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            811-8606

DWS Target Date Series

(Exact name of registrant as specified in            charter)

 

345            Park Avenue

New York, NY 10154

(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:08/31

Date of reporting            period:11/30/08

 

ITEM 1.            SCHEDULE OF INVESTMENTS

 

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

 

 

**DWS            LifeCompass 2040 Fund**

 

 

|                                                                             | **Shares**                            |   | **Value                            ($)** |
|----------------------------------------------------------------------------------|---------------------------------------|--------|------------------------------------------|
|                                                                                  |
|                                                                             | **Equity – Equity Funds 75.5%** |   |
| DWS Blue Chip Fund "Institutional"                                               |                                  | 164    |                                     | 1,828 |
| DWS Capital Growth Fund "Institutional"                                          |                                  | 4,680  |                                     | 177,463 |
| DWS Commodity Securities Fund                            "Institutional"         |                                  | 138    |                                     | 1,197 |
| DWS Communications Fund "Institutional"                                          |                                  | 2,764  |                                     | 26,730 |
| DWS Disciplined Long/Short Value Fund                            "Institutional" |                                  | 5,680  |                                     | 31,125 |
| DWS Dreman Concentrated Value Fund                            "Institutional"    |                                  | 4,208  |                                     | 22,976 |
| DWS Dreman High Return Equity Fund                            "Institutional"    |                                  | 2,436  |                                     | 58,225 |
| DWS Dreman Mid Cap Value Fund                            "Institutional"         |                                  | 11,373 |                                     | 74,723 |
| DWS Dreman Small Cap Value Fund                            "Institutional"       |                                  | 8,432  |                                     | 197,232 |
| DWS Emerging Markets Equity Fund                            "Institutional"      |                                  | 1,732  |                                     | 16,850 |
|                                                                                  |                                       |        |                                          |  |  |  |  |

 

 

 

| DWS Equity 500 Index Portfolio                            "Institutional"               |                                                                       | 4,950         |   | 504,871     |
|-----------------------------------------------------------------------------------------|----------------------------------------------------------------------------|---------------|--------|-------------|
| DWS Europe Equity Fund "Institutional"                                                  |                                                                       | 7,679         |   | 139,613     |
| DWS Global Opportunities Fund                            "Institutional"                |                                                                       | 747           |   | 15,823      |
| DWS Global Thematic Fund "Institutional"                                                |                                                                       | 3,778         |   | 53,571      |
| DWS Gold & Precious Metals Fund                            "Institutional"          |                                                                       | 1,081         |   | 12,663      |
| DWS Growth & Income Fund                            "Institutional"                 |                                                                       | 14,806        |   | 157,683     |
| DWS Health Care Fund "Institutional"                                                    |                                                                       | 4,852         |   | 91,647      |
| DWS International Fund "Institutional"                                                  |                                                                       | 3,441         |   | 117,926     |
| DWS International Select Equity Fund                            "Institutional"         |                                                                       | 6,779         |   | 35,183      |
| DWS International Value Opportunities Fund                            "Institutional"   |                                                                       | 5,044         |   | 35,760      |
| DWS Japan Equity Fund "S"                                                               |                                                                       | 4,858         |   | 33,183      |
| DWS Large Cap Value Fund "Institutional"                                                |                                                                       | 24,577        |   | 322,451     |
| DWS Large Company Growth Fund                            "Institutional"                |                                                                       | 2,547         |   | 52,512      |
| DWS Micro Cap Fund "Institutional"                                                      |                                                                       | 3,017         |   | 27,549      |
| DWS Mid Cap Growth Fund "Institutional"                                                 |                                                                       | 126           |   | 993         |
| DWS RREEF Global Real Estate Securities Fund                            "Institutional" |                                                                       | 6,838         |   | 34,188      |
| DWS RREEF Real Estate Securities Fund                            "Institutional"        |                                                                       | 3,003         |   | 29,671      |
| DWS Small Cap Core Fund "S"                                                             |                                                                       | 7,934         |   | 82,668      |
| DWS Small Cap Growth Fund "Institutional"                                               |                                                                       | 5,471         |   | 64,280      |
| DWS Technology Fund "Institutional"                                                     |                                                                       | 20,845        |   | 156,544     |
|                                                                                         |
| **Total Equity Funds**(Cost                            $3,894,361)                      |                                                                       | **2,577,128** |
|                                                                                    | **Equity – Exchange Traded Funds                            16.5%**  |          |
| Consumer Discretionary Select Sector SPDR                            Fund               |                                                                       | 1,162         |   | 23,972      |
| Consumer Staples Select Sector SPDR Fund                                                |                                                                       | 3,150         |   | 75,631      |
| Energy Select Sector SPDR Fund                                                          |                                                                       | 1,342         |   | 67,207      |
| Financial Select Sector SPDR Fund                                                       |                                                                       | 4,442         |   | 56,014      |
| Industrial Select Sector SPDR Fund                                                      |                                                                       | 3,691         |   | 85,705      |
| iShares MSCI Australia Index Fund                                                       |                                                                       | 3,418         |   | 46,929      |
| iShares MSCI Canada Index Fund                                                          |                                                                       | 3,307         |   | 56,583      |
| iShares MSCI EAFE Small Cap Index Fund                                                  |                                                                       | 2,563         |   | 61,128      |
| iShares MSCI Germany Index Fund                                                         |                                                                       | 1,053         |   | 17,459      |
| iShares MSCI Netherlands Investable Market Index                            Fund        |                                                                       | 249           |   | 3,434       |
| iShares MSCI United Kingdom Index Fund                                                  |                                                                       | 3,643         |   | 45,501      |
| Materials Select Sector SPDR Trust                                                      |                                                                       | 299           |   | 6,937       |
| Utilities Select Sector SPDR Fund                                                       |                                                                       | 602           |   | 18,138      |
|                                                                                         |
| **Total Exchange Traded Funds**(Cost $806,296)                                          |                                                                       | **564,638**   |
|                                                                                    | **Fixed Income – Bond Funds                            4.4%**        |          |
| DWS Core Fixed Income Fund "Institutional"                                              |                                                                       | 6,374         |   | 54,814      |
| DWS Emerging Markets Fixed Income Fund                            "Institutional"       |                                                                       | 1,043         |   | 8,428       |
| DWS Floating Rate Plus Fund                            "Institutional"                  |                                                                       | 483           |   | 3,266       |
| DWS Global Bond Fund "S"                                                                |                                                                       | 360           |   | 3,592       |
| DWS GNMA Fund "S"                                                                       |                                                                       | 258           |   | 3,788       |
| DWS Short Duration Plus Fund                            "Institutional"                 |                                                                       | 844           |   | 7,363       |
| DWS US Bond Index Fund "Institutional"                                                  |                                                                       | 6,828         |   | 68,145      |
|                                                                                         |
| **Total Fixed Income – Bond Funds**(Cost $166,033)                                |                                                                       | **149,396**   |
|                                                                                    | **Fixed Income – Money Market Fund                            3.2%** |          |
| Cash Management QP Trust (Cost $108,850)                                                |                                                                       | 108,850       |   | **108,850** |
|                                                                                         |                                                                            |               |        |             |  |  |  |

 

 

 

|                                                                                                                                                                                                                                                                                           | **%                            of****Net Assets**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | **Value                            ($)** |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------|
|                                                                                                                                                                                                                                                                                                |
| **Total Investment Portfolio**(Cost $4,975,540) †                                                                                                                                                                                                                                       | 99.6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | **3,400,012**                            |
| **Other Assets and Liabilities, Net**                                                                                                                                                                                                                                                          | 0.4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | **12,508**                               |
|                                                                                                                                                                                                                                                                                                |
| **Net Assets**                                                                                                                                                                                                                                                                                 | 100.0                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | **3,412,520**                            |
| *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.* |
| *†*                                                                                                                                                                                                                                                                                     | *The cost for federal income tax purposes was                            $4,988,979. At November 30, 2008, net unrealized depreciation for all                            securities based on tax cost was $1,588,967. This consisted of                            aggregate gross unrealized appreciation for all securities in which                            there was an excess of value over tax cost of $76 and aggregate gross                            unrealized depreciation for all securities in which there was an excess                            of tax cost over value of $1,589,043.* |
| *MSCI EAFE: Morgan Stanley Capital International                            Europe, Australasia and Far East*                                                                                                                                                                                  |
| *SPDR: Standard & Poor's Depositary                            Receipt*                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |        |                                          |  |  |  |

 

***Fair Value Measurements***

 

*The            following is a summary of the inputs used as of November 30, 2008 in valuing the Fund's            investments. Please see below for information on the Fund’s policy regarding            valuation inputs, and their aggregate levels used in the table below:*

 

| **Valuation Inputs** | **Investments in Securities** |
|----------------------|-------------------------------|
| Level 1              | $ 3,400,012                   |
| Level 2              | -                             |
| Level 3              | -                             |
| **Total**            | **$ 3,400,012**               |

 

*The            Fund adopted Financial Accounting Standards Board Statement of Financial Accounting            Standards No. 157, Fair Value Measurements ("FAS* *157"), effective at the beginning of the Fund’s fiscal year.            FAS* *157 establishes a            three-tier hierarchy to maximize the use of observable market data and minimize the use            of unobservable inputs and requires additional disclosure about the classification of            fair value measurements.*

*Various inputs are used in determining the value of the Fund's            investments. These inputs are summarized in three broad levels. Level 1 includes quoted            prices in active markets for identical securities. Level 2 includes other significant            observable inputs (including quoted prices for similar securities, interest rates,            prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs            (including the Fund's own assumptions in determining the fair value of investments).            The inputs or methodology used for valuing securities are not necessarily an indication            of the risk associated with investing in those 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.

 

 

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

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

President

 

| Date: | January 14, 2009 |
|-------|------------------|

 

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.

 

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

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

President

 

| Date: | January 14, 2009 |
|-------|------------------|

 

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

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

Chief Financial Officer and Treasurer

 

Date:                                        January            14, 2009