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 2020 Fund**

 

 

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

**Equity - Equity Funds 65.3%**

 
DWS Blue Chip Fund "Institutional"  

 

42,224 

 

512,595 

 
DWS Capital Growth Fund "Institutional"  

 

47,679 

 

1,890,466 

 
DWS Commodity Securities Fund "Institutional"  

 

154,630 

 

516,465 

 
DWS Communications Fund "Institutional"  

 

95,018 

 

1,230,478 

 
DWS Disciplined Long/Short Value Fund "Institutional"  

 

180,804 

 

1,122,790 

 
DWS Disciplined Market Neutral Fund "Institutional"  

 

19,672 

 

185,508 

 
DWS Diversified International Equity Fund "Institutional"  

 

482,986 

 

2,695,064 

 
DWS Dreman Concentrated Value Fund "Institutional"  

 

6,468 

 

40,166 

 
DWS Dreman High Return Equity Fund "Institutional"  

 

60,693 

 

1,523,396 

 
DWS Dreman Mid Cap Value Fund "Institutional"  

 

290,196 

 

2,199,689 

 
DWS Dreman Small Cap Value Fund "Institutional"  

 

197,379 

 

4,962,109 

 
DWS Emerging Markets Equity Fund "Institutional"  

 

239,263 

 

3,253,976 

 
DWS Equity 500 Index Portfolio "Institutional"  

 

339,599 

 

35,505,101 

 
 

 

DWS Europe Equity Fund "Institutional"  

 

408,882 

 

7,928,214 

 
DWS Global Opportunities Fund "Institutional"  

 

12,632 

 

321,608 

 
DWS Global Thematic Fund "Institutional"  

 

190,338 

 

3,235,748 

 
DWS Gold & Precious Metals Fund "Institutional"  

 

25,537 

 

460,942 

 
DWS Growth & Income Fund "Institutional"  

 

749,042 

 

8,786,265 

 
DWS Health Care Fund "Institutional"  

 

180,310 

 

3,447,529 

 
DWS International Fund "Institutional"  

 

103,177 

 

3,897,005 

 
DWS International Value Opportunities Fund "Institutional"  

 

213,451 

 

1,645,711 

 
DWS Japan Equity Fund "S"  

 

142,472 

 

1,048,592 

 
DWS Large Cap Value Fund "Institutional"  

 

1,241,487 

 

17,343,579 

 
DWS Large Company Growth Fund "Institutional"  

 

249,451 

 

5,350,730 

 
DWS Micro Cap Fund "Institutional"  

 

31,071 

 

328,736 

 
DWS RREEF Global Real Estate Securities Fund "Institutional"  

 

274,927 

 

1,589,077 

 
DWS RREEF Real Estate Securities Fund "Institutional"  

 

33,649 

 

345,241 

 
DWS S&P 500 Plus Fund "S"  

 

298,634 

 

2,732,497 

 
DWS Small Cap Core Fund "S"  

 

384,926 

 

4,380,463 

 
DWS Small Cap Growth Fund "Institutional"  

 

74,071 

 

957,743 

 
DWS Technology Fund "Institutional"  

 

397,012 

 

3,624,721 

 
**Total Equity Funds** (Cost $169,038,746)

 

**123,062,204**

 
 

**Equity - Exchange-Traded Funds 6.7%**

 
Consumer Discretionary Select Sector SPDR Fund  

 

46,938 

 

1,088,023 

 
Consumer Staples Select Sector SPDR Fund  

 

43,579 

 

1,007,111 

 
Energy Select Sector SPDR Fund  

 

21,650 

 

1,115,191 

 
Financial Select Sector SPDR Fund  

 

85,313 

 

1,053,616 

 
Industrial Select Sector SPDR Fund  

 

50,064 

 

1,127,441 

 
iShares MSCI Australia Index Fund  

 

103,721 

 

1,703,099 

 
iShares MSCI Canada Index Fund  

 

100,442 

 

2,321,215 

 
iShares MSCI EAFE Small Cap Index Fund  

 

13,831 

 

412,855 

 
iShares MSCI France Index Fund  

 

10,034 

 

220,146 

 
iShares MSCI Germany Index Fund  

 

31,009 

 

599,094 

 
iShares MSCI Netherlands Investable Market Index Fund  

 

2,486 

 

39,527 

 
iShares MSCI United Kingdom Index Fund  

 

100,980 

 

1,386,455 

 
Utilities Select Sector SPDR Fund  

 

22,875 

 

613,050 

 
**Total Exchange-Traded Funds** (Cost $13,155,161)

 

**12,686,823**

 
 

**Fixed Income - Bond Funds 25.9%**

 
DWS Core Fixed Income Fund "Institutional"  

 

2,747,852 

 

23,823,880 

 
DWS Core Plus Income Fund "Institutional"  

 

2,049 

 

20,003 

 
DWS Emerging Markets Fixed Income Fund "Institutional"  

 

100,900 

 

937,360 

 
DWS Floating Rate Plus Fund "Institutional"  

 

218,631 

 

1,720,628 

 
DWS Global Bond Fund "S"  

 

701,358 

 

6,894,347 

 
DWS GNMA Fund "Institutional"  

 

54,056 

 

810,846 

 
DWS High Income Fund "Institutional"  

 

940,344 

 

3,742,568 

 
DWS High Income Plus Fund "Institutional"  

 

412 

 

2,342 

 
DWS Inflation Protected Plus Fund "Institutional"  

 

391,312 

 

3,639,202 

 
DWS Short Duration Plus Fund "Institutional"  

 

153,944 

 

1,408,588 

 
DWS US Bond Index Fund "Institutional"  

 

564,421 

 

5,774,031 

 
**Total Fixed Income - Bond Funds** (Cost $55,207,624)

 

**48,773,795**

 
 

**Fixed Income - Money Market Funds 3.2%**

 
Cash Management QP Trust  

 

5,996,499 

 

5,996,499 

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

 

8,777 

 

8,777 

 
DWS Money Market Series "Institutional"  

 

26,221 

 

26,221 

 
**Total Fixed Income - Money Market Funds** (Cost $6,031,497)

 

**6,031,497**

 
 

 

 

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

 

**Value ($)**

 
**Total Investment Portfolio** (Cost $243,433,028) †

101.1

 

**190,554,319**

 
**Other Assets and Liabilities, Net**

(1.1)

 

**(1,981,484)**

 
**Net Assets**

100.0

 

**188,572,835**

 
*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 $244,620,603. At May 31, 2009, net unrealized depreciation for all securities based on tax cost was $54,066,284. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $721,417 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $54,787,701.*

 
*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 

$              184,557,820                       

Level 2 

5,996,499

Level 3 

-   

**Total**

**$             190,554,319**

 

 

 

**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 2020 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 2020 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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