UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

**_______________________________**

Investment Company Act file number  811-8606

DWS Target Date Series

(Exact name of registrant as specified in charter)

 

345 Park Avenue

New York, NY  10154

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY  10154-0004

(Name and address of agent for service)

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

Date of fiscal year end:  08/31

Date of reporting period: 5/31/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

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

 

 

**DWS LifeCompass 2015 Fund**

 

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

**Equity - Equity Funds 54.8%**

 
DWS Blue Chip Fund "Institutional"  

 

7,912 

 

96,050 

 
DWS Capital Growth Fund "Institutional"  

 

85,780 

 

3,401,191 

 
DWS Commodity Securities Fund "Institutional"  

 

4,471 

 

14,932 

 
DWS Communications Fund "Institutional"  

 

69,891 

 

905,088 

 
DWS Disciplined Long/Short Value Fund "Institutional"  

 

153,861 

 

955,477 

 
DWS Disciplined Market Neutral Fund "Institutional"  

 

17,486 

 

164,896 

 
DWS Diversified International Equity Fund "Institutional"  

 

387,557 

 

2,162,571 

 
DWS Dreman Concentrated Value Fund "Institutional"  

 

8,855 

 

54,992 

 
DWS Dreman High Return Equity Fund "Institutional"  

 

44,831 

 

1,125,246 

 
DWS Dreman Mid Cap Value Fund "Institutional"  

 

147,239 

 

1,116,068 

 
DWS Dreman Small Cap Value Fund "Institutional"  

 

148,025 

 

3,721,352 

 
DWS Emerging Markets Equity Fund "Institutional"  

 

177,339 

 

2,411,812 

 
DWS Equity 500 Index Portfolio "Institutional"  

 

239,669 

 

25,057,368 

 
DWS Europe Equity Fund "Institutional"  

 

316,442 

 

6,135,804 

 
 

 

DWS Global Opportunities Fund "Institutional"  

 

4,988 

 

127,006 

 
DWS Global Thematic Fund "Institutional"  

 

84,958 

 

1,444,287 

 
DWS Gold & Precious Metals Fund "Institutional"  

 

22,487 

 

405,897 

 
DWS Growth & Income Fund "Institutional"  

 

624,985 

 

7,331,072 

 
DWS Health Care Fund "Institutional"

 

161,556 

 

3,088,943 

 
DWS International Fund "Institutional"  

 

82,293 

 

3,108,189 

 
DWS International Value Opportunities Fund "Institutional"  

 

185,467 

 

1,429,948 

 
DWS Japan Equity Fund "S"  

 

122,676 

 

902,897 

 
DWS Large Cap Value Fund "Institutional"  

 

796,956 

 

11,133,477 

 
DWS Large Company Growth Fund "Institutional"  

 

144,310 

 

3,095,460 

 
DWS Micro Cap Fund "Institutional"  

 

16,245 

 

171,868 

 
DWS RREEF Global Real Estate Securities Fund "Institutional"  

 

236,039 

 

1,364,306 

 
DWS RREEF Real Estate Securities Fund "Institutional"  

 

20,344 

 

208,731 

 
DWS S&P 500 Plus Fund "S"  

 

302,698 

 

2,769,682 

 
DWS Small Cap Core Fund "S"  

 

282,380 

 

3,213,482 

 
DWS Small Cap Growth Fund "Institutional"  

 

53,050 

 

685,940 

 
DWS Technology Fund "Institutional"  

 

413,130 

 

3,771,880 

 
**Total Equity Funds** (Cost $125,938,134)

 

**91,575,912**

 
 

**Equity - Exchange-Traded Funds 7.1%**

 
Consumer Discretionary Select Sector SPDR Fund  

 

57,392 

 

1,330,346 

 
Consumer Staples Select Sector SPDR Fund  

 

53,455 

 

1,235,345 

 
Energy Select Sector SPDR Fund  

 

24,751 

 

1,274,924 

 
Financial Select Sector SPDR Fund  

 

119,420 

 

1,474,837 

 
Industrial Select Sector SPDR Fund  

 

52,997 

 

1,193,492 

 
iShares MSCI Australia Index Fund  

 

69,954 

 

1,148,645 

 
iShares MSCI Canada Index Fund  

 

72,436 

 

1,673,996 

 
iShares MSCI EAFE Small Cap Index Fund  

 

12,436 

 

371,215 

 
iShares MSCI France Index Fund  

 

8,744 

 

191,843 

 
iShares MSCI Germany Index Fund  

 

22,987 

 

444,109 

 
iShares MSCI United Kingdom Index Fund  

 

55,359 

 

760,079 

 
Utilities Select Sector SPDR Fund  

 

29,525 

 

791,270 

 
**Total Exchange-Traded Funds** (Cost $11,872,109)

 

**11,890,101**

 
 

**Fixed Income - Bond Funds 35.8%**

 
DWS Core Fixed Income Fund "Institutional"  

 

3,549,883 

 

30,777,485 

 
DWS Core Plus Income Fund "Institutional"  

 

785 

 

7,659 

 
DWS Emerging Markets Fixed Income Fund "Institutional"  

 

89,484 

 

831,305 

 
DWS Floating Rate Plus Fund "Institutional"  

 

267,262 

 

2,103,350 

 
DWS Global Bond Fund "S"  

 

625,397 

 

6,147,654 

 
DWS GNMA Fund "Institutional"  

 

73,144 

 

1,097,167 

 
DWS High Income Fund "Institutional"  

 

1,671,831 

 

6,653,886 

 
DWS High Income Plus Fund "Institutional"  

 

1,885 

 

10,706 

 
DWS Inflation Protected Plus Fund "Institutional"  

 

434,943 

 

4,044,967 

 
DWS Short Duration Plus Fund "Institutional"  

 

204,457 

 

1,870,784 

 
DWS US Bond Index Fund "Institutional"  

 

601,613 

 

6,154,499 

 
**Total Fixed Income - Bond Funds** (Cost $68,194,758)

 

**59,699,462**

 
 

**Fixed Income - Money Market Funds 2.3%**

 
Cash Management QP Trust  

 

3,778,128 

 

3,778,128****

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

 

11,765 

 

11,765 

 
DWS Money Market Series "Institutional"  

 

22,852 

 

22,852 

 
**Total Fixed Income - Money Market Funds** (Cost $3,812,745)

 

**3,812,745**

 
 

 

 

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

 

**Value ($)**

 
**Total Investment Portfolio** (Cost $209,817,746) †

100.0

 

**166,978,220**

 
**Other Assets and Liabilities, Net**

0.0

 

**(69,152)**

 
**Net Assets**

100.0

 

**166,909,068**

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

 
*†*

*The cost for federal income tax purposes was $212,477,691.  At May 31, 2009, net unrealized depreciation for all securities based on tax cost was $45,499,471. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $460,154 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $45,959,625.*

 
*EAFE: Europe, Australasia and Far East*

 
*MSCI: Morgan Stanley Capital International*

 
*SPDR: Standard & Poor's Depositary Receipt*

 
 

***Fair Value Measurements***

 

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

 

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

 

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

 

**Valuation Inputs**

**Investments in  Securities**

Level 1 

$              163,200,092                       

Level 2 

3,778,128

Level 3 

-   

**Total**

**$              166,978,220**

 

 

**ITEM 2.**

**CONTROLS AND PROCEDURES**

 

 

 

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

 

 

 

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

 

 

**ITEM 3.**

**EXHIBITS**

 

 

 

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

 

**SIGNATURES**

 

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

 

Registrant:

DWS LifeCompass 2015 Fund, a series of DWS Target Date Series

 

 

By:

/s/Michael G. Clark

Michael G. Clark

President

 

 

Date:

July 20, 2009

 

 

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

 

Registrant:

DWS LifeCompass 2015 Fund, a series of DWS Target Date Series

 

 

By:

/s/Michael G. Clark

Michael G. Clark

President

 

 

Date:

July 20, 2009

 

 

 

 

 

 

By:

/s/Paul Schubert

Paul Schubert

Chief Financial Officer and Treasurer

 

 

Date:

July 20, 2009

 

 

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