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 2040 Fund**

 

 

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

**Equity - Equity Funds 72.7%**

 
DWS Blue Chip Fund "Institutional"  

 

167 

 

2,022 

 
DWS Capital Growth Fund "Institutional"  

 

5,190 

 

205,770 

 
DWS Commodity Securities Fund "Institutional"  

 

570 

 

1,904 

 
DWS Communications Fund "Institutional"  

 

3,829 

 

49,583 

 
DWS Disciplined Long/Short Value Fund "Institutional"  

 

7,078 

 

43,957 

 
DWS Disciplined Market Neutral Fund "Institutional"  

 

383 

 

3,607 

 
DWS Diversified International Equity Fund "Institutional"  

 

17,773 

 

99,171 

 
DWS Dreman Concentrated Value Fund "Institutional"  

 

6,545 

 

40,647 

 
DWS Dreman High Return Equity Fund "Institutional"  

 

6,874 

 

172,545 

 
DWS Dreman Mid Cap Value Fund "Institutional"  

 

4,205 

 

31,874 

 
DWS Dreman Small Cap Value Fund "Institutional"  

 

16,446 

 

413,452 

 
DWS Emerging Markets Equity Fund "Institutional"  

 

3,128 

 

42,542 

 
 

 

DWS Equity 500 Index Portfolio "Institutional"  

 

6,869 

 

718,196 

 
DWS Europe Equity Fund "Institutional"  

 

12,047 

 

233,587 

 
DWS Global Opportunities Fund "Institutional"  

 

3,003 

 

76,467 

 
DWS Global Thematic Fund "Institutional"  

 

8,078 

 

137,330 

 
DWS Gold & Precious Metals Fund "Institutional"  

 

2,325 

 

41,967 

 
DWS Growth & Income Fund "Institutional"  

 

46,127 

 

541,064 

 
DWS Health Care Fund "Institutional"  

 

14,484 

 

276,926 

 
DWS International Fund "Institutional"  

 

6,392 

 

241,420 

 
DWS International Value Opportunities Fund "Institutional"  

 

24,649 

 

190,042 

 
DWS Japan Equity Fund "S"  

 

9,953 

 

73,254 

 
DWS Large Cap Value Fund "Institutional"  

 

29,991 

 

418,971 

 
DWS Large Company Growth Fund "Institutional"  

 

5,263 

 

112,898 

 
DWS Micro Cap Fund "Institutional"  

 

2,598 

 

27,484 

 
DWS Mid Cap Growth Fund "Institutional"  

 

126 

 

1,186 

 
DWS RREEF Global Real Estate Securities Fund "Institutional"  

 

23,902 

 

138,154 

 
DWS RREEF Real Estate Securities Fund "Institutional"  

 

1,928 

 

19,785 

 
DWS S&P 500 Plus Fund "S"  

 

52,378 

 

479,261 

 
DWS Small Cap Core Fund "S"  

 

31,789 

 

361,758 

 
DWS Small Cap Growth Fund "Institutional"  

 

5,358 

 

69,282 

 
DWS Technology Fund "Institutional"  

 

57,930 

 

528,904 

 
**Total Equity Funds** (Cost $5,848,954)

 

**5,795,010**

 
 

**Equity  - Exchange-Traded Funds 20.8%**

 
Consumer Discretionary Select Sector SPDR Fund  

 

7,617 

 

176,562 

 
Consumer Staples Select Sector SPDR Fund  

 

12,166 

 

281,156 

 
Energy Select Sector SPDR Fund  

 

3,330 

 

171,528 

 
Financial Select Sector SPDR Fund  

 

17,162 

 

211,951 

 
Industrial Select Sector SPDR Fund  

 

8,571 

 

193,019 

 
iShares MSCI Australia Index Fund  

 

4,746 

 

77,929 

 
iShares MSCI Canada Index Fund  

 

3,529 

 

81,555 

 
iShares MSCI EAFE Small Cap Index Fund  

 

2,563 

 

76,506 

 
iShares MSCI France Index Fund  

 

1,592 

 

34,928 

 
iShares MSCI Germany Index Fund  

 

2,740 

 

52,937 

 
iShares MSCI Netherlands Investable Market Index Fund  

 

249 

 

3,959 

 
iShares MSCI Switzerland Index Fund  

 

282 

 

5,113 

 
iShares MSCI United Kingdom Index Fund  

 

12,500 

 

171,625 

 
Materials Select Sector SPDR Trust  

 

299 

 

8,133 

 
Utilities Select Sector SPDR Fund  

 

4,094 

 

109,719 

 
**Total Exchange-Traded Funds** (Cost $1,723,452)

 

**1,656,620**

 
 

**Fixed Income - Bond Funds 3.8%**

 
DWS Core Fixed Income Fund "Institutional"  

 

7,196 

 

62,392 

 
DWS Emerging Markets Fixed Income Fund "Institutional"  

 

2,037 

 

18,924 

 
DWS Floating Rate Plus Fund "Institutional"  

 

936 

 

7,367 

 
DWS Global Bond Fund "S"  

 

1,062 

 

10,439 

 
DWS GNMA Fund "Institutional"  

 

461 

 

6,911 

 
DWS Short Duration Plus Fund "Institutional"  

 

1,619 

 

14,813 

 
DWS US Bond Index Fund "Institutional"  

 

18,276 

 

186,964 

 
**Total Fixed Income - Bond Funds** (Cost $308,761)

 

**307,810**

 
 

**Fixed Income - Money Market Fund 2.6%**

 
Cash Management QP Trust  (Cost $207,993)

 

207,993 

 

**207,993**

 
 

 

 

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

 

**Value ($)**

 
**Total Investment Portfolio** (Cost $8,089,160) †

99.9

 

**7,967,433**

 
**Other Assets and Liabilities, Net**

0.1

 

**6,686**

 
**Net Assets**

100.0

 

**7,974,119**

 
*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 $8,102,599.  At May 31, 2009, net unrealized depreciation for all securities based on tax cost was $135,166. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $311,879 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $447,045.*

 
*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 

$              7,759,440                       

Level 2 

207,993   

Level 3 

-   

**Total**

**$               7,967,433**

 

 

 

**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 2040 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 2040 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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