UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

**_______________________________**

Investment Company Act file number  811-8606

DWS Target Date Series

(Exact name of registrant as specified in charter)

 

345 Park Avenue

New York, NY  10154

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY  10154-0004

(Name and address of agent for service)

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

Date of fiscal year end:  08/31

Date of reporting period: 5/31/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

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

 

 

**DWS LifeCompass 2030 Fund**

 

 

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

**Equity - Equity Funds 78.9%**

 
DWS Blue Chip Fund "Institutional"  

 

1,276 

 

15,493 

 
DWS Capital Growth Fund "Institutional"  

 

12,953 

 

513,586 

 
DWS Commodity Securities Fund "Institutional"  

 

27,295 

 

91,166 

 
DWS Communications Fund "Institutional"  

 

21,022 

 

272,232 

 
DWS Disciplined Long/Short Value Fund "Institutional"  

 

64,198 

 

398,673 

 
DWS Disciplined Market Neutral Fund "Institutional"  

 

1,639 

 

15,459 

 
DWS Diversified International Equity Fund "Institutional"  

 

116,186 

 

648,320 

 
DWS Dreman Concentrated Value Fund "Institutional"  

 

8,218 

 

51,036 

 
DWS Dreman High Return Equity Fund "Institutional"  

 

20,068 

 

503,713 

 
DWS Dreman Mid Cap Value Fund "Institutional"  

 

82,597 

 

626,082 

 
DWS Dreman Small Cap Value Fund "Institutional"  

 

47,633 

 

1,197,501 

 
DWS Emerging Markets Equity Fund "Institutional"  

 

27,839 

 

378,606 

 
DWS Equity 500 Index Portfolio "Institutional"  

 

56,313 

 

5,887,485 

 
 

 

DWS Europe Equity Fund "Institutional"  

 

74,515 

 

1,444,837 

 
DWS Global Opportunities Fund "Institutional"  

 

5,124 

 

130,457 

 
DWS Global Thematic Fund "Institutional"  

 

33,835 

 

575,191 

 
DWS Gold & Precious Metals Fund "Institutional"  

 

14,609 

 

263,697 

 
DWS Growth & Income Fund "Institutional"  

 

179,854 

 

2,109,690 

 
DWS Health Care Fund "Institutional"  

 

51,707 

 

988,636 

 
DWS International Fund "Institutional"  

 

23,948 

 

904,526 

 
DWS International Value Opportunities Fund "Institutional"  

 

70,335 

 

542,280 

 
DWS Japan Equity Fund "S"  

 

23,129 

 

170,226 

 
DWS Large Cap Value Fund "Institutional"  

 

201,800 

 

2,819,146 

 
DWS Large Company Growth Fund "Institutional"  

 

40,572 

 

870,264 

 
DWS Micro Cap Fund "Institutional"  

 

7,029 

 

74,363 

 
DWS Mid Cap Growth Fund "Institutional"  

 

4,847 

 

45,802 

 
DWS RREEF Global Real Estate Securities Fund "Institutional"  

 

91,840 

 

530,836 

 
DWS RREEF Real Estate Securities Fund "Institutional"  

 

5,890 

 

60,433 

 
DWS S&P 500 Plus Fund "S"  

 

162,235 

 

1,484,455 

 
DWS Small Cap Core Fund "S"  

 

87,089 

 

991,068 

 
DWS Small Cap Growth Fund "Institutional"  

 

16,733 

 

216,354 

 
DWS Technology Fund "Institutional"  

 

173,892 

 

1,587,638 

 
**Total Equity Funds** (Cost $36,217,398)

 

**26,409,251**

 
 

**Equity - Exchange-Traded Funds 12.1%**

 
Consumer Discretionary Select Sector SPDR Fund  

 

13,957 

 

323,523 

 
Consumer Staples Select Sector SPDR Fund  

 

18,635 

 

430,655 

 
Energy Select Sector SPDR Fund  

 

9,072 

 

467,299 

 
Financial Select Sector SPDR Fund  

 

36,709 

 

453,356 

 
Industrial Select Sector SPDR Fund  

 

19,229 

 

433,037 

 
iShares MSCI Australia Index Fund  

 

23,369 

 

383,719 

 
iShares MSCI Canada Index Fund  

 

18,641 

 

430,793 

 
iShares MSCI EAFE Small Cap Index Fund  

 

7,926 

 

236,591 

 
iShares MSCI France Index Fund  

 

2,088 

 

45,811 

 
iShares MSCI Germany Index Fund  

 

13,424 

 

259,352 

 
iShares MSCI Switzerland Index Fund  

 

1,427 

 

25,872 

 
iShares MSCI United Kingdom Index Fund  

 

18,882 

 

259,250 

 
Utilities Select Sector SPDR Fund  

 

11,070 

 

296,676 

 
**Total Exchange-Traded Funds** (Cost $4,019,047)

 

**4,045,934**

 
 

**Fixed Income - Bond Funds 7.7%**

 
DWS Core Fixed Income Fund "Institutional"  

 

49,325 

 

427,645 

 
DWS Emerging Markets Fixed Income Fund "Institutional"  

 

8,896 

 

82,648 

 
DWS Floating Rate Plus Fund "Institutional"  

 

5,940 

 

46,746 

 
DWS Global Bond Fund "S"  

 

29,887 

 

293,790 

 
DWS GNMA Fund "Institutional"  

 

2,813 

 

42,198 

 
DWS High Income Fund "Institutional"  

 

41,129 

 

163,695 

 
DWS Inflation Protected Plus Fund "Institutional"  

 

25,591 

 

237,997 

 
DWS Short Duration Plus Fund "Institutional"  

 

7,651 

 

70,007 

 
DWS US Bond Index Fund "Institutional"  

 

119,622 

 

1,223,729 

 
**Total Fixed Income - Bond Funds** (Cost $2,661,200)

 

**2,588,455**

 
 

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

 
Cash Management QP Trust 

 

646,059 

 

646,059 

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

 

7,961 

 

7,961 

 
DWS Money Market Series "Institutional"  

 

6,845 

 

6,845 

 
**Total Fixed Income - Money Market Funds** (Cost $660,865)

 

**660,865**

 
 

 

 

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

 

**Value ($)**

 
**Total Investment Portfolio** (Cost $43,558,510) †

100.7

 

**33,704,505**

 
**Other Assets and Liabilities, Net**

(0.7)

 

**(248,080)**

 
**Net Assets**

100.0

 

**33,456,425**

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

 
*†*

*The cost for federal income tax purposes was $43,665,823.  At May 31, 2009, net unrealized depreciation for all securities based on tax cost was $9,961,318.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $339,589 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $10,300,907.*

 
*EAFE: Europe, Australasia and Far East*

 
*MSCI: Morgan Stanley Capital International*

 
*SPDR: Standard & Poor's Depositary Receipt*

 
 

***Fair Value Measurements***

 

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

 

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

 

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

 

**Valuation Inputs**

**Investments in  Securities**

Level 1 

$              33,058,446                       

Level 2 

646,059

Level 3 

-   

**Total**

**$             33,704,505**

 

 

**ITEM 2.**

**CONTROLS AND PROCEDURES**

 

 

 

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

 

 

 

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

 

 

**ITEM 3.**

**EXHIBITS**

 

 

 

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

 

**SIGNATURES**

 

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

 

Registrant:

DWS LifeCompass 2030 Fund, a series of DWS Target Date Series

 

 

By:

/s/Michael G. Clark

Michael G. Clark

President

 

 

Date:

July 20, 2009

 

 

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

 

Registrant:

DWS LifeCompass 2030 Fund, a series of DWS Target Date Series

 

 

By:

/s/Michael G. Clark

Michael G. Clark

President

 

 

Date:

July 20, 2009

 

 

 

 

 

 

By:

/s/Paul Schubert

Paul Schubert

Chief Financial Officer and Treasurer

 

 

Date:

July 20, 2009

 

 

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