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  10154-0004

(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:  07/31

Date of reporting period: 04/30/08

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of April 30, 2008  (Unaudited)** |
|----------------------|---------------------------------------|

 

 

**DWS Target 2010 Fund**

 

|   | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | **Value ($)** |
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|        |
|   | **Common Stocks 22.3%** |  
**Consumer Discretionary 2.0%**

 
**Auto Components 0.2%**

 
Autoliv, Inc.  

 

1,100 

 

67,364 

TRW Automotive Holdings Corp.*  

 

1,300 

 

33,228 

 

**100,592**

**Hotels Restaurants & Leisure 0.4%**

 
Panera Bread Co. "A"*  

 

300 

 

15,678 

Yum! Brands, Inc.  

 

3,100 

 

126,108 

 

**141,786**

**Household Durables 0.2%**

 
Centex Corp.  

 

3,500 

 

**72,870**

 

 

 

 

**Media 0.6%**

 
DISH Network Corp. "A"*  

 

3,700 

 

110,408 

Liberty Global, Inc. "A"*  

 

300 

 

10,617 

The DIRECTV Group, Inc.*  

 

5,200 

 

128,128 

 

**249,153**

**Specialty Retail 0.6%**

 
The Gap, Inc.  

 

5,700 

 

106,134 

TJX Companies, Inc.  

 

3,900 

 

125,658 

 

**231,792**

**Consumer Staples 2.0%**

 
**Beverages 0.4%**

 
Coca-Cola Enterprises, Inc.  

 

800 

 

18,000 

Pepsi Bottling Group, Inc.  

 

3,200 

 

107,872 

PepsiCo., Inc.  

 

600 

 

41,118 

 

**166,990**

**Food & Staples Retailing 0.7%**

 
Kroger Co.  

 

2,900 

 

79,025 

Safeway, Inc.  

 

700 

 

22,120 

Wal-Mart Stores, Inc.  

 

3,300 

 

191,334 

 

**292,479**

**Household Products 0.3%**

 
Colgate-Palmolive Co.  

 

1,700 

 

120,190 

Procter & Gamble Co.  

 

300 

 

20,115 

 

**140,305**

**Personal Products 0.3%**

 
Herbalife Ltd.  

 

2,400 

 

**105,072**

**Tobacco 0.3%**

 
Altria Group, Inc.  

 

1,940 

 

38,800 

Philip Morris International, Inc.*  

 

1,340 

 

68,380 

 

**107,180**

**Energy 3.2%**

 
**Energy Equipment & Services 0.0%**

 
FMC Technologies, Inc.*  

 

100 

 

**6,720**

**Oil, Gas & Consumable Fuels 3.2%**

 
Apache Corp.  

 

1,100 

 

148,148 

Chevron Corp.  

 

2,700 

 

259,605 

ConocoPhillips  

 

2,300 

 

198,145 

ExxonMobil Corp.  

 

2,266 

 

210,897 

Hess Corp.  

 

1,000 

 

106,200 

Marathon Oil Corp.  

 

2,500 

 

113,925 

Noble Energy  

 

1,400 

 

121,800 

Occidental Petroleum Corp.  

 

800 

 

66,568 

Sunoco, Inc.  

 

600 

 

27,846 

W&T Offshore, Inc.  

 

300 

 

12,270 

Williams Companies, Inc.  

 

300 

 

10,650 

 

**1,276,054**

**Financials 3.3%**

 
**Capital Markets 1.6%**

 
Bank of New York Mellon Corp.  

 

3,800 

 

165,414 

BlackRock, Inc.  

 

100 

 

20,179 

Charles Schwab Corp.  

 

5,900 

 

127,440 

Franklin Resources, Inc.  

 

500 

 

47,575 

 

 

 

 

Northern Trust Corp.  

 

1,900 

 

140,809 

State Street Corp.  

 

1,900 

 

137,066 

 

**638,483**

**Commercial Banks 0.4%**

 
Wells Fargo & Co.  

 

5,340 

 

**158,865**

**Diversified Financial Services 0.2%**

 
The Nasdaq OMX Group, Inc.*  

 

2,100 

 

**76,545**

**Insurance 0.7%**

 
ACE Ltd.  

 

2,200 

 

132,638 

Allied World Assurance Co. Holdings Ltd.  

 

600 

 

24,738 

MetLife, Inc.  

 

300 

 

18,255 

PartnerRe Ltd.  

 

1,200 

 

88,776 

Reinsurance Group of America, Inc.  

 

400 

 

20,792 

W.R. Berkley Corp.  

 

100 

 

2,569 

 

**287,768**

**Real Estate Investment Trusts 0.3%**

 
AMB Property Corp. (REIT)  

 

100 

 

5,775 

AvalonBay Communities, Inc. (REIT)  

 

100 

 

9,975 

Equity Residential (REIT)  

 

500 

 

20,760 

Host Hotels & Resorts, Inc. (REIT)  

 

700 

 

12,040 

ProLogis (REIT)  

 

200 

 

12,522 

Public Storage (REIT)  

 

200 

 

18,140 

Simon Property Group, Inc. (REIT)  

 

400 

 

39,944 

The Macerich Co. (REIT)  

 

100 

 

7,313 

Vornado Realty Trust (REIT)  

 

100 

 

9,309 

 

**135,778**

**Thrifts & Mortgage Finance 0.1%**

 
Astoria Financial Corp.  

 

1,200 

 

**28,440**

**Health Care 2.8%**

 
**Biotechnology 0.3%**

 
Gilead Sciences, Inc.*  

 

2,500 

 

**129,400**

**Health Care Equipment & Supplies 0.9%**

 
Baxter International, Inc.  

 

2,000 

 

124,640 

Intuitive Surgical, Inc.*  

 

300 

 

86,778 

Kinetic Concepts, Inc.*  

 

2,000 

 

79,320 

St. Jude Medical, Inc.*  

 

1,500 

 

65,670 

 

**356,408**

**Health Care Providers & Services 0.4%**

 
Aetna, Inc.  

 

1,300 

 

56,680 

Health Net, Inc.*  

 

3,800 

 

111,302 

 

**167,982**

**Pharmaceuticals 1.2%**

 
Eli Lilly & Co.  

 

2,600 

 

125,164 

Johnson & Johnson  

 

700 

 

46,963 

Merck & Co., Inc.  

 

2,700 

 

102,708 

Pfizer, Inc.  

 

10,200 

 

205,122 

Watson Pharmaceuticals, Inc.*  

 

200 

 

6,208 

 

**486,165**

**Industrials 3.5%**

 
**Aerospace & Defense 0.8%**

 
General Dynamics Corp.  

 

1,000 

 

90,420 

Honeywell International, Inc.  

 

2,800 

 

166,320 

 

 

 

 

Northrop Grumman Corp.  

 

700 

 

51,499 

 

**308,239**

**Airlines 0.2%**

 
US Airways Group, Inc.*  

 

8,100 

 

**69,579**

**Building Products 0.2%**

 
Armstrong World Industries, Inc.  

 

400 

 

14,236 

Lennox International, Inc.  

 

200 

 

6,628 

USG Corp.*  

 

2,300 

 

81,213 

 

**102,077**

**Commercial Services & Supplies 0.3%**

 
HNI Corp.  

 

300 

 

6,531 

The Brink's Co.  

 

1,600 

 

116,400 

 

**122,931**

**Construction & Engineering 0.2%**

 
Shaw Group, Inc.*  

 

1,400 

 

**69,188**

**Industrial Conglomerates 0.6%**

 
3M Co.  

 

1,900 

 

146,110 

General Electric Co.  

 

2,580 

 

84,366 

 

**230,476**

**Machinery 0.7%**

 
Caterpillar, Inc.  

 

1,700 

 

139,196 

Flowserve Corp.  

 

1,000 

 

124,090 

PACCAR, Inc.  

 

600 

 

28,392 

 

**291,678**

**Marine 0.2%**

 
Kirby Corp.*  

 

1,800 

 

**98,712**

**Road & Rail 0.3%**

 
Ryder System, Inc.  

 

1,900 

 

**130,093**

**Trading Companies & Distributors 0.0%**

 
WESCO International, Inc.*  

 

100 

 

**3,721**

**Information Technology 3.0%**

 
**Computers & Peripherals 1.5%**

 
Apple, Inc.*  

 

1,000 

 

173,950 

International Business Machines Corp.  

 

1,300 

 

156,910 

Lexmark International, Inc. "A"*  

 

2,700 

 

84,753 

Seagate Technology  

 

4,700 

 

88,689 

Western Digital Corp.*  

 

2,900 

 

84,071 

 

**588,373**

**Electronic Equipment & Instruments 0.1%**

 
Avnet, Inc.*  

 

1,400 

 

36,666 

Dolby Laboratories, Inc. "A"*  

 

100 

 

4,015 

Tech Data Corp.*  

 

300 

 

10,083 

 

**50,764**

**Internet Software & Services 0.3%**

 
eBay, Inc.*  

 

1,300 

 

40,677 

Google, Inc. "A"*  

 

120 

 

68,915 

 

**109,592**

**IT Services 0.1%**

 
VeriFone Holdings, Inc.*  

 

4,100 

 

**45,879**

**Semiconductors & Semiconductor Equipment 0.3%**

 
Texas Instruments, Inc.  

 

4,400 

 

**128,304**

 

 

 

 

**Software 0.7%**

 
Compuware Corp.*  

 

700 

 

5,278 

Microsoft Corp.  

 

9,310 

 

265,521 

Symantec Corp.*  

 

1,200 

 

20,664 

 

**291,463**

**Materials 0.7%**

 
**Chemicals 0.3%**

 
Monsanto Co.  

 

1,000 

 

**114,020**

**Metals & Mining 0.4%**

 
AK Steel Holding Corp.  

 

1,000 

 

62,780 

Freeport-McMoRan Copper & Gold, Inc.  

 

900 

 

102,375 

Reliance Steel & Aluminum Co.  

 

400 

 

24,312 

 

**189,467**

**Telecommunication Services 1.1%**

 
**Diversified Telecommunication Services**

AT&T, Inc.  

 

3,750 

 

145,162 

Embarq Corp.  

 

2,500 

 

103,925 

Verizon Communications, Inc.  

 

5,600 

 

215,488 

 

**464,575**

**Utilities 0.7%**

 
**Electric Utilities 0.4%**

 
Edison International  

 

2,800 

 

**146,076**

**Independent Power Producers & Energy Traders 0.3%**

 
Constellation Energy Group, Inc.  

 

1,700 

 

**143,905**

**Total Common Stocks** (Cost $8,767,290)

 

**9,055,939**

 

**Principal****Amount ($)**

 

**Value ($)**

 

**Government & Agency Obligation 77.4%**

 
**US Treasury Obligation**

 
US Treasury STRIPS, 6.299%**, 11/15/2010 (a) (Cost $28,418,855)

 

33,270,000 

 

**31,346,062**

 

**Shares**

 

**Value ($)**

 

**Securities Lending Collateral 9.3%**

 
Daily Assets Fund Institutional, 2.88%  (b) (c)(Cost $3,755,675)

 

 

3,755,675

 

**3,755,675**

 

**Cash Equivalents 1.2%**

 
Cash Management QP Trust, 2.54%  (b)(Cost $497,182)

 

 

497,182

 

**497,182**

 

**% of**

**Net Assets**

 

**Value ($)**

**Total Investment Portfolio** (Cost $41,439,002) †

110.2

 

**44,654,858**

**Other Assets and Liabilities, Net**

(10.2)

 

**(4,146,766)**

**Net Assets**

100.0

 

**40,508,092**

 

*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.*

***

*Non-income producing security.*

****

*Annualized yield at time of purchase; not a coupon rate.*

 

 

 

 

*†*

*The cost for federal income tax purposes was $41,502,418.  At April 30, 2008, net unrealized appreciation for all securities based on tax cost was $3,152,440.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $3,555,430 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $402,990.*

*(a)*

*All or a portion of these securities were on loan.  The value of all securities loaned at April 30, 2008 amounted to $3,667,880 which is 9.1% of net assets.*

*(b)*

*Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.*

*(c)*

*Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.*

*REIT: Real Estate Investment Trust*

*STRIPS: Separate Trading of Registered Interest and Principal Securities*

 

 

**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 Target 2010 Fund, a series of DWS Target Fund

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

June 16, 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 Target 2010 Fund, a series of DWS Target Fund

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

June 16, 2008

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        June 16, 2008

 

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