UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF        REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

**_______________________________**

Investment Company Act file number        811-5896

DWS        Target Fund

(Exact name of registrant as specified in        charter)

 

222        South Riverside Plaza

Chicago, IL 60606

(Address of principal executive offices)                    (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY 10154

(Name and address of agent for        service)

Registrant's telephone number, including area        code:(212) 454-7190

Date of fiscal year end:04/30

Date of reporting        period:01/31/08

 

ITEM 1.        SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of January 31, 2008 (Unaudited)** |
|----------------------|----------------------------------------|

         

**DWS        LifeCompass Income Fund**

 

|                        | **Principal****Amount ($)**                                          |   | **Value                        ($)** |
|-----------------------------|----------------------------------------------------------------------|--------|--------------------------------------|
|                             |
|                        | **Government & Agency Obligations                        95.0%** |   |
| **US Treasury Obligations** |                                                                 |
| US Treasury Bills:          |                                                                 |
|                        | 1.95% *, 2/14/2008                                                   |   | 2,445,000                            |   | 2,443,334 |
|                        | 2.651% *, 2/14/2008                                                  |   | 2,366,000                            |   | 2,363,735 |
|                        | 2.973% *, 2/14/2008                                                  |   | 1,520,000                            |   | 1,518,368 |
|                        | 3.03% *, 4/17/2008 (a)                                               |   | 817,000                              |   | 813,792 |
| US Treasury STRIPS:         |                                                                 |
|                        | 2.003% **, 5/15/2008                                                 |   | 880,000                              |   | 874,944 |
|                        | 2.091% **, 5/15/2009                                                 |   | 880,000                              |   | 856,731 |
|                        | 2.161% **, 11/15/2009                                                |   | 879,000                              |   | 845,858 |
|                        | 2.202% **, 11/15/2011                                                |   | 878,000                              |   | 808,102 |
|                        | 2.221% **, 11/15/2008                                                |   | 880,000                              |   | 864,806 |
|                             |                                                                      |        |                                      |  |  |  |  |

|                                                                                               | 2.26% **, 5/15/2010                                                                                                                                                                                                         |                   | 879,000                              |          | 834,929     |
|----------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|--------------------------------------|---------------|-------------|
|                                                                                               | 2.29% **, 11/15/2010                                                                                                                                                                                                        |                   | 878,000                              |          | 823,978     |
|                                                                                               | 2.29% **, 5/15/2011                                                                                                                                                                                                         |                   | 878,000                              |          | 814,651     |
|                                                                                               | 2.51% **, 5/15/2012                                                                                                                                                                                                         |                   | 878,000                              |          | 788,921     |
|                                                                                               | 2.83% **, 11/15/2012                                                                                                                                                                                                        |                   | 878,000                              |          | 767,448     |
|                                                                                               | 2.99% **, 5/15/2013                                                                                                                                                                                                         |                   | 878,000                              |          | 750,455     |
|                                                                                               | 3.07% **, 11/15/2013                                                                                                                                                                                                        |                   | 878,000                              |          | 736,035     |
|                                                                                               | 3.28% **, 5/15/2014                                                                                                                                                                                                         |                   | 878,000                              |          | 715,545     |
|                                                                                               | 3.38% **, 11/15/2014                                                                                                                                                                                                        |                   | 878,000                              |          | 699,314     |
|                                                                                               | 3.55% **, 5/15/2015                                                                                                                                                                                                         |                   | 879,000                              |          | 680,140     |
|                                                                                               | 3.68% **, 11/15/2015                                                                                                                                                                                                        |                   | 879,000                              |          | 661,665     |
|                                                                                               | 3.76% **, 5/15/2016                                                                                                                                                                                                         |                   | 878,000                              |          | 644,760     |
|                                                                                               | 3.82% **, 11/15/2016                                                                                                                                                                                                        |                   | 878,000                              |          | 629,595     |
|                                                                                               | 3.92% **, 5/15/2017                                                                                                                                                                                                         |                   | 877,000                              |          | 611,494     |
|                                                                                               | 3.96% **, 11/15/2017                                                                                                                                                                                                        |                   | 4,390,000                            |          | 2,990,606   |
|                                                                                                    |
| **Total Government & Agency Obligations**(Cost $24,238,542)                                    |                                                                                                                                                                                                                        | **24,539,206**         |
|                                                                                               | **Shares**                                                                                                                                                                                                                  |                   | **Value                        ($)** |
|                                                                                                    |
|                                                                                               | **Cash Equivalents 3.5%**                                                                                                                                                                                                   |                   |
| Cash Management QP Trust, 4.52% (b)(Cost $902,363)                                                 |                                                                                                                                                                                                                        |                   | 902,363                              |          | **902,363** |
|                                                                                               | **%                        of****Net Assets**                                                                                                                                                                               |                   | **Value                        ($)** |
|                                                                                                    |
| **Total Investment Portfolio**(Cost $25,140,905)                                                   | 98.5                                                                                                                                                                                                                        |                   | **25,441,569**                       |
| **Other Assets and Liabilities, Net**                                                              | 1.5                                                                                                                                                                                                                         |                   | **395,689**                          |
|                                                                                                    |
| **Net Assets**                                                                                     | 100.0                                                                                                                                                                                                                       |                   | **25,837,258**                       |
|                                                                                               | *For information on the Fund's policies regarding the                        valuation of investments and other significant accounting policies, please                        refer to the Fund's most recent prospectus.* |
| ***                                                                                                | *Annualized yield at time of purchase; not a coupon                        rate.*                                                                                                                                           |
| ****                                                                                               | *Bond equivalent yield to maturity; not a coupon                        rate.*                                                                                                                                              |
| *(a)*                                                                                              | *At January 31, 2008, this security has been pledged,                        in whole or in part, to cover initial margin requirements for open futures                        contracts.*                                  |
| *(b)*                                                                                              | *Affiliated fund managed by Deutsche Investment                        Management Americas Inc. The rate shown is the annualized seven-day yield                        at period end.*                                     |
| *STRIPS: Separate Trading of Registered Interest and                        Principal Securities.* |
| *As of January 31, 2008, open futures contracts                        purchased were as follows:* |
| **Futures**                                                                                        |                                                                                                                                                                                                                        | **Expiration****Date** |                                 | **Contracts** |        | **Aggregated****Face****Value ($)** |   | **Value                        ($)** |   | **Unrealized****Depreciation ($)** |
|                                                                                                    |
|                                                                                               |
| E-Mini MSCI EAFE Index                                                                             |                                                                                                                                                                                                                        | 3/19/2008              |                                 | 14            |        | 1,517,516 |   | 1,440,600 |   | (76,916) |   |
| Russell E-Mini 2000 Index                                                                          |                                                                                                                                                                                                                        | 3/20/2008              |                                 | 7             |        | 518,338 |   | 500,500 |   | (17,838) |   |
| S&P MidCap 400 E-Mini Index                                                                    |                                                                                                                                                                                                                        | 3/20/2008              |                                 | 8             |        | 669,200 |   | 645,120 |   | (24,080) |   |
| S&P Mini 500 Index                                                                             |                                                                                                                                                                                                                        | 3/20/2008              |                                 | 69            |        | 4,978,777 |   | 4,759,620 |   | (219,157) |   |
| **Total unrealized depreciation**                                                                  |                                                                                                                                                                                                                        | **(337,991)**          |                                 |
|                                                                                                    |                                                                                                                                                                                                                             |                        |                                      |               |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

| **ITEM 2.** | **CONTROLS AND PROCEDURES**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|        | (a)                                 The Chief Executive                        and Financial Officers concluded that the Registrant’s Disclosure                        Controls and Procedures are effective based on the evaluation of the                        Disclosure Controls and Procedures as of a date within 90 days of the                        filing date of this report.                                                                                                                                                                       |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|        | (b)                                 There have been no                        changes in the registrant’s internal control over financial reporting                        that occurred during the registrant’s last 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 3.** | **EXHIBITS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|        | Certification pursuant to Rule 30a-2(a) under the Investment                        Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as                        Exhibit 99.CERT.                                                                                                                                                                                                                                                                                                                                                                                                                 |

 

**SIGNATURES**

 

Pursuant to        the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of        1940, the registrant has duly caused this report to be signed on its behalf by the        undersigned, thereunto duly authorized.

 

| Registrant: | DWS LifeCompass Income Fund, a series of DWS Target                        Fund |
|-------------|---------------------------------------------------------------------------------|

 

| By: | /s/Michael G. Clark |
|-----|---------------------|

|   | Michael G. Clark |
|--------|------------------|

President

 

| Date: | March 17, 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 LifeCompass Income Fund, a series of DWS Target                        Fund |
|-------------|---------------------------------------------------------------------------------|

 

| By: | /s/Michael G. Clark |
|-----|---------------------|

|   | Michael G. Clark |
|--------|------------------|

President

 

| Date: | March 17, 2008 |
|-------|----------------|

 

 

| By: | /s/Paul Schubert |
|-----|------------------|

|   | Paul Schubert |
|--------|---------------|

Chief Financial Officer and Treasurer

 

| Date: | March 17, 2008 |
|-------|----------------|