N-Q 1 nq103108tf_tf12.htm N-Q - DWS TARGET 2012 FUND

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

(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:10/31/08

 

ITEM 1. SCHEDULE OF INVESTMENTS

 

Investment Portfolio

as of October 31, 2008 (Unaudited)

 

 

DWS Target 2012 Fund

 

 

 

Shares

 

Value ($)

 

Common Stocks 20.1%

 

Consumer Discretionary 1.4%

 

Auto Components 0.1%

 

TRW Automotive Holdings Corp.*

 

2,700

 

17,064

WABCO Holdings, Inc.

 

449

 

8,248

 

25,312

Hotels Restaurants & Leisure 0.4%

 

McDonald's Corp.

 

2,668

 

154,557

Panera Bread Co. "A"*

 

400

 

18,048

 

172,605

Household Durables 0.0%

 

Whirlpool Corp.

 

500

 

23,325

 

 

 

Media 0.6%

 

Comcast Corp. "A"

 

6,200

 

97,712

DISH Network Corp. "A"*

 

564

 

8,877

Liberty Media Corp. - Entertainment "A"*

 

2,200

 

35,420

Morningstar, Inc.*

 

485

 

18,159

The DIRECTV Group, Inc.*

 

3,302

 

72,281

Time Warner, Inc.

 

6,500

 

65,585

 

298,034

Specialty Retail 0.3%

 

Advance Auto Parts, Inc.

 

1,000

 

31,200

AnnTaylor Stores Corp.*

 

4,306

 

54,126

Best Buy Co., Inc.

 

1,200

 

32,172

 

117,498

Textiles, Apparel & Luxury Goods 0.0%

 

Phillips-Van Heusen Corp.

 

700

 

17,157

Consumer Staples 2.8%

 

Food & Staples Retailing 1.0%

 

Kroger Co.

 

4,962

 

136,256

Sysco Corp.

 

5,218

 

136,712

Wal-Mart Stores, Inc.

 

3,368

 

187,968

Walgreen Co.

 

200

 

5,092

 

466,028

Food Products 0.6%

 

Bunge Ltd.

 

4,600

 

176,686

General Mills, Inc.

 

800

 

54,192

H.J. Heinz Co.

 

1,400

 

61,348

 

292,226

Household Products 0.6%

 

Procter & Gamble Co.

 

4,370

 

282,040

Personal Products 0.1%

 

Herbalife Ltd.

 

1,800

 

43,974

Tobacco 0.5%

 

Altria Group, Inc.

 

2,032

 

38,994

Philip Morris International, Inc.

 

4,088

 

177,706

 

216,700

Energy 3.0%

 

Oil, Gas & Consumable Fuels

Apache Corp.

 

800

 

65,864

Arch Coal, Inc.

 

5,000

 

107,050

Chevron Corp.

 

112

 

8,355

Cimarex Energy Co.

 

2,910

 

117,739

ConocoPhillips

 

200

 

10,404

CONSOL Energy, Inc.

 

1,400

 

43,946

Encore Acquisition Co.*

 

1,930

 

60,119

ExxonMobil Corp.

 

3,369

 

249,710

Frontline Ltd.

 

3,608

 

114,734

Hess Corp.

 

1,696

 

102,116

Marathon Oil Corp.

 

2,600

 

75,660

Mariner Energy, Inc.*

 

8,047

 

115,796

Massey Energy Co.

 

2,900

 

66,961

Occidental Petroleum Corp.

 

652

 

36,212

Spectra Energy Corp.

 

1,200

 

23,196

 

 

 

W&T Offshore, Inc.

 

4,903

 

93,991

Walter Industries, Inc.

 

1,356

 

52,545

Whiting Petroleum Corp.*

 

700

 

36,393

Williams Companies, Inc.

 

1,467

 

30,763

 

1,411,554

Financials 2.5%

 

Capital Markets 0.6%

 

Charles Schwab Corp.

 

2,832

 

54,148

Northern Trust Corp.

 

2,445

 

137,678

State Street Corp.

 

1,181

 

51,196

TD Ameritrade Holding Corp.*

 

1,200

 

15,948

The Goldman Sachs Group, Inc.

 

400

 

37,000

 

295,970

Commercial Banks 0.8%

 

PNC Financial Services Group, Inc.

 

2,245

 

149,674

Wells Fargo & Co.

 

6,100

 

207,705

 

357,379

Diversified Financial Services 0.5%

 

Bank of America Corp.

 

1,100

 

26,587

CME Group, Inc.

 

200

 

56,430

JPMorgan Chase & Co.

 

3,300

 

136,125

 

219,142

Insurance 0.3%

 

Allstate Corp.

 

2,600

 

68,614

Hartford Financial Services Group, Inc.

 

1,300

 

13,416

Prudential Financial, Inc.

 

1,600

 

48,000

Unum Group

 

2,100

 

33,075

 

163,105

Real Estate Investment Trusts 0.3%

 

AMB Property Corp. (REIT)

 

200

 

4,806

AvalonBay Communities, Inc. (REIT)

 

132

 

9,375

Equity Residential (REIT)

 

900

 

31,437

Host Hotels & Resorts, Inc. (REIT)

 

1,300

 

13,442

ProLogis (REIT)

 

400

 

5,600

Public Storage (REIT)

 

300

 

24,450

Simon Property Group, Inc. (REIT)

 

500

 

33,515

The Macerich Co. (REIT)

 

100

 

2,942

Vornado Realty Trust (REIT)

 

100

 

7,055

 

132,622

Health Care 2.9%

 

Biotechnology 0.3%

 

Amgen, Inc.*

 

2,200

 

131,758

Health Care Equipment & Supplies 1.0%

 

Baxter International, Inc.

 

2,648

 

160,177

Becton, Dickinson & Co.

 

1,400

 

97,160

Medtronic, Inc.

 

3,300

 

133,089

Zimmer Holdings, Inc.*

 

1,300

 

60,359

 

450,785

Health Care Providers & Services 0.3%

 

Aetna, Inc.

 

4,145

 

103,086

Community Health Systems, Inc.*

 

400

 

8,200

Express Scripts, Inc.*

 

286

 

17,335

 

 

 

LifePoint Hospitals, Inc.*

 

1,100

 

26,367

 

154,988

Pharmaceuticals 1.3%

 

Bristol-Myers Squibb Co.

 

2,900

 

59,595

Eli Lilly & Co.

 

4,740

 

160,307

Johnson & Johnson

 

943

 

57,844

Merck & Co., Inc.

 

2,492

 

77,127

Pfizer, Inc.

 

14,203

 

251,535

 

606,408

Industrials 2.5%

 

Aerospace & Defense 0.9%

 

General Dynamics Corp.

 

2,700

 

162,864

Honeywell International, Inc.

 

2,900

 

88,305

L-3 Communications Holdings, Inc.

 

1,900

 

154,223

Lockheed Martin Corp.

 

400

 

34,020

 

439,412

Airlines 0.3%

 

Southwest Airlines Co.

 

12,781

 

150,560

Commercial Services & Supplies 0.2%

 

The Brink's Co.

 

2,290

 

111,042

Electrical Equipment 0.1%

 

Emerson Electric Co.

 

1,400

 

45,822

Industrial Conglomerates 0.1%

 

General Electric Co.

 

2,832

 

55,253

Machinery 0.5%

 

Cummins, Inc.

 

3,300

 

85,305

Flowserve Corp.

 

325

 

18,499

Gardner Denver, Inc.*

 

1,344

 

34,433

Manitowoc Co., Inc.

 

7,200

 

70,848

 

209,085

Road & Rail 0.2%

 

Ryder System, Inc.

 

2,361

 

93,543

Trading Companies & Distributors 0.2%

 

United Rentals, Inc.*

 

9,608

 

98,482

Information Technology 3.1%

 

Computers & Peripherals 1.3%

 

Apple, Inc.*

 

174

 

18,721

Hewlett-Packard Co.

 

6,293

 

240,896

International Business Machines Corp.

 

1,791

 

166,509

Lexmark International, Inc. "A"*

 

480

 

12,398

QLogic Corp.*

 

3,700

 

44,474

Western Digital Corp.*

 

8,865

 

146,273

 

629,271

Electronic Equipment, Instruments & Components 0.3%

 

Avnet, Inc.*

 

3,500

 

58,590

Jabil Circuit, Inc.

 

10,496

 

88,271

 

146,861

Internet Software & Services 0.3%

 

eBay, Inc.*

 

2,003

 

30,586

Google, Inc. "A"*

 

300

 

107,808

 

138,394

 

 

 

IT Services 0.4%

 

MasterCard, Inc. "A"

 

200

 

29,564

Visa, Inc. "A"

 

3,100

 

171,585

 

201,149

Semiconductors & Semiconductor Equipment 0.1%

 

Fairchild Semiconductor International, Inc.*

 

2,900

 

16,472

MEMC Electronic Materials, Inc.*

 

300

 

5,514

 

21,986

Software 0.7%

 

Microsoft Corp.

 

13,800

 

308,154

Symantec Corp.*

 

1,200

 

15,096

 

323,250

Materials 0.7%

 

Chemicals

Ashland, Inc.

 

900

 

20,331

CF Industries Holdings, Inc.

 

2,000

 

128,380

Terra Industries, Inc.

 

5,891

 

129,543

The Mosaic Co.

 

1,000

 

39,410

 

317,664

Telecommunication Services 0.6%

 

Diversified Telecommunication Services

AT&T, Inc.

 

1,131

 

30,277

Verizon Communications, Inc.

 

6,813

 

202,142

Windstream Corp.

 

4,900

 

36,799

 

269,218

Utilities 0.6%

 

Electric Utilities 0.4%

 

American Electric Power Co., Inc.

 

1,200

 

39,156

Edison International

 

4,158

 

147,983

 

187,139

Multi-Utilities 0.2%

 

Dominion Resources, Inc.

 

700

 

25,396

Sempra Energy

 

1,700

 

72,403

 

97,799

Total Common Stocks (Cost $11,397,706)

 

9,414,540

 

Principal
Amount ($)

 

Value ($)

 

Government & Agency Obligation 78.9%

 

US Treasury Obligation

 

US Treasury STRIPS, 5.315% **, 2/15/2012 (a) (Cost $33,471,337)

 

39,778,000

 

36,857,539

 

Shares

 

Value ($)

 

Securities Lending Collateral 19.2%

 

Daily Assets Fund Institutional, 2.63% (b) (c)
(Cost $8,965,625)

 

 

8,965,625

 

8,965,625

 

Cash Equivalents 0.4%

 

Cash Management QP Trust, 2.30% (b)
(Cost $170,850)

 

 

170,850

 

170,850

 

 

 

 

% of
Net Assets

 

Value ($)

Total Investment Portfolio (Cost $54,005,518) †

118.6

 

55,408,554

Other Assets and Liabilities, Net

(18.6)

 

(8,691,798)

Net Assets

100.0

 

46,716,756

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 $54,148,806. At October 31, 2008, net unrealized appreciation for all securities based on tax cost was $1,259,748. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $3,730,302 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $2,470,554.

(a)

All or a portion of these securities were on loan. The value of all securities loaned at October 31, 2008 amounted to $8,802,519 which is 18.8% 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

 

 

Fair Value Measurements

 

The following is a summary of the inputs used as of October 31, 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

$ 18,551,015

Level 2

36,857,539

Level 3

-

Total

$ 55,408,554

 

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.

 

DWS Core Plus Allocation Fund, a series of DWS Equity Trust

DWS Large Company Growth Fund, a series of DWS Investment Trust

DWS Money Market Prime Series, a series of DWS Money Funds

DWS Target 2010 Fund, a series of DWS Target Fund

DWS Target 2011 Fund, a series of DWS Target Fund

DWS Target 2012 Fund, a series of DWS Target Fund

DWS Target 2013 Fund, a series of DWS Target Fund

DWS Target 2014 Fund, a series of DWS Target Fund

DWS Equity Income Fund, a series of DWS Value Equity Trust

DWS Core Plus Income Fund, a series of DWS Portfolio Trust

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

December 19, 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.

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

December 19, 2008

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        December 19, 2008