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 Protect Fund**

(Effective February 2, 2009 the fund was renamed DWS LifeCompass Protect 2017 Fund)

 

|   | **Principal****Amount ($)**       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | **Value ($)** |
|--------|-----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|        |
|   | **US Treasury Obligations 93.5%** |  
US Treasury Bills:

 
 

(0.001%) *, 2/19/2009 

 

99,000 

 

98,994 

 

0.13% *, 6/11/2009 (a) 

 

563,000 

 

562,480 

US Treasury STRIPS, 3.935% **, 11/15/2017  

 

 

46,517,000 

 

33,905,218 

**Total US Treasury Obligations** (Cost $33,690,353)

 

**34,566,692**

 

 

 

 

 

**Shares**

 

**Value ($)**

 

**Exchange Traded Funds 6.1%**

 
iShares MSCI EAFE Index Fund  

 

10,860 

 

420,282 

Midcap SPDR Trust, Series 1  

 

2,040 

 

185,007 

 

 

 

SPDR Trust, Series 1  

 

19,800 

 

1,640,034 

**Total Exchange Traded Funds** (Cost $2,488,769)

 

**2,245,324**

 

**Cash Equivalents 2.2%**

 
Cash Management QP Trust, 1.12% (b)(Cost $833,665)

 

 

833,665

 

**833,665**

 

 

 

 

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $37,012,787) †

101.8

 

**37,645,680**

**Other Assets and Liabilities, Net**

(1.8)

 

**(681,229)**

**Net Assets**

100.0

 

**36,964,451**

*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.*

***

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

****

*Bond equivalent yield to maturity; not a coupon rate.*

*†*

*The cost for federal income tax purposes was $37,012,787.  At January 31, 2009, net unrealized appreciation for all securities based on tax cost was $632,893.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $876,602 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $243,709.*

*(a)*

*At January 31, 2009, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.*

*(b)*

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

*EAFE: Europe, Australiasia, and Far East*

*MSCI: Morgan Stanley Capital International*

*SPDR: Standard & Poor's Depositary Receipt*

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

 

 

 

 

 

 

 

*At January 31, 2009, open futures contracts purchased were as follows:*

**Futures**

 

**Expiration****Date**

 

**Contracts**

 

**Aggregated****Face****Value ($)**

 

**Value ($)**

 

**Unrealized****Depreciation ($)**

 

E-Mini MSCI EAFE Index 

 

3/20/2009 

 

3 

 

181,042 

 

165,750 

 

(15,292)

 
Russell E-Mini 2000 Index 

 

3/20/2009 

 

6 

 

287,954 

 

265,560 

 

(22,394)

 
S&P 500 E-Mini Index 

 

3/20/2009 

 

7 

 

305,357 

 

287,875 

 

(17,482)

 
S&P Mid Cap 400 E-Mini Index 

 

3/20/2009 

 

1 

 

50,067 

 

49,730 

 

(337)

 
**Total unrealized depreciation**

**(55,505)**

 
 

 

***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**

**Other Financial Instruments***††*

Level 1 

$                  2,245,324   

$                  (55,505)   

Level 2 

35,400,356   

-   

Level 3 

-   

-   

**Total**

**$                37,645,680**

**$                  (55,505)**

 

 

*†† Other financial instruments are derivative instruments not reflected in the Investment Portfolio, such as futures contracts, which are valued at the unrealized depreciation on the instrument.*

 

 

 

**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 Protect 2017 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 Protect 2017 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

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