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 2012 Fund**

 

|   | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | **Value ($)** |
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|        |
|   | **Common Stocks 29.4%** |  
**Consumer Discretionary 2.7%**

 
**Auto Components 0.3%**

 
Autoliv, Inc.  

 

2,000 

 

122,480 

TRW Automotive Holdings Corp.*  

 

2,200 

 

56,232 

 

**178,712**

**Hotels Restaurants & Leisure 0.5%**

 
Panera Bread Co. "A"*  

 

600 

 

31,356 

Yum! Brands, Inc.  

 

5,500 

 

223,740 

 

**255,096**

**Household Durables 0.4%**

 
Centex Corp.  

 

6,200 

 

129,084 

 

 

 

 

NVR, Inc.*  

 

100 

 

61,350 

 

**190,434**

**Media 0.8%**

 
DISH Network Corp. "A"*  

 

6,600 

 

196,944 

Liberty Global, Inc. "A"*  

 

500 

 

17,695 

The DIRECTV Group, Inc.*  

 

9,100 

 

224,224 

 

**438,863**

**Specialty Retail 0.7%**

 
The Gap, Inc.  

 

10,100 

 

188,062 

TJX Companies, Inc.  

 

6,800 

 

219,096 

 

**407,158**

**Consumer Staples 2.7%**

 
**Beverages 0.6%**

 
Coca-Cola Enterprises, Inc.  

 

1,400 

 

31,500 

Pepsi Bottling Group, Inc.  

 

5,900 

 

198,889 

PepsiCo, Inc.  

 

1,100 

 

75,383 

 

**305,772**

**Food & Staples Retailing 0.9%**

 
Kroger Co.  

 

5,100 

 

138,975 

Safeway, Inc.  

 

1,200 

 

37,920 

Wal-Mart Stores, Inc.  

 

5,800 

 

336,284 

 

**513,179**

**Household Products 0.5%**

 
Colgate-Palmolive Co.  

 

3,100 

 

219,170 

Procter & Gamble Co.  

 

500 

 

33,525 

 

**252,695**

**Personal Products 0.3%**

 
Herbalife Ltd.  

 

4,200 

 

**183,876**

**Tobacco 0.4%**

 
Altria Group, Inc.  

 

3,370 

 

67,400 

Philip Morris International, Inc.*  

 

2,470 

 

126,044 

 

**193,444**

**Energy 4.1%**

 
**Energy Equipment & Services 0.0%**

 
FMC Technologies, Inc.*  

 

100 

 

**6,720**

**Oil, Gas & Consumable Fuels 4.1%**

 
Apache Corp.  

 

1,900 

 

255,892 

Chevron Corp.  

 

4,700 

 

451,905 

ConocoPhillips  

 

4,100 

 

353,215 

ExxonMobil Corp.  

 

3,874 

 

360,553 

Hess Corp.  

 

1,700 

 

180,540 

Marathon Oil Corp.  

 

4,400 

 

200,508 

Noble Energy  

 

2,400 

 

208,800 

Occidental Petroleum Corp.  

 

1,300 

 

108,173 

Sunoco, Inc.  

 

1,100 

 

51,051 

W&T Offshore, Inc.  

 

500 

 

20,450 

Williams Companies, Inc.  

 

600 

 

21,300 

 

**2,212,387**

**Financials 4.2%**

 
**Capital Markets 2.1%**

 
Bank of New York Mellon Corp.  

 

6,600 

 

287,298 

BlackRock, Inc.  

 

200 

 

40,358 

 

 

 

 

Charles Schwab Corp.  

 

10,400 

 

224,640 

Franklin Resources, Inc.  

 

900 

 

85,635 

Northern Trust Corp.  

 

3,400 

 

251,974 

State Street Corp.  

 

3,300 

 

238,062 

 

**1,127,967**

**Commercial Banks 0.5%**

 
Wells Fargo & Co.  

 

9,480 

 

**282,030**

**Diversified Financial Services 0.2%**

 
The Nasdaq OMX Group, Inc.*  

 

3,700 

 

**134,865**

**Insurance 0.9%**

 
ACE Ltd.  

 

3,800 

 

229,102 

Allied World Assurance Co. Holdings Ltd.  

 

1,000 

 

41,230 

MetLife, Inc.  

 

500 

 

30,425 

PartnerRe Ltd.  

 

2,100 

 

155,358 

Reinsurance Group of America, Inc.  

 

700 

 

36,386 

W.R. Berkley Corp.  

 

200 

 

5,138 

 

**497,639**

**Real Estate Investment Trusts 0.4%**

 
AMB Property Corp. (REIT)  

 

200 

 

11,550 

AvalonBay Communities, Inc. (REIT)  

 

100 

 

9,975 

Equity Residential (REIT)  

 

900 

 

37,368 

Host Hotels & Resorts, Inc. (REIT)  

 

1,300 

 

22,360 

ProLogis (REIT)  

 

400 

 

25,044 

Public Storage (REIT)  

 

400 

 

36,280 

Simon Property Group, Inc. (REIT)  

 

600 

 

59,916 

The Macerich Co. (REIT)  

 

100 

 

7,313 

Vornado Realty Trust (REIT)  

 

100 

 

9,309 

 

**219,115**

**Thrifts & Mortgage Finance 0.1%**

 
Astoria Financial Corp.  

 

2,200 

 

**52,140**

**Health Care 3.7%**

 
**Biotechnology 0.4%**

 
Gilead Sciences, Inc.*  

 

4,300 

 

**222,568**

**Health Care Equipment & Supplies 1.1%**

 
Baxter International, Inc.  

 

3,600 

 

224,352 

Intuitive Surgical, Inc.*  

 

500 

 

144,630 

Kinetic Concepts, Inc.*  

 

3,500 

 

138,810 

St. Jude Medical, Inc.*  

 

2,700 

 

118,206 

 

**625,998**

**Health Care Providers & Services 0.6%**

 
Aetna, Inc.  

 

2,400 

 

104,640 

Health Net, Inc.*  

 

6,700 

 

196,243 

 

**300,883**

**Pharmaceuticals 1.6%**

 
Eli Lilly & Co.  

 

4,600 

 

221,444 

Johnson & Johnson  

 

1,200 

 

80,508 

Merck & Co., Inc.  

 

4,800 

 

182,592 

Pfizer, Inc.  

 

18,000 

 

361,980 

Watson Pharmaceuticals, Inc.*  

 

400 

 

12,416 

 

**858,940**

 

 

 

 

**Industrials 4.6%**

 
**Aerospace & Defense 1.0%**

 
General Dynamics Corp.  

 

1,800 

 

162,756 

Honeywell International, Inc.  

 

4,900 

 

291,060 

Northrop Grumman Corp.  

 

1,200 

 

88,284 

 

**542,100**

**Airlines 0.2%**

 
US Airways Group, Inc.*  

 

14,200 

 

**121,978**

**Building Products 0.3%**

 
Armstrong World Industries, Inc.  

 

700 

 

24,913 

Lennox International, Inc.  

 

300 

 

9,942 

USG Corp.*  

 

4,100 

 

144,771 

 

**179,626**

**Commercial Services & Supplies 0.4%**

 
HNI Corp.  

 

400 

 

8,708 

The Brink's Co.  

 

2,800 

 

203,700 

 

**212,408**

**Construction & Engineering 0.2%**

 
Shaw Group, Inc.*  

 

2,500 

 

**123,550**

**Industrial Conglomerates 0.8%**

 
3M Co.  

 

3,300 

 

253,770 

General Electric Co.  

 

4,660 

 

152,382 

 

**406,152**

**Machinery 1.0%**

 
Caterpillar, Inc.  

 

3,000 

 

245,640 

Flowserve Corp.  

 

1,800 

 

223,362 

PACCAR, Inc.  

 

1,100 

 

52,052 

 

**521,054**

**Marine 0.3%**

 
Kirby Corp.*  

 

3,100 

 

**170,004**

**Road & Rail 0.4%**

 
Ryder System, Inc.  

 

3,300 

 

**225,951**

**Trading Companies & Distributors 0.0%**

 
WESCO International, Inc.*  

 

200 

 

**7,442**

**Information Technology 4.0%**

 
**Computers & Peripherals 1.9%**

 
Apple, Inc.*  

 

1,800 

 

313,110 

International Business Machines Corp.  

 

2,200 

 

265,540 

Lexmark International, Inc. "A"*  

 

4,800 

 

150,672 

Seagate Technology  

 

8,200 

 

154,734 

Western Digital Corp.*  

 

5,200 

 

150,748 

 

**1,034,804**

**Electronic Equipment & Instruments 0.2%**

 
Avnet, Inc.*  

 

2,500 

 

65,475 

Dolby Laboratories, Inc. "A"*  

 

200 

 

8,030 

Tech Data Corp.*  

 

500 

 

16,805 

 

**90,310**

**Internet Software & Services 0.4%**

 
eBay, Inc.*  

 

2,270 

 

71,029 

Google, Inc. "A"*  

 

300 

 

172,287 

 

**243,316**

**IT Services 0.2%**

 
VeriFone Holdings, Inc.*  

 

7,300 

 

**81,687**

 

 

 

 

**Semiconductors & Semiconductor Equipment 0.4%**

 
Texas Instruments, Inc.  

 

7,700 

 

**224,532**

**Software 0.9%**

 
Compuware Corp.*  

 

1,300 

 

9,802 

Microsoft Corp.  

 

16,310 

 

465,161 

Symantec Corp.*  

 

2,200 

 

37,884 

 

**512,847**

**Materials 1.0%**

 
**Chemicals 0.4%**

 
Monsanto Co.  

 

1,800 

 

**205,236**

**Metals & Mining 0.6%**

 
AK Steel Holding Corp.  

 

1,800 

 

113,004 

Freeport-McMoRan Copper & Gold, Inc.  

 

1,600 

 

182,000 

Reliance Steel & Aluminum Co.  

 

600 

 

36,468 

 

**331,472**

**Telecommunication Services 1.5%**

 
**Diversified Telecommunication Services**

AT&T, Inc.  

 

6,520 

 

252,389 

Embarq Corp.  

 

4,400 

 

182,908 

Verizon Communications, Inc.  

 

9,800 

 

377,104 

 

**812,401**

**Utilities 0.9%**

 
**Electric Utilities 0.5%**

 
Edison International  

 

4,900 

 

**255,633**

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

 
Constellation Energy Group, Inc.  

 

2,900 

 

**245,485**

**Total Common Stocks** (Cost $15,323,405)

 

**16,008,469**

 

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

 

**Value ($)**

 

**Government & Agency Obligation 69.7%**

 
**US Treasury Obligation**

 
US Treasury STRIPS, 5.316%**, 2/15/2012 (a) (Cost $34,709,090)

 

42,353,000 

 

**38,004,236**

 

**Shares**

 

**Value ($)**

 

**Securities Lending Collateral 14.8%**

 
Daily Assets Fund Institutional, 2.88%  (b) (c)(Cost $8,074,000)

 

 

8,074,000

 

**8,074,000**

 

**Cash Equivalents 0.3%**

 
Cash Management QP Trust, 2.54% (b) (Cost $174,481)

 

 

174,481

 

**174,481**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $58,280,976) †

114.2

 

**62,261,186**

**Other Assets and Liabilities, Net**

(14.2)

 

**(7,748,721)**

**Net Assets**

100.0

 

**54,512,465**

 

*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 $58,397,686.  At April 30, 2008, net unrealized appreciation for all securities based on tax cost was $3,863,500.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $4,565,633 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $702,133.*

*(a)*

*All or a portion of these securities were on loan.  The value of all securities loaned at April 30, 2008 amounted to $7,920,000 which is 14.5% 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 2012 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 2012 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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