N-Q 1 nq043009tf_t13.htm N-Q - DWS TARGET 2013 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 2013 Fund

 

 

Shares

 

Value ($)

 

 

Common Stocks 14.3%

 

Consumer Discretionary 1.4%

 

Auto Components 0.1%

 

TRW Automotive Holdings Corp.* (a)

 

1,300

 

11,206

 

WABCO Holdings, Inc. (a)

 

1,000

 

15,990

 

 

27,196

 

Hotels Restaurants & Leisure 0.3%

 

McDonald's Corp. (a)

 

1,263

 

67,305

 

Yum! Brands, Inc. (a)

 

700

 

23,345

 

 

90,650

 

Household Durables 0.1%

 

D.R. Horton, Inc. (a)

 

800

 

10,440

 

 

 

Garmin Ltd. (a)

 

900

 

22,671

 

 

33,111

 

Internet & Catalog Retail 0.1%

 

Amazon.com, Inc.* (a)

 

300

 

24,156

 

Liberty Media Corp. - Interactive "A"* (a)

 

2,700

 

14,310

 

 

38,466

 

Media 0.5%

 

CBS Corp. "B" (a)

 

1,500

 

10,560

 

Comcast Corp. "A" (a)

 

4,200

 

64,932

 

Time Warner Cable, Inc. (a)

 

1,559

 

50,247

 

Time Warner, Inc. (a)

 

1,433

 

31,282

 

 

157,021

 

Multiline Retail 0.0%

 

Macy's, Inc. (a)

 

200

 

2,736

 

Specialty Retail 0.2%

 

Barnes & Noble, Inc.

 

100

 

2,612

 

Ross Stores, Inc. (a)

 

1,000

 

37,940

 

TJX Companies, Inc. (a)

 

100

 

2,797

 

 

43,349

 

Textiles, Apparel & Luxury Goods 0.1%

 

Jones Apparel Group, Inc. (a)

 

1,800

 

16,632

 

Consumer Staples 1.7%

 

Food & Staples Retailing 0.6%

 

Safeway, Inc. (a)

 

900

 

17,775

 

Sysco Corp. (a)

 

1,616

 

37,701

 

Wal-Mart Stores, Inc. (a)

 

2,395

 

120,708

 

 

176,184

 

Food Products 0.4%

 

Archer-Daniels-Midland Co. (a)

 

2,900

 

71,398

 

Bunge Ltd. (a)

 

900

 

43,209

 

 

114,607

 

Household Products 0.3%

 

Colgate-Palmolive Co. (a)

 

800

 

47,200

 

Kimberly-Clark Corp. (a)

 

500

 

24,570

 

Procter & Gamble Co.

 

258

 

12,756

 

 

84,526

 

Personal Products 0.0%

 

Herbalife Ltd. (a)

 

600

 

11,892

 

Tobacco 0.4%

 

Altria Group, Inc.

 

1,425

 

23,270

 

Lorillard, Inc. (a)

 

1,100

 

69,443

 

Philip Morris International, Inc. (a)

 

600

 

21,720

 

 

114,433

 

Energy 1.7%

 

Energy Equipment & Services 0.3%

 

Cameron International Corp.* (a)

 

600

 

15,348

 

Diamond Offshore Drilling, Inc. (a)

 

700

 

50,687

 

Key Energy Services, Inc.* (a)

 

1,200

 

5,268

 

Rowan Companies, Inc. (a)

 

1,100

 

17,171

 

Tidewater, Inc. (a)

 

300

 

12,975

 

 

101,449

 

Oil, Gas & Consumable Fuels 1.4%

 

Alpha Natural Resources, Inc.* (a)

 

500

 

10,240

 

 

 

Chevron Corp. (a)

 

1,200

 

79,320

 

ConocoPhillips (a)

 

1,300

 

53,300

 

ExxonMobil Corp. (a)

 

2,672

 

178,142

 

Murphy Oil Corp. (a)

 

1,500

 

71,565

 

Occidental Petroleum Corp. (a)

 

117

 

6,586

 

W&T Offshore, Inc. (a)

 

300

 

2,784

 

 

401,937

 

Financials 1.5%

 

Capital Markets 0.2%

 

Bank of New York Mellon Corp. (a)

 

200

 

5,096

 

BlackRock, Inc.

 

100

 

14,652

 

The Goldman Sachs Group, Inc.

 

300

 

38,550

 

 

58,298

 

Commercial Banks 0.3%

 

Comerica, Inc. (a)

 

1,500

 

31,470

 

KeyCorp (a)

 

2,300

 

14,145

 

Marshall & Ilsley Corp. (a)

 

2,600

 

15,028

 

Popular, Inc.

 

12,800

 

36,608

 

 

97,251

 

Consumer Finance 0.0%

 

AmeriCredit Corp.* (a)

 

900

 

9,153

 

Diversified Financial Services 0.6%

 

Bank of America Corp. (a)

 

5,700

 

50,901

 

Citigroup, Inc. (a)

 

4,600

 

14,030

 

JPMorgan Chase & Co. (a)

 

3,000

 

99,000

 

 

163,931

 

Insurance 0.2%

 

Allied World Assurance Co. Holdings Ltd. (a)

 

1,100

 

40,854

 

CNA Financial Corp. (a)

 

500

 

5,985

 

Hartford Financial Services Group, Inc. (a)

 

200

 

2,294

 

Old Republic International Corp.

 

1,300

 

12,181

 

 

61,314

 

Real Estate Investment Trusts 0.2%

 

AMB Property Corp. (REIT) (a)

 

100

 

1,909

 

Equity Residential (REIT) (a)

 

300

 

6,867

 

HCP, Inc. (REIT) (a)

 

300

 

6,585

 

Host Hotels & Resorts, Inc. (REIT) (a)

 

700

 

5,383

 

Public Storage (REIT) (a)

 

200

 

13,372

 

Simon Property Group, Inc. (REIT) (a)

 

206

 

10,630

 

The Macerich Co. (REIT) (a)

 

100

 

1,753

 

Vornado Realty Trust (REIT) (a)

 

101

 

4,938

 

 

51,437

 

Health Care 2.0%

 

Biotechnology 0.3%

 

Amgen, Inc.* (a)

 

800

 

38,776

 

Gilead Sciences, Inc.* (a)

 

1,000

 

45,800

 

 

84,576

 

Health Care Providers & Services 0.6%

 

Aetna, Inc. (a)

 

1,434

 

31,563

 

Coventry Health Care, Inc.*

 

1,300

 

20,683

 

Express Scripts, Inc.*

 

860

 

55,014

 

McKesson Corp. (a)

 

1,400

 

51,800

 

 

 

UnitedHealth Group, Inc.

 

100

 

2,352

 

Universal Health Services, Inc. "B" (a)

 

500

 

25,200

 

 

186,612

 

Life Sciences Tools & Services 0.0%

 

Waters Corp.* (a)

 

100

 

4,417

 

Pharmaceuticals 1.1%

 

Abbott Laboratories

 

1,800

 

75,330

 

Eli Lilly & Co. (a)

 

2,445

 

80,489

 

Johnson & Johnson

 

1,000

 

52,360

 

Merck & Co., Inc. (a)

 

925

 

22,422

 

Pfizer, Inc. (a)

 

6,889

 

92,037

 

Watson Pharmaceuticals, Inc.* (a)

 

300

 

9,282

 

 

331,920

 

Industrials 1.7%

 

Aerospace & Defense 0.8%

 

General Dynamics Corp. (a)

 

1,100

 

56,837

 

Lockheed Martin Corp. (a)

 

1,000

 

78,530

 

Northrop Grumman Corp. (a)

 

1,500

 

72,525

 

Raytheon Co.

 

400

 

18,092

 

United Technologies Corp.

 

400

 

19,536

 

 

245,520

 

Air Freight & Logistics 0.1%

 

United Parcel Service, Inc. "B" (a)

 

600

 

31,404

 

Commercial Services & Supplies 0.2%

 

R.R. Donnelley & Sons Co.

 

2,100

 

24,465

 

The Brink's Co. (a)

 

863

 

24,466

 

 

48,931

 

Construction & Engineering 0.1%

 

Fluor Corp.

 

500

 

18,935

 

Jacobs Engineering Group, Inc.* (a)

 

100

 

3,804

 

 

22,739

 

Machinery 0.2%

 

AGCO Corp.* (a)

 

400

 

9,720

 

Flowserve Corp. (a)

 

317

 

21,524

 

Oshkosh Corp. (a)

 

700

 

6,720

 

Timken Co. (a)

 

2,300

 

36,984

 

 

74,948

 

Professional Services 0.2%

 

Manpower, Inc. (a)

 

1,600

 

68,944

 

Road & Rail 0.1%

 

Ryder System, Inc. (a)

 

714

 

19,771

 

Information Technology 2.6%

 

Communications Equipment 0.5%

 

Cisco Systems, Inc.* (a)

 

3,100

 

59,892

 

QUALCOMM, Inc. (a)

 

2,200

 

93,104

 

 

152,996

 

Computers & Peripherals 0.7%

 

Apple, Inc.* (a)

 

600

 

75,498

 

International Business Machines Corp. (a)

 

1,210

 

124,884

 

Western Digital Corp.* (a)

 

682

 

16,041

 

 

216,423

 

 

 

Electronic Equipment, Instruments & Components 0.4%

 

Arrow Electronics, Inc.* (a)

 

900

 

20,466

 

Avnet, Inc.* (a)

 

2,300

 

50,347

 

Jabil Circuit, Inc. (a)

 

316

 

2,559

 

Vishay Intertechnology, Inc.* (a)

 

6,200

 

36,394

 

 

109,766

 

Internet Software & Services 0.2%

 

Google, Inc. "A"* (a)

 

41

 

16,235

 

Sohu.com, Inc.* (a)

 

300

 

15,645

 

VeriSign, Inc.* (a)

 

1,000

 

20,580

 

 

52,460

 

IT Services 0.3%

 

Automatic Data Processing, Inc. (a)

 

600

 

21,120

 

Broadridge Financial Solutions, Inc. (a)

 

2,000

 

38,700

 

SAIC, Inc.* (a)

 

700

 

12,670

 

 

72,490

 

Software 0.5%

 

Microsoft Corp. (a)

 

7,244

 

146,763

 

Symantec Corp.* (a)

 

610

 

10,523

 

 

157,286

 

Materials 0.6%

 

Chemicals 0.5%

 

Ashland, Inc. (a)

 

2,100

 

46,116

 

CF Industries Holdings, Inc.

 

641

 

46,184

 

Dow Chemical Co. (a)

 

2,700

 

43,200

 

Terra Industries, Inc. (a)

 

270

 

7,155

 

 

142,655

 

Metals & Mining 0.1%

 

Cliffs Natural Resources, Inc. (a)

 

800

 

18,448

 

United States Steel Corp.

 

200

 

5,310

 

 

23,758

 

Paper & Forest Products 0.0%

 

International Paper Co. (a)

 

900

 

11,394

 

Telecommunication Services 0.6%

 

Diversified Telecommunication Services 0.5%

 

AT&T, Inc.

 

2,121

 

54,340

 

Verizon Communications, Inc. (a)

 

3,066

 

93,023

 

 

147,363

 

Wireless Telecommunication Services 0.1%

 

United States Cellular Corp.* (a)

 

1,200

 

40,800

 

Utilities 0.5%

 

Electric Utilities 0.3%

 

American Electric Power Co., Inc. (a)

 

600

 

15,828

 

Duke Energy Corp. (a)

 

1,500

 

20,715

 

Edison International (a)

 

1,357

 

38,688

 

FirstEnergy Corp. (a)

 

100

 

4,090

 

 

79,321

 

Gas Utilities 0.0%

 

UGI Corp. (a)

 

600

 

13,764

 

Independent Power Producers & Energy Traders 0.1%

 

AES Corp.* (a)

 

800

 

5,656

 

 

 

Mirant Corp.* (a)

 

1,300

 

16,549

 

 

22,205

 

Multi-Utilities 0.1%

 

Consolidated Edison, Inc. (a)

 

500

 

18,565

 

Dominion Resources, Inc. (a)

 

300

 

9,048

 

DTE Energy Co. (a)

 

200

 

5,914

 

PG&E Corp. (a)

 

100

 

3,712

 

Sempra Energy (a)

 

200

 

9,204

 

 

46,443

 

Water Utilities 0.0%

 

American Water Works Co., Inc. (a)

 

200

 

3,600

 

Total Common Stocks (Cost $4,213,809)

 

4,268,079

 

 

Principal
Amount ($)

 

Value ($)

 

 

Government & Agency Obligation 84.5%

 

US Treasury Obligation

 

US Treasury STRIPS, 4.394% **, 2/15/2013 (a) (Cost $22,864,446)

 

26,965,000

 

25,132,620

 

 

Shares

 

Value ($)

 

 

Securities Lending Collateral 30.6%

 

Daily Assets Fund Institutional, 0.66% (b) (c)
(Cost $9,096,009)

 

 

9,096,009

 

9,096,009

 

 

Cash Equivalents 1.5%

 

Cash Management QP Trust, 0.46% (b)
(Cost $458,171)

 

 

458,171

 

458,171

 

 

% of
Net Assets

 

Value ($)

 

Total Investment Portfolio (Cost $36,632,435) †

130.9

 

38,954,879

 

Other Assets and Liabilities, Net (a)

(30.9)

 

(9,200,843)

 

Net Assets

100.0

 

29,754,036

 

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 $36,695,514. At April 30, 2009, net unrealized appreciation for all securities based on tax cost was $2,259,365. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $2,705,961 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $446,596.

 

(a)

All or a portion of these securities were on loan amounting to $8,919,707. In addition, included in other assets and liabilities, net is a pending sale, amounting to $5,568, that is also on loan. The value of all securities loaned at April 30, 2009 amounted to $8,925,275 which is 30.0% 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

 

 

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

$ 13,364,088

Level 2

25,590,791

Level 3

-

Total

$ 38,954,879

 

 

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 2013 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 2013 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