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 2013 Fund**

 

|   | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | **Value ($)** |
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|        |
|   | **Common Stocks 27.8%** |  
**Consumer Discretionary 2.5%**

 
**Auto Components 0.3%**

 
Autoliv, Inc.  

 

1,300 

 

79,612 

TRW Automotive Holdings Corp.*  

 

1,400 

 

35,784 

 

**115,396**

**Hotels Restaurants & Leisure 0.5%**

 
Panera Bread Co. "A"*  

 

400 

 

20,904 

Yum! Brands, Inc.  

 

3,500 

 

142,380 

 

**163,284**

**Household Durables 0.2%**

 
Centex Corp.  

 

4,000 

 

**83,280**

 

 

 

 

**Media 0.8%**

 
DISH Network Corp. "A"*  

 

4,200 

 

125,328 

Liberty Global, Inc. "A"*  

 

300 

 

10,617 

The DIRECTV Group, Inc.*  

 

5,900 

 

145,376 

 

**281,321**

**Specialty Retail 0.7%**

 
The Gap, Inc.  

 

6,500 

 

121,030 

TJX Companies, Inc.  

 

4,400 

 

141,768 

 

**262,798**

**Consumer Staples 2.5%**

 
**Beverages 0.5%**

 
Coca-Cola Enterprises, Inc.  

 

900 

 

20,250 

Pepsi Bottling Group, Inc.  

 

3,700 

 

124,727 

PepsiCo, Inc.  

 

700 

 

47,971 

 

**192,948**

**Food & Staples Retailing 0.9%**

 
Kroger Co.  

 

3,300 

 

89,925 

Safeway, Inc.  

 

800 

 

25,280 

Wal-Mart Stores, Inc.  

 

3,700 

 

214,526 

 

**329,731**

**Household Products 0.5%**

 
Colgate-Palmolive Co.  

 

2,000 

 

141,400 

Procter & Gamble Co.  

 

300 

 

20,115 

 

**161,515**

**Personal Products 0.3%**

 
Herbalife Ltd.  

 

2,700 

 

**118,206**

**Tobacco 0.3%**

 
Altria Group, Inc.  

 

2,130 

 

42,600 

Philip Morris International, Inc.*  

 

1,530 

 

78,076 

 

**120,676**

**Energy 3.9%**

 
**Energy Equipment & Services 0.0%**

 
FMC Technologies, Inc.*  

 

100 

 

**6,720**

**Oil, Gas & Consumable Fuels 3.9%**

 
Apache Corp.  

 

1,200 

 

161,616 

Chevron Corp.  

 

3,000 

 

288,450 

ConocoPhillips  

 

2,600 

 

223,990 

ExxonMobil Corp.  

 

2,566 

 

238,818 

Hess Corp.  

 

1,100 

 

116,820 

Marathon Oil Corp.  

 

2,800 

 

127,596 

Noble Energy  

 

1,600 

 

139,200 

Occidental Petroleum Corp.  

 

900 

 

74,889 

Sunoco, Inc.  

 

700 

 

32,487 

W&T Offshore, Inc.  

 

300 

 

12,270 

Williams Companies, Inc.  

 

400 

 

14,200 

 

**1,430,336**

**Financials 4.1%**

 
**Capital Markets 2.0%**

 
Bank of New York Mellon Corp.  

 

4,300 

 

187,179 

BlackRock, Inc.  

 

100 

 

20,179 

Charles Schwab Corp.  

 

6,700 

 

144,720 

Franklin Resources, Inc.  

 

600 

 

57,090 

 

 

 

 

Northern Trust Corp.  

 

2,200 

 

163,042 

State Street Corp.  

 

2,100 

 

151,494 

 

**723,704**

**Commercial Banks 0.5%**

 
Wells Fargo & Co.  

 

6,030 

 

**179,392**

**Diversified Financial Services 0.2%**

 
The Nasdaq OMX Group, Inc.*  

 

2,300 

 

**83,835**

**Insurance 0.9%**

 
ACE Ltd.  

 

2,400 

 

144,696 

Allied World Assurance Co. Holdings Ltd.  

 

700 

 

28,861 

MetLife, Inc.  

 

300 

 

18,255 

PartnerRe Ltd.  

 

1,400 

 

103,572 

Reinsurance Group of America, Inc.  

 

500 

 

25,990 

W.R. Berkley Corp.  

 

100 

 

2,569 

 

**323,943**

**Real Estate Investment Trusts 0.4%**

 
AMB Property Corp. (REIT)  

 

100 

 

5,775 

AvalonBay Communities, Inc. (REIT)  

 

100 

 

9,975 

Equity Residential (REIT)  

 

600 

 

24,912 

Host Hotels & Resorts, Inc. (REIT)  

 

800 

 

13,760 

ProLogis (REIT)  

 

300 

 

18,783 

Public Storage (REIT)  

 

300 

 

27,210 

Simon Property Group, Inc. (REIT)  

 

400 

 

39,944 

The Macerich Co. (REIT)  

 

100 

 

7,313 

Vornado Realty Trust (REIT)  

 

100 

 

9,309 

 

**156,981**

**Thrifts & Mortgage Finance 0.1%**

 
Astoria Financial Corp.  

 

1,400 

 

**33,180**

**Health Care 3.5%**

 
**Biotechnology 0.4%**

 
Gilead Sciences, Inc.*  

 

2,800 

 

**144,928**

**Health Care Equipment & Supplies 1.1%**

 
Baxter International, Inc.  

 

2,300 

 

143,336 

Intuitive Surgical, Inc.*  

 

300 

 

86,778 

Kinetic Concepts, Inc.*  

 

2,300 

 

91,218 

St. Jude Medical, Inc.*  

 

1,700 

 

74,426 

 

**395,758**

**Health Care Providers & Services 0.5%**

 
Aetna, Inc.  

 

1,500 

 

65,400 

Health Net, Inc.*  

 

4,300 

 

125,947 

 

**191,347**

**Pharmaceuticals 1.5%**

 
Eli Lilly & Co.  

 

3,000 

 

144,420 

Johnson & Johnson  

 

800 

 

53,672 

Merck & Co., Inc.  

 

3,100 

 

117,924 

Pfizer, Inc.  

 

11,600 

 

233,276 

Watson Pharmaceuticals, Inc.*  

 

300 

 

9,312 

 

**558,604**

**Industrials 4.4%**

 
**Aerospace & Defense 1.0%**

 
General Dynamics Corp.  

 

1,200 

 

108,504 

Honeywell International, Inc.  

 

3,150 

 

187,110 

 

 

 

 

Northrop Grumman Corp.  

 

700 

 

51,499 

 

**347,113**

**Airlines 0.2%**

 
US Airways Group, Inc.*  

 

9,200 

 

**79,028**

**Building Products 0.3%**

 
Armstrong World Industries, Inc.  

 

400 

 

14,236 

Lennox International, Inc.  

 

200 

 

6,628 

USG Corp.*  

 

2,600 

 

91,806 

 

**112,670**

**Commercial Services & Supplies 0.4%**

 
HNI Corp.  

 

300 

 

6,531 

The Brink's Co.  

 

1,800 

 

130,950 

 

**137,481**

**Construction & Engineering 0.2%**

 
Shaw Group, Inc.*  

 

1,600 

 

**79,072**

**Industrial Conglomerates 0.7%**

 
3M Co.  

 

2,100 

 

161,490 

General Electric Co.  

 

2,940 

 

96,138 

 

**257,628**

**Machinery 0.9%**

 
Caterpillar, Inc.  

 

1,900 

 

155,572 

Flowserve Corp.  

 

1,200 

 

148,908 

PACCAR, Inc.  

 

700 

 

33,124 

 

**337,604**

**Marine 0.3%**

 
Kirby Corp.*  

 

2,000 

 

**109,680**

**Road & Rail 0.4%**

 
Ryder System, Inc.  

 

2,100 

 

**143,787**

**Trading Companies & Distributors 0.0%**

 
WESCO International, Inc.*  

 

100 

 

**3,721**

**Information Technology 3.7%**

 
**Computers & Peripherals 1.8%**

 
Apple, Inc.*  

 

1,200 

 

208,740 

International Business Machines Corp.  

 

1,400 

 

168,980 

Lexmark International, Inc. "A"*  

 

3,100 

 

97,309 

Seagate Technology  

 

5,300 

 

100,011 

Western Digital Corp.*  

 

3,300 

 

95,667 

 

**670,707**

**Electronic Equipment & Instruments 0.2%**

 
Avnet, Inc.*  

 

1,600 

 

41,904 

Dolby Laboratories, Inc. "A"*  

 

100 

 

4,015 

Tech Data Corp.*  

 

300 

 

10,083 

 

**56,002**

**Internet Software & Services 0.3%**

 
eBay, Inc.*  

 

1,440 

 

45,057 

Google, Inc. "A"*  

 

130 

 

74,658 

 

**119,715**

**IT Services 0.1%**

 
VeriFone Holdings, Inc.*  

 

4,700 

 

**52,593**

**Semiconductors & Semiconductor Equipment 0.4%**

 
Texas Instruments, Inc.  

 

5,000 

 

**145,800**

 

 

 

 

**Software 0.9%**

 
Compuware Corp.*  

 

800 

 

6,032 

Microsoft Corp.  

 

10,460 

 

298,320 

Symantec Corp.*  

 

1,410 

 

24,280 

 

**328,632**

**Materials 0.9%**

 
**Chemicals 0.3%**

 
Monsanto Co.  

 

1,100 

 

**125,422**

**Metals & Mining 0.6%**

 
AK Steel Holding Corp.  

 

1,100 

 

69,058 

Freeport-McMoRan Copper & Gold, Inc.  

 

1,000 

 

113,750 

Reliance Steel & Aluminum Co.  

 

400 

 

24,312 

 

**207,120**

**Telecommunication Services 1.4%**

 
**Diversified Telecommunication Services**

AT&T, Inc.  

 

4,270 

 

165,292 

Embarq Corp.  

 

2,800 

 

116,396 

Verizon Communications, Inc.  

 

6,300 

 

242,424 

 

**524,112**

**Utilities 0.9%**

 
**Electric Utilities 0.5%**

 
Edison International  

 

3,200 

 

**166,944**

**Independent Power Producers & Energy Traders 0.4%**

 
Constellation Energy Group, Inc.  

 

1,900 

 

**160,835**

**Total Common Stocks** (Cost $9,775,784)

 

**10,223,549**

 

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

 

**Value ($)**

 

**Government & Agency Obligation 71.5%**

 
**US Treasury Obligation**

 
US Treasury STRIPS, 4.395%**, 2/15/2013 (a) (Cost $24,742,272)

 

30,475,000 

 

**26,275,758**

 

**Shares**

 

**Value ($)**

 

**Securities Lending Collateral 30.8%**

 
Daily Assets Fund Institutional, 2.88%  (b) (c)(Cost $11,309,513)

 

 

11,309,513

 

**11,309,513**

 

**Cash Equivalents 1.0%**

 
Cash Management QP Trust, 2.54%  (b)(Cost $367,262)

 

 

367,262

 

**367,262**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $46,194,831) †

131.1

 

**48,176,082**

**Other Assets and Liabilities, Net**

(31.1)

 

**(11,422,054)**

**Net Assets**

100.0

 

**36,754,028**

 

*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 $46,286,964.  At April 30, 2008, net unrealized appreciation for all securities based on tax cost was $1,889,118.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $2,346,634 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $457,516.*

*(a)*

*All or a portion of these securities were on loan.  The value of all securities loaned at April 30, 2008 amounted to $11,068,200 which is 30.1% 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 2013 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 2013 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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