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            811-2527

DWS Money Funds

(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:07/31

Date of reporting            period:10/31/08

 

ITEM 1.            SCHEDULE OF INVESTMENTS

 

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

             

 

**DWS            Money Market Prime Series**

 

 

|                                                                            | **Principal****Amount ($)**                                                 |       | **Value                            ($)** |
|---------------------------------------------------------------------------------|-----------------------------------------------------------------------------|------------|------------------------------------------|
|                                                                                 |
|                                                                            | **Certificates of Deposit and Bank Notes                            15.5%** |       |
| Banco Bilbao Vizcaya Argentaria SA, 3.155%,                            1/5/2009 |                                                                        | 28,000,000 |                                     | 28,000,249 |
| Banco Santander SA, 2.89%, 11/10/2008                                           |                                                                        | 25,000,000 |                                     | 25,000,183 |
| Bank of America NA, 3.7%, 3/16/2009                                             |                                                                        | 10,394,000 |                                     | 10,249,783 |
| Bank of Scotland PLC, 4.5%, 11/19/2008                                          |                                                                        | 20,000,000 |                                     | 20,000,000 |
| Bank of Tokyo-Mitsubishi UFJ Ltd., 2.84%,                            11/18/2008 |                                                                        | 40,000,000 |                                     | 40,000,000 |
| Barclays Bank PLC:                                                              |                                                                        |
|                                                                            | 3.0%, 12/2/2008                                                             |       | 35,000,000                               |   | 35,000,000 |
|                                                                            | 3.15%, 12/8/2008                                                            |       | 15,000,000                               |   | 15,000,000 |
| BNP Paribas:                                                                    |                                                                        |       |                                     |   |
| 2.8%,                            11/24/2008                                     |                                                                        | 34,000,000 |                                     | 34,000,000 |
| 2.8%,                            12/15/2008                                     |                                                                        | 25,000,000 |                                     | 24,979,980 |
|                                                                                 |                                                                             |            |                                          |  |  |  |  |

 

 

 

| Calyon, 3.14%, 3/5/2009                                                                        |                       | 20,000,000      |       | 20,000,000 |
|------------------------------------------------------------------------------------------------|----------------------------|-----------------|------------|------------|
| Canadian Imperial Bank of Commerce, 2.83%,                            11/10/2008               |                       | 25,000,000      |       | 25,000,000 |
| Chase Bank USA NA, 2.73%, 11/17/2008                                                           |                       | 35,000,000      |       | 35,000,000 |
| Credit Agricole SA, 2.86%, 12/1/2008                                                           |                       | 30,000,000      |       | 30,000,248 |
| Dexia Credit Local:                                                                            |                       |
|                                                                                           | 2.84%, 11/14/2008          |            | 50,000,000 |       | 50,000,000 |
|                                                                                           | 2.845%, 11/18/2008         |            | 15,000,000 |       | 15,000,035 |
| DNB NOR Bank ASA, 3.7%, 1/23/2009                                                              |                       | 35,000,000      |       | 35,000,000 |
| Intesa Sanpaolo SpA:                                                                           |                       |
|                                                                                           | 2.81%, 11/14/2008          |            | 20,000,000 |       | 20,000,072 |
|                                                                                           | 3.02%, 12/29/2008          |            | 21,000,000 |       | 21,000,000 |
| Metropolitan Life Global Funding I, 3.8%,                            1/20/2009                 |                       | 10,000,000      |       | 10,000,000 |
| Nordea Bank Finland PLC, 3.76%, 1/21/2009                                                      |                       | 30,000,000      |       | 30,000,000 |
| Rabobank Nederland NV:                                                                         |                       |
|                                                                                           | 2.7%, 11/13/2008           |            | 40,000,000 |       | 40,000,000 |
|                                                                                           | 3.0%, 2/26/2009            |            | 34,000,000 |       | 34,000,000 |
|                                                                                                |
| **Total Certificates of Deposit and Bank                            Notes**(Cost $597,230,550) |                       | **597,230,550** |
|                                                                                           | **Commercial Paper 45.5%** |            |
| **Issued at Discount ****                                                                      |                       |
| Alpine Securitization, 4.0%, 12/12/2008                                                        |                       | 50,000,000      |       | 49,772,222 |
| Apreco LLC, 0.2%, 11/3/2008                                                                    |                       | 40,430,000      |       | 40,429,551 |
| ASB Finance Ltd., 3.1%, 3/6/2009                                                               |                       | 15,000,000      |       | 14,838,542 |
| AstraZeneca PLC, 2.71%, 11/24/2008                                                             |                       | 20,000,000      |       | 19,965,372 |
| Bank of America Corp.:                                                                         |                       |
|                                                                                           | 0.125%, 11/3/2008          |            | 9,000,000  |       | 8,999,938 |
|                                                                                           | 3.1%, 2/12/2009            |            | 32,000,000 |       | 31,716,178 |
|                                                                                           | 3.22%, 2/6/2009            |            | 28,000,000 |       | 27,757,069 |
| Caisse Nationale des Caisses d’Epargne et de                            Prevoyance:      |                       |
|                                                                                           | 2.96%, 12/15/2008          |            | 32,000,000 |       | 31,884,231 |
|                                                                                           | 2.96%, 12/23/2008          |            | 45,000,000 |       | 44,807,600 |
| Cancara Asset Securitisation LLC, 2.8%,                            12/1/2008                   |                       | 37,000,000      |       | 36,919,422 |
| ConocoPhillips, 0.2%, 11/3/2008                                                                |                       | 10,562,000      |       | 10,561,883 |
| Danske Corp.:                                                                                  |                       |
|                                                                                           | 0.2%, 11/3/2008            |            | 22,578,000 |       | 22,577,749 |
|                                                                                           | 3.81%, 1/28/2009           |            | 38,000,000 |       | 37,646,093 |
| General Electric Capital Corp.:                                                                |                       |
|                                                                                           | 2.84%, 2/6/2009            |            | 25,000,000 |       | 24,808,695 |
|                                                                                           | 2.89%, 12/15/2008          |            | 70,000,000 |       | 69,752,744 |
|                                                                                           | 3.35%, 4/20/2009           |            | 40,000,000 |       | 39,367,222 |
|                                                                                           | 3.7%, 12/12/2008           |            | 25,000,000 |       | 24,894,653 |
| Greenwich Capital Holdings, Inc.:                                                              |                       |
|                                                                                           | 2.98%, 12/18/2008          |            | 30,000,000 |       | 29,883,283 |
|                                                                                           | 3.1%, 3/9/2009             |            | 30,000,000 |       | 29,669,333 |
| KBC Financial Products International Ltd.:                                                     |                       |
|                                                                                           | 2.8%, 11/14/2008           |            | 42,000,000 |       | 41,957,533 |
|                                                                                           | 2.85%, 11/3/2008           |            | 24,000,000 |       | 23,996,200 |
| Liberty Street Funding LLC:                                                                    |                       |
|                                                                                           | 2.88%, 11/10/2008          |            | 10,000,000 |       | 9,992,800 |
|                                                                                           | 2.89%, 11/25/2008          |            | 25,000,000 |       | 24,951,833 |
|                                                                                           | 4.35%, 12/15/2008          |            | 25,000,000 |       | 24,867,083 |
|                                                                                           | 4.6%, 1/16/2009            |            | 60,000,000 |       | 59,417,333 |
| Market Street Funding LLC:                                                                     |                       |
|                                                                                           | 0.75%, 11/3/2008           |            | 15,000,000 |       | 14,999,375 |
|                                                                                           | 4.0%, 11/17/2008           |            | 20,000,000 |       | 19,964,444 |
| Nestle Capital Corp., 2.49%, 12/17/2008                                                        |                       | 15,000,000      |       | 14,952,275 |
|                                                                                                |                            |                 |            |            |  |  |  |  |

 

 

 

| Nieuw Amsterdam Receivables Corp., 2.5%,                            11/3/2008              |                        | 50,000,000        |       | 49,993,056 |
|--------------------------------------------------------------------------------------------|-----------------------------|-------------------|------------|------------|
| Nissan Motor Acceptance Corp., 6.1%,                            11/4/2008                  |                        | 15,000,000        |       | 14,992,375 |
| Nokia Oyj, 2.43%, 12/10/2008                                                               |                        | 22,000,000        |       | 21,942,085 |
| Old Line Funding LLC:                                                                      |                        |
|                                                                                       | 4.15%, 4/20/2009            |              | 30,000,000 |       | 29,412,083 |
|                                                                                       | 4.25%, 1/15/2009            |              | 60,000,000 |       | 59,468,750 |
| Perry Global Funding LLC, 2.25%, 11/3/2008                                                 |                        | 15,000,000        |       | 14,998,125 |
| Pfizer, Inc., 2.52%, 3/2/2009                                                              |                        | 35,000,000        |       | 34,703,550 |
| Procter & Gamble International Funding                            SCA:                 |                        |
|                                                                                       | 2.23%, 2/12/2009            |              | 30,000,000 |       | 29,808,592 |
|                                                                                       | 2.37%, 2/12/2009            |              | 20,000,000 |       | 19,864,383 |
| Romulus Funding Corp., 1.65%, 11/3/2008                                                    |                        | 25,000,000        |       | 24,997,708 |
| Royal Bank of Scotland Group PLC, 3.1%,                            12/12/2008              |                        | 20,000,000        |       | 19,929,389 |
| Shell International Finance BV, 2.5%,                            3/9/2009                  |                        | 50,000,000        |       | 49,555,556 |
| Siemens Capital Co., LLC, 0.25%, 11/3/2008                                                 |                        | 35,100,000        |       | 35,099,513 |
| Societe Generale North America, Inc.:                                                      |                        |
|                                                                                       | 2.87%, 12/22/2008           |              | 30,000,000 |       | 29,878,025 |
|                                                                                       | 2.935%, 12/22/2008          |              | 40,000,000 |       | 39,833,683 |
| Starbird Funding Corp.:                                                                    |                        |
|                                                                                       | 2.97%, 12/4/2008            |              | 5,000,000  |       | 4,986,388 |
|                                                                                       | 3.2%, 2/6/2009              |              | 37,000,000 |       | 36,680,978 |
| Suncorp-Metway Ltd., 3.02%, 11/3/2008                                                      |                        | 30,000,000        |       | 29,994,967 |
| Swedbank AB:                                                                               |                        |
|                                                                                       | 2.96%, 11/17/2008           |              | 20,300,000 |       | 20,273,294 |
|                                                                                       | 2.99%, 11/3/2008            |              | 20,000,000 |       | 19,996,678 |
|                                                                                       | 3.0%, 11/4/2008             |              | 25,000,000 |       | 24,993,750 |
|                                                                                       | 3.0%, 11/10/2008            |              | 20,000,000 |       | 19,985,000 |
|                                                                                       | 3.01%, 12/1/2008            |              | 22,500,000 |       | 22,443,563 |
|                                                                                       | 3.22%, 3/3/2009             |              | 30,000,000 |       | 29,672,633 |
| Tempo Finance Corp., 4.65%, 11/20/2008                                                     |                        | 30,000,000        |       | 29,926,375 |
| Thunder Bay Funding LLC:                                                                   |                        |
|                                                                                       | 2.77%, 11/17/2008           |              | 45,000,000 |       | 44,944,600 |
|                                                                                       | 4.15%, 4/20/2009            |              | 30,000,000 |       | 29,412,083 |
| Toyota Motor Credit Corp.:                                                                 |                        |
|                                                                                       | 2.88%, 12/30/2008           |              | 20,000,000 |       | 19,905,600 |
|                                                                                       | 3.4%, 1/26/2009             |              | 30,000,000 |       | 29,756,333 |
|                                                                                       | 3.75%, 12/3/2008            |              | 55,000,000 |       | 54,816,667 |
| United Parcel Service, Inc., 0.1%,                            11/3/2008                    |                        | 1,806,000         |       | 1,805,990  |
| Victory Receivables Corp., 2.8%,                            12/10/2008                     |                        | 20,000,000        |       | 19,939,333 |
| Windmill Funding I Corp., 2.8%, 11/3/2008                                                  |                        | 8,000,000         |       | 7,998,756  |
|                                                                                            |
| **Total Commercial Paper**(Cost $1,753,360,517)                                            |                        | **1,753,360,517** |
|                                                                                       | **Short-Term Notes* 17.6%** |              |
| Abbey National Treasury Services PLC:                                                      |                        |
|                                                                                       | 3.01%, 2/20/2009            |              | 25,000,000 |       | 25,000,000 |
|                                                                                       | 3.695%, 4/24/2009           |              | 15,000,000 |       | 15,000,000 |
| Allied Irish Banks North America, Inc., 3.118%,                            3/11/2009       |                        | 30,000,000        |       | 30,000,000 |
| ANZ National (International) Ltd., 3.036%,                            7/10/2009            |                        | 12,500,000        |       | 12,500,000 |
| Australia & New Zealand Banking Group Ltd.,                            3.02%, 7/2/2009 |                        | 20,000,000        |       | 20,000,000 |
| Bank of America NA:                                                                        |                        |
|                                                                                       | 2.81%, 2/27/2009            |              | 33,000,000 |       | 32,929,784 |
|                                                                                       | 4.35%, 7/6/2009             |              | 23,980,000 |       | 23,980,000 |
| Bank of Nova Scotia, 3.148%, 5/6/2009                                                      |                        | 20,000,000        |       | 20,000,000 |
| Bank of Scotland PLC, 3.008%, 6/5/2009                                                     |                        | 13,225,000        |       | 13,225,000 |
| Banque Federative du Credit Mutuel, 2.959%,                            8/27/2010           |                        | 25,000,000        |       | 25,000,000 |
| Barclays Bank PLC, 3.758%, 2/27/2009                                                       |                        | 38,000,000        |       | 38,000,000 |
| BNP Paribas , 3.013%, 5/13/2009                                                            |                        | 15,000,000        |       | 15,000,000 |
|                                                                                            |                             |                   |            |            |  |  |  |  |

 

 

 

| Calyon, 3.068%, 3/11/2009                                                                           |                                                                     | 30,000,000      |       | 30,000,000     |
|-----------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------|-----------------|------------|----------------|
| Commonwealth Bank of Australia, 2.816%,                            12/18/2008                       |                                                                     | 10,000,000      |       | 9,999,665      |
| Credit Agricole SA, 3.433%, 7/22/2009                                                               |                                                                     | 37,500,000      |       | 37,500,000     |
| General Electric Co., 3.325%, 9/24/2009                                                             |                                                                     | 30,000,000      |       | 30,000,000     |
| ING Bank NV, 3.726%, 3/26/2009                                                                      |                                                                     | 10,000,000      |       | 10,000,000     |
| Intesa Sanpaolo SpA, 5.087%, 5/13/2009                                                              |                                                                     | 33,050,000      |       | 33,050,000     |
| JPMorgan Chase & Co., 4.19%, 4/3/2009                                                           |                                                                     | 40,000,000      |       | 39,999,144     |
| KBC Bank NV, 4.818%, 12/16/2008                                                                     |                                                                     | 42,500,000      |       | 42,500,000     |
| Metropolitan Life Global Funding I, 144A, 4.57%,                            5/11/2009               |                                                                     | 7,500,000       |       | 7,500,000      |
| National Australia Bank Ltd.:                                                                       |                                                                     |
|                                                                                                | 3.008%, 2/19/2009                                                        |            | 22,500,000 |           | 22,500,000 |
|                                                                                                | 4.543%, 4/7/2009                                                         |            | 15,000,000 |           | 15,000,000 |
| Natixis, 3.065%, 4/6/2009                                                                           |                                                                     | 35,000,000      |       | 35,000,000     |
| Procter & Gamble International Funding SCA,                            2.878%, 2/19/2009        |                                                                     | 7,500,000       |       | 7,500,000      |
| Rabobank Nederland NV, 2.992%, 10/9/2009                                                            |                                                                     | 22,500,000      |       | 22,500,000     |
| Royal Bank of Canada, 4.96%, 7/15/2009                                                              |                                                                     | 22,000,000      |       | 22,000,000     |
| Royal Bank of Scotland PLC, 3.073%,                            3/4/2009                             |                                                                     | 15,000,000      |       | 15,000,000     |
| Svenska Handelsbanken, Inc., 144A, 3.885%,                            5/26/2009                     |                                                                     | 12,000,000      |       | 12,000,000     |
| Toyota Motor Credit Corp., 0.57%,                            3/12/2009                              |                                                                     | 15,000,000      |       | 15,000,000     |
|                                                                                                     |
| **Total Short Term Notes**(Cost $677,683,593)                                                       |                                                                     | **677,683,593** |
|                                                                                                | **Master Notes 2.2%**                                                    |            |
| Citigroup Global Markets, Inc., 0.4% *, 11/3/2008 (a)                            (Cost $85,000,000) |                                                                     | 85,000,000      |       | **85,000,000** |
|                                                                                                | **Time Deposit 0.6%**                                                    |            |
| BNP Paribas, 0.25%, 11/3/2008 (Cost                            $21,473,977)                         |                                                                     | 21,473,977      |       | **21,473,977** |
|                                                                                                | **Government & Agency Obligations                            10.4%** |            |
| **US Government Sponsored Agencies                            8.7%**                                |                                                                     |
| Federal Home Loan Bank:                                                                             |                                                                     |
|                                                                                                | 0.01% **, 11/3/2008                                                      |            | 42,559,000 |           | 42,558,976 |
|                                                                                                | 0.58% *, 4/3/2009                                                        |            | 12,000,000 |           | 12,000,000 |
|                                                                                                | 2.35% **, 2/11/2009                                                      |            | 20,000,000 |           | 19,866,833 |
|                                                                                                | 2.36% **, 5/12/2009                                                      |            | 15,000,000 |           | 14,811,200 |
|                                                                                                | 2.5% **, 4/14/2009                                                       |            | 32,000,000 |           | 31,635,556 |
|                                                                                                | 2.53% **, 1/26/2009                                                      |            | 40,000,000 |           | 39,758,245 |
|                                                                                                | 2.73% **, 1/20/2009                                                      |            | 15,000,000 |           | 14,909,000 |
|                                                                                                | 2.74% **, 2/24/2009                                                      |            | 20,000,000 |           | 19,824,944 |
|                                                                                                | 3.0% **, 4/20/2009                                                       |            | 19,000,000 |           | 18,730,833 |
| Federal Home Loan Mortgage Corp., 2.41% **,                            3/19/2009                    |                                                                     | 22,000,000      |       | 21,796,757     |
| Federal National Mortgage Association:                                                              |                                                                     |
|                                                                                                | 2.46% **, 3/19/2009                                                      |            | 22,000,000 |           | 21,792,540 |
|                                                                                                | 2.575% **, 11/26/2008                                                    |            | 24,000,000 |           | 23,957,083 |
|                                                                                                | 2.75% **, 3/16/2009                                                      |            | 53,000,000 |           | 52,453,438 |
|                                                                                                     |
|                                                                                                | **334,095,405**                                                          |
| **US Treasury Obligations 1.7%**                                                                    |                                                                     |
| US Treasury Bills:                                                                                  |                                                                     |
|                                                                                                | 1.35% **, 4/29/2009                                                      |            | 28,000,000 |           | 27,812,050 |
|                                                                                                | 1.35% **, 6/24/2009                                                      |            | 18,000,000 |           | 17,841,375 |
|                                                                                                | 1.53% **, 4/23/2009                                                      |            | 20,000,000 |           | 19,852,950 |
|                                                                                                     |
|                                                                                                | **65,506,375**                                                           |
|                                                                                                     |
| **Total Government & Agency                            Obligations**(Cost $399,601,780)         |                                                                     | **399,601,780** |
|                                                                                                     |                                                                          |                 |            |                |  |  |  |  |

 

 

 

|                                                                                                                                                                                                                                                                                           | **Repurchase Agreements 8.4%**                                                                                                                                                                                                                                                                                              |            |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|
| Banc of America Securities LLC, 0.2%, dated                            10/31/2008, to be repurchased at $25,000,417 on 11/3/2008                            (b)                                                                                                                                |                                                                                                                                                                                                                                                                                                                        | 25,000,000      |   | 25,000,000 |
| BNP Paribas, 0.25%, dated 10/31/2008 to be                            repurchased at $25,000,521 on 11/3/2008 (c)                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                        | 25,000,000      |   | 25,000,000 |
| JPMorgan Securities, Inc., 0.2%, dated 10/31/2008, to                            be repurchased at $15,000,250 on 11/3/2008 (d)                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                        | 15,000,000      |   | 15,000,000 |
| Merrill Lynch Government Securities, Inc., 0.15%,                            dated 10/31/2008, to be repurchased at $235,002,938 on 11/3/2008                            (e)                                                                                                                   |                                                                                                                                                                                                                                                                                                                        | 235,000,000     |   | 235,000,000 |
| Merrill Lynch Government Securities, Inc., 0.2%,                            dated 10/31/2008, to be repurchased at $25,000,417 on 11/3/2008                            (f)                                                                                                                     |                                                                                                                                                                                                                                                                                                                        | 25,000,000      |   | 25,000,000 |
|                                                                                                                                                                                                                                                                                                |
| **Total Repurchase Agreements**(Cost $325,000,000)                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                        | **325,000,000** |
|                                                                                                                                                                                                                                                                                           | **%                            of****Net Assets**                                                                                                                                                                                                                                                                           |            | **Value                            ($)** |
|                                                                                                                                                                                                                                                                                                |
| **Total Investment Portfolio**(Cost $3,859,350,417) †                                                                                                                                                                                                                                   | 100.2                                                                                                                                                                                                                                                                                                                       |            | **3,859,350,417** |
| **Other Assets and Liabilities, Net**                                                                                                                                                                                                                                                          | (0.2)                                                                                                                                                                                                                                                                                                                       |            | **(6,116,590)** |
|                                                                                                                                                                                                                                                                                                |
| **Net Assets**                                                                                                                                                                                                                                                                                 | 100.0                                                                                                                                                                                                                                                                                                                       |            | **3,853,233,827** |
| *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.* |
| ***                                                                                                                                                                                                                                                                                            | *Floating rate notes are securities whose yields                            vary with a designated market index or market rate, such as the                            coupon-equivalent of the US Treasury bill rate. These securities are                            shown at their current rate as of October 31, 2008.* |
| ****                                                                                                                                                                                                                                                                                           | *Annualized yield at time of purchase; not a coupon                            rate.*                                                                                                                                                                                                                                       |
| *†*                                                                                                                                                                                                                                                                                     | *The cost for federal income tax purposes was                            $3,859,350,417.*                                                                                                                                                                                                                                   |
| *(a)*                                                                                                                                                                                                                                                                                          | *Reset date; not a maturity date.*                                                                                                                                                                                                                                                                                          |
| *(b)*                                                                                                                                                                                                                                                                                          | *Collateralized by $25,430,068 Federal Home Loan                            Mortgage Corp., 6.0%, maturing on 9/1/2038 with a value of                            $25,500,000.*                                                                                                                                             |
| *(c)*                                                                                                                                                                                                                                                                                          | *Collateralized by $25,834,600 US Treasury Bill,                            Zero Coupon, maturing on 10/22/2009 with a value of                            $25,500,042.*                                                                                                                                                    |
| *(d)*                                                                                                                                                                                                                                                                                          | *Collateralized by $16,078,368 Federal National                            Mortgage Association, 5.0%, maturing on 5/1/2038 with a value of                            $15,300,576.*                                                                                                                                        |
| *(e)*                                                                                                                                                                                                                                                                                          | *Collateralized by $240,206,000 Federal National                            Mortgage Association, Zero Coupon, with various maturity dates of                            12/10/2008-1/30/2009 with a value of $239,702,991.*                                                                                                |
| *(f)*                                                                                                                                                                                                                                                                                          | *Collateralized by $26,222,068 US Treasury                            Inflation-Indexed Bonds, with various coupon rates of 2.0-3.875%, with                            various maturity dates of 1/15/2026-4/15/2032 with a value of                            $25,502,630.*                                              |
| *144A: Security exempt from registration under Rule                            144A of the Securities Act of 1933. These securities may be resold in                            transactions exempt from registration, normally to qualified                            institutional buyers.* |
|                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                             |                 |  |  |  |  |  |  |  |  |

 

 

 

 

 

***Fair Value Measurements***

 

*The            following is a summary of the inputs used as of October 31, 2008 in valuing the Fund's            investments. Please see below for information on the Fund’s policy regarding            valuation inputs, and their aggregate levels used in the table below:*

 

| **Valuation Inputs** | **Investments in Securities** |
|----------------------|-------------------------------|
| Level 1              | $ -                           |
| Level 2              | 3,859,350,417                 |
| Level 3              | -                             |
| **Total**            | **$ 3,859,350,417**           |

 

 

*The            Fund adopted Financial Accounting Standards Board Statement of Financial Accounting            Standards No. 157, Fair Value Measurements ("FAS* *157"), effective at the beginning of the Fund’s fiscal year.            FAS* *157 establishes a            three-tier hierarchy to maximize the use of observable market data and minimize the use            of unobservable inputs 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, credit risk, etc.). 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. Securities held by a money            market fund are reflected as Level 2 because the securities are valued at amortized            cost (which approximates fair value) and, accordingly, the inputs used to determine            value are not quoted prices in an active market.*

 

 

| **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.

 

DWS            Core Plus Allocation Fund, a series of DWS Equity Trust

DWS            Large Company Growth Fund, a series of DWS Investment Trust

DWS            Money Market Prime Series, a series of DWS Money Funds

DWS            Target 2010 Fund, a series of DWS Target Fund

DWS            Target 2011 Fund, a series of DWS Target Fund

DWS            Target 2012 Fund, a series of DWS Target Fund

DWS            Target 2013 Fund, a series of DWS Target Fund

DWS            Target 2014 Fund, a series of DWS Target Fund

DWS            Equity Income Fund, a series of DWS Value Equity Trust

DWS            Core Plus Income Fund, a series of DWS Portfolio Trust

 

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

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

President

 

| Date: | December 19, 2008 |
|-------|-------------------|

 

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

 

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

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

President

 

| Date: | December 19, 2008 |
|-------|-------------------|

 

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

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

Chief Financial Officer and Treasurer

 

Date:                                        December            19, 2008