N-Q 1 nq043011tf2014.htm DWS TARGET FUND 2014 nq043011tf2014.htm
 
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  811-05896
 
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
100 Plaza One
Jersey City, NJ 07311
(Name and address of agent for service)
 
Registrant's telephone number, including area code:  (201) 593-6408
 
Date of fiscal year end:  7/31
 
Date of reporting period: 04/30/11

ITEM 1.
SCHEDULE OF INVESTMENTS


Investment Portfolio
 as of April 30, 2011  (Unaudited)

DWS Target 2014 Fund
 
Principal
Amount ($)
  
Value ($)
  
 
 
Government & Agency Obligation 83.0%
  
US Treasury Obligation
    
US Treasury STRIPS, 4.474% *, 11/15/2014 (a) (Cost $21,725,159)
  
25,411,000
  
24,219,275
  

 
Shares
  
Value ($)
  
 
 
Exchange-Traded Funds 17.0%
  
iShares S&P 500 Index Fund
  
14,590
  
1,997,371
  
SPDR S&P 500 ETF Trust
  
21,739
  
2,968,243
  
 
Total Exchange-Traded Funds (Cost $4,092,199)
  
4,965,614
  
 
 
Securities Lending Collateral 42.3%
  
Daily Assets Fund Institutional, 0.18% (b) (c)
(Cost $12,333,859)
    
12,333,859
  
12,333,859
  
 
 
Cash Equivalents 0.3%
  
Central Cash Management Fund, 0.14% (b)
(Cost $94,370)
    
94,370
  
94,370
  

 
% of
Net Assets
  
Value ($)
  
 
Total Investment Portfolio (Cost $38,245,587) †
142.6
  
41,613,118
  
Other Assets and Liabilities, Net
(42.6)
  
(12,434,490)
  
 
Net Assets
100.0
  
29,178,628
  

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.
*
Annualized yield at time of purchase; not a coupon rate.
†
The cost for federal income tax purposes was $38,245,587.  At April 30, 2011, net unrealized appreciation for all securities based on tax cost was $3,367,531.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $3,367,531 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $0.
(a)
All or a portion of these securities were on loan.  The value of all securities loaned at April 30, 2011 amounted to $12,104,395 which is 41.5% 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.
SPDR: Standard & Poor's Depositary Receipt
STRIPS: Separate Trading of Registered Interest and Principal Securities
 


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, 2011 in valuing the Fund's investments.

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets
                  
Government & Agency Obligation
   $ —     $ 24,219,275     $ —     $ 24,219,275  
Exchange-Traded Funds
     4,965,614       —       —       4,965,614  
Short-Term Investments(d)
     12,428,229       —       —       12,428,229  
Total
   $ 17,393,843     $ 24,219,275     $ —     $ 41,613,118  

There have been no significant transfers between Level 1 and Level 2 fair value measurements during the period ended April 30, 2011.
(d)
See Investment Portfolio for additional detailed categorizations.

 

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 2014 Fund, a series of DWS Target Fund
   
By:
/s/W. Douglas Beck
W. Douglas Beck
President
   
Date:
June 21, 2011


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/W. Douglas Beck
W. Douglas Beck
President
   
Date:
June 21, 2011
   
   
   
By:
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
   
Date:
June 21, 2011