UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549



FORM N-CSRS



Investment Company Act file number  811-5896



DWS Target Fund

(Exact Name of Registrant as Specified in Charter)



222 South Riverside Plaza

Chicago, IL  60606

(Address of principal executive offices)             (Zip code)



Registrants Telephone Number, including Area Code:(212) 454-7190



Paul Schubert

345 Park Avenue

New York, NY 10154

(Name and Address of Agent for Service)



Date of fiscal year end:
        7/31




Date of reporting period:
        01/31/08






ITEM 1.REPORT TO STOCKHOLDERS





JANUARY 31, 2008

# Semiannual Report
to Shareholders

DWS Target 2012 Fund

|t12_c170
|--------

Contents

|Click herePerformance Summary
Click hereInformation About Your Fund's Expenses
Click herePortfolio Management Review
Click herePortfolio Summary
Click hereInvestment Portfolio
Click hereFinancial Statements
Click hereFinancial Highlights
Click hereNotes to Financial Statements
Click hereInvestment Management Agreement Approval
Click hereSummary of Management Fee Evaluation by Independent
Fee Consultant
Click hereAccount Management Resources
Click herePrivacy Statement
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

This report must be preceded by a prospectus. The prospectus contains the fund's
objectives, risks, charges and expenses, and other important information about the
fund.

Investments in mutual funds involve risk. Some funds have more risk than others.
Because the fund provides investment protection only on the maturity date to investors
who reinvest all dividends and do not redeem their shares before the maturity date, the
principal value of the fund is subject to market fluctuation prior to and after the maturity
date. This fund is subject to stock market risk, meaning stocks in the fund may decline in
value for extended periods of time due to the activities and financial prospects of
individual companies, or due to general market and economic conditions. Additionally, the
fund invests in individual bonds whose yields and market values fluctuate so that your
investment may be worth more or less than its original cost. Bond investments are
subject to interest-rate risk such that when interest rates rise, the prices of the bonds,
and thus the value of the fund, can decline and the investor can lose principal value.
Please read this fund's prospectus for specific details regarding its investments and risk
profile. This fund is closed to new investors. Please refer to the fund's prospectus for
more details.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name in the US
for the asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company
Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Performance SummaryJanuary 31, 2008

All performance shown is historical, assumes reinvestment of all dividend and
capital gain distributions, and does not guarantee future results. Investment return
and principal value fluctuate with changing market conditions so that, when
redeemed, shares may be worth more or less than their original cost. Current
performance may be lower or higher than the performance quoted. Please visit
www.dws-scudder.com for the Fund's most recent month-end performance.

The maximum sales charge for the Fund is 5.0%. Unadjusted returns do not reflect
sales charges and would have been lower if they had.

The total annual operating expense ratio, gross of any fee waivers or expense
reimbursements, as stated in the fee table of the prospectus dated December 1,
2007 is 1.09%. Please see the Information About Your Fund's Expenses, the
Financial Highlights and Notes to the Financial Statements (Note C, Related Parties)
sections of this report for gross and net expense related disclosure for the period
ended January 31, 2008.

To discourage short-term trading, the Fund imposes a 2% redemption fee on
shareholders redeeming shares held less than 15 days, which has the effect of
lowering total return.

Returns and rankings during all periods shown reflect a fee waiver and/or expense
reimbursement. Without this waiver/reimbursement, returns and rankings would have
been lower.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on
fund distributions or the redemption of fund shares.

|Average Annual Total Returns(Unadjusted for Sales Charge) as of 1/31/08
|-----------------------------------------------------------------------
|                                                                       
|DWS Target 2012 Fund                                                   
|S&P 500® Index+                                                        
|Lehman Brothers US Government
Bond Index++                             

Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.

|Net Asset Value and Distribution Information                       
|-------------------------------------------------------------------
|Net Asset Value:
1/31/08                                           
|7/31/07                                                            
|Distribution Information:
Six Months as of 1/31/08:Income Dividends
|Capital Gain Distributions                                         

|Lipper Rankings  Mixed-Asset Target 2020 Funds Categoryas of 1/31/08
|---------------------------------------------------------------------
|Period                                                               
|1-Year                                                               
|3-Year                                                               
|5-Year                                                               
|10-Year                                                              

Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings
are based on total returns unadjusted for sales charges with distributions reinvested. If
sales charges had been included, rankings might have been less favorable.

|Growth of an Assumed $10,000 Investment(Adjusted for Maximum Sales Charge)          
|------------------------------------------------------------------------------------
|[]DWS Target 2012 Fund
[]S&P 500 Index+
[]Lehman Brothers US Government Bond Index++
|t12_g10k110                                                                         
|Yearly periods ended January 31                                                     

The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales
charge of 5.0%. This results in a net initial investment of $9,500.

|Comparative Results(Adjusted for Maximum Sales Charge) as of 1/31/08
|--------------------------------------------------------------------
|                                                                    
|DWS Target 2012 Fund                                                
|Average annual total return                                         
|S&P 500 Index+                                                      
|Average annual total return                                         
|Lehman Brothers US
Government Bond
Index++                          
|Average annual total return                                         

The growth of $10,000 is cumulative.

Information About Your Fund's Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses
and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Fund expenses. Examples of
transaction costs include sales charges (loads) and account maintenance
fees, which are not shown in this section. The following tables are intended
to help you understand your ongoing expenses (in dollars) of investing in the
Fund and to help you compare these expenses with the ongoing expenses
of investing in other mutual funds. In the most recent six-month period, the
Fund limited these expenses, had it not done so, expenses would have
been higher. The example in the table is based on an investment of $1,000
invested at the beginning of the six-month period and held for the entire
period (August 1, 2007 to January 31, 2008).

The tables illustrate your Fund's expenses in two ways:

Actual Fund Return. This helps you estimate the actual dollar amount of
ongoing expenses (but not transaction costs) paid on a $1,000
investment in the Fund using the Fund's actual return during the period.
To estimate the expenses you paid over the period, simply divide your
account value by $1,000 (for example, an $8,600 account value divided
by $1,000 = 8.6), then multiply the result by the number in the
"Expenses Paid per $1,000" line under the share class you hold.

Hypothetical 5% Fund Return. This helps you to compare your Fund's
ongoing expenses (but not transaction costs) with those of other mutual
funds using the Fund's actual expense ratio and a hypothetical rate of
return of 5% per year before expenses. Examples using a 5%
hypothetical fund return may be found in the shareholder reports of other
mutual funds. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you
paid for the period.

Please note that the expenses shown in these tables are meant to highlight
your ongoing expenses only and do not reflect any transaction costs. The
"Expenses Paid per $1,000" line of the tables is useful in comparing
ongoing expenses only and will not help you determine the relative total
expense of owning different funds. If these transaction costs had been
included, your costs would have been higher.

|Expenses and Value of a $1,000 Investmentfor the six months ended January 31, 2008
|----------------------------------------------------------------------------------
|Actual Fund Return                                                                
|Beginning Account Value 8/1/07                                                    
|Ending Account Value 1/31/08                                                      
|Expenses Paid per $1,000*                                                         
|Hypothetical 5% Fund Return                                                       
|Beginning Account Value 8/1/07                                                    
|Ending Account Value 1/31/08                                                      
|Expenses Paid per $1,000*                                                         

|Annualized Expense Ratio |      
|------------------------ | -----
|DWS Target 2012 Fund     | 1.14%

For more information, please refer to the Fund's prospectus.

Portfolio Management Review

In the following interview, the portfolio management teamdiscusses
the market environment, fund performance and their strategy in
managing DWS Target 2012 Fund during the semiannual period ended
January 31, 2008.

The views expressed in the following discussion reflect those of the portfolio managers only
through the end of the period of the report as stated on the cover. The management team's
views are subject to change at any time based on market and other conditions and should not
be construed as a recommendation. Past performance is no guarantee of future results.

Q: How did the US bond market perform during the past
six months?

A:The continued fallout from the subprime crisis, along with the
resulting slowdown in the US economy, sparked a "flight to quality"
in the bond market during the past half-year. Growth, as measured
by gross domestic product, slowed from an annualized rate of 2.8%
during the third quarter of 2007 to 2.5% in the fourth quarter. The
availability of credit diminished noticeably for both consumers and
businesses, and the unemployment rate increased from 4.6% at the
end of June to 4.9% at the end of January. The US Federal Reserve
cut the fed funds rate by two and a quarter percentage points in
response, bringing the benchmark rate to 3.0%.

With this as the backdrop, the US Treasury market rallied during
the semiannual period. Yields decreased significantly, particularly for
shorter-term Treasury issues, reflecting a rise in prices. The yield on
the two year note fell from 4.56% to 2.17%, while the yield on the
10-year note declined from 4.77% to 3.64%. The outperformance of
shorter-term issues, which was a result of the flight to quality, led to
a "steepening" of the yield curve. Treasuries' total return, including
the STRIPS (Separate Trading of Registered Interest and Principal of
Securities) held by the fund, far exceeded the returns of both
domestic equities and other areas of the bond market.

Q: Please discuss the performance of the US stock market.

A:The US stock market lost ground during the past six months,
a reflection of the increasingly challenging investment environment.
For over five years, market performance was supported by a
powerful combination of robust economic growth, rising corporate
earnings, and a strong appetite for risk among investors. During the
past six months, however, all three factors were destabilized by the
persistent weakness in housing prices and the sudden increase of
defaults in the subprime mortgage sector. These events led to the
downward repricing of securities tied to the mortgage market,
causing asset write-downs by banks and raising questions about the
true book values of financial institutions. In addition, the growing
possibility of a recession led to downward revisions of corporate
earnings estimates. The result was a negative return for the stock
market as a whole, and particularly poor performance for stocks in
the financial, housing-related, and consumer discretionary sectors.

Q: How did the fund perform?

A:DWS Target 2012 Fund produced a total return of 5.10% during
the semiannual period ending January 31, 2008. (Returns are
unadjusted for sales charges. If sales charges had been included,
returns would have been lower. Past performance is no guarantee of
future results. Please see pages 3 through 5 for more complete
performance information.) The fund, which invests in both stocks
and bonds, held weightings of 30% and 69%, respectively, in these
two asset classes as of January 31, 2008. The fund's stock
benchmark is the Standard & Poor's 500® (S&P 500) Index,
which posted a total return of -4.32% during the semiannual
period.1 The fund's bond benchmark is the Lehman Brothers
US Government Bond Index, which returned 8.50% for the
same period.2

For the six-month period, the average return of the 235 funds in its
Lipper peer group, the Mixed-Asset Target 2020 Funds, was -1.99.3

Q: What factors helped and hurt the performance of the equity
portion of the portfolio?

A:The equity portion of the portfolio slightly outperformed the S&P
500 due largely to individual stock selection. Effective stock-picking
had the most significant impact in information technology, where
performance was helped by decisions to overweight Microsoft
Corp., which outperformed; and to underweight Cisco Systems, Inc.
and Intel Corp., which lagged.4 Management also added value in
technology by holding Hewlett- Packard Co.* during the first half of
the period. The health care sector, where top-performing holdings
were Gilead Sciences, Inc., Invitrogen Corp., Humana, Inc. and
Medco Health Solutions, Inc., was a further source of strength for
the fund. Stock picks also outperformed the benchmark in the
materials, industrials, energy, and utilities sectors.

These positive contributions were offset to some extent by less
effective stock selection in both the consumer discretionary
and consumer staples sectors. In the former, notable laggards
included Big Lots, Inc. and Dollar Tree Stores, Inc.*, both of which
were hurt by investor concerns about slower consumer spending. In
consumer staples, the largest negative impact to performance came
from underweights in Proctor & Gamble Co. and Wal-mart Stores,
Inc. Stock picks also lagged in telecommunications, where the
largest underperformer was Embarq Corp.; and in financials, which
had an outsized impact on return given that the sector is the largest
in the index.

|How do you manage the equity portion of the portfolio?
"Our goal is to construct an equity portfolio with risk characteristics
that are similar to that of the benchmark, but with a higher consistency
of outperformance than traditionally managed funds. To this end, we
employ a quantitative strategy that is based on the philosophy that an
objective, systematic and disciplined investment process can
consistently add value through individual stock selection. We believe
all stocks have an intrinsic value, but that their market prices will
deviate from this level over time. We think that the best way to identify
this intrinsic value is through a strict quantitative peer group
comparison that takes into account both value and growth
characteristics. We also believe the portfolio's risk-adjusted
performance can be made more consistent through our focus on
diversification and our avoidance of making 'bets' on sectors,
investment styles or market capitalizations. In this way, we seek to
minimize subjective judgment by utilizing comprehensive data
analysis to support our investment decisions."
Portfolio Manager Robert Wang
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Q: How did the fund's investments in fixed income securities
affect performance?

A:To review, the fixed income portion of the portfolio is invested
entirely in Treasury STRIPS, which are securities representing the
principal payment of a Treasury security that has been "stripped" of
its semiannual income component. In other words, the final
payment of the bond  the return of principal  is the only
payment investors receive. Such securities initially sell at a discount
to their final value, and their prices gradually rise until they become
fully valued at par ($1000 per bond) on their maturity date. Because
STRIPS are more responsive to interest rate changes than
coupon-bearing bonds of similar maturity, they tend to be more
sensitive to overall market volatility. This is particularly true for
longer-maturity STRIPS. As the maturity dates draws closer, the
dominant contribution to price performance is the gradual
appreciation of the bonds to par value.

DWS Target 2012 Fund is scheduled to mature on February 15, 2012.
Overall, the performance of the fixed income portion of the portfolio
continues to be affected by the accretion of the STRIPS' price
toward its par value. The price of this security moved from $81.46 to
$89.44, a return of roughly 9.8% for the semiannual period. Given
that the fund does not mature for over four years, however, the
value of its STRIPS position is more affected by the movements in
prevailing interest rates than would be the case for shorter-term
securities. This portion of the fund therefore benefited significantly
from the rally in Treasuries that took place during the past six
months, helping it to outperform the return of the bond market as a
whole. This helps account for the strong performance of the fund
relative to its Lipper peer group.

As the fund moves closer to its maturity date, we will continue to
manage the portfolio in a conservative fashion by investing in zero
coupon bonds and high-quality US equities.

Portfolio Summary

|Asset Allocation(As a % of Investment Portfolio excluding
Securities Lending Collateral) | 1/31/08 | 7/31/07
|---------------------------------------------------------------------------------------- | ------- | -------
|                                                                                         |         |        
|Government & Agency Obligations                                                          | 69%     | 66%    
|Common Stocks                                                                            | 30%     | 34%    
|Cash Equivalents                                                                         | 1%      |       
|                                                                                         | 100%    | 100%   

|Sector Diversification(As a % of Common Stocks) | 1/31/08 | 7/31/07
|----------------------------------------------- | ------- | -------
|                                                |         |        
|Financials                                      | 15%     | 18%    
|Information Technology                          | 15%     | 15%    
|Health Care                                     | 14%     | 13%    
|Energy                                          | 13%     | 12%    
|Industrials                                     | 13%     | 13%    
|Consumer Discretionary                          | 12%     | 11%    
|Consumer Staples                                | 8%      | 6%     
|Materials                                       | 4%      | 4%     
|Telecommunication Services                      | 3%      | 5%     
|Utilities                                       | 3%      | 3%     
|                                                | 100%    | 100%   

Asset allocation and sector diversification are subject to change.

|Ten Largest Equity Holdings at January 31, 2008(6.8% of Net Assets)                                                    
|-----------------------------------------------------------------------------------------------------------------------
|1.      ExxonMobil Corp.
Explorer and producer of oil and gas                                                          
|2.      Microsoft Corp.
Developer of computer software                                                                 
|3.      Pfizer, Inc.
Manufacturer of prescription pharmaceuticals and non-prescription
self-medications                
|4.      Wells Fargo & Co.
Provider of various financial services                                                       
|5.      International Business Machines Corp.
Manufacturer of computers and provider of information processing services
|6.      Conoco Phillips
Producer of petroleum and other natural gases                                                  
|7.      Honeywell International, Inc.
Manufacturer of diversified technology products                                  
|8.      Gilead Sciences, Inc.
Developer of nucleotide pharmaceuticals                                                  
|9.      Edison International
Provider of electric utilities and services                                               
|10.     Northrop Grumman Corp.
Manufacturer of aircraft, aircraft assemblies and electronic systems                    

Portfolio holdings are subject to change.

For more complete details about the Fund's investment portfolio, see page 15. A quarterly Fact
Sheet is available upon request. Information concerning portfolio holdings of the Fund as of
month end will be posted to www.dws-scudder.com on or after the last day of the following
month. In addition, the Fund's top ten holdings and other information about the Fund is posted
on www.dws-scudder.com as of the calendar quarter-end on or after the 15th day following
quarter-end. Please see the Account Management Resources section for contact information.

Following the Fund's fiscal first and third quarter-end, a complete portfolio
holdings listing is filed with the SEC on Form N-Q. This form will be available
on the SEC's Web site at www.sec.gov, and it also may be reviewed and
copied at the SEC's Public Reference Room in Washington, D.C. Information
on the operation of the SEC's Public Reference Room may be obtained by
calling (800) SEC-0330.

Investment Portfolioas of January 31, 2008 (Unaudited)

|                                                  | Shares     | Value ($)
|------------------------------------------------- | ---------- | ---------
|                                                  |           
|Common Stocks 29.9%                              
|Consumer Discretionary 3.6%                      
|Auto Components 0.7%                             
|Autoliv, Inc.                                     | 2,500      | 124,875  
|Johnson Controls, Inc.                            | 7,100      | 251,127  
|                                                  | 376,002   
|Automobiles 0.2%                                 
|Ford Motor Co.*                                   | 16,800     | 111,552  
|Hotels Restaurants & Leisure 0.5%                
|Wynn Resorts Ltd.                                 | 600        | 68,988   
|Yum! Brands, Inc.                                 | 6,600      | 225,456  
|                                                  | 294,444   
|Household Durables 0.3%                          
|Garmin Ltd.                                       | 1,600      | 115,440  
|NVR, Inc.*                                        | 100        | 63,150   
|                                                  | 178,590   
|Leisure Equipment & Products 0.1%                
|Hasbro, Inc.                                      | 2,200      | 57,134   
|Media 0.9%                                       
|Liberty Global, Inc. "A"*                         | 5,600      | 226,296  
|Regal Entertainment Group "A"                     | 1,400      | 25,956   
|The DIRECTV Group, Inc.*                          | 11,100     | 250,638  
|                                                  | 502,890   
|Multiline Retail 0.3%                            
|Big Lots, Inc.*                                   | 8,500      | 147,560  
|Specialty Retail 0.6%                            
|Best Buy Co., Inc.                                | 3,800      | 185,478  
|RadioShack Corp.                                  | 9,800      | 170,030  
|                                                  | 355,508   
|Consumer Staples 2.4%                            
|Beverages 0.5%                                   
|Coca-Cola Enterprises, Inc.                       | 2,500      | 57,675   
|Pepsi Bottling Group, Inc.                        | 1,900      | 66,215   
|PepsiAmericas, Inc.                               | 100        | 2,464    
|PepsiCo, Inc.                                     | 2,100      | 143,199  
|                                                  | 269,553   
|Food & Staples Retailing 0.7%                    
|BJ's Wholesale Club, Inc.*                        | 4,600      | 149,224  
|Kroger Co.                                        | 7,600      | 193,420  
|Safeway, Inc.                                     | 900        | 27,891   
|                                                  | 370,535   
|Food Products 0.1%                               
|Wm. Wrigley Jr. Co.                               | 1,200      | 68,916   
|Household Products 0.4%                          
|Colgate-Palmolive Co.                             | 1,000      | 77,000   
|Kimberly-Clark Corp.                              | 900        | 59,085   
|Procter & Gamble Co.                              | 1,600      | 105,520  
|                                                  | 241,605   
|Personal Products 0.3%                           
|Herbalife Ltd.                                    | 4,200      | 166,656  
|Tobacco 0.4%                                     
|Altria Group, Inc.                                | 2,770      | 210,021  
|Energy 3.9%                                      
|Energy Equipment & Services 0.4%                 
|Global Industries Ltd.*                           | 3,800      | 67,108   
|Transocean, Inc.*                                 | 1,540      | 188,804  
|                                                  | 255,912   
|Oil, Gas & Consumable Fuels 3.5%                 
|Chevron Corp.                                     | 1,900      | 160,550  
|ConocoPhillips                                    | 4,000      | 321,280  
|ExxonMobil Corp.                                  | 7,374      | 637,114  
|Frontier Oil Corp.                                | 3,400      | 119,918  
|Hess Corp.                                        | 2,000      | 181,660  
|Marathon Oil Corp.                                | 2,400      | 112,440  
|St. Mary Land & Exploration Co.                   | 3,400      | 119,782  
|Tesoro Corp.                                      | 3,200      | 124,960  
|Valero Energy Corp.                               | 2,800      | 165,732  
|                                                  | 1,943,436 
|Financials 4.5%                                  
|Capital Markets 1.3%                             
|Bank of New York Mellon Corp.                     | 3,300      | 153,879  
|Janus Capital Group, Inc.                         | 3,200      | 86,432   
|Morgan Stanley                                    | 1,420      | 70,190   
|Northern Trust Corp.                              | 2,500      | 183,400  
|Raymond James Financial, Inc.                     | 900        | 25,281   
|T. Rowe Price Group, Inc.                         | 3,900      | 197,301  
|                                                  | 716,483   
|Commercial Banks 0.9%                            
|BB&T Corp.                                        | 300        | 10,884   
|US Bancorp.                                       | 3,600      | 122,220  
|Wells Fargo & Co.                                 | 11,680     | 397,237  
|                                                  | 530,341   
|Consumer Finance 0.1%                            
|American Express Co.                              | 800        | 39,456   
|Diversified Financial Services 0.8%              
|Citigroup, Inc.                                   | 4,700      | 132,634  
|CME Group, Inc.                                   | 300        | 185,670  
|Nasdaq Stock Market, Inc.*                        | 2,900      | 134,183  
|                                                  | 452,487   
|Insurance 1.0%                                   
|ACE Ltd.                                          | 3,100      | 180,854  
|Allied World Assurance Co. Holdings Ltd.          | 600        | 28,578   
|CNA Financial Corp.                               | 300        | 10,197   
|Endurance Specialty Holdings Ltd.                 | 400        | 16,208   
|Hartford Financial Services Group, Inc.           | 600        | 48,462   
|HCC Insurance Holdings, Inc.                      | 400        | 11,144   
|MetLife, Inc.                                     | 700        | 41,279   
|PartnerRe Ltd.                                    | 600        | 47,568   
|Reinsurance Group of America, Inc.                | 1,000      | 57,970   
|The Travelers Companies, Inc.                     | 1,400      | 67,340   
|Unum Group                                        | 1,000      | 22,620   
|                                                  | 532,220   
|Real Estate Investment Trusts 0.4%               
|AMB Property Corp. (REIT)                         | 200        | 10,120   
|AvalonBay Communities, Inc. (REIT)                | 100        | 9,395    
|Equity Residential (REIT)                         | 1,000      | 37,410   
|Host Hotels & Resorts, Inc. (REIT)                | 1,300      | 21,762   
|ProLogis (REIT)                                   | 400        | 23,740   
|Public Storage (REIT)                             | 500        | 39,125   
|Simon Property Group, Inc. (REIT)                 | 600        | 53,628   
|The Macerich Co. (REIT)                           | 100        | 6,837    
|Vornado Realty Trust (REIT)                       | 100        | 9,040    
|                                                  | 211,057   
|Health Care 4.1%                                 
|Biotechnology 0.5%                               
|Gilead Sciences, Inc.*                            | 5,900      | 269,571  
|Health Care Equipment & Supplies 0.5%            
|Baxter International, Inc.                        | 3,000      | 182,220  
|Kinetic Concepts, Inc.*                           | 2,400      | 119,472  
|                                                  | 301,692   
|Health Care Providers & Services 1.4%            
|Aetna, Inc.                                       | 1,100      | 58,586   
|Health Net, Inc.*                                 | 4,800      | 223,152  
|Humana, Inc.*                                     | 2,600      | 208,780  
|McKesson Corp.                                    | 3,600      | 226,044  
|Medco Health Solutions, Inc.*                     | 1,000      | 50,080   
|                                                  | 766,642   
|Pharmaceuticals 1.7%                             
|Bristol-Myers Squibb Co.                          | 11,100     | 257,409  
|Eli Lilly & Co.                                   | 100        | 5,152    
|Merck & Co., Inc.                                 | 2,800      | 129,584  
|Pfizer, Inc.                                      | 17,900     | 418,681  
|Sepracor, Inc.*                                   | 5,400      | 152,496  
|                                                  | 963,322   
|Industrials 3.8%                                 
|Aerospace & Defense 1.3%                         
|Boeing Co.                                        | 1,920      | 159,706  
|Honeywell International, Inc.                     | 5,000      | 295,350  
|Northrop Grumman Corp.                            | 3,300      | 261,888  
|                                                  | 716,944   
|Airlines 0.1%                                    
|Continental Airlines, Inc. "B"*                   | 1,400      | 38,094   
|Commercial Services & Supplies 0.3%              
|Allied Waste Industries, Inc.*                    | 5,800      | 57,130   
|The Brink's Co.                                   | 1,600      | 97,008   
|Waste Management, Inc.                            | 600        | 19,464   
|                                                  | 173,602   
|Electrical Equipment 0.1%                        
|Emerson Electric Co.                              | 1,300      | 66,092   
|Industrial Conglomerates 0.3%                    
|General Electric Co.                              | 5,260      | 186,257  
|Machinery 0.5%                                   
|Caterpillar, Inc.                                 | 3,500      | 248,990  
|Harsco Corp.                                      | 200        | 11,384   
|Toro Co.                                          | 200        | 9,868    
|                                                  | 270,242   
|Marine 0.1%                                      
|Kirby Corp.*                                      | 1,100      | 50,578   
|Road & Rail 1.1%                                 
|Burlington Northern Santa Fe Corp.                | 2,500      | 216,300  
|CSX Corp.                                         | 2,900      | 140,592  
|Kansas City Southern*                             | 800        | 28,704   
|Ryder System, Inc.                                | 4,700      | 244,682  
|                                                  | 630,278   
|Information Technology 4.4%                      
|Communications Equipment 0.1%                    
|ADC Telecommunications, Inc.*                     | 2,000      | 29,580   
|Cisco Systems, Inc.*                              | 180        | 4,410    
|                                                  | 33,990    
|Computers & Peripherals 1.6%                     
|Apple, Inc.*                                      | 1,800      | 243,648  
|Dell, Inc.*                                       | 3,400      | 68,136   
|International Business Machines Corp.             | 3,600      | 386,424  
|Lexmark International, Inc. "A"*                  | 4,900      | 177,429  
|QLogic Corp.*                                     | 1,500      | 21,450   
|                                                  | 897,087   
|Electronic Equipment & Instruments 0.6%          
|Arrow Electronics, Inc.*                          | 1,800      | 61,596   
|Avnet, Inc.*                                      | 3,900      | 138,879  
|Dolby Laboratories, Inc. "A"*                     | 300        | 12,927   
|Tech Data Corp.*                                  | 2,900      | 99,702   
|                                                  | 313,104   
|Internet Software & Services 0.4%                
|eBay, Inc.*                                       | 2,370      | 63,729   
|Google, Inc. "A"*                                 | 300        | 169,290  
|                                                  | 233,019   
|IT Services 0.2%                                 
|Computer Sciences Corp.*                          | 2,700      | 114,264  
|Semiconductors & Semiconductor Equipment 0.3%    
|MEMC Electronic Materials, Inc.*                  | 800        | 57,168   
|NVIDIA Corp.*                                     | 4,900      | 120,491  
|                                                  | 177,659   
|Software 1.2%                                    
|Compuware Corp.*                                  | 12,400     | 105,400  
|Microsoft Corp.                                   | 15,910     | 518,666  
|Symantec Corp.*                                   | 2,200      | 39,446   
|                                                  | 663,512   
|Materials 1.2%                                   
|Chemicals 0.3%                                   
|Dow Chemical Co.                                  | 1,200      | 46,392   
|Eastman Chemical Co.                              | 1,600      | 105,712  
|                                                  | 152,104   
|Containers & Packaging 0.4%                      
|Owens-Illinois, Inc.*                             | 3,800      | 191,520  
|Packaging Corp. of America                        | 500        | 12,120   
|                                                  | 203,640   
|Metals & Mining 0.5%                             
|AK Steel Holding Corp.*                           | 2,600      | 124,228  
|Nucor Corp.                                       | 2,900      | 167,620  
|Reliance Steel & Aluminum Co.                     | 100        | 4,921    
|                                                  | 296,769   
|Telecommunication Services 1.1%                  
|Diversified Telecommunication Services 0.9%      
|AT&T, Inc.                                        | 1,820      | 70,052   
|Embarq Corp.                                      | 1,500      | 67,950   
|Verizon Communications, Inc.                      | 6,100      | 236,924  
|Windstream Corp.                                  | 8,500      | 98,685   
|                                                  | 473,611   
|Wireless Telecommunication Services 0.2%         
|Telephone & Data Systems, Inc.                    | 2,300      | 121,302  
|Utilities 0.9%                                   
|Electric Utilities 0.7%                          
|American Electric Power Co., Inc.                 | 2,200      | 94,226   
|Edison International                              | 5,100      | 266,016  
|                                                  | 360,242   
|Gas Utilities 0.0%                               
|ONEOK, Inc.                                       | 100        | 4,700    
|Southern Union Co.                                | 200        | 5,436    
|                                                  | 10,136    
|Independent Power Producers & Energy Traders 0.0%
|Constellation Energy Group                        | 200        | 18,791   
|Multi-Utilities 0.2%                             
|Sempra Energy                                     | 2,400      | 134,160  
|Total Common Stocks (Cost $16,533,482)            | 16,669,062

|                                                              | Principal
Amount ($) | Value ($) 
|------------------------------------------------------------- | -------------------- | ----------
|                                                              |                     
|Government & Agency Obligation 69.5%                         
|US Treasury Obligation                                       
|US Treasury STRIPS, 5.32%**, 2/15/2012 (a)
(Cost $34,988,187) | 43,253,000           | 38,684,359

|                                                                 | Shares    | Value ($)
|---------------------------------------------------------------- | --------- | ---------
|                                                                 |          
|Securities Lending Collateral 14.5%                             
|Daily Assets Fund Institutional, 4.22% (b) (c) (Cost $8,052,000) | 8,052,000 | 8,052,000
|                                                                
|Cash Equivalents 0.7%                                           
|Cash Management QP Trust, 4.52% (b) (Cost $415,562)              | 415,562   | 415,562  

|                                              | % of Net
Assets | Value ($)  
|--------------------------------------------- | --------------- | -----------
|                                              |                
|Total Investment Portfolio(Cost $59,989,231)+ | 114.6           | 63,820,983 
|Other Assets and Liabilities, Net             | (14.6)          | (8,140,286)
|Net Assets                                    | 100.0           | 55,680,697 

REIT: Real Estate Investment Trust

STRIPS: Separate Trading of Registered Interest and Principal Securities

The accompanying notes are an integral part of the financial statements.

Financial Statements

|Statement of Assets and Liabilitiesas of January 31, 2008 (Unaudited)                                                                                                       
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Assets                                                                                                                                                                      
|Investments:Investments in securities, at value (cost $51,521,669)  including
$7,870,491 of securities loaned                                                              
|Investment in Daily Assets Fund Institutional (cost $8,052,000)*                                                                                                            
|Investment in Cash Management QP Trust (cost $415,562)                                                                                                                      
|Total investments, at value (cost $59,989,231)                                                                                                                              
|Dividends receivable                                                                                                                                                        
|Interest receivable                                                                                                                                                         
|Other assets                                                                                                                                                                
|Total assets                                                                                                                                                                
|Liabilities                                                                                                                                                                 
|Payable for Fund shares redeemed                                                                                                                                            
|Payable upon return of securities loaned                                                                                                                                    
|Accrued management fee                                                                                                                                                      
|Other accrued expenses and payables                                                                                                                                         
|Total liabilities                                                                                                                                                           
|Net assets, at value                                                                                                                                                        
|Net Assets Consist of                                                                                                                                                       
|Undistributed net investment income                                                                                                                                         
|Net unrealized appreciation (depreciation) on investments                                                                                                                   
|Accumulated net realized gain (loss)                                                                                                                                        
|Paid-in capital                                                                                                                                                             
|Net assets, at value                                                                                                                                                        
|Net Asset Value                                                                                                                                                             
|Net Asset Value and redemption price(a) per share
($55,680,697 ÷ 6,598,472 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)

The accompanying notes are an integral part of the financial statements.

|Statement of Operationsfor the six months ended January 31, 2008 (Unaudited)                             
|---------------------------------------------------------------------------------------------------------
|Investment Income                                                                                        
|Income:Dividends                                                                                         
|Interest                                                                                                 
|Interest  Cash Management QP Trust                                                                      
|Securities lending income, including income from Daily Assets Fund
Institutional, net of borrower rebates
|Total Income                                                                                             
|Expenses:Management fee                                                                                  
|Services to shareholders                                                                                 
|Custodian fee                                                                                            
|Distribution service fee                                                                                 
|Audit and tax fees                                                                                       
|Legal                                                                                                    
|Reports to shareholders                                                                                  
|Registration fees                                                                                        
|Trustees' fees and expenses                                                                              
|Other                                                                                                    
|Total expenses before expense reductions                                                                 
|Expense reductions                                                                                       
|Total expenses after expense reductions                                                                  
|Net investment income (loss)                                                                             
|Realized and Unrealized Gain (Loss)                                                                      
|Net realized gain (loss) from:Investments                                                                
|Change in net unrealized appreciation (depreciation) on investments                                      
|Net gain (loss)                                                                                          
|Net increase (decrease) in net assets resulting from operations                                          

The accompanying notes are an integral part of the financial statements.

|Statement of Changes in Net Assets                                                                                 
|-------------------------------------------------------------------------------------------------------------------
|Increase (Decrease) in Net Assets                                                                                  
|Operations:Net investment income (loss)                                                                            
|Net realized gain (loss)                                                                                           
|Change in net unrealized appreciation (depreciation)                                                               
|Net increase (decrease) in net assets resulting from
operations                                                    
|Distributions to shareholders from:Net investment income                                                           
|Net realized gains                                                                                                 
|Total distributions                                                                                                
|Fund share transactions:Reinvestment of distributions                                                              
|Cost of shares redeemed                                                                                            
|Net increase (decrease) in net assets from Fund share
transactions                                                 
|Increase (decrease) in net assets                                                                                  
|Net assets at beginning of period                                                                                  
|Net assets at end of period (including undistributed net
investment income of $95,546 and $1,573,722,
respectively)
|Other Information                                                                                                  
|Shares outstanding at beginning of period                                                                          
|Shares issued to shareholders in reinvestment of
distributions                                                     
|Shares redeemed                                                                                                    
|Net increase (decrease) in Fund shares                                                                             
|Shares outstanding at end of period                                                                                

The accompanying notes are an integral part of the financial statements.

Financial Highlights

|Years Ended July 31,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 2008a     | 2007      | 2006      | 2005      | 2004      | 2003     
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------- | --------- | --------- | --------- | --------- | ---------
|Selected Per Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $    8.95 | $    8.93 | $    9.17 | $    8.77 | $    8.41 | $    8.08
|Income (loss) from investment
operations:
Net investment income (loss)b                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | .13       | .26e      | .25       | .25       | .24       | .23      
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | .32       | .41       | (.21)     | .41       | .36       | .25      
|Total from investment operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | .45       | .67       | .04       | .66       | .60       | .48      
|Less distributions from:
Net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (.38)     | (.30)     | (.28)     | (.26)     | (.24)     | (.15)    
|Net realized gains                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (.58)     | (.35)     |          |          |          |         
|Total distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (.96)     | (.65)     | (.28)     | (.26)     | (.24)     | (.15)    
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $    8.44 | $    8.95 | $    8.93 | $    9.17 | $    8.77 | $    8.41
|Total Return (%)c                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 5.10d**   | 7.59d,e   | .42d      | 7.57      | 7.19      | 6.00     
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|Net assets, end of period ($ millions)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 56        | 56        | 62        | 73        | 78        | 85       
|Ratio of expenses before expense
reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 1.15*     | 1.09      | 1.10      | 1.10      | 1.03      | .97      
|Ratio of expenses after expense
reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 1.14*     | 1.08      | 1.09      | 1.10      | 1.03      | .97      
|Ratio of net investment income (loss) (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 2.90*     | 2.89e     | 2.82      | 2.81      | 2.70      | 2.76     
|Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 46**      | 90        | 34        | 28        | 9         | 16       
|aFor the six months ended January 31, 2008 (Unaudited).bBased on average shares outstanding during the period.cTotal return does not reflect the effect of any sales charge.dTotal return would have been lower had certain expenses not been reduced.eIncludes non-recurring income from the Advisor recorded as a result of an administrative
proceeding regarding disclosure of brokerage allocation practices in connection with sales
of DWS Scudder Funds. The non-recurring income resulted in an increase in net
investment income of $0.004 per share and an increase in the ratio of net investment
income of 0.04%. Excluding this non-recurring income, total return would have been
0.04% lower.*Annualized**Not annualized

Notes to Financial Statements

A. Significant Accounting Policies

DWS Target 2012 Fund (the "Fund") is a diversified series of DWS Target
Fund (the "Trust"), which is registered under the Investment Company Act
of 1940, as amended (the "1940 Act"), as an open-end management
investment company organized as a Massachusetts business trust. The
objective of the Fund is to provide a guaranteed return of investment on the
Maturity Date (February 15, 2012) to investors who reinvest all dividends and
hold their shares to the Maturity Date, and to provide long-term growth of
capital.

The assurance that investors who reinvest all dividends and hold their
shares until the Maturity Date will receive at least their original investment
on the Maturity Date is provided by the principal amount of the zero coupon
US Treasury obligations in the Fund's portfolio. This assurance is further
backed by an agreement entered into by Deutsche Investment Management
Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned
subsidiary of Deutsche Bank AG, the Fund's investment manager. Fund
shares were sold during limited offering periods, and are redeemable on a
continuous basis. The Fund's returns will fluctuate and there is no assurance
that the Fund will achieve its objective of long-term capital growth.

The Fund's financial statements are prepared in accordance with accounting
principles generally accepted in the United States of America which require
the use of management estimates. Actual results could differ from those
estimates. The policies described below are followed consistently by the
Fund in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the
close of regular trading on the New York Stock Exchange on each day the
exchange is open for trading. Equity securities are valued at the most recent
sale price or official closing price reported on the exchange (US or foreign) or
over-the-counter market on which the security is traded most extensively.
Securities for which no sales are reported are valued at the calculated mean
between the most recent bid and asked quotations on the relevant market
or, if a mean cannot be determined, at the most recent bid quotation.

Debt securities are valued by independent pricing services approved by the
Trustees of the Fund. If the pricing services are unable to provide valuations,
the securities are valued at the most recent bid quotation or evaluated price,
as applicable, obtained from a broker-dealer. Such services may use various
pricing techniques which take into account appropriate factors such as yield,
quality, coupon rate, maturity, type of issue, trading characteristics and other
data, as well as broker quotes.

Money market instruments purchased with an original or remaining maturity
of sixty days or less, maturing at par, are valued at amortized cost.
Investments in open-end investment companies and Cash Management QP
Trust are valued at their net asset value each business day.

Securities and other assets for which market quotations are not readily
available or for which the above valuation procedures are deemed not to
reflect fair value are valued in a manner that is intended to reflect their fair
value as determined in accordance with procedures approved by the
Trustees.

In September 2006, the Financial Accounting Standards Board ("FASB")
released Statement of Financial Accounting Standards No. 157, "Fair Value
Measurements" ("FAS 157"). FAS 157 defines fair value, establishes a
framework for measuring fair value and expands disclosures about fair value
measurements. FAS 157 is effective for fiscal years beginning after
November 15, 2007. As of January 31, 2008, management does not believe
the adoption of FAS 157 will impact the amounts reported in the financial
statements, however, additional disclosures will be required about the
inputs used to develop the measurements of fair value and the effect of
certain of the measurements reported in the statement of operations for a
fiscal period.

Securities Lending.The Fund may lend securities to financial institutions.
The Fund retains beneficial ownership of the securities it has loaned and
continues to receive interest and dividends paid by the issuer of securities
and to participate in any changes in their market value. The Fund requires
the borrowers of the securities to maintain collateral with the Fund
consisting of liquid, unencumbered assets having a value at least equal to
the value of the securities loaned. The Fund may invest the cash collateral
into a joint trading account in an affiliated money market fund pursuant to
Exemptive Orders issued by the SEC. The Fund receives compensation for
lending its securities either in the form of fees or by earning interest on
invested cash collateral net of borrower rebates and fees paid to the lending
agent. Either the Fund or the borrower may terminate the loan. The Fund is
subject to all investment risks associated with the value of any cash
collateral received, including, but not limited to, interest rate, credit and
liquidity risk associated with such investments.

Options. An option contract is a contract in which the writer of the option
grants the buyer of the option the right to purchase from (call option), or sell
to (put option), the writer a designated instrument at a specified price within
a specified period of time. Certain options, including options on indices, will
require cash settlement by the Fund if the option is exercised. The Fund may
enter into option contracts in order to hedge against potential adverse price
movements in the value of portfolio assets; as a temporary substitute for
selling selected investments; to lock in the purchase price of a security or
currency which it expects to purchase in the near future; as a temporary
substitute for purchasing selected investments; and to enhance potential
gain.

The liability representing the Fund's obligation under an exchange traded
written option or investment in a purchased option is valued at the last sale
price or, in the absence of a sale, the mean between the closing bid and
asked prices or at the most recent asked price (bid for purchased options) if
no bid and asked price are available. Over-the-counter written or purchased
options are valued using dealer supplied quotations. Gain or loss is
recognized when the option contract expires or is closed.

If the Fund writes a covered call option, the Fund foregoes, in exchange for
the premium, the opportunity to profit during the option period from an
increase in the value of the underlying security above the exercise price. If
the Fund writes a put option it accepts the risk of a decline in the value of
the underlying security below the exercise price. Over-the-counter options
have the risk of the potential inability of counterparties to meet the terms of
their contracts. The Fund's maximum exposure to purchased options is
limited to the premium initially paid. In addition, certain risks may arise upon
entering into option contracts including the risk that an illiquid secondary
market will limit the Fund's ability to close out an option contract prior to the
expiration date and that a change in the value of the option contract may not
correlate exactly with changes in the value of the securities or currencies
hedged.

Federal Income Taxes. The Fund's policy is to comply with the requirements
of the Internal Revenue Code, as amended, which are applicable to
regulated investment companies, and to distribute all of its taxable income
to its shareholders.

The Fund has reviewed the tax positions for each of the three open tax
years as of July 31, 2007 and has determined that no provision for income
tax is required in the Fund's financial statements. The Fund's federal tax
returns for the prior three fiscal years remains subject to examination by the
Internal Revenue Service.

Distribution of Income and Gains. Net investment income of the Fund, if
any, is declared and distributed to shareholders annually. Net realized gains
from investment transactions, in excess of available capital loss
carryforwards, would be taxable to the Fund if not distributed, and,
therefore, will be distributed to shareholders at least annually.

The timing and characterization of certain income and capital gains
distributions are determined annually in accordance with federal tax
regulations which may differ from accounting principles generally accepted
in the United States of America. These differences primarily relate to certain
securities sold at a loss. As a result, net investment income (loss) and net
realized gain (loss) on investment transactions for a reporting period may
differ significantly from distributions during such period. Accordingly, the
Fund may periodically make reclassifications among certain of its capital
accounts without impacting the net asset value of the Fund.

The tax character of current year distributions will be determined at the end
of the current fiscal year.

Redemption Fees. The Fund imposes a redemption fee of 2% of the total
redemption amount on the Fund shares redeemed or exchanged within 15
days of buying them, either by purchase or exchange. This fee is assessed
and retained by the Fund for the benefit of the remaining shareholders. The
redemption fee is accounted for as an addition to paid-in capital.

Expenses. Expenses of the Trust arising in connection with a specific fund
are allocated to that fund. Other Trust expenses which cannot be directly
attributed to a fund are apportioned among the funds in the Trust.

Contingencies. In the normal course of business, the Fund may enter into
contracts with service providers that contain general indemnification
clauses. The Fund's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the
Fund that have not yet been made. However, based on experience, the Fund
expects the risk of loss to be remote.

Other. Investment transactions are accounted for on a trade date plus one
basis for daily net asset value calculations. However, for financial reporting
purposes, investment security transactions are reported on trade date.
Interest income is recorded on the accrual basis. Dividend income is
recorded on the ex-dividend date net of foreign withholding taxes. Realized
gains and losses from investment transactions are recorded on an identified
cost basis. All premiums and discounts are amortized/accreted for both tax
and financial reporting purposes.

B. Purchases and Sales of Securities

During the six months ended January 31, 2008, purchases and sales of
investment securities (excluding short-term instruments and US Treasury
obligations) aggregated $25,656,932 and $27,530,165, respectively.
Purchases and sales of US Treasury obligations aggregated $207,328 and
$2,286,594, respectively.

C. Related Parties

Management Agreement. Under the Management Agreement, the Advisor
directs the investments of the Fund in accordance with its investment
objectives, policies and restrictions. The Advisor determines the securities,
instruments and other contracts relating to investments to be purchased,
sold or entered into by the Fund. In addition to portfolio management
services, the Advisor provides certain administrative services in accordance
with the Management Agreement. The management fee payable under the
Management Agreement is equal to an annual rate of 0.50% of average
daily net assets, computed and accrued daily and payable monthly.

Service Provider Fees. DWS Scudder Investments Service Company
("DWS-SISC"), an affiliate of the Advisor, is the transfer agent,
dividend-paying agent and shareholder service agent of the Fund. Pursuant
to a sub-transfer agency agreement between DWS-SISC and DST Systems,
Inc. ("DST"), DWS-SISC has delegated certain transfer agent,
dividend-paying agent and shareholder service agent functions to DST.
DWS-SISC compensates DST out of the shareholders servicing fee it
receives from the Fund. For the six months ended January 31, 2008, the
amount charged to the Fund by DWS-SISC aggregated $37,876, of which
$14,374 is unpaid.

Distribution Service Fee. Under the Fund's 12b-1 Plans, DWS Scudder
Distributors, Inc. ("DWS-SDI"), an affiliate of the Advisor, provides
information and administrative services for a fee ("Service Fee") to
shareholders at an annual rate of up to 0.25% of average daily net assets.
DWS-SDI in turn has various agreements with financial services firms that
provide these services and pays these fees based upon the assets of
shareholder accounts the firms service. For the six months ended
January 31, 2008, the Service Fee was $69,642, of which $7,745 is unpaid.
Accordingly, for the six months ended January 31, 2008, the Service Fee
was equivalent to an annualized effective rate of 0.25% of the Fund's
average daily net assets.

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA
is compensated for providing typesetting and certain regulatory filing
services to the Fund. For the six months ended January 31, 2008, the
amount charged to the Fund by DIMA included in the Statement of
Operations under "reports to shareholders" aggregated $8,456, of which
$6,759 is unpaid.

Trustees' Fees and Expenses. The Fund paid each Trustee not affiliated with
the Advisor retainer fees plus specific amounts for various committee
services and for the Board Chairperson.

Cash Management QP Trust.Pursuant to an Exemptive Order issued by the
SEC, the Fund may invest in the Cash Management QP Trust (the
"QP Trust") and other affiliated funds managed by the Advisor. The QP Trust
seeks to provide as high a level of current income as is consistent with the
preservation of capital and the maintenance of liquidity. The QP Trust does
not pay the Advisor a management fee for the affiliated funds' investments
in the QP Trust.

D. Fee Reductions

For the six months ended January 31, 2008, the Advisor agreed to
reimburse the Fund $850, which represents a portion of the fee savings
expected to be realized by the Advisor related to the outsourcing by the
Advisor of certain administrative services to an unaffiliated service provider.

In addition, the Fund has entered into an arrangement with its custodian and
transfer agent whereby credits realized as a result of uninvested cash
balances were used to reduce a portion of the Fund's custodian expenses.
During the six months ended January 31, 2008, the Fund's custodian fee
was reduced by $64 and $517, respectively, for custody and transfer agent
credits earned.

E. Line of Credit

The Fund and other affiliated funds (the "Participants") share in a
$750 million revolving credit facility administered by JPMorgan Chase Bank,
N.A. for temporary or emergency purposes, including the meeting of
redemption requests that otherwise might require the untimely disposition
of securities. The Participants are charged an annual commitment fee which
is allocated, based upon net assets, among each of the Participants. Interest
is calculated at the Federal Funds Rate plus 0.35 percent. The Fund may
borrow up to a maximum of 33 percent of its net assets under the
agreement.

Investment Management Agreement
Approval

Board Considerations in Connection with the Annual Review of the
Investment Management Agreement

The Board of Trustees, including the Independent Trustees, approved the
renewal of your Fund's investment management agreement (the
"Agreement") with Deutsche Investment Management Americas Inc.
("DIMA" or the "Advisor") in September 2007. As part of its review process,
the Board requested and evaluated all information it deemed reasonably
necessary to evaluate the Agreement. Over the course of several months,
the Contract Review Committee, in coordination with the Equity Oversight
Committee and the Operations Committee of the Board, reviewed
comprehensive materials received from the Advisor, independent third
parties and independent counsel. These materials included an analysis of
the Fund's performance, fees and expenses, and profitability compiled by an
independent fee consultant. The Board also received extensive information
throughout the year regarding performance and operating results of the
Fund. Based on their evaluation of the information provided, the Committees
presented their findings and recommendations to the Independent Trustees
as a group. The Independent Trustees then reviewed the Committees'
findings and recommendations and presented their recommendations to the
full Board. Throughout their consideration of the Agreement, the
Independent Trustees were advised by their independent legal counsel and
by an independent fee consultant.

In connection with the contract review process, the various Committees and
the Board considered the factors discussed below, among others. The Board
also considered that the Advisor and its predecessors have managed the
Fund since its inception, and the Board believes that a long-term relationship
with a capable, conscientious advisor is in the best interests of the Fund.
The Board considered, generally, that shareholders invested in the Fund, or
approved the investment management agreement for the Fund, knowing
that the Advisor managed the Fund and knowing the investment
management fee schedule. The Board considered Deutsche Bank's
commitment that it will devote to the Advisor and its affiliates all attention
and resources that are necessary to provide the Fund with top-quality
investment management and shareholder, administrative and product
distribution services.

Nature, Quality and Extent of Services. The Board considered the nature,
extent and quality of services provided under the Agreement, including
portfolio management services and administrative services. The Board
considered the experience and skills of senior management and investment
personnel, the resources made available to such personnel, the ability of the
Advisor to attract and retain high-quality personnel, and the organizational
depth and stability of the Advisor. The Board reviewed the Fund's
performance over short-term and long-term periods, and compared those
returns to various agreed-upon performance measures, including market
indices and a peer universe compiled by the independent fee consultant
using information supplied by Lipper Inc. ("Lipper"). The Board considered
whether investment results were consistent with the Fund's investment
objectives and policies. The Board also noted that it has put a process into
place of identifying "Focus Funds" (e.g., funds performing poorly relative to
their benchmark or a peer group compiled by Lipper), and receives more
frequent reporting and information from the Advisor regarding such funds,
along with the Advisor's remedial plans to address underperformance. The
Board believes this process is an effective manner of addressing poorly
performing funds at this time.

On the basis of this evaluation and the ongoing review of investment results
by the Equity Oversight Committee, the Board concluded that the nature,
quality and extent of services provided by the Advisor historically have been
and continue to be satisfactory. The Board noted the short-term relative
underperformance of the Fund, and took into account the factors
contributing to such performance, the Fund's favorable long-term
performance, and steps being taken by the Advisor to improve performance,
including a change in the investment personnel responsible for managing
the Fund's equity allocation.

Fees and Expenses. The Board considered the Fund's management fee rate,
operating expenses and total expense ratio, and compared management
fees to a peer group and total expenses to a broader peer universe based on
information and data supplied by Lipper and supplemented by the
independent fee consultant. The information provided to the Board showed
that the Fund's management fee rate was at the 1stpercentile of the peer
group, and that the total expense ratio (excluding any 12b-1 plans) was at
the 4thpercentile of the peer universe. The Board also considered the
Fund's management fee rate as compared to fees charged by the Advisor
and certain of its affiliates for comparable mutual funds.

On the basis of the information provided, the Board concluded that
management fees were reasonable and appropriate in light of the nature,
quality and extent of services provided by the Advisor.

Profitability. The Board reviewed detailed information regarding revenues
received by the Advisor under the Agreement. The Board considered the
estimated costs and pre-tax profits realized by the Advisor from advising the
DWS Funds, as well as estimates of the pre-tax profits attributable to
managing the Fund in particular. The Board also received information
regarding the estimated enterprise-wide profitability of the DWS Scudder
organization with respect to all fund services in totality and by fund. The
Board reviewed DIMA's methodology in allocating its costs to the
management of the Fund. Although the Board noted the inherently
subjective nature of any allocation methodology, the Board received an
attestation report from an accounting firm affirming that the allocation
methods were consistently applied and were based upon practices
commonly used in the investment management industry. The Board noted
that, based on the information provided, the Advisor operated the Fund at a
loss.

Economies of Scale. The Board considered whether there are economies of
scale with respect to the management of the Fund and whether the Fund
benefits from any economies of scale. The Board considered whether the
management fee rate under the Agreement is reasonable in relation to the
asset size of the Fund. The Board concluded that the management fee rate
reflects an appropriate level of sharing of any economies of scale.

Other Benefits to DIMA and Its Affiliates. The Board also considered the
character and amount of other incidental benefits received by DIMA and its
affiliates, including any fees received by the Advisor for administrative
services provided to the Fund and any fees received by an affiliate of the
Advisor for distribution services. The Board also considered benefits to
DIMA related to brokerage and soft-dollar allocations, which pertain primarily
to funds investing in equity securities, along with the incidental public
relations benefits to DIMA related to DWS Funds advertising and
cross-selling opportunities among DeAM products and services. The Board
concluded that management fees were reasonable in light of these fallout
benefits.

Based on all of the information considered and the conclusions reached, the
Board (including a majority of the Independent Trustees) determined that the
terms of the Agreement continue to be fair and reasonable and that the
continuation of the Agreement is in the best interests of the Fund. No single
factor was determinative in the Board's analysis.

Board Considerations of an Amended and Restated Investment
Management Agreement

On November 14, 2007, the Board, including all the Independent Board
Members, approved an Amended and Restated Investment Management
Agreement (the "Amended Management Agreement") with respect to the
Fund. The Amended Management Agreement and an Administrative
Services Agreement were presented to the Board and considered by it as
part of a broader program initiated by DIMA to simplify and standardize the
expense structures and related contracts for the DWS Funds.

The Board conducted a thorough review of the potential implications of the
Amended Management Agreement and Administrative Services Agreement
on the Fund's shareholders. The Independent Board Members met on
several occasions to review and discuss the Amended Management
Agreement and Administrative Services Agreement, both among
themselves and with representatives of DIMA. They were assisted in this
review by their independent legal counsel.

In approving the Amended Management Agreement, the Board considered
the following factors, among others:

The proposed arrangements would facilitate uniformity and conform
management and administrative fee structures across all DWS Funds.

The standardization and simplification of contract provisions and fees
charged to the DWS Funds would reduce the risks of operational and
compliance errors.

The aggregate fee paid by the Fund to DIMA will remain the same under
the Amended Management Agreement and Administrative Services
Agreement, although the separation of the investment management
services and general administrative services provided by DIMA into two
separate contracts, as is currently the case for certain other DWS Funds,
would provide greater flexibility in the future to adjust the administrative
services arrangements of the Fund, including increasing the fees paid
for administrative services, without incurring the cost of a shareholder
meeting.

The overall scope of the services being provided by DIMA and the
standard of care applicable to those services would not be reduced as a
result of restructuring the agreements.

The Board also considered that it renewed the Agreement for the Fund as
part of its annual contract renewal process in September 2007 as described
above. In connection with its review of the Amended Management
Agreement, the Board considered DIMA's representation that the Board may
rely on and take into account the information provided in connection with
the renewal of the Agreement for the Fund. Accordingly, the Board took
note of the factors it considered and the conclusions it reached in approving
the renewal of the Agreement for the Fund.

Based on all of the information considered and the conclusions reached, the
Board determined that the terms of the Amended Management Agreement
are fair and reasonable and that the approval of the Amended Management
Agreement is in the best interests of the Fund. No single factor was
determinative in the Board's analysis.

Summary of Management Fee Evaluation by
Independent Fee Consultant

October 26, 2007

Pursuant to an Order entered into by Deutsche Investment Management
Americas and affiliates (collectively, "DeAM") with the Attorney General of
New York, I, Thomas H. Mack, have been appointed the Independent Fee
Consultant for the DWS Scudder Funds. My duties include preparing an
annual written evaluation of the management fees DeAM charges the
Funds, considering among other factors the management fees charged by
other mutual fund companies for like services, management fees DeAM
charges other clients for like services, DeAM's costs of supplying services
under the management agreements and related profit margins, possible
economies of scale if a Fund grows larger, and the nature and quality of
DeAM's services, including fund performance. This report summarizes my
evaluation for 2007, including my qualifications, the evaluation process for
each of the DWS Scudder Funds, consideration of certain complex-level
factors, and my conclusions.

Qualifications

For more than 30 years I have served in various professional capacities
within the investment management business. I have held investment
analysis and advisory positions, including securities analyst, portfolio
strategist and director of investment policy with a large investment firm. I
have also performed business management functions, including business
development, financial management and marketing research and analysis.

Since 1991, I have been an independent consultant within the asset
management industry. I have provided services to over 125 client
organizations, including investment managers, mutual fund boards, product
distributors and related organizations. Over the past several years I have
completed a number of assignments for mutual fund boards, specifically
including assisting boards with management contract renewal.

I hold a Master of Business Administration degree, with highest honors,
from Harvard University; and Master of Science and Bachelor of Science
(highest honors) degrees from the University of California at Berkeley. I am
an independent director and audit committee financial expert for two
closed-end mutual funds, serve on the board of directors of a private market
research company, and have served in various leadership and financial
oversight capacities with non-profit organizations.

Evaluation of Fees for each DWS Scudder Fund

My work focused primarily on evaluating, fund-by-fund, the fees charged to
each of the 136 Fund portfolios in the DWS Scudder Fund family. For each
Fund, I considered each of the key factors mentioned above, as well as any
other relevant information. In doing so I worked closely with the Funds'
Independent Directors in their annual contract renewal process, as well as in
their approval of contracts for several new funds (documented separately).

In evaluating each Fund's fees, I reviewed comprehensive materials provided
by or on behalf of DeAM, including expense information prepared by Lipper
Analytical, comparative performance information, profitability data, manager
histories, and other materials. I also accessed certain additional information
from the Lipper, Strategic Insight, and Morningstar databases and drew on
my industry knowledge and experience.

To facilitate evaluating this considerable body of information, I prepared for
each Fund a document summarizing the key data elements in each area as
well as additional analytics discussed below. This made it possible to
consider each key data element in the context of the others.

In the course of contract renewal, DeAM agreed to implement a number of
fee and expense adjustments requested by the Independent Directors
which will favorably impact future fees and expenses, and my evaluation
includes the effects of these changes.

Fees and Expenses Compared with Other Funds

The competitive fee and expense evaluation for each fund focused on two
primary comparisons:

The Fund's contractual management fee (the advisory fee plus the
administration fee where applicable) compared with those of a group of
typically 12-15 funds in the same Lipper investment category (e.g. Large
Capitalization Growth) having similar distribution arrangements and being
of similar size.

The Fund's total expenses compared with a broader universe of funds
from the same Lipper investment category and having similar distribution
arrangements.

These two comparisons provide a view of not only the level of the fee
compared with funds of similar scale but also the total expense the Fund
bears for all the services it receives, in comparison with the investment
choices available in the Fund's investment category and distribution channel.
The principal figure-of-merit used in these comparisons was the subject
Fund's percentile ranking against peers.

DeAM's Fees for Similar Services to Others

DeAM provided management fee schedules for all of its US domiciled fund
and non-fund investment management accounts in any of the investment
categories where there is a DWS Scudder Fund. These similar products
included the other DWS Scudder Funds, non-fund pooled accounts,
institutional accounts and sub-advisory accounts. Using this information, I
calculated for each Fund the fee that would be charged to each similar
product, at the subject Fund's asset level.

Evaluating information regarding non-fund products is difficult because there
are varying levels of services required for different types of accounts, with
mutual funds generally requiring considerably more regulatory and
administrative types of service as well as having more frequent cash flows
than other types of accounts. Also, while mutual fund fees for similar fund
products can be expected to be similar, there will be some differences due
to different pricing conditions in different distribution channels (e.g. retail
funds versus those used in variable insurance products), differences in
underlying investment processes and other factors.

Costs and Profit Margins

DeAM provided a detailed profitability analysis for each Fund. After making
some adjustments so that the presentation would be more comparable to
the available industry figures, I reviewed profit margins from investment
management alone, from investment management plus other fund services
(excluding distribution) provided to the Funds by DeAM (principally
shareholder services), and DeAM profits from all sources, including
distribution. A later section comments on overall profitability.

Economies of Scale

Economies of scale  an expected decline in management cost per dollar
of fund assets as fund assets grow  are very rarely quantified and
documented because of inherent difficulties in collecting and analyzing
relevant data. However, in virtually every investment category that I
reviewed, larger funds tend to have lower fees and lower total expenses
than smaller funds. To see how each DWS Scudder Fund compares with
this industry observation, I reviewed:

The trend in Fund assets over the last five years and the accompanying
trend in total expenses. This shows if the Fund has grown and, if so,
whether total expense (management fees as well as other expenses)
have declined as a percent of assets.

Whether the Fund has break-points in its management fee schedule, the
extent of the fee reduction built into the schedule and the asset levels
where the breaks take effect, and in the case of a sub-advised Fund how
the Fund's break-points compare with those of the sub-advisory fee
schedule.

How the Fund's contractual fee schedule compares with trends in the
industry data. To accomplish this, I constructed a chart showing how
actual latest-fiscal-year contractual fees of the Fund and of other similar
funds relate to average fund assets, with the subject Fund's contractual
fee schedule superimposed.

Quality of Service  Performance

The quality-of-service evaluation focused on investment performance, which
is the principal result of the investment management service. Each Fund's
performance was reviewed over the past 1, 3, 5 and 10 years, as applicable,
and compared with that of other funds in the same investment category and
with a suitable market index.

In addition, I calculated and reviewed risk-adjusted returns relative to an
index of similar mutual funds' returns and a suitable market index. The
risk-adjusted returns analysis provides a way of determining the extent to
which the Fund's return comparisons are mainly the product of investment
value-added (or lack thereof) or alternatively taking considerably more or less
risk than is typical in its investment category.

I also received and considered the history of portfolio manager changes for
each Fund, as this provided an important context for evaluating the
performance results.

Complex-Level Considerations

While this evaluation was conducted mainly at the individual fund level,
there are some issues relating to the reasonableness of fees that can
alternatively be considered across the whole fund complex:

I reviewed DeAM's profitability analysis for all DWS Scudder funds, with a
view toward determining if the allocation procedures used were
reasonable and how profit levels compared with public data for other
investment managers.

I considered whether DeAM and affiliates receive any significant ancillary
or "fall-out" benefits that should be considered in interpreting the direct
profitability results. These would be situations where serving as the
investment manager of the Funds is beneficial to another part of the
Deutsche Bank organization.

I considered how aggregated DWS Scudder Fund expenses had varied
over the years, by asset class and in the context of trends in asset levels.

I reviewed the structure of the DeAM organization, trends in staffing
levels, and information on compensation of investment management and
other professionals compared with industry data.

Findings

Based on the process and analysis discussed above, which included
reviewing a wide range of information from management and external data
sources and considering among other factors the fees DeAM charges other
clients, the fees charged by other fund managers, DeAM's costs and profits
associated with managing the Funds, economies of scale, possible fall-out
benefits, and the nature and quality of services provided, in my opinion the
management fees charged the DWS Scudder Funds are reasonable.

t12_m0Thomas H. Mack

Account Management Resources

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|For More
Information  
|Web Site              
|Written
Correspondence
|Proxy Voting          
|Principal
Underwriter 

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|Nasdaq Symbol
|CUSIP Number 
|Fund Number  

Privacy Statement

This privacy statement is issued by DWS Scudder Distributors, Inc.,
Deutsche Investment Management Americas Inc., DeAM Investor Services,
Inc., DWS Trust Company and the DWS Funds.

We never sell customer lists or individual client information. We consider
privacy fundamental to our client relationships and adhere to the policies
and practices described below to protect current and former clients'
information.Internal policies are in place to protect confidentiality, while
allowing client needs to be served. Only individuals who need to do so in
carrying out their job responsibilities may access client information. We
maintain physical, electronic and procedural safeguards that comply with
federal and state standards to protect confidentiality. These safeguards
extend to all forms of interaction with us, including the Internet.

In the normal course of business, clients give us nonpublic personal
information on applications and other forms, on our Web sites, and through
transactions with us or our affiliates. Examples of the nonpublic personal
information collected are name, address, Social Security number and
transaction and balance information. To be able to serve our clients, certain
of this client information is shared with affiliated and nonaffiliated third-party
service providers such as transfer agents, custodians, and broker-dealers to
assist us in processing transactions and servicing your account with us. In
addition, we may disclose all of the information we collect to companies
that perform marketing services on our behalf or to other financial
institutions with which we have joint marketing agreements. The
organizations described above that receive client information may only use it
for the purpose designated by the DWS Scudder Companies listed in the
first paragraph of this Privacy Statement.

We may also disclose nonpublic personal information about you to other
parties as required or permitted by law. For example, we are required or we
may provide information to government entities or regulatory bodies in
response to requests for information or subpoenas, to private litigants in
certain circumstances, to law enforcement authorities, or any time we
believe it necessary to protect the firm.

Questions on this policy may be sent to:

DWS Scudder  
Attention: Correspondence  Chicago
P.O. Box 219415
Kansas City, MO  64121-9415

September 2007

t12_backcover0



ITEM 2.
        CODE OF ETHICSNot applicable.ITEM 3.
        AUDIT COMMITTEE FINANCIAL EXPERTNot applicable.ITEM 4.
        PRINCIPAL ACCOUNTANT FEES AND SERVICESNot applicable.




ITEM 5.
        AUDIT COMMITTEE OF LISTED REGISTRANTSNot ApplicableITEM 6.
        SCHEDULE OF INVESTMENTSNot ApplicableITEM 7.
        DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.ITEM 8.
        PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.




ITEM 9.
        PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERSNot Applicable.




ITEM 10.
        SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSThe primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Procedures and Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to the Fund's Secretary for the attention of the Chairman of the Nominating and Governance Committee, Two International Place, Boston, MA 02110. Suggestions for candidates must include a resume of the candidate.ITEM 11.
        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 half-year (the registrant's second fiscal half-year in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal controls over financial reporting.








ITEM 12.
        EXHIBITS(a)(1)   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.(b)       Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.










Form N-CSRS Item F



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:
        March 25, 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:
        March 25, 2008






By:
        /s/Paul Schubert


Paul Schubert


Chief Financial Officer and Treasurer



Date:
        March 25, 2008