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  811-42

DWS Portfolio Trust

(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:  01/31

Date of reporting period: 4/30/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of April 30, 2009 (Unaudited)** |
|----------------------|--------------------------------------|

 

 

**DWS Core Plus Income Fund**

 

|   | **Principal****Amount ($) (a)** |   | **Value ($)** |  
 

**Corporate Bonds 22.0%**

 
**Consumer Discretionary 3.0%**

 
British Sky Broadcasting Group PLC, 144A, 9.5%, 11/15/2018 

 

 

1,555,000 

 

1,733,237 

 
Comcast Cable Holdings LLC:

 
 

9.875%, 6/15/2022  

 

 

475,000 

 

546,022 

 
 

10.125%, 4/15/2022  

 

 

675,000 

 

788,678 

 
Cox Communications, Inc., 7.125%, 10/1/2012 

 

 

1,800,000 

 

1,819,503 

 
Fortune Brands, Inc., 5.375%, 1/15/2016 

 

 

880,000 

 

768,383 

 
TCI Communications, Inc., 8.75%, 8/1/2015 

 

 

402,000 

 

442,663 

 
Time Warner Cable, Inc.:

 
 

6.2%, 7/1/2013  

 

 

250,000 

 

261,197 

 
 

6.75%, 7/1/2018  

 

 

1,300,000 

 

1,315,405 

 
Time Warner, Inc.:

 
 

 

 

7.625%, 4/15/2031  

 

 

610,000 

 

551,583 

 
 

9.125%, 1/15/2013  

 

 

1,405,000 

 

1,498,548 

 
Viacom, Inc.:

 
 

5.75%, 4/30/2011  

 

 

1,598,000 

 

1,597,249 

 
 

6.75%, 10/5/2037  

 

 

570,000 

 

446,139 

 
 

**11,768,607**

 
**Consumer Staples 3.9%**

 
Altria Group, Inc., 9.25%, 8/6/2019 

 

 

700,000 

 

801,559 

 
Anheuser-Busch InBev Worldwide, Inc., 144A, 7.75%, 1/15/2019 

 

 

2,000,000 

 

2,093,940 

 
ConAgra Foods, Inc., 7.0%, 4/15/2019 

 

 

1,200,000 

 

1,274,984 

 
CVS Caremark Corp.:

 
 

6.25%, 6/1/2027  

 

 

1,027,000 

 

968,675 

 
 

6.302%, 6/1/2037  

 

 

3,289,000 

 

2,137,850 

 
Dr. Pepper Snapple Group, Inc., 6.12%, 5/1/2013 

 

 

2,000,000 

 

1,998,584 

 
Reynolds American, Inc., 7.75%, 6/1/2018 

 

 

2,155,000 

 

1,956,714 

 
Safeway, Inc., 7.45%, 9/15/2027 

 

 

1,300,000 

 

1,308,896 

 
The Kroger Co., 7.0%, 5/1/2018 

 

 

2,555,000 

 

2,717,738 

 
 

**15,258,940**

 
**Energy 3.1%**

 
ConocoPhillips, 5.75%, 2/1/2019 

 

 

1,250,000 

 

1,276,040 

 
DCP Midstream LLC, 144A, 9.75%, 3/15/2019 

 

 

980,000 

 

972,219 

 
Devon Energy Corp., 6.3%, 1/15/2019 (b)

 

 

3,100,000 

 

3,208,698 

 
Enterprise Products Operating LLP, 6.3%, 9/15/2017 

 

 

980,000 

 

906,662 

 
Hess Corp., 8.125%, 2/15/2019 

 

 

2,050,000 

 

2,245,876 

 
Mariner Energy, Inc., 8.0%, 5/15/2017 

 

 

900,000 

 

652,500 

 
ONEOK Partners LP, 8.625%, 3/1/2019 

 

 

1,520,000 

 

1,544,899 

 
TransCanada PipeLines Ltd.:

 
 

5.85%, 3/15/2036  

 

 

270,000 

 

232,545 

 
 

6.5%, 8/15/2018  

 

 

1,220,000 

 

1,273,004 

 
 

**12,312,443**

 
**Financials 6.9%**

 
Bank of America Corp., 5.75%, 12/1/2017 

 

 

2,300,000 

 

1,878,999 

 
BB&T Corp., 6.85%, 4/30/2019 (c)

 

 

990,000 

 

964,269 

 
Citigroup, Inc.:

 
 

5.25%, 2/27/2012  

 

 

1,200,000 

 

1,085,728 

 
 

6.125%, 5/15/2018  

 

 

800,000 

 

672,334 

 
ESI Tractebel Acquisition Corp., Series B, 7.99%, 12/30/2011 

 

 

303,000 

 

295,792 

 
FBL Financial Group, Inc., 5.875%, 3/15/2017 

 

 

1,145,000 

 

454,128 

 
General Electric Capital Corp., 5.625%, 5/1/2018 

 

 

2,090,000 

 

1,823,391 

 
JPMorgan Chase & Co., 6.3%, 4/23/2019 

 

 

1,860,000 

 

1,830,320 

 
KazMunaiGaz Finance Sub BV, Series 1, REG S, 8.375%, 7/2/2013 

 

 

210,000 

 

192,150 

 
MetLife, Inc., Series A, 6.817%, 8/15/2018 

 

 

1,100,000 

 

1,038,345 

 
Morgan Stanley, Series F, 6.625%, 4/1/2018 

 

 

1,375,000 

 

1,308,531 

 
National Rural Utilities Cooperative Finance Corp., 10.375%, 11/1/2018 

 

 

1,815,000 

 

2,127,723 

 
Pennsylvania Mutual Life Insurance Co., 144A, 6.65%, 6/15/2034 

 

 

1,848,000 

 

1,448,272 

 
PNC Bank NA, 6.875%, 4/1/2018 

 

 

1,800,000 

 

1,714,253 

 
Prudential Financial, Inc., Series B, 5.1%, 9/20/2014 

 

 

900,000 

 

712,349 

 
Red Arrow International Leasing PLC, "A", 8.375%, 6/30/2012 

RUB

 

7,953,668 

 

195,787 

 
Telecom Italia Capital SA:

 
 

6.2%, 7/18/2011  

 

 

320,000 

 

322,413 

 
 

7.721%, 6/4/2038  

 

 

965,000 

 

842,587 

 
The Goldman Sachs Group, Inc.:

 
 

5.95%, 1/15/2027  

 

 

2,520,000 

 

1,805,494 

 
 

6.0%, 5/1/2014  (c)

 

 

1,045,000 

 

1,040,978 

 
 

 

US Bancorp., LIBOR minus 1.46%, 0.0%, 12/11/2035 

 

 

680,000 

 

623,900 

 
Verizon Wireless Capital LLC, 144A, 8.5%, 11/15/2018 

 

 

2,300,000 

 

2,754,487 

 
Wachovia Corp., Series G, 5.5%, 5/1/2013 

 

 

1,980,000 

 

1,941,156 

 
 

**27,073,386**

 
**Health Care 1.4%**

 
HCA, Inc., 144A, 8.5%, 4/15/2019 

 

 

1,130,000 

 

1,137,063 

 
McKesson Corp., 7.5%, 2/15/2019 

 

 

1,000,000 

 

1,077,379 

 
Medco Health Solutions, Inc., 7.25%, 8/15/2013 

 

 

2,000,000 

 

2,059,460 

 
Quest Diagnostics, Inc., 6.95%, 7/1/2037 

 

 

1,310,000 

 

1,163,378 

 
 

**5,437,280**

 
**Industrials 0.4%**

 
Waste Management, Inc., 6.375%, 3/11/2015 

 

 

1,700,000 

 

**1,702,376**

 
**Materials 0.5%**

 
Corporacion Nacional del Cobre - Codelco, REG S, 7.5%, 1/15/2019 

 

 

1,750,000 

 

1,864,578 

 
Pliant Corp., 11.85%, 6/15/2009 *

 

 

5 

 

2 

 
 

**1,864,580**

 
**Telecommunication Services 1.2%**

 
AT&T, Inc., 6.55%, 2/15/2039 

 

 

2,000,000 

 

1,923,434 

 
Rogers Communications, Inc., 6.8%, 8/15/2018 

 

 

900,000 

 

943,114 

 
Verizon Communications, Inc.:

 
 

5.25%, 4/15/2013  

 

 

1,100,000 

 

1,154,153 

 
 

6.35%, 4/1/2019  

 

 

550,000 

 

571,506 

 
 

**4,592,207**

 
**Utilities 1.6%**

 
Alabama Power Co., 6.0%, 3/1/2039 

 

 

760,000 

 

754,495 

 
Energy Future Competitive Holdings Co., 7.48%, 1/1/2017 

 

 

1,070,747 

 

269,550 

 
Majapahit Holding BV, REG S, 7.75%, 10/17/2016 

 

 

300,000 

 

251,056 

 
Pepco Holdings, Inc., 6.125%, 6/1/2017 

 

 

3,000,000 

 

2,609,574 

 
Progress Energy, Inc., 7.05%, 3/15/2019 

 

 

2,230,000 

 

2,364,001 

 
 

**6,248,676**

 
**Total Corporate Bonds** (Cost $89,510,977)

 

**86,258,495**

 
 

**Asset-Backed 0.3%**

 
**Home Equity Loans**

 
Countrywide Asset-Backed Certificates, "A6", Series 2006-S6, 5.657%, 3/25/2034 (Cost $3,093,210)

 

 

3,093,210 

 

**1,340,088**

 
 

**Commercial Mortgage-Backed Securities 4.5%**

 
Banc of America Commercial Mortgage, Inc.:

 
 

"H", Series 2007-3, 144A, 5.658% **, 6/10/2049  

 

 

1,875,000 

 

82,044 

 
 

"ASB", Series 2008-1, 6.173%, 2/10/2051  

 

 

1,500,000 

 

1,320,154 

 
Bear Stearns Commercial Mortgage Securities, "AAB", Series 2007-PW16,       5.719% **, 6/11/2040 

 

 

3,725,000 

 

3,312,804 

 
JPMorgan Chase Commercial Mortgage Securities Corp.:

 
 

"F", Series 2007-LD11, 5.819% **, 6/15/2049  

 

 

1,660,000 

 

136,950 

 
 

"H", Series 2007-LD11, 144A, 5.819% **, 6/15/2049  

 

 

2,910,000 

 

218,250 

 
 

"J", Series 2007-LD11, 144A, 5.819% **, 6/15/2049  

 

 

1,000,000 

 

70,000 

 
 

"K", Series 2007-LD11, 144A, 5.819% **, 6/15/2049  

 

 

2,380,000 

 

142,800 

 
 

"ASB", Series 2007-LD12, 5.833%, 2/15/2051  

 

 

3,700,000 

 

3,205,777 

 
Merrill Lynch Mortgage Trust, "ASB", Series 2007-C1, 5.829% **, 6/12/2050 

 

 

1,810,000 

 

1,550,445 

 
Merrill Lynch/Countrywide Commercial Mortgage Trust, "ASB", Series 2007-5, 5.362%, 8/12/2048 

 

 

3,075,000 

 

2,600,685 

 
 

 

Morgan Stanley Capital I, "AAB", Series 2007-IQ14, 5.654%, 4/15/2049 

 

 

3,465,000 

 

2,940,285 

 
Wachovia Bank Commercial Mortgage Trust, "ABP", Series 2007-C32, 5.929% **, 6/15/2049 

 

 

2,245,000 

 

1,950,190 

 
**Total Commercial Mortgage-Backed Securities** (Cost $27,745,503)

 

**17,530,384**

 
 

**Collateralized Mortgage Obligations 3.8%**

 
Adjustable Rate Mortgage Trust, "1A4", Series 2006-2, 5.748% **, 5/25/2036 

 

 

3,190,000 

 

848,308 

 
CS First Boston Mortgage Securities Corp., "10A3", Series 2005-10, 6.0%, 11/25/2035 

 

 

545,101 

 

424,591 

 
Fannie Mae Whole Loan, "1A1", Series 2004-W15, 6.0%, 8/25/2044 

 

 

1,890,412 

 

1,910,928 

 
Federal Home Loan Mortgage Corp.:

 
 

"QM", Series 2628, 4.5%, 11/15/2031  

 

 

2,351,694 

 

2,404,332 

 
 

"VA", Series 3451, 5.0%, 4/15/2019  

 

 

2,506,724 

 

2,626,450 

 
 

"QB", Series 3242, 5.5%, 1/15/2034  

 

 

1,515,000 

 

1,583,755 

 
Federal National Mortgage Association:

 
 

"PG", Series 2002-3, 5.5%, 2/25/2017  

 

 

2,893,773 

 

3,052,963 

 
 

"ZQ", Series G92-9, 7.0%, 12/25/2021  

 

 

39,019 

 

38,983 

 
GSR Mortgage Loan Trust, "2A4", Series 2006-AR1, 5.176% **, 1/25/2036 

 

 

5,145,000 

 

1,337,352 

 
Structured Adjustable Rate Mortgage Loan Trust, "1A4", Series 2005-22, 5.25% **, 12/25/2035 

 

 

3,410,000 

 

847,817 

 
**Total Collateralized Mortgage Obligations** (Cost $23,232,986)

 

**15,075,479**

 
 

**Mortgage-Backed Securities Pass-Throughs 39.5%**

 
Federal Home Loan Mortgage Corp.:

 
 

5.288% **, 6/1/2035  

 

 

2,182,072 

 

2,252,551 

 
 

5.374% **, 9/1/2038  

 

 

2,106,802 

 

2,196,556 

 
 

6.0%, 2/1/2036  

 

 

9,757,733 

 

10,231,136 

 
 

6.5%, 12/1/2036  

 

 

3,419,054 

 

3,611,642 

 
 

7.0%, 1/1/2038  

 

 

1,025,244 

 

1,098,372 

 
Federal National Mortgage Association:

 
 

4.5%, with various maturities from 11/1/2028 until 8/1/2033 

 

 

5,218,419 

 

5,329,718 

 
 

5.0%, with various maturities from 8/1/2020 until 2/1/2038 

 

 

35,706,176 

 

36,842,515 

 
 

5.455% **, 1/1/2038  

 

 

1,841,654 

 

1,925,657 

 
 

5.5%, with various maturities from 12/1/2024 until 7/1/2037 (c) 

 

 

36,795,859 

 

38,232,453 

 
 

6.0%, with various maturities from 9/1/2036 until 2/1/2037 

 

 

11,378,483 

 

11,921,795 

 
 

6.5%, with various maturities from 9/1/2016 until 9/1/2038 

 

 

17,077,941 

 

18,223,731 

 
 

7.0%, 4/1/2038  

 

 

1,712,948 

 

1,841,553 

 
 

8.0%, 9/1/2015  

 

 

359,712 

 

384,823 

 
Government National Mortgage Association, 5.0%, 12/1/2036 (c)

 

 

20,000,000 

 

20,692,188 

 
**Total Mortgage-Backed Securities Pass-Throughs** (Cost $150,849,139)

 

**154,784,690**

 
 

**Government & Agency Obligations 17.5%**

 
**Other Government Related 9.9%**

 
American Express Bank FSB, FDIC Guaranteed, 3.15%, 12/9/2011 

 

 

8,000,000 

 

8,215,864 

 
Citigroup, Inc., FDIC Guaranteed, 2.125%, 4/30/2012 (b)

 

 

15,000,000 

 

15,071,340 

 
John Deere Capital Corp., Series D, FDIC Guaranteed, 2.875%, 6/19/2012 (b)

 

 

7,000,000 

 

7,195,440 

 
KeyBank NA, FDIC Guaranteed, 3.2%, 6/15/2012 

 

 

8,000,000 

 

8,247,592 

 
 

**38,730,236**

 
**Sovereign Bonds 1.9%**

 
Aries Vermogensverwaltungs GmbH, Series B, REG S, 7.75%, 10/25/2009 

EUR

 

250,000 

 

338,978 

 
Government of Ukraine, REG S, 6.75%, 11/14/2017 

 

 

990,000 

 

584,100 

 
Republic of Argentina, GDP Linked Note, 12/15/2035 

 

 

1,540,000 

 

31,859 

 
Republic of Egypt:

 
 

REG S, 8.75%, 7/18/2012  

EGP

 

100,000 

 

15,974 

 
 

9.1%, 9/20/2012  

EGP

 

850,000 

 

150,412 

 
Republic of El Salvador, REG S, 8.25%, 4/10/2032 

 

 

150,000 

 

128,250 

 
 

 

Republic of Ghana, REG S, 8.5%, 10/4/2017 

 

 

230,000 

 

152,806 

 
Republic of Indonesia:

 
 

REG S, 6.875%, 1/17/2018  

 

 

1,700,000 

 

1,530,000 

 
 

REG S, 8.5%, 10/12/2035  

 

 

220,000 

 

201,300 

 
Republic of Panama:

 
 

6.7%, 1/26/2036  

 

 

630,000 

 

607,950 

 
 

7.125%, 1/29/2026  

 

 

330,000 

 

330,000 

 
 

7.25%, 3/15/2015  

 

 

300,000 

 

321,750 

 
 

8.875%, 9/30/2027  

 

 

100,000 

 

114,250 

 
Republic of Peru, 7.125%, 3/30/2019 

 

 

1,900,000 

 

2,052,000 

 
Republic of Philippines, 7.75%, 1/14/2031 

 

 

100,000 

 

101,375 

 
Republic of Serbia, REG S, Step-up Coupon, 3.75% to 11/1/2009, 6.75% to 11/1/2024   

 

 

270,000 

 

202,500 

 
Russian Federation, REG S, 7.5%, 3/31/2030 

 

 

48,000 

 

46,727 

 
State of Qatar, REG S, 9.75%, 6/15/2030 

 

 

410,000 

 

547,350 

 
 

**7,457,581**

 
**US Government Agency 0.9%**

 
Federal National Mortgage Association, 6.625%, 11/15/2030 

 

 

2,715,000 

 

**3,424,342**

 
**US Treasury Obligations 4.8%**

 
US Treasury Bill, 0.26% ***, 6/11/2009 (d)

 

 

1,265,000 

 

1,264,914 

 
US Treasury Bonds:

 
 

3.5%, 2/15/2039  

 

 

1,000,000 

 

906,090 

 
 

4.75%, 2/15/2037  

 

 

1,800,000 

 

1,999,406 

 
 

6.0%, 2/15/2026  

 

 

8,000,000 

 

9,947,504 

 
US Treasury Note, 2.75%, 2/15/2019 

 

 

5,000,000 

 

4,842,950 

 
 

**18,960,864**

 
**Total Government & Agency Obligations** (Cost $70,139,207)

 

**68,573,023**

 
 

**Loan Participations and Assignments 0.1%**

 
**Sovereign Loans**

 
Export-Import Bank of Ukraine, 7.65%, 9/7/2011 

 

 

120,000 

 

73,800 

 
Gazprombank, 7.25%, 2/22/2010 

RUB

 

2,400,000 

 

67,052 

 
Russian Agricultural Bank, REG S, 7.75%, 5/29/2018 

 

 

255,000 

 

205,275 

 
**Total Loan Participations and Assignments** (Cost $471,854)

 

**346,127**

 
 

**Municipal Bonds and Notes 4.8%**

 
Alameda, CA, Corridor Transportation Authority Revenue, Series C, 6.6%, 10/1/2029 (e) 

 

1,540,000

 

1,361,021

 
California, State Build America Bonds, 7.5%, 4/1/2034 

 

1,000,000

 

1,040,960

 
Detroit, MI, Capital Improvement, Series A-1, 4.96%, 4/1/2020 (e) 

 

3,325,000

 

2,001,716

 
Jicarilla, NM, Sales & Special Tax Revenue, Apache Nation Revenue, 144A, 5.2%, 12/1/2013 

 

3,555,000

 

3,571,815

 
La Quinta, CA, Redevelopment Agency Tax Allocation, Redevelopment Project Area No. 1, 6.24%, 9/1/2023 (e) 

 

915,000

 

854,949

 
McLennan County, TX, General Obligation, Junior College, 5.0%, 8/15/2032 (e) 

 

985,000

 

992,112

 
New Jersey, State Turnpike Authority Revenue, Build America Bonds, Series F, 7.414%, 1/1/2040 

 

720,000

 

788,472

 
Oklahoma, University Revenues, Health Science Center, Series B, 6.634%, 7/1/2024 

 

2,365,000

 

2,493,372

 
Palm Beach County, FL, Public Improvement Revenue, 5.0%, 5/1/2038 

 

1,430,000

 

1,414,871

 
Port Authority of New York & New Jersey, One Hundred Fiftieth Series:

 
 

4.5%, 9/15/2015 

 

885,000 

 

895,770 

 
 

4.875%, 9/15/2017 

 

315,000 

 

313,315 

 
Virgin Islands, Port Authority Marine Revenue, Series B, 5.08%, 9/1/2013 (e) 

 

3,280,000

 

3,276,622

 
**Total Municipal Bonds and Notes** (Cost $20,008,741)

 

**19,004,995**

 
 

 

 

**Preferred Securities 0.2%**

 
**Financials**

 
Dresdner Funding Trust I, 144A, 8.151%, 6/30/2031 

 

 

790,000 

 

236,697 

 
Royal Bank of Scotland Group PLC, Series U, 7.64%, 9/29/2017 (f)

 

 

2,100,000 

 

609,000 

 
**Total Preferred Securities** (Cost $3,114,873)

 

**845,697**

 
 

**Shares**

 

**Value ($)**

 
 

**Preferred Stock 0.0%**

 
**Financials**

 
Ford Motor Credit Co., LLC, 7.375% (Cost $77,000)

 

 

3,500

 

**45,150**

 
 

**Securities Lending Collateral 4.9%**

 
Daily Assets Fund Institutional, 0.66% (g) (h)(Cost $19,055,360)

 

 

19,055,360

 

**19,055,360**

 
 

**Cash Equivalents 11.1%**

 
Cash Management QP Trust, 0.46% (g)(Cost $43,512,540)

 

 

43,512,540

 

**43,512,540**

 
 

**% of****Net Assets**

 

**Value ($)**

 
**Total Investment Portfolio** (Cost $450,811,390) †

108.7

 

**426,372,028**

 
**Other Assets and Liabilities, Net**

(8.7)

 

**(34,103,777)**

 
**Net Assets**

100.0

 

**392,268,251**

 
*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.  Issuer has defaulted on the payment of principal or interest or has filed for bankruptcy.  The following table represents bonds that are in default:*

 
**Security**

 

**Coupon**

 

**Maturity****Date**

 

**Principal Amount ($)**

**Acquisition****Cost ($)**

 

**Value ($)**

 
Pliant Corp.

 

11.85%

 

6/15/2009

 

5

 

USD

 

5

 

**2**

 
****

*Floating rate notes are securities whose yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate.  These securities are shown at their current rate as of April 30, 2009.*

 
*****

*Annualized yield at time of purchase; not a coupon rate.*

 
*†*

*The cost for federal income tax purposes was $451,641,857.  At April 30, 2009, net unrealized depreciation for all securities based on tax cost was $25,269,829.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $7,138,989 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $32,408,818.*

 
*(a)*

*Principal amount stated in US dollars unless otherwise noted.*

 
*(b)*

*All or a portion of these securities were on loan.  The value of all securities loaned at April 30, 2009 amounted to $18,403,019 which is 4.7% of net assets.*

 
*(c)*

*When-issued or delayed delivery security included.*

 
*(d)*

*At April 30, 2009, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.*

 
 

 

*(e)*

*Bond is insured by one of these companies:*

 
**Insurance Coverage**

**As a % of Total****Investment Portfolio**

 
Ambac Financial Group, Inc.

0.7

 
Financial Security Assurance, Inc.

1.0

 
National Public Finance Guarantee Corp.

0.3

 
*(f)*

*Date shown is call date; not a maturity date for the perpetual preferred securities.*

 
 

 

 
*(g)*

*Affiliated fund managed by Deutsche Investment Management Americas Inc.  The rate shown is the annualized seven-day yield at period end.*

 
 
*(h)*

*Represents collateral held in connection with securities lending.  Income earned by the Fund is net of borrower rebates.*

 
 
*144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.*

 
 
*FDIC: Federal Deposit Insurance Corp.*

 
 
*FSB: Federal Savings Bank*

 
 
*GDP: Gross Domestic Product*

 
 
*LIBOR: Represents the London InterBank Offered Rate.*

 
 
*REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, US persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.*

 
 
*At April 30, 2009, open futures contracts purchased were as follows:*

 
 
**Futures**

 

**Expiration****Date**

 

**Contracts**

 

**Aggregated****Face****Value ($)**

 

**Value ($)**

 

**Unrealized****Appreciation/****(Depreciation) ($)**

 
 
 
 

 
 
10 Year US Treasury Note 

 

6/19/2009 

 

50 

 

6,095,185 

 

6,046,875 

 

(48,310)

 
 
British Pound Currency 

 

6/15/2009 

 

32 

 

2,839,506 

 

2,964,000 

 

124,494

 
 
Euro Currency 

 

6/15/2009 

 

43 

 

6,882,561 

 

7,127,788 

 

245,227

 
 
**Total net unrealized appreciation**

**321,411**

 
 
 
*As of April 30, 2009, the Fund had the following open forward foreign currency exchange contracts:*

 
 
**Contracts to Deliver**

 

**In Exchange For**

 

**Settlement****Date**

 

**Unrealized****Appreciation ($)**

 
 
 
 
USD

907,965

 

BRL

2,200,000

 

5/15/2009

 

92,774

 
 
USD

641,355

 

MXN

10,000,000

 

5/15/2009

 

80,862

 
 
USD

284,949

 

TRY

488,688

 

5/15/2009

 

19,231

 
 
**Total unrealized appreciation**

 

 

 

 

 

**192,867**

 
 
 
 
**Contracts to Deliver**

 

**In Exchange For**

 

**Settlement****Date**

 

**Unrealized****Depreciation ($)**

 
 
 
 
EUR

250,000

 

USD

322,175

 

5/15/2009

 

(8,582)

 
 
MXN

10,000,000

 

USD

701,607

 

5/15/2009

 

(20,611)

 
 
RUB

6,500,000

 

USD

175,395

 

5/15/2009

 

(20,031)

 
 
TRY

488,688

 

USD

283,166

 

5/15/2009

 

(21,014)

 
 
BRL

2,200,000

 

USD

889,104

 

5/15/2009

 

(111,635)

 
 
**Total unrealized depreciation**

 

 

 

 

 

**(181,873)**

 
 
 
***Currency Abbreviations*****

 **

 **

 
*BRL***

*Brazilian Real***

*RUB***

*Russian Ruble***

 
*EGP***

*Egyptian Pound***

*TRY***

*Turkish Lira***

 
*EUR***

*Euro***

*USD***

*United States Dollar***

 
*MXN***

*Mexican Peso***

* *

* *

 
 
*Included in the portfolio are investments in mortgage or asset-backed securities which are interests in separate pools of mortgages or assets.  Effective maturities of these investments may be shorter than stated maturities due to prepayments.  Some separate investments in the Federal National Mortgage Association issues which have similar coupon rates have been aggregated for presentation purposes in this investment portfolio.*

 
 

***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**

**Other Financial Instruments***††*

Level 1 

$                19,100,510   

$                  321,411   

Level 2 

406,756,539   

10,994   

Level 3 

514,979   

-   

**Total**

**$              426,372,028**

**$                  332,405**

 

*†† Other financial instruments are derivative instruments not reflected in the Investment Portfolio, such as futures contracts and forward foreign currency exchange contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.*

 

*The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used in determining the value at April 30, 2009:*

 

 

**Investments in  Securities**

**Balance as of January 31, 2009**

$                     626,682

Total realized gain (loss)

(76,196)   

Change in unrealized appreciation (depreciation)

183,064   

Amortization premium/discount

-

Net purchases (sales)

(218,571)   

Net transfers in (out) of Level 3 

-   

**Balance as of April 30, 2009**

**$                      514,979**

**Net change in unrealized appreciation (depreciation) from investments still held as of April 30, 2009**

**$                      120,340**

***Derivative Instruments and Hedging Activities***

 

*Financial Accounting Standards Board Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities,” requires enhanced disclosure about an entity’s derivative and hedging activities.*

 

*The following is a summary of the unrealized appreciation (depreciation) of the Fund's derivative instruments categorized by risk exposure as of April 30, 2009. Please see below for information on the Fund’s policy regarding the objectives and strategies for using futures and forward foreign currency exchange contracts.*

 

 

 

**Primary Underlying Risk Disclosure**

 

 

**Futures**

**Forward Currency Contracts**

Interest Rate Contracts

$          (48,310)

$                     - 

Foreign Exchange Contracts

$          369,721

$           10,994 

Credit Contracts

$                      -

$                     - 

Equity Contracts

$                      -

$                     - 

Other Contracts

$                      -

$                     - 

 

*Futures.  The value of the Fund's underlying bond investments are subject to interest rate risk.  As interest rates increase, the value of the Fund's fixed rate bonds may fall.  The Fund may sell interest rate futures to gain exposure to different parts of the yield curve while managing the overall duration.  The Fund may also invest in currency futures for non-hedging purposes to seek to enhance potential gains.  Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary an initial margin equal to a certain percentage of the face value indicated in the futures contract.  Subsequent payments (“variation margin”) are made or received by the fund dependent upon the daily fluctuations in the value of the underlying security.   Since all futures contracts are exchange traded, counterparty risk is minimized as the exchange's clearinghouse acts as thecounterparty, and guarantees the futures against default.*

 

*Forward Foreign Currency Exchange Contracts. The Fund is subject to foreign exchange rate risk in its securities denominated in foreign currencies. Changes in exchange rates between foreign currencies and the US dollar may affect the US dollar value of foreign securities or the income or gains received on these securities. To reduce the effect of currency fluctuations, the Fund may enter into forward foreign currency exchange contracts.  The Fund may also use forward foreign currency exchange contracts for non-hedging purposes to seek to enhance potential gains.  Certain risks may arise upon entering into forward currency contracts from the potential inability of counterparties to meet the terms of their contracts. The maximum counterparty credit risk to the Fund is measured by the current value of the forward currency contract, to the extent that this amount is beneficial to the fund.*

 

 

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

 

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 Core Plus Income Fund, a series of DWS Portfolio Trust

 

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

 

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