N-Q 1 nq043009tf_t12.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: 4/30/09

 

ITEM 1. SCHEDULE OF INVESTMENTS

 

Investment Portfolio

as of April 30, 2009 (Unaudited)

 

 

DWS Target 2012 Fund

 

 

Shares

 

Value ($)

 

 

Common Stocks 15.2%

 

Consumer Discretionary 1.5%

 

Auto Components 0.1%

 

TRW Automotive Holdings Corp.*

 

2,100

 

18,102

 

WABCO Holdings, Inc.

 

1,549

 

24,768

 

 

42,870

 

Hotels Restaurants & Leisure 0.3%

 

McDonald's Corp.

 

1,968

 

104,875

 

Yum! Brands, Inc.

 

1,000

 

33,350

 

 

138,225

 

Household Durables 0.1%

 

D.R. Horton, Inc.

 

1,300

 

16,965

 

 

 

Garmin Ltd.

 

1,300

 

32,747

 

 

49,712

 

Internet & Catalog Retail 0.1%

 

Amazon.com, Inc.*

 

500

 

40,260

 

Liberty Media Corp. - Interactive "A"*

 

4,300

 

22,790

 

 

63,050

 

Media 0.6%

 

CBS Corp. "B"

 

2,400

 

16,896

 

Comcast Corp. "A"

 

6,400

 

98,944

 

Time Warner Cable, Inc.

 

2,377

 

76,611

 

Time Warner, Inc.

 

2,300

 

50,209

 

 

242,660

 

Multiline Retail 0.0%

 

Macy's, Inc.

 

300

 

4,104

 

Specialty Retail 0.2%

 

Barnes & Noble, Inc.

 

100

 

2,612

 

Ross Stores, Inc.

 

1,600

 

60,704

 

TJX Companies, Inc.

 

200

 

5,594

 

 

68,910

 

Textiles, Apparel & Luxury Goods 0.1%

 

Jones Apparel Group, Inc.

 

2,800

 

25,872

 

Consumer Staples 1.8%

 

Food & Staples Retailing 0.6%

 

Safeway, Inc.

 

1,500

 

29,625

 

Sysco Corp.

 

2,518

 

58,745

 

Wal-Mart Stores, Inc.

 

3,768

 

189,907

 

 

278,277

 

Food Products 0.4%

 

Archer-Daniels-Midland Co.

 

4,500

 

110,790

 

Bunge Ltd.

 

1,400

 

67,214

 

 

178,004

 

Household Products 0.3%

 

Colgate-Palmolive Co.

 

1,300

 

76,700

 

Kimberly-Clark Corp.

 

800

 

39,312

 

Procter & Gamble Co.

 

470

 

23,237

 

 

139,249

 

Personal Products 0.1%

 

Herbalife Ltd.

 

900

 

17,838

 

Tobacco 0.4%

 

Altria Group, Inc.

 

2,132

 

34,815

 

Lorillard, Inc.

 

1,700

 

107,321

 

Philip Morris International, Inc.

 

900

 

32,580

 

 

174,716

 

Energy 1.8%

 

Energy Equipment & Services 0.4%

 

Cameron International Corp.*

 

900

 

23,022

 

Diamond Offshore Drilling, Inc.

 

1,100

 

79,651

 

Key Energy Services, Inc.*

 

1,900

 

8,341

 

Rowan Companies, Inc.

 

1,700

 

26,537

 

Tidewater, Inc.

 

400

 

17,300

 

 

154,851

 

Oil, Gas & Consumable Fuels 1.4%

 

Alpha Natural Resources, Inc.*

 

700

 

14,336

 

 

 

Chevron Corp.

 

1,812

 

119,773

 

ConocoPhillips

 

2,000

 

82,000

 

ExxonMobil Corp.

 

4,169

 

277,948

 

Murphy Oil Corp.

 

2,300

 

109,733

 

Occidental Petroleum Corp.

 

252

 

14,185

 

W&T Offshore, Inc.

 

500

 

4,640

 

 

622,615

 

Financials 1.6%

 

Capital Markets 0.2%

 

Bank of New York Mellon Corp.

 

400

 

10,192

 

BlackRock, Inc.

 

100

 

14,652

 

The Goldman Sachs Group, Inc.

 

500

 

64,250

 

 

89,094

 

Commercial Banks 0.4%

 

Comerica, Inc.

 

2,200

 

46,156

 

KeyCorp

 

3,500

 

21,525

 

Marshall & Ilsley Corp.

 

4,000

 

23,120

 

Popular, Inc.

 

19,800

 

56,628

 

 

147,429

 

Consumer Finance 0.0%

 

AmeriCredit Corp.*

 

1,400

 

14,238

 

Diversified Financial Services 0.6%

 

Bank of America Corp.

 

9,100

 

81,263

 

Citigroup, Inc.

 

7,200

 

21,960

 

JPMorgan Chase & Co.

 

4,600

 

151,800

 

 

255,023

 

Insurance 0.2%

 

Allied World Assurance Co. Holdings Ltd.

 

1,700

 

63,138

 

CNA Financial Corp.

 

800

 

9,576

 

Hartford Financial Services Group, Inc.

 

400

 

4,588

 

Old Republic International Corp.

 

2,000

 

18,740

 

 

96,042

 

Real Estate Investment Trusts 0.2%

 

AMB Property Corp. (REIT)

 

100

 

1,909

 

AvalonBay Communities, Inc. (REIT)

 

136

 

7,726

 

Equity Residential (REIT)

 

500

 

11,445

 

HCP, Inc. (REIT)

 

400

 

8,780

 

Host Hotels & Resorts, Inc. (REIT)

 

1,200

 

9,228

 

Public Storage (REIT)

 

300

 

20,058

 

Simon Property Group, Inc. (REIT)

 

409

 

21,104

 

The Macerich Co. (REIT)

 

100

 

1,753

 

Vornado Realty Trust (REIT)

 

101

 

4,938

 

 

86,941

 

Health Care 2.1%

 

Biotechnology 0.3%

 

Amgen, Inc.*

 

1,200

 

58,164

 

Gilead Sciences, Inc.*

 

1,600

 

73,280

 

 

131,444

 

Health Care Providers & Services 0.6%

 

Aetna, Inc.

 

2,145

 

47,212

 

Coventry Health Care, Inc.*

 

1,900

 

30,229

 

Express Scripts, Inc.*

 

1,286

 

82,265

 

 

 

McKesson Corp.

 

2,100

 

77,700

 

UnitedHealth Group, Inc.

 

200

 

4,704

 

Universal Health Services, Inc. "B"

 

700

 

35,280

 

 

277,390

 

Life Sciences Tools & Services 0.0%

 

Waters Corp.*

 

200

 

8,834

 

Pharmaceuticals 1.2%

 

Abbott Laboratories

 

2,800

 

117,180

 

Eli Lilly & Co.

 

3,740

 

123,121

 

Johnson & Johnson

 

1,543

 

80,791

 

Merck & Co., Inc.

 

1,392

 

33,742

 

Pfizer, Inc.

 

10,603

 

141,656

 

Watson Pharmaceuticals, Inc.*

 

500

 

15,470

 

 

511,960

 

Industrials 1.8%

 

Aerospace & Defense 0.8%

 

General Dynamics Corp.

 

1,700

 

87,839

 

Lockheed Martin Corp.

 

1,500

 

117,795

 

Northrop Grumman Corp.

 

2,300

 

111,205

 

Raytheon Co.

 

700

 

31,661

 

United Technologies Corp.

 

600

 

29,304

 

 

377,804

 

Air Freight & Logistics 0.1%

 

United Parcel Service, Inc. "B"

 

1,000

 

52,340

 

Commercial Services & Supplies 0.2%

 

R.R. Donnelley & Sons Co.

 

3,300

 

38,445

 

The Brink's Co.

 

1,390

 

39,407

 

 

77,852

 

Construction & Engineering 0.1%

 

Fluor Corp.

 

800

 

30,296

 

Jacobs Engineering Group, Inc.*

 

200

 

7,608

 

 

37,904

 

Machinery 0.3%

 

AGCO Corp.*

 

500

 

12,150

 

Flowserve Corp.

 

525

 

35,647

 

Oshkosh Corp.

 

1,200

 

11,520

 

Timken Co.

 

3,600

 

57,888

 

 

117,205

 

Professional Services 0.2%

 

Manpower, Inc.

 

2,400

 

103,416

 

Road & Rail 0.1%

 

Ryder System, Inc.

 

1,161

 

32,148

 

Information Technology 2.7%

 

Communications Equipment 0.5%

 

Cisco Systems, Inc.*

 

4,800

 

92,736

 

QUALCOMM, Inc.

 

3,500

 

148,120

 

 

240,856

 

Computers & Peripherals 0.8%

 

Apple, Inc.*

 

974

 

122,558

 

International Business Machines Corp.

 

1,791

 

184,849

 

Western Digital Corp.*

 

1,065

 

25,049

 

 

332,456

 

 

 

Electronic Equipment, Instruments & Components 0.4%

 

Arrow Electronics, Inc.*

 

1,400

 

31,836

 

Avnet, Inc.*

 

3,600

 

78,804

 

Jabil Circuit, Inc.

 

496

 

4,018

 

Vishay Intertechnology, Inc.*

 

9,500

 

55,765

 

 

170,423

 

Internet Software & Services 0.2%

 

Google, Inc. "A"*

 

62

 

24,550

 

Sohu.com, Inc.*

 

400

 

20,860

 

VeriSign, Inc.*

 

1,600

 

32,928

 

 

78,338

 

IT Services 0.2%

 

Automatic Data Processing, Inc.

 

900

 

31,680

 

Broadridge Financial Solutions, Inc.

 

3,000

 

58,050

 

SAIC, Inc.*

 

1,100

 

19,910

 

 

109,640

 

Software 0.6%

 

Microsoft Corp.

 

11,200

 

226,912

 

Symantec Corp.*

 

900

 

15,525

 

 

242,437

 

Materials 0.6%

 

Chemicals 0.5%

 

Ashland, Inc.

 

3,300

 

72,468

 

CF Industries Holdings, Inc.

 

1,000

 

72,050

 

Dow Chemical Co.

 

4,200

 

67,200

 

Terra Industries, Inc.

 

391

 

10,362

 

 

222,080

 

Metals & Mining 0.1%

 

Cliffs Natural Resources, Inc.

 

1,200

 

27,672

 

United States Steel Corp.

 

400

 

10,620

 

 

38,292

 

Paper & Forest Products 0.0%

 

International Paper Co.

 

1,400

 

17,724

 

Telecommunication Services 0.7%

 

Diversified Telecommunication Services 0.5%

 

AT&T, Inc.

 

3,431

 

87,902

 

Verizon Communications, Inc.

 

4,713

 

142,993

 

 

230,895

 

Wireless Telecommunication Services 0.2%

 

United States Cellular Corp.*

 

1,800

 

61,200

 

Utilities 0.6%

 

Electric Utilities 0.3%

 

American Electric Power Co., Inc.

 

1,000

 

26,380

 

Duke Energy Corp.

 

2,400

 

33,144

 

Edison International

 

2,058

 

58,674

 

FirstEnergy Corp.

 

200

 

8,180

 

 

126,378

 

Gas Utilities 0.0%

 

UGI Corp.

 

900

 

20,646

 

Independent Power Producers & Energy Traders 0.1%

 

AES Corp.*

 

1,200

 

8,484

 

 

 

Mirant Corp.*

 

2,100

 

26,733

 

 

35,217

 

Multi-Utilities 0.2%

 

Consolidated Edison, Inc.

 

800

 

29,704

 

Dominion Resources, Inc.

 

500

 

15,080

 

DTE Energy Co.

 

400

 

11,828

 

PG&E Corp.

 

200

 

7,424

 

Sempra Energy

 

300

 

13,806

 

 

77,842

 

Water Utilities 0.0%

 

American Water Works Co., Inc.

 

300

 

5,400

 

Total Common Stocks (Cost $6,538,503)

 

6,627,841

 

 

Principal
Amount ($)

 

Value ($)

 

 

Government & Agency Obligation 84.2%

 

US Treasury Obligation

 

US Treasury STRIPS, 5.244% **, 2/15/2012 (a) (Cost $33,110,099)

 

38,265,000

 

36,755,867

 

 

Shares

 

Value ($)

 

 

Securities Lending Collateral 19.2%

 

Daily Assets Fund Institutional, 0.66% (b) (c)
(Cost $8,351,250)

 

 

8,351,250

 

8,351,250

 

 

Cash Equivalents 0.6%

 

Cash Management QP Trust, 0.46% (b)
(Cost $271,781)

 

 

271,781

 

271,781

 

 

% of
Net Assets

 

Value ($)

 

Total Investment Portfolio (Cost $48,271,633) †

119.2

 

52,006,739

 

Other Assets and Liabilities, Net

(19.2)

 

(8,372,377)

 

Net Assets

100.0

 

43,634,362

 

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 $48,414,921. At April 30, 2009, net unrealized appreciation for all securities based on tax cost was $3,591,818. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $4,341,129 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $749,311.

 

(a)

All or a portion of these securities were on loan. The value of all securities loaned at April 30, 2009 amounted to $8,164,769 which is 18.7% 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

$ 14,979,091

Level 2

37,027,648

Level 3

-

Total

$ 52,006,739

 

 

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 2012 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 2012 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