N-Q 1 nq043009tf_t10.htm DWS TARGET 2010 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: 4/30/09

 

ITEM 1. SCHEDULE OF INVESTMENTS

 

Investment Portfolio

as of April 30, 2009 (Unaudited)

 

 

DWS Target 2010 Fund

 

 

Shares

 

Value ($)

 

 

Common Stocks 9.5%

 

Consumer Discretionary 0.9%

 

Auto Components 0.1%

 

TRW Automotive Holdings Corp.*

 

900

 

7,758

 

WABCO Holdings, Inc.

 

700

 

11,193

 

 

18,951

 

Hotels Restaurants & Leisure 0.2%

 

McDonald's Corp.

 

863

 

45,989

 

Yum! Brands, Inc.

 

500

 

16,675

 

 

62,664

 

Household Durables 0.1%

 

D.R. Horton, Inc.

 

600

 

7,830

 

 

 

Garmin Ltd.

 

600

 

15,114

 

 

22,944

 

Internet & Catalog Retail 0.1%

 

Amazon.com, Inc.*

 

200

 

16,104

 

Liberty Media Corp. - Interactive "A"*

 

2,000

 

10,600

 

 

26,704

 

Media 0.3%

 

CBS Corp. "B"

 

1,100

 

7,744

 

Comcast Corp. "A"

 

2,900

 

44,834

 

Time Warner Cable, Inc.

 

1,076

 

34,680

 

Time Warner, Inc.

 

1,100

 

24,013

 

 

111,271

 

Multiline Retail 0.0%

 

Macy's, Inc.

 

100

 

1,368

 

Specialty Retail 0.1%

 

Barnes & Noble, Inc.

 

100

 

2,612

 

Ross Stores, Inc.

 

800

 

30,352

 

TJX Companies, Inc.

 

100

 

2,797

 

 

35,761

 

Textiles, Apparel & Luxury Goods 0.0%

 

Jones Apparel Group, Inc.

 

1,300

 

12,012

 

Consumer Staples 1.2%

 

Food & Staples Retailing 0.4%

 

Safeway, Inc.

 

700

 

13,825

 

Sysco Corp.

 

1,216

 

28,369

 

Wal-Mart Stores, Inc.

 

1,746

 

87,999

 

 

130,193

 

Food Products 0.3%

 

Archer-Daniels-Midland Co.

 

2,100

 

51,702

 

Bunge Ltd.

 

700

 

33,607

 

 

85,309

 

Household Products 0.2%

 

Colgate-Palmolive Co.

 

600

 

35,400

 

Kimberly-Clark Corp.

 

400

 

19,656

 

Procter & Gamble Co.

 

202

 

9,987

 

 

65,043

 

Personal Products 0.0%

 

Herbalife Ltd.

 

400

 

7,928

 

Tobacco 0.3%

 

Altria Group, Inc.

 

1,005

 

16,411

 

Lorillard, Inc.

 

800

 

50,504

 

Philip Morris International, Inc.

 

400

 

14,480

 

 

81,395

 

Energy 1.1%

 

Energy Equipment & Services 0.2%

 

Cameron International Corp.*

 

400

 

10,232

 

Diamond Offshore Drilling, Inc.

 

500

 

36,205

 

Key Energy Services, Inc.*

 

900

 

3,951

 

Rowan Companies, Inc.

 

800

 

12,488

 

Tidewater, Inc.

 

200

 

8,650

 

 

71,526

 

Oil, Gas & Consumable Fuels 0.9%

 

Alpha Natural Resources, Inc.*

 

300

 

6,144

 

 

 

Chevron Corp.

 

800

 

52,880

 

ConocoPhillips

 

900

 

36,900

 

ExxonMobil Corp.

 

1,936

 

129,073

 

Murphy Oil Corp.

 

1,000

 

47,710

 

Occidental Petroleum Corp.

 

111

 

6,248

 

W&T Offshore, Inc.

 

200

 

1,856

 

 

280,811

 

Financials 1.0%

 

Capital Markets 0.1%

 

Bank of New York Mellon Corp.

 

200

 

5,096

 

BlackRock, Inc.

 

100

 

14,652

 

The Goldman Sachs Group, Inc.

 

200

 

25,700

 

 

45,448

 

Commercial Banks 0.2%

 

Comerica, Inc.

 

1,000

 

20,980

 

KeyCorp

 

1,600

 

9,840

 

Marshall & Ilsley Corp.

 

1,800

 

10,404

 

Popular, Inc.

 

9,000

 

25,740

 

 

66,964

 

Consumer Finance 0.0%

 

AmeriCredit Corp.*

 

600

 

6,102

 

Diversified Financial Services 0.4%

 

Bank of America Corp.

 

4,300

 

38,399

 

Citigroup, Inc.

 

3,200

 

9,760

 

JPMorgan Chase & Co.

 

2,100

 

69,300

 

 

117,459

 

Insurance 0.1%

 

Allied World Assurance Co. Holdings Ltd.

 

800

 

29,712

 

CNA Financial Corp.

 

400

 

4,788

 

Hartford Financial Services Group, Inc.

 

200

 

2,294

 

Old Republic International Corp.

 

900

 

8,433

 

 

45,227

 

Real Estate Investment Trusts 0.2%

 

AMB Property Corp. (REIT)

 

100

 

1,909

 

Equity Residential (REIT)

 

200

 

4,578

 

HCP, Inc. (REIT)

 

200

 

4,390

 

Host Hotels & Resorts, Inc. (REIT)

 

600

 

4,614

 

Public Storage (REIT)

 

200

 

13,372

 

Simon Property Group, Inc. (REIT)

 

204

 

10,526

 

The Macerich Co. (REIT)

 

100

 

1,753

 

Vornado Realty Trust (REIT)

 

101

 

4,938

 

 

46,080

 

Health Care 1.3%

 

Biotechnology 0.2%

 

Amgen, Inc.*

 

500

 

24,235

 

Gilead Sciences, Inc.*

 

800

 

36,640

 

 

60,875

 

Health Care Providers & Services 0.4%

 

Aetna, Inc.

 

1,022

 

22,494

 

Coventry Health Care, Inc.*

 

900

 

14,319

 

Express Scripts, Inc.*

 

619

 

39,598

 

McKesson Corp.

 

900

 

33,300

 

 

 

UnitedHealth Group, Inc.

 

100

 

2,352

 

Universal Health Services, Inc. "B"

 

300

 

15,120

 

 

127,183

 

Life Sciences Tools & Services 0.0%

 

Waters Corp.*

 

100

 

4,417

 

Pharmaceuticals 0.7%

 

Abbott Laboratories

 

1,300

 

54,405

 

Eli Lilly & Co.

 

1,664

 

54,779

 

Johnson & Johnson

 

800

 

41,888

 

Merck & Co., Inc.

 

605

 

14,665

 

Pfizer, Inc.

 

4,850

 

64,796

 

Watson Pharmaceuticals, Inc.*

 

200

 

6,188

 

 

236,721

 

Industrials 1.1%

 

Aerospace & Defense 0.5%

 

General Dynamics Corp.

 

800

 

41,336

 

Lockheed Martin Corp.

 

700

 

54,971

 

Northrop Grumman Corp.

 

1,000

 

48,350

 

Raytheon Co.

 

300

 

13,569

 

United Technologies Corp.

 

300

 

14,652

 

 

172,878

 

Air Freight & Logistics 0.1%

 

United Parcel Service, Inc. "B"

 

500

 

26,170

 

Commercial Services & Supplies 0.1%

 

R.R. Donnelley & Sons Co.

 

1,500

 

17,475

 

The Brink's Co.

 

622

 

17,634

 

 

35,109

 

Construction & Engineering 0.1%

 

Fluor Corp.

 

400

 

15,148

 

Jacobs Engineering Group, Inc.*

 

100

 

3,804

 

 

18,952

 

Machinery 0.2%

 

AGCO Corp.*

 

200

 

4,860

 

Flowserve Corp.

 

226

 

15,345

 

Oshkosh Corp.

 

500

 

4,800

 

Timken Co.

 

1,600

 

25,728

 

 

50,733

 

Professional Services 0.1%

 

Manpower, Inc.

 

1,100

 

47,399

 

Road & Rail 0.0%

 

Ryder System, Inc.

 

540

 

14,953

 

Information Technology 1.7%

 

Communications Equipment 0.4%

 

Cisco Systems, Inc.*

 

2,200

 

42,504

 

QUALCOMM, Inc.

 

1,700

 

71,944

 

 

114,448

 

Computers & Peripherals 0.5%

 

Apple, Inc.*

 

466

 

58,637

 

International Business Machines Corp.

 

805

 

83,084

 

Western Digital Corp.*

 

475

 

11,172

 

 

152,893

 

 

 

Electronic Equipment, Instruments & Components 0.2%

 

Arrow Electronics, Inc.*

 

600

 

13,644

 

Avnet, Inc.*

 

1,600

 

35,024

 

Jabil Circuit, Inc.

 

247

 

2,001

 

Vishay Intertechnology, Inc.*

 

4,300

 

25,241

 

 

75,910

 

Internet Software & Services 0.1%

 

Google, Inc. "A"*

 

28

 

11,087

 

Sohu.com, Inc.*

 

200

 

10,430

 

VeriSign, Inc.*

 

700

 

14,406

 

 

35,923

 

IT Services 0.2%

 

Automatic Data Processing, Inc.

 

400

 

14,080

 

Broadridge Financial Solutions, Inc.

 

1,400

 

27,090

 

SAIC, Inc.*

 

500

 

9,050

 

 

50,220

 

Software 0.3%

 

Microsoft Corp.

 

5,079

 

102,900

 

Symantec Corp.*

 

400

 

6,900

 

 

109,800

 

Materials 0.4%

 

Chemicals 0.3%

 

Ashland, Inc.

 

1,500

 

32,940

 

CF Industries Holdings, Inc.

 

478

 

34,440

 

Dow Chemical Co.

 

1,900

 

30,400

 

Terra Industries, Inc.

 

202

 

5,353

 

 

103,133

 

Metals & Mining 0.1%

 

Cliffs Natural Resources, Inc.

 

500

 

11,530

 

United States Steel Corp.

 

200

 

5,310

 

 

16,840

 

Paper & Forest Products 0.0%

 

International Paper Co.

 

600

 

7,596

 

Telecommunication Services 0.4%

 

Diversified Telecommunication Services 0.3%

 

AT&T, Inc.

 

1,636

 

41,914

 

Verizon Communications, Inc.

 

2,121

 

64,351

 

 

106,265

 

Wireless Telecommunication Services 0.1%

 

United States Cellular Corp.*

 

800

 

27,200

 

Utilities 0.4%

 

Electric Utilities 0.2%

 

American Electric Power Co., Inc.

 

500

 

13,190

 

Duke Energy Corp.

 

1,100

 

15,191

 

Edison International

 

956

 

27,256

 

FirstEnergy Corp.

 

100

 

4,090

 

 

59,727

 

Gas Utilities 0.0%

 

UGI Corp.

 

400

 

9,176

 

Independent Power Producers & Energy Traders 0.1%

 

AES Corp.*

 

500

 

3,535

 

 

 

Mirant Corp.*

 

900

 

11,457

 

 

14,992

 

Multi-Utilities 0.1%

 

Consolidated Edison, Inc.

 

400

 

14,852

 

Dominion Resources, Inc.

 

200

 

6,032

 

DTE Energy Co.

 

200

 

5,914

 

PG&E Corp.

 

100

 

3,712

 

Sempra Energy

 

100

 

4,602

 

 

35,112

 

Water Utilities 0.0%

 

American Water Works Co., Inc.

 

100

 

1,800

 

Total Common Stocks (Cost $3,039,769)

 

3,057,585

 

 

Principal
Amount ($)

 

Value ($)

 

 

Government & Agency Obligation 89.5%

 

US Treasury Obligation

 

US Treasury STRIPS, 6.319% **, 11/15/2010 (a) (Cost $26,542,456)

 

29,214,000

 

28,873,189

 

 

Shares

 

Value ($)

 

 

Securities Lending Collateral 5.8%

 

Daily Assets Fund Institutional, 0.66% (b) (c)
(Cost $1,875,266)

 

 

1,875,266

 

1,875,266

 

 

Cash Equivalents 0.8%

 

Cash Management QP Trust, 0.46% (b)
(Cost $252,606)

 

 

252,606

 

252,606

 

 

% of
Net Assets

 

Value ($)

 

Total Investment Portfolio (Cost $31,710,097) †

105.6

 

34,058,646

 

Other Assets and Liabilities, Net

(5.6)

 

(1,791,644)

 

Net Assets

100.0

 

32,267,002

 

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 $31,784,336. At April 30, 2009, net unrealized appreciation for all securities based on tax cost was $2,274,310. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $2,648,580 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $374,270.

 

(a)

All or a portion of these securities were on loan. The value of all securities loaned at April 30, 2009 amounted to $1,837,313 which is 5.7% 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

Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements," establishes a three-tier hierarchy for measuring fair value 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, and credit risk). 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.

The following is a summary of the inputs used as of April 30, 2009 in valuing the Fund's investments:

 

Valuation Inputs

Investments in Securities

Level 1

$ 4,932,851

Level 2

29,125,795

Level 3

-

Total

$ 34,058,646

 

 

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 2010 Fund, a series of DWS Target Fund

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

June 19, 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.

 

Registrant:

DWS Target 2010 Fund, a series of DWS Target Fund

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

June 19, 2009

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        June 19, 2009