all fund services in totality and by fund. The Board reviewed
DIMA's methodology in allocating its costs to the management of the Fund.
Based on the information provided, the Board concluded that the pre-tax
profits realized by DIMA in connection with the management of the Fund
were not unreasonable. The Board also reviewed information regarding the
profitability of certain similar investment management firms. The Board
noted that while information regarding the profitability of such firms is
limited (and in some cases is not necessarily prepared on a comparable
basis), DIMA and its affiliates' overall profitability with respect to the DWS
Investments fund complex (after taking into account distribution and other
services provided to the funds by DIMA and its affiliates) was lower than the
overall profitability levels of many comparable firms for which such data was
available. Economies of Scale. The Board considered whether there are economies of
scale with respect to the management of the Fund and whether the Fund
benefits from any economies of scale. The Board concluded that the Fund's
fee schedule represents an appropriate sharing between the Fund and
DIMA of such economies of scale as may exist in the management of the
Fund at current asset levels. Other Benefits to DIMA and Its Affiliates. The Board also considered the
character and amount of other incidental benefits received by DIMA and its
affiliates, including any fees received by DIMA for administrative services
provided to the Fund and any fees received by an affiliate of DIMA for
distribution services. The Board also considered benefits to DIMA related to
brokerage and soft-dollar allocations, including allocating brokerage to pay
for research generated by parties other than the executing broker dealers,
which pertain primarily to funds investing in equity securities, along with the
incidental public relations benefits to DIMA related to DWS Funds
advertising and cross-selling opportunities among DWS Investments
products and services. The Board concluded that management fees were
reasonable in light of these fallout benefits. Compliance. The Board considered the significant attention and resources
dedicated by DIMA to documenting and enhancing its compliance
processes in recent years. The Board noted in particular (i) the experience
and seniority of DIMA's chief compliance officer; (ii) the large number of
compliance personnel who report to DIMA's chief compliance officer; and (iii)
the substantial commitment of resources by DIMA and its affiliates to
compliance matters. Based on all of the information considered and the conclusions reached, the
Board (including a majority of the Independent Trustees) determined that the
continuation of the Agreement is in the best interests of the Fund. In
making this determination the Board did not give particular weight to any
single factor identified above. The Board considered these factors over the
course of numerous meetings, certain of which were in executive session
with only the Independent Trustees and their counsel present. It is possible
that individual Trustees may have weighed these factors differently in
reaching their individual decisions to approve the continuation of the
Agreement. Summary of Management Fee Evaluation by
Independent Fee Consultant October 24, 2008 Pursuant to an Order entered into by Deutsche Investment Management
Americas and affiliates (collectively, "DeAM") with the Attorney General of
New York, I, Thomas H. Mack, have been appointed the Independent Fee
Consultant for the DWS Funds (formerly the DWS Scudder Funds). My
duties include preparing an annual written evaluation of the management
fees DeAM charges the Funds, considering among other factors the
management fees charged by other mutual fund companies for like
services, management fees DeAM charges other clients for like services,
DeAM's costs of supplying services under the management agreements
and related profit margins, possible economies of scale if a Fund grows
larger, and the nature and quality of DeAM's services, including fund
performance. This report summarizes my evaluation for 2008, including my
qualifications, the evaluation process for each of the DWS Funds,
consideration of certain complex-level factors, and my conclusions. I served
in substantially the same capacity in 2007. Qualifications For more than 35 years I have served in various professional capacities
within the investment management business. I have held investment
analysis and advisory positions, including securities analyst, portfolio
strategist and director of investment policy with a large investment firm. I
have also performed business management functions, including business
development, financial management and marketing research and analysis. Since 1991, I have been an independent consultant within the asset
management industry. I have provided services to over 125 client
organizations, including investment managers, mutual fund boards, product
distributors and related organizations. Over the past ten years I have
completed a number of assignments for mutual fund boards, specifically
including assisting boards with management contract renewal. I hold a Master of Business Administration degree, with highest honors,
from Harvard University and Master of Science and Bachelor of Science
(highest honors) degrees from the University of California at Berkeley. I am
an independent director and audit committee financial expert for two
closed-end mutual funds, serve on the board of directors of a private market
research company, and have served in various leadership and financial
oversight capacities with non-profit organizations. Evaluation of Fees for each DWS Fund My work focused primarily on evaluating, fund-by-fund, the fees charged to
each of the 129 Fund portfolios in the DWS Fund family. For each Fund, I
considered each of the key factors mentioned above, as well as any other
relevant information. In doing so I worked closely with the Funds'
Independent Directors in their annual contract renewal process, as well as in
their approval of contracts for several new funds (documented separately). In evaluating each Fund's fees, I reviewed comprehensive materials provided
by or on behalf of DeAM, including expense information prepared by Lipper
Analytical, comparative performance information, profitability data, manager
histories, and other materials. I also accessed certain additional information
from the Lipper, Strategic Insight, and Morningstar databases and drew on
my industry knowledge and experience. To facilitate evaluating this considerable body of information, I prepared for
each Fund a document summarizing the key data elements in each area as
well as additional analytics discussed below. This made it possible to
consider each key data element in the context of the others. In the course of contract renewal, DeAM agreed to implement a number of
fee and expense adjustments requested by the Independent Directors
which will favorably impact future fees and expenses, and my evaluation
includes the effects of these changes. Fees and Expenses Compared with Other Funds The competitive fee and expense evaluation for each fund focused on two
primary comparisons: The Fund's contractual management fee (the advisory fee plus the
administration fee where applicable) compared with those of a group
of typically 12-15 funds in the same Lipper investment category
(e.g. Large Capitalization Growth) having similar distribution arrangements
and being of similar size. The Fund's total expenses compared with a broader universe of funds
from the same Lipper investment category and having similar distribution
arrangements. These two comparisons provide a view of not only the level of the fee
compared with funds of similar scale but also the total expense the Fund
bears for all the services it receives, in comparison with the investment
choices available in the Fund's investment category and distribution channel.
The principal figure-of-merit used in these comparisons was the subject
Fund's percentile ranking against peers. DeAM's Fees for Similar Services to Others DeAM provided management fee schedules for all of its US domiciled fund
and non-fund investment management accounts in any of the investment
categories where there is a DWS Fund. These similar products included the
other DWS Funds, non-fund pooled accounts, institutional accounts and
sub-advisory accounts. Using this information, I calculated for each Fund the
fee that would be charged to each similar product, at the subject Fund's
asset level. Evaluating information regarding non-fund products is difficult because there
are varying levels of services required for different types of accounts, with
mutual funds generally requiring considerably more regulatory and
administrative types of service as well as having more frequent cash flows
than other types of accounts. Also, while mutual fund fees for similar fund
products can be expected to be similar, there will be some differences due
to different pricing conditions in different distribution channels (e.g. retail
funds versus those used in variable insurance products), differences in
underlying investment processes and other factors. Costs and Profit Margins DeAM provided a detailed profitability analysis for each Fund. After making
some adjustments so that the presentation would be more comparable to
the available industry figures, I reviewed profit margins from investment
management alone, from investment management plus other fund services
(excluding distribution) provided to the Funds by DeAM (principally
shareholder services), and DeAM profits from all sources, including
distribution. A later section comments on overall profitability. Economies of Scale Economies of scale  an expected decline in management cost per dollar
of fund assets as fund assets grow  are very rarely quantified and
documented because of inherent difficulties in collecting and analyzing
relevant data. However, in virtually every investment category that I
reviewed, larger funds tend to have lower fees and lower total expenses
than smaller funds. To see how each DWS Fund compares with this industry
observation, I reviewed: The trend in Fund assets over the last five years and the accompanying
trend in total expenses. This shows if the Fund has grown and, if so,
whether total expense (management fees as well as other expenses)
have declined as a percent of assets. Whether the Fund has break-points in its management fee schedule, the
extent of the fee reduction built into the schedule and the asset levels
where the breaks take effect, and in the case of a sub-advised Fund how
the Fund's break-points compare with those of the sub-advisory fee
schedule. How the Fund's contractual fee schedule compares with trends in the
industry data. To accomplish this, I constructed a chart showing how
actual latest-fiscal-year contractual fees of the Fund and of other similar
funds relate to average fund assets, with the subject Fund's contractual
fee schedule superimposed. Quality of Service  Performance The quality-of-service evaluation focused on investment performance, which
is the principal result of the investment management service. Each Fund's
performance was reviewed over the past 1, 3, 5 and 10 years, as applicable,
and compared with that of other funds in the same investment category and
with a suitable market index. In addition, I calculated and reviewed risk-adjusted returns relative to an
index of similar mutual funds' returns and a suitable market index. The
risk-adjusted returns analysis provides a way of determining the extent to
which the Fund's return comparisons are mainly the product of investment
value-added (or lack thereof) or alternatively taking considerably more or less
risk than is typical in its investment category. I also received and considered the history of portfolio manager changes for
each Fund, as this provided an important context for evaluating the
performance results. Complex-Level Considerations While this evaluation was conducted mainly at the individual fund level,
there are some issues relating to the reasonableness of fees that can
alternatively be considered across the whole fund complex: I reviewed DeAM's profitability analysis for all DWS Funds, with a view
toward determining if the allocation procedures used were reasonable
and how profit levels compared with public data for other investment
managers. I considered whether DeAM and affiliates receive any significant ancillary
or "fall-out" benefits that should be considered in interpreting the direct
profitability results. These would be situations where serving as the
investment manager of the Funds is beneficial to another part of the
Deutsche Bank organization. I considered how aggregated DWS Fund expenses had varied over the
years, by asset class and in the context of trends in asset levels. I reviewed the structure of the DeAM organization, trends in staffing
levels, and information on compensation of investment management and
other professionals compared with industry data. Findings Based on the process and analysis discussed above, which included
reviewing a wide range of information from management and external data
sources and considering among other factors the fees DeAM charges other
clients, the fees charged by other fund managers, DeAM's costs and profits
associated with managing the Funds, economies of scale, possible fall-out
benefits, and the nature and quality of services provided, in my opinion the
management fees charged the DWS Funds are reasonable. tf11_sigmack1Thomas H. Mack Summary of Administrative Fee Evaluation
by Independent Fee Consultant September 29, 2008 Pursuant to an Order entered into by Deutsche Asset Management (DeAM)
with the Attorney General of New York, I, Thomas H. Mack, have been
appointed the Independent Fee Consultant for the DWS Funds and have as
part of my duties evaluated the reasonableness of the proposed
management fees to be charged by DeAM to the DWS Funds, taking onto
account a proposal to pass through to the funds certain fund
accounting-related charges in connection with new regulatory requirements.
My evaluation considered the following: •   While the proposal would alter the services to be provided under the
Administration Agreement, which I consider to be part of fund
management under the Order, it is my opinion that the change in
services is slight and that the scope of prospective services under the
combination of the Advisory and Administration Agreements continues
to be comparable with those typically provided to competitive funds
under their management agreements. •   While the proposal would increase fund expenses, according to a pro
forma analysis performed by management, the prospective effect is less
than .01% for all but seven of the DeAM Funds' 438 active share
classes, and in all cases the effect is less than .03% and overall
expenses would remain reasonable in my opinion. Based on the foregoing considerations, in my opinion the fees and expenses
for all of the DWS Funds will remain reasonable if the Directors adopt this
proposal. tf11_sigmack0Thomas H. Mack Account Management Resources For More
Information
The automated telephone system allows you to access personalized
account information and obtain information on other DWS funds using
either your voice or your telephone keypad.For more information, contact your financial advisor. You may also
access our automated telephone system or speak with a DWS
Investments representative by calling the number below:(800) 621-1048Web Site
www.dws-investments.com
View your account transactions and balances, trade shares, monitor
your asset allocation, and change your address, 24 hours a day.Obtain prospectuses and applications,blank forms, interactive
worksheets, news about DWS funds, subscription to fund updates by
e-mail, retirement planning information, and more.Written
Correspondence
DWS Investments
PO Box 219151
Kansas City, MO 64121-9151Proxy Voting
The fund's policies and procedures for voting proxies for portfolio
securities and information about how the fund voted proxies related to
its portfolio securities during the 12-month period endedJune 30are
available on our Web site  www.dws-investments.com (click on
"proxy voting"at the bottom of the page)  or on the SEC's Web site
 www.sec.gov. To obtain a written copy of the fund's policies and
procedures without charge, upon request, call us toll free at (800)
621-1048.Principal
Underwriter
If you have questions, comments or complaints, contact:DWS Investments Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808(800) 621-1148 Nasdaq Symbol
KRFBXCUSIP Number
23337N 402Fund Number
52 Privacy Statement Dear Valued Client: We want to make sure you know our policy regarding the way in which our
clients' private information is handled at DWS Investments. The following
information is issued by DWS Investments Distributors, Inc., Deutsche
Investment Management Americas Inc., DeAM Investor Services, Inc.,
DWS Trust Company and the DWS Funds. We consider privacy fundamental to our client relationships and adhere
to the policies and practices described below to protect current and
former clients' information.We never sell customer lists or individual
client information. Internal policies are in place to protect confidentiality,
while allowing client needs to be served. Only individuals who need to do
so in carrying out their job responsibilities may access client information. We
maintain physical, electronic and procedural safeguards that comply with
federal and state standards to protect confidentiality. These safeguards
extend to all forms of interaction with us, including the Internet. In the normal course of business, clients give us nonpublic personal
information on applications and other forms, on our Web sites, and through
transactions with us or our affiliates. Examples of the nonpublic personal
information collected are name, address, Social Security number, and
transaction and balance information. To be able to serve our clients, certain
of this client information is shared with affiliated and nonaffiliated third party
service providers such as transfer agents, custodians and broker-dealers to
assist us in processing transactions and servicing your account. In addition, we may disclose the information we collect to companies that
perform marketing services on our behalf or to other financial institutions
with which we have joint marketing agreements. These organizations may
only use client information for the purpose designated by the companies
listed above, and additional requirements beyond federal law may be
imposed by certain states. To the extent that these state laws apply, we will
comply with them before we share information about you. We may also disclose nonpublic personal information about you to other
parties as required or permitted by law. For example, we are required to or
may provide information to government entities or regulatory bodies in
response to requests for information or subpoenas, to private litigants in
certain circumstances, to law enforcement authorities, or any time we
believe it necessary to protect the firm. At any time, if you have questions about our policy, please write to us at: DWS Investments 
Attention: Correspondence  Chicago
P.O. Box 219415
Kansas City, MO  64121-9415     September 2008 tf11_backcover0


ITEM 2.
        CODE OF ETHICSNot applicable.ITEM 3.
        AUDIT COMMITTEE FINANCIAL EXPERTNot applicable.ITEM 4.
        PRINCIPAL ACCOUNTANT FEES AND SERVICESNot applicable.
  ITEM 5.
        AUDIT COMMITTEE OF LISTED REGISTRANTSNot ApplicableITEM 6.
        SCHEDULE OF INVESTMENTSNot ApplicableITEM 7.
        DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.ITEM 8.
        PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.
  ITEM 9.
        PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERSNot Applicable.
  ITEM 10.
        SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSThe primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Chairman of the Board, P.O. Box 100176, Cape Coral, FL 33910.ITEM 11.
        CONTROLS AND PROCEDURES(a)        The Chief Executive and Financial Officers concluded that the Registrants Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.(b)        There have been no changes in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal controls over financial reporting.
  
  ITEM 12.
        EXHIBITS(a)(1)   Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.(b)       Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.


Form N-CSRS Item F  SIGNATURES  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.  Registrant:
        DWS Target 2011 Fund, a series of DWS Target Fund
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        March 31, 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 Target 2011 Fund, a series of DWS Target Fund
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        March 31, 2009
   By:
        /s/Paul Schubert
 Paul Schubert
 Chief Financial Officer and Treasurer  Date:                                        March 31, 2009