UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

**_______________________________**

Investment Company Act file number  811-5896

DWS Target Fund

(Exact name of registrant as specified in charter)

 

345 Park Avenue

New York, NY  10154-0004

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY  10154-0004

(Name and address of agent for service)

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

Date of fiscal year end:  07/31

Date of reporting period: 04/30/08

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of April 30, 2008  (Unaudited)** |
|----------------------|---------------------------------------|

 

 

**DWS Target 2008 Fund**

 

|   | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | **Value ($)** |
|--------|-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|        |
|   | **Common Stocks 19.0%** |  
**Consumer Discretionary 1.7%**

 
**Auto Components 0.2%**

 
Autoliv, Inc.  

 

300 

 

18,372 

TRW Automotive Holdings Corp.*  

 

400 

 

10,224 

 

**28,596**

**Hotels Restaurants & Leisure 0.3%**

 
Panera Bread Co. "A"*  

 

100 

 

5,226 

Yum! Brands, Inc.  

 

1,000 

 

40,680 

 

**45,906**

**Household Durables 0.2%**

 
Centex Corp.  

 

1,100 

 

**22,902**

 

 

 

 

**Media 0.5%**

 
DISH Network Corp. "A"*  

 

1,100 

 

32,824 

Liberty Global, Inc. "A"*  

 

100 

 

3,539 

The DIRECTV Group, Inc.*  

 

1,600 

 

39,424 

 

**75,787**

**Specialty Retail 0.5%**

 
The Gap, Inc.  

 

1,800 

 

33,516 

TJX Companies, Inc.  

 

1,200 

 

38,664 

 

**72,180**

**Consumer Staples 1.7%**

 
**Beverages 0.4%**

 
Coca-Cola Enterprises, Inc.  

 

300 

 

6,750 

Pepsi Bottling Group, Inc.  

 

1,000 

 

33,710 

PepsiCo, Inc.  

 

200 

 

13,706 

 

**54,166**

**Food & Staples Retailing 0.6%**

 
Kroger Co.  

 

900 

 

24,525 

Safeway, Inc.  

 

200 

 

6,320 

Wal-Mart Stores, Inc.  

 

1,000 

 

57,980 

 

**88,825**

**Household Products 0.3%**

 
Colgate-Palmolive Co.  

 

500 

 

35,350 

Procter & Gamble Co.  

 

100 

 

6,705 

 

**42,055**

**Personal Products 0.2%**

 
Herbalife Ltd.  

 

700 

 

**30,646**

**Tobacco 0.2%**

 
Altria Group, Inc.  

 

560 

 

11,200 

Philip Morris International, Inc.*  

 

460 

 

23,474 

 

**34,674**

**Energy 2.6%**

 
**Oil, Gas & Consumable Fuels**

Apache Corp.  

 

300 

 

40,404 

Chevron Corp.  

 

800 

 

76,920 

ConocoPhillips  

 

700 

 

60,305 

ExxonMobil Corp.  

 

658 

 

61,240 

Hess Corp.  

 

300 

 

31,860 

Marathon Oil Corp.  

 

800 

 

36,456 

Noble Energy  

 

400 

 

34,800 

Occidental Petroleum Corp.  

 

200 

 

16,642 

Sunoco, Inc.  

 

200 

 

9,282 

W&T Offshore, Inc.  

 

100 

 

4,090 

Williams Companies, Inc.  

 

100 

 

3,550 

 

**375,549**

**Financials 2.8%**

 
**Capital Markets 1.4%**

 
Bank of New York Mellon Corp.  

 

1,200 

 

52,236 

Charles Schwab Corp.  

 

1,800 

 

38,880 

Franklin Resources, Inc.  

 

200 

 

19,030 

Northern Trust Corp.  

 

600 

 

44,466 

State Street Corp.  

 

600 

 

43,284 

 

**197,896**

 

 

 

 

**Commercial Banks 0.3%**

 
Wells Fargo & Co.  

 

1,610 

 

**47,897**

**Diversified Financial Services 0.1%**

 
The Nasdaq OMX Group, Inc.*  

 

600 

 

**21,870**

**Insurance 0.6%**

 
ACE Ltd.  

 

700 

 

42,203 

Allied World Assurance Co. Holdings Ltd.  

 

200 

 

8,246 

MetLife, Inc.  

 

100 

 

6,085 

PartnerRe Ltd.  

 

400 

 

29,592 

Reinsurance Group of America, Inc.  

 

100 

 

5,198 

 

**91,324**

**Real Estate Investment Trusts 0.3%**

 
Equity Residential (REIT)  

 

200 

 

8,304 

Host Hotels & Resorts, Inc. (REIT)  

 

200 

 

3,440 

ProLogis (REIT)  

 

100 

 

6,261 

Public Storage (REIT)  

 

100 

 

9,070 

Simon Property Group, Inc. (REIT)  

 

100 

 

9,986 

 

**37,061**

**Thrifts & Mortgage Finance 0.1%**

 
Astoria Financial Corp.  

 

400 

 

**9,480**

**Health Care 2.5%**

 
**Biotechnology 0.3%**

 
Gilead Sciences, Inc.*  

 

800 

 

**41,408**

**Health Care Equipment & Supplies 0.8%**

 
Baxter International, Inc.  

 

600 

 

37,392 

Intuitive Surgical, Inc.*  

 

100 

 

28,926 

Kinetic Concepts, Inc.*  

 

600 

 

23,796 

St. Jude Medical, Inc.*  

 

500 

 

21,890 

 

**112,004**

**Health Care Providers & Services 0.4%**

 
Aetna, Inc.  

 

400 

 

17,440 

Health Net, Inc.*  

 

1,200 

 

35,148 

 

**52,588**

**Pharmaceuticals 1.0%**

 
Eli Lilly & Co.  

 

800 

 

38,512 

Johnson & Johnson  

 

200 

 

13,418 

Merck & Co., Inc.  

 

800 

 

30,432 

Pfizer, Inc.  

 

3,100 

 

62,341 

Watson Pharmaceuticals, Inc.*  

 

100 

 

3,104 

 

**147,807**

**Industrials 3.0%**

 
**Aerospace & Defense 0.6%**

 
General Dynamics Corp.  

 

300 

 

27,126 

Honeywell International, Inc.  

 

840 

 

49,896 

Northrop Grumman Corp.  

 

200 

 

14,714 

 

**91,736**

**Airlines 0.2%**

 
US Airways Group, Inc.*  

 

2,500 

 

**21,475**

**Building Products 0.2%**

 
Armstrong World Industries, Inc.  

 

100 

 

3,559 

Lennox International, Inc.  

 

100 

 

3,314 

 

 

 

 

USG Corp.*  

 

700 

 

24,717 

 

**31,590**

**Commercial Services & Supplies 0.3%**

 
HNI Corp.  

 

100 

 

2,177 

The Brink's Co.  

 

500 

 

36,375 

 

**38,552**

**Construction & Engineering 0.1%**

 
Shaw Group, Inc.*  

 

400 

 

**19,768**

**Industrial Conglomerates 0.5%**

 
3M Co.  

 

600 

 

46,140 

General Electric Co.  

 

840 

 

27,468 

 

**73,608**

**Machinery 0.6%**

 
Caterpillar, Inc.  

 

500 

 

40,940 

Flowserve Corp.  

 

300 

 

37,227 

PACCAR, Inc.  

 

200 

 

9,464 

 

**87,631**

**Marine 0.2%**

 
Kirby Corp.*  

 

500 

 

**27,420**

**Road & Rail 0.3%**

 
Ryder System, Inc.  

 

600 

 

**41,082**

**Information Technology 2.4%**

 
**Computers & Peripherals 1.2%**

 
Apple, Inc.*  

 

300 

 

52,185 

International Business Machines Corp.  

 

400 

 

48,280 

Lexmark International, Inc. "A"*  

 

800 

 

25,112 

Seagate Technology  

 

1,400 

 

26,418 

Western Digital Corp.*  

 

900 

 

26,091 

 

**178,086**

**Electronic Equipment & Instruments 0.1%**

 
Avnet, Inc.*  

 

400 

 

10,476 

Tech Data Corp.*  

 

100 

 

3,361 

 

**13,837**

**Internet Software & Services 0.1%**

 
eBay, Inc.*  

 

380 

 

**11,890**

**IT Services 0.1%**

 
VeriFone Holdings, Inc.*  

 

1,300 

 

**14,547**

**Semiconductors & Semiconductor Equipment 0.3%**

 
Texas Instruments, Inc.  

 

1,300 

 

**37,908**

**Software 0.6%**

 
Compuware Corp.*  

 

200 

 

1,508 

Microsoft Corp.  

 

2,810 

 

80,142 

Symantec Corp.*  

 

360 

 

6,199 

 

**87,849**

**Materials 0.7%**

 
**Chemicals 0.3%**

 
Monsanto Co.  

 

300 

 

**34,206**

**Metals & Mining 0.4%**

 
AK Steel Holding Corp.  

 

300 

 

18,834 

Freeport-McMoRan Copper & Gold, Inc.  

 

300 

 

34,125 

 

 

 

 

Reliance Steel & Aluminum Co.  

 

100 

 

6,078 

 

**59,037**

**Telecommunication Services 1.0%**

 
**Diversified Telecommunication Services**

AT&T, Inc.  

 

1,110 

 

42,968 

Embarq Corp.  

 

800 

 

33,256 

Verizon Communications, Inc.  

 

1,700 

 

65,416 

 

**141,640**

**Utilities 0.6%**

 
**Electric Utilities 0.3%**

 
Edison International  

 

900 

 

**46,953**

**Independent Power Producers & Energy Traders 0.3%**

 
Constellation Energy Group, Inc.  

 

500 

 

**42,325**

**Total Common Stocks** (Cost $2,660,679)

 

**2,731,761**

 

**Principal**

**Amount ($)**

 

**Value ($)**

 

**Government & Agency Obligation 81.8%**

 
**US Treasury Obligation**

 
US Treasury STRIPS, 5.909%**, 5/15/2008 (a) (Cost $11,752,383)

 

11,781,000 

 

**11,773,625**

 

**Shares**

 

**Value ($)**

 

**Securities Lending Collateral 31.6%**

 
Daily Assets Fund Institutional, 2.88%  (b) (c)(Cost $4,549,200)

 

 

4,549,200

 

**4,549,200**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $18,962,262) †

132.4

 

**19,054,586**

**Other Assets and Liabilities, Net**

(32.4)

 

**(4,659,218)**

**Net Assets**

100.0

 

**14,395,368**

 

*For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*

***

*Non-income producing security.*

****

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

*†*

*The cost for federal income tax purposes was $18,984,687.  At April 30, 2008, net unrealized appreciation for all securities based on tax cost was $69,899.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $198,688 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $128,789.*

*(a)*

*All or a portion of these securities were on loan.  The value of all securities loaned at April 30, 2008 amounted to $4,460,000 which is 31.0% of net assets.*

*(b)*

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

*(c)*

*Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.*

*REIT: Real Estate Investment Trust*

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

 

 

 

 

 

**ITEM 2.**

**CONTROLS AND PROCEDURES**

 

 

 

(a)          The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

 

 

 

(b)          There have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

 

 

**ITEM 3.**

**EXHIBITS**

 

 

 

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

 

 

 

**SIGNATURES**

 

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

 

Registrant: 

DWS Target 2008 Fund, a series of DWS Target Fund

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

June 16, 2008

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

Registrant: 

DWS Target 2008 Fund, a series of DWS Target Fund

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

June 16, 2008

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        June 16, 2008

 

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