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            811-5896

DWS Target Fund

(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:04/30

Date of reporting            period:1/31/09

 

ITEM 1.            SCHEDULE OF INVESTMENTS

 

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

             

 

**DWS            LifeCompass Income Fund**

 

|                | **Principal****Amount ($)**       |   | **Value                            ($)** |
|---------------------|-----------------------------------|--------|------------------------------------------|
|                     |
|                | **US Treasury Obligations 98.7%** |   |
| US Treasury STRIPS: |                              |
|                | 0.279% *, 5/15/2009               |   | 199,000                                  |   | 198,857 |
|                | 1.3% *, 11/15/2009                |   | 198,000                                  |   |  

197,312 |
|                | 1.451% *, 5/15/2010               |   | 199,000                                  |   | 197,777 |
|                | 1.514% *, 11/15/2010              |   | 198,000                                  |   | 195,966 |
|                | 1.732% *, 5/15/2011               |   | 197,000                                  |   | 193,701 |
|                | 1.827% *, 11/15/2011              |   | 197,000                                  |   | 192,159 |
|                | 2.344% *, 5/15/2012               |   | 197,000                                  |   | 187,370 |
|                | 2.599% *, 11/15/2012              |   | 197,000                                  |   | 183,829 |
|                | 2.76% *, 5/15/2013                |   | 197,000                                  |   | 182,165 |
|                | 2.842% *, 11/15/2013              |   | 196,000                                  |   | 178,016 |
|                | 3.008% *, 5/15/2014               |   | 196,000                                  |   | 172,381 |

 

|                                                                                                                                                                                                                                                                                           | 3.14% *, 11/15/2014                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |          | 196,000                                  |   | 168,548    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|------------------------------------------|--------|------------|
|                                                                                                                                                                                                                                                                                           | 3.582% *, 5/15/2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |          | 197,000                                  |   | 164,355    |
|                                                                                                                                                                                                                                                                                           | 3.724% *, 11/15/2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |          | 196,000                                  |   | 159,776    |
|                                                                                                                                                                                                                                                                                           | 3.925% *, 5/15/2016                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |          | 195,000                                  |   | 152,452    |
|                                                                                                                                                                                                                                                                                           | 4.088% *, 11/15/2016                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |          | 195,000                                  |   | 147,939    |
|                                                                                                                                                                                                                                                                                           | 4.172% *, 5/15/2017                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |          | 194,000                                  |   | 145,644    |
|                                                                                                                                                                                                                                                                                           | 4.177% *, 11/15/2017                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |          | 975,000                                  |   | 710,656    |
|                                                                                                                                                                                                                                                                                                |
| **Total US Treasury Obligations**(Cost $3,613,248)                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | **3,728,903** |
|                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |          |                                     |
|                                                                                                                                                                                                                                                                                           | **Shares**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |          | **Value                            ($)** |
|                                                                                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                           | **Cash Equivalents 0.9%**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |          |
| Cash Management QP Trust, 1.12% (a)(Cost $35,292)                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |          | 35,292                                   |   | **35,292** |
|                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |          |                                     |
|                                                                                                                                                                                                                                                                                           | **%                            of****Net Assets**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |          | **Value                            ($)** |
|                                                                                                                                                                                                                                                                                                |
| **Total Investment Portfolio**(Cost $3,648,540) †                                                                                                                                                                                                                                       | 99.6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |          | **3,764,195**                            |
| **Other Assets and Liabilities, Net**                                                                                                                                                                                                                                                          | 0.4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |          | **15,482**                               |
|                                                                                                                                                                                                                                                                                                |
| **Net Assets**                                                                                                                                                                                                                                                                                 | 100.0                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |          | **3,779,677**                            |
| *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.* |
| ***                                                                                                                                                                                                                                                                                            | *Bond equivalent yield to maturity; not a coupon                            rate.*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| *†*                                                                                                                                                                                                                                                                                     | *The cost for federal income tax purposes was                            $3,662,097. At January 31, 2009, net unrealized appreciation for all                            securities based on tax cost was $102,098. This consisted of aggregate                            gross unrealized appreciation for all securities in which there was an                            excess of value over tax cost of $115,655 and aggregate gross                            unrealized depreciation for all securities in which there was an excess                            of tax cost over value of $13,557.* |
| *(a)*                                                                                                                                                                                                                                                                                          | *Affiliated fund managed by Deutsche Investment                            Management Americas Inc. The rate shown is the annualized seven-day                            yield at period end.*                                                                                                                                                                                                                                                                                                                                                                                                              |
| *STRIPS: Separate Trading of Registered Interest                            and Principal Securities*                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |               |                                          |        |            |  |  |  |  |  |  |  |

 

 

***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 January 31, 2009 in valuing the Fund's            investments. Please see below for information on the Fund’s policy regarding            valuation inputs, and their aggregate levels used in the table below:*

 

| **Valuation Inputs** | **Investments in Securities** |
|----------------------|-------------------------------|
| Level 1              | $ -                           |
| Level 2              | 3,764,195                     |
| Level 3              | -                             |

 

 

 

| **Total** | **$ 3,764,195** |
|-----------|-----------------|

 

 

 

| **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 Income Fund, a series of DWS Target                            Fund |
|-------------|-------------------------------------------------------------------------------------|

 

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

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

President

 

| Date: | March 23, 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 Income Fund, a series of DWS Target                            Fund |
|-------------|-------------------------------------------------------------------------------------|

 

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

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

President

 

| Date: | March 23, 2009 |
|-------|----------------|

 

 

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

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

Chief Financial Officer and Treasurer

 

Date:                                        March            23, 2009