UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549  FORM N-CSR  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 10154-0004 (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:
        08/31
  Date of reporting period:
        08/31/08
   ITEM 1.REPORT TO STOCKHOLDERS   
 AUGUST 31, 2008
Annual Report
to ShareholdersDWS Target Date Series
DWS LifeCompass Retirement Fund
(formerly DWS Conservative Allocation Fund)
DWS LifeCompass 2015 Fund
(formerly DWS Moderate Allocation Fund)
DWS LifeCompass 2020 Fund
(formerly DWS Growth Allocation Fund)
DWS LifeCompass 2030 Fund
(formerly DWS Growth Plus Allocation Fund)
DWS LifeCompass 2040 Fundtds_cover9a0 Contents click herePerformance Summaries
click hereInformation About Each Fund's Expenses
click herePortfolio Management Review
Click hereFund Highlights
click herePortfolio Summaries
click hereInvestment Portfolios
click hereFinancial Statements
click hereFinancial Highlights
click hereNotes to Financial Statements
click hereReport of Independent Registered Public Accounting Firm
click hereTax Information
click hereSummary of Management Fee Evaluation by Independent
Fee Consultant
click hereTrustees and Officers
click hereAccount Management Resources This report must be preceded or accompanied by a prospectus. To obtain a
prospectus for any of our funds, refer to the Account Management Resources
information provided in the back of this booklet. We advise you to consider a fund's
objectives, risks, charges and expenses carefully before investing. The prospectus
contains this and other important information about the funds. Please read the
prospectus carefully before you invest. Diversification does not eliminate risk. The funds are subject to stock market risk,
meaning stocks in the underlying funds 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. Asset allocation risk: although asset allocation among
different asset classes generally limits risk and exposure to any one class, the risk
remains that the investment advisor may favor an asset class that performs poorly relative
to the other asset classes. Investing in foreign securities presents certain risks, such as
currency fluctuation, political and economic changes and market risks. The underlying
funds invest 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.
Derivatives may be more volatile and less liquid than traditional securities, and the funds
could suffer losses on an underlying fund's derivative position. An investment
in underlying money market funds is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although money
market funds seek to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in them.Please read each fund's prospectus for
specific details regarding its risk profile. 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 SummariesAugust 31, 2008 DWS LifeCompass Retirement Fund Classes A, B and C 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 Class A shares is 5.75%. For Class B shares, the
maximum contingent deferred sales charge (CDSC) is 4% within the first year after
purchase, declining to 0% after six years. Class C shares have no front-end sales
charge but redemptions within one year of purchase may be subject to a CDSC of
1%. Unadjusted returns do not reflect sales charges and would have been lower if
they had. The total annual fund direct operating expense ratios, gross of any fee waivers or
expense reimbursements, as stated in the fee table of the prospectus dated
November 15, 2007 are 0.62%, 1.34% and 1.34% for Class A, Class B and Class C
shares, respectively. The total annual fund direct and estimated indirect Underlying
DWS Fund operating expense ratios, gross of any fee waivers or expense
reimbursements, as presented in the fee table of the prospectus dated November
15, 2007 are 1.16%, 1.88% and 1.88% for Class A, Class B and Class C shares,
respectively. Please see the Information About Each Fund's Expenses, the Financial
Highlights and Notes to the Financial Statements (Note B, Related Parties) sections
of this report for gross and net expense related disclosure for the period ended
August 31, 2008. Returns and rankings during all periods shown reflect a fee waiver and/or expense
reimbursement for DWS LifeCompass Retirement Fund as well as for some Underlying
DWS Funds. Without these waivers/reimbursements, 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. Returns and rankings may differ by
share class. DWS LifeCompass Retirement Fund Returns shown for Class A, B and C shares for the periods prior to their inception on
December 29, 2000 are derived from the historical performance of Class S shares of
DWS LifeCompass Retirement Fund during such periods and have been adjusted to
reflect the higher annual total operating expenses of each specific class. Any difference in
expenses will affect performance. Average Annual Total Returns(Unadjusted for Sales Charge) as of 8/31/08DWS LifeCompass Retirement Fund
1-Year
3-Year
5-Year
10-YearClass A
-4.76%
2.78%
4.96%
3.45%Class B
-5.46%
2.04%
4.17%
2.69%Class C
-5.43%
2.08%
4.21%
2.70%Russell® 1000 Index+
-10.60%
3.85%
7.41%
5.21%Russell® 2000 Index++
-5.48%
4.80%
9.55%
9.53%Lehman Brothers Intermediate
U.S. Aggregate Index+++
5.98%
4.52%
4.44%
5.53% Sources: Lipper Inc. and Deutsche Investment Management Americas Inc. Net Asset Value and Distribution InformationClass A
Class B
Class CNet Asset Value:
8/31/08
$     11.49
$     11.49
$     11.498/31/07
$     12.51
$     12.52
$     12.52Distribution Information:
Twelve Months as of 8/31/08:Income Dividends
$     .44
$     .36
$     .36 DWS LifeCompass Retirement Fund Growth of an Assumed $10,000 Investment(Adjusted for Maximum Sales Charge)[]DWS LifeCompass Retirement Fund  Class A
[]Russell 1000 Index+
[]Russell 2000 Index++
[]Lehman Brothers Intermediate U.S. Aggregate Index+++tds_g10k7b0Yearly periods ended August 31 The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales
charge of 5.75%. This results in a net initial investment of $9,425. Comparative Results(Adjusted for Maximum Sales Charge) as of 8/31/08DWS LifeCompass Retirement Fund
1-Year
3-Year
5-Year
10-YearClass A
Growth of $10,000
$8,976
$10,234
$12,008
$13,229Average annual total return
-10.24%
.77%
3.73%
2.84%Class B
Growth of $10,000
$9,179
$10,430
$12,169
$13,045Average annual total return
-8.21%
1.41%
4.00%
2.69%Class C
Growth of $10,000
$9,457
$10,638
$12,289
$13,053Average annual total return
-5.43%
2.08%
4.21%
2.70% The growth of $10,000 is cumulative. DWS LifeCompass Retirement Fund Comparative Resultsas of 8/31/08DWS LifeCompass Retirement Fund
1-Year
3-Year
5-Year
10-YearRussell 1000 Index+
Growth of $10,000
$8,940
$11,201
$14,294
$16,624Average annual total return
-10.60%
3.85%
7.41%
5.21%Russell 2000 Index++
Growth of $10,000
$9,452
$11,511
$15,779
$24,842Average annual total return
-5.48%
4.80%
9.55%
9.53%Lehman Brothers
Intermediate U.S.
Aggregate Index+++
Growth of $10,000
$10,598
$11,419
$12,427
$17,126Average annual total return
5.98%
4.52%
4.44%
5.53% The growth of $10,000 is cumulative. +  The Russell 1000 Index is an unmanaged index that measures the performance of the
1,000 largest companies in the Russell 3000 Index, which represents approximately 92%
of the total market capitalization of the Russell 3000 Index.  + + The Russell 2000 Index is an unmanaged index that measures the performance of the
2,000 smallest companies in the Russell 3000 Index, which represents approximately 8%
of the total market capitalization of the Russell 3000 Index.  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 Lehman Brothers Intermediate U.S. Aggregate Index is an unmanaged index that
covers the US investment-grade fixed-rate bond market, including government and credit
securities, agency mortgage securities, asset backed securities and commercial mortgage
backed securities. Barclays Capital completed an acquisition of Lehman Brothers' North
American Investment Banking and Capital Markets businesses. As part of the transaction,
Lehman Brothers indices have become part of Barclays Capital.  Index returns, unlike Fund returns, do not reflect any fees or expenses. It is not possible to
invest directly into an index.  Class A Lipper Rankings  Mixed-Asset Target Allocation
Conservative Funds Categoryas of 8/31/08Period
Rank

Number of
Funds Tracked
Percentile
Ranking (%)1-Year
365
of
443
833-Year
152
of
299
515-Year
51
of
168
31 Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings
are based on total return unadjusted for sales charges with distributions reinvested. If
sales charges had been included, rankings might have been less favorable. Rankings are
for Class A shares; other share classes may vary. DWS LifeCompass Retirement Fund Class S Class S shares are generally not available to new investors except under certain
circumstances. (Please refer to the Fund's Statement of Additional Information.) 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 total annual fund direct operating expense ratio, gross of any fee waivers or
expense reimbursements, as stated in the fee table of the prospectus dated
November 15, 2007 is 0.47% for Class S shares. The total fund direct and estimated
indirect Underlying DWS Fund operating expense ratio, gross of any fee waivers or
expense reimbursements, as presented in the fee table of the prospectus dated
November 15, 2007 is 1.01% for Class S shares. Please see the Information About
Each Fund's Expenses, the Financial Highlights and Notes to the Financial
Statements (Note B, Related Parties) sections of this report for gross and net
expense related disclosure for the period ended August 31, 2008. Returns and rankings during all periods shown for Class S shares reflect a fee waiver
and/or expense reimbursement for DWS LifeCompass Retirement Fund as well as for
some Underlying DWS Funds. Without these waivers/reimbursements, 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. Returns and rankings may differ by
share class. Average Annual Total Returnsas of 8/31/08DWS LifeCompass Retirement Fund
1-Year
3-Year
5-Year
10-YearClass S
-4.52%
3.04%
5.23%
3.70%Russell 1000 Index+
-10.60%
3.85%
7.41%
5.21%Russell 2000 Index++
-5.48%
4.80%
9.55%
9.53%Lehman Brothers Intermediate
U.S. Aggregate Index+++
5.98%
4.52%
4.44%
5.53% Sources: Lipper Inc. and Deutsche Investment Management Americas Inc. DWS LifeCompass Retirement Fund Net Asset Value and Distribution InformationClass SNet Asset Value:
8/31/08
$     11.498/31/07
$     12.51Distribution Information:
Twelve Months as of 8/31/08:Income Dividends
$     .47 Growth of an Assumed $10,000 Investment[]DWS LifeCompass Retirement Fund  Class S
[]Russell 1000 Index+
[]Russell 2000 Index++
[]Lehman Brothers Intermediate U.S. Aggregate Index+++tds_g10k7a0Yearly periods ended August 31 Comparative Resultsas of 8/31/08DWS LifeCompass Retirement Fund
1-Year
3-Year
5-Year
10-YearClass S
Growth of $10,000
$9,548
$10,942
$12,903
$14,386Average annual total return
-4.52%
3.04%
5.23%
3.70% The growth of $10,000 is cumulative. DWS LifeCompass Retirement Fund Comparative Resultsas of 8/31/08DWS LifeCompass Retirement Fund
1-Year
3-Year
5-Year
10-YearRussell 1000 Index+
Growth of $10,000
$8,940
$11,201
$14,294
$16,624Average annual total return
-10.60%
3.85%
7.41%
5.21%Russell 2000 Index++
Growth of $10,000
$9,452
$11,511
$15,779
$24,842Average annual total return
-5.48%
4.80%
9.55%
9.53%Lehman Brothers
Intermediate U.S.
Aggregate Index+++
Growth of $10,000
$10,598
$11,419
$12,427
$17,126Average annual total return
5.98%
4.52%
4.44%
5.53% The growth of $10,000 is cumulative. +  The Russell 1000 Index is an unmanaged index that measures the performance of the
1,000 largest companies in the Russell 3000 Index, which represents approximately 92%
of the total market capitalization of the Russell 3000 Index.  + + The Russell 2000 Index is an unmanaged index that measures the performance of the
2,000 smallest companies in the Russell 3000 Index, which represents approximately 8%
of the total market capitalization of the Russell 3000 Index.  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 Lehman Brothers Intermediate U.S. Aggregate Index is an unmanaged index that
covers the US investment-grade fixed-rate bond market, including government and credit
securities, agency mortgage securities, asset backed securities and commercial mortgage
backed securities. Barclays Capital completed an acquisition of Lehman Brothers' North
American Investment Banking and Capital Markets businesses. As part of the transaction,
Lehman Brothers indices have become part of Barclays Capital.  Index returns, unlike Fund returns, do not reflect any fees or expenses. It is not possible to
invest directly into an index.  Class S Lipper Rankings  Mixed-Asset Target Allocation
Conservative Funds Categoryas of 8/31/08Period
Rank

Number of
Funds Tracked
Percentile
Ranking (%)1-Year
358
of
443
813-Year
118
of
299
405-Year
40
of
168
2410-Year
58
of
70
82 Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings
are based on total return with distributions reinvested. Rankings are for Class S shares;
other share classes may vary. DWS LifeCompass 2015 Fund Classes A, B and C 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 Class A shares is 5.75%. For Class B shares, the
maximum contingent deferred sales charge (CDSC) is 4% within the first year after
purchase, declining to 0% after six years. Class C shares have no front-end sales
charge but redemptions within one year of purchase may be subject to a CDSC of
1%. Unadjusted returns do not reflect sales charges and would have been lower if
they had. The total annual fund direct operating expense ratios, gross of any fee waivers or
expense reimbursements, as stated in the fee table of the prospectus dated
November 15, 2007 are 0.62%, 1.36% and 1.31% for Class A, Class B and Class C
shares, respectively. The total annual fund direct and estimated indirect Underlying
DWS Fund operating expense ratios, gross of any fee waivers or expense
reimbursements, as presented in the fee table of the prospectus dated November
15, 2007 are 1.24%, 1.98% and 1.93% for Class A, Class B and Class C shares,
respectively. Please see the Information About Each Fund's Expenses, the Financial
Highlights and Notes to the Financial Statements (Note B, Related Parties) sections
of this report for gross and net expense related disclosure for the period ended
August 31, 2008. Returns and rankings during all periods shown reflect a fee waiver and/or expense
reimbursement for DWS LifeCompass 2015 Fund as well as for some Underlying DWS
Funds. Without these waivers/reimbursements, 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. Returns and rankings may differ by
share class. DWS LifeCompass 2015 Fund Returns shown for Class A, B and C shares for the periods prior to their inception on
December 29, 2000 are derived from the historical performance of Class S shares of the
DWS LifeCompass 2015 Fund during such periods and have been adjusted to reflect the
higher annual total operating expenses of each specific class. Any difference in expenses
will affect performance. Average Annual Total Returns(Unadjusted for Sales Charge) as of 8/31/08DWS LifeCompass 2015 Fund
1-Year
3-Year
5-Year
10-YearClass A
-7.39%
2.72%
5.62%
3.95%Class B
-8.06%
1.95%
4.84%
3.19%Class C
-8.12%
1.94%
4.86%
3.19%Russell 1000 Index+
-10.60%
3.85%
7.41%
5.21%Russell 2000 Index++
-5.48%
4.80%
9.55%
9.53%Lehman Brothers U.S. Aggregate Index+++
5.86%
4.26%
4.61%
5.58% Sources: Lipper Inc. and Deutsche Investment Management Americas Inc. Net Asset Value and Distribution InformationClass A
Class B
Class CNet Asset Value:
8/31/08
$     11.12
$     11.11
$     11.108/31/07
$     12.47
$     12.47
$     12.47Distribution Information:
Twelve Months as of 8/31/08:Income Dividends
$     .44
$     .36
$     .37 DWS LifeCompass 2015 Fund Growth of an Assumed $10,000 Investment(Adjusted for Maximum Sales Charge)[]DWS LifeCompass 2015 Fund  Class A
[]Russell 1000 Index+
[]Russell 2000 Index++
[]Lehman Brothers U.S. Aggregate Index+++tds_g10k790Yearly periods ended August 31 The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales
charge of 5.75%. This results in a net initial investment of $9,425. Comparative Results(Adjusted for Maximum Sales Charge) as of 8/31/08DWS LifeCompass 2015 Fund
1-Year
3-Year
5-Year
10-YearClass A
Growth of $10,000
$8,729
$10,214
$12,391
$13,890Average annual total return
-12.71%
.71%
4.38%
3.34%Class B
Growth of $10,000
$8,927
$10,402
$12,563
$13,688Average annual total return
-10.73%
1.32%
4.67%
3.19%Class C
Growth of $10,000
$9,188
$10,594
$12,677
$13,686Average annual total return
-8.12%
1.94%
4.86%
3.19% The growth of $10,000 is cumulative. DWS LifeCompass 2015 Fund Comparative Resultsas of 8/31/08DWS LifeCompass 2015 Fund
1-Year
3-Year
5-Year
10-YearRussell 1000 Index+
Growth of $10,000
$8,940
$11,201
$14,294
$16,624Average annual total return
-10.60%
3.85%
7.41%
5.21%Russell 2000 Index++
Growth of $10,000
$9,452
$11,511
$15,779
$24,842Average annual total return
-5.48%
4.80%
9.55%
9.53%Lehman Brothers U.S.
Aggregate Index+++
Growth of $10,000
$10,586
$11,333
$12,527
$17,215Average annual total return
5.86%
4.26%
4.61%
5.58% The growth of $10,000 is cumulative. +  The Russell 1000 Index is an unmanaged index that measures the performance of the
1,000 largest companies in the Russell 3000 Index, which represents approximately 92%
of the total market capitalization of the Russell 3000 Index.  + + The Russell 2000 Index is an unmanaged index that measures the performance of the
2,000 smallest companies in the Russell 3000 Index, which represents approximately 8%
of the total market capitalization of the Russell 3000 Index.  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 Lehman Brothers U.S. Aggregate Index is an unmanaged, market value-weighted
measure of treasury issues, agency issues corporate bond issues and mortgage securities.
Barclays Capital completed an acquisition of Lehman Brothers' North American Investment
Banking and Capital Markets businesses. As part of the transaction, Lehman Brothers
indices have become part of Barclays Capital.   Index returns, unlike Fund returns, do not reflect any fees or expenses. It is not possible to
invest directly into an index.  Class A Lipper Rankings  Mixed-Asset Target 2015 Funds Categoryas of
8/31/08Period
Rank

Number of
Funds Tracked
Percentile
Ranking (%)1-Year
67
of
105
643-Year
23
of
33
685-Year
2
of
10
19 Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings
are based on total return unadjusted for sales charges with distributions reinvested. If
sales charges had been included, rankings might have been less favorable. Rankings are
for Class A shares; other share classes may vary. DWS LifeCompass 2015 Fund Class S Class S shares are generally not available to new investors except under certain
circumstances. (Please refer to the Fund's Statement of Additional Information.) 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 total annual fund direct operating expense ratio, gross of any fee waivers or
expense reimbursements, as stated in the fee table of the prospectus dated
November 15, 2007 is 0.31% for Class S shares. The total annual fund direct and
estimated indirect Underlying DWS Fund operating expense ratio, gross of any fee
waivers or expense reimbursements, as presented in the fee table of the prospectus
dated November 15, 2007 is 0.93% for Class S shares. Please see the Information
About Each Fund's Expenses, the Financial Highlights and Notes to the Financial
Statements (Note B, Related Parties) sections of this report for gross and net
expense related disclosure for the period ended August 31, 2008. Returns and rankings during all periods shown for Class S shares reflect a fee waiver
and/or expense reimbursement for DWS LifeCompass 2015 Fund as well as for some
Underlying DWS Funds. Without these waivers/reimbursements, 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. Returns and rankings may differ by
share class. Average Annual Total Returnsas of 8/31/08DWS LifeCompass 2015 Fund
1-Year
3-Year
5-Year
10-YearClass S
-7.10%
2.94%
5.89%
4.20%Russell 1000 Index+
-10.60%
3.85%
7.41%
5.21%Russell 2000 Index++
-5.48%
4.80%
9.55%
9.53%Lehman Brothers U.S. Aggregate Index+++
5.86%
4.26%
4.61%
5.58% Sources: Lipper Inc. and Deutsche Investment Management Americas Inc. DWS LifeCompass 2015 Fund Net Asset Value and Distribution InformationClass SNet Asset Value:
8/31/08
$     11.118/31/07
$     12.45Distribution Information:
Twelve Months as of 8/31/08:Income Dividends
$     .47 Growth of an Assumed $10,000 Investment[]DWS LifeCompass 2015 Fund  Class S
[]Russell 1000 Index+
[]Russell 2000 Index++
[]Lehman Brothers U.S. Aggregate Index+++tds_g10k780Yearly periods ended August 31 Comparative Resultsas of 8/31/08DWS LifeCompass 2015 Fund
1-Year
3-Year
5-Year
10-YearClass S
Growth of $10,000
$9,290
$10,908
$13,310
$15,084Average annual total return
-7.10%
2.94%
5.89%
4.20% The growth of $10,000 is cumulative. DWS LifeCompass 2015 Fund Comparative Resultsas of 8/31/08DWS LifeCompass 2015 Fund
1-Year
3-Year
5-Year
10-YearRussell 1000 Index+
Growth of $10,000
$8,940
$11,201
$14,294
$16,624Average annual total return
-10.60%
3.85%
7.41%
5.21%Russell 2000 Index++
Growth of $10,000
$9,452
$11,511
$15,779
$24,842Average annual total return
-5.48%
4.80%
9.55%
9.53%Lehman Brothers U.S.
Aggregate Index+++
Growth of $10,000
$10,586
$11,333
$12,527
$17,215Average annual total return
5.86%
4.26%
4.61%
5.58% The growth of $10,000 is cumulative. +  The Russell 1000 Index is an unmanaged index that measures the performance of the
1,000 largest companies in the Russell 3000 Index, which represents approximately 92%
of the total market capitalization of the Russell 3000 Index.  + + The Russell 2000 Index is an unmanaged index that measures the performance of the
2,000 smallest companies in the Russell 3000 Index, which represents approximately 8%
of the total market capitalization of the Russell 3000 Index.  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 Lehman Brothers U.S. Aggregate Index is an unmanaged, market value-weighted
measure of treasury issues, agency issues, corporate bond issues and mortgage securities.
Barclays Capital completed an acquisition of Lehman Brothers' North American Investment
Banking and Capital Markets businesses. As part of the transaction, Lehman Brothers
indices have become part of Barclays Capital.   Index returns, unlike Fund returns, do not reflect any fees or expenses. It is not possible to
invest directly into an index.  Class S Lipper Rankings  Mixed-Asset Target 2015 Funds Categoryas of 8/31/08Period
Rank

Number of
Funds Tracked
Percentile
Ranking (%)1-Year
57
of
105
543-Year
22
of
33
655-Year
1
of
10
1010-Year
4
of
5
67 Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings
are based on total return with distributions reinvested. Rankings are for Class S shares;
other share classes may vary. DWS LifeCompass 2020 Fund Classes A, B and C 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 Class A shares is 5.75%. For Class B shares, the
maximum contingent deferred sales charge (CDSC) is 4% within the first year after
purchase, declining to 0% after six years. Class C shares have no front-end sales
charge but redemptions within one year of purchase may be subject to a CDSC of
1%. Unadjusted returns do not reflect sales charges and would have been lower if
they had. The total annual fund direct operating expense ratios, gross of any fee waivers or
expense reimbursements, as stated in the fee table of the prospectus dated
November 15, 2007 are 0.67%, 1.40% and 1.36% for Class A, Class B and Class C
shares, respectively. The total annual fund direct and estimated indirect Underlying
DWS Fund operating expense ratios, gross of any fee waivers or expense
reimbursements, as presented in the fee table of the prospectus dated November
15, 2007 are 1.28%, 2.01% and 1.97% for Class A, Class B and Class C shares,
respectively. Please see the Information About Each Fund's Expenses, the Financial
Highlights and Notes to the Financial Statements (Note B, Related Parties) sections
of this report for gross and net expense related disclosure for the period ended
August 31, 2008. Returns and rankings during all periods shown reflect a fee waiver and/or expense
reimbursement for DWS LifeCompass 2020 Fund as well as for some Underlying DWS
Funds. Without these waivers/reimbursements, 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. Returns and rankings may differ by
share class. DWS LifeCompass 2020 Fund Returns shown for Class A, B and C shares for the periods prior to their inception on
December 29, 2000 are derived from the historical performance of Class S shares of the
DWS LifeCompass 2020 Fund during such periods and have been adjusted to reflect the
higher annual total operating expenses of each specific class. Any difference in expenses
will affect performance. Average Annual Total Returns(Unadjusted for Sales Charge) as of 8/31/08DWS LifeCompass 2020 Fund
1-Year
3-Year
5-Year
10-YearClass A
-8.48%
3.26%
6.66%
5.12%Class B
-9.15%
2.51%
5.86%
4.34%Class C
-9.05%
2.54%
5.88%
4.35%Russell 1000 Index+
-10.60%
3.85%
7.41%
5.21%Russell 2000 Index++
-5.48%
4.80%
9.55%
9.53%Lehman Brothers U.S. Aggregate Index+++
5.86%
4.26%
4.61%
5.58% Sources: Lipper Inc. and Deutsche Investment Management Americas Inc. Net Asset Value and Distribution InformationClass A
Class B
Class CNet Asset Value:
8/31/08
$     13.66
$     13.53
$     13.548/31/07
$     15.47
$     15.32
$     15.32Distribution Information:
Twelve Months as of 8/31/08:Income Dividends
$     .55
$     .43
$     .44 DWS LifeCompass 2020 Fund Growth of an Assumed $10,000 Investment(Adjusted for Maximum Sales Charge)[]DWS LifeCompass 2020 Fund  Class A
[]Russell 1000 Index+
[]Russell 2000 Index++
[]Lehman Brothers U.S. Aggregate Index+++tds_g10k770Yearly periods ended August 31 The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales
charge of 5.75%. This results in a net initial investment of $9,425. Comparative Results(Adjusted for Maximum Sales Charge) as of 8/31/08DWS LifeCompass 2020 Fund
1-Year
3-Year
5-Year
10-YearClass A
Growth of $10,000
$8,626
$10,377
$13,010
$15,527Average annual total return
-13.74%
1.24%
5.40%
4.50%Class B
Growth of $10,000
$8,820
$10,571
$13,197
$15,295Average annual total return
-11.80%
1.87%
5.70%
4.34%Class C
Growth of $10,000
$9,095
$10,783
$13,308
$15,308Average annual total return
-9.05%
2.54%
5.88%
4.35% The growth of $10,000 is cumulative. DWS LifeCompass 2020 Fund Comparative Resultsas of 8/31/08DWS LifeCompass 2020 Fund
1-Year
3-Year
5-Year
10-YearRussell 1000 Index+
Growth of $10,000
$8,940
$11,201
$14,294
$16,624Average annual total return
-10.60%
3.85%
7.41%
5.21%Russell 2000 Index++
Growth of $10,000
$9,452
$11,511
$15,779
$24,842Average annual total return
-5.48%
4.80%
9.55%
9.53%Lehman Brothers U.S.
Aggregate Index+++
Growth of $10,000
$10,586
$11,333
$12,527
$17,215Average annual total return
5.86%
4.26%
4.61%
5.58% The growth of $10,000 is cumulative. +  The Russell 1000 Index is an unmanaged index that measures the performance of the
1,000 largest companies in the Russell 3000 Index, which represents approximately 92%
of the total market capitalization of the Russell 3000 Index.  + + The Russell 2000 Index is an unmanaged index that measures the performance of the
2,000 smallest companies in the Russell 3000 Index, which represents approximately 8%
of the total market capitalization of the Russell 3000 Index.  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 Lehman Brothers U.S. Aggregate Index is an unmanaged, market value-weighted
measure of treasury issues, agency issues, corporate bond issues and mortgage securities.
Barclays Capital completed an acquisition of Lehman Brothers' North American Investment
Banking and Capital Markets businesses. As part of the transaction, Lehman Brothers
indices have become part of Barclays Capital.  Index returns, unlike Fund returns, do not reflect any fees or expenses. It is not possible to
invest directly into an index.  Class A Lipper Rankings  Mixed-Asset Target 2020 Funds Categoryas of
8/31/08Period
Rank

Number of
Funds Tracked
Percentile
Ranking (%)1-Year
80
of
140
573-Year
29
of
57
505-Year
13
of
28
45 Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings
are based on total return unadjusted for sales charges with distributions reinvested. If
sales charges had been included, rankings might have been less favorable. Rankings are
for Class A shares; other share classes may vary. DWS LifeCompass 2020 Fund Class S Class S shares are generally not available to new investors except under certain
circumstances. (Please refer to the Fund's Statement of Additional Information.) 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 total annual fund direct operating expense ratio, gross of any fee waivers or
expense reimbursements, as stated in the fee table of the prospectus dated
November 15, 2007 is 0.48% for Class S shares. The total annual fund direct and
estimated indirect Underlying DWS Fund operating expense ratio, gross of any fee
waivers or expense reimbursements, as presented in the fee table of the prospectus
dated November 15, 2007 is 1.09% for Class S shares. Please see the Information
About Each Fund's Expenses, the Financial Highlights and Notes to the Financial
Statements (Note B, Related Parties) sections of this report for gross and net
expense related disclosure for the period ended August 31, 2008. Returns and rankings during all periods shown for Class S shares reflect a fee waiver
and/or expense reimbursement for DWS LifeCompass 2020 Fund as well as for some
Underlying DWS Funds. Without these waivers/reimbursements, 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. Returns and rankings may differ by
share class. Average Annual Total Returnsas of 8/31/08DWS LifeCompass 2020 Fund
1-Year
3-Year
5-Year
10-YearClass S
-8.22%
3.53%
6.94%
5.37%Russell 1000 Index+
-10.60%
3.85%
7.41%
5.21%Russell 2000 Index++
-5.48%
4.80%
9.55%
9.53%Lehman Brothers U.S. Aggregate Index+++
5.86%
4.26%
4.61%
5.58% Sources: Lipper Inc. and Deutsche Investment Management Americas Inc. DWS LifeCompass 2020 Fund Net Asset Value and Distribution InformationClass SNet Asset Value:
8/31/08
$     13.698/31/07
$     15.50Distribution Information:
Twelve Months as of 8/31/08:Income Dividends
$     .59 Growth of an Assumed $10,000 Investment[]DWS LifeCompass 2020 Fund  Class S
[]Russell 1000 Index+
[]Russell 2000 Index++
[]Lehman Brothers U.S. Aggregate Index+++tds_g10k760Yearly periods ended August 31 Comparative Resultsas of 8/31/08DWS LifeCompass 2020 Fund
1-Year
3-Year
5-Year
10-YearClass S
Growth of $10,000
$9,178
$11,096
$13,983
$16,870Average annual total return
-8.22%
3.53%
6.94%
5.37% The growth of $10,000 is cumulative. DWS LifeCompass 2020 Fund Comparative Resultsas of 8/31/08DWS LifeCompass 2020 Fund
1-Year
3-Year
5-Year
10-YearRussell 1000 Index+
Growth of $10,000
$8,940
$11,201
$14,294
$16,624Average annual total return
-10.60%
3.85%
7.41%
5.21%Russell 2000 Index++
Growth of $10,000
$9,452
$11,511
$15,779
$24,842Average annual total return
-5.48%
4.80%
9.55%
9.53%Lehman Brothers U.S.
Aggregate Index+++
Growth of $10,000
$10,586
$11,333
$12,527
$17,215Average annual total return
5.86%
4.26%
4.61%
5.58% The growth of $10,000 is cumulative. +  The Russell 1000 Index is an unmanaged index that measures the performance of the
1,000 largest companies in the Russell 3000 Index, which represents approximately 92%
of the total market capitalization of the Russell 3000 Index.  + + The Russell 2000 Index is an unmanaged index that measures the performance of the
2,000 smallest companies in the Russell 3000 Index, which represents approximately 8%
of the total market capitalization of the Russell 3000 Index.  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 Lehman Brothers U.S. Aggregate Index is an unmanaged, market value-weighted
measure of treasury issues, agency issues, corporate bond issues and mortgage securities.
Barclays Capital completed an acquisition of Lehman Brothers' North American Investment
Banking and Capital Markets businesses. As part of the transaction, Lehman Brothers
indices have become part of Barclays Capital.  Index returns, unlike Fund returns, do not reflect any fees or expenses. It is not possible to
invest directly into an index.  Class S Lipper Rankings  Mixed-Asset Target 2020 Funds Categoryas of
8/31/08Period
Rank

Number of
Funds Tracked
Percentile
Ranking (%)1-Year
73
of
140
523-Year
21
of
57
375-Year
5
of
28
1810-Year
2
of
5
34 Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings
are based on total return with distributions reinvested. Rankings are for Class S shares;
other share classes may vary. DWS LifeCompass 2030 Fund Classes A, B and C 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 Class A shares is 5.75%. For Class B shares, the
maximum contingent deferred sales charge (CDSC) is 4% within the first year after
purchase, declining to 0% after six years. Class C shares have no front-end sales
charge but redemptions within one year of purchase may be subject to a CDSC of
1%. Unadjusted returns do not reflect sales charges and would have been lower if
they had. The total annual fund direct operating expense ratios, gross of any fee waivers or
expense reimbursements, as stated in the fee table of the prospectus dated
November 15, 2007 are 0.95%, 1.75% and 1.69% for Class A, Class B and Class C
shares, respectively. The total annual fund direct and estimated indirect Underlying
DWS Fund operating expense ratios, gross of any fee waivers or expense
reimbursements, as presented in the fee table of the prospectus dated November
15, 2007 are 1.65%, 2.45% and 2.39% for Class A, Class B and Class C shares,
respectively. Please see the Information About Each Fund's Expenses, the Financial
Highlights and Notes to the Financial Statements (Note B, Related Parties) sections
of this report for gross and net expense related disclosure for the period ended
August 31, 2008. Returns and rankings during all periods shown reflect a fee waiver and/or expense
reimbursement for DWS LifeCompass 2030 Fund as well as for some Underlying DWS
Funds. Without these waivers/reimbursements, 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. Returns and rankings may differ by
share class. Average Annual Total Returns(Unadjusted for Sales Charge) as of 8/31/08DWS LifeCompass 2030 Fund
1-Year
3-Year
Life of
Fund*Class A
-10.40%
3.56%
5.18%Class B
-11.09%
2.73%
4.38%Class C
-11.09%
2.76%
4.38%Russell 1000 Index+
-10.60%
3.85%
5.95%Russell 2000 Index++
-5.48%
4.80%
7.67%Lehman Brothers U.S. Aggregate Index+++
5.86%
4.26%
4.12% Sources: Lipper Inc. and Deutsche Investment Management Americas Inc. * The Fund commenced operations on November 1, 2004. Index returns began on
October 31, 2004.  DWS LifeCompass 2030 Fund Net Asset Value and Distribution InformationClass A
Class B
Class CNet Asset Value:
8/31/08
$     10.26
$     10.21
$     10.218/31/07
$     12.27
$     12.21
$     12.21Distribution Information:
Twelve Months as of 8/31/08:Income Dividends
$     .38
$     .28
$     .28Capital Gain Distributions
$     .45
$     .45
$     .45 Growth of an Assumed $10,000 Investment(Adjusted for Maximum Sales Charge)[]DWS LifeCompass 2030 Fund  Class A
[]Russell 1000 Index+
[]Russell 2000 Index++
[]Lehman Brothers U.S. Aggregate Index+++tds_g10k750 The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales
charge of 5.75%. This results in a net initial investment of $9,425. Comparative Results(Adjusted for Maximum Sales Charge) as of 8/31/08DWS LifeCompass 2030 Fund
1-Year
3-Year
Life of Fund*Class A
Growth of $10,000
$8,445
$10,466
$11,433Average annual total return
-15.55%
1.53%
3.56%Class B
Growth of $10,000
$8,640
$10,651
$11,583Average annual total return
-13.60%
2.12%
3.92%Class C
Growth of $10,000
$8,891
$10,851
$11,784Average annual total return
-11.09%
2.76%
4.38% The growth of $10,000 is cumulative. * The Fund commenced operations on November 1, 2004. Index returns began on
October 31, 2004.  DWS LifeCompass 2030 Fund Comparative Resultsas of 8/31/08DWS LifeCompass 2030 Fund
1-Year
3-Year
Life of Fund*Russell 1000 Index+
Growth of $10,000
$8,940
$11,201
$12,478Average annual total return
-10.60%
3.85%
5.95%Russell 2000 Index++
Growth of $10,000
$9,452
$11,511
$13,273Average annual total return
-5.48%
4.80%
7.67%Lehman Brothers
U.S. Aggregate
Index+++
Growth of $10,000
$10,586
$11,333
$11,674Average annual total return
5.86%
4.26%
4.12% The growth of $10,000 is cumulative. * The Fund commenced operations on November 1, 2004. Index returns began on
October 31, 2004.  +  The Russell 1000 Index is an unmanaged index that measures the performance of the
1,000 largest companies in the Russell 3000 Index, which represents approximately 92%
of the total market capitalization of the Russell 3000 Index.  + + The Russell 2000 Index is an unmanaged index that measures the performance of the
2,000 smallest companies in the Russell 3000 Index, which represents approximately 8%
of the total market capitalization of the Russell 3000 Index.  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 Lehman Brothers U.S. Aggregate Index is an unmanaged, market value-weighted
measure of treasury issues, agency issues, corporate bond issues and mortgage securities.
Barclays Capital completed an acquisition of Lehman Brothers' North American Investment
Banking and Capital Markets businesses. As part of the transaction, Lehman Brothers
indices have become part of Barclays Capital.   Index returns, unlike Fund returns, do not reflect any fees or expenses. It is not possible to
invest directly into an index.  Class A Lipper Rankings  Mixed-Asset Target 2030 Funds Categoryas of
8/31/08Period
Rank

Number of
Funds Tracked
Percentile
Ranking (%)1-Year
77
of
137
563-Year
23
of
54
42 Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings
are based on total return unadjusted for sales charges with distributions reinvested. If
sales charges had been included, rankings might have been less favorable. Rankings are
for Class A shares; other share classes may vary. DWS LifeCompass 2030 Fund Class S Class S shares are generally not available to new investors except under certain
circumstances (Please refer to the Fund's Statement of Additional Information.) 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 total annual fund direct operating expense ratio, gross of any fee waivers or
expense reimbursements, as stated in the fee table of the prospectus dated
November 15, 2007 is 0.73% for Class S shares. The total annual fund direct and
estimated indirect Underlying DWS Fund operating expense ratio, gross of any fee
waivers or expense reimbursements, as presented in the fee table of the prospectus
dated November 15, 2007 is 1.43% for Class S shares. Please see the Information
About Each Fund's Expenses, the Financial Highlights and Notes to the Financial
Statements (Note B, Related Parties) sections of this report for gross and net
expense related disclosure for the period ended August 31, 2008. Returns and rankings during all periods shown reflect a fee waiver and/or expense
reimbursement for DWS LifeCompass 2030 Fund as well as for some Underlying DWS
Funds. Without these waivers/reimbursements, 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. Returns and rankings may differ by
share class. Average Annual Total Returnsas of 8/31/08DWS LifeCompass 2030 Fund
1-Year
3-Year
Life of
Fund*Class S
-10.23%
3.79%
5.43%Russell 1000 Index+
-10.60%
3.85%
5.95%Russell 2000 Index++
-5.48%
4.80%
7.67%Lehman Brothers U.S. Aggregate Index+++
5.86%
4.26%
4.12% Sources: Lipper Inc. and Deutsche Investment Management Americas Inc. * The Fund commenced operations on November 1, 2004. Index returns began on
October 31, 2004.  DWS LifeCompass 2030 Fund Net Asset Value and Distribution InformationClass SNet Asset Value:
8/31/08
$     10.278/31/07
$     12.29Distribution Information:
Twelve Months as of 8/31/08:Income Dividends
$     .41Capital Gain Distributions
$     .45 Growth of an Assumed $10,000 Investment[]DWS LifeCompass 2030 Fund  Class S
[]Russell 1000 Index+
[]Russell 2000 Index++
[]Lehman Brothers U.S. Aggregate Index+++tds_g10k740 Comparative Resultsas of 8/31/08DWS LifeCompass 2030 Fund
1-Year
3-Year
Life of
Fund*Class S
Growth of $10,000
$8,977
$11,180
$12,241Average annual total return
-10.23%
3.79%
5.43% The growth of $10,000 is cumulative. * The Fund commenced operations on November 1, 2004. Index returns began on
October 31, 2004.  DWS LifeCompass 2030 Fund Comparative Resultsas of 8/31/08DWS LifeCompass 2030 Fund
1-Year
3-Year
Life of
Fund*Russell 1000 Index+
Growth of $10,000
$8,940
$11,201
$12,478Average annual total return
-10.60%
3.85%
5,95%Russell 2000 Index++
Growth of $10,000
$9,452
$11,511
$13,273Average annual total return
-5.48%
4.80%
7.67%Lehman Brothers U.S.
Aggregate Index+++
Growth of $10,000
$10,586
$11,333
$11,674Average annual total return
5.86%
4.26%
4.12% The growth of $10,000 is cumulative. * The Fund commenced operations on November 1, 2004. Index returns began on
October 31, 2004.  +  The Russell 1000 Index is an unmanaged index that measures the performance of the
1,000 largest companies in the Russell 3000 Index, which represents approximately 92%
of the total market capitalization of the Russell 3000 Index.  + + The Russell 2000 Index is an unmanaged index that measures the performance of the
2,000 smallest companies in the Russell 3000 Index, which represents approximately 8%
of the total market capitalization of the Russell 3000 Index.  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 Lehman Brothers U.S. Aggregate Index is an unmanaged, market value-weighted
measure of treasury issues, agency issues, corporate bond issues and mortgage securities.
Barclays Capital completed an acquisition of Lehman Brothers' North American Investment
Banking and Capital Markets businesses. As part of the transaction, Lehman Brothers
indices have become part of Barclays Capital.   Index returns, unlike Fund returns, do not reflect any fees or expenses. It is not possible to
invest directly into an index.  Class S Lipper Rankings  Mixed-Asset Target 2030 Funds Categoryas of
8/31/08Period
Rank

Number of
Funds Tracked
Percentile
Ranking (%)1-Year
70
of
137
513-Year
15
of
54
28 Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings
are based on total return with distributions reinvested. Rankings are for Class S shares;
other share classes may vary. DWS LifeCompass 2040 Fund Classes A and C 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 Class A shares is 5.75%. Class C shares have no
front-end sales charge but redemptions within one year of purchase may be subject
to a CDSC of 1%. Unadjusted returns do not reflect sales charges and would have
been lower if they had. The total annual fund direct operating expense ratios, gross of any fee waivers or
expense reimbursements, as stated in the fee table of the prospectus dated
November 15, 2007 are 0.99% and 1.74% for Class A and Class C shares,
respectively. The total annual fund direct and estimated indirect Underlying DWS
Fund operating expense ratios, gross of any fee waivers or expense
reimbursements, as presented in the fee table of the prospectus dated
November 15, 2007 are 1.69% and 2.44% for Class A and Class C shares,
respectively. Please see the Information About Each Fund's Expenses, the Financial
Highlights and Notes to the Financial Statements (Note B, Related Parties) sections
of this report for gross and net expense related disclosure for the period ended
August 31, 2008. Returns and rankings during the period shown reflect a fee waiver and/or expense
reimbursement for DWS LifeCompass 2040 Fund as well as for some Underlying DWS
Funds. Without these waivers/reimbursements, 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. Returns and rankings may differ by
share class. Cumulative Total Returns(Unadjusted for Sales Charge) as of 8/31/08DWS LifeCompass 2040 Fund
Life of
Fund*Class A
-9.24%Class C
-9.54%Russell 1000 Index+
-11.60%Russell 2000 Index++
-2.68%Lehman Brothers U.S. Aggregate Index+++
2.29% Sources: Lipper Inc. and Deutsche Investment Management Americas Inc. * The Fund commenced operations on November 15, 2007. Index returns began on
November 30, 2007.  DWS LifeCompass 2040 Fund Net Asset Value and Distribution InformationClass A
Class CNet Asset Value:
8/31/08
$     8.77
$     8.7311/15/07 (commencement of operations)
$     10.00
$     10.00Distribution Information:
11/15/07 (commencement of operations) to 8/31/08:Income Dividends
$     .33
$     .32 Growth of an Assumed $10,000 Investment(Adjusted for Maximum Sales Charge)[]DWS LifeCompass 2040 Fund  Class A
[]Russell 1000 Index+
[]Russell 2000 Index++
[]Lehman Brothers U.S. Aggregate Index+++tds_g10k730 The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales
charge of 5.75%. This results in a net initial investment of $9,425. Comparative Results(Adjusted for Maximum Sales Charge) as of 8/31/08DWS LifeCompass 2040 Fund
Life of Fund*Class A
Growth of $10,000
$8,554Average annual total return
-14.46%Class C
Growth of $10,000
$8,958Average annual total return
-10.42% The growth of $10,000 is cumulative. * The Fund commenced operations on November 15, 2007. Index returns began on
November 30, 2007.  DWS LifeCompass 2040 Fund Comparative Resultsas of 8/31/08DWS LifeCompass 2040 Fund
Life of Fund*Russell 1000 Index+
Growth of $10,000
$8,840Average annual total return
-11.60%Russell 2000 Index++
Growth of $10,000
$9,732Average annual total return
-2.68%Lehman Brothers U.S. Aggregate Index+++
Growth of $10,000
$10,229Average annual total return
2.29% The growth of $10,000 is cumulative. * The Fund commenced operations on November 15, 2007. Index returns began on
November 30, 2007.  +  The Russell 1000 Index is an unmanaged index that measures the performance of the
1,000 largest companies in the Russell 3000 Index, which represents approximately 92%
of the total market capitalization of the Russell 3000 Index.  + + The Russell 2000 Index is an unmanaged index that measures the performance of the
2,000 smallest companies in the Russell 3000 Index, which represents approximately 8%
of the total market capitalization of the Russell 3000 Index.  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 Lehman Brothers U.S. Aggregate Index is an unmanaged, market value-weighted
measure of treasury issues, agency issues, corporate bond issues and mortgage securities.
Barclays Capital completed an acquisition of Lehman Brothers' North American Investment
Banking and Capital Markets businesses. As part of the transaction, Lehman Brothers
indices have become part of Barclays Capital.   Index returns, unlike Fund returns, do not reflect any fees or expenses. It is not possible to
invest directly into an index.  DWS LifeCompass 2040 Fund Class S Class S shares are generally not available to new investors except under certain
circumstances (Please refer to the Fund's Statement of Additional Information.) 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 total annual fund direct operating expense ratio, gross of any fee waivers or
expense reimbursements, as stated in the fee table of the prospectus dated
November 15, 2007 is 0.75% for Class S shares. The total annual fund direct and
estimated indirect Underlying DWS Fund operating expense ratio, gross of any fee
waivers or expense reimbursements, as presented in the fee table of the prospectus
dated November 15, 2007 is 1.45% for Class S shares. Please see the Information
About Each Fund's Expenses, the Financial Highlights and Notes to the Financial
Statements (Note B, Related Parties) sections of this report for gross and net
expense related disclosure for the period ended August 31, 2008. Returns and rankings during the period shown reflect a fee waiver and/or expense
reimbursement for DWS LifeCompass 2040 Fund as well as for some Underlying DWS
Funds. Without these waivers/reimbursements, 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. Returns and rankings may differ by
share class. Cumulative Total Returnsas of 8/31/08DWS LifeCompass 2040 Fund
Life of
Fund*Class S
-9.11%Russell 1000 Index+
-11.60%Russell 2000 Index++
-2.68%Lehman Brothers U.S. Aggregate Index++
2.29% Sources: Lipper Inc. and Deutsche Investment Management Americas Inc. * The Fund commenced operations on November 15, 2007. Index returns began on
November 30, 2007.  Net Asset Value and Distribution InformationClass SNet Asset Value:
8/31/08
$     8.7911/15/07 (commencement of operations)
$     10.00Distribution Information:
11/15/07 (commencement of operations) to 8/31/08:Income Dividends
$     .33 DWS LifeCompass 2040 Fund Growth of an Assumed $10,000 Investment[]DWS LifeCompass 2040 Fund  Class S
[]Russell 1000 Index+
[]Russell 2000 Index++
[]Lehman Brothers U.S. Aggregate Index+++tds_g10k720 Comparative Resultsas of 8/31/08DWS LifeCompass 2040 Fund
Life of Fund*Class S
Growth of $10,000
$9,089Average annual total return
-9.11%Russell 1000 Index+
Growth of $10,000
$8,840Average annual total return
-11.60%Russell 2000 Index++
Growth of $10,000
$9,732Average annual total return
-2.68%Lehman Brothers U.S. Aggregate Index+++
Growth of $10,000
$10,229Average annual total return
2.29% The growth of $10,000 is cumulative. * The Fund commenced operations on November 15, 2007. Index returns began on
November 30, 2007.  +  The Russell 1000 Index is an unmanaged index that measures the performance of the
1,000 largest companies in the Russell 3000 Index, which represents approximately 92%
of the total market capitalization of the Russell 3000 Index.  + + The Russell 2000 Index is an unmanaged index that measures the performance of the
2,000 smallest companies in the Russell 3000 Index, which represents approximately 8%
of the total market capitalization of the Russell 3000 Index.  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 Lehman Brothers U.S. Aggregate Index is an unmanaged, market value-weighted
measure of treasury issues, agency issues, corporate bond issues and mortgage securities.
Barclays Capital completed an acquisition of Lehman Brothers' North American Investment
Banking and Capital Markets businesses. As part of the transaction, Lehman Brothers
indices have become part of Barclays Capital.   Index returns, unlike Fund returns, do not reflect any fees or expenses. It is not possible to
invest directly into an index.  Information About Each Fund's Expenses As an investor of the Funds, you incur two types of costs: ongoing expenses
and transaction costs. Ongoing expenses include distribution and service
(12b-1) fees and other Fund expenses. Examples of transaction costs
include sales charges (loads), redemption fees 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. In addition to the ongoing expenses
which the Fund bears directly, the Fund's shareholders indirectly bear the
expenses of the Underlying DWS Funds in which the Fund invests. The
Fund's estimated indirect expense from investing in the Underlying DWS
Funds is based on the expense ratios from the Underlying DWS Fund's most
recent shareholder report. In the most recent six-month period, DWS
LifeCompass Retirement Fund, DWS LifeCompass 2015 Fund, DWS
LifeCompass 2020 Fund, DWS LifeCompass 2030 Fund and DWS
LifeCompass 2040 Fund limited these expenses; had they not done so,
expenses would have been higher. In addition, certain of the Underlying
DWS Funds limited expenses; had they not done so, expenses would have
been higher. The examples in the tables are based on an investment of
$1,000 invested at the beginning of the period and held for the entire period(March 1, 2008 to August 31, 2008). 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. An account maintenance fee of $6.25
per quarter for Class S shares may apply for certain accounts whose
balances do not meet the applicable minimum initial investment. This fee is
not included in these tables. If it was, the estimate of expenses paid for
Class S shares during the period would be higher, and account value during
the period would be lower, by this amount. DWS LifeCompass Retirement Fund Direct Fund Expenses and Value of a $1,000 Investmentfor the six months ended August 31, 2008Actual Fund Return
Class A
Class B
Class C
Class SBeginning Account Value 3/1/08
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 8/31/08
$       972.60
$       969.00
$       969.20
$       973.90Expenses Paid per $1,000*
$       2.58
$       6.34
$       6.29
$       1.34Hypothetical 5% Fund Return
Class A
Class B
Class C
Class SBeginning Account Value 3/1/08
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 8/31/08
$       1,022.52
$       1,018.70
$       1,018.75
$       1,023.78Expenses Paid per $1,000*
$       2.64
$       6.50
$       6.44
$       1.37 Direct Fund Expenses and Acquired Funds (Underlying Funds)
Fees and Expenses and Value of a $1,000 Investmentfor the six months ended August 31, 2008Actual Fund Return
Class A
Class B
Class C
Class SBeginning Account Value 3/1/08
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 8/31/08
$       972.60
$       969.00
$       969.20
$       973.90Expenses Paid per $1,000**
$       5.60
$       9.35
$       9.31
$       4.37Hypothetical 5% Fund Return
Class A
Class B
Class C
Class SBeginning Account Value 3/1/08
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 8/31/08
$       1,019.46
$       1,015.63
$       1,015.69
$       1,020.71Expenses Paid per $1,000**
$       5.74
$       9.58
$       9.53
$       4.47 * Expenses are equal to the Fund's annualized expense ratio for each share class, 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 366.  ** Expenses are equal to the Fund's annualized expense ratio for each class plus the Acquired
Funds (Underlying Funds) Fees and Expenses, 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 366.  Annualized Expense Ratios
Class A
Class B
Class C
Class SDirect Fund Expense Ratios
.52%
1.28%
1.27%
.27%Acquired Funds (Underlying Funds)
Fees and Expenses
.61%
.61%
.61%
.61%Net Annual Fund and Acquired Funds
(Underlying Funds) Operating Expenses
1.13%
1.89%
1.88%
.88% For more information, please refer to the Fund's prospectus. DWS LifeCompass 2015 Fund Direct Fund Expenses and Value of a $1,000 Investmentfor the six months ended August 31, 2008Actual Fund Return
Class A
Class B
Class C
Class SBeginning Account Value 3/1/08
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 8/31/08
$       964.80
$       961.90
$       961.10
$       966.70Expenses Paid per $1,000*
$       2.37
$       6.07
$       6.06
$       1.14Hypothetical 5% Fund Return
Class A
Class B
Class C
Class SBeginning Account Value 3/1/08
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 8/31/08
$       1,022.72
$       1,018.95
$       1,018.95
$       1,023.98Expenses Paid per $1,000*
$       2.44
$       6.24
$       6.24
$       1.17 Direct Fund Expenses and Acquired Funds (Underlying Funds)
Fees and Expenses and Value of a $1,000 Investmentfor the six months ended August 31, 2008Actual Fund Return
Class A
Class B
Class C
Class SBeginning Account Value 3/1/08
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 8/31/08
$       964.80
$       961.90
$       961.10
$       966.70Expenses Paid per $1,000**
$       5.38
$       9.07
$       9.07
$       4.15Hypothetical 5% Fund Return
Class A
Class B
Class C
Class SBeginning Account Value 3/1/08
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 8/31/08
$       1,019.66
$       1,015.89
$       1,015.89
$       1,020.91Expenses Paid per $1,000**
$       5.53
$       9.32
$       9.32
$       4.27 * Expenses are equal to the Fund's annualized expense ratio for each share class, 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 366.  ** Expenses are equal to the Fund's annualized expense ratio for each class plus the Acquired
Funds (Underlying Funds) Fees and Expenses ,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 366.  Annualized Expense Ratios
Class A
Class B
Class C
Class SDirect Fund Expense Ratios
.48%
1.23%
1.23%
.23%Acquired Funds (Underlying Funds)
Fees and Expenses
.61%
.61%
.61%
.61%Net Annual Fund and Acquired Funds
(Underlying Funds) Operating Expenses
1.09%
1.84%
1.84%
.84% For more information, please refer to the Fund's prospectus. DWS LifeCompass 2020 Fund Direct Fund Expenses and Value of a $1,000 Investmentfor the six months ended August 31, 2008Actual Fund Return
Class A
Class B
Class C
Class SBeginning Account Value 3/1/08
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 8/31/08
$       963.30
$       960.30
$       960.30
$       964.80Expenses Paid per $1,000*
$       2.42
$       6.11
$       6.11
$       1.19Hypothetical 5% Fund Return
Class A
Class B
Class C
Class SBeginning Account Value 3/1/08
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 8/31/08
$       1,022.67
$       1,018.90
$       1,018.90
$       1,023.93Expenses Paid per $1,000*
$       2.49
$       6.29
$       6.29
$       1.22 Direct Fund Expenses and Acquired Funds (Underlying Funds) Fees and
Expenses and Value of a $1,000 Investmentfor the six months ended August 31, 2008Actual Fund Return
Class A
Class B
Class C
Class SBeginning Account Value 3/1/08
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 8/31/08
$       963.30
$       960.30
$       960.30
$       964.80Expenses Paid per $1,000**
$       5.43
$       9.12
$       9.12
$       4.20Hypothetical 5% Fund Return
Class A
Class B
Class C
Class SBeginning Account Value 3/1/08
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 8/31/08
$       1,019.61
$       1,015.84
$       1,015.84
$       1,020.86Expenses Paid per $1,000**
$       5.58
$       9.37
$       9.37
$       4.32 * Expenses are equal to the Fund's annualized expense ratio for each share class, 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 366.  ** Expenses are equal to the Fund's annualized expense ratio for each class plus the Acquired
Funds (Underlying Funds) Fees and Expenses ,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 366.  Annualized Expense Ratios
Class A
Class B
Class C
Class SDirect Fund Expense Ratios
.49%
1.24%
1.24%
.24%Acquired Funds (Underlying Funds)
Fees and Expenses
.61%
.61%
.61%
.61%Net Annual Fund and Acquired Funds
(Underlying Funds) Operating Expenses
1.10%
1.85%
1.85%
.85% For more information, please refer to the Fund's prospectus. DWS LifeCompass 2030 Fund Direct Fund Expenses and Value of a $1,000 Investmentfor the six months ended August 31, 2008Actual Fund Return
Class A
Class B
Class C
Class SBeginning Account Value 3/1/08
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 8/31/08
$       960.70
$       956.90
$       956.90
$       961.60Expenses Paid per $1,000*
$       2.22
$       5.90
$       5.90
$       .99Hypothetical 5% Fund Return
Class A
Class B
Class C
Class SBeginning Account Value 3/1/08
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 8/31/08
$       1,022.87
$       1,019.10
$       1,019.10
$       1,024.13Expenses Paid per $1,000*
$       2.29
$       6.09
$       6.09
$       1.02 Direct Fund Expenses and Acquired Funds (Underlying Funds)
Fees and Expenses and Value of a $1,000 Investmentfor the six months ended August 31, 2008Actual Fund Return
Class A
Class B
Class C
Class SBeginning Account Value 3/1/08
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 8/31/08
$       960.70
$       956.90
$       956.90
$       961.60Expenses Paid per $1,000**
$       5.42
$       9.10
$       9.10
$       4.19Hypothetical 5% Fund Return
Class A
Class B
Class C
Class SBeginning Account Value 3/1/08
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 8/31/08
$       1,019.61
$       1,015.84
$       1,015.84
$       1,020.86Expenses Paid per $1,000**
$       5.58
$       9.37
$       9.37
$       4.32 * Expenses are equal to the Fund's annualized expense ratio for each share class, 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 366.  ** Expenses are equal to the Fund's annualized expense ratio for each class plus the Acquired
Funds (Underlying Funds) Fees and Expenses ,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 366.  Annualized Expense Ratios
Class A
Class B
Class C
Class SDirect Fund Expense Ratios
.45%
1.20%
1.20%
.20%Acquired Funds (Underlying Funds)
Fees and Expenses
.65%
.65%
.65%
.65%Net Annual Fund and Acquired Funds
(Underlying Funds) Operating Expenses
1.10%
1.85%
1.85%
.85% For more information, please refer to the Fund's prospectus. DWS LifeCompass 2040 Fund Direct Fund Expenses and Value of a $1,000 Investmentfor the six months ended August 31, 2008Actual Fund Return
Class A
Class C
Class SBeginning Account Value 3/1/08
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 8/31/08
$       971.20
$       969.00
$       971.30Expenses Paid per $1,000*
$       2.43
$       6.14
$       1.19Hypothetical 5% Fund Return
Class A
Class C
Class SBeginning Account Value 3/1/08
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 8/31/08
$       1,022.67
$       1,018.90
$       1,023.93Expenses Paid per $1,000*
$       2.49
$       6.29
$       1.22 Direct Fund Expenses and Acquired Funds (Underlying Funds)
Fees and Expenses and Value of a $1,000 Investmentfor the six months ended August 31, 2008Actual Fund Return
Class A
Class C
Class SBeginning Account Value 3/1/08
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 8/31/08
$       971.20
$       969.00
$       971.30Expenses Paid per $1,000**
$       5.75
$       9.45
$       4.51Hypothetical 5% Fund Return
Class A
Class C
Class SBeginning Account Value 3/1/08
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 8/31/08
$       1,019.30
$       1,015.53
$       1,020.56Expenses Paid per $1,000**
$       5.89
$       9.68
$       4.62 * Expenses are equal to the Fund's annualized expense ratio for each share class, 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 366.  ** Expenses are equal to the Fund's annualized expense ratio for each class plus the Acquired
Funds (Underlying Funds) Fees and Expenses ,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 366.  Annualized Expense Ratios
Class A
Class C
Class SDirect Fund Expense Ratios
.49%
1.24%
.24%Acquired Funds (Underlying Funds) Fees and Expenses
.67%
.67%
.67%Net Annual Fund and Acquired Funds (Underlying Funds)
Operating Expenses
1.16%
1.91%
.91% For more information, please refer to the Fund's prospectus. Portfolio Management Review DWS Target Date Series: A Team Approach to Investing Deutsche Investment Management Americas Inc. ("DIMA" or the
"Advisor"), which is part of Deutsche Asset Management, is the investment
advisor for DWS Target Date Series. DIMA and its predecessors have more
than 80 years of experience managing mutual funds and DIMA provides a
full range of investment advisory services to institutional and retail clients. Deutsche Asset Management is a global asset management organization
that offers a wide range of investing expertise and resources. This
well-resourced global investment platform brings together a wide variety of
experience and investment insight across industries, regions, asset classes
and investing styles. DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG.
Deutsche Bank AG is a major global banking institution that is engaged in a
wide range of financial services, including investment management, mutual
funds, retail, private and commercial banking, investment banking and
insurance. Portfolio Management Team Inna Okounkova Director of Deutsche Asset Management and Portfolio Manager of the funds. • Joined Deutsche Asset Management in 1999 as a quantitative analyst, becoming an
associate portfolio manager in 2001. • Lead Portfolio Manager for Asset Allocation Strategies: New York. Global Asset Allocation
Portfolio Manager: New York. • Joined the funds in 2002. • BS, MS, Moscow State University; MBA, University of Chicago Robert Wang Managing Director of Deutsche Asset Management and Portfolio Manager of the funds. • Joined Deutsche Asset Management in 1995 as portfolio manager for asset allocation after
13 years of experience of trading fixed income, foreign exchange and derivative products at
J.P. Morgan. • Global Head of Quantitative Strategies Portfolio Management: New York. • Joined the funds in 2002. • BS, The Wharton School, University of Pennsylvania. In the following interview, the portfolio management team discusses
market conditions, portfolio management strategy and the resulting
performance of DWS LifeCompass Funds during the 12 months ended
August 31, 2008. 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. Q: How would you characterize the market environment over the
last 12 months? A:This was a period of considerable economic uncertainty and
significant turmoil throughout the capital markets. By early 2008,
what began as a correction in the subprime housing market had
accelerated into the worst financial crisis in decades, with profound
implications for the entire US economy and related effects on global
markets and economies. Financial markets became quite
risk-averse, as demonstrated by wider credit spreads, severe
dislocation in short-term credit markets and a highly volatile equity
market.1 As 2008 progressed, US markets were faced with
additional bad news, including capital and liquidity problems
experienced by major financial institutions, increased concern about
rising prices for energy and food, higher unemployment and the
possibility of a recession. 1 Credit spreads are the additional yield provided by non-Treasury fixed-income securities
versus Treasury securities of comparable duration.  In this challenging economic environment, most US equity indices
posted negative returns for the 12 months ended August 31, 2008.
The Russell 3000® Index, which is generally regarded as a good
indicator of the broad stock market, posted a negative return of
10.22% for the period.2 The large-cap Russell 1000® Index posted a
return of -10.60% for the 12-month period, while the small-cap
Russell 2000® Index returned -5.48%.3 Growth stocks generally
performed better than value stocks: the return of the Russell 1000®
Growth Index was -6.77%, compared with -14.66% for the Russell
1000® Value Index.4 2 The Russell 3000 Index measures the performance of the 3,000 largest US companies
based on total market capitalization, which represents approximately 98% of the investable
US equity market. 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.  3 The Russell 1000 Index is an unmanaged index that measures the performance of the
1,000 largest companies in the Russell 3000 Index, which represents approximately 92%
of the total market capitalization of the Russell 3000 Index. The Russell 2000 Index  is an
unmanaged index that measures the performance of the 2,000 smallest companies in the
Russell 3000 Index, which represents approximately 8% of the total market capitalization
of the Russell 3000 Index.  4 The Russell 1000 Growth Index measures the performance of those Russell 1000
companies with higher price-to-book ratios and higher forecasted growth values, while the
Russell 1000 Value Index measures the performance of those Russell 1000 companies
with lower price-to-book ratios and lower forecasted growth values.  Performance of equity markets around the world varied, but nearly
all were down. The return of the MSCI Europe, Australasia and Far
East (EAFE) Index, which measures performance of a broad range
of international markets, was -14.41%.5 Even the previously robust
emerging markets declined; the return of the MSCI Emerging
Market Index was -10.09% for the period.6 5 The MSCI EAFE (Morgan Stanley Capital International Europe, Australasia and Far East
Index) is composed of approximately 1,100 companies in 20 countries in Europe and the
Pacific Basin. The objective of the index is to reflect the movements of stock markets in
these countries by representing an unmanaged (indexed) portfolio within each country. The
index is calculated in US dollars and is constructed to represent about 60% of market
capitalization in each country.   6 The Morgan Stanley Capital International (MSCI) Emerging Markets Index is an unmanaged
capitalization-weighted index of companies in a universe of 26 emerging markets. The
index is calculated using closing local market prices and translates into US dollars using the
London close foreign exchange rates.   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 major theme in the bond market over the past year has been
that bonds with the highest credit ratings, especially US Treasury
bonds, which are assumed to carry no credit risk, have
outperformed lower-rated bonds. The return of the Lehman Brothers
U.S. Treasury Index, which measures performance of US Treasury
bonds, was 8.65% for the 12 months ended August 31, 2008,
compared with a return of 5.86% for the Lehman Brothers U.S.
Aggregate Index, which measures performance of the overall bond
market.7 Credit spreads (the difference between Treasury securities
and bonds that carry credit risk) have been at or near historically
wide levels through most of the period, and bonds with
below-investment-grade credit ratings generally performed poorly,
as investors shied away from risk. Return of the Credit Suisse High
Yield Index was -1.07%.8 7 The Lehman Brothers U.S. Treasury Index is an unmanaged index of public obligations of
the US Treasury. The Lehman Brothers U.S. Aggregate Index is an unmanaged,
market-value-weighted measure of treasury issues, agency issues, corporate bond issues
and mortgage securities. Barclays Capital completed an acquisition of Lehman Brothers'
North American Investment Banking and Capital Markets businesses. As part of the
transaction, Lehman Brothers indices have become part of Barclays Capital.  8 Credit Suisse (CS) High Yield Index is an unmanaged, unleveraged, trader-priced portfolio
constructed to mirror the global high-yield debt market.  Index returns, unlike fund returns, do not reflect any fees or expenses. It is not possible to
invest directly into an index.  Q: Will you describe the transition to the DWS LifeCompass Funds
from the DWS Allocation Funds? A:In November 2007 the four target risk funds known as the DWS
Allocation Funds were converted into target date funds now known
as DWS LifeCompass Target Date Funds, and a new fund was
created. Name changes and changes in asset allocation targets
made in the course of this transition are summarized in the
following table. DWS Allocation
Funds
Equity/Fixed
Income Allocation

DWS LifeCompass
Target Date Funds
Equity/Fixed
Income Allocation*DWS Conservative
Allocation Fund
40% Equity/
60% Fixed Income
->
DWS LifeCompass
Retirement Fund
35% Equity/
65% Fixed IncomeDWS Moderate
Allocation Fund
60% Equity/
40% Fixed Income
->
DWS LifeCompass
2015 Fund
60% Equity/
40% Fixed IncomeDWS Growth
Allocation Fund
75% Equity/
25% Fixed Income
->
DWS LifeCompass
2020 Fund
70% Equity/
30% Fixed IncomeDWS Growth Plus
Allocation Fund
100% Equity
->
DWS LifeCompass
2030 Fund
90% Equity/
10% Fixed IncomeNew Fund Launch
->
DWS LifeCompass
2040 Fund
95% Equity/
5% Fixed Income * Allocations are subject to change.  As outlined in the table, several of these funds were changed to
more conservative investment mixes. To meet the needs of
investors who are still many years from retirement, we launched the
new DWS LifeCompass 2040 Fund, which is targeted to be 95%
equity. Over time, as the target date for each fund approaches, we
expect that allocations will be changed to a greater percentage of
fixed income, balanced by a lower percentage of equity. Other changes included a reduction in the value bias in both
large-cap and small-cap equities, an increased allocation to
international equities and a reduced cash allocation in all funds. We believe that these changes provide investors with a broader
range of well-defined choices to meet their needs throughout their
investing lifetime. Q: What is the investment process for the DWS LifeCompass
Funds? A:Our strategy for managing the fund-of-funds portfolios and
evaluating their performance consists of threecomponents:
strategic asset allocation, tactical asset allocation and allocation
to the underlying funds. The first component, strategic asset allocation (SAA), has the largest
influence on performance. We review strategic asset allocation at
least once a year, using a proprietary methodology to find optimal
allocations with the appropriate time horizon for each of the five
funds  DWS LifeCompass Retirement Fund, DWS LifeCompass
2015 Fund, DWS LifeCompass 2020 Fund, DWS LifeCompass 2030
Fund and DWS LifeCompass 2040 Fund. During the 12-month period ending August 31, 2008, there
were three different strategic allocations in place. The first strategic
allocation was in place during September and October before
the transition from the DWS Allocation Funds. The new
DWS LifeCompass strategic allocations outlined in the previous
table were in place from November 2007 through June 2008. In July 2008 we updated the strategic asset allocation for each of
the funds as part of the annual review. We maintained the overall
breakdown between equities and fixed income for each of the funds
at the levels outlined in the previous table. Within equities and fixed
income, we made the following changes: •   increased the allocation to international equities •   established an allocation to international small-cap equities •   eliminated the value bias within US large-cap equities •   maintained or increased the value bias within small-cap equities •   established or increased the allocation to international developed
and emerging-market bonds •   increased the allocation to US high-yield bonds •  reduced the allocation to Treasury Inflation-Protected Securities,
known as TIPs, which are US Treasury securities that provide
protection against inflation •   reduced or eliminated the allocation to commodities It is too early to evaluate the impact of the changes on performance,
as we implemented the changes only during the last two months of
the reporting period. The second component of our investment process is tactical asset
allocation (TAA), which is implemented as underweight or
overweight of a particular asset class relative to its longer-term SAA
target.9 TAAs are updated every month using both fundamental
analysis and quantitative models.10 The TAA views are combined
and adjusted to appropriate risk levels to specify a tactical asset
allocation for each of the five portfolios. 9 "Overweight" means the fund holds a higher weighting in a given security, sector or
investment category than the benchmark. "Underweight" means the fund holds a lower
weighting.  10 Fundamental analysis is the use of all available information about a possible investment,
such as earnings growth, management capability, industry trends, and a company's
financial strength and quantitative measures, to determine value. Quantitative models use
mathematical and statistical analysis to evaluate investments in a rigorous, risk-controlled
fashion.  With the addition of ETFs to the investment universe for the funds,
we were able to significantly increase the number of potential
tactical asset allocation decisions. The new TAA includes decisions
regarding exposure to individual countries, coupled with the
respective currency views and decisions regarding industry group
exposure that have been implemented within the US large-cap
portion of the portfolios. The final element of the process is fund allocation. This involves
much more than simply selecting funds by style based on strategic
and tactical asset allocation. Each month we analyze the holdings in
each fund, measuring exposure to factors such as specific
industries, beta, size and style.11 Our goal is to identify
combinations of funds that help implement our targeted asset
allocations, capturing the ability of the fund managers to select the
best stocks, while neutralizing unintended factor bets. 11 Beta is a measurement of risk relative to the market as a whole.  In addition to the changes described above, we made several
significant changes to the underlying funds. The funds' board of
directors approved investing in Exchange Traded Funds (ETFs) in
addition to the DWS mutual funds, and we added 22 ETFs to the
underlying fund universe. ETFs are investment vehicles traded on
stock exchanges, much like stocks; most ETFs are designed to track
a specific index, providing a low-cost way to gain access to a
specific market segment. Also we added DWS US Bond Index Fund
to achieve a greater manager diversification in the intermediate
investment-grade bond space. Q: How do you evaluate the performance of the funds, and how
did they perform over the last year? A:Since there are no published indices that accurately reflect the
asset mixes of these funds, we evaluate performance mainly by
comparing the performance of our funds with that of similar funds,
using categories defined and published by Lipper. These peer
groups are: •   Mixed-Asset Target Allocation Conservative Funds for
DWS LifeCompass Retirement •   Mixed-Asset Target 2015 Funds for DWS LifeCompass 2015 •   Mixed-Asset Target 2020 Funds for DWS LifeCompass 2020 •   Mixed-Asset Target 2030 Funds for DWS LifeCompass 2030 •   Mixed-Asset Target 2040 Funds for DWS LifeCompass 204012 12 The Lipper Mixed-Asset Target Allocation Conservative Funds category consists of funds
that maintain a mix of between 20%-40% equity securities, with the remainder invested in
bonds, cash cash equivalents. 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. The Lipper Mixed-Asset Target 2020
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 2020. The Lipper
Mixed-Asset Target 2030 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
2030. The Lipper Mixed-Asset Target 2040 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 2040. Category returns assume reinvestment of dividends. It is not
possible to invest directly into a Lipper category.  For the fiscal year ended August 31, 2008, all of the four funds
for which we have results for the full 12-month period
underperformed the average return of their peer groups. The
new DWS LifeCompass 2040 Fund outperformed its peer group for
the period it was in operation. Our strategic asset allocation
contributed to performance, while tactical allocation detracted.
Underlying fund performance had a significantly negative impact on
the results of all the funds, with the exception of DWS LifeCompass
2040 fund. Strategic asset allocation added considerable value, outperforming
the median of peer funds. A reduction of the strategic allocation to
equities in three of the funds contributed to performance, as
equities were down during the period. Tactical asset allocation
detracted slightly from performance, with asset class and
geographic concentration and industry group decisions having a
negative impact. Q: How did the underlying funds perform over the last 12 months? A:The portfolios have the potential to invest in approximately
50 different funds, providing exposure to all categories of
US equities, international equities, commodities and a variety of
fixed-income securities. The performance of each fund is compared
with returns of indices of securities in the appropriate asset classes.
Since these indices represent broad asset classes in which the
managers of the DWS LifeCompass Funds invest, they serve mainly
as points of comparison for returns of asset classes within the
portfolios (such as US equities or intermediate-term bonds), but
they are not necessarily benchmarks against which the underlying
funds are managed. For the 12 months ending August 31, 2008, most of the underlying
funds, particularly bond funds, underperformed their benchmark
indices. DWS Core Fixed Income Fund significantly underperformed
its benchmark index, as did the other bond funds, with the
exception of DWS US Bond Index Fund, which is designed to match
the performance of the Lehman Brothers U.S. Aggregate Index. Most of the underlying equity funds also detracted from
performance. However, both DWS Large Cap Value Fund and DWS
Large Company Growth Fund performed better than their
benchmarks, contributing to relative performance. Q: Do you have other comments for shareholders? A:The last year has been an extraordinarily difficult period for
investors in both equity and bond markets, as reflected in the
negative returns of the funds. While it is always disappointing to
report negative returns, we continue to believe that a rigorous
approach to strategic and tactical asset allocation, combined with
diligent risk management, offers investors the potential for superior
risk-adjusted returns over time. We take a disciplined approach to
adjusting allocations on a regular basis, while attempting to avoid
excessive transaction costs. We believe that the investment
processes we use, combining in-depth research with long-term
forecasting, have the potential to add significant value. The DWS LifeCompass Funds are structured to meet the needs of
investors with a wide range of time horizons. With five funds in the
series, this group of funds may be appropriate for a variety of
investors, ranging from those who are retired and in need of current
income to those with many years to invest for the future. For many
investors, disciplined asset allocation funds such as these offer the
potential to take advantage of a wide range of investment
opportunities. We believe that ours is a much more forward-looking approach
to asset allocation than the methods used by competing funds. As
markets continue to evolve, we will review these strategic
allocations annually and alter the asset mix as we deem appropriate
and in the best interest of investors in these DWS LifeCompass
Funds. Fund Highlights DWS LifeCompass Retirement Fund DWS LifeCompass Retirement Fund seeks current income and, as
a secondary objective, long-term growth of capital. The fund is
designed for investors who are already in retirement or who plan to
retire or begin withdrawing portions of their investments in the near
future. The fund pursues its investment objective by investing in other
DWS mutual funds. The fund may also invest in securities of Exchange
Traded Funds ("ETFs") when the desired economic exposure to a
particular market or sector is not available through a DWS fund. The portfolio's target allocation is 35% equity funds and 65%
fixed-income funds. While the actual asset allocation may vary, the
managers expect that over the long term the average allocation will be
similar to the target asset allocation. Performance DWS LifeCompass Retirement Fund provided a total return of
-4.76% (Class A shares) for the 12-month period ended August 31,
2008. (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 10 for the performance of other share classes and for more
complete performance information.) The portfolio underperformed
the -2.50% average total return of its peers in the Lipper
Mixed-Asset Target Allocation Conservative Funds category. Fund Strategy A strategic allocation change from 40% equity to 35% equity was
positive for performance, since most equity indices had negative
returns for the 12-month period. Tactical asset allocation detracted
slightly from performance, with asset class, geographic
concentration and industry group decisions having a negative
impact. In the fixed-income portion of the portfolio,
underperformance by the DWS bond funds detracted from
performance. DWS LifeCompass 2015 Fund DWS LifeCompass 2015 Fund seeks to achieve as high total return as is
consistent with its asset allocation until the target year. As the fund
approaches its target year, the fund will decrease its emphasis on
growth of capital and increase its emphasis on current income. The
fund is designed for investors seeking to meet their respective
investment goals, such as retirement, around the year 2015. The fund
pursues its investment objective by investing in other DWS mutual
funds. The fund may also invest in securities of Exchange Traded Funds
("ETFs") when the economic exposure to a particular market or sector
is not available through a DWS fund. Performance DWS LifeCompass 2015 Fund provided a total return of -7.39%
(Class A shares) for the 12-month period ended August 31, 2008.
(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 11 through 17 for the
performance of other share classes and for more complete
performance information.) The portfolio underperformed the -6.35%
average total return of its peers in the Lipper Mixed-Asset Target
2015 Funds category. Fund Strategy Strategic asset allocation added value, outperforming the median of
peer funds, while tactical asset allocation detracted slightly from
performance, with asset class, geographic concentration and
industry group decisions having a negative impact. In the
fixed-income portion of the portfolio, underperformance by the DWS
bond funds detracted from performance. Most of the underlying
equity funds also detracted from performance; however, the
large-cap equity portion of the portfolio performed better than its
benchmarks, contributing to relative performance. DWS LifeCompass 2020 Fund DWS LifeCompass 2020 Fund seeks to achieve as high total return as is
consistent with its asset allocation until the target year. As the fund
approaches its target year, the fund will decrease its emphasis on
growth of capital and increase its emphasis on current income. The
fund is designed for investors seeking to meet their respective
investment goals, such as retirement, around the year 2020. The fund
pursues its investment objective by investing in other DWS mutual
funds. The fund may also invest in securities of Exchange Traded Funds
("ETFs") when the economic exposure to a particular market or sector
is not available through a DWS fund. Performance DWS LifeCompass 2020 Fund provided a total return of -8.48%
(Class A shares) for the 12-month period ended August 31, 2008.
(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 18 through 24 for the
performance of other share classes and for more complete
performance information.) The portfolio underperformed the -7.78%
average total return of its peers in the Lipper Mixed-Asset Target
2020 Funds category. Fund Strategy A strategic allocation change from 75% equity to 70% equity
was positive for performance, since most equity indices had
negative returns for the 12-month period. Tactical asset allocation
detracted slightly from performance, with asset class, geographic
concentration and industry group decisions having a negative
impact. In the fixed-income portion of the portfolio,
underperformance by the DWS bond funds detracted from
performance. Most of the underlying equity funds also detracted
from performance; however, the large-cap equity portion of the
portfolio performed better than its benchmarks, contributing to
relative performance. DWS LifeCompass 2030 Fund DWS LifeCompass 2030 Fund seeks to achieve as high total return as is
consistent with its asset allocation until the target year. As the fund
approaches its target year, the fund will decrease its emphasis on
growth of capital and increase its emphasis on current income. The
fund is designed for investors seeking to meet their respective
investment goals, such as retirement, around the year 2030. The fund
pursues its investment objective by investing in other DWS mutual
funds. The fund may also invest in securities of Exchange Traded Funds
("ETFs") when the economic exposure to a particular market or sector
is not available through a DWS fund. Performance DWS LifeCompass 2030 Fund provided a total return of -10.40%
(Class A shares) for the 12-month period ended August 31, 2008.
(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 25 through 29 for the
performance of other share classes and for more complete
performance information.) The portfolio underperformed the -9.85%
average total return of its peers in the Lipper Mixed-Asset Target
2030 Funds category. Fund Strategy A strategic allocation change from 100% equity to 90% equity was
positive for performance, since most equity indices had negative
returns for the 12-month period. Tactical asset allocation detracted
slightly from performance, with asset class, geographic
concentration and industry group decisions having a negative
impact. In the fixed-income portion of the portfolio,
underperformance by the DWS bond funds detracted from
performance. Most of the underlying equity funds also detracted
from performance; however, the large-cap equity portion of the
portfolio performed better than its benchmarks, contributing to
relative performance. DWS LifeCompass 2040 Fund DWS LifeCompass 2040 Fund seeks to achieve as high total return as is
consistent with its asset allocation until the target year. As the fund
approaches its target year, the fund will decrease its emphasis on
growth of capital and increase its emphasis on current income. The
fund is designed for investors seeking to meet their respective
investment goals, such as retirement, around the year 2040. The fund
pursues its investment objective by investing in other DWS mutual
funds. The fund may also invest in securities of Exchange Traded Funds
("ETFs") when the economic exposure to a particular market or sector
is not available through a DWS fund. Performance DWS LifeCompass 2040 Fund provided a total return of -9.24%
(Class A shares) for the period from the fund's inception date of
November 15, 2007, through August 31, 2008. (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 31 through 35 for the performance
of other share classes and for more complete performance
information.) Fund Strategy This new fund has a target allocation of 95% equity and 5%
fixed income. Strategic asset allocation added considerable value,
outperforming the median of peer funds. Tactical asset allocation
detracted slightly from performance, with asset class, geographic
concentration and industry group decisions having a negative
impact. Most of the underlying funds also detracted from
performance; however, the large-cap equity portion of the portfolio
performed better than its benchmarks, contributing to relative
performance. Portfolio Summaries DWS LifeCompass Retirement Fund Asset Allocation
8/31/08
8/31/07Fixed Income  Money Market
2%
13%Fixed Income  Bonds
62%
46%Equity
35%
41%Equity  Exchange Traded Funds
1%
100%
100% Target Allocation
8/31/08
8/31/07Fixed Income Funds
65%
60%Equity Funds
35%
40% Asset allocation is subject to change. DWS LifeCompass 2015 Fund Asset Allocation
8/31/08
8/31/07Fixed Income  Money Market
1%
7%Fixed Income  Bonds
37%
32%Equity
61%
61%Equity  Exchange Traded Funds
1%
-100%
100% Target Allocation
8/31/08
8/31/07Fixed Income Funds
40%
40%Equity Funds
60%
60% Asset allocation is subject to change. DWS LifeCompass 2020 Fund Asset Allocation
8/31/08
8/31/07Fixed Income  Money Market
2%
5%Fixed Income  Bonds
27%
18%Equity
70%
77%Equity  Exchange Traded Funds
1%
100%
100% Target Allocation
8/31/08
8/31/07Fixed Income Funds
30%
25%Equity Funds
70%
75% Asset allocation is subject to change. DWS LifeCompass 2030 Fund Asset Allocation
8/31/08
8/31/07Fixed Income  Money Market
1%
3%Fixed Income  Bonds
8%
Equity  Exchange Traded Funds
1%
Equity
90%
97%100%
100% Target Allocation
8/31/08
8/31/07Fixed Income Funds
10%
Equity Funds
90%
100% Asset allocation is subject to change. DWS LifeCompass 2040 Fund Asset Allocation
8/31/08Fixed Income  Money Market
3%Fixed Income  Bonds
4%Equity
80%Equity  Exchange Traded Funds
13%100% Target Allocation
8/31/08Fixed Income Funds
5%Equity Funds
95% Asset allocation is subject to change. For more complete details about each Fund's investment portfolio, see pages 58-67. 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. In addition, the Fund's top ten holdings and other
information about the Fund is posted on www.dws-investments.com as of the calendar
quarter-end on or after the 15th day following quarter-end. 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. The 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 Portfoliosas of August 31, 2008 DWS LifeCompass Retirement Fund Shares
Value ($)Equity  Equity Funds 35.2%DWS Blue Chip Fund "Institutional"
11,506
192,730DWS Capital Growth Fund "Institutional"
29,455
1,581,432DWS Commodity Securities Fund "Institutional"
111
1,736DWS Communications Fund "Institutional"
12,983
221,487DWS Disciplined Long/Short Value Fund "Institutional"
91,854
806,480DWS Dreman Concentrated Value Fund "Institutional"
17,719
153,623DWS Dreman High Return Equity Fund "Institutional"
9,601
348,710DWS Dreman Mid Cap Value Fund "Institutional"
135,402
1,387,871DWS Dreman Small Cap Value Fund "Institutional"
46,801
1,590,312DWS Emerging Markets Equity Fund "Institutional"
15,439
287,940DWS Equity 500 Index Fund "Institutional"
95,359
13,896,595DWS Equity Partners Fund "Institutional"
120,655
1,877,390DWS Europe Equity Fund "Institutional"
81,174
2,372,727DWS Global Opportunities Fund "Institutional"
1,392
50,348DWS Global Thematic Fund "Institutional"
54,395
1,271,219DWS Gold & Precious Metals Fund "Institutional"
30,477
541,888DWS Growth & Income Fund "Institutional"
160,569
2,583,549DWS Health Care Fund "Institutional"
21,123
540,105DWS International Fund "Institutional"
22,865
1,287,989DWS International Select Equity Fund "Institutional"
160,276
1,360,746DWS International Value Opportunities Fund "Institutional"
88,043
939,423DWS Japan Equity Fund "S"
41,865
418,231DWS Large Cap Value Fund "Institutional"
223,844
4,248,554DWS Large Company Growth Fund "Institutional"
66,710
1,937,913DWS Micro Cap Fund "Institutional"
7,611
114,391DWS RREEF Global Real Estate Securities Fund "Institutional"
76,535
662,794DWS RREEF Real Estate Securities Fund "Institutional"
15,040
285,462DWS Small Cap Core Fund "S"
49,934
865,858DWS Small Cap Growth Fund "Institutional"
34,286
697,724DWS Technology Fund "Institutional"
80,946
954,348Total Equity Funds(Cost $47,634,927)
43,479,575Equity  Exchange Traded Funds 0.6%iShares MSCI Canada Index Fund
15,343
467,041iShares MSCI EAFE Small Cap Index Fund
2,919
115,592iShares MSCI United Kingdom Index Fund
9,264
178,425Total Exchange Traded Funds (Cost $807,647)
761,058Fixed Income  Bond Funds 62.5%DWS Core Fixed Income Fund "Institutional"
4,302,497
42,852,871DWS Core Plus Income Fund "Institutional"
160
1,856DWS Emerging Markets Fixed Income Fund "Institutional"
1,671
19,601DWS Floating Rate Plus Fund "Institutional"
1,768,705
15,900,658DWS Global Bond Fund "S"
193,301
1,948,472DWS GNMA Fund "S"
135,210
1,990,290DWS High Income Fund "Institutional"
1,105,484
5,184,718DWS High Income Plus Fund "Institutional"
11,439
76,638DWS Inflation Protected Plus Fund "Institutional"
548,425
5,780,400DWS Short Duration Fund "Institutional"
711
6,738DWS Short Duration Plus Fund "Institutional"
359,653
3,441,882Total Fixed Income  Bond Funds (Cost $81,059,882)
77,204,124Fixed Income  Money Market Funds 1.8%Cash Management QP Trust
2,143,433
2,143,433DWS Money Market Prime Series "DWS Cash Investment
Trust Class S"
7,979
7,979DWS Money Market Series "Institutional"
19,669
19,669Total Fixed Income  Money Market Funds (Cost $2,171,081)
2,171,081 % of Net
Assets
Value ($)Total Investment Portfolio(Cost $131,673,537)+
100.1
123,615,838Other Assets and Liabilities, Net
(0.1)
(109,595)Net Assets
100.0
123,506,243 +  The cost for federal income tax purposes was $132,564,006. At August 31, 2008, net
unrealized depreciation for all securities based on tax cost was $8,948,168. This consisted
of aggregate gross unrealized appreciation for all securities in which there was an excess
of value over tax cost of $2,265,468 and aggregate gross unrealized depreciation for all
securities in which there was an excess of tax cost over value of $11,213,636.  During the year ended August 31, 2008, purchases and sales of mutual funds (excluding Cash
Management QP Trust and other money market funds) aggregated $68,859,833 and
$63,170,000, respectively. MSCI: Morgan Stanley Capital International The accompanying notes are an integral part of the financial statements. DWS LifeCompass 2015 Fund Shares
Value ($)Equity  Equity Funds 60.9%DWS Blue Chip Fund "Institutional"
11,201
187,618DWS Capital Growth Fund "Institutional"
68,846
3,696,365DWS Commodity Securities Fund "Institutional"
28,330
442,797DWS Communications Fund "Institutional"
65,920
1,124,597DWS Disciplined Long/Short Value Fund "Institutional"
234,820
2,061,716DWS Dreman Concentrated Value Fund "Institutional"
45,383
393,472DWS Dreman High Return Equity Fund "Institutional"
34,141
1,240,003DWS Dreman Mid Cap Value Fund "Institutional"
427,782
4,384,762DWS Dreman Small Cap Value Fund "Institutional"
133,910
4,550,252DWS Emerging Markets Equity Fund "Institutional"
151,235
2,820,540DWS Enhanced S&P 500 Index Fund "S"
165,586
1,993,655DWS Equity 500 Index Fund "Institutional"
321,399
46,837,488DWS Equity Partners Fund "Institutional"
438,300
6,819,956DWS Europe Equity Fund "Institutional"
365,349
10,679,143DWS Global Opportunities Fund "Institutional"
4,177
151,044DWS Global Thematic Fund "Institutional"
140,030
3,272,509DWS Gold & Precious Metals Fund "Institutional"
30,337
539,396DWS Growth & Income Fund "Institutional"
571,798
9,200,224DWS Health Care Fund "Institutional"
117,820
3,012,660DWS International Fund "Institutional"
57,786
3,255,110DWS International Select Equity Fund "Institutional"
400,873
3,403,413DWS International Value Opportunities Fund "Institutional"
266,582
2,844,435DWS Japan Equity Fund "S"
104,010
1,039,063DWS Large Cap Value Fund "Institutional"
751,157
14,256,952DWS Large Company Growth Fund "Institutional"
237,435
6,897,483DWS Micro Cap Fund "Institutional"
16,403
246,536DWS RREEF Global Real Estate Securities Fund "Institutional"
206,932
1,792,030DWS RREEF Real Estate Securities Fund "Institutional"
53,393
1,013,401DWS Small Cap Core Fund "S"
280,754
4,868,279DWS Small Cap Growth Fund "Institutional"
91,543
1,862,904DWS Technology Fund "Institutional"
247,926
2,923,046Total Equity Funds (Cost $162,304,413)
147,810,849Equity  Exchange Traded Funds 0.5%iShares MSCI Canada Index Fund
23,014
700,546iShares MSCI EAFE Small Cap Index Fund
2,919
115,592iShares MSCI United Kingdom Index Fund
24,866
478,919Total Exchange Traded Funds (Cost $1,370,983)
1,295,057Fixed Income  Bond Funds 37.6%DWS Core Fixed Income Fund "Institutional"
6,445,425
64,196,530DWS Core Plus Income Fund "Institutional"
745
8,662DWS Emerging Markets Fixed Income Fund "Institutional"
104,917
1,230,675DWS Floating Rate Plus Fund "Institutional"
565,402
5,082,962DWS Global Bond Fund "S"
247,082
2,490,582DWS GNMA Fund "S"
421
6,191DWS High Income Fund "Institutional"
2,240,603
10,508,428DWS High Income Plus Fund "Institutional"
1,741
11,666DWS Inflation Protected Plus Fund "Institutional"
720,423
7,593,262DWS Short Duration Plus Fund "Institutional"
821
7,854Total Fixed Income  Bond Funds (Cost $95,899,655)
91,136,812Fixed Income  Money Market Funds 1.5%Cash Management QP Trust
3,469,144
3,469,144DWS Money Market Prime Series "DWS Cash Investment
Trust Class S"
11,646
11,646DWS Money Market Series "Institutional"
22,641
22,641Total Fixed Income  Money Market Funds (Cost $3,503,431)
3,503,431 % of Net
Assets
Value ($)Total Investment Portfolio(Cost $263,078,482)+
100.5
243,746,149Other Assets and Liabilities, Net
(0.5)
(1,205,465)Net Assets
100.0
242,540,684 +  The cost for federal income tax purposes was $265,738,427. At August 31, 2008, net
unrealized depreciation for all securities based on tax cost was $21,992,278. This consisted
of aggregate gross unrealized appreciation for all securities in which there was an excess
of value over tax cost of $7,834,637 and aggregate gross unrealized depreciation for all
securities in which there was an excess of tax cost over value of $29,826,915.  During the year ended August 31, 2008, purchases and sales of mutual funds (excluding Cash
Management QP Trust and other money market funds) aggregated $81,393,766 and
$106,565,000, respectively. MSCI: Morgan Stanley Capital International The accompanying notes are an integral part of the financial statements. DWS LifeCompass 2020 Fund Shares
Value ($)Equity  Equity Funds 70.1%DWS Blue Chip Fund "Institutional"
132,338
2,216,668DWS Capital Growth Fund "Institutional"
39,004
2,094,145DWS Commodity Securities Fund "Institutional"
38,171
596,619DWS Communications Fund "Institutional"
56,881
970,392DWS Disciplined Long/Short Value Fund "Institutional"
229,636
2,016,205DWS Dreman Concentrated Value Fund "Institutional"
55,080
477,545DWS Dreman High Return Equity Fund "Institutional"
55,518
2,016,410DWS Dreman Mid Cap Value Fund "Institutional"
459,521
4,710,089DWS Dreman Small Cap Value Fund "Institutional"
138,089
4,692,268DWS Emerging Markets Equity Fund "Institutional"
196,466
3,664,096DWS Equity 500 Index Fund "Institutional"
408,103
59,472,818DWS Equity Partners Fund "Institutional"
522,260
8,126,361DWS Europe Equity Fund "Institutional"
437,452
12,786,716DWS Global Opportunities Fund "Institutional"
13,337
482,257DWS Global Thematic Fund "Institutional"
250,952
5,864,752DWS Gold & Precious Metals Fund "Institutional"
31,293
556,395DWS Growth & Income Fund "Institutional"
665,618
10,709,801DWS Health Care Fund "Institutional"
132,608
3,390,787DWS International Fund "Institutional"
83,638
4,711,334DWS International Select Equity Fund "Institutional"
530,298
4,502,227DWS International Value Opportunities Fund "Institutional"
263,115
2,807,432DWS Japan Equity Fund "S"
120,241
1,201,211DWS Large Cap Value Fund "Institutional"
1,067,931
20,269,336DWS Large Company Growth Fund "Institutional"
341,817
9,929,788DWS Micro Cap Fund "Institutional"
17,899
269,017DWS RREEF Global Real Estate Securities Fund "Institutional"
283,316
2,453,516DWS RREEF Real Estate Securities Fund "Institutional"
65,106
1,235,720DWS Small Cap Core Fund "S"
486,668
8,438,830DWS Small Cap Growth Fund "Institutional"
87,702
1,784,729DWS Technology Fund "Institutional"
266,136
3,137,747Total Equity Funds (Cost $200,385,278)
185,585,211Equity  Exchange Traded Funds 0.8%iShares MSCI Canada Index Fund
35,404
1,077,697iShares MSCI EAFE Small Cap Index Fund
4,553
180,299iShares MSCI United Kingdom Index Fund
48,757
939,060Total Exchange Traded Funds (Cost $2,322,771)
2,197,056Fixed Income  Bond Funds 27.1%DWS Core Fixed Income Fund "Institutional"
5,247,580
52,265,892DWS Core Plus Income Fund "Institutional"
1,947
22,624DWS Emerging Markets Fixed Income Fund "Institutional"
118,396
1,388,787DWS Floating Rate Plus Fund "Institutional"
463,298
4,165,050DWS Global Bond Fund "S"
237,216
2,391,142DWS GNMA Fund "S"
1,158
17,039DWS High Income Fund "Institutional"
1,228,442
5,761,393DWS High Income Plus Fund "Institutional"
381
2,552DWS Inflation Protected Plus Fund "Institutional"
548,135
5,777,346Total Fixed Income  Bond Funds(Cost $75,733,887)
71,791,825Fixed Income  Money Market Funds 2.2%Cash Management QP Trust
5,690,404
5,690,404DWS Money Market Prime Series "DWS Cash Investment
Trust Class S"
8,688
8,688DWS Money Market Series "Institutional"
25,980
25,980Total Fixed Income  Money Market Funds(Cost $5,725,072)
5,725,072 % of Net
Assets
Value ($)Total Investment Portfolio(Cost $284,167,008)+
100.2
265,299,164Other Assets and Liabilities, Net
(0.2)
(418,165)Net Assets
100.0
264,880,999 +  The cost for federal income tax purposes was $285,354,583. At August 31, 2008, net
unrealized depreciation for all securities based on tax cost was $20,055,419. This consisted
of aggregate gross unrealized appreciation for all securities in which there was an excess
of value over tax cost of $12,730,236 and aggregate gross unrealized depreciation for all
securities in which there was an excess of tax cost over value of $32,785,655.  During the year ended August 31, 2008, purchases and sales of mutual funds (excluding Cash
Management QP Trust and other money market funds) aggregated $93,606,705 and
$90,300,000, respectively. MSCI: Morgan Stanley Capital International The accompanying notes are an integral part of the financial statements. DWS LifeCompass 2030 Fund Shares
Value ($)Equity  Equity Funds 90.4%DWS Blue Chip Fund "Institutional"
3,371
56,470DWS Capital Growth Fund "Institutional"
9,497
509,893DWS Commodity Securities Fund "Institutional"
6,183
96,640DWS Communications Fund "Institutional"
15,533
264,989DWS Disciplined Long/Short Value Fund "Institutional"
79,879
701,334DWS Dreman Concentrated Value Fund "Institutional"
4,670
40,493DWS Dreman High Return Equity Fund "Institutional"
9,188
333,724DWS Dreman Mid Cap Value Fund "Institutional"
124,558
1,276,719DWS Dreman Small Cap Value Fund "Institutional"
29,944
1,017,512DWS Emerging Markets Equity Fund "Institutional"
20,027
373,509DWS Equity 500 Index Fund "Institutional"
71,448
10,412,101DWS Equity Partners Fund "Institutional"
98,167
1,527,476DWS Europe Equity Fund "Institutional"
71,532
2,090,887DWS Global Opportunities Fund "Institutional"
1,777
64,254DWS Global Thematic Fund "Institutional"
40,375
943,558DWS Gold & Precious Metals Fund "Institutional"
19,320
343,515DWS Growth & Income Fund "Institutional"
125,077
2,012,491DWS Health Care Fund "Institutional"
33,178
848,370DWS International Fund "Institutional"
22,501
1,267,494DWS International Select Equity Fund "Institutional"
118,775
1,008,403DWS International Value Opportunities Fund "Institutional"
52,692
562,224DWS Japan Equity Fund "S"
27,305
272,776DWS Large Cap Value Fund "Institutional"
207,119
3,931,113DWS Large Company Growth Fund "Institutional"
60,557
1,759,174DWS Micro Cap Fund "Institutional"
3,308
49,716DWS Mid Cap Growth Fund "Institutional"
5,459
78,449DWS RREEF Global Real Estate Securities Fund "Institutional"
56,613
490,270DWS RREEF Real Estate Securities Fund "Institutional"
11,824
224,411DWS Small Cap Core Fund "S"
96,255
1,669,066DWS Small Cap Growth Fund "Institutional"
17,695
360,088DWS Technology Fund "Institutional"
104,747
1,234,966Total Equity Funds (Cost $41,233,256)
35,822,085Equity  Exchange Traded Funds 0.8%iShares MSCI Canada Index Fund
8,451
257,248iShares MSCI EAFE Small Cap Index Fund
934
36,986iShares MSCI United Kingdom Index Fund
975
18,779Total Exchange Traded Funds (Cost $332,490)
313,013Fixed Income  Bond Funds 8.3%DWS Core Fixed Income Fund "Institutional"
216,173
2,153,086DWS Emerging Markets Fixed Income Fund "Institutional"
8,249
96,764DWS Floating Rate Plus Fund "Institutional"
8,661
77,858DWS Global Bond Fund "S"
32,555
328,151DWS High Income Fund "Institutional"
55,221
258,986DWS Inflation Protected Plus Fund "Institutional"
35,865
378,015DWS US Bond Index Fund "Institutional"
996
10,107Total Fixed Income  Bond Funds (Cost $3,446,943)
3,302,967Fixed Income  Money Market Funds 0.8%Cash Management QP Trust
280,732
280,732DWS Money Market Prime Series "DWS Cash Investment
Trust Class S"
7,898
7,898DWS Money Market Series "Institutional"
6,768
6,768Total Fixed Income  Money Market Funds (Cost $295,398)
295,398 % of Net
Assets
Value ($)Total Investment Portfolio(Cost $45,308,087)+
100.3
39,733,463Other Assets and Liabilities, Net
(0.3)
(122,902)Net Assets
100.0
39,610,561 +  The cost for federal income tax purposes was $45,415,400. At August 31, 2008, net
unrealized depreciation for all securities based on tax cost was $5,681,937. This consisted
of aggregate gross unrealized appreciation for all securities in which there was an excess
of value over tax cost of $110,527 and aggregate gross unrealized depreciation for all
securities in which there was an excess of tax cost over value of $5,792,464.  During the year ended August 31, 2008, purchases and sales of mutual funds (excluding Cash
Management QP Trust and other money market funds) aggregated $21,218,780 and
$12,095,000, respectively. MSCI: Morgan Stanley Capital International The accompanying notes are an integral part of the financial statements. DWS LifeCompass 2040 Fund Shares
Value ($)Equity  Equity Funds 79.0%DWS Blue Chip Fund "Institutional"
468
7,840DWS Capital Growth Fund "Institutional"
4,248
228,092DWS Commodity Securities Fund "Institutional"
138
2,150DWS Communications Fund "Institutional"
2,034
34,699DWS Disciplined Long/Short Value Fund "Institutional"
6,153
54,026DWS Dreman Concentrated Value Fund "Institutional"
3,376
29,268DWS Dreman High Return Equity Fund "Institutional"
1,496
54,329DWS Dreman Mid Cap Value Fund "Institutional"
12,798
131,182DWS Dreman Small Cap Value Fund "Institutional"
7,450
253,142DWS Emerging Markets Equity Fund "Institutional"
971
18,100DWS Equity 500 Index Fund "Institutional"
4,597
669,871DWS Equity Partners Fund "Institutional"
8,855
137,791DWS Europe Equity Fund "Institutional"
4,526
132,293DWS Global Opportunities Fund "Institutional"
840
30,368DWS Global Thematic Fund "Institutional"
2,952
68,988DWS Gold & Precious Metals Fund "Institutional"
1,081
19,211DWS Growth & Income Fund "Institutional"
14,841
238,790DWS Health Care Fund "Institutional"
3,633
92,895DWS International Fund "Institutional"
1,922
108,292DWS International Select Equity Fund "Institutional"
7,841
66,570DWS International Value Opportunities Fund "Institutional"
5,109
54,511DWS Japan Equity Fund "S"
5,079
50,740DWS Large Cap Value Fund "Institutional"
12,630
239,722DWS Large Company Growth Fund "Institutional"
2,722
79,061DWS Micro Cap Fund "Institutional"
265
3,983DWS Mid Cap Growth Fund "Institutional"
126
1,804DWS RREEF Global Real Estate Securities Fund "Institutional"
7,003
60,642DWS RREEF Real Estate Securities Fund "Institutional"
2,066
39,220DWS Small Cap Core Fund "S"
7,101
123,134DWS Small Cap Growth Fund "Institutional"
5,071
103,204DWS Technology Fund "Institutional"
15,719
185,329Total Equity Funds (Cost $3,612,385)
3,319,247Equity  Exchange Traded Funds 12.6%Consumer Staples Select Sector SPDR Fund
2,566
72,207Energy Select Sector SPDR Fund
1,027
76,665Financial Select Sector SPDR Fund
2,419
51,815Industrial Select Sector SPDR Fund
2,966
104,936iShares MSCI Canada Index Fund
2,786
84,806iShares MSCI EAFE Small Cap Index Fund
2,058
81,497iShares MSCI United Kingdom Index Fund
2,969
57,183Total Exchange Traded Funds (Cost $524,892)
529,109Fixed Income  Bond Funds 4.0%DWS Core Fixed Income Fund "Institutional"
10,359
103,179DWS Emerging Markets Fixed Income Fund "Institutional"
866
10,160DWS Floating Rate Plus Fund "Institutional"
1,015
9,121DWS GNMA Fund "S"
275
4,042DWS Short Duration Plus Fund "Institutional"
834
7,984DWS US Bond Index Fund "Institutional"
3,127
31,743Total Fixed Income  Bond Funds (Cost $172,010)
166,229Fixed Income  Money Market Fund 2.9%Cash Management QP Trust (Cost $123,247)
123,247
123,247 % of Net
Assets
Value ($)Total Investment Portfolio(Cost $4,432,534)+
98.5
4,137,832Other Assets and Liabilities, Net
1.5
60,962Net Assets
100.0
4,198,794 +  The cost for federal income tax purposes was $4,445,973. At August 31, 2008, net
unrealized depreciation for all securities based on tax cost was $308,141. This consisted of
aggregate gross unrealized appreciation for all securities in which there was an excess of
value over tax cost of $26,976 and aggregate gross unrealized depreciation for all securities
in which there was an excess of tax cost over value of $335,117.  During the period ended August 31, 2008, purchases and sales of mutual funds (excluding Cash
Management QP Trust) aggregated $4,785,267 and $417,650, respectively. MSCI: Morgan Stanley Capital International SPDR: Standard & Poor's Depository Receipt The accompanying notes are an integral part of the financial statements.  Financial Statements Statements of Assets and Liabilitiesas of August 31, 2008Assets
DWS
LifeCompass
Retirement Fund
DWS
LifeCompass
2015 Fund
DWS
LifeCompass
2020 FundInvestments in Underlying Affiliated
Funds, at value (cost $130,865,890,
$261,707,499 and $281,844,237)
$       122,854,780
$       242,451,092
$       263,102,108Investments in Non-Affiliated Funds, at
value (cost $807,647, $1,370,983 and
$2,322,771)
761,058
1,295,057
2,197,056Total investments, at value (cost
$131,673,537, $263,078,482 and
$284,167,008)
123,615,838
243,746,149
265,299,164Dividends receivable
28,827
42,317
33,969Interest receivable
5,575
9,006
13,346Receivable for Fund shares sold
63,066
158,450
189,727Due from Advisor
127

Other assets
24,083
22,655
25,268Total assets
123,737,516
243,978,577
265,561,474LiabilitiesPayable for Fund shares redeemed
64,719
1,201,752
390,903Other accrued expenses and liabilities
166,554
236,141
289,572Total liabilities
231,273
1,437,893
680,475Net assets, at value
$    123,506,243
$    242,540,684
$    264,880,999Net Assets Consist ofUndistributed net investment income
817,201
1,087,801
4,581,908Net unrealized appreciation
(depreciation) on investments
(8,057,699)
(19,332,333)
(18,867,844)Accumulated net realized gain (loss)
(928,514)
(9,795,721)
297,588Paid-in capital
131,675,255
270,580,937
278,869,347Net assets, at value
$    123,506,243
$    242,540,684
$    264,880,999 The accompanying notes are an integral part of the financial statements. Statements of Assets and Liabilitiesas of August 31, 2008 (continued)Assets
DWS
LifeCompass
2030 Fund
DWS
LifeCompass
2040 FundInvestments:Investments in Underlying Affiliated Funds, at value (cost
$44,975,597 and $3,907,642)
$       39,420,450
$       3,608,723Investments in Non-Affiliated Funds, at value
(cost $332,490 and $524,892)
313,013
529,109Total investments, at value 
(cost $45,308,087 and $4,432,534)
39,733,463
4,137,832Dividends receivable
1,362
79Interest receivable
792
171Receivable for Fund shares sold
46,149
89,902Deferred offering cost

9,687Due from Advisor
23,225
22,127Other assets
45,576
8,162Total assets
39,850,567
4,267,960LiabilitiesPayable for Fund shares redeemed
145,429
124Other accrued expenses and liabilities
94,577
69,042Total liabilities
240,006
69,166Net assets, at value
$    39,610,561
$    4,198,794Net Assets Consist ofUndistributed net investment income
128,582
9,749Net unrealized appreciation (depreciation) on investments
(5,574,624)
(294,702)Accumulated net realized gain (loss)
1,716,957
44,740Paid-in capital
43,339,646
4,439,007Net assets, at value
$    39,610,561
$    4,198,794 The accompanying notes are an integral part of the financial statements. Statements of Assets and Liabilitiesas of August 31, 2008 (continued)Net Asset Value
DWS
LifeCompass
Retirement
Fund
DWS
LifeCompass
2015 Fund
DWS
LifeCompass
2020 FundClass A
Net assets applicable to shares
outstanding
$       34,263,326
$       97,067,637
$       84,568,646Shares outstanding of beneficial
interest, $.01 par value, unlimited
number of shares authorized
2,981,080
8,730,215
6,189,480Net Asset Value and redemption price
per share
$    11.49
$    11.12
$    13.66Maximum offering price per share
(100 ÷ 94.25 of net asset value)
$    12.19
$    11.80
$    14.49Class B
Net assets applicable to shares
outstanding
$       5,576,732
$       17,154,004
$       21,573,047Shares outstanding of beneficial
interest, $.01 par value, unlimited
number of shares authorized
485,328
1,544,606
1,594,136Net Asset Value, offering and
redemption price (subject to
contingent deferred sales charge) per
share
$    11.49
$    11.11
$    13.53Class C
Net assets applicable to shares
outstanding
$       12,754,317
$       28,296,519
$       30,090,503Shares outstanding of beneficial
interest, $.01 par value, unlimited
number of shares authorized
1,110,422
2,548,351
2,223,104Net Asset Value, offering and
redemption price (subject to
contingent deferred sales charge) per
share
$    11.49
$    11.10
$    13.54Class S
Net assets applicable to shares
outstanding
$       70,911,868
$       100,022,524
$       128,648,803Shares outstanding of beneficial
interest, $.01 par value, unlimited
number of shares authorized
6,169,729
9,006,294
9,397,141Net Asset Value, offering and
redemption price per share
$    11.49
$    11.11
$    13.69 The accompanying notes are an integral part of the financial statements. Statements of Assets and Liabilitiesas of August 31, 2008 (continued)Net Asset Value
DWS
LifeCompass
2030 Fund
DWS
LifeCompass
2040 FundClass A
Net assets applicable to shares outstanding
$       22,733,824
$       1,835,011Shares outstanding of beneficial interest, $.01 par value,
unlimited number of shares authorized
2,216,603
209,281Net Asset Value and redemption price per share
$    10.26
$    8.77Maximum offering price per share (100 ÷ 94.25 of
net asset value)
$    10.89
$    9.31Class B
Net assets applicable to shares outstanding
$       2,812,821
Shares outstanding of beneficial interest, $.01 par value,
unlimited number of shares authorized
275,499
Net Asset Value, offering and redemption price (subject
to contingent deferred sales charge) per share
$    10.21
Class C
Net assets applicable to shares outstanding
$       7,697,692
$       262,281Shares outstanding of beneficial interest, $.01 par value,
unlimited number of shares authorized
754,144
30,034Net Asset Value, offering and redemption price (subject
to contingent deferred sales charge) per share
$    10.21
$    8.73Class S
Net assets applicable to shares outstanding
$       6,366,224
$       2,101,502Shares outstanding of beneficial interest, $.01 par value,
unlimited number of shares authorized
619,849
239,192Net Asset Value, offering and redemption price
per share
$    10.27
$    8.79 The accompanying notes are an integral part of the financial statements. Statements of Operationsfor the year ended August 31, 2008Investment Income
DWS
LifeCompass
Retirement
Fund
DWS
LifeCompass
2015 Fund
DWS
LifeCompass
2020 FundIncome distributions from Underlying
Affiliated Funds
$       5,294,180
$       8,213,017
$       7,311,115Dividends


269Total Income
5,294,180
8,213,017
7,311,384Expenses:Administration fees
139,294
285,134
295,606Distribution and service fees
301,526
812,669
827,961Services to shareholders
263,595
605,358
709,853Custodian fees
13,241
7,129
10,856Professional fees
69,926
74,025
73,507Trustees' fees and expenses
7,238
14,048
13,959Reports to shareholders
48,752
65,490
97,334Registration fees
52,975
56,091
57,884Other
12,373
15,759
18,063Total expenses before expense
reductions
908,920
1,935,703
2,105,023Expense reductions
(183,757)
(363,085)
(455,773)Total expenses after expense
reductions
725,163
1,572,618
1,649,250Net investment income
4,569,017
6,640,399
5,662,134Realized and Unrealized Gain (Loss)Net realized gain (loss) from sale of
Underlying Affiliated Funds
(527,162)
42,366
3,187,680Capital Gain Distributions from
Underlying Affiliated Funds
4,663,093
16,259,398
20,616,8614,135,931
16,301,764
23,804,541Change in net unrealized appreciation
(depreciation) on investments
(15,018,239)
(43,329,482)
(54,396,305)Net gain (loss)
(10,882,308)
(27,027,718)
(30,591,764)Net increase (decrease) in net assets
resulting from operations
$    (6,313,291)
$    (20,387,319)
$    (24,929,630) The accompanying notes are an integral part of the financial statements. Statements of Operationsfor the year ended August 31, 2008Investment Income
DWS
LifeCompass
2030 Fund
DWS
LifeCompass
2040 Fund*Income distributions from Underlying Affiliated Funds
$       697,244
$       25,261Dividends
880
90Total Income
698,124
25,351Expenses:Administration fees
41,077
1,882Distribution and service fees
183,402
2,225Services to shareholders
89,388
4,857Custodian fees
7,950
5,718Audit and tax fees
53,353
43,300Legal
24,933
19,252Trustees' fees and expenses
2,945
1,007Reports to shareholders
35,601
9,441Registration fees
42,342
2,836Offering expenses

37,275Other
6,260
5,390Total expenses before expense reductions
487,251
133,183Expense reductions
(212,758)
(126,177)Total expenses after expense reductions
274,493
7,006Net investment income
423,631
18,345Realized and Unrealized Gain (Loss)Net realized gain (loss) from sale of Underlying Affiliated
Funds
(487,453)
(58,330)Capital Gain Distributions from Underlying
Affiliated Funds
3,353,737
134,8282,866,284
76,498Change in net unrealized appreciation (depreciation)
on investments
(7,900,725)
(294,702)Net gain (loss)
(5,034,441)
(218,204)Net increase (decrease) in net assets resulting
from operations
$    (4,610,810)
$    (199,859) * For the period from November 15, 2007 (commencement of operations) to
August 31, 2008.  The accompanying notes are an integral part of the financial statements. Statement of Changes in Net Assets 
DWS LifeCompass Retirement FundIncrease (Decrease) in Net Assets
Years Ended August 31,2008
2007Operations:Net investment income
$       4,569,017
$       4,490,029Net realized gain (loss)
4,135,931
5,733,076Change in net unrealized appreciation (depreciation)
(15,018,239)
717,961Net increase (decrease) in net assets resulting from
operations
(6,313,291)
10,941,066Distributions to shareholders from:Net investment income:Class A
(1,394,779)
(2,072,009)Class B
(199,640)
(314,048)Class C
(410,417)
(483,880)Class S
(3,034,657)
(4,082,856)Total distributions
(5,039,493)
(6,952,793)Fund share transactions:Proceeds from shares sold
33,561,976
39,111,769Reinvestment of distributions
4,561,129
6,253,241Cost of shares redeemed
(53,751,990)
(38,236,621)Redemption fees
1,288
5,017Net increase (decrease) in net assets from Fund share
transactions
(15,627,597)
7,133,406Increase (decrease) in net assets
(26,980,381)
11,121,679Net assets at beginning of period
150,486,624
139,364,945Net assets at end of period (including undistributed net
investment income of $817,201 and $0, respectively)
$    123,506,243
$    150,486,624 The accompanying notes are an integral part of the financial statements. Statement of Changes in Net Assets  DWS LifeCompass 2015 FundIncrease (Decrease) in Net Assets
Years Ended August 31,2008
2007Operations:Net investment income
$       6,640,399
$       7,201,614Net realized gain (loss)
16,301,764
15,502,854Change in net unrealized appreciation (depreciation)
(43,329,482)
6,190,605Net increase (decrease) in net assets resulting from
operations
(20,387,319)
28,895,073Distributions to shareholders from:Net investment income:Class A
(4,009,672)
(6,154,370)Class B
(597,346)
(1,066,025)Class C
(982,599)
(1,603,405)Class S
(4,384,519)
(7,731,503)Total distributions
(9,974,136)
(16,555,303)Fund share transactions:Proceeds from shares sold
56,174,934
85,597,676Reinvestment of distributions
9,542,383
15,918,372Cost of shares redeemed
(119,145,790)
(90,606,252)Redemption fees
737
2,719Net increase (decrease) in net assets from Fund share
transactions
(53,427,736)
10,912,515Increase (decrease) in net assets
(83,789,191)
23,252,285Net assets at beginning of period
326,329,875
303,077,590Net assets at end of period (including undistributed net
investment income of $1,087,801 and $0, respectively)
$    242,540,684
$    326,329,875 The accompanying notes are an integral part of the financial statements. Statement of Changes in Net Assets  DWS LifeCompass 2020 FundIncrease (Decrease) in Net Assets
Years Ended August 31,2008
2007Operations:Net investment income
$       5,662,134
$       5,395,285Net realized gain (loss)
23,804,541
20,837,863Change in net unrealized appreciation (depreciation)
(54,396,305)
7,643,665Net increase (decrease) in net assets resulting from
operations
(24,929,630)
33,876,813Distributions to shareholders from:Net investment income:Class A
(3,325,234)
(2,647,214)Class B
(768,334)
(597,525)Class C
(1,103,737)
(787,921)Class S
(5,849,080)
(4,805,990)Total distributions
(11,046,385)
(8,838,650)Fund share transactions:Proceeds from shares sold
56,286,523
63,581,791Reinvestment of distributions
10,562,999
8,470,836Cost of shares redeemed
(86,638,708)
(81,104,318)Redemption fees
349
13,575Net increase (decrease) in net assets from Fund share
transactions
(19,788,837)
(9,038,116)Increase (decrease) in net assets
(55,764,852)
16,000,047Net assets at beginning of period
320,645,851
304,645,804Net assets at end of period (including undistributed
net investment income of $4,581,908 and $4,082,609,
respectively)
$    264,880,999
$    320,645,851 The accompanying notes are an integral part of the financial statements. Statement of Changes in Net Assets  DWS LifeCompass 2030 FundIncrease (Decrease) in Net Assets
Years Ended August 31,2008
2007Operations:Net investment income
$       423,631
$       213,435Net realized gain (loss)
2,866,284
1,947,084Change in net unrealized appreciation (depreciation)
(7,900,725)
1,346,124Net increase (decrease) in net assets resulting from
operations
(4,610,810)
3,506,643Distributions to shareholders from:Net investment income:Class A
(698,906)
(363,002)Class B
(88,281)
(50,646)Class C
(252,188)
(132,628)Class S
(193,365)
(82,077)Net realized gains:Class A
(840,287)
(542,003)Class B
(142,055)
(112,749)Class C
(405,530)
(295,564)Class S
(214,234)
(110,405)Total distributions
(2,834,846)
(1,689,074)Fund share transactions:Proceeds from shares sold
18,465,111
20,632,105Reinvestment of distributions
2,681,360
1,611,367Cost of shares redeemed
(13,858,420)
(11,004,138)Redemption fees
90
169Net increase (decrease) in net assets from Fund share
transactions
7,288,141
11,239,503Increase (decrease) in net assets
(157,515)
13,057,072Net assets at beginning of period
39,768,076
26,711,004Net assets at end of period (including undistributed net
investment income of $128,582 and $2,693, respectively)
$    39,610,561
$    39,768,076 The accompanying notes are an integral part of the financial statements. Statement of Changes in Net Assets  DWS LifeCompass 2040 FundIncrease (Decrease) in Net Assets
Period Ended
August 31, 2008*Operations:Net investment income
$       18,345Net realized gain (loss)
76,498Change in net unrealized appreciation (depreciation)
(294,702)Net increase (decrease) in net assets resulting from operations
(199,859)Distributions to shareholders from:Net investment income:Class A
(5,583)Class C
(2,130)Class S
(34,879)Total distributions
(42,592)Fund share transactions:Proceeds from shares sold
4,584,175Reinvestment of distributions
42,592Cost of shares redeemed
(385,522)Net increase (decrease) in net assets from Fund share transactions
4,241,245Increase (decrease) in net assets
3,998,794Net assets at beginning of period (initial capital)
200,000Net assets at end of period (undistributed net investment income of $9,749)
$    4,198,794 * For the period from November 15, 2007 (commencement of operations) to
August 31, 2008.  The accompanying notes are an integral part of the financial statements. Financial Highlights DWS LifeCompass Retirement Fund  Class AYears Ended August 31,
2008
2007
2006
2005
2004Selected Per Share DataNet asset value, beginning of period
$    12.51
$    12.16
$    11.83
$    11.17
$    10.69Income (loss) from investment operations:
Net investment incomea
.40
.38
.33
.28
.29Net realized and unrealized gain (loss)
(.98)
.57
.33
.72
.52Total from investment operations
(.58)
.95
.66
1.00
.81Less distributions from:
Net investment income
(.44)
(.60)
(.33)
(.34)
(.33)Redemption fees
.00*
.00*
.00*
.00*
Net asset value, end of period
$    11.49
$    12.51
$    12.16
$    11.83
$    11.17Total Return (%)b,c,d
(4.76)
7.90
5.66
9.04
7.61Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
34
47
41
36
17Ratio of expenses before expense
reductions (%)
.69f
.63f
.88f
.77f
.57eRatio of expenses after expense
reductions (%)
.56f
.62f
.61f
.55f
.39eRatio of net investment income (%)
3.24
3.04
2.74
2.42
2.58Portfolio turnover rate (%)
48
21
69
55
56aBased on average shares outstanding during the period.bTotal return does not reflect the effect of any sales charge.cTotal return would have been lower had certain expenses not been reduced.dTotal return would have been lower if the Advisor had not reduced some Underlying
Funds' expenses.eEffective April 1, 2004, the Fund implemented a new expense structure in which the Fund
directly bears the fees and expenses of the Fund in addition to its proportionate share of
the fees and expenses incurred by the Underlying Funds in which the Fund is invested.fThe Fund invests in other Funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does
not include these indirect fees and expenses.*Amount is less than $.005. DWS LifeCompass Retirement Fund  Class BYears Ended August 31,
2008
2007
2006
2005
2004Selected Per Share DataNet asset value, beginning of period
$    12.52
$    12.16
$    11.83
$    11.17
$    10.70Income (loss) from investment operations:
Net investment incomea
.30
.29
.24
.20
.20Net realized and unrealized gain (loss)
(.97)
.57
.33
.71
.51Total from investment operations
(.67)
.86
.57
.91
.71Less distributions from:
Net investment income
(.36)
(.50)
(.24)
(.25)
(.24)Redemption fees
.00*
.00*
.00*
.00*
Net asset value, end of period
$    11.49
$    12.52
$    12.16
$    11.83
$    11.17Total Return (%)b,c,d
(5.46)
7.16
4.87
8.24
6.69Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
6
8
8
8
6Ratio of expenses before expense
reductions (%)
1.42f
1.34f
1.65f
1.60f
1.26eRatio of expenses after expense
reductions (%)
1.31f
1.34f
1.36f
1.30f
1.14eRatio of net investment income (%)
2.49
2.32
1.99
1.67
1.83Portfolio turnover rate (%)
48
21
69
55
56aBased on average shares outstanding during the period.bTotal return does not reflect the effect of any sales charge.cTotal return would have been lower had certain expenses not been reduced.dTotal return would have been lower if the Advisor had not reduced some Underlying
Funds' expenses.eEffective April 1, 2004, the Fund implemented a new expense structure in which the Fund
directly bears the fees and expenses of the Fund in addition to its proportionate share of
the fees and expenses incurred by the Underlying Funds in which the Fund is invested.fThe Fund invests in other Funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does
not include these indirect fees and expenses.*Amount is less than $.005. DWS LifeCompass Retirement Fund  Class CYears Ended August 31,
2008
2007
2006
2005
2004Selected Per Share DataNet asset value, beginning of period
$    12.52
$    12.16
$    11.82
$    11.16
$    10.69Income (loss) from investment operations:
Net investment incomea
.31
.30
.24
.19
.20Net realized and unrealized gain (loss)
(.98)
.56
.34
.72
.51Total from investment operations
(.67)
.86
.58
.91
.71Less distributions from:
Net investment income
(.36)
(.50)
(.24)
(.25)
(.24)Redemption fees
.00*
.00*
.00*
.00*
Net asset value, end of period
$    11.49
$    12.52
$    12.16
$    11.82
$    11.16Total Return (%)b,c,d
(5.43)
7.26
4.87
8.27
6.69Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
13
14
12
9
4Ratio of expenses before expense
reductions (%)
1.38f
1.34f
1.45f
1.39f
1.21eRatio of expenses after expense
reductions (%)
1.29f
1.29f
1.36f
1.30f
1.14eRatio of net investment income (%)
2.51
2.37
1.99
1.67
1.82Portfolio turnover rate (%)
48
21
69
55
56aBased on average shares outstanding during the period.bTotal return does not reflect the effect of any sales charge.cTotal return would have been lower had certain expenses not been reduced.dTotal return would have been lower if the Advisor had not reduced some Underlying
Funds' expenses.eEffective April 1, 2004, the Fund implemented a new expense structure in which the Fund
directly bears the fees and expenses of the Fund in addition to its proportionate share of
the fees and expenses incurred by the Underlying Funds in which the Fund is invested.fThe Fund invests in other Funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does
not include these indirect fees and expenses.*Amount is less than $.005. DWS LifeCompass Retirement Fund  Class SYears Ended August 31,
2008
2007
2006
2005
2004Selected Per Share DataNet asset value, beginning of period
$    12.51
$    12.16
$    11.83
$    11.17
$    10.69Income (loss) from investment operations:
Net investment incomea
.43
.41
.36
.32
.32Net realized and unrealized gain (loss)
(.98)
.57
.33
.71
.51Total from investment operations
(.55)
.98
.69
1.03
.83Less distributions from:
Net investment income
(.47)
(.63)
(.36)
(.37)
(.35)Redemption fees
.00*
.00*
.00*
.00*
Net asset value, end of period
$    11.49
$    12.51
$    12.16
$    11.83
$    11.17Total Return (%)b,c
(4.52)
8.18
5.93
9.33
7.86Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
71
81
80
36
43Ratio of expenses before expense
reductions (%)
.44e
.48e
.65e
.57e
.23dRatio of expenses after expense
reductions (%)
.30e
.37e
.35e
.30e
.13dRatio of net investment income (%)
3.50
3.29
3.00
2.67
2.84Portfolio turnover rate (%)
48
21
69
55
56aBased on average shares outstanding during the period.bTotal return would have been lower had certain expenses not been reduced.cTotal return would have been lower if the Advisor had not reduced some Underlying
Funds' expenses.dEffective April 1, 2004, the Fund implemented a new expense structure in which the Fund
directly bears the fees and expenses of the Fund in addition to its proportionate share of
the fees and expenses incurred by the Underlying Funds in which the Fund is invested.eThe Fund invests in other Funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does
not include these indirect fees and expenses.*Amount is less than $.005. DWS LifeCompass 2015 Fund  Class AYears Ended August 31,
2008
2007
2006
2005
2004Selected Per Share DataNet asset value, beginning of period
$    12.47
$    11.98
$    11.55
$    10.63
$    9.91Income (loss) from investment operations:
Net investment incomea
.29
.29
.25
.21
.22Net realized and unrealized gain (loss)
(1.20)
.86
.50
.95
.70Total from investment operations
(.91)
1.15
.75
1.16
.92Less distributions from:
Net investment income
(.44)
(.66)
(.32)
(.24)
(.20)Redemption fees
.00*
.00*
.00*
.00*
Net asset value, end of period
$    11.12
$    12.47
$    11.98
$    11.55
$    10.63Total Return (%)b,c,d
(7.39)
9.78
6.59
10.95
9.34Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
97
131
104
113
.56Ratio of expenses before expense
reductions (%)
.64f
.61f
.80f
.77f
.54eRatio of expenses after expense
reductions (%)
.51f
.57f
.61f
.55f
.38eRatio of net investment income (%)
2.37
2.28
2.14
1.84
2.12Portfolio turnover rate (%)
29
21
52
35
37aBased on average shares outstanding during the period.bTotal return does not reflect the effect of any sales charge.cTotal return would have been lower had certain expenses not been reduced.dTotal return would have been lower if the Advisor had not reduced some Underlying
Funds' expenses.eEffective April 1, 2004, the Fund implemented a new expense structure in which the Fund
directly bears the fees and expenses of the Fund in addition to its proportionate share of
the fees and expenses incurred by the Underlying Funds in which the Fund is invested.fThe Fund invests in other Funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does
not include these indirect fees and expenses.*Amount is less than $.005. DWS LifeCompass 2015 Fund  Class BYears Ended August 31,
2008
2007
2006
2005
2004Selected Per Share DataNet asset value, beginning of period
$    12.47
$    11.98
$    11.54
$    10.63
$    9.91Income (loss) from investment operations:
Net investment incomea
.19
.19
.16
.12
.14Net realized and unrealized gain (loss)
(1.19)
.86
.51
.95
.70Total from investment operations
(1.00)
1.05
.67
1.07
.84Less distributions from:
Net investment income
(.36)
(.56)
(.23)
(.16)
(.12)Redemption fees
.00*
.00*
.00*
.00*
Net asset value, end of period
$    11.11
$    12.47
$    11.98
$    11.54
$    10.63Total Return (%)b,c,d
(8.06)
8.94
5.78
10.17
8.49Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
17
24
24
23
13Ratio of expenses before expense
reductions (%)
1.39f
1.37f
1.42f
1.35f
1.21eRatio of expenses after expense
reductions (%)
1.26f
1.34f
1.37f
1.30f
1.12eRatio of net investment income (%)
1.62
1.51
1.38
1.09
1.37Portfolio turnover rate (%)
29
21
52
35
37aBased on average shares outstanding during the period.bTotal return does not reflect the effect of any sales charge.cTotal return would have been lower had certain expenses not been reduced.dTotal return would have been lower if the Advisor had not reduced some Underlying
Funds' expenses.eEffective April 1, 2004, the Fund implemented a new expense structure in which the Fund
directly bears the fees and expenses of the Fund in addition to its proportionate share of
the fees and expenses incurred by the Underlying Funds in which the Fund is invested.fThe Fund invests in other Funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does
not include these indirect fees and expenses.*Amount is less than $.005. DWS LifeCompass 2015 Fund  Class CYears Ended August 31,
2008
2007
2006
2005
2004Selected Per Share DataNet asset value, beginning of period
$    12.47
$    11.97
$    11.54
$    10.62
$    9.90Income (loss) from investment operations:
Net investment incomea
.20
.20
.16
.13
.14Net realized and unrealized gain (loss)
(1.20)
.86
.50
.95
.70Total from investment operations
(1.00)
1.06
.66
1.08
.84Less distributions from:
Net investment income
(.37)
(.56)
(.23)
(.16)
(.12)Redemption fees
.00*
.00*
.00*
.00*
Net asset value, end of period
$    11.10
$    12.47
$    11.97
$    11.54
$    10.62Total Return (%)b,d
(8.12)c
8.96c
5.82c
10.28
8.50cRatios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
28
37
34
27
9Ratio of expenses before expense
reductions (%)
1.33f
1.31f
1.35f
1.26f
1.18eRatio of expenses after expense
reductions (%)
1.25f
1.30f
1.34f
1.26f
1.13eRatio of net investment income (%)
1.63
1.55
1.41
1.13
1.36Portfolio turnover rate (%)
29
21
52
35
37aBased on average shares outstanding during the period.bTotal return does not reflect the effect of any sales charge.cTotal return would have been lower had certain expenses not been reduced.dTotal return would have been lower if the Advisor had not reduced some Underlying
Funds' expenses.eEffective April 1, 2004, the Fund implemented a new expense structure in which the Fund
directly bears the fees and expenses of the Fund in addition to its proportionate share of
the fees and expenses incurred by the Underlying Funds in which the Fund is invested.fThe Fund invests in other Funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does
not include these indirect fees and expenses.*Amount is less than $.005. DWS LifeCompass 2015 Fund  Class SYears Ended August 31,
2008
2007
2006
2005
2004Selected Per Share DataNet asset value, beginning of period
$    12.45
$    11.96
$    11.54
$    10.62
$    9.90Income (loss) from investment operations:
Net investment incomea
.32
.32
.28
.24
.25Net realized and unrealized gain (loss)
(1.19)
.86
.49
.95
.70Total from investment operations
(.87)
1.18
.77
1.19
.95Less distributions from:
Net investment income
(.47)
(.69)
(.35)
(.27)
(.23)Redemption fees
.00*
.00*
.00*
.00*
Net asset value, end of period
$    11.11
$    12.45
$    11.96
$    11.54
$    10.62Total Return (%)b,c
(7.10)
9.97
6.78
11.23
9.70Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
100
135
142
126
124Ratio of expenses before expense
reductions (%)
.41e
.40e
.54e
.36e
.23dRatio of expenses after expense
reductions (%)
.26e
.35e
.36e
.30e
.12dRatio of net investment income (%)
2.62
2.50
2.39
2.09
2.37Portfolio turnover rate (%)
29
21
52
35
37aBased on average shares outstanding during the period.bTotal return would have been lower had certain expenses not been reduced.cTotal return would have been lower if the Advisor had not reduced some Underlying
Funds' expenses.dEffective April 1, 2004, the Fund implemented a new expense structure in which the Fund
directly bears the fees and expenses of the Fund in addition to its proportionate share of
the fees and expenses incurred by the Underlying Funds in which the Fund is invested.eThe Fund invests in other Funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does
not include these indirect fees and expenses.*Amount is less than $.005. DWS LifeCompass 2020 Fund  Class AYears Ended August 31,
2008
2007
2006
2005
2004Selected Per Share DataNet asset value, beginning of period
$    15.47
$    14.29
$    13.49
$    12.14
$    11.08Income (loss) from investment operations:
Net investment incomea
.29
.26
.23
.19
.17Net realized and unrealized gain (loss)
(1.55)
1.35
.84
1.35
1.07Total from investment operations
(1.26)
1.61
1.07
1.54
1.24Less distributions from:
Net investment income
(.55)
(.43)
(.27)
(.19)
(.18)Redemption fees
.00*
.00*
.00*
.00*
Net asset value, end of period
$13.66
$    15.47
$    14.29
$    13.49
$    12.14Total Return (%)b,c,d
(8.48)
11.33
8.06
12.76
11.19Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
85
100
86
74
39Ratio of expenses before expense
reductions (%)
.66f
.67f
.76f
.74f
.46eRatio of expenses after expense
reductions (%)
.52f
.62f
.61f
.55f
.39eRatio of net investment income (%)
1.96
1.70
1.59
1.46
1.40Portfolio turnover rate (%)
31
22
59
31
43aBased on average shares outstanding during the period.bTotal return does not reflect the effect of any sales charge.cTotal return would have been lower had certain expenses not been reduced.dTotal return would have been lower if the Advisor had not reduced some Underlying
Funds' expenses.eEffective April 1, 2004, the Fund implemented a new expense structure in which the Fund
directly bears the fees and expenses of the Fund in addition to its proportionate share of
the fees and expenses incurred by the Underlying Funds in which the Fund is invested.fThe Fund invests in other Funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does
not include these indirect fees and expenses.*Amount is less than $.005. DWS LifeCompass 2020 Fund  Class BYears Ended August 31,
2008
2007
2006
2005
2004Selected Per Share DataNet asset value, beginning of period
$    15.32
$    14.15
$    13.35
$    12.02
$    10.97Income (loss) from investment operations:
Net investment incomea
.18
.15
.12
.09
.08Net realized and unrealized gain (loss)
(1.54)
1.33
.85
1.33
1.06Total from investment operations
(1.36)
1.48
.97
1.42
1.14Less distributions from:
Net investment income
(.43)
(.31)
(.17)
(.09)
(.09)Redemption fees
.00*
.00*
.00*
.00*
Net asset value, end of period
$    13.53
$    15.32
$    14.15
$    13.35
$    12.02Total Return (%)b,c,d
(9.15)
10.49
7.31
11.86
10.36Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
22
28
29
26
14Ratio of expenses before expense
reductions (%)
1.42f
1.40f
1.46f
1.46f
1.23eRatio of expenses after expense
reductions (%)
1.28f
1.35f
1.36f
1.30f
1.13eRatio of net investment income (%)
1.20
.97
.84
.71
.66Portfolio turnover rate (%)
31
22
59
31
43aBased on average shares outstanding during the period.bTotal return does not reflect the effect of any sales charge.cTotal return would have been lower had certain expenses not been reduced.dTotal return would have been lower if the Advisor had not reduced some Underlying
Funds' expenses.eEffective April 1, 2004, the Fund implemented a new expense structure in which the Fund
directly bears the fees and expenses of the Fund in addition to its proportionate share of
the fees and expenses incurred by the Underlying Funds in which the Fund is invested.fThe Fund invests in other Funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does
not include these indirect fees and expenses.*Amount is less than $.005. DWS LifeCompass 2020 Fund  Class CYears Ended August 31,
2008
2007
2006
2005
2004Selected Per Share DataNet asset value, beginning of period
$    15.32
$    14.15
$    13.35
$    12.02
$    10.97Income (loss) from investment operations:
Net investment incomea
.18
.15
.12
.09
.08Net realized and unrealized gain (loss)
(1.52)
1.33
.85
1.33
1.05Total from investment operations
(1.34)
1.48
.97
1.42
1.13Less distributions from:
Net investment income
(.44)
(.31)
(.17)
(.09)
(.08)Redemption fees
.00*
.00*
.00*
.00*
Net asset value, end of period
$    13.54
$    15.32
$    14.15
$    13.35
$    12.02Total Return (%)b,c,d
(9.05)
10.49
7.30
11.86
10.34Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
30
40
36
28
9Ratio of expenses before expense
reductions (%)
1.38f
1.37f
1.41f
1.39f
1.21eRatio of expenses after expense
reductions (%)
1.27f
1.32f
1.36f
1.30f
1.15eRatio of net investment income (%)
1.21
1.00
.84
.71
.65Portfolio turnover rate (%)
31
22
59
31
43aBased on average shares outstanding during the period.bTotal return does not reflect the effect of any sales charge.cTotal return would have been lower had certain expenses not been reduced.dTotal return would have been lower if the Advisor had not reduced some Underlying
Funds' expenses.eEffective April 1, 2004, the Fund implemented a new expense structure in which the Fund
directly bears the fees and expenses of the Fund in addition to its proportionate share of
the fees and expenses incurred by the Underlying Funds in which the Fund is invested.fThe Fund invests in other Funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does
not include these indirect fees and expenses.*Amount is less than $.005. DWS LifeCompass 2020 Fund  Class SYears Ended August 31,
2008
2007
2006
2005
2004Selected Per Share DataNet asset value, beginning of period
$    15.50
$    14.32
$    13.52
$    12.17
$    11.10Income (loss) from investment operations:
Net investment incomea
.32
.29
.26
.22
.20Net realized and unrealized gain (loss)
(1.54)
1.36
.85
1.36
1.08Total from investment operations
(1.22)
1.65
1.11
1.58
1.28Less distributions from:
Net investment income
(.59)
(.47)
(.31)
(.23)
(.21)Redemption fees
.00*
.00*
.00*
.00*
Net asset value, end of period
$    13.69
$    15.50
$    14.32
$    13.52
$    12.17Total Return (%)b,c
(8.22)
11.60
8.33
13.02
11.50Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
129
153
154
92
84Ratio of expenses before expense
reductions (%)
.45e
.48e
.53e
.48e
.25dRatio of expenses after expense
reductions (%)
.28e
.37e
.36e
.30e
.12dRatio of net investment income (%)
2.20
1.95
1.84
1.71
1.67Portfolio turnover rate (%)
31
22
59
31
43aBased on average shares outstanding during the period.bTotal return would have been lower had certain expenses not been reduced.cTotal return would have been lower if the Advisor had not reduced some Underlying
Funds' expenses.dEffective April 1, 2004, the Fund implemented a new expense structure in which the Fund
directly bears the fees and expenses of the Fund in addition to its proportionate share of
the fees and expenses incurred by the Underlying Funds in which the Fund is invested.eThe Fund invests in other Funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does
not include these indirect fees and expenses.*Amount is less than $.005. DWS LifeCompass 2030 Fund  Class AYears Ended August 31,
2008
2007
2006
2005aSelected Per Share DataNet asset value, beginning of period
$    12.27
$    11.50
$    10.82
$    10.00Income (loss) from investment operations:
Net investment incomeb
.14
.10
.08
.04Net realized and unrealized gain (loss)
(1.32)
1.39
.93
.88Total from investment operations
(1.18)
1.49
1.01
.92Less distributions from:
Net investment income
(.38)
(.29)
(.23)
(.10)Net realized gains
(.45)
(.43)
(.10)
Total distributions
(.83)
(.72)
(.33)
(.10)Redemption fees
.00***
.00***
.00***
.00***Net asset value, end of period
$    10.26
$    12.27
$    11.50
$    10.82Total Return (%)c,d,e
(10.40)
13.17
9.52
9.24**Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
23
21
14
7Ratio of expenses before expense reductions (%)f
.99
1.00
1.60
3.41*Ratio of expenses after expense reductions (%)f
.47
.55
.58
.55*Ratio of net investment income (%)
1.27
.88
.77
.46*Portfolio turnover rate (%)
30
20
63
28*aFor the period from November 1, 2004 (commencement of sales of Class A shares) to
August 31, 2005.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.eTotal return would have been lower if the Advisor had not reduced some Underlying
Funds' expenses.fThe Fund invests in other Funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does
not include these indirect fees and expenses.*Annualized**Not annualized***Amount is less than $.005. DWS LifeCompass 2030 Fund  Class BYears Ended August 31,
2008
2007
2006
2005aSelected Per Share DataNet asset value, beginning of period
$    12.21
$    11.45
$    10.78
$    10.00Income (loss) from investment operations:
Net investment incomeb
.06
.01
.00***
(.02)Net realized and unrealized gain (loss)
(1.33)
1.37
.92
.89Total from investment operations
(1.27)
1.38
.92
.87Less distributions from:
Net investment income
(.28)
(.19)
(.15)
(.09)Net realized gains
(.45)
(.43)
(.10)
Total distributions
(.73)
(.62)
(.25)
(.09)Redemption fees
.00***
.00***
.00***
.00***Net asset value, end of period
$    10.21
$    12.21
$    11.45
$    10.78Total Return (%)c,d,e
(11.09)
12.26
8.61
8.70**Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
3
4
3
2Ratio of expenses before expense reductions (%)f
1.80
1.81
2.38
4.22*Ratio of expenses after expense reductions (%)f
1.22
1.30
1.33
1.30*Ratio of net investment income (%)
.51
.13
.02
(.29)*Portfolio turnover rate (%)
30
20
63
28*aFor the period from November 1, 2004 (commencement of sales of Class B shares) to
August 31, 2005.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.eTotal return would have been lower if the Advisor had not reduced some Underlying
Funds' expenses.fThe Fund invests in other Funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does
not include these indirect fees and expenses.*Annualized**Not annualized***Amount is less than $.005. DWS LifeCompass 2030 Fund  Class CYears Ended August 31,
2008
2007
2006
2005aSelected Per Share DataNet asset value, beginning of period
$    12.21
$    11.44
$    10.77
$    10.00Income (loss) from investment operations:
Net investment incomeb
.06
.01
.00***
(.02)Net realized and unrealized gain (loss)
(1.33)
1.38
.92
.88Total from investment operations
(1.27)
1.39
.92
.86Less distributions from:
Net investment income
(.28)
(.19)
(.15)
(.09)Net realized gains
(.45)
(.43)
(.10)
Total distributions
(.73)
(.62)
(.25)
(.09)Redemption fees
.00***
.00***
.00***
.00***Net asset value, end of period
$    10.21
$    12.21
$    11.44
$    10.77Total Return (%)c,d,e
(11.09)
12.35
8.62
8.60**Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
8
11
7
4Ratio of expenses before expense reductions (%)f
1.74
1.74
2.33
4.12*Ratio of expenses after expense reductions (%)f
1.23
1.30
1.33
1.30*Ratio of net investment income (%)
.51
.13
.02
(.29)*Portfolio turnover rate (%)
30
20
63
28*aFor the period from November 1, 2004 (commencement of sales of Class C shares) to
August 31, 2005.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.eTotal return would have been lower if the Advisor had not reduced some Underlying
Funds' expenses.fThe Fund invests in other Funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does
not include these indirect fees and expenses.*Annualized**Not annualized***Amount is less than $.005. DWS LifeCompass 2030 Fund  Class SYears Ended August 31,
2008
2007
2006
2005aSelected Per Share DataNet asset value, beginning of period
$    12.29
$    11.51
$    10.84
$    10.00Income (loss) from investment operations:
Net investment incomeb
.17
.13
.11
.06Net realized and unrealized gain (loss)
(1.33)
1.40
.92
.89Total from investment operations
(1.16)
1.53
1.03
.95Less distributions from:
Net investment income
(.41)
(.32)
(.26)
(.11)Net realized gains
(.45)
(.43)
(.10)
Total distributions
(.86)
(.75)
(.36)
(.11)Redemption fees
.00***
.00***
.00***
.00***Net asset value, end of period
$    10.27
$    12.29
$    11.51
$    10.84Total Return (%)c,d
(10.23)
13.54
9.69
9.49**Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
6
4
3
2Ratio of expenses before expense reductions (%)e
.77
.78
1.37
3.22*Ratio of expenses after expense reductions (%)e
.21
.30
.33
.30*Ratio of net investment income (%)
1.52
1.13
1.02
.71*Portfolio turnover rate (%)
30
20
63
28*aFor the period from November 1, 2004 (commencement of sales of Class S shares) to
August 31, 2005.bBased on average shares outstanding during the period.cTotal return would have been lower had certain expenses not been reduced.dTotal return would have been lower if the Advisor had not reduced some Underlying
Funds' expenses.eThe Fund invests in other Funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does
not include these indirect fees and expenses.*Annualized**Not annualized***Amount is less than $.005. DWS LifeCompass 2040 Fund  Class AYear Ended August 31,
2008aSelected Per Share DataNet asset value, beginning of period
$    10.00Income (loss) from investment operations:
Net investment incomeb
.06Net realized and unrealized gain (loss)
(.96)Total from investment operations
(.90)Less distributions from:
Net investment income
(.33)Net asset value, end of period
$    8.77Total Return (%)c,d,e
(9.24)**Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
2Ratio of expenses before expense reductions (%)f
7.14*Ratio of expenses after expense reductions (%)f
.49*Ratio of net investment income (%)
.86*Portfolio turnover rate (%)
17**aFor the period from November 15, 2007 (commencement of operations) to
August 31, 2008.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.eTotal return would have been lower if the Advisor had not reduced some Underlying
Funds' expenses.fThe Fund invests in other Funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does
not include these indirect fees and expenses.*Annualized**Not annualized DWS LifeCompass 2040 Fund  Class CYear Ended August 31,
2008aSelected Per Share DataNet asset value, beginning of period
$    10.00Income (loss) from investment operations:
Net investment incomeb
.01Net realized and unrealized gain (loss)
(.96)Total from investment operations
(.95)Less distributions from:
Net investment income
(.32)Net asset value, end of period
$    8.73Total Return (%)c,d,e
(9.54)**Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
.3Ratio of expenses before expense reductions (%)f
7.87*Ratio of expenses after expense reductions (%)f
1.24*Ratio of net investment income (%)
.11*Portfolio turnover rate (%)
17**aFor the period from November 15, 2007 (commencement of operations) to
August 31, 2008.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.eTotal return would have been lower if the Advisor had not reduced some Underlying
Funds' expenses.fThe Fund invests in other Funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does
not include these indirect fees and expenses.*Annualized**Not annualized DWS LifeCompass 2040 Fund  Class SYear Ended August 31,
2008aSelected Per Share DataNet asset value, beginning of period
$    10.00Income (loss) from investment operations:
Net investment incomeb
.08Net realized and unrealized gain (loss)
(.96)Total from investment operations
(.88)Less distributions from:
Net investment income
(.33)Net asset value, end of period
$    8.79Total Return (%)c,d
(9.11)**Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
2Ratio of expenses before expense reductions (%)e
6.98*Ratio of expenses after expense reductions (%)e
.24*Ratio of net investment income (%)
1.11*Portfolio turnover rate (%)
17**aFor the period from November 15, 2007 (commencement of operations) to
August 31, 2008.bBased on average shares outstanding during the period.cTotal return would have been lower had certain expenses not been reduced.dTotal return would have been lower if the Advisor had not reduced some Underlying
Funds' expenses.eThe Fund invests in other Funds and indirectly bears its proportionate share of fees and
expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does
not include these indirect fees and expenses.*Annualized**Not annualized Notes to Financial Statements A. Significant Accounting Policies DWS LifeCompass Retirement Fund (formerly DWS Conservative Allocation
Fund), DWS LifeCompass 2015 Fund (formerly DWS Moderate Allocation
Fund), DWS LifeCompass 2020 Fund (formerly DWS Growth Allocation
Fund), DWS LifeCompass 2030 Fund (formerly DWS Growth Plus Allocation
Fund) and DWS LifeCompass 2040 Fund (hereinafter referred to individually
as "Fund" or collectively as "Funds") are each a diversified series of DWS
Target Date Series (formerly DWS Allocation Series) (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. The Funds invest mainly in other existing
DWS funds (the "Underlying DWS Funds") and non-affiliated investment
management companies (e.g., Exchange Traded Funds). Each Underlying
DWS Fund's accounting policies and investment holdings are outlined in the
Underlying DWS Fund's financial statements and are available upon request. Each Fund offers multiple classes of shares which provide investors with
different purchase options. Class A shares are offered to investors subject to
an initial sales charge. Class B shares are offered to investors without an
initial sales charge but are subject to higher ongoing expenses than Class A
shares and a contingent deferred sales charge payable upon certain
redemptions. Class B shares automatically convert to Class A shares six
years after issuance. Class C shares are offered to investors without an
initial sales charge but are subject to higher ongoing expenses than Class A
shares and a contingent deferred sales charge payable upon certain
redemptions within one year of purchase. Class C shares do not convert into
another class. Class S shares are not subject to initial or contingent deferred
sales charges and are generally not available to new investors except under
certain circumstances. Investment income, realized and unrealized gains and losses, and certain
fund-level expenses and expense reductions, if any, are borne pro rata on
the basis of relative net assets by the holders of all classes of shares,
except that each class bears certain expenses unique to that class such as
services to shareholders, distribution and service fees and certain other
class-specific expenses. Differences in class-level expenses may result in
payment of different per share dividends by class. All shares of each Fund
have equal rights with respect to voting subject to class-specific
arrangements. The Funds' 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 each
Fund in the preparation of its financial statements. Security Valuation. Investments in the Underlying DWS Funds are valued at
the net asset value per share of each class of the Underlying DWS Fund as
of the close of regular trading on the New York Stock Exchange on each day
the exchange is open for trading. Exchange traded funds ("ETFs") are valued at the most recent sale price or
official closing price reported on the exchange on which the ETFs are traded
most extensively. ETFs 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. New Accounting Pronouncements. In September 2006, the Financial
Accounting Standards Board ("FASB") released Statement of Financial
Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157").
FAS 157 defines fair value, establishes a framework for measuring fair value
and expands disclosures about fair value measurements. FAS 157 is
effective for fiscal years beginning after November 15, 2007. As of
August 31, 2008, management does not believe the adoption of FAS 157
will impact the amounts reported in the financial statements, however,
additional disclosures will be required about the levels of inputs used to
develop the measurements of fair value and the effect of certain of the
measurements reported in the statement of operations for a fiscal period. Federal Income Taxes. Each 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. Each Fund is treated as a single
corporate taxpayer. At August 31, 2008, DWS LifeCompass Retirement Fund had a net tax basis
capital loss carryforward of approximately $38,000, which may be applied
against any realized net taxable capital gains of each succeeding year until
fully utilized or until August 31, 2012, the expiration date, whichever occurs
first. During the year ended August 31, 2008 the Fund utilized $3,229,000 of
prior year capital loss carryforward. At August 31, 2008, DWS LifeCompass 2015 Fund had a net tax basis
capital loss carryforward of approximately $7,136,000, which may be applied
against any realized net taxable capital gains of each succeeding year until
fully utilized or until August 31, 2012, the expiration date, whichever occurs
first. During the year ended August 31, 2008 the Fund utilized $12,792,000
of prior year capital loss carryforward. During the year ended August 31, 2008, DWS LifeCompass 2020 Fund
utilized $16,829,000 of prior year capital loss carryforward. The Funds have reviewed the tax positions for the open tax years as of
August 31, 2008 and have determined that no provision for income tax is
required in the Funds' financial statements. The Funds' 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 from DWS
LifeCompass Retirement Fund and DWS LifeCompass 2015 Fund, if any, is
declared and distributed to shareholders quarterly. Net investment income
from DWS LifeCompass 2020 Fund, DWS LifeCompass 2030 Fund and
DWS LifeCompass 2040 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 each Fund
if not distributed, and, therefore, will be distributed to shareholders at least
annually. An additional distribution may be made to the extent necessary to
avoid payment of a four percent federal excise tax. 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
investments 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, each
Fund may periodically make reclassifications among certain of its capital
accounts without impacting the net asset value of a Fund. At August 31, 2008, DWS LifeCompass Retirement Fund's components of
distributable earnings (accumulated losses) on a tax-basis are as follows: Undistributed ordinary income*
$       817,201Capital loss carryforwards
$       (38,000)Net unrealized appreciation (depreciation) on investments
$       (8,948,168) In addition, during the years ended August 31, 2008 and August 31, 2007,
the tax character of distributions paid to shareholders by DWS LifeCompass
Retirement Fund is summarized as follows: Years Ended August 31,2008
2007Distributions from ordinary income*
$       5,039,493
$       6,952,793 * For tax purposes short-term capital gains distributions are considered ordinary income
distributions.  At August 31, 2008, DWS LifeCompass 2015 Fund's components of
distributable earnings (accumulated losses) on a tax-basis are as follows: Undistributed ordinary income*
$       1,087,801Capital loss carryforwards
$       (7,136,000)Net unrealized appreciation (depreciation) on investments
$       (21,992,278) In addition, during the years ended August 31, 2008 and August 31, 2007,
the tax character of distributions paid to shareholders by DWS LifeCompass
2015 Fund is summarized as follows: Years Ended August 31,2008
2007Distributions from ordinary income*
$       9,974,136
$       16,555,303 * For tax purposes short-term capital gains distributions are considered ordinary income
distributions.  At August 31, 2008, DWS LifeCompass 2020 Fund's components of
distributable earnings (accumulated losses) on a tax-basis are as follows: Undistributed ordinary income*
$       4,581,908Undistributed long-term capital gains
$       1,485,163Net unrealized appreciation (depreciation) on investments
$       (20,055,419) In addition, during the years ended August 31, 2008 and August 31, 2007,
the tax character of distributions paid to shareholders by DWS LifeCompass
2020 Fund is summarized as follows: Years Ended August 31,2008
2007Distributions from ordinary income*
$       11,046,385
$       8,838,650 * For tax purposes short-term capital gains distributions are considered ordinary income
distributions.  At August 31, 2008, DWS LifeCompass 2030 Fund's components of
distributable earnings (accumulated losses) on a tax-basis are as follows: Undistributed ordinary income*
$       128,582Undistributed net long-term capital gains
$       1,824,270Net unrealized appreciation (depreciation) on investments
$       (5,681,937) In addition, during the years ended August 31, 2008 and August 31, 2007
the tax character of distributions paid to shareholders by DWS LifeCompass
2030 Fund is summarized as follows: Years Ended August 31,2008
2007Distributions from ordinary income*
$       1,242,316
$       1,159,939Distributions from long-term capital gains
$       1,592,530
$       529,135 * For tax purposes short-term capital gains distributions are considered ordinary income
distributions.  At August 31, 2008, DWS LifeCompass 2040 Fund's components of
distributable earnings (accumulated losses) on a tax-basis are as follows: Undistributed ordinary income*
$       9,749Undistributed net long-term capital gains
$       58,179Net unrealized appreciation (depreciation) on investments
$       (308,141) In addition, during the period ended August 31, 2008 the tax character of
distributions paid to shareholders by DWS LifeCompass 2040 Fund is
summarized as follows: Period Ended
August 31,2008Distributions from ordinary income*
$42,592 * For tax purposes short-term capital gains distributions are considered ordinary income
distributions.  Offering Costs. Offering costs for DWS LifeCompass 2040 Fund were paid
in connection with the offering of shares and are being amortized over one
year. Contingencies. In the normal course of business, the Funds may enter into
contracts with service providers that contain general indemnification
clauses. The Funds' maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the
Funds that have not yet been made. However, based on experience, the
Funds expect the risk of loss to be remote. Redemption Fees.Prior to April 1, 2008, each Fund imposed 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 was assessed and retained by the Funds for the benefit of the
remaining shareholders. The redemption fee was accounted for as an
addition to paid-in capital. 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 security transactions are reported on trade date.
Interest income is recorded on the accrual basis. Distributions of income
and capital gains from the Underlying DWS Funds are recorded on the
ex-dividend date. Dividend income is recorded on the ex-dividend date.
Realized gains and losses from investment transactions are recorded on an
identified cost basis. B. Related Parties Management Agreement. Under the Investment Management Agreement
with Deutsche Investment Management Americas Inc. ("DIMA" or the
"Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the
Advisor directs the investments of each Fund in accordance with its
investment objectives, policies and restrictions. The Advisor determines the
securities, instruments and other contracts relating to investments in
Underlying DWS Funds to be purchased, sold or entered into by each Fund.
The Advisor has agreed not to be paid a management fee for performing its
services for the Funds. However, the Advisor will receive management fees
from managing the Underlying DWS Funds in which each Fund invests. The Funds do not invest in the Underlying DWS Funds for the purpose of
exercising management or control; however, investments within the set
limits may represent 5% or more of an Underlying DWS Fund's net assets.
At August 31, 2008, DWS LifeCompass Retirement Fund held the following
Underlying DWS Funds' outstanding shares: approximately 5% of DWS
Disciplined Long/Short Value Fund, 28% of DWS Floating Rate Plus Fund
and 5% of DWS International Value Opportunities Fund. At August 31, 2008,
DWS LifeCompass 2015 Fund held the following Underlying DWS Funds'
outstanding shares: approximately 13% of DWS Disciplined Long/Short
Value Fund, 9% of DWS Floating Rate Plus Fund, 15% of DWS International
Value Opportunities Fund and 5% of DWS Small Cap Core Fund. At August
31, 2008, DWS LifeCompass 2020 Fund held the following Underlying DWS
Funds' outstanding shares: approximately 13% of DWS Disciplined
Long/Short Value Fund, 5% of DWS Equity Partners Fund, 15% of DWS
International Value Opportunities Fund, 9% of DWS Small Cap Core Fund
and 7% of DWS Floating Rate Plus Fund. At August 31, 2008, DWS
LifeCompass 2030 Fund held the following Underlying DWS Funds'
outstanding shares: approximately 5% of DWS Disciplined Long/Short Value
Fund. At August 31, 2008, DWS LifeCompass 2040 Fund did not invest in
more than 5% of any Underlying DWS Funds. For the period from September 1, 2007, through November 14, 2007, the
Advisor had contractually agreed to reimburse or pay certain operating
expenses to the extent necessary to maintain DWS LifeCompass
Retirement Fund's, DWS LifeCompass 2015 Fund's, DWS LifeCompass
2020 Fund's and DWS LifeCompass 2030 Fund's operating expenses
(excluding certain expenses such as extraordinary expenses, taxes,
brokerage, interest and indirect expenses of Underlying DWS Funds) as a
percentage of average daily net assets as follows: LifeCompass
Retirement Fund
LifeCompass
2015 Fund
LifeCompass
2020 Fund
LifeCompass
2030 FundClass A
.67%
.65%
.65%
.55%Class B
1.42%
1.40%
1.40%
1.30%Class C
1.42%
1.40%
1.40%
1.30%Class S
.39%
.37%
.40%
.30% Effective November 15, 2007 through November 30, 2008, the Advisor has
contractually agreed to reimburse or pay certain operating expenses to the
extent necessary to maintain DWS LifeCompass Retirement Fund's, DWS
LifeCompass 2015 Fund's, DWS LifeCompass 2020 Fund's, DWS
LifeCompass 2030 Fund's and DWS LifeCompass 2040 Fund's operating
expenses (excluding certain expenses such as extraordinary expenses,
taxes, brokerage, interest and indirect expenses of Underlying DWS Funds)
as a percentage of average daily net assets as follows: LifeCompass
Retirement
Fund
LifeCompass
2015 Fund
LifeCompass
2020 Fund
LifeCompass
2030 Fund
LifeCompass
2040 FundClass A
.52%
.48%
.49%
.45%
.49%Class B
1.27%
1.23%
1.24%
1.20%
Class C
1.27%
1.23%
1.24%
1.20%
1.24%Class S
.27%
.23%
.24%
.20%
.24% Each Fund indirectly bears its proportionate share of fees and expenses
incurred by the Underlying DWS Funds and exchange traded funds in which
it is invested. In addition, for the year ended August 31, 2008 and for the period from
November 15, 2007 (commencement of operations) to August 31, 2008, the
Advisor reimbursed DWS LifeCompass 2030 Fund and DWS LifeCompass
2040 Fund $100,286 and $122,671, respectively, of other expenses. Administration Fee. Pursuant to an Administrative Services Agreement,
DIMA provides most administrative services to the Funds. For all services
provided under the Administrative Services Agreement, the Funds pay the
Advisor an annual fee ("Administration Fee") of 0.10% of each Fund's
average daily net assets computed and accrued daily and payable monthly.
For the year ended August 31, 2008 and for the period from November 15,
2007 (commencement of operations) to August 31, 2008 for DWS
LifeCompass 2040, DIMA received an Administration Fee for each Fund as
follows: Administration Fee
Total
Aggregated
Waived
Unpaid at
August 31, 2008DWS LifeCompass Retirement Fund
$       139,294
$       
$       10,509DWS LifeCompass 2015 Fund
$       285,134
$       
$       20,729DWS LifeCompass 2020 Fund
$       295,606
$       
$       22,510DWS LifeCompass 2030 Fund
$       41,077
$       41,077
$       DWS LifeCompass 2040 Fund
$       1,882
$       1,882
$        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 Funds. 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 Funds. For the year ended
August 31, 2008 and for the period from November 15, 2007
(commencement of operations) to August 31, 2008 for DWS LifeCompass
2040 Fund, the amounts charged to the Funds by DISC were as follows: Services to Shareholders
Total
Aggregated
Waived
Unpaid at
August 31, 2008DWS LifeCompass Retirement FundClass A
$       76,678
$       52,496
$       7,168Class B
9,453
7,817
1,314Class C
11,308
11,308
Class S
134,740
109,528
7,543$    232,179
$    181,149
$    16,025DWS LifeCompass 2015 FundClass A
$       227,521
$       141,517
$       20,122Class B
32,523
25,845
1,765Class C
36,313
24,468
2,714Class S
244,518
166,445
26,408$    540,875
$    358,275
$    51,009DWS LifeCompass 2020 FundClass A
$       191,499
$       124,960
$       13,570Class B
40,993
37,330
1,699Class C
47,755
40,080
2,007Class S
347,286
249,172
35,119$    627,533
$    451,542
$    52,395DWS LifeCompass 2030 FundClass A
$       38,633
$       35,956
$       Class B
7,089
7,089
Class C
14,829
14,829
Class S
11,594
11,594
$    72,145
$    69,468
$    DWS LifeCompass 2040 FundClass A
$       1,060
$       126
$       420Class C
242
13
99Class S
3,386
1,468
1,417$    4,688
$    1,607
$    1,936 Distribution and Service Fees. Under the Funds' Class B and Class C 12b-1
Plans, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the
Advisor, receives a fee ("Distribution Fee") of 0.75% of average daily net
assets of each of Class B and C shares. In accordance with the Funds'
Underwriting and Distribution Services Agreements, DIDI enters into related
selling group agreements with various firms at various rates for sales of
Class B and C shares. For the year ended August 31, 2008 and for the
period from November 15, 2007 (commencement of operations) to August
31, 2008 for DWS LifeCompass 2040 Fund, the Distribution Fees were as
follows: Distribution Fees
Total
Aggregated
Unpaid at
August 31, 2008DWS LifeCompass Retirement FundClass B
$       52,624
$       3,607Class C
104,092
8,031$    156,716
$    11,638DWS LifeCompass 2015 FundClass B
$       155,675
$       11,185Class C
249,746
18,365$    405,421
$    29,550DWS LifeCompass 2020 FundClass B
$       190,767
$       13,753Class C
268,041
18,576$    458,808
$    32,329DWS LifeCompass 2030 FundClass B
$       26,006
$       1,790Class C
73,257
4,805$    99,263
$    6,595DWS LifeCompass 2040 FundClass C
$    981
$    164 In addition, DIDI provides information and administrative services for a fee
("Service Fee") to Classes A, B and C shareholders at an annual rate of up
to 0.25% of average daily net assets for each such class. 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 year ended August 31, 2008, and for the period from
November 15, 2007 (commencement of operations) to August 31, 2008 for
DWS LifeCompass 2040 Fund, the Service Fees were as follows: Service Fees
Total
Aggregated
Waived
Unpaid at
August 31, 2008
Annual
Effective RateDWS LifeCompass Retirement FundClass A
$       93,092
$       
$       7,296
.23%Class B
17,266

956
.25%Class C
34,452
692
3,407
.24%$    144,810
$    692
$    11,659DWS LifeCompass 2015 FundClass A
$       273,509
$       
$       17,422
.24%Class B
51,400

2,770
.25%Class C
82,339

5,058
.25%$    407,248
$    
$    25,250DWS LifeCompass 2020 FundClass A
$       217,505
$       
$       16,609
.24%Class B
63,008

4,700
.25%Class C
88,640

5,352
.25%$    369,153
$    
$    26,661DWS LifeCompass 2030 FundClass A
$       51,240
$       
$       5,512
.24%Class B
8,647
370
73
.24%Class C
24,252
1,022
632
.24%$    84,139
$    1,392
$    6,217DWS LifeCompass 2040 FundClass A
$       951
$       
$       
.20%Class C
293


.22%$    1,244
$    
$     Underwriting Agreement and Contingent Deferred Sales Charge. DIDI is
the principal underwriter for the Funds. Underwriting commissions paid in
connection with the distribution of Class A shares for the year ended August
31, 2008 for DWS LifeCompass Retirement Fund, DWS LifeCompass 2015
Fund, DWS LifeCompass 2020 Fund, DWS LifeCompass 2030 Fund and for
the period from November 15, 2007 (commencement of operations) to
August 31, 2008 for DWS LifeCompass 2040 Fund aggregated $5,868,
$12,246, $17,457, $9,567 and $753, respectively. In addition, DIDI receives any contingent deferred sales charge ("CDSC")
from Class B share redemptions occurring within six years of purchase and
Class C share redemptions occurring within one year of purchase. There is
no such charge upon redemption of any share appreciation or reinvested
dividends. The CDSC is based on declining rates, ranging from 4% to 1%
for Class B and 1% for Class C, of the value of the shares redeemed. For
the year ended August 31, 2008, the CDSC for Class B and Class C shares
aggregated $18,842, $64,040, $62,387 and $24,610, respectively, for DWS
LifeCompass Retirement Fund, DWS LifeCompass 2015 Fund, DWS
LifeCompass 2020 Fund and DWS LifeCompass 2030 Fund. A deferred
sales charge of up to 1% is assessed on certain redemptions of Class A
shares. For the year ended August 31, 2008 DIDI received $2,367 and $284
for Class A shares of DWS LifeCompass 2020 Fund and DWS LifeCompass
2030 Fund, respectively. There were no CDSC charged for DWS
LifeCompass 2040 Fund for the period from November 15, 2007
(commencement of operations) to August 31, 2008. Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA
is compensated for providing typesetting and certain regulatory filing
services to the Funds. For the year ended August 31, 2008 and for the
period from November 15, 2007 (commencement of operations) to August
31, 2008 for DWS LifeCompass 2040 Fund, the amounts charged to the
Funds by DIMA included the Statement of Operations under "reports to
shareholders" were as follows: Typesetting and Filing Service Fees
Total
Aggregated
Unpaid at
August 31, 2008DWS LifeCompass Retirement Fund
$       26,406
$       18,235DWS LifeCompass 2015 Fund
$       22,587
$       16,514DWS LifeCompass 2020 Fund
$       11,192
$       9,712DWS LifeCompass 2030 Fund
$       12,732
$       9,548DWS LifeCompass 2040 Fund
$       7,326
$       3,826 Trustees' Fees and Expenses. The Funds 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. In connection with the board consolidation on April 1, 2008, of the two DWS
Funds Boards of Trustees, certain Independent Board Members retired prior
to their normal retirement date, and received a one-time retirement benefit.
DIMA has agreed to reimburse the Funds for the cost of this benefit. During
the period ended August 31, 2008, each Fund paid its allocated portion, as
follows, of the retirement benefit to the non-continuing Independent Board
Members, and each Fund was reimbursed by DIMA for this payment. Trustees' Fees and Expenses
AmountDWS LifeCompass Retirement Fund
$       729DWS LifeCompass 2015 Fund
$       1,464DWS LifeCompass 2020 Fund
$       1,508DWS LifeCompass 2030 Fund
$       202DWS LifeCompass 2040 Fund
$       9 Cash Management QP Trust. Pursuant to an Exemptive Order issued by the
SEC, each 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. C. Line of Credit The Funds and other affiliated funds (the "Participants") share in a
$490 million revolving credit facility provided by a syndication of banks. The
Funds 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 Funds, other than DWS LifeCompass 2040 Fund, may
borrow up to a maximum of 33 percent of its net assets under the
agreement. DWS LifeCompass 2040 Fund may borrow up to a maximum of
10 percent of its net assets under the agreement. D. Fee Reductions The Funds have entered into arrangements with their custodian and transfer
agent whereby credits realized as a result of uninvested cash balances were
used to reduce a portion of the Funds' custodian expenses. During the year
ended August 31, 2008 for DWS LifeCompass Retirement Fund, DWS
LifeCompass 2015 Fund, DWS LifeCompass 2020 Fund, DWS LifeCompass
2030 Fund, and for the period from November 15, 2007 (commencement of
operations) to August 31, 2008 for DWS LifeCompass 2040 Fund, the
custodian fees were reduced by $1,187, $3,346, $2,723, $333 and $8,
respectively, for transfer agent credits earned. E. Share Transactions DWS LifeCompass Retirement Fund The following table summarizes share and dollar activity in the Fund: Year Ended August 31, 2008
Year Ended August 31, 2007Shares
Dollars
Shares
DollarsShares soldClass A
1,079,233
$     13,320,784
1,494,182
$     18,736,453Class B
74,717
931,300
156,770
1,962,212Class C
217,198
2,692,653
474,818
5,969,959Class S
1,342,495
16,617,239
991,044
12,443,145$    33,561,976

$    39,111,769Shares issued to shareholders in reinvestment of distributionsClass A
108,477
$     1,303,852
156,187
$     1,944,024Class B
14,317
171,653
21,553
268,841Class C
27,925
334,360
30,584
381,361Class S
229,106
2,751,264
294,083
3,659,015$    4,561,129

$    6,253,241Shares redeemedClass A
(1,968,943)
$     (24,302,650)
(1,232,422)
$     (15,435,446)Class B
(246,607)
(3,008,916)
(156,675)
(1,964,747)Class C
(271,636)
(3,327,649)
(314,844)
(3,943,867)Class S
(1,886,154)
(23,112,775)
(1,349,596)
(16,892,561)$    (53,751,990)

$    (38,236,621)Redemption fees
$    1,288

$    5,017Net increase (decrease)Class A
(781,233)
$     (9,677,748)
417,947
$     5,246,702Class B
(157,573)
(1,905,928)
21,648
266,306Class C
(26,513)
(299,649)
190,558
2,410,413Class S
(314,553)
(3,744,272)
(64,469)
(790,015)$    (15,627,597)

$    7,133,406 DWS LifeCompass 2015 Fund The following table summarizes share and dollar activity in the Fund: Year Ended August 31, 2008
Year Ended August 31, 2007Shares
Dollars
Shares
DollarsShares soldClass A
2,793,268
$       34,226,863
4,335,979
$       54,378,590Class B
107,873
1,309,895
287,185
3,600,474Class C
266,210
3,224,780
565,197
7,043,723Class S
1,448,331
17,413,396
1,643,791
20,574,889$    56,174,934

$    85,597,676Shares issued to shareholders in reinvestment of distributionsClass A
332,227
$       3,830,892
477,456
$       5,927,348Class B
47,693
546,007
78,378
974,497Class C
72,031
824,794
109,006
1,355,099Class S
376,277
4,340,690
618,370
7,661,428$    9,542,383

$    15,918,372Shares redeemedClass A
(4,891,135)
$       (59,575,850)
(3,037,130)
$       (38,071,583)Class B
(496,366)
(5,942,322)
(444,075)
(5,551,461)Class C
(744,239)
(8,933,093)
(526,345)
(6,583,476)Class S
(3,666,216)
(44,694,525)
(3,244,684)
(40,399,732)$    (119,145,790)

$    (90,606,252)Redemption fees
$    737

$    2,719Net increase (decrease)Class A
(1,765,640)
$       (21,517,624)
1,776,305
$       22,236,001Class B
(340,800)
(4,086,237)
(78,512)
(976,377)Class C
(405,998)
(4,883,513)
147,858
1,816,294Class S
(1,841,608)
(22,940,362)
(982,523)
(12,163,403)$    (53,427,736)

$    10,912,515 DWS LifeCompass 2020 Fund The following table summarizes share and dollar activity in the Fund: Year Ended August 31, 2008
Year Ended August 31, 2007Shares
Dollars
Shares
DollarsShares soldClass A
2,034,149
$       30,034,798
2,111,487
$       32,198,668Class B
120,657
1,763,862
239,514
3,616,053Class C
234,765
3,461,988
551,083
8,290,859Class S
1,415,901
21,025,875
1,274,652
19,476,211$    56,286,523

$    63,581,791Shares issued to shareholders in reinvestment of distributionsClass A
211,265
$       3,192,197
169,251
$       2,538,768Class B
48,180
724,629
37,797
564,312Class C
62,094
933,929
44,908
670,479Class S
378,043
5,712,244
313,152
4,697,277$    10,562,999

$    8,470,836Shares redeemedClass A
(2,503,854)
$       (37,395,180)
(1,858,294)
$       (28,297,125)Class B
(429,207)
(6,220,299)
(451,650)
(6,798,971)Class C
(662,539)
(9,553,963)
(516,545)
(7,845,671)Class S
(2,258,811)
(33,469,266)
(2,500,366)
(38,162,551)$    (86,638,708)

$    (81,104,318)Redemption fees
$    349

$    13,575Net increase (decrease)Class A
(258,440)
$       (4,168,139)
422,444
$       6,440,890Class B
(260,370)
(3,731,788)
(174,339)
(2,618,584)Class C
(365,680)
(5,157,969)
79,446
1,115,820Class S
(464,867)
(6,730,941)
(912,562)
(13,976,242)$    (19,788,837)

$    (9,038,116) DWS LifeCompass 2030 Fund The following table summarizes share and dollar activity in the Fund: Year Ended August 31, 2008
Year Ended August 31, 2007Shares
Dollars
Shares
DollarsShares soldClass A
1,030,534
$       11,597,876
971,807
$       11,826,317Class B
57,408
661,380
104,628
1,279,447Class C
144,619
1,629,579
362,985
4,408,201Class S
400,749
4,576,276
248,927
3,118,140$    18,465,111

$    20,632,105Shares issued to shareholders in reinvestment of distributionsClass A
125,384
$       1,450,857
72,947
$       868,797Class B
17,887
207,126
12,667
150,864Class C
53,338
617,125
33,549
399,566Class S
35,109
406,252
16,133
192,140$    2,681,360

$    1,611,367Shares redeemedClass A
(635,720)
$       (7,153,549)
(560,906)
$       (6,881,963)Class B
(106,755)
(1,173,459)
(50,427)
(615,971)Class C
(380,962)
(4,187,675)
(95,048)
(1,156,858)Class S
(121,766)
(1,343,737)
(197,943)
(2,349,346)$    (13,858,420)

$    (11,004,138)Redemption fees
$    90

$    169Net increase (decrease)Class A
520,198
$       5,895,184
483,848
$       5,813,220Class B
(31,460)
(304,953)
66,868
814,345Class C
(183,005)
(1,940,881)
301,486
3,650,915Class S
314,092
3,638,791
67,117
961,023$    7,288,141

$    11,239,503 DWS LifeCompass 2040 Fund The following table summarizes share and dollar activity in the Fund: Period Ended August 31, 2008*Shares
DollarsShares soldClass A
204,791
$       1,845,925Class C
23,151
210,057Class S
269,687
2,528,193$    4,584,175Shares issued to shareholders in reinvestment of distributionsClass A
570
$       5,583Class C
217
2,130Class S
3,559
34,879$    42,592Shares redeemedClass A
(2,747)
$       (25,280)Class S
(40,721)
(360,242)$    (385,522)Net increase (decrease)Class A
202,614
$       1,826,228Class C
23,368
212,187Class S
232,525
2,202,830$    4,241,245Initial CapitalClass A
6,667
$       66,667Class C
6,666
66,666Class S
6,667
66,667$    200,000 * For the period from November 15, 2007 (commencement of operations) to
August 31, 2008.  Report of Independent Registered
Public Accounting Firm To the Trustees of DWS Target Date Series (formerly DWS Allocation Series)
and the Shareholders of DWS LifeCompass Retirement Fund (formerly
DWS Conservative Allocation Fund), DWS LifeCompass 2015 Fund
(formerly DWS Moderate Allocation Fund), DWS LifeCompass 2020 Fund
(formerly DWS Growth Allocation Fund), DWS LifeCompass 2030 Fund
(formerly DWS Growth Plus Allocation Fund) and DWS LifeCompass 2040
Fund: In our opinion, the accompanying statements of assets and liabilities,
including the investment portfolios, and the related statements of
operations and of changes in net assets and the financial highlights present
fairly, in all material respects, the financial position of DWS LifeCompass
Retirement Fund, DWS LifeCompass 2015 Fund, DWS LifeCompass 2020
Fund, DWS LifeCompass 2030 Fund and DWS LifeCompass 2040 Fund,
respectively (the five funds constituting DWS Target Date Series) (the
"Trust") at August 31, 2008 and the results of each of their operations, the
changes in each of their net assets and the financial highlights for each of
the periods indicated therein, in conformity with accounting principles
generally accepted in the United States of America. These financial
statements and financial highlights (hereafter referred to as "financial
statements") are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements based
on our audits. We conducted our audits of these financial statements in
accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at August 31, 2008 by correspondence with the
custodian and transfer agent, provide a reasonable basis for our opinion. Boston, Massachusetts
October 27, 2008
PricewaterhouseCoopers LLP Tax Information(Unaudited) The DWS LifeCompass 2030 Fund paid distributions of $0.449 per share
from net long-term capital gains during its year ended August 31, 2008, of
which 100% represents 15% rate gains. Pursuant to Section 852 of the Internal Revenue Code,DWS LifeCompass
2020 Fund, DWS LifeCompass 2030 Fundand DWS LifeCompass 2040
Fund designate $1,634,000, $2,167,000 and $64,000, respectively, as capital
gain dividends for its fiscal year ended August 31, 2008, of which 100%
represents 15% rate gains. For corporate shareholders, 100% of the income dividends paid during the
fiscal year ended August 31, 2008, for DWS LifeCompass Retirement Fund,
DWS LifeCompass 2015 Fund, DWS LifeCompass 2030 Fund and DWS
LifeCompass 2040 Fund qualified for the dividends received deduction. For federal income tax purposes, DWS LifeCompass Retirement Fund, DWS
LifeCompass 2015 Fund, DWS LifeCompass 2020 Fund, DWS LifeCompass
2030 Fund and DWS LifeCompass 2040 Fund designate $5,423,000,
$8,732,000, $7,738,000, $754,000 and $26,000, respectively, or the
maximum amount allowable under tax law, as qualified dividend income. Please consult a tax advisor if you have questions about federal or state
income tax laws, or on how to prepare your tax returns. If you have specific
questions about your account, please call (800) 621-1048. Summary of Management Fee Evaluation by
Independent Fee Consultant DWS LifeCompass Retirement Fund DWS LifeCompass 2015 Fund DWS LifeCompass 2020 Fund DWS LifeCompass 2030 Fund October 26, 2007 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 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 2007, including my qualifications, the evaluation process for
each of the DWS Scudder Funds, consideration of certain complex-level
factors, and my conclusions. Qualifications For more than 30 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 several 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 Scudder Fund My work focused primarily on evaluating, fund-by-fund, the fees charged to
each of the 136 Fund portfolios in the DWS Scudder 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 Scudder Fund. These similar products
included the other DWS Scudder 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 Scudder 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 Scudder 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 Scudder 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 Scudder Funds are reasonable. tds_mack1 DWS LifeCompass 2040 Fund 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 Scudder Funds and
have as part of my duties evaluated the reasonableness of the management
fees charged by DeAM to the DWS LifeCompass 2040 Fund. My evaluation
considered the following: •   Management fees charged by other mutual fund companies for like
services, which included review of the management fees of the 29 other
open-end fund of funds in the Lipper Mixed-Target Allocation 2030+
category (excluding any master-feeder, hub/spoke and underlying ETF
funds, which in my opinion may have non-comparable fee structures).
Also considered were the total expenses of the 39 Mixed-Target
Allocation 2030+ funds offering standard A shares, including any
underlying fund expenses. •   Management fees charged to institutional and other clients of DeAM
for like services,encompassing the four DWS risk-based asset allocation
fund-of-funds. •   Costs to DeAM and its affiliates of supplying services pursuant to the
management agreements and profit margins from supplying such
services. While this is a new fund with no profitability information, the
level of the Fund's fee, DeAM's overall profitability derived from mutual
funds, and DeAM's expectations for fund growth do not suggest
excessive profitability. • Possible economies of scale as the Fund grows larger, noting that the
fee schedule does not include break-points, so that future sharing of
economies will depend on imposition of break-points, economies in the
underlying funds, or on other actions. •   The nature and quality of DeAM's services, including the DWS Fund's
performance. This is a new fund, so performance and other service
evaluations are not possible. DeAM has staffed the fund's management
with individuals having appropriate education and experience. Based on the foregoing considerations, in my opinion the proposed fees and
expenses for the DWS LifeCompass 2040 Fund are reasonable. tds_mack0 Trustees and Officers The following table presents certain information regarding the Board
Members and Officers of the Trust as of August 31, 2008. Each Board
Member's year of birth is set forth in parentheses after his or her name.
Unless otherwise noted, (i) each Board Member has engaged in the
principal occupation(s) noted in the table for at least the most recent five
years, although not necessarily in the same capacity; and (ii) the address of
each Independent Board Member is c/o Dawn-Marie Driscoll, PO Box
100176, Cape Coral, FL 33904. Except as otherwise noted below, the term
of office for each Board Member is until the election and qualification of a
successor, or until such Board Member sooner dies, resigns, is removed or
as otherwise provided in the governing documents of the fund. Because the
fund does not hold an annual meeting of shareholders, each Board Member
will hold office for an indeterminate period. The Board Members may also
serve in similar capacities with other funds in the fund complex. The Length
of Time Served represents the year in which the Board Member joined the
board of one or more DWS funds now overseen by the Board. Independent Board MembersName, Year of
Birth, Position
with the Fund
and Length of
Time Served1
Business Experience and Directorships During the
Past Five Years
Number of
Funds in
DWS Fund
Complex
OverseenDawn-Marie
Driscoll (1946)Chairperson since
20042Board Member
since 1987
President, Driscoll Associates (consulting firm); Executive
Fellow, Center for Business Ethics, Bentley College; formerly,
Partner, Palmer & Dodge (1988-1990); Vice President of
Corporate Affairs and General Counsel, Filene's (1978-1988).
Directorships: Trustee of eight open-end mutual funds
managed by Sun Capital Advisers, Inc. (since 2007); Director of
ICI Mutual Insurance Company (since 2007); Advisory Board,
Center for Business Ethics, Bentley College; Trustee,
Southwest Florida Community Foundation (charitable
organization). Former Directorships: Investment Company
Institute (audit, executive, nominating committees) and
Independent Directors Council (governance, executive
committees)
133Paul K. Freeman
(1950)Vice Chairperson
since 2008Board Member
since 1993
Consultant, World Bank/Inter-American Development Bank;
formerly, Project Leader, International Institute for Applied
Systems Analysis (1998-2001); Chief Executive Officer, The
Eric Group, Inc. (environmental insurance) (1986-1998)
133John W.
Ballantine (1946)Board Member
since 1999
Retired; formerly, Executive Vice President and Chief Risk
Management Officer, First Chicago NBD Corporation/The First
National Bank of Chicago (1996-1998); Executive Vice
President and Head of International Banking (1995-1996).
Directorships: Healthways, Inc. (provider of disease and care
management services); Portland General Electric (utility
company); Stockwell Capital Investments PLC (private equity).
Former Directorships: First Oak Brook Bancshares, Inc. and
Oak Brook Bank
133Henry P. Becton,
Jr. (1943)Board Member
since 1990
Vice Chair, WGBH Educational Foundation. Directorships:
Association of Public Television Stations; Becton Dickinson
and Company3 (medical technology company); Belo
Corporation3 (media company); Boston Museum of Science;
Public Radio International. Former Directorships: American
Public Television; Concord Academy; New England Aquarium;
Mass. Corporation for Educational Telecommunications;
Committee for Economic Development; Public Broadcasting
Service
133Keith R. Fox
(1954)Board Member
since 1996
Managing General Partner, Exeter Capital Partners (a series of
private equity funds). Directorships: Progressive Holding
Corporation (kitchen goods importer and distributor); Natural
History, Inc. (magazine publisher); Box Top Media Inc.
(advertising); The Kennel Shop (retailer)
133Kenneth C.
Froewiss (1945)Board Member
since 2001
Clinical Professor of Finance, NYU Stern School of Business
(1997-present); Member, Finance Committee, Association for
Asian Studies (2002-present); Director, Mitsui Sumitomo
Insurance Group (US) (2004-present); prior thereto, Managing
Director, J.P. Morgan (investment banking firm) (until 1996)
133Richard J. Herring
(1946)Board Member
since 1990
Jacob Safra Professor of International Banking and Professor,
Finance Department, The Wharton School, University of
Pennsylvania (since July 1972); Co-Director, Wharton Financial
Institutions Center (since July 2000); Director, Japan Equity
Fund, Inc. (since September 2007), Thai Capital Fund, Inc.
(since September 2007), Singapore Fund, Inc. (since
September 2007). Formerly, Vice Dean and Director, Wharton
Undergraduate Division (July 1995-June 2000); Director,
Lauder Institute of International Management Studies (July
2000-June 2006)
133William
McClayton (1944)Board Member
since 2004
Managing Director, Diamond Management & Technology
Consultants, Inc. (global management consulting firm)
(2001-present); Directorship: Board of Managers, YMCA of
Metropolitan Chicago; formerly: Senior Partner, Arthur
Andersen LLP (accounting) (1966-2001); Trustee, Ravinia
Festival
133Rebecca W.
Rimel (1951)Board Member
since 1995
President and Chief Executive Officer, The Pew Charitable
Trusts (charitable organization) (1994 to present); Trustee,
Thomas Jefferson Foundation (charitable organization) (1994 to
present); Trustee, Executive Committee, Philadelphia Chamber
of Commerce (2001-2007); Trustee, Pro Publica
(2007-present) (charitable organization). Formerly, Executive
Vice President, The Glenmede Trust Company (investment
trust and wealth management) (1983-2004); Board Member,
Investor Education (charitable organization) (2004-2005);
Director, Viasys Health Care3 (January 2007-June 2007)
133William N. Searcy,
Jr. (1946)Board Member
since 1993
Private investor since October 2003; Trustee of eight open-end
mutual funds managed by Sun Capital Advisers, Inc. (since
October 1998). Formerly, Pension & Savings Trust Officer,
Sprint Corporation3 (telecommunications) (November
1989-September 2003)
133Jean Gleason
Stromberg (1943)Board Member
since 1997
Retired. Formerly, Consultant (1997-2001); Director, US
Government Accountability Office (1996-1997); Partner,
Fulbright & Jaworski, L.L.P. (law firm) (1978-1996).
Directorships: The William and Flora Hewlett Foundation;
Service Source, Inc. Former Directorships: Mutual Fund
Directors Forum (2002-2004), American Bar Retirement
Association (funding vehicle for retirement plans) (1987-1990
and 1994-1996)
133Robert H.
Wadsworth(1940)Board Member
since 1999
President, Robert H. Wadsworth & Associates, Inc. (consulting
firm) (1983 to present); Director, The Phoenix Boys Choir
Association
136 Interested Board MemberName, Year of
Birth, Position
with the Fund
and Length of
Time Served1
Business Experience and Directorships During the
Past Five Years
Number of
Funds in
Fund
Complex
OverseenAxel Schwarzer4(1958)Board Member
since 2006
Managing Director5, Deutsche Asset Management; Head of
Deutsche Asset Management Americas; CEO of DWS Investments;
formerly, board member of DWS Investments, Germany
(1999-2005); formerly, Head of Sales and Product Management for
the Retail and Private Banking Division of Deutsche Bank in
Germany (1997-1999); formerly, various strategic and operational
positions for Deutsche Bank Germany Retail and Private Banking
Division in the field of investment funds, tax driven instruments and
asset management for corporates (1989-1996)
133 Officers6Name, Year of Birth,
Position with the Fund and
Length of Time Served7
Principal Occupation(s) During Past 5 Years and Other
Directorships HeldMichael G. Clark8 (1965)President, 2006-present
Managing Director5, Deutsche Asset Management
(2006-present); President of DWS family of funds; Director, ICI
Mutual Insurance Company (since October 2007); formerly,
Director of Fund Board Relations (2004-2006) and Director of
Product Development (2000-2004), Merrill Lynch Investment
Managers; Senior Vice President Operations, Merrill Lynch
Asset Management (1999-2000)John Millette9 (1962)Vice President and Secretary,
1999-present
Director5, Deutsche Asset ManagementPaul H. Schubert8 (1963)Chief Financial Officer,
2004-presentTreasurer, 2005-present
Managing Director5, Deutsche Asset Management (since July
2004); formerly, Executive Director, Head of Mutual Fund
Services and Treasurer for UBS Family of Funds (1998-2004);
Vice President and Director of Mutual Fund Finance at UBS
Global Asset Management (1994-1998)Patricia DeFilippis10(1963)Assistant Secretary,
2005-present
Vice President, Deutsche Asset Management (since June
2005); formerly, Counsel, New York Life Investment
Management LLC (2003-2005); legal associate, Lord, Abbett &
Co. LLC (1998-2003)Elisa D. Metzger10 (1962)Assistant Secretary
2005-present
Director5, Deutsche Asset Management (since September
2005); formerly, Counsel, Morrison and Foerster LLP
(1999-2005)Caroline Pearson9 (1962)Assistant Secretary,
1997-present
Managing Director5, Deutsche Asset ManagementPaul Antosca9 (1957)Assistant Treasurer,
2007-present
Director5, Deutsche Asset Management (since 2006); Vice
President, The Manufacturers Life Insurance Company (U.S.A.)
(1990-2006)Jack Clark9 (1967)Assistant Treasurer,
2007-present
Director5, Deutsche Asset Management (since 2007);
formerly, Vice President, State Street Corporation (2002-2007)Kathleen Sullivan D'Eramo9
(1957)Assistant Treasurer,
2003-present
Director5, Deutsche Asset ManagementDiane Kenneally9(1966)Assistant Treasurer,
2007-present
Director5, Deutsche Asset ManagementJason Vazquez10 (1972)Anti-Money Laundering
Compliance Officer,
2007-present
Vice President, Deutsche Asset Management (since 2006);
formerly, AML Operations Manager for Bear Stearns
(2004-2006), Supervising Compliance Principal and Operations
Manager for AXA Financial (1999-2004)Robert Kloby10 (1962)Chief Compliance Officer,
2006-present
Managing Director5, Deutsche Asset Management
(2004-present); formerly, Chief Compliance Officer/Chief Risk
Officer, Robeco USA (2000-2004); Vice President, The
Prudential Insurance Company of America (1988-2000);
E.F. Hutton and Company (1984-1988)J. Christopher Jackson10
(1951)Chief Legal Officer,
2006-present
Director5, Deutsche Asset Management (2006-present);
formerly, Director, Senior Vice President, General Counsel and
Assistant Secretary, Hansberger Global Investors, Inc.
(1996-2006); Director, National Society of Compliance
Professionals (2002-2005) (2006-2009) 1 The length of time served represents the year in which the Board Member joined the board
of one or more DWS funds currently overseen by the Board.  2 Represents the year Ms. Driscoll was first appointed Chairperson of certain DWS funds.  3 A publicly held company with securities registered pursuant to Section 12 of the Securities
Exchange Act of 1934.  4 The mailing address of Axel Schwarzer is c/o Deutsche Investment Management Americas
Inc., 345 Park Avenue, New York, New York 10154. Mr. Schwarzer is an interested Board
Member by virtue of his positions with Deutsche Asset Management. As an interested
person, Mr. Schwarzer receives no compensation from the fund.  5 Executive title, not a board directorship.  6 As a result of their respective positions held with the Advisor, these individuals are
considered "interested persons" of the Advisor within the meaning of the 1940 Act.
Interested persons receive no compensation from the fund.  7 The length of time served represents the year in which the officer was first elected in such
capacity for one or more DWS funds.  8 Address: 345 Park Avenue, New York, New York 10154.  9 Address: One Beacon Street, Boston, MA 02108.  10 Address: 280 Park Avenue, New York, New York 10017.  The fund's Statement of Additional Information ("SAI") includes additional information about
the Board Members. The SAI is available, without charge, upon request. If you would like to
request a copy of the SAI, you may do so by calling the following toll-free number:
(800) 621-1048. 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. Certain account types
within Classes A, B, C and S also have the ability to purchase,
exchange or redeem shares using this system.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 appropriate
number below:For shareholders of Classes A, B and C:
(800) 621-1048For shareholders of Class S:
(800) 728-3337Web 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
CUSIP 
Number
Fund 
NumberDWS LifeCompass Retirement
Fund  Class A
SUCAX
23337A  608
480DWS LifeCompass Retirement
Fund  Class B
SUCBX
23337A  707
680DWS LifeCompass Retirement
Fund  Class C
SUCCX
23337A  806
780DWS LifeCompass Retirement
Fund  Class S
SCPCX
23337A  871
2080DWS LifeCompass 2015
Fund  Class A
SPDAX
23337A  103
481DWS LifeCompass 2015
Fund  Class B
SPDBX
23337A  202
681DWS LifeCompass 2015
Fund  Class C
SPDCX
23337A  301
781DWS LifeCompass 2015
Fund  Class S
SPBAX
23337A  509
2081DWS LifeCompass 2020
Fund  Class A
SUPAX
23337A  863
482DWS LifeCompass 2020
Fund  Class B
SUPBX
23337A  855
682DWS LifeCompass 2020
Fund  Class C
SUPCX
23337A  848
782DWS LifeCompass 2020
Fund  Class S
SPGRX
23337A  822
2082DWS LifeCompass 2030
Fund  Class A
PLUSX
23337A  814
1084DWS LifeCompass 2030
Fund  Class B
PLSBX
23337A  798
1284DWS LifeCompass 2030
Fund  Class C
PLSCX
23337A  780
1384DWS LifeCompass 2030
Fund  Class S
PPLSX
23337A  772
2084DWS LifeCompass 2040
Fund  Class A
TGTAX
23337A  764
457DWS LifeCompass 2040
Fund  Class C
TGTCX
23337A  756
757DWS LifeCompass 2040
Fund  Class S
TGTSX
23337A  749
2057 tds_backcover0


ITEM 2.
        CODE OF ETHICSAs of the end of the period, August 31, 2008, DWS LifeCompass 2015 Fund, DWS LifeCompass 2020 Fund, DWS LifeCompass 2030 Fund, DWS LifeCompass 2040 Fund and DWS LifeCompass Retirement Fund, each a series of DWS Target Date Series have a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer.

There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.

A copy of the code of ethics is filed as an exhibit to this Form N-CSR.ITEM 3.
        AUDIT COMMITTEE FINANCIAL EXPERTThe Funds audit committee is comprised solely of trustees who are independent (as such term has been defined by the Securities and Exchange Commission (SEC) in regulations implementing Section 407 of the Sarbanes-Oxley Act (the Regulations)). The Funds Board of Trustees has determined that there are several audit committee financial experts (as such term has been defined by the Regulations) serving on the Funds audit committee including Mr. William McClayton, the chair of the Funds audit committee.  The SEC has stated that an audit committee financial expert is not an expert for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an audit committee
financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.ITEM 4.
        PRINCIPAL ACCOUNTANT FEES AND SERVICES
  DWS LIFECOMPASS 2015 FUND FORM N-CSR DISCLOSURE RE: AUDIT FEES The following table shows the amount of fees that PricewaterhouseCoopers, LLP (PWC), the Funds independent registered public accounting firm, billed to the Fund during the Funds last two fiscal years.  The Audit Committee approved in advance all audit services and non-audit services that PWC provided to the Fund. The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee). Services that the Funds Independent Registered Public Accounting Firm Billed to the Fund Fiscal YearEndedAugust 31,
        Audit Fees Billed to Fund
        Audit-RelatedFees Billed to Fund
        Tax Fees Billed to Fund
        AllOther Fees Billed to Fund2008
        $37,100
        $0
        $0
        $02007
        $38,000
        $0
        $0
        $0
  Services that the Funds Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers The following table shows the amount of fees billed by PWC to Deutsche Investment Management Americas, Inc. (DeIM or the Adviser), and any entity controlling, controlled by or under common control with DeIM (Control 
 Affiliate) that provides ongoing services to the Fund (Affiliated Fund Service Provider), for engagements directly related to the Funds operations and financial reporting, during the Funds last two fiscal years. Fiscal YearAugust 31,
        Audit-RelatedFees Billedto Adviser and Affiliated Fund Service Providers
        Tax Fees Billed to Adviser and Affiliated Fund Service Providers
        AllOther Fees Billed to Adviser and Affiliated Fund Service Providers2008
        $0
        $19,000
        $02007
        $98,500
        $25,000
        $0
  The Audit-Related Fees were billed for services in connection with the agreed-upon procedures related to fund mergers and additional costs related to annual audits and the above Tax Fees were billed in connection with tax consultation and agreed-upon procedures. Non-Audit Services The following table shows the amount of fees that PWC billed during the Funds last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that PWC provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Funds operations and financial reporting. The Audit Committee requested and received information from PWC about any non-audit services that PWC rendered during the Funds last fiscal year to the Adviser and any Affiliated Fund Service Provider.  The Committee considered this information in evaluating PWCs independence.  Fiscal YearEndedAugust 31,
        TotalNon-Audit Fees Billed to Fund
(A)
        Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)
(B)
        Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)
(C)
        Total of (A), (B)and (C)2008
        $0
        $19,000
        $600,000
        $619,0002007
        $0
        $25,000
        $0
        $25,000
   All other engagement fees were billed for services provided by PWC for services related to consulting on an IT project.  ***  PwC advised the Fund's Audit Committee that PwC has identified two matters that it determined to be inconsistent with the SEC's auditor independence rules.  In the first instance, an employee of PwC had power of attorney over an account which included DWS funds.  The employee did not perform any audit services for the DWS Funds, but did work on a non audit project for Deutsche Bank AG.  In the second instance, an employee of PwC served as a nominee shareholder 
 (effectively equivalent to a Trustee) of various companies/trusts since 2001. Some of these companies held shares of Aberdeen, a sub advisor to certain DWS Funds, and of certain funds sponsored by subsidiaries of Deutsche Bank AG.  The trustee relationship has ceased.  PwC informed the Audit Committee that these matters could have constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X.  PwC advised the Audit Committee that PwC believes its independence had not been impacted as it related to the audits of the Fund.  In reaching this conclusion, PwC noted that during the time of its audit, the engagement team was not aware of the investment and that PwC does not believe these situations affected PwC's ability to act objectively and impartially and to issue a report on financial statements as the funds' independent auditor.  DWS LIFECOMPASS 2020 FUND FORM N-CSR DISCLOSURE RE: AUDIT FEES The following table shows the amount of fees that PricewaterhouseCoopers, LLP (PWC), the Funds independent registered public accounting firm, billed to the Fund during the Funds last two fiscal years.  The Audit Committee approved in advance all audit services and non-audit services that PWC provided to the Fund. The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee). Services that the Funds Independent Registered Public Accounting Firm Billed to the Fund Fiscal YearEndedAugust 31,
        Audit Fees Billed to Fund
        Audit-RelatedFees Billed to Fund
        Tax Fees Billed to Fund
        AllOther Fees Billed to Fund2008
        $37,100
        $0
        $0
        $02007
        $38,000
        $0
        $0
        $0
  Services that the Funds Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers The following table shows the amount of fees billed by PWC to Deutsche Investment Management Americas, Inc. (DeIM or the Adviser), and any entity controlling, controlled by or under common control with DeIM (Control Affiliate) that provides ongoing services to the Fund (Affiliated Fund Service Provider), for engagements directly related to the Funds operations and financial reporting, during the Funds last two fiscal years. Fiscal YearAugust 31,
        Audit-RelatedFees Billedto Adviser and Affiliated Fund Service Providers
        Tax Fees Billed to Adviser and Affiliated Fund Service Providers
        AllOther Fees Billed to Adviser and Affiliated Fund Service Providers2008
        $0
        $19,000
        $02007
        $98,500
        $25,000
        $0
  The Audit-Related Fees were billed for services in connection with the agreed-upon procedures related to fund mergers and additional costs related to annual audits and the above Tax Fees were billed in connection with tax consultation and agreed-upon procedures. 
 Non-Audit Services The following table shows the amount of fees that PWC billed during the Funds last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that PWC provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Funds operations and financial reporting. The Audit Committee requested and received information from PWC about any non-audit services that PWC rendered during the Funds last fiscal year to the Adviser and any Affiliated Fund Service Provider.  The Committee considered this information in evaluating PWCs independence.  Fiscal YearEndedAugust 31,
        TotalNon-Audit Fees Billed to Fund
(A)
        Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)
(B)
        Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)
(C)
        Total of (A), (B)and (C)2008
        $0
        $19,000
        $600,000
        $619,0002007
        $0
        $25,000
        $0
        $25,000
   All other engagement fees were billed for services provided by PWC for services related to consulting on an IT project.  ***  PwC advised the Fund's Audit Committee that PwC has identified two matters that it determined to be inconsistent with the SEC's auditor independence rules.  In the first instance, an employee of PwC had power of attorney over an account which included DWS funds.  The employee did not perform any audit services for the DWS Funds, but did work on a non audit project for Deutsche Bank AG.  In the second instance, an employee of PwC served as a nominee shareholder (effectively equivalent to a Trustee) of various companies/trusts since 2001. Some of these companies held shares of Aberdeen, a sub advisor to certain DWS Funds, and of certain funds sponsored by subsidiaries of Deutsche Bank AG.  The trustee relationship has ceased.  PwC informed the Audit Committee that these matters could have constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X.  PwC
advised the Audit Committee that PwC believes its independence had not been impacted as it related to the audits of the Fund.  In reaching this conclusion, PwC noted that during the time of its audit, the engagement team was not aware of the investment and that PwC does not believe these situations affected PwC's ability to act objectively and impartially and to issue a report on financial statements as the funds' independent auditor.  DWS LIFECOMPASS 2030 FUND FORM N-CSR DISCLOSURE RE: AUDIT FEES The following table shows the amount of fees that PricewaterhouseCoopers, LLP (PWC), the Funds independent registered public accounting firm, billed to the Fund during the Funds last two fiscal years.  The Audit Committee approved in advance all audit services and non-audit services that PWC provided to the Fund. 
 The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee). Services that the Funds Independent Registered Public Accounting Firm Billed to the Fund Fiscal YearEndedAugust 31,
        Audit Fees Billed to Fund
        Audit-RelatedFees Billed to Fund
        Tax Fees Billed to Fund
        AllOther Fees Billed to Fund2008
        $37,100
        $0
        $0
        $02007
        $38,000
        $0
        $0
        $0
  Services that the Funds Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers The following table shows the amount of fees billed by PWC to Deutsche Investment Management Americas, Inc. (DeIM or the Adviser), and any entity controlling, controlled by or under common control with DeIM (Control Affiliate) that provides ongoing services to the Fund (Affiliated Fund Service Provider), for engagements directly related to the Funds operations and financial reporting, during the Funds last two fiscal years. Fiscal YearAugust 31,
        Audit-RelatedFees Billedto Adviser and Affiliated Fund Service Providers
        Tax Fees Billed to Adviser and Affiliated Fund Service Providers
        AllOther Fees Billed to Adviser and Affiliated Fund Service Providers2008
        $0
        $19,000
        $02007
        $98,500
        $25,000
        $0
  The Audit-Related Fees were billed for services in connection with the agreed-upon procedures related to fund mergers and additional costs related to annual audits and the above Tax Fees were billed in connection with tax consultation and agreed-upon procedures. Non-Audit Services The following table shows the amount of fees that PWC billed during the Funds last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that PWC provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Funds operations and financial reporting. The Audit Committee requested and received information from PWC about any non-audit services that PWC rendered during the Funds last fiscal year to the Adviser and any Affiliated Fund Service Provider.  The Committee considered this information in evaluating PWCs independence.  
  Fiscal YearEndedAugust 31,
        TotalNon-Audit Fees Billed to Fund
(A)
        Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)
(B)
        Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)
(C)
        Total of (A), (B)and (C)2008
        $0
        $19,000
        $600,000
        $619,0002007
        $0
        $25,000
        $0
        $25,000
   All other engagement fees were billed for services provided by PWC for services related to consulting on an IT project.  ***  PwC advised the Fund's Audit Committee that PwC has identified two matters that it determined to be inconsistent with the SEC's auditor independence rules.  In the first instance, an employee of PwC had power of attorney over an account which included DWS funds.  The employee did not perform any audit services for the DWS Funds, but did work on a non audit project for Deutsche Bank AG.  In the second instance, an employee of PwC served as a nominee shareholder (effectively equivalent to a Trustee) of various companies/trusts since 2001. Some of these companies held shares of Aberdeen, a sub advisor to certain DWS Funds, and of certain funds sponsored by subsidiaries of Deutsche Bank AG.  The trustee relationship has ceased.  PwC informed the Audit Committee that these matters could have constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X.  PwC
advised the Audit Committee that PwC believes its independence had not been impacted as it related to the audits of the Fund.  In reaching this conclusion, PwC noted that during the time of its audit, the engagement team was not aware of the investment and that PwC does not believe these situations affected PwC's ability to act objectively and impartially and to issue a report on financial statements as the funds' independent auditor.  DWS LIFECOMPASS 2040 FUND FORM N-CSR DISCLOSURE RE: AUDIT FEES The following table shows the amount of fees that PricewaterhouseCoopers, LLP (PWC), the Funds independent registered public accounting firm, billed to the Fund during the Funds last two fiscal years.  The Audit Committee approved in advance all audit services and non-audit services that PWC provided to the Fund. The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee). Services that the Funds Independent Registered Public Accounting Firm Billed to the Fund Fiscal YearEndedAugust 31,
        Audit Fees Billed to Fund
        Audit-RelatedFees Billed to Fund
        Tax Fees Billed to Fund
        AllOther Fees Billed to Fund2008
        $37,100
        $0
        $0
        $0
  
  2007
        $38,000
        $0
        $0
        $0
  Services that the Funds Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers The following table shows the amount of fees billed by PWC to Deutsche Investment Management Americas, Inc. (DeIM or the Adviser), and any entity controlling, controlled by or under common control with DeIM (Control Affiliate) that provides ongoing services to the Fund (Affiliated Fund Service Provider), for engagements directly related to the Funds operations and financial reporting, during the Funds last two fiscal years. Fiscal YearAugust 31,
        Audit-RelatedFees Billedto Adviser and Affiliated Fund Service Providers
        Tax Fees Billed to Adviser and Affiliated Fund Service Providers
        AllOther Fees Billed to Adviser and Affiliated Fund Service Providers2008
        $0
        $19,000
        $02007
        $98,500
        $25,000
        $0
  The Audit-Related Fees were billed for services in connection with the agreed-upon procedures related to fund mergers and additional costs related to annual audits and the above Tax Fees were billed in connection with tax consultation and agreed-upon procedures. Non-Audit Services The following table shows the amount of fees that PWC billed during the Funds last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that PWC provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Funds operations and financial reporting. The Audit Committee requested and received information from PWC about any non-audit services that PWC rendered during the Funds last fiscal year to the Adviser and any Affiliated Fund Service Provider.  The Committee considered this information in evaluating PWCs independence.  Fiscal YearEndedAugust 31,
        TotalNon-Audit Fees Billed to Fund
(A)
        Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)
(B)
        Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)
(C)
        Total of (A), (B)and (C)2008
        $0
        $19,000
        $600,000
        $619,0002007
        $0
        $25,000
        $0
        $25,000
   All other engagement fees were billed for services provided by PWC for services related to consulting on an IT project. 
  ***  PwC advised the Fund's Audit Committee that PwC has identified two matters that it determined to be inconsistent with the SEC's auditor independence rules.  In the first instance, an employee of PwC had power of attorney over an account which included DWS funds.  The employee did not perform any audit services for the DWS Funds, but did work on a non audit project for Deutsche Bank AG.  In the second instance, an employee of PwC served as a nominee shareholder (effectively equivalent to a Trustee) of various companies/trusts since 2001. Some of these companies held shares of Aberdeen, a sub advisor to certain DWS Funds, and of certain funds sponsored by subsidiaries of Deutsche Bank AG.  The trustee relationship has ceased.  PwC informed the Audit Committee that these matters could have constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X.  PwC
advised the Audit Committee that PwC believes its independence had not been impacted as it related to the audits of the Fund.  In reaching this conclusion, PwC noted that during the time of its audit, the engagement team was not aware of the investment and that PwC does not believe these situations affected PwC's ability to act objectively and impartially and to issue a report on financial statements as the funds' independent auditor.  DWS LIFECOMPASS RETIREMENT FUND FORM N-CSR DISCLOSURE RE: AUDIT FEES The following table shows the amount of fees that PricewaterhouseCoopers, LLP (PWC), the Funds independent registered public accounting firm, billed to the Fund during the Funds last two fiscal years.  The Audit Committee approved in advance all audit services and non-audit services that PWC provided to the Fund. The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee). Services that the Funds Independent Registered Public Accounting Firm Billed to the Fund Fiscal YearEndedAugust 31,
        Audit Fees Billed to Fund
        Audit-RelatedFees Billed to Fund
        Tax Fees Billed to Fund
        AllOther Fees Billed to Fund2008
        $37,100
        $0
        $0
        $02007
        $38,000
        $0
        $0
        $0
  Services that the Funds Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers The following table shows the amount of fees billed by PWC to Deutsche Investment Management Americas, Inc. (DeIM or the Adviser), and any entity controlling, controlled by or under common control with DeIM (Control Affiliate) that provides ongoing services to the Fund (Affiliated Fund Service Provider), for engagements directly related to the Funds operations and financial reporting, during the Funds last two fiscal years. Fiscal YearAugust 31,
        Audit-RelatedFees Billedto Adviser and Affiliated Fund Service Providers
        Tax Fees Billed to Adviser and Affiliated Fund Service Providers
        AllOther Fees Billed to Adviser and Affiliated Fund Service Providers2008
        $0
        $19,000
        $02007
        $98,500
        $25,000
        $0
  
  The Audit-Related Fees were billed for services in connection with the agreed-upon procedures related to fund mergers and additional costs related to annual audits and the above Tax Fees were billed in connection with tax consultation and agreed-upon procedures. Non-Audit Services The following table shows the amount of fees that PWC billed during the Funds last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that PWC provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Funds operations and financial reporting. The Audit Committee requested and received information from PWC about any non-audit services that PWC rendered during the Funds last fiscal year to the Adviser and any Affiliated Fund Service Provider.  The Committee considered this information in evaluating PWCs independence.  Fiscal YearEndedAugust 31,
        TotalNon-Audit Fees Billed to Fund
(A)
        Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)
(B)
        Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)
(C)
        Total of (A), (B)and (C)2008
        $0
        $19,000
        $600,000
        $619,0002007
        $0
        $25,000
        $0
        $25,000
   All other engagement fees were billed for services provided by PWC for services related to consulting on an IT project.  ***  PwC advised the Fund's Audit Committee that PwC has identified two matters that it determined to be inconsistent with the SEC's auditor independence rules.  In the first instance, an employee of PwC had power of attorney over an account which included DWS funds.  The employee did not perform any audit services for the DWS Funds, but did work on a non audit project for Deutsche Bank AG.  In the second instance, an employee of PwC served as a nominee shareholder (effectively equivalent to a Trustee) of various companies/trusts since 2001. Some of these companies held shares of Aberdeen, a sub advisor to certain DWS Funds, and of certain funds sponsored by subsidiaries of Deutsche Bank AG.  The trustee relationship has ceased.  PwC informed the Audit Committee that these matters could have constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X.  PwC
advised the Audit Committee that PwC believes its independence had not been impacted as it related to the audits of the Fund.  In reaching this conclusion, PwC noted that during the time of its audit, the engagement team was not aware of the investment and that PwC does not believe these situations affected PwC's ability to act objectively and impartially and to issue a report on financial statements as the funds' independent auditor.   ITEM 5.
        AUDIT COMMITTEE OF LISTED REGISTRANTS
  
  Not 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)     Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.(a)(2)     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-CSR 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 LifeCompass 2015 Fund, DWS LifeCompass 2020 Fund, DWS LifeCompass 2030 Fund, DWS LifeCompass 2040 Fund and DWS LifeCompass Retirement Fund, each a series of DWS Target Date Series
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        October 30, 2008
   Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.  Registrant:
        DWS LifeCompass 2015 Fund, DWS LifeCompass 2020 Fund, DWS LifeCompass 2030 Fund, DWS LifeCompass 2040 Fund and DWS LifeCompass Retirement Fund, each a series of DWS Target Date Series
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        October 30, 2008
   By:
        /s/Paul Schubert
 Paul Schubert
 Chief Financial Officer and Treasurer  Date:
        October 30, 2008